In its Q2 2022 financial results, Everi Holdings reported growth in the business’s sales and profitability before taxes.
For Q2, revenue rose 14% year over year to $197.2 million.
Sales of gaming machines and fintech gear rose by 37%, while recurring revenue jumped by 7% to a record quarterly total of $139.7m.
Income before taxes increased by 16 percent, from $36.6 million to $42.3 million.
The Q2 net income was $32.5 million, or $0.33 per diluted share, down from the Q2 2021 net income of $36.2 million, or $0.36 per diluted share.
Compared to $92.5 million in Q2 2021, adjusted EBITDA for the quarter was a quarterly record at $94.4 million.
Free cash flow increased by $26% year over year, from $39.2 million to $49.5 million.
Everi confirmed that it repurchased 2.0 million shares for $33.3 million during that time.
Randy Taylor, the CEO of Everi, stated: “We produced all-time quarterly records in sales, income before income tax, adjusted EBITDA, and free cash flow in the second quarter as our strong operating momentum continued.
Despite the extremely difficult year-over-year comparison for these operations, as last year’s results included the significant benefit from casino reopening activities and financial stimulus payments provided to consumers, “these record financial results were driven by another consecutive quarter of record recurring revenues for both our games and fintech businesses.”
The firm was given a future outlook by the corporation, which forecast net income of $125 million to $132 million for the entire 2022 fiscal year. With a $12.5 million down payment, Everi purchased Intuicode Gaming Corporation in May.