Everi posts record Q1 performance thanks to reduced impact of COVID and strong casino demand

Image source: Everi Holdings

Everi Holdings Inc, a provider of land-based and digital casino gaming content and products, financial technology, and loyalty solutions, has posted record Q1 financial results this week. 

According to the firm, the results show a quarterly sequential improvement from Q4 2020 and reflect the ongoing but reduced impact from the COVID-19 pandemic, as well as strong casino patron demand.

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.

The headline numbers show that revenues rose to a Q1 record $139.1million (2019: $123.8m), while net income improved to a record $20.5m (2019: $5.9m). Adjusted EBITDA was also at its highest level at $75.4m (2019: $61.3m), with free cash flow of $43.5m (2019$21.2m).

CEO Michael Rumbolz said: “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.”

Rumbolz added that the Games segment momentum continues to reflect ongoing growth in Everi’s installed base of gaming operations units, in particular the consistent increases in placements of its premium units. 

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.”