Everi Holdings has published its financial results for the first quarter of 2023, reporting a 14% YoY increase in revenues aided by a 9% rise in its games segment revenue.
For the three-month period ended Mar. 31, revenues increased 14% to $200.5m (Q1 2022: $175.6m), with revenues from acquisitions completed last year contributing $6.7m, or 4%, of the YoY growth.
These acquisitions include the company’s purchase of ecash Holdings in February 2022, while the last quarter saw the Las Vegas-based casino games and player loyalty solutions provider enter the electronic bingo market after agreeing a deal to acquire assets of Video King for around $59m.
Randy Taylor, Chief Executive Officer of Everi, said: “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.
“As a result, and despite the uncertainty of the macroeconomic environment and higher interest rates, we continue to be favorably positioned to deliver solid top-line growth that we expect will generate at least $92m of net income and at least $150m in Free Cash Flow this year.”
Everi’s games segment revenue also played a pivotal role in its numbers, rising 9% YoY to $107.4m (Q1 2022: $98.3m), reflecting a 15% increase in equipment sales revenues and a 7% rise in gaming operations revenues.
This increase in games revenue was achieved despite a fall in customer demand for the launch of its new Dynasty Vue cabinet, the first of several new cabinets lined up by Everi.
Taylor continued: “We expect our expanded cabinet offering combined with the increase in our game content and our ability to address a growing number of market opportunities, such as Historical Horse Racing machines, will help us progress toward our longer-term goal of 15% unit ship share.”
Meanwhile, operating income of $52.0m was ‘essentially flat’, and adjusted EBITDA for the three-month period increased 3% YoY to $92.5m (Q1 2022: $89.6m).