Everi posts $192m in Q4 revenue, announces definitive agreement with IGT
The company will combine its brand with the IGT PlayDigital and Global Gaming subsidiaries.
Everi Holdings has published its fourth quarter and full-year financial results. The company posted $192m in revenue during Q4.
Revenue during the quarter, however, fell by nearly $13m year-over-year.
Everi’s operating income reached $21.5m during the fourth quarter, while net income totaled $1.9m, the equivalent of $0.02 per diluted share.
Adjusted EBITDA during Q4 fell by nearly $10m when compared to results from a year ago.
During the fiscal year, Everi reported an increase in revenue, which climbed from $782.5m in 2022 to $807.8m in 2023.
The company posted $84m in net income for the year or $0.91 per diluted share.
EBITDA during 2023 reached $367m, down by close to $7m when compared to its total in 2022.
Everi CEO Randy Taylor commented on the quarterly and annual results by saying, “After several years of rapid growth, 2023 was a transitional year in our gaming business as we executed on our roadmap which included the introduction of four new cabinets and new content.
“Our fintech business continues to perform well, adding new products and services to our suite of financial access, RegTech and loyalty solutions.”
Taylor also provided a business update along with the financial report. The company has signed a definitive agreement with IGT that involves combining IGT’s PlayDigital and Global Gaming brands with Everi.
He elaborated further by saying, “This morning we announced the strategic combination of Everi with IGT’s Gaming and Digital businesses.
“We are excited about the opportunity to bring together the two companies to create a world-class leader in gaming solutions for our customers.”
IGT CEO Vince Sadusky echoed Taylor’s excitement for the upcoming transition.
He commented, “We are bringing together two businesses with complementary strengths that are stronger and more valuable together. The combination results in a comprehensive and diverse product offering, addressing more aspects of the gaming ecosystem across land-based gaming, iGaming, sports betting and fintech.
“The creation of separate gaming and lottery companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”
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