MONTREAL, Aug. 12, 2016 /PRNewswire/ - Amaya Inc.
(NASDAQ: AYA; TSX: AYA) today announced the appointment of a Chief
Executive Officer, reported financial results for the second
quarter ended June 30, 2016 and
provided a third quarter 2016 update. Unless otherwise noted, all
dollar ($) amounts are in U.S. dollars.
Appointment of Chief Executive Officer
Rafi Ashkenazi, who was appointed Interim Chief Executive
Officer of Amaya in March 2016 and
currently serves as Chief Executive Officer of Rational Group, has
been appointed Chief Executive Officer of Amaya on a permanent
basis. Mr. Ashkenazi's appointment follows the resignation of
David Baazov from all positions with
Amaya, effective August 11,
2016. Commented Mr. Baazov, "I am proud of my
contributions
in building Amaya into the successful company it
is today, and continue to be supportive of its strategy and
management." Amaya thanks Mr. Baazov for his contributions to
Amaya since its inception and through its rapid growth, and looks
forward to Mr. Ashkenazi's continued success in leading the
execution of Amaya's strategy.
Second Quarter and First Half 2016 Financial
Summary(1)
|
|
Three Months Ended
June 30,
|
|
Year-
over-Year
Change
|
|
Six Months Ended
June 30,
|
|
Year-
over-Year
Change
|
$000's, except percentages and per share
amounts
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
2015
|
|
|
Total
Revenue
|
|
285,939
|
|
259,500
|
|
10.2%
|
|
574,612
|
|
531,792
|
|
8.1%
|
Adjusted
EBITDA
|
|
129,891
|
|
112,387
|
|
15.6%
|
|
253,325
|
|
225,933
|
|
12.1%
|
Net earnings from continuing
operations
|
|
22,497
|
|
6,382
|
|
252.5%
|
|
77,988
|
|
29,645
|
|
163.1%
|
Adjusted Net
Earnings
|
|
89,740
|
|
72,067
|
|
24.5%
|
|
174,707
|
|
139,495
|
|
25.2%
|
Diluted earnings from continuing operations
per common
share
|
|
$ 0.12
|
|
$ 0.03
|
|
262.9%
|
|
$ 0.41
|
|
$ 0.15
|
|
176.4%
|
Adjusted Net Earnings per Diluted
Share
|
|
$ 0.46
|
|
$ 0.36
|
|
27.4%
|
|
$ 0.92
|
|
$ 0.70
|
|
31.1%
|
__________________________________________________ (1)
For important information on Amaya's non-IFRS measures, see below
under "Non-IFRS and Non-U.S. GAAP Measures" and the tables under
"Reconciliation of Non-IFRS Measures to Nearest IFRS Measures". As
a result of Amaya's change in presentation currency from Canadian
dollars to U.S. dollars during the first quarter of 2016, the
comparative and historical figures disclosed herein and in Amaya's
financial statements and management's discussion and analysis for
the three and six months ended June 30, 2016 have been
retrospectively adjusted to reflect such change as if the U.S.
dollar had been used as the presentation currency for all prior
periods
presented.
|
"We continue to execute on our 2016 strategy," said Mr.
Ashkenazi. "Through focused expense management and product
improvements and diversification, we delivered second quarter
results that overcame seasonal headwinds and continued currency
challenges, evidencing the strength of our combined core business.
In addition, the Special Committee continues to focus on the
strategic alternatives process with a committed view towards
maximizing shareholder value."
Second Quarter 2016 Financial Highlights
- Revenues - Total revenues and real-money online revenues
for the quarter increased 10.2% and 11.2% year-over-year,
respectively. Excluding the impact of year-over-year changes in
foreign exchange rates, total revenues and real-money online
revenues for the quarter would have increased by 14.2% and 15.9%,
respectively. Real-money online poker revenues and real-money
online casino and sportsbook combined revenues represented
approximately 75% and 21% of total revenues for the quarter,
respectively, as compared to 83% and 12% for the prior year
period.
