Everi Holdings Inc., announces its financial results for the year 2017
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Everi Holdings Inc., the company based in Nevada that provides video and mechanical reel gaming content, technology solutions, and integrated gaming payment solutions announced its financial results for both the fourth quarter and full-year for the financial year 2017.
The results show an escalation in Q4 revenues to $247.9m, up from $217.5m in the same period a year ago. Games and payments segment revenues were $57.0m and $190.9m, respectively, for the fourth quarter of 2017.
Additionally, the net loss for the fourth quarter of 2017 was $25m compared to a net drop down of $217.3m in the prior-year period.
Exceeding the upper end of its guidance range, for the full-year, revenue hiked 13.4% to $974.9m and adjusted EBITDA elevated 7.5% to $212.8m.
In view of this, Michael Rumbolz, the President and Chief Executive Officer of Everi, commented: “Our strong fourth quarter operating results mark Everi’s sixth consecutive quarter of revenue and Adjusted EBITDA growth which reflect, in part, consistent market share gains for the broad array of casino industry technology products we provide. Through the efforts of the entire Everi team, over the last two years we have established a solid foundation for consistent growth and we will continue to build and expand on this progress.”
Looking ahead, Everi has also provided its forecast for 2018 financial and operational metrics. With the company expecting to generate revenue and adjusted EBITDA growth in 2018, with adjusted EBITDA expected to grow 6% to 8% to between $225m to $230m.
Rumbolz added: “We anticipate continued success across both of our business segments will lead to further growth in our financial performance. This outlook, combined with significantly lower cash interest expense, is expected to benefit our free cash flow generation in 2018, and lead to an even more significant acceleration in free cash flow generation beginning in 2019.”
Source: European Gaming Industry News