All-in-all, Everi’s top-line revenue increased by 26% year-on-year, up from approximately $139m, led by a 23% rise in high-margin recurring revenue streams. This latter area generated $134.4m, a new quarterly record.
Everi’s healthy first quarter revenue growth contributed to similarly strong Adjusted EBITDA. For Q1, this came to $89.6m, an almost 20% increase on a year-over-year basis. Net income likewise increased, climbing by 54% to $31.5m from the prior-year period’s $20.5m. In fact, Everi’s adjusted EBITDA and net income for the first quarter also represented new all-time highs.
Free cash flow, meanwhile, amounted to $51.6m, up 19% when compared to the $43.5m reported for Q1 of last year.
“We delivered record first quarter financial results, including revenues, net income, adjusted EBITDA and free cash flow,” said Randy Taylor, Everi CEO.
“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.”
While Everi was helped by a favourable comparative period, as the first quarter of last year “reflected varying pandemic-related impacts” for its casino customers, both games and fintech experienced considerable revenue growth.
Games generated $98.3m in revenue, up 29%, while fintech produced all-time quarterly high revenue totalling $77.3m, a 23% rise.
Taylor concluded: “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.”