- Poker Revenues – Real-money online poker revenues for
the quarter were virtually flat year-over-year at $215.6 million, evidencing the initial positive
impact of Amaya's previously announced strategy of focusing on
recreational players, including through changes to its online poker
loyalty program and rake structure and the introduction of new
poker promotions. The quarter was also highlighted by a
record-breaking Spring Championship of Online Poker (SCOOP) in
May 2016, which generated the largest
prize pool in the tournament's history with approximately
$91 million awarded, an increase of
19% over the previous year.
- Debt – Total long term debt outstanding at the end of
the quarter was $2.56 billion with a
weighted average interest rate of 5.1%.
Second Quarter 2016 Operational Highlights
- Customer Registrations – Customer Registrations
increased by 1.9 million to approximately 103.5 million at the end
of the quarter.
- Quarterly Real-Money Active Uniques (QAUs) – Total
combined QAUs were 2.4 million, an increase of approximately 3%
year-over-year. Approximately 2.3 million of such QAUs played
online poker during the quarter, while Amaya's online casino
offerings had approximately 438,000 QAUs, an increase of
approximately 23% year-over-year, which Amaya estimates is one of
the largest casino player bases among its competitors, and its
emerging online sportsbook offerings had approximately 232,000
QAUs, a significant increase year-over-year.
- Quarterly Net Yield (QNY) – Total QNY was $117, an increase of 7.5% year-over-year.
Excluding the impact of year-over-year changes in foreign exchange
rates, total QNY was $122, an
increase of 12.4% year-over-year. QNY is a non-IFRS measure.
- Full Tilt Migration – In mid-May
2016, Amaya completed the previously announced migration of
the Full Tilt brand and customers to the PokerStars platform, which
it expects will improve liquidity for its customers and allow it to
focus development and operational resources on a single
platform.
- Operational Excellence Initiatives – As part of Amaya's
2016 strategy it has also undertaken a review of its expense
structure and identified areas for improvement that it believes
will enhance shareholder value. During the quarter, certain office
locations and departments, including in London, Sydney and Dublin (as a result of the Full Tilt
migration), have undergone various adjustments and restructurings
to reduce costs and increase efficiency and focus. Where possible,
Amaya expects to reassign staff within the organization and does
not currently expect a significant net reduction in headcount by
the end of 2016. Amaya continues to assess and monitor the overall
impact of these initiatives on its operations and performance.
- Director Update – Following Amaya's 2016 Annual General
Meeting of Shareholders held in June and the announcement that
David Baazov and Daniel Sebag would not stand for re-election at
the meeting, Alfred F. Hurley, Jr.
and David Lazzarato joined Amaya's
Board of Directors as independent directors and Divyesh (Dave) Gadhia was appointed Chairman of
the Board. Messrs. Lazzarato and Hurley will also serve as the
chairs of the Audit Committee and Corporate Governance, Nominating
and Compensation Committee, respectively. Mr. Hurley has 40 years
of experience in the finance and banking sectors and currently
serves on the boards of New Mountain Finance Corporation (NYSE:
NMFC) and Merrill Corporation. Mr. Lazzarato, a Chartered
Accountant, has 30 years of public company experience in the
technology, telecommunications and media industries and currently
serves on the board of Yellow Pages Limited (TSX: Y).
- New Jersey – PokerStars
NJ continues to contribute to the growth of the New Jersey real-money online poker market,
which according to the New Jersey Department of Gaming Enforcement,
grew approximately 25% in the second quarter of 2016
year-over-year. In the second quarter of 2016, PokerStars NJ
accounted for approximately 44% of the total New Jersey real-money online poker
revenue.
Third Quarter 2016 Update
- Revenues – For the month of July
2016, Amaya estimates that unaudited consolidated revenues
were approximately $84.6 million,
representing an increase of approximately 2.2% over July 2015. Of such revenues, 73% was attributable
to real-money online poker estimated revenues and 24% was
attributable to real-money online casino and sportsbook combined
estimated revenues. Amaya estimates that such online poker revenues
were approximately $61.4 million,
representing a decrease of approximately 7.8% over July 2015. Excluding the impact of year-over-year
changes in foreign exchange rates, Amaya estimates that revenues
were approximately $88.2 million,
representing an increase of approximately 6.5% over July 2015, and that real-money online poker
revenues decreased approximately 3.3% over July 2015.
