US-based digital casino products and player loyalty solutions provider Everi Holdings Inc returned to profit in the three months to 31 December 2020, with net income of US$1.1 million improved from a loss of US$900,000 in 3Q20 and from a loss of US$4.1 million in the fourth quarter of 2019.
Everi reported sequential improvements across the board in Q4, with revenues rising 6.7% to US$119.6 million, although that figure was down from US$145.2 million in 4Q19. Adjusted EBITDA was also slightly up compared with Q3 to US$61.2 million.
“The quarterly sequential increase in revenues, net income and Adjusted EBITDA achieved in the fourth quarter reflects the strength and balance of our businesses, in particular our significant percentage of higher-margin recurring revenues, and our track record of consistent operating execution,” said CEO Michael Rumbolz.
“Year-over-year progress in several of our operating metrics, despite increased restrictions on certain casino activities during the quarter, is a direct result of the significant advances in our Games and FinTech product portfolios. These advances reflect our focus on developing new, innovative products to help our customers extend their relationship with their guests and operate more efficiently, and for which we are seeing increasing demand.
“Our improved operating performance, together with the ongoing benefits of our cost savings initiatives, resulted in an increase in operating income, our return to generating net income and in Free Cash Flow more than tripling compared to last year’s fourth quarter.
“Throughout 2020, we met every challenge, demonstrating Everi’s dedication and unwavering commitment to provide our customers and their patrons with exceptional products and services. I could not be prouder of the entire Everi Team.”