Everi Holdings, a Nevada-based provider of slot machines and casino equipment, reported a strong start to the year. The company’s revenue and adjusted EBITDA reached a new record as it continues to increase its quality.
Everi Holdings had a strong first quarter of 2022
Everi gave an overview of her financial results, showing that she was earning more than $175 million in the first three months of 2022. This represents a 26% year-over-year increase. Net income soared to $31.5 million, up 54% from the first quarter of 2021. Finally, the company’s adjusted EBITDA was up 19% year-over-year to reach nearly $90 million.
Looking at Everi’s business segment by segment, the company’s digital games revenue grew 129% – the largest increase of any vertical. Revenue from gaming equipment, on the other hand, increased by 56%. Overall, Everi’s game revenue was approximately $98.3 million, a 29% year-over-year increase. As of March 31, Everi’s installed base had reached 17,328 units, 1,379 more than in 2021.
Everi’s fintech business also reported favorable results. Its revenue hit a new all-time high of $77 million, a 23% year-over-year increase.
Hard work and strategic agreements were the key to success
Randy Taylor, Managing Director of Everi, is delighted with the favorable results. He attributed these successes to the company’s talented and experienced global team. Through this, Taylor added, the company has continued to deliver innovative, high-value solutions that help customers improve their businesses.
The CEO listed some of the company’s best deals and M&A deals as reasons for the improved revenue. At first, he mentioned the acquisition of an Australia-based FinTech technology provider and game development team as the first step in a long series. Thanks to the latter, the company was able to lay the foundations for a new studio in Australia.
Taylor then mentioned Intuicode Gaming Systems, which the company recently acquired. He pointed out that this further increases the company’s growth prospects and helps expand his company’s historic horse racing products with a new development team and revenue deals and XUVI.
Taylor added that all of this led to 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 buyback program, as we believe our stock offers great value to the current valuation. Given the continued strength of our business and our growth opportunities, we expect to remain on track for continued year-over-year growth in 2022.
Randy Taylor, Managing Director, Everi Holdings
Everi Holdings recently joined a US Army employment program to support veterans.
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