Everi releases strong Q3 report
Strong growth across the board and well-received new features have kept optimism high while moving forward.
Digital and land-based gaming developer Everi Holdings has announced strong Q3 results for the period ending September 30. The numbers were up by several metrics. The report explicitly compared the 2021 numbers to 2019 rather than 2020, as it would be a more accurate gauge of the growth of the company.
Revenues rose by 25% against 2019 to $168.3m from $143.6m. Operating income doubled, reaching $55.1m from $27.3m in 2019. Adjusted EBITDA grew by 40%, to $90.6m from $64.7m. Free Cash Flow reached a quarterly record of $56.3, a fivefold increase compared to 2019’s $11.1m.
From these numbers, the Las Vegas-based Everi is now expecting full year revenue of $645m to $653m; a net income of $98m to $100m; and adjusted EBITDA of $342m to $346m; and Free Cash Flow is expected at $155m to $160m.
Everi CEO Michael Rumbolz hailed the report: “The growth in our third quarter revenue, operating earnings and Free Cash Flow demonstrate the substantial ongoing momentum in our financial performance.”
Rumbolz also struck an optimistic tone for the immediate future: “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.”
He cited new products announced at last month’s G2E event as being drivers of his confidence.
“For our Games segment, the scale of our 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.”
Everi is moving forward on other fronts besides games. The same day the Q3 results were released, Everi announced a new partnership with Shift4 which would see the former’s CashClub Wallet technology integrate with the latter’s end-to-end payment solutions.
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