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August 3, 2022 Land Based, Finance, Results

Everi posts $197.2m in revenue during Q2 2022

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Its quarterly sales and revenue reached the highest numbers in company history.

Everi Holdings has released its financial reports for the second quarter of 2022. The land-based digital gaming content provider reported its largest company quarterly revenue to date, which reached a total of $197.2m.

The company’s overall revenue during Q2 reflected a 14% increase when compared to last year’s corresponding period. Net income reached $32.5m, the equivalent of $0.33 per diluted share.

Free cash flow grew to reach $49.5m in Q2. Everi achieved another company high during the second quarter by posting an adjusted EBITDA of $94.4m, nearly $2m more than last year’s second quarter.

Everi CEO Randy Taylor commented: "Our strong operating momentum continued in the second quarter, as we delivered all-time quarterly record revenues, income before income tax, adjusted EBITDA and free cash flow.

“These record financial results were driven by another consecutive quarter of record recurring revenues for both our games and fintech businesses despite the very challenging year-over-year comparison for these operations, as last year's results included the significant benefit from casino reopening activities and financial stimulus payments provided to consumers.”

Taylor went on to discuss the company’s sales during the quarter. Everi sold more gaming machines during this year’s second quarter than in any quarter during its history. The company delivered more than $10bn in funds to customers’ casino floors and repurchased two million shares for a total of $33.3m.

He concluded by saying: "Our second quarter games segment results include our highest-ever quarterly level of gaming machines sold, which increased 40% to 1,957 units; and the 13th consecutive quarterly sequential increase in our installed base of gaming operations units."

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