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Everi back to profit for 2021, as 4Q net income jumps

Mar 02, 2022 Newsdesk Industry Talk, Latest News  


Everi back to profit for 2021, as 4Q net income jumps

Casino equipment and financial technology (fintech) supplier Everi Holdings Ltd saw 2021 net income jump to US$152.9-million, after a 2020 net loss of US$81.7 million.

“Driven by significant successes in both our games and fintech segments, we achieved new all-time full-year records for revenues, net income, adjusted EBITDA [earnings before interest, taxation, depreciation and amortisation], and free cash flow,” said Michael Rumbolz, group chief executive, as cited in a Tuesday press release.

Everi’s fourth-quarter net income grew to a record US$89.4 million, compared to US$1.1 million in the prior-year period.

Quarterly adjusted EBITDA increased 45.1 percent year-on-year, to another quarterly “record” of US$88.8 million.

Revenue from sales of gaming equipment and systems for the three months to December 31, rose 134.2 percent year-on-year, to US$35.6 million.

The number of gaming machine units sold rose 139.6 percent year-on-year in the quarter, to 1,910. The average sales price was almost flat judged year-on-year, at US$18,106.

Revenue from gaming operations stood at US$69.8 million in the final quarter of 2021, compared with US$49.7 million a year earlier.

David Bain, an analyst at B. Riley Securities Inc, said in a Tuesday note that Everi’s above-market-consensus performance in the fourth quarter was “broad based”.

But in particular, “game sales, indicative of higher quarterly ship-share” were “significantly better than expected”, added Mr Bain.


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