- Special Committee Update – The Special Committee of the
Board continues its review of strategic alternatives with the goal
of determining the best outcome for Amaya and its shareholders. As
previously disclosed, Amaya entered into discussions with a number
of parties, and discussions with some of these parties have
progressed. While these discussions are advancing, there remains no
guarantee that this process will result in a transaction of any
kind. The Special Committee remains committed to diligently
pursuing its review of alternatives and will provide further
updates to shareholders as circumstances warrant.
The Special Committee also continues its work with respect to the
investigation of allegations made by the Autorité des marchés
financiers (AMF).
- 2016 Guidance – The Special Committee has determined, in
consultation with the Audit Committee of the Board, that while the
Special Committee's review of strategic alternatives is ongoing it
remains inappropriate for Amaya to provide guidance with respect to
its 2016 financial performance at this time.
Financial Statements, Management's Discussion and Analysis
and Additional Information
Amaya's unaudited condensed consolidated financial statements
and management's discussion and analysis for the three and six
months ended June 30, 2016, as well
as additional information relating to Amaya and its business, can
be found on SEDAR at www.sedar.com, Edgar at www.sec.gov and
Amaya's website at www.amaya.com.
In addition to press releases, securities filings and public
conference calls and webcasts, Amaya intends to use its investor
relations page on its website as a means of disclosing material
information to its investors and others and for complying with its
disclosure obligations under applicable securities laws.
Accordingly, investors and others should monitor the website in
addition to following Amaya's press releases, securities filings
and public conference calls and webcasts. This list may be updated
from time to time.
Conference Call and Webcast
Amaya will host a conference call today, August 12, 2016 at 8:30
a.m. ET to discuss its financial results for the second
quarter and first half of 2016 and related matters. Rafi Ashkenazi,
Chief Executive Officer of Amaya, will chair the call. To access
via tele-conference, please dial +1 877-407-0789 or +1 201-689-8562
ten minutes prior to the scheduled start of the call. The playback
will be made available two hours after the event at +1 877-870-5176
or +1 858-384-5517. The Conference ID number is 13642493. To access
the webcast please use the following link:
http://public.viavid.com/index.php?id=120633
Reconciliation of Non-IFRS Measures to Nearest IFRS
Measures
The table below presents reconciliations of Adjusted EBITDA,
Adjusted Net Earnings and Adjusted Net Earnings per Diluted Share
to the nearest IFRS measures:
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
$000's, except per share
amounts
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net earnings from continuing
operations
|
|
|
22,497
|
|
|
|
6,382
|
|
|
|
77,988
|
|
|
|
29,645
|
|
Financial
expenses
|
|
|
27,303
|
|
|
|
38,914
|
|
|
|
52,187
|
|
|
|
91,717
|
|
Income
taxes
|
|
|
2,516
|
|
|
|
10,248
|
|
|
|
4,478
|
|
|
|
9,946
|
|
Depreciation of property and
equipment
|
|
|
2,033
|
|
|
|
2,004
|
|
|
|
3,990
|
|
|
|
3,580
|
|
Amortization of intangible and deferred
assets
|
|
|
32,267
|
|
|
|
29,597
|
|
|
|
63,593
|
|
|
|
59,263
|
|
EBITDA
|
|
|
86,616
|
|
|
|
87,145
|
|
|
|
202,236
|
|
|
|
194,151
|
|
Stock-based
compensation
|
|
|
3,352
|
|
|
|
5,010
|
|
|
|
6,418
|
|
|
|
7,780
|
|
Termination of employment
agreements
|
|
|
7,210
|
|
|
|
1,004
|
|
|
|
8,318
|
|
|
|
1,039
|
|
Termination of affiliate
agreements
|
|
|
1,196
|
|
|
|
5,290
|
|
|
|
2,333
|
|
|
|
5,290
|
|
Loss on disposal of
assets
|
|
|
94
|
|
|
|
142
|
|
|
|
316
|
|
|
|
181
|
|
