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May 10, 2022 Land Based, Finance, Results

Everi reports $175.6m in revenue for Q1 2022

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Its adjusted EBITDA and overall revenue this quarter were company bests.

Everi has published its Q1 2022 financial report. The company reported reaching an all-time high by generating $175.6m in revenue during the first quarter, reflecting a 26% increase from the same period last year.

The company’s net income grew by 54% compared to the prior year’s period and reached $31.5m, the equivalent of $0.31 per diluted share.

Adjusted EBITDA rose by 19% to a first quarter high of $89.6m. Free cash flow increased 19% to reach $51.6m. 

Everi Chief Executive Officer Randy Taylor said: "We delivered record first quarter financial results, including revenues, net income, adjusted EBITDA and free cash flow.

“Our performance was a strong start to the year and reflects our talented global workforce's successful delivery of innovative, high-value solutions that continue to generate increased demand due to their ability to help our customers grow their businesses and improve their cost efficiencies.”

Taylor went on to note the company’s successful global expansion throughout the year.

He commented: “In the first quarter, we increased our global presence with the acquisitions of an Australia-based fintech technology provider and a games development team that will form the nucleus of a new game studio in Australia.

“Our expansion has continued in the second quarter with the recently announced acquisitions of Intuicode Gaming Systems that accelerates our growth prospects within the historical horse racing category of gaming products with an experienced development team and with long-term recurring revenue contracts for existing and future content distribution, as well as with XUVI, which adds a powerful analytics and artificial intelligence engine to our fintech loyalty business.”

Taylor concluded by saying: “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."

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