Everi Holdings, a Nevada-based slot machine, and casino equipment provider, has reported a strong start to the year. The company’s revenues and adjusted EBITDA scored a new record as it continues to grow its quality.
Everi Holdings Had a Strong Q1 2022
Everi provided a look at its financial results, showing that it earned over $175 million during the first three months of 2022. This marks a 26% year-on-year increase. Net income skyrocketed to $31.5 million, 54% up from Q1 2021. Lastly, the company’s adjusted EBITDA saw a 19% year-on-year increase to almost $90 million.
Taking a look at Everi’s business segment by segment, the company’s digital gaming revenues rose by 129% – the highest increase out of all verticals. Gaming equipment revenues, on the other hand, went up by 56%. Overall, Everi’s game revenues sat at around $98.3 million – a 29% year-on-year increase. By March 31, Everi’s installed base had reached 17,328 units, which is 1,379 more than in 2021.
Everi’s financial technology business also had favorable results. Its revenues scored a new all-time high by reaching $77 million – a 23% year-on-year increase.
Hard Work and Strategic Deals Were Key to Success
Randy Taylor, Everi’s chief executive officer, is delighted by the favorable results. He attributed the successes to the company’s talented and experienced global team. Thanks to that, Taylor added, the company continued delivering innovative and high-value solutions that help customers improve their businesses.
The CEO listed some of the company’s best deals and M&A agreements as reasons for the improved revenues. At first, mentioned the acquisition of an Australia-based FinTech technology provider and a games development team as the first step of many. Thanks to the latter, the company was able to set the groundwork for a new studio in Australia.
Taylor then mentioned Intuicode Gaming Systems, which the company recently acquired. He emphasized it further increased the company’s growth prospects and helped expand his firm’s historical horseracing products with a new dev team and revenue contracts and XUVI.
Taylor added that this all has led to an improved shareholder value:
At the same time, our improved balance sheet and strong Free Cash Flow also provide the flexibility to return capital to shareholders through a share repurchase program, as we believe our stock offers a great value at the current valuation. Given the ongoing strength of our business and our growth opportunities, we expect to remain on track to deliver continued year-over-year growth in 2022.Randy Taylor, chief executive officer, Everi Holdings
Everi Holdings recently joined a US Army Employment program to support veterans.