Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
Business Update Call Participants
• Scott H. Betts, President and Chief Executive Officer
MANAGEMENT DISCUSSION SECTION
Operator
Good day ladies and gentlemen and welcome to the update call regarding internal investigation. My name is Jeremy, and I will be your coordinator for today. At this time all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of the call. [Operator Instructions]. I would now like to turn the presentation over to your host for today's call, Mr. Scott Betts, President and CEO.
Scott H. Betts, President and Chief Executive Officer
Hello, and good morning or good afternoon to everyone and thank you for joining the call today. I am Scott Betts, the President and CEO of the company. Let me start by first thanking all of you for your patience over these last few weeks, during which we were frustratingly unable to share much information with you. We arranged this call today to give you some information on the internal investigation that we announced on November 14th. As you already know, the investigation was commenced in response to allegations made by a person whose identity is still not been disclosed to the company. To preserve the integrity of the independent investigation and the ability of those conducting it to do research in the most thorough and well informed way, the nature of the allegations have been kept confidential. Although this has been a difficult decision, I believe this was the best course of action to protect the long-term health of the company. Much progress has been made on the investigation since its commencement, and today I am able to discuss those allegations. I want to be clear at the onset that our investigation into these allegations is still in progress. The remarks I have for you today are subject to further investigated steps and final review by the Audit Committee and our auditors. That said; let me tell you a bit about these allegations and the investigation. Upon the completion of my prepared remarks, I will take a few questions, but I ask in advance for your appreciation for the limits to which I can discuss these investigations that are in progress. The allegations were first disclosed to us on November 9th, two days after our earnings call. Our Audit Committee whose charter includes responsibilities for conducting special investigations whether audit related or not immediately took the responsibility for conducting an independent investigation into these allegations. Within a day, the Audit Committee had fully – was fully appraised of the situation and engaged the law firm of Skadden, Arps to act as independent legal counsel. They also engaged the accounting firm of KPMG to assist in its efforts. Since the start of the investigation, significant effort has been expended, gathering and reviewing documents and records and conducting interviews. To say the least, the effort has been intense and continuous. We have deployed as many resources as possible and have incurred significant expense all with the view of facilitating as thorough and timely an investigation as possible. Although we are able to give you some information about the allegations today, we are not able to go into details on all of them or give you any definitive conclusions or findings. We still have work to do, so onto the allegations. One of the allegations is that the company is miscoding transactions for the purpose of avoiding payment of certain transaction fees. This allegation implicates our compliance with the rules and regulations of credit card associations, and networks and our calculation of payments of commissions to our gaming established customers. Our system
Page 1 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
generates a very rich transaction processing record, and through these records the company is able to conduct a detailed review of transactions, and the calculation of interchange fees and commissions. Although the investigation is still in progress, as of this time, the investigation has not uncovered any evidence that the company is not in compliance with the card association rules. However, as we discussed in our annual report on the form 10-K for the fiscal year ending December 31st of 2006, the company did not have adequate internal controls over the calculation of the amount of commissions we pay to our customers. The investigation into the miscoding allegation was broadened to include an internal review of our calculation of commission. Today, the internal review has uncovered issues in the calculation of certain commissions payable to approximately 20 of our customers, and issues with the reporting of transactions for these customers and approximately 120 other customers. Let me put these numbers into perspective. We have over 1,000 customers in total, and as I just said we have 20 customers where we have issues with the commission payment, and another 120 where we have found issues with reporting of transactions. These issues relate to interpretations of certain clauses in our contract, and the current management team is reevaluating these to ensure consistency and fairness across all of our customers. The company is committed to resolving these issues with any affected customer. Although the internal review has not yet been completed, based upon its progress to-date, the company estimates that the amount of payments to resolve these commission calculation issues should be in the range of 3 to $4 million. As for the transaction reporting issues, the company needs to review this on a customer-by-customer basis. We just haven't had time to do this work yet. Again based upon our work to-date, the