Golden Entertainment reports $273.6m in revenue for Q1 2022
First quarter revenue climbed by 14% compared to the same period last year.
Golden Entertainment has released its first quarter financial results for the period ending March 31, 2022. Company revenue rose by 14% compared to the previous year’s quarter and reached $273.6m.
Net income for Q1 2022 reached $36.1m, which translates to $1.12 per fully diluted share. During the previous year’s first quarter, the company reported a net income of $10.6m, or $0.35 per fully diluted share.
During this year’s first quarter, company adjusted EBITDA reached $67.3m, reflecting a 13% increase from the previous period. The company’s adjusted EBITDA margin remained level at 25% compared to last year’s first quarter.
Golden Entertainment Chairman and Chief Executive Officer Blake Sartini commented: “Our record first quarter results reflect a continuation of the strong financial performance we delivered over 2021. Our strong cash flow has allowed us to reduce debt while returning capital to shareholders through our share repurchase program.
Sartini went on to add that the company has significantly reduced its debt since the of last year. In addition to debt reduction, its Board of Directors has reauthorized the company’s $50m share repurchase program.
“Since the beginning of 2021 we have reduced indebtedness by $158m and since December 2021 we have also repurchased more than $25m of our common stock. For 2022, we are focused on maximizing our operating performance and cash flow which will position the company to refinance its existing indebtedness and accelerate returning capital to shareholders,” he said.
“We expect to remain focused on returning capital to shareholders as the strength in our business continues.”
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