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

Mar 02, 2022 Newsdesk Industry Talk, Latest News  

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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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