Loyalty solutions provider Everi Holdings Inc has reported record fourth quarter revenue of US$205.4 million for the three months to 31 December 2022, up 14% year-on-year on increases across all segments.
The quarter included a 23% increase in FinTech segment revenues to US$92.2 million, reflecting a 102% increase in hardware revenues, 18% increase in software and other revenues, and a 10% rise in financial access revenues.
Games segment revenues rose 7% to US$113.2 million on the back of a 12% increase in unit sales revenue and 5% rise in gaming operations revenues, while recurring revenues grew by 9% to US$142.9 million.
Adjusted EBITDA also reached a fourth quarter record of US$93.4 million, up from US$88.8 million in 4Q21, although net income fell from US$89.4 million to US$27 million due to the prior year period benefiting from a non-cash tax benefit.
FY22 saw Everi record an 18% year-on-year increase in revenues to US$782.5 million with Adjusted EBITDA up by 8% to $374.1 million.
Everi CEO Randy Taylor said, “Everi ended 2022 with another quarter of strong performance, including record fourth quarter revenue and Adjusted EBITDA, which extended our record of successful execution on our operating priorities. Our ongoing investments in new product development and acquisitions helped grow our product portfolio and addressable markets and are a key driver of our operating success that resulted in an 18% revenue increase, an 8% rise in Adjusted EBITDA and a record US$186.7 million in Free Cash Flow for the 2022 full year.
“Our team’s great performance during the last several years reflects the balance and diverse strengths across our operations – Games, FinTech, Loyalty, Digital and Mobile. Together with our solid balance sheet and strong Free Cash Flow generation, Everi is favorably positioned for both consistent near- and long-term growth through our continued investments in growth-focused internal product development initiatives and high-value acquisitions, as well as to return capital to shareholders through opportunistic share repurchases.
“We expect our successful execution on our growth initiatives, combined with our large percentage of high-margin recurring revenues in our overall revenue mix, will help us mitigate potential challenges of the uncertain macroeconomic environment and enable us to continue delivering profitable growth in 2023 and beyond.”
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