Hardware

Everi Holdings lifts Q1 2022 revenue, earnings

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May 10, 2022

Everi Holdings Inc., a manufacturer of gaming machines, financial technology tools and self-service player loyalty tools, improved its Q1 2022 revenue and earnings against the year ago period, according to an earnings report. Highlights include:

• Revenue increased 26% from $139.1 million in Q1 2021 to $175.62 million for the quarter ending March 31, 2022, which had reflected varying pandemic-related impacts for the company's casino customers. Recurring revenues grew 23% to $134.4 million while non-recurring sales increased 38% to $41.2 million.
• Net income increased 54% from $20.5 million to $31.5 million in the comparative quarters, while earnings per diluted share rose from 21 cents to 31 cents.
• Financial access services revenues, which include cashless and cash-dispensing debit and credit card transactions and check services, increased 29% to a quarterly record $49.9 million compared with the 2021 first quarter, reflecting continued strength in financial funding transactions at casinos.
• The number of completed financial transactions increased 12% year over year and for the first time in a single quarter delivered more than $10 billion of funding to customers' casino floors.
• Software and other revenues, which include kiosk maintenance services, loyalty and regtech software, product subscriptions and other revenues, rose 3% from $17.3 million to $17.9 million in the comparative quarters.

Shares traded today at $16.09 against a 52-week range of $15.05-$26.61.

The $175.62 million in quarterly revenue beat analyst expectations by $6.24 million while the GAAP EPS of 31 cents beat expectations by 3 cents, according to Seeking Alpha.

"The record quarterly performance was driven by increased revenues from financial access services, strong quarterly kiosk sales and the ongoing organic growth of our loyalty and regtech solutions," CEO Randy Taylor said in the press release.

The company's results have not reflected, and its guidance does not presently contemplate, any additional material impact from a pandemic-related setback or other macroeconomic effect, such as recessionary or inflationary influence on consumer spending, a material supply chain disruption or other changes in global market conditions.