Digital casino products and player loyalty solutions provider Everi Holdings Inc has recorded all-time quarterly records in revenue, income and Adjusted EBITDA in 2Q21, despite what it describes as the “an ongoing, but reduced, impact of the COVID-19 pandemic.”
Publishing its quarterly results overnight, Everi’s US$172.6 million in revenue was 33% higher than in the second quarter of 2019, with income up 560% from US$5.5 million in 2Q19 to US$36.2 million in the June 2021 quarter. Adjusted EBITDA was up 44% to US$92.5 million.
Revenue included US$99.3 million from the games segment, up from US$69.4 million in 2Q19, and US$73.2 million from the financial technology solutions segment, up from US$60.3 million.
“The record 2021 second quarter results reflect the substantial benefit of our execution of our ongoing growth initiatives, as well as improvement in industry trends,” said Everi CEO Michael Rumbolz.
“The strong momentum to-date this year in revenues, earnings and cash flow is being driven by consistent improvements in our Games and FinTech segment operating performance, demonstrating yet again the substantial demand that exists for our high-value products.
“A key highlight of our significant growth compared to pre-pandemic periods is the strength of our recurring revenue streams, which comprise an increased percentage of our overall business mix. This revenue is a significant contributor to our growing Free Cash Flow, which in turn has allowed us to dramatically lower our net leverage.
“Accordingly, we are favorably positioned to prudently invest in both internal product innovation and complementary, high-return, accretive acquisitions that will support our future growth.”
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