Everi Holdings suffers Q1 declines – but manages impact on liquidity
Everi Holdings saw declines in its Q1 financial report, although falls across KPIs were not as dramatic thanks to measures taken in response to the COVID-19 impact.
Revenue fell 8% year-on-year to $113.3m, a modest fall compared to some of its competitors, with the supplier taking “swift action to increase liquidity and reduce cash outflows.”
Net loss for the quarter was $13.5m, compared to net income of $5.9m for the prior quarter.
Adjusted EBITDA, meanwhile, fell 15% to $52.3m, with free cash flow down to $18.4m – a 13% decrease.
Michael Rumbolz, Everi CEO, said: “The significant improvement in our operating metrics in the first two months of 2020, including revenue, earnings and cash flow, demonstrates the strength in our business prior to the outbreak of the COVID-19 pandemic.
“Since the onset of the pandemic and the resulting closure of our customers’ casinos in mid-March, our attention has been on addressing the impact on our employees and their families, our customers and our company.
“We acted aggressively to preserve cash and improve our liquidity position to allow the company to achieve our long-term goals as our customers’ operations begin to reopen.”
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