Everi reported a revenue of $782.5m for its full-year 2022 results (PS648.6m/EUR732.2m). This was a period when the business had record quarterly revenues.
The full-year revenue grew by 18.4% over the previous year.
Revenue for the fourth quarter was $205.3m, 13.8% more than Q4 2021.
This record beats the previous record of $244.3m in Q3. In Everi’s second and first quarters, record revenues were also achieved.
Everi CEO Randy Taylor said that Everi’s focus on its “operating priorities”, allowed it to flourish during the quarter.
Taylor stated that Everi finished 2022 with another quarter full of strong performance. This included record fourth-quarter revenue and adjusted EBITDA. These results further extend our track record of execution on our operational priorities.
“Our continued investments in product development and acquisitions helped us grow our product portfolio, addressable markets, and were a key driver for our operating success. They resulted in an 18% increase in revenue, an 8% increase in adjusted EBITDA, and $186.7m in cash flow for 2022.
Everi purchased payment solution provider Ecash, and acquired assets of Atlas Gaming Technologies.
It also acquired machine supplier Intuicode gaming and “certain strategic assets” of the engagement platform Venuetize.
Results for the full year
Everi’s main revenue sources are games and fintech.
Revenue for its games division was $436.4m, an increase of 15.8% annually. The remaining $346.0m was made up of Fintech revenue, an increase of 22.0%.
When it comes to expenses, Everi’s games division incurred $111.7m in additional costs, an increase of 36.7%. Fintech costs increased from $33.6m up to $53.5m.
The year’s operating expenses reached $216.9 million, an increase by 14.8%. The remaining costs were $60.5m in research and development, $59.5m depreciation, and amortization at $66.8m.
The total expenses for this year were $569.1 million, an increase of 23.0%. The operating income was $213.3m.
Other expenses of $55.7m, which included interest expense and loss on extinguishment debt, made up the total before income taxes of $157.6m.
The total income for the year was $120.4m after taking into account the income tax provision of $37.1m.
Everi’s games business generated $113.2m in revenue during the fourth quarter. Fintech contributed $92.1m.
The cost of revenue for games and fintech was $30.3m and $16.0m, respectively.
The quarter’s operating expenses were $55.7 million, which is a significant decrease from $55.5m in Q4 202021.
Research and development costs were $17.1m. Depreciation and amortization cost were $18.4m, and $15.9m, respectively.
After the total expenses of the quarter were $153.7m, total operating income was $51.5m. This is an increase of 7.8% year-on.
When you subtract interest expense net of income, which is $17.2m and income tax provision of $7.3m, your quarter’s net income was $27.0m. This is a substantial drop of 69.7% annually.