CEO Randy Taylor said 2023 was a “transitional” year for Everi after a drop in Q4 revenue – but expressed excitement at the potential impact of the US$6.2bn merger with IGT’s Gaming and PlayDigital businesses.
In Q4, revenues dropped by 6.5 per cent per cent to $192m from $205.4m.
Everi’s FinTech segment revenues rose three per cent to $94.9m, reflecting a 25 per cent increase in software and other revenues, and a six per cent rise in financial access revenues.
However, games segment revenues declined to $97.1m “as a result of declines in both gaming operations and gaming equipment and systems revenues reflecting near-term headwinds while transitioning to new family of cabinets and roll-out of new content,” Everi said.
Nevertheless, full-year revenue climbed by 3.1 per cent to $807.8m from $782.5m in 2022, reflecting a nine per cent increase in FinTech segment revenues and partially offset by a two per cent decline in Games segment revenues.
Adjusted EBITDA decreased to $367m compared to $374.1m in 2022.
Taylor said of the merger with IGT’s Global Gaming and PlayDigital divisions: “We are excited about the opportunity to bring together the two companies to create a world-class leader in gaming solutions for our customers.”
He added: “After several years of rapid growth, 2023 was a transitional year in our gaming business as we executed on our roadmap which included the introduction of four new cabinets and new content.
“Our FinTech business continues to perform well, adding new products and services to our suite of financial access, RegTech and loyalty solutions.
"We generated strong Free Cash Flow of $141.9m after investing $67.6m in research and development and $145.1m in capital investments and returning $100m to shareholders through share repurchases."
