Revenue grows 72% as Everi reports 2021 financial results
The company also released its results for Q4, citing a 51% boost in revenue.
Everi Holdings has announced its financial results for both the final quarter of 2021 and the year as a whole. Revenue grew in both periods as the company continued to expand its partnerships across the US.
Revenue in Q4 rose by 51%, coming in at a record $180.4m compared to 2020’s $119.m. Net income also saw a marked increase, climbing by almost $88m to $89.4m.
Continuing this quarterly trend, adjusted EBITDA grew by 45% to, once again, break the company’s quarterly record.
On these impressive results, Michael Rumbolz, CEO of Everi, noted: “Our record fourth quarter 2021 results capped a year in which we delivered record-setting annual financial performance across our business. Driven by significant successes in both our games and FinTech segments, we achieved new all-time full-year records for revenues, net income, adjusted EBITDA, and free cash flow.
“This performance reflects our strategic focus on growing our recurring revenues and our continued investment in the development of new and enhanced products that help our customers grow revenue and manage their business more effectively,” He continued
From a yearly perspective, results were also promising. Yearly revenue grew by 72%, coming in at $660,4m, a year-on-year boost of approximately $280m.
A net income of $34.4m in 2021 allowed the company to extinguish its refinancing debt acruid in the year’s third quarter. Adjusted EBITDA, meanwhile, grew by 97% to $347.2m.
On the year to come, Rumbolz noted: “For 2022, we expect another year of steady growth as our operating results benefit from the continued expansion of our installed base of leased gaming units, growing ship share of gaming machines sold, continued increases in same-store financial access transactions and ongoing organic growth of our loyalty and regulatory compliance solutions.
“Ongoing momentum in these product categories combined with our prudent management of operating and R&D expenses is expected to deliver another year of strong free cash flow generation that will continue to enable Everi to allocate capital towards return-focused investments that generate further growth.”
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