Everi Holdings has continued to follow a strategy that prioritized digital products and building customer loyalty over the first quarter of the year. The company’s strategy has resulted in record-setting revenues for the first quarter ending on March 31, 2022, with EBITDA performing strongly as well.
Financial results for the group revenue reached $175.6 million and were up 26% from the same period in 2021. Income for the group increased to $31.5 million, or up 54%, a new record for the company. Adjusted EBITDA was posted at $89.6 million in the company’s latest financial update, which indicates another positive trend and growth of 19% in the first quarter of the year.
Meanwhile, the company’s revenue grew across a number of different verticals, reflecting its long-term strategy. Everi’s Games’ revenue went up to $98.3 million, up 29% from the $76.1 million posted last year. Digital gaming revenue was certainly the biggest winner, though, with an increase of 129%. Another huge jump in the gaming sector was the sales of gaming systems and equipment which went up another 56%.
Overall, Everi has been busy installing commercial units and expanding its digital footprint. The company managed to place down as many as 17,328 physical units through March 31. This is a significant increase from the 1,379 units reported in Q1,2021. It’s also up from the total physical units posted in Q4, 2021.
The company has been steadily improving its results across the board, leading to better performances for all of its markets. According to Everi CEO Randy Taylor, the performance posted in the quarter reflected the company’s growth in cultivating and deploying highly-innovative and valuable solutions while meeting increased demand from customers and businesses.
Everi Group has been able to achieve better cost efficiencies, too, Taylor noted, and argued that the firm will continue to use the lessons it learned over the past quarter. The executive was happy with another vertical, FinTech, which grew to $77.3 million, or up 23%.
"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," Taylor said in a public statement commenting on the results.
He noted that several acquisitions have been pivotal for the company as well, including that of Intuicode Gaming Systems. Meanwhile, the company has been significantly increasing its footprint in the Historical Horse Racing category.
Not least, Taylor argued that Everi is enjoying strong Free Cash Flow and it’s seeing remarkable flexibility of its capital.
Image credit: Everi.com