American casino gaming technologies firm Everi Holdings Incorporated has released its unaudited third-quarter financial results showing that its operating income for the three-month period more than doubled year-on-year to hit a record $55.1 million.
The Las Vegas-headquartered firm used an official Wednesday press release to detail that its revenues for the three months to the end of September rose by slightly over 25% year-on-year to $168.3 million while associated adjusted earnings before interest, tax, depreciation and amortization swelled by 40% to $90.6 million.
Everi Holdings Incorporated is responsible for supplying customers around the world such as the Ontario Lottery and Gaming Corporation and Penn National Gaming Incorporated with a range of land-based and online casino content and products in addition to player loyalty and financial technology solutions. The Nevada firm went on to explain that its third-quarter net income, which included $34.4 million in pre-tax costs associated with the eradication of earlier debt refinancing costs, dropped by almost 28% year-on-year to $6.7 million.
Formerly known as Global Cash Access Holdings Incorporated until undergoing a 2015 name-change, Everi Holdings Incorporated noted that its free cashflow currently stands at an all-time high of $56.3 million, which equates to an over five-fold boost on the $11.1 million it held at the conclusion of the same three-month period in 2019. It declared that its success over the course of the most recent third quarter had been partially down to ‘favorable customer reaction’ to its latest range of products including its Cashnado and Smokin’ Hot Stuff Wicked Wheel Fire and Ice games as well as the Cha Ching and Moneyline titles for its Empire Flex portrait cabinet.
Michael Rumbolz (pictured) serves as the Chief Executive Officer of Everi Holdings Incorporated and he used the press release to disclose that his company now expects to rack up net full-year income of up to $100 million with related adjusted earnings before interest, tax, depreciation and amortization coming in as high as $346 million. The boss additionally asserted that these could be accompanied by associated revenues of around $649 million to leave his firm with free cashflow come the first day of January of approximately $157 million.
Read a statement from Rumbolz…
“The growth in our third-quarter revenues, operating earnings and free cashflow demonstrate the substantial ongoing momentum in our financial performance. We expect that further growth across both our games and financial technology segments will continue for the remainder of this year and into 2022 and beyond. We believe the ongoing strength across both businesses and our deep pipeline of new offerings will drive consistent earnings and revenue growth as well as the continued generation of significant free cashflow.”