Loss (gain) from
investments
|
|
|
13,132
|
|
|
|
525
|
|
|
|
3,691
|
|
|
|
(2,981)
|
|
Acquisition-related
costs
|
|
|
15
|
|
|
|
129
|
|
|
|
199
|
|
|
|
129
|
|
Impairment
|
|
|
6,758
|
|
|
|
1,285
|
|
|
|
6,758
|
|
|
|
1,285
|
|
Other
costs
|
|
|
11,518
|
|
|
|
11,857
|
|
|
|
23,056
|
|
|
|
19,059
|
|
Adjusted
EBITDA
|
|
|
129,891
|
|
|
|
112,387
|
|
|
|
253,325
|
|
|
|
225,933
|
|
Current income tax
expense
|
|
|
(3,599)
|
|
|
|
(1,813)
|
|
|
|
(5,472)
|
|
|
|
(3,377)
|
|
Depreciation and amortization (excluding
amortization
of purchase price allocation
intangibles)
|
|
|
(4,077)
|
|
|
|
(2,231)
|
|
|
|
(7,990)
|
|
|
|
(4,102)
|
|
Interest (excluding interest
accretion)
|
|
|
(32,475)
|
|
|
|
(36,276)
|
|
|
|
(65,156)
|
|
|
|
(78,959)
|
|
Adjusted Net
Earnings
|
|
|
89,740
|
|
|
|
72,067
|
|
|
|
174,707
|
|
|
|
139,495
|
|
Diluted
Shares
|
|
|
195,404,703
|
|
|
|
199,928,640
|
|
|
|
190,878,095
|
|
|
|
199,790,819
|
|
Adjusted Net Earnings per Diluted
Share
|
|
$
|
0.46
|
|
|
$
|
0.36
|
|
|
$
|
0.92
|
|
|
$
|
0.70
|
|
The table below presents certain items comprising "Other costs"
in the reconciliation table above:
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
|
$000's
|
|
|
$000's
|
|
|
$000's
|
|
|
$000's
|
|
Non-U.S. lobbying
expenses
|
|
|
1,016
|
|
|
|
1,880
|
|
|
|
1,825
|
|
|
|
3,547
|
|
U.S. lobbying and legal
expenses
|
|
|
3,473
|
|
|
|
1,173
|
|
|
|
6,827
|
|
|
|
3,595
|
|
Strategic review professional
fees
|
|
|
1,414
|
|
|
|
—
|
|
|
|
5,136
|
|
|
|
—
|
|
Retention
bonuses
|
|
|
1,110
|
|
|
|
5,290
|
|
|
|
2,220
|
|
|
|
5,290
|
|
Non recurring professional
fees
|
|
|
2,979
|
|
|
|
1,396
|
|
|
|
4,420
|
|
|
|
1,396
|
|
AMF investigation professional
fees
|
|
|
904
|
|
|
|
1,854
|
|
|
|
1,904
|
|
|
|
1,854
|
|
Office restructuring and legacy
business
unit shutdown
costs
|
|
|
622
|
|
|
|
264
|
|
|
|
724
|
|
|
|
3,377
|
|
Other
costs
|
|
|
11,518
|
|
|
|
11,857
|
|
|
|
23,056
|
|
|
|
19,059
|
|
The table below presents a reconciliation of the numerator of
QNY (i.e., real-money online poker revenue and real-money online
casino and sportsbook combined revenue) to the nearest IFRS measure
(i.e., total revenue):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
$000's
|
|
|
$000's
|
|
Total
revenue
|
|
|
285,939
|
|
|
|
259,500
|
|
Corporate
revenue
|
|
|
(223)
|
|
|
|
(392)
|
|
Other business-to-consumer
revenue
|
|
|
(10,479)
|
|
|
|
(11,562)
|
|
Real-money online poker revenue and
real-money
online casino and
sportsbook combined
revenue
|
|
|
275,237
|
|
|
|
247,546
|
|
About Amaya
Amaya is a leading provider of technology-based products and
services in the global gaming and interactive entertainment
industries. Amaya ultimately owns gaming and related consumer
businesses and brands including PokerStars, Full Tilt, BetStars,
StarsDraft, the European Poker Tour, PokerStars Caribbean
Adventure, Latin American Poker Tour and the Asia Pacific Poker
Tour. These brands have more than 103 million cumulative registered
customers globally and collectively form the largest poker business
in the world, comprising online poker games and tournaments, live
poker competitions, branded poker rooms in popular casinos in major
cities around the world, and poker programming created for
television and online audiences. Amaya, through certain of these
brands, also offers non-poker gaming products, including casino,
sportsbook and daily fantasy sports. Amaya, through certain of its
subsidiaries, is licensed or approved to offer, or legally offers
under third party licenses or approvals, its products and services
in various jurisdictions throughout the world, including in
Europe, both within and outside of
the European Union, the Americas and elsewhere.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
applicable securities laws, including, without limitation, certain
financial and operational expectations and projections.
