Digital casino products and player loyalty solutions provider Everi Holdings Inc has reported record revenue and profit for both the December quarter and Full Year 2021, driven by its Games and FinTech segments.
Riding a wave of success since late 2020, Everi saw revenues rise 51% year-on-year to a quarterly record of US$180.4 million in the three months to 31 December 2021, while net income of US$89.4 million compared to just US$1.1 million in 4Q20. Adjusted EBITDA grew 45% to another quarterly record of US$88.8 million.
The 4Q21 results included US$105.4 million from the Games segment, which Everi said reflected “record sales of gaming machines and growth in gaming operations revenues, which includes increases in both the installed unit base and in Daily Win per Unit.”
FinTech revenues also increased to a record US$75.0 million for the quarter compared to US$54.6 million in 4Q20, primarily reflecting an increase in financial access services and software.
For FY21, Everi reported a 72% year-on-year increase in revenues to US$660.4 million, which was also 24% higher than the previous record of US$533.2 million achieved in 2019.
Net income of US$152.9 million compared to a net loss of US$81.7 million in 2020 while Adjusted EBITDA grew 97% to US$347.2 million.
“Our record fourth quarter 2021 results capped a year in which we delivered record-setting annual financial performance across our business,” said CEO Michael Rumbolz. “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.
“As we begin 2022, our core recurring-revenue businesses continue to grow and our newer initiatives – including iGaming and cashless wallet technology – have a strong foundation from which we expect to generate substantial contributions to our future financial performance.
“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.”
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