May 11, 2023 Newsdesk Industry Talk, Latest News  
Net income at Everi Holdings Inc fell 11.0 percent year-on-year in the first quarter, to US$28.1 million. Quarterly group revenue grew 14.2 percent year-on-year, to just under US$200.5 million. Revenue from gaming operations, equipment and systems was nearly US$107.4 million, an increase of 9.2 percent from the prior-year period, the firm said on Wednesday.
Group-wide costs and expenses for the first quarter were US$148.2 million, up 20.6 percent from US$123.0 million a year earlier.
Everi is a provider of gaming equipment and products to the land-based and online casino sectors, and also supplies financial technology (fintech) and player-management technology.
Everi said it sold 1,546 gaming machines at an average selling price of US$19,748 in the 2023 first quarter, compared with 1,474 units sold at an average of US$18,157 in the prior-year first quarter.
“As expected, equipment sales reflected some delayed customer demand ahead of the launch of the company’s newest video gaming cabinet, the Dynasty Vue,” stated the firm.
Everi’s first-quarter fintech revenue rose 20.5 percent year-on-year, to US$93.1 million.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA), increased 3.2 percent to US$92.5 million compared with US$89.6 million in the 2022 first quarter.
First-quarter free cash flow was down 28.1 percent year-on-year, at US$37.1 million compared with US$51.6 million in the prior-year quarter
Everi’s board authorised a new US$180 million, 18-month share repurchase programme to replace the previous US$150-million programme.
Randy Taylor, Everi chief executive, was cited as saying in a press release: “Overall, our first quarter results continued to demonstrate our consistent growth profile, as we further execute on our organic growth initiatives and benefit from several acquisitions we completed over the last twelve months.”
He added: “Despite the uncertainty of the macroeconomic environment and higher interest rates, we continue to be favourably positioned to deliver solid top-line growth that we expect will generate at least US$92 million of net income and at least US$150 million in free cash flow this year.”
Everi’s total debt as of March 31 was down slightly, at US$986,500, versus US$992,500 at the end of the fourth quarter last year.
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