Forward-looking statements can, but may not always, be identified
by the use of words such as "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "would",
"should", "believe", "objective", "ongoing" and similar references
to future periods or the negatives of these words and expressions.
These statements, other than statements of historical fact, are
based on management's current expectations and are subject to a
number of risks, uncertainties, and assumptions, including market
and economic conditions, business prospects or opportunities,
future plans and strategies, projections, technological
developments, anticipated events and trends and regulatory changes
that affect us, our customers and our industries. Although Amaya
and management believe the expectations reflected in such
forward-looking statements are reasonable and are based on
reasonable assumptions and estimates, there can be no assurance
that these assumptions or estimates are accurate or that any of
these expectations will prove accurate. Forward-looking statements
are inherently subject to significant business, regulatory,
economic and competitive risks, uncertainties and contingencies
that could cause actual events to differ materially from those
expressed or implied in such statements. Specific risks and
uncertainties include, but are not limited to: the heavily
regulated industry in which Amaya carries on business; interactive
entertainment and online and mobile gaming generally; current and
future laws or regulations and new interpretations of existing laws
or regulations with respect to online and mobile gaming; potential
changes to the gaming regulatory scheme; legal and regulatory
requirements; ability to obtain, maintain and comply with all
applicable and required licenses, permits and certifications to
distribute and market its products and services, including
difficulties or delays in the same; significant barriers to entry;
competition and the competitive environment within Amaya's
addressable markets and industries; impact of inability to complete
future acquisitions or to integrate businesses successfully;
ability to develop and enhance existing products and services and
new commercially viable products and services; ability to mitigate
foreign exchange and currency risks; ability to mitigate tax risks
and adverse tax consequences, including, without limitation, the
imposition of new or additional taxes, such as value-added and
point of consumption taxes, and gaming duties; risks of foreign
operations generally; protection of proprietary technology and
intellectual property rights; ability to recruit and retain
management and other qualified personnel, including key technical,
sales and marketing personnel; defects in Amaya's products or
services; losses due to fraudulent activities; management of
growth; contract awards; potential financial opportunities in
addressable markets and with respect to individual contracts;
ability of technology infrastructure to meet applicable demand;
systems, networks, telecommunications or service disruptions or
failures or cyber-attacks; regulations and laws that may be adopted
with respect to the Internet and electronic commerce and that may
otherwise impact Amaya in the jurisdictions where it is currently
doing business or intends to do business; ability to obtain
additional financing on reasonable terms or at all; refinancing
risks; customer and operator preferences and changes in the
economy; dependency on customers' acceptance of its products and
services; consolidation within the gaming industry; litigation
costs and outcomes; expansion within existing and into new markets;
relationships with vendors and distributors; and natural events.