company estimates that the impact to us to resolve these commission issues, fix our systems and resolve the transaction reporting issues should not exceed more than $10 million. Please note we are early in this process, so the accounting consequences of this finding and treatment of these payments, nor their final amount has yet been determined. There are other allegations that are currently under investigation, but to avoid publicly disclosing allegations that may not be substantiated, we have chosen to keep those allegations confidential. I can't say that, although, the investigation of these allegations is still in progress, as of this time the investigation has not uncovered any evidence that the company, or its officers, or directors have engaged in any illegal activity or any evidence that would require the company to change any of its prior public disclosures. That's really all I am able to say about the allegations and the investigation at this time, but let me address a few other issues that have been raised since we announced the investigation. First and most important from my perspective, we continue to process transactions and serve our customers with the same level of service and expertise that we always have. Aside from the significant allocation of resources to support the investigation, we have continued to conduct our business in all jurisdictions with the same quality of service that our customers have grown to expect. Finally with respect to timing, and again the investigation is not complete and its course and timing may be affected by future findings. We cannot predict the actual timeline by which the Audit Committee will complete its investigation into the allegations. Similarly, we have no way of predicting the timeline of any responsive actions that may be required by the company or our auditors upon receipt of those findings. What I can say is that the Audit Committee and its professional advisors have been tirelessly working in an effort to complete the Audit Committee's work sometime in December. Again, this is a goal and the actual timing remains to be seen. We remain focused on our business and the priorities discussed on our earnings call on November 7th. I have been with the company now a little over the month and I remain sincerely excited about our business, the capability of our people, and the opportunities we see in the future. Thank you for your support of the company and your understanding of the need to handle these issues the way we have. Before I open it up to a few questions, again, I really want to ask you to please understand that the investigation is still in progress and although I've been able to give you a fair amount of information today, I cannot predict or speculate or give assurances with respect to the ultimate findings of the investigation, or the consequence of those findings nor any
Page 2 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
responsive action that the company may need to make or not make to address these. So, again, thank you and let's open it up to Q&A.
Q&A
Operator
[Operation Instructions]. And, sir, your first question comes from the line of Moshe Katri. You may proceed. : Hey, thanks. Just briefly, any comment so far from some of your, I'm talking more about your top 10 customer base about some of these issues. I guess, the biggest issue right now, I guess, the biggest concern has to do with contract renewals and what does it mean to global cash competitively? Thanks. : Okay. Up to this point in time, we – like I said in the statements, we're continuing to manage our business as we normally would. It's certainly been an issue and it's been out in the public and it's certainly have been discussed with our top customers. But, again at this point in time, we're continuing to manage our businesses we have and don't see any issues with it.
Operator
And your next question comes from the line of James Kissane of Bear Stearns. : Yeah, hey Scott and thanks for hosting the call. : Hi Jim, how you doing? : Scott, it sounds like you're saying it's a control issue that you had for some time as opposed to any premeditated actions by the management team or operating folks at the company. Is that right? : I don't want to speculate on that conclusion or put that final point on it right now. What we have found and had disclosed before is that we, we didn't have the proper controls on our contract and commission payments. We have in the course of this investigation looked into that issue. As I described, that's the findings we've had so far. A lot of it is, is in regards to interpretations and so forth of the contract language, and really what we want to say today is we're committed to resolving those issues. I really need to sit down with my team and look at those contracts on a contract-by-contract basis and make sure we're doing what's fair and right and just want to give you some indication of what the dimension of the scope and the cost of that might be. : Great, and can I ask if the previous management team and officers are cooperating in the investigation? Not to put you on the spot. : I have no view – like I said before, I have no view into the investigation at all, okay. So I can't, I can't, I just can't answer that. : Okay. But your view is, you're committed to the company and the core business is sound. : Yes, I am absolutely committed to the company. I do believe the core business is sound and despite obviously a fair amount of distraction here, we're continuing to make progress on the things we'd talked about in November and we're continuing to push the business ahead. : Right. Thanks Scott. Good luck. : Thanks Jim. Bye-bye.
