GGRAsia – Everi sustains upswing, sets record EBITDA in 2Q

Everi sustains upswing, sets record EBITDA in 2Q

Aug 08, 2018 Newsdesk Industry Talk, Latest News

Everi Holdings Inc reported net profit of US$1.5 million for the second quarter on revenue of US$118.7 million, in contrast to the net loss of US$19.1 million it made a year earlier on revenue of US$102.1 million.

The United States-based specialist in cash handling technology and electronic game content for the casino industry issued a written statement on Tuesday saying its adjusted earnings before interest, tax, depreciation and amortisation in its financial second quarter ended June 30 were US$59.5 million – the most in any quarter yet.

Everi said its second-quarter growth was driven by continued improvement in all its business operations.

“Ongoing customer demand for products across the spectrum of our games and financial technology solutions portfolio is driving growth across the key performance indicators of our business, including record quarterly unit sales, our highest-ever quarter-end installed base, a record year-over-year rise in daily win per unit, which increased US$2.42 or 9 percent, and fintech revenue improvement of more than 11 percent, with the segment adjusted EBITDA rising for the ninth consecutive quarter,” the statement quoted Everi president and chief executive Michael Rumbolz as saying.

“As a result, momentum in our business is building, as comparable revenue grew 16 percent, adjusted EBITDA improved 10 percent to a record US$59.5 million, and we delivered our second consecutive quarter of positive net income and net earnings per diluted share. With our strong operating performance through the first half of 2018, we are raising our outlook for full-year adjusted EBITDA to a range of US$228 to US$231 million.”

Everi announced on Tuesday a change in the name of the operating segment previously referred to as “Payments” to “Financial Technology Solutions” or “FinTech”. The company said it believed “this reference more accurately reflects the focus of the business segment on delivering innovative and integrated solutions”.

The Everi earnings recovery began in the first quarter, when it made a net profit of US$4.6 million on revenue of US$111 million, having made a net loss of US$3.5 million on slightly lower revenue a year earlier.

Everi recorded a significant narrowing of its net loss in the three months to December 31 last year.