Other applicable risks and uncertainties include those identified
under the heading "Risk Factors and Uncertainties" in Amaya's
Annual Information Form for the year ended December 31, 2015 and "Risk Factors and
Uncertainties" and "Limitations of Key Metrics and Other Data" in
its Management's Discussion and Analysis for the three and six
months ended June 30, 2016 (the "Q2
2016 MD&A"), each available on SEDAR at www.sedar.com, EDGAR at
www.sec.gov and Amaya's website at www.amaya.com, and in other
filings that Amaya has made and may make with applicable securities
authorities in the future. Investors are cautioned not to put undue
reliance on forward-looking statements. Any forward-looking
statement speaks only as of the date hereof, and Amaya undertakes
no obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Non-IFRS and Non-U.S. GAAP Measures
This news release references non-IFRS and non-U.S. GAAP
financial measures, including QNY, Adjusted EBITDA, Adjusted Net
Earnings, Adjusted Net Earnings per Diluted Share, and the foreign
exchange impact on revenues (i.e., constant currency). Amaya
believes these non-IFRS and non-U.S. GAAP financial measures will
provide investors with useful supplemental information about the
financial performance of its business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and allow for greater
transparency with respect to key metrics used by management in
operating its business. Although management believes these
financial measures are important in evaluating Amaya, they are not
intended to be considered in isolation or as a substitute for, or
superior to, financial information prepared and presented in
accordance with IFRS or U.S. GAAP. They are not recognized measures
under IFRS or U.S. GAAP and do not have standardized meanings
prescribed by IFRS or U.S. GAAP. These measures may be different
from non-IFRS and non-U.S. GAAP financial measures used by other
companies, limiting its usefulness for comparison purposes.
Moreover, presentation of certain of these measures is provided for
year-over-year comparison purposes, and investors should be
cautioned that the effect of the adjustments thereto provided
herein have an actual effect on Amaya's operating results. In
addition to QNY, which is defined below under "Key Metrics and
Other Data", Amaya uses the following non-IFRS and non-U.S. GAAP
measures in this release:
Adjusted EBITDA means net earnings (loss) from continuing
operations before interest and financing costs (net of interest
income), income taxes, depreciation and amortization, stock-based
compensation, restructuring and certain other items.
Adjusted Net Earnings means net earnings (loss) from continuing
operations before interest accretion, amortization of intangible
assets resulting from purchase price allocation following
acquisitions, deferred income taxes, stock-based compensation,
restructuring, foreign exchange, and certain other items. Adjusted
Net Earnings per Diluted Share means Adjusted Net Earnings divided
by Diluted Shares. Diluted Shares means the weighted average number
of common shares on a fully diluted basis, including options,
warrants and Amaya's convertible preferred shares. The effects
of anti-dilutive potential common shares are ignored in calculating
Diluted Shares. See note 8 to Amaya's unaudited interim condensed
consolidated financial statements for the three and six months
ended June 30, 2016.
To calculate revenue on a constant currency basis, Amaya
translated revenue for the three and six months ended June 30, 2016 using the prior year's monthly
exchange rates for its local currencies other than the U.S. dollar,
which Amaya believes is a useful metric that facilitates comparison
to its historical performance.
For additional information on Amaya's non-IFRS measures, see the
Q2 2016 MD&A, including under the headings "Management's
Discussion and Analysis" and "Selected Financial Information—Other
Financial Information".
Key Metrics and Other Data
Amaya defines QAUs as active unique customers (online,
mobile and desktop client) who generated rake, placed a bet or
otherwise wagered (excluding free play, bonuses or other
promotions) on or through an Amaya poker, casino or sportsbook
offering during the applicable quarterly period. Amaya defines
unique as a customer who played at least once on one of Amaya's
real-money offerings during the period, and excludes duplicate
counting, even if that customer is active across multiple verticals
(e.g., both poker and casino). Beginning with its second quarter
2016 results, which are presented in this press release, Amaya will
no longer provide PokerStars-only QAUs as a result of the recently
completed migration of the Full Tilt brand and customers to the
PokerStars platform.
Amaya defines QNY as combined real-money online gaming and
related revenue (excluding certain other revenues, such as revenues
from play-money offerings, live events and branded poker rooms) for
its two business lines (i.e., real-money online poker and
real-money online casino and sportsbook) as reported during the
applicable quarterly period (or as adjusted to the extent any
accounting reallocations are made in later periods) divided by the
total QAUs during the same period. Amaya provides QNY on a U.S.
dollar and constant currency basis. QNY is a non-IFRS measure.
Amaya defines Customer Registrations as the cumulative number of
real-money and play-money customer registrations on PokerStars and
Full Tilt.
For additional information on Amaya's key metrics and other
data, see the Q2 2016 MD&A, including under the headings
"Limitations on Key Metrics and Other Data" and "Key Metrics".
SOURCE Amaya Inc.