Everi Holdings posts $206.6m in Q3 revenue
The company said it is looking to move into new markets in the coming year.
Everi Holdings has published its financial results from 2023’s third quarter. During the three-month period ending September 30, the company posted $206.6m in total revenue.
Overall revenue in Q3 reflected a 1% increase year-over-year. Net income during the quarter, however, fell by nearly $3m. Total net income in Q3 reached $26.6m, which is the equivalent of $0.29 per diluted share.
Adjusted EBITDA reached $96.2m in the third quarter, which remained consistent with last year’s Q3 numbers.
Company CEO Randy Taylor discussed the company’s third-quarter results in further detail by saying, “Our third quarter results reflected the near-term headwinds in our games segment including the impact from lower unit sales and lower daily win per unit. Despite these challenges, we [sic] continue to generate strong free cash flow which totaled $122.1m for the first nine months of the year.
“This level of free cash flow has allowed us to aggressively return capital to our shareholders as reflected in our $74m of share repurchases so far in 2023 and to continually reinvest in our product portfolio.”
Taylor went on to comment on the company’s upcoming projects.
He said, “We are making progress in the integration of our recent acquisitions to establish the foundation for new avenues of growth both in games, such as for bingo, historical horseracing (HHR) and video lottery terminal (VLT) market categories, and in FinTech where we look to extend our Digital Neighborhood to bring new value to casino operators through our on-premise mobile gaming offering and an enhanced mobile wallet, as well as to expand into non-gaming sports and entertainment venues and other global gaming markets.
“We remain on track to enter these new markets including the VLT category and the UK mobile gaming market in early 2024 and other new international markets in late 2024 and 2025, which should contribute incremental revenue growth opportunities.”
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