Page 3 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
Operator
And your next question is from the line of Justin Otsuka with First Q Capital. Go ahead. : Hi Scott, how you doing? : Hi Justin. : A quick question, so if 3 to $4 million of commissions, that's what it would take to resolve the issue, over what time period is that, because if it's over a year, 3 to $4 million in extra costs isn't that much but if it's in one quarter it's a little bit of a different story, so what time period would this have accrued over? : I haven't been apprised of all the details, okay – of the findings, okay. So I really can't, I really can't address that. I know enough about it to – to again, for us to be able to give you some dimensionalization of the impact but I just don't know those. I wouldn't want to give you some wrong information. : Okay. So this is probably a question you wouldn't be able to answer either but, do you know what this implied in terms of your gross margins, what the impact would be? : Again, until we have a chance to go through this on a contract-by-contract basis, I just can't, I just can't tell you that. : Okay. : Again, I hope we did give you a good feel for the dimensionalization of this but all those details have yet to be, yet to be worked through, we thought it was important just to get this message out today. : Sure, and then the – you said, 3 to 4 commissions in each, that's what you stated, this shouldn't exceed $10 million in costs, is that incremental 6 to $7 million is just legal fees, et cetera? : Yeah, it can be. Again, we're going through it, contract-by-contract, there is going to be issues we'll have to resolve with customers, there is going to be internal issues that we're going to have to fix with systems and so forth. So that's just again to give people an idea of what we think the magnitude is – the potential magnitude. : Great. Thanks Scott. : Okay, thanks. Thanks Justin.
Operator
And next up you have the line of Tony Wible of Citigroup. : Hi, good morning. I was hoping that you could explain if any of these issues would trip up any renewals or trigger any potential renewals in your existing contracts? : You know, I mean, I can't predict what customers will or won't do. I can say you know now that we've obviously been working closely with all of our customers, and I've been working closely with our sales folks and again, I go back to what I just said that we're continuing to operate our business as we always have. So, if anything like that came up that was material to the company, we'd obviously disclose it. : So, in your contracts, to your knowledge, have clauses that would call for them to be renewed if something like this were to occur? : You know I have to take a pass, I've been here four months and been fairly distracted over the last amount of time. I just – I wouldn't even know how to answer the question.
Page 4 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
: Okay. And last question here is on – of the 20 customers and the 120 other transactional issues with the other bucket... : The reporting issue, yeah. : The reporting issue. Can you give us some sense for what kind of tier those customers are? Are these like top 50 or bottom 50? : Yeah, I again – you know the amount of information I have in the specifics of the investigation have been very top line at this time. So, I have no way of predicting whether it's just proportional across the portfolio or concentrated in any one place or not. : Okay and I heard you correct that you hope to have this resolved by the end of December. : That's the Audit Committee's plan to work with our – with their team to get this thing done in December, but again we are still not complete so but that's certainly our goal. : Great. Thank you. : You bet.
Operator
And next up you have the line of Christopher Mammone of Deutsche Bank. : Hi. Thanks Scott. : Hi, Christopher. : Hi. Just I guess while this whole process has proceeded, has there been any measurable impact in your ability to add new accounts or other accounts dropping off the platform? : You know, at this point in time again I haven't been here a month. We are continuing to manage our business the way we have in the past and I don't see any changes in any of the key metrics to our business at this point in time. : Okay. Thanks.
Operator
And sir your next question is from the line of Jerome Hinkle of Discovery Partners. : Yes I assume you've had to pull away from your buyback program and I just wanted to know of the 50 million, how much has been utilized before, I assume, you had to pull away? : Hi, Jerome. The answer is no, we have not and it was – it was already in process, we are proceeding in the course of what the restraints are on that and at this point in time, I don't really know what the amount is. So it's basically an automatic program that we put in place and disclose. So we have – we have continued that program. I just, at this point in time, I just don't know what the number is. : But this situation has not precluded you from being in the marketplace? : It has not precluded us from the program of buy backs, an automatic program that was already disclosed, yes, we're able to continue it. : Thank you.
