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Everi ends the 2022 year on a financial high note
1 March 2023
(PRESS RELEASE) -- Everi Holdings Inc. announced results for the fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022 highlights:
- Revenues increased 14% to $205.4 million from $180.4 million a year ago.
- FinTech segment revenues grew 23% to $92.2 million, reflecting a 102% increase in hardware revenues, an 18% increase in software and other revenues, and a 10% rise in financial access revenues.
- Games segment revenues rose 7%, reflecting a 12% increase in unit sales revenue and a 5% rise in gaming operations revenues.
- Recurring revenues grew 9% to $142.9 million and represented 70% of total revenues; non-recurring revenues rose 28% to $62.5 million.
- Operating income increased 8%, while net income decreased to $27.0 million, or $0.28 per diluted share, compared to $89.4 million, or $0.88 per diluted share, in the 2021 fourth quarter. The prior-year period included a $63.5 million, or $0.62 per share, non-cash tax benefit related to the reversal of a valuation allowance on certain deferred tax assets; if excluded, earnings would have been $0.26 per diluted share.
- Adjusted EBITDA, a non-GAAP financial measure, increased to $93.4 million compared to $88.8 million in the 2021 fourth quarter.
- Free Cash Flow, a non-GAAP financial measure, was $41.7 million compared to $19.7 million in the 2021 fourth quarter, which included $31.5 million for placement fees.
- Repurchased 2.1 million shares of stock for $35.0 million in the 2022 fourth quarter.
Full Year 2022 highlights:
- Revenues increased 18% to $782.5 million from $660.4 million in 2021, reflecting a 16% increase in Games segment revenues and a 22% increase in FinTech segment revenues. Organic growth was 15% and acquisitions contributed 3%, or $21.4 million in revenues. Recurring revenues rose 12% to $560.9 million and represented 72% of total revenues.
- Net income was $120.5 million, or $1.24 per diluted share, compared to $152.9 million, or $1.53 per diluted share, in 2021 that included the $63.5 million, or $0.62 per share, non-cash tax benefit noted above.
- Adjusted EBITDA, a non-GAAP financial measure, increased 8% to $374.1 million compared to $347.2 million in 2021.
- Free Cash Flow, a non-GAAP financial measure, was an all-time record $186.7 million, an increase of 18% compared to $158.7 million generated in 2021.
- Repurchased 5.0 million shares of stock for $84.3 million during 2022, or 5.4% of the then-outstanding shares at the initiation of the repurchase program.
“Everi ended 2022 with another quarter of strong performance, including record fourth quarter revenue and Adjusted EBITDA, which extended our record of successful execution on our operating priorities,” said Randy Taylor, Chief Executive Officer of Everi. “Our ongoing investments in new product development and acquisitions helped grow our product portfolio and addressable markets and are a key driver of our operating success that resulted in an 18% revenue increase, an 8% rise in Adjusted EBITDA and a record $186.7 million in Free Cash Flow for the 2022 full year.
“Our team’s great performance during the last several years reflects the balance and diverse strengths across our operations – Games, FinTech, Loyalty, Digital and Mobile. Together with our solid balance sheet and strong Free Cash Flow generation, Everi is favorably positioned for both consistent near- and long-term growth through our continued investments in growth-focused internal product development initiatives and high-value acquisitions, as well as to return capital to shareholders through opportunistic share repurchases. We expect our successful execution on our growth initiatives, combined with our large percentage of high-margin recurring revenues in our overall revenue mix, will help us mitigate potential challenges of the uncertain macroeconomic environment and enable us to continue delivering profitable growth in 2023 and beyond.”
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