Everi Holdings Inc, a supplier of casino gaming content and goods, financial technology, and loyalty solutions, reported record first-quarter financial results this week.
According to the company, the results reflect the ongoing but reduced impact of the COVID-19 pandemic, as well as high casino patron demand, and show a quarterly sequential improvement from Q4 2020.
It stated: “As the first quarter 2020 financial results reflect the onset of the COVID-19 pandemic, the company believes a more meaningful comparison for the 2021 first quarter performance is the 2019 first quarter.”
Revenues increased to a record $139.1 million in Q1 (2019: $123.8 million), while net income increased to a record $20.5 million (2019: $5.9 million). Adjusted EBITDA was also at a record high of $75.4 million (2019: $61.3 million), with $43.5 million in free cash flow (2019: $21.2 million).
Off to a strong start
Michael Rumbolz, the company’s CEO, stated: “We are off to a strong start in 2021 with first quarter record revenue; and all-time quarterly record net income, adjusted EBITDA and free cash flow. The substantial improvement in our operating results demonstrates the significant ongoing demand for our products in both our Games and FinTech segments.
“Our success in developing player-popular slot products and the industry attractiveness of our trusted financial and loyalty products are a direct reflection of our continued investment in the creation of new and enhanced products and services, as well as the talent and dedication of our entire Everi Team.”
The Games segment momentum, according to Rumbolz, continues to represent ongoing growth in Everi’s installed base of gaming operations units, especially consistent increases in premium unit placements.
He continued: “Our FinTech segment continues to benefit from our established leading share in the gaming FinTech market as well as strong demand for our newer loyalty products and services together with a high-level of interest in our cashless digital wallet solution. A key driver of the growth in our Games and FinTech business segments is our high-margin, recurring revenue streams, which we expect will help sustain our near- and long-term growth as the casino industry continues to recover.”
On the outlook, he predicted: “Our strong start to 2021, which has continued into the second quarter, is a great indication that we are already regaining our pre-pandemic momentum, including our expectation that 2021 full year results will exceed the levels achieved in 2019.”