Page 5 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
: You bet.
Operator
And your next question is from the line of Dan Perlin of Wachovia. : Thanks. I want to just clear off a couple of things, is the total expense that you're talking about, is it 10 million or is it 13 to 14 million? : What I gave to dimensionalize, it is a total figure of 10 million. : Okay the total is 10 million, okay. : Yeah. : And then is there anything that causes you to believe at this point that you could be jeopardizing your licensures, in terms of being able to actually do business in either United States or Macau or other markets? : I can't speculate to what regulators may or may not be thinking at this time. I'll just kind of go back to the statement I have said that we've had – that nothing has come up that has caused us to change any of the disclosures that we previously made, which would obviously be a disclosure issue so. : Would you characterize the remaining portion of the investigation as a character issue or an accounting issue? : I'd have to be part of the investigation to be able to answer that and I'm not, so sorry to have to dodge these questions, but I just don't know. I don't want to give you anything I don't know. : That's okay. I understand. : Okay. : And then when you talk about the 120 customers versus the 20 customers where you had calculations of commission, what is the distinction I guess between these two, are you doing the same exact things for each one or are there other ones that could potentially be involved with Arriva as opposed to cash access products? : That's a – let me kind of break that question down in a couple of pieces, okay. First, the 20 have to do with the actual calculation of the commissions that we pay to those customers. The 120 is our responsibility to report transactions at those customers' locations and we just had a reporting issue. As far as, and that's what we know to-date. You know again the investigation – you know the caveat here is the investigation is continuing, and at this point in time that's what we know. You know if it would involve anything else, I don't know about it at this time. : Okay and then lastly you put out an 8-K with a cash balance, can you update us on where that stands right now? : No, no. : Okay. : I don't, you know... : It is safe to assume it's a similar level? : Yes, yes. : Okay, thanks a lot. Thank you. : I just don't want to give you a figure that might be wrong.
Page 6 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
: Okay. Thank you.
Operator
And next up you have the line of David Toss. Go ahead. David, your line is open. Mr. Toss? : Next.
Operator
And next you have Tien-Tsin Huang of JPMorgan. Go ahead. : Hey, Scott. It's Tien-Tsin. I am... : Hi, Tien-Tsin. : I had a – I guess Tony asked the question earlier, I'll ask it again. The 20 customers any, can you give us some sense of what percentage of volume does 20 customers represent? : No, I can't – I can't. I'd have to know what those customers are, so. : Okay. Okay then the, I guess – I think I've heard that there's no reason to believe that you've actually violated any Visa or MasterCard rules, did I hear that correctly? : That's correct. : Okay. : At this point in time, we are correct. : So, nothing to be concerned about in terms of network participation into the various networks, just wanted to confirm that. And then I guess the – I am just trying to better understand the – the allegations and the whole idea of around intent and why this was brought out. Just to begin with, what was – I know you can't disclose who it was, but what sort of a triggering event and I guess the question about intent and, you know, who is this directed at, I am just trying to better understand what drove the whole thing to begin with? : You know, let's – again, I have to go back to what I've said a couple of times is one is the person or persons have never been disclosed to us. You know, we know the nature of the allegations, I can tell you what I've already told you about those. And, so at this point in time, I would have no way to speculate what someone's intent is or what their target was. : Okay. Then I just have a couple of quick business questions. In the same-store sales, you had talked about that on the last call, can you give us an update on what's happened so far, maybe in the month of November, any major changes there? : No, not at this point in time, and again I apologize for maybe not being as close to business right now, but I've been a little distracted over the last month. : Sure, and I can appreciate that. Then maybe – we get a lot of questions, Scott, about the Arriva Card portfolio, any new update there, any surprises in terms of delinquencies or losses? : No, there is no updates. What I said on the 7th on the call is that we would be engaging in a thorough strategic review. We have started that process, okay, so you know we haven't suspended anything we're doing here. So, I am deep into that right now, and we'll be able to tell you more about that as time goes on, okay. : Okay, very good. Good luck with the investigation.
