Everi Holdings has published its Q2 2023 financial results. The company posted several financial increases when compared to quarterly figures from a year ago.
Revenue year-over-year grew by 6% for the second quarter and reached $208.7m. Everi reported a $53.3m operating income during Q2, representing a 2% decline year-over-year.
The company’s adjusted EBITDA rose during the second quarter by 2%, totaling $96.1m. Everi’s free cash flow in Q2 reached $47.7m.
However, Everi reported a significant decrease in net income during the second quarter. Net income during the quarter fell by 16% to a total of $27.4m, or the equivalent of $0.33 per diluted share. The company attributed the decrease to “a higher net interest cost.”
Everi CEO Randy Taylor discussed several company highlights from the Q2 report.
He said, "Our second quarter results include 6% year-over-year revenue growth. Revenues for both our FinTech and Games segment grew as we continue to benefit from our investments in new product development as well as from several tuck-in acquisitions we completed since the beginning of 2022.
“Importantly, despite the impact from higher interest rates and inflationary pressures, we continued to generate strong free cash flow, which positions the company to invest in our growth initiatives and return capital to shareholders through share repurchases.”
Everi launched the Muscogee Creek Mobile App at all nine of Muscogee (Creek) Nation Casinos’ Oklahoma locations during the second quarter. The app was designed for “optimized player engagement.”
The first phase of the rollout consisted of three main modules that “opportunities for additional player engagement, mobile marketing, and pushing property content.”
