Nov 04, 2021 Newsdesk Latest News, Top of the deck, World  
Casino equipment maker and financial technology (fintech) supplier Everi Holdings Inc reported revenue of US$168.3 million for the third quarter of 2021, down 2.5 percent from the previous quarter. The result was up 50.1 percent from US$112.1 million a year earlier, according to a Wednesday press release.
The company cited strength across the gaming and fintech business segments as the reason for the “momentum” in its financial performance.
Net income for the period decreased to US$6.7 million, from US$36.2 million in the second quarter of 2021, but was still an improvement on the nearly US$1.0 million loss a year ago. Everi said its third-quarter 2021 net income included US$34.4 million in pre-tax costs for the extinguishment of debt associated with the refinancing of its outstanding debt during the period.
The group said adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$90.6 million in the third quarter, from US$92.5 million in the preceding quarter. Everi’s adjusted EBITDA had been US$59.8 million in the 2020 third quarter.
Everi’s free cash flow increased to a quarterly record of US$56.3 million in the July to September period, from US$39.2 million in the preceding quarter, and US$43.5 million in the opening quarter of 2021.
“The growth in our third quarter revenue, operating earnings and free cash flow demonstrate the substantial ongoing momentum in our financial performance. We expect that further growth across both our games and fintech segments will continue for the remainder of this year and into 2022 and beyond,” said Michael Rumbolz, the group’s chief executive, in prepared remarks accompanying Wednesday’s earnings release.
He added: “We expect to continue to benefit from the expansion of our installed base of leased gaming units, growth in ship share, same-store increases in financial access transactions, and the ongoing organic growth of our loyalty and regulatory compliance solutions.”
Regarding the gaming segment, the CEO said Everi’s “newest content continues to increase with well-received new themes introduced across the spectrum of premium video, premium mechanical, standard video, standard mechanical, and wide-area progressive machines.”
Revenue in the gaming segment was US$95.8 million, compared to US$99.3 million in the previous quarter, and US$57.2 million a year earlier. The segment reported operating income of US$30.2 million. The company stated it sold 1,176 gaming machine units in the period, up from 492 units a year earlier.
The release quoted Randy Taylor, Everi’s chief operating officer, as saying the gaming segment “continues to benefit from placements” of the group’s higher-earning premium units, “which grew to a record 7,351 units in the quarter,” representing 45 percent of the firm’s total installed base.
He added: “As the replacement cycle of electronic gaming machines returns to pre-pandemic levels, we expect the investments we have made in our games business have positioned us to make consistent progress towards our new target of 15 percent ship share over the next several years.”
In the fintech segment, the company noted that its cashless digital wallet product was now deployed across four jurisdictions at 15 casinos that have more than 32,000 machines.
Everi also raised its previous guidance for full-year 2021 results. The company now expects net income in the range of US$98 million to US$100 million, and adjusted EBITDA between US$342 million and US$346 million.
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