The business success results for the second trimester of 2022 were released by Everi Holdings, which noted a rise in sales and pre-tax profit.
Core Statistics
The company estimates that revenue climbed by 14% and constitutes more than $ 197 million. Recurring profit evolved by 7%, shattering the trimestrial mark with $ 139.7 million. Slot and financial equipment sales surged by 37%. Pre-tax earnings grew by 16%, from approximately $ 36.5 million to $ 42.3 million.
The 2nd quarter's net income came to $ 32.5 million, or $ 0.33 per diluted share. This is less than for the same time in 2021 ($ 36.2 million; $ 0.36).
Free cash flow (FCF) rose by 26% in contrast with the last year, from $ 39.2 million to $ 49.5 million.
Profit from Slot Machine Sales
The gaming vertical generated the majority of income, $ 112.3 million. According to Everi statement, it was caused by the record 1,957 slot machines sold during the trimester at an average price of $ 18,800 apiece.
A more detailed breakdown of the earnings:
- $ 5.8 million came from internet entertainment activities;
- $ 38.3 million — gaming hardware and software;
- $ 68.2 million — ground casino facilities.
Another huge part of the profit came from fintech operations — $ 84.9 million (13.7% rise).
Leader’s Feedback
The brand acknowledged that during this time it spent $ 33.3 million buying 2 million shares.
According to Randy Taylor, a spokesman for Everi, the firm maintained its excellent operational power in Q2.
The company has shown quarterly records in:
- general earnings;
- pre-tax profits;
- FCF, etc.
The expert claims that these remarkable financial outcomes are attributable to the gaming and fintech industries' 2nd consecutive quarter of peak regular revenue.
The firm predicts a net profit of between $ 125 million and $ 132 million for the entire year of 2022.
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