The rise of digital casino products and player loyalty solutions provider Everi Holdings Inc has continued into 2022 with the company reporting record first quarter revenues and Adjusted EBITDA in the three months to 31 March 2022.
According to its 1Q22 financial results released this week, Everi’s group-wide revenue of US$175.6 million was up 26% year-on-year while net income soared by 54% to US$31.5 million. Adjusted EBITDA of US$89.6 million was also 19% higher than in 1Q21.
By segment, Games revenues grew 29% year-on-year to US$98.3 million compared to $76.1 million in the first quarter of 2021, including a 129% increase in digital gaming revenues and a 56% increase in gaming equipment and systems. Everi’s installed base reached 17,328 units as of 31 March, up 1,379 units on the same period last year and 425 more units than in the December 2021 quarter.
FinTech revenues also grew by 23% to an all-time quarterly record of US$77.3 million. This reflected a 29% increase in financial access services, 36% growth in hardware sales and a 3% increase in software and other revenues.
“We delivered record first quarter financial results, including revenues, net income, Adjusted EBITDA, and Free Cash Flow,” said Everi CEO Randy Taylor.
“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.
“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.
“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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