Everi Holdings posts $168m in revenue for Q3 2021
Everi Holdings has clawed its way back from Covid, reporting more than $168m in revenue for the third quarter of 2021, up by 25% when compared to its $134.6m in Q3 2019.
The provider posted its results for the period ended 30 September 2021, noting the pandemic’s impact on its performance in 2020 and opting to use 2019’s Q3 figures for comparison. Everi stated: “As the third quarter 2020 financial results were significantly impacted by the Covid-19 pandemic, Everi believes a more meaningful comparison for its 2021 third quarter results, and an indication of its growth, is to the 2019 third quarter results.”
Operating income more than doubled to a record $55.1m, up by $27.8m from $27.3m, while Adjusted EBITDA rose by 40% to $90.6m. In addition, free cash flow increased by more than fivefold to an all-time quarterly high of $56.3m.
Michael Rumbolz, Everi CEO, believed the company’s third quarter performance indicated a return to form and looked forward to future growth.
“The growth in our third quarter revenue, operating earnings and free cash flow demonstrate the substantial ongoing momentum in our financial performance,” said Rumbolz.
“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.”
In line with this positive outlook, Everi has revised its expected full year revenue, raising its previously anticipated sum by $8m from $645m to $653m.
Rumbolz 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.
“We believe the ongoing strength across both businesses and our deep pipeline of new offerings will drive consistent earnings and revenue growth as well as the continued generation of significant free cash flow.”
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