Everi breaks revenue record in Q2

| By Marese O'Hagan
Gaming machine and financial trading services business Everi reported record revenue of $197.2m (£162.2m/€193.8m) for the second quarter of 2022, up by 14.2% from Q2 of 2021.

This beat out the previous record for Everi’s revenue, Q1’s $175.6m.

“Our strong operating momentum continued in the second quarter, as we delivered all-time quarterly record revenues, income before income tax, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) and free cash flow,” said Randy Taylor, CEO of Everi.

“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.”

Record-breaking machine sales

Most of this revenue – $112.3m – came from gaming. This was up by $13m year-on-year. Everi attributed this to the record amount of gaming machines sold during the quarter, which topped 1,957 at an average selling price of $18,800 each.

Breaking the gaming revenue down further, land-based casino operations generated $68.2m of the total revenue, while online gaming operations made up $5.8m. Revenue from gaming equipment and systems came to $38.3m.

The rest of the revenue came from Everi’s fintech operation, which brought in $84.9m – another quarterly record and a rise of 13.7%.

Costs of revenues were $43.2m, while other costs and expenses were $99.4m for the quarter, including $55m in operating expenses, $30.3m in depreciation and amortisation costs and $14m in research and development costs, which was up by more than 75% as the business increased its focus on developing new games.

As a result, operating income was $54.5m, effectively level year-on-year.

Other expenses, plus $9.7m worth of income tax, left the total net income at $32.5m – down by 10.1%.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) hit $94.4m, another quarterly record.

Half-year results

Total revenue for the half-year was $372.8m, a rise of 19.6% compared to H1 2021.

Gaming generated $210.6m of this, while fintech revenue was $162.1m.

Total costs and expenses for the half-year were $265.6m. After these costs, as well as other expenses and income tax, the total net income for the year so far is $64m.

Net cash from operating activities for the first six months of the year is $74.3m, while net cash used in investing activities is $93.7m.

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