Everi Holdings Inc. (EVRI) Bundle
A Brief History of Everi Holdings Inc. (EVRI)
Foundation and Early Years
Foundation and Early Years
Everi Holdings Inc. was founded in 2014 through the merger of Global Cash Access Holdings, Inc. and Multimedia Games Holding Company, Inc. The company was formed to provide innovative solutions to the gaming industry.
Public Offering
On December 24, 2014, Everi Holdings went public on the New York Stock Exchange (NYSE) under the ticker symbol EVRI. The company raised approximately $100 million during its initial public offering (IPO).
Acquisitions and Growth
To bolster its service offerings, Everi has engaged in several strategic acquisitions:
- In April 2015, Everi acquired the assets of the gaming machine manufacturer, the former Multimedia Games, for approximately $1.1 billion.
- In 2017, Everi acquired the gaming and entertainment company, VGT Holdings, for $200 million, enhancing its position in the video gaming segment.
Financial Performance
Everi has shown significant growth in its financial performance over the years. As of December 31, 2022, the company reported:
- Total Revenue: $523.4 million
- Net Income: $44.2 million
- Adjusted EBITDA: $246.3 million
Products and Services
Everi specializes in a variety of products and services within the gaming industry, including:
- Gaming Machines
- Gaming Software Solutions
- Financial Payment Solutions
- Player Loyalty Programs
Recent Developments
In 2023, Everi introduced innovative technologies aimed at enhancing gaming experiences:
- Launch of new gaming titles, including “Fortune Coin” series.
- Integration of advanced biometric technology for enhanced security measures.
Stock Performance
As of October 2023, Everi's stock performance has exhibited notable fluctuations:
- Share Price (as of October 1, 2023): $7.25
- 52-Week Range: $5.50 - $9.00
- Market Capitalization: approximately $625 million
Table of Financial Highlights
| Year | Total Revenue (in million USD) | Net Income (in million USD) | Adjusted EBITDA (in million USD) |
|---|---|---|---|
| 2020 | 460.0 | -34.5 | 143.5 |
| 2021 | 477.7 | 22.3 | 239.0 |
| 2022 | 523.4 | 44.2 | 246.3 |
Corporate Social Responsibility
Everi is committed to corporate social responsibility, ensuring compliance with gaming laws and promoting responsible gambling practices.
Future Outlook
Looking ahead, Everi aims to expand its market presence with continued innovation and strategic partnerships in the gaming industry.
A Who Owns Everi Holdings Inc. (EVRI)
Institutional Ownership
As of the most recent filings, various institutional investors hold significant shares of Everi Holdings Inc. (EVRI). The following table summarizes the largest institutional shareholders:
| Institution | Shares Held | % of Total Shares | Value (USD) |
|---|---|---|---|
| The Vanguard Group, Inc. | 3,200,000 | 10.5% | 38,500,000 |
| BlackRock, Inc. | 3,050,000 | 10.0% | 36,800,000 |
| Alyeska Investment Group, L.P. | 2,500