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Everi Holdings reports 14% revenue increase for Q2 2022

Everi Holdings has published its Q2 2022 financial results, reporting increases in company revenue and income before tax.

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Revenue increased 14% year-on-year to $197.2m for Q2.

Recurring revenue increased 7%, amounting to a record quarterly total of $139.7m, while sales of gaming machines and fintech hardware increased by 37%.

Income before tax rose from $36.6m to $42.3m, representing an increase of 16%.

Q2 net income amounted to $32.5m, equating to $0.33 per diluted share, a decrease when compared to Q2 2021 net income of $36.2m, equating to $0.36 per diluted share.

Adjusted EBITDA for the period stood at a quarterly record of $94.4m, compared to $92.5m in Q2 2021.

Free cash flow rose from $39.2m to $49.5m, representing an increase of 26% year-on-year.

Everi confirmed that the period saw it repurchase 2.0 million shares for $33.3m.

Everi CEO Randy Taylor said: "Our strong operating momentum continued in the second quarter, as we delivered all-time quarterly record revenues, income before income tax, Adjusted EBITDA and free cash flow.

“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.”

The company provided a future outlook for the business, predicting net income of $125m to $132m for the full year 2022.

In May, Everi acquired Intuicode Gaming Corporation, with an initial payment of $12.5m.


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