Everi reports $200.5m in Q1 2023 revenue

May 10, 2023
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The supplier posted increases in revenue and adjusted EBITDA for the quarter.

Everi Holdings has posted several increases across the board when compared for Q1 2023.

Revenue grew by 14% year-over-year for the first quarter and reached $200.5m. Everi reported an “essentially flat” operating income, which held at a steady $52m.

The company’s adjusted EBITDA rose 3% for the first quarter, totaling $92.5m.

However, Everi reported a decline in net income for Q1. Net income during the quarter fell by 11% to a total of $28.1m, or the equivalent of $0.31 per diluted share. The company attributed the decrease to “a higher net interest expense.”

Everi CEO Randy Taylor commented: "Overall, our first quarter results continued to demonstrate our consistent growth profile, as we further execute on our organic growth initiatives and benefit from several acquisitions we completed over the last twelve months.

"As a result, and despite the uncertainty of the macroeconomic environment and higher interest rates, we continue to be favorably positioned to deliver solid top-line growth that we expect will generate at least $92m of net income and at least $150m in free cash flow this year."

He went on to comment on the recent purchase deal for certain assets of VKGS LLC (Video King), a company that provides video gaming content, instant win games and integrated electronic bingo gaming tablets.

Taylor said in closing: "Our financial results continue to benefit from our capital allocation priorities, including our focus on high-value internal product development efforts and our ability to execute on strategic tuck-in acquisitions for businesses that we expect to scale and optimize, such as our recent acquisition of the assets of Video King, a leading provider of integrated electronic bingo gaming tablets and systems, that closed on May 1.

“With our anticipated strong free cash flow generation, we expect to continue returning capital to our shareholders through our increased share repurchase program, while we focus on integrating recent acquisitions that provide incremental growth opportunities in 2023 and beyond."

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