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Everi Holdings Inc. (EVRI) Tops Q1 EPS by 17c

May 5, 2021 5:00 PM EDT

Everi Holdings Inc. (NYSE: EVRI) reported Q1 EPS of $0.21, $0.17 better than the analyst estimate of $0.04. Revenue for the quarter came in at $139.1 million versus the consensus estimate of $122.54 million.

Michael Rumbolz, Chief Executive Officer of Everi, said, “We are off to a strong start in 2021 with first quarter record revenue; and all-time quarterly record net income, Adjusted EBITDA and Free Cash Flow. The substantial improvement in our operating results demonstrates the significant ongoing demand for our products in both our Games and FinTech segments. Our success in developing player-popular slot products and the industry attractiveness of our trusted financial and loyalty products are a direct reflection of our continued investment in the creation of new and enhanced products and services, as well as the talent and dedication of our entire Everi Team.

“Our Games segment momentum continues to reflect ongoing growth in our installed base of gaming operations units, in particular the consistent increases in placements of our higher-earning premium units that are helping to drive higher daily win per unit. We also believe that the ship share of our for-sale gaming units continues to expand. Our FinTech segment continues to benefit from our established leading share in the gaming FinTech market as well as strong demand for our newer loyalty products and services together with a high-level of interest in our cashless digital wallet solution. A key driver of the growth in our Games and FinTech business segments is our high-margin, recurring revenue streams, which we expect will help sustain our near- and long-term growth as the casino industry continues to recover.

"Importantly, our product momentum is translating into improvement in both our earnings and cash flow,” added Rumbolz. “This improvement enables us to continue to prudently invest in product innovation to sustain our growth, while also positioning Everi to return to our focus on reducing leverage. Our strong start to 2021, which has continued into the second quarter, is a great indication that we are already regaining our pre-pandemic momentum, including our expectation that 2021 full year results will exceed the levels achieved in 2019.”

GUIDANCE:

Everi expects 2021 second quarter operating and financial results will be comparable to or slightly lower than the Company’s 2021 first quarter results; and expects that results in the second half of 2021 will continue to exceed the then-record Adjusted EBITDA levels achieved in the second half of 2019, barring any macro-economic or pandemic-related setback.

For earnings history and earnings-related data on Everi Holdings Inc. (EVRI) click here.



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