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NEWS 14 March 2018

The future looks bright for Everi after successful 2017

By Caroline Watson

Everi Holdings Inc. has announced its financial results for both the fourth quarter and full-year for the 2017 financial year.

Q4 revenues increased to $247.9m, up from $217.5m in the same period a year prior. Games and payments segment revenues were $57.0m and $190.9m, respectively, for the fourth quarter of 2017. 

Additionally, net loss for the fourth quarter of 2017 was $25m compared to a net loss of $217.3m in the prior-year period.

Exceeding the upper end of its guidance range, for the full-year, revenue increased 13.4% to $974.9m  and Adjusted EBITDA rose 7.5% to $212.8m.

Michael Rumbolz, President and Chief Executive Officer of Everi, commented: “Our strong fourth quarter operating results mark Everi’s sixth consecutive quarter of revenue and Adjusted EBITDA growth which reflect, in part, consistent market share gains for the broad array of casino industry technology products we provide. 

“Through the efforts of the entire Everi team, over the last two years we have established a solid foundation for consistent growth and we will continue to build and expand on this progress.”

Looking ahead, Everi has also provided its forecast for 2018 financial and operational metrics. With the company expecting to generate revenue and adjusted EBITDA growth in 2018, with adjusted EBITDA expected to grow 6% to 8% to between $225m to $230m.

Rumbolz added: “We anticipate continued success across both of our business segments will lead to further growth in our financial performance. This outlook, combined with significantly lower cash interest expense, is expected to benefit our free cash flow generation in 2018, and lead to an even more significant acceleration in free cash flow generation beginning in 2019.”

RELATED TAGS: Online | Land-Based | Industry | Financial | Casino
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