Page 7 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
: Thank you.
Operator
And next you have the line of Scott Grayson of Goldman Sachs.
Operator
Okay, and next we have the line of Bryan Krug of Waddell & Reed. : Hi, Scott. Could you talk to me about the 10 million of cost? What is that – is that annualized cost or that's for the investigation? : It's, it really is a number that I am looking at now is a way to kind of dimensionalize what the impact is going to be on the company, I'd look at it more as a one-time issue than an ongoing number. : Okay, but... : Again, well, until we get through all this and know specifically what the impacts could be, it's probably – that's probably the best way to look at it. : Okay, great. Thank you. : You bet.
Operator
And next up you have the line of David Parker with Merrill Lynch. : Hi, good morning. : Hi David. : You mentioned there are still other allegations still in progress. Do you anticipate closing those at the end of December as well and are those included in the 10 million? : Just a couple of points. One is all the allegations are still – have to be completed in terms of the investigation, okay, and that's – so, just clear on what I said, okay. : Okay. : And, we expect the investigation to be done sometime in December, okay. But again, you know, good change if something else gets found, but... : Okay, and then I think I heard that you, you don't anticipate restating any financials, is that correct, or have you got into that phase of investigation yet, that you... : We have not gotten into that phase of the investigation yet in terms of how those will be treated or ultimately what the total impact is or what the specific dollars are. Again what we thought was important is to give folks just a rough idea of sort of the dimension and the scope of what's going on today. : Okay and then just my final question is how is the employee morale, and have you seen any departures from key people outside of the, the ones that we are already aware of? : No, no. And, you know, I think morale here is good. We have a great organization here. I've been really impressed with the professionalism of everyone here and everybody is trying to move the business forward and
Page 8 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
doing what they need to do for the company, and they understand what the issues are. I obviously can't communicate anymore to them than I have to you all, but we have a very professional organization here that's stand on task. : Great, thank you. : You bet.
Operator
[Operator Instruction]. And next up you have the line of Liz Grausam with Goldman Sachs. Go ahead. : Hi, Scott, thanks for hosting the call. A question just on – kind of broadly your higher-level internal controls and how you're feeling about the company. Are you taking the opportunity in this investigation with the auditors and with the lawyers now in your books to take a broader-based review of the internal controls of the company? Are they really just focused on these individual allegations, and, so, do you feel that you would be able to walk away from this investigation with a fully clean bill of health on your internal controls or are you just going to be focused on the current allegations? : I'm going to split that into two answers, okay. The first one is, this investigation needs to be focused, thorough, and completed, okay. And that's what the task of the Audit Committee and their – and the team that we pulled together to do that, is going to focused on. We need to get that done and that's their priority one, and it's not – I'm not using them for anything else but that. We have disclosed some issues that we've had with material weakness for Sarbanes. We're obviously continuing to make progress on those. I'm involved in those; I understand what those issues are, we're going to you know, and it's part of my responsibility in the company is to continue to assess how we are in our controls, systems and with our auditors and we'll look at those. But it's not – I think we need to stay focused in this discussion and on this investigation on allegations made against the company. And I hope you have some faith that we're doing all the other things that we ought to be doing as a company. : And do you feel you have full Board support in both pursuing kind of Sarb-Ox and material weakness issues as well as internal investigation just the ability to spend and resolve these issues quickly? : Absolutely, one hundred percent. : And the – in terms of the CFO search and how this maybe inhibiting your ability right now to attract talent. Can you just give us any update, to where you are in that process, Scott? : Yeah, not surprisingly it's on hold. I mean until we get this – this investigation done, it's really as you'd expected. I don't think it would be productive to do that right now. : Great, thank you. : You bet.
Operator
And next you have the line of Jeffrey Atlas of Independence Capital. Go ahead. : Hi, Scott. : Hi, Jeff. : Just have a couple of questions for you here to clarify on the $10 million number, we just want to be sure we heard you right. So, 3 to 4 million of that is related to commissions that you're going to owe to those 20 customers you mentioned. And then, sort of, what's the nature of the remaining 6 to 7; is that related to the 120 customers in the transactions or is that related to that in the legal costs as well?
Page 9 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
: Yeah, I knew we'd sort of run into a little bit of this difficulty in being asked here for a lot more specificity then I can give. Again, you know, I did this to help dimensionalize it. The 3 to 4 is, gives you guys an idea where it is. We still have to go through those contracts one-by-one. It is a matter of interpretation. We don't know specifically what that's going to be. I just thought it was important for you guys to understand what the sort of general magnitude is, similarly with the 10 it's a – it's an estimation of the overall impact including what we may have to do with commissions. We may have to do some things internally with systems. We may have other things that we wind up doing. But it just – it kind of tells you if it is 10 pounder or 100 pounder and that's really what the – that's about as specific as that number goes, okay. : Thank you. : You bet.
Operator
And next we have the line of David Toss . David, if your line is on mute please un-mute it. Okay and next we have the line of David Parker of Merrill Lynch. : Yeah, just as a follow-up, you mentioned that the business metrics were still fine outside of any one-time expenses or costs that you might incur in the fourth quarter, you're still comfortable with the guidance that you provided last call? : For the full-year, yes. : Okay, thank you.
Operator
And next the line of Adam Eisenberg with Millennium Partners. : My questions have been answered, thanks. : Okay.
Operator
And from the line of James Ragan with Crowell, Weedon. : Yes, thank you. Two questions; first, has the investigation at this point found any instances of where you may have actually undercharged commissions to the customers. And then secondly, is it safe to assume that the 10-Q won't be filed until the investigation is complete? : Yes, the 10-Q will not be filed until the investigation is complete. And again, I think on the contract issue, it's what we know at this point in time, we have seen some issues with the interpretation of the contracts, and that's why we disclosed it with the figure that I did, okay? : Yeah, thank you. : You bet. How about we take two more questions.
Operator
As a matter of fact, that's it.
Page 10 of 11
Company Name: Global Cash Access Inc Company Ticker: GCA US Date: 2007-12-07 Event Description: Business Update Call
Market Cap: 450.16 Current PX: 5.42 YTD Change($): -10.81 YTD Change(%): -66.605
Bloomberg Estimates - EPS Current Quarter: 0.170 Current Year: 0.715 Bloomberg Estimates - Sales Current Quarter: 153.330 Current Year: 610.269
Scott H. Betts, President and Chief Executive Officer
Is that's it? Okay. Thank you everyone for joining me today, and I look forward to talking to you in the future. Have a good day.
Operator
Thank you for your participation in today's conference. Ladies and gentlemen, this does conclude the presentation and you may now disconnect. Have a wonderful day. This transcript may not be 100 percent accurate and may contain misspellings and other inaccuracies. This transcript is provided "as is", without express or implied warranties of any kind. Bloomberg retains all rights to this transcript and provides it solely for your personal, non-commercial use. Bloomberg, its suppliers and third-party agents shall have no liability for errors in this transcript or for lost profits, losses, or direct, indirect, incidental, consequential, special or punitive damages in connection with the furnishing, performance or use of such transcript. Neither the information nor any opinion expressed in this transcript constitutes a solicitation of the purchase or sale of securities or commodities. Any opinion expressed in the transcript does not necessarily reflect the views of Bloomberg LP. © COPYRIGHT 2007, BLOOMBERG LP. All rights reserved. Any reproduction, redistribution or retransmission is expressly prohibited.
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