Digital casino products and player loyalty solutions provider Everi Holdings Inc has enjoyed another record quarter, reporting all-time highs in revenue and Adjusted EBITDA in the three months to 30 June 2022.
It also recorded its highest ever quarterly sales of gaming machines at 1,957 and its second consecutive quarter with more than US$10 billion in funds delivered to the casino floors of its customers, the company announced Wednesday.
With both its games and FinTech segments booming, Everi saw its revenue increase by 14% year-on-year to US$197.2 million, reflecting a 7% increase in recurring revenues and a 37% increase in sales of gaming machines and FinTech hardware.
Adjusted EBITDA also increased to an all-time quarterly record of US$94.4 million, up from US$92.5 million in 2Q21, while free cash flow grew 26% to US$49.5 million.
Everi CEO Randy Taylor said, “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.
“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.
“Our ongoing investments in the development of differentiated cabinets and expansion of our games portfolio continues to drive increases in our installed base, strong Daily Win per Unit and growth in our ship share of units sold. In particular, the record number of units sold in the quarter reinforces our confidence in our ability to achieve our 15% ship share target over the next several years.
“Our FinTech segment is achieving similar success, as it generated record revenues, operating income and Adjusted EBITDA for the third consecutive quarter. The record quarterly performance was driven by increased revenues from financial access services, which included more than US$10 billion of funding delivered to our customers’ casino floors for the second consecutive quarter, a record number of kiosk sales and ongoing organic growth of our Loyalty and RegTech solutions.
“These results demonstrate our ability to offer industry-leading, integrated solutions that help drive increases in same-store activity and cost efficiencies for our customers. With our planned introductions of additional innovative products to our Digital Neighborhood of integrated solutions, our FinTech business is positioned to deliver consistent growth.”
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