Everi Reports Record Second Quarter 2021 Financial Results

Image source: Everi Holdings

Everi Holdings Inc, a provider of content and products for land-based and digital casino games, fintech and loyalty solutions, posted record financial results for the second quarter of 2021.

For the second quarter ended June 30, 2021, the Company’s revenue, net income, adjusted EBITDA and free cash flow are all slightly above expectations and improving year over year , reflecting the continued strength in demand from casino customers while continuing to manage the impact of the COVID-19 pandemic.

CEO Michael rumbolz said: “The record second quarter 2021 results reflect the substantial benefits of our execution of our ongoing growth initiatives, as well as improving industry trends.

“The strong momentum to date in terms of revenues, profits and cash flow is due to continued improvements in the operational performance of our Gaming and FinTech segments, once again demonstrating the substantial demand that exists for our large-scale products. value. “

Given that the second quarter of 2020 was severely affected by the casino closures linked to the pandemic, Everi believes it is more meaningful to compare the second quarter of 2021 to the second quarter of 2019.

Revenue increased 33% to a quarterly record of $ 172.6 million (Q2 2019: $ 129.7 million, Q2 2020: $ 38.7 million), while net profit improved 560% to reach a quarterly record of $ 36.2 million (Q2 2019: $ 5.5 million, Q2 2020: $ 68.5 million loss), or $ 0.36 per diluted share (Q2 2019: $ 0.07 per diluted share, Q2 2020: $ 0.8 loss per diluted share).

Adjusted EBITDA, a non-GAAP financial measure, increased 44% to a quarterly record of $ 92.5 million (Q2 2019: $ 64.1 million, Q2 2020: $ 3.3 million ), and free cash flow, a non-GAAP financial measure, increased 462% to $ 39.2 million (Q2 2019: $ 7 million, Q2 2020: loss of $ 26.7 million ).

After the quarter ended, the company completed a successful refinancing that reduced total debt to $ 1 billion, lowered cash interest charges and lengthened maturities.

Rumbolz added, “A highlight of our significant growth from pre-pandemic periods is the strength of our recurring revenue streams, which represent an increased percentage of our overall business mix. These revenues contribute significantly to the growth of our free cash flow, which in turn has enabled us to significantly reduce our net leverage.

“As a result, we are favorably positioned to invest prudently both in internal product innovation and in complementary, high yielding and accretive acquisitions that will support our future growth. “

CFO Marc Labay commented: “Our improved performance has enabled us to obtain a strong response from the capital markets for our recent debt refinancing, including credit rating agency upgrades of all of our newly issued debt instruments. This has resulted in lower borrowing rates and longer debt maturities.

“Upon completion of this successful refinancing, at current interest rates, our annualized cash interest expense will now be approximately $ 23 million lower than on June 30, 2021. We expect our interest rate lower annual rate will contribute to the sustainability and growth of our free cash flow. to flow.”

About Myra R.

Check Also

We think DLF (NSE:DLF) can stay on top of its debt

Berkshire Hathaway’s Charlie Munger-backed outside fund manager Li Lu is quick to say, “The biggest …

Leave a Reply

Your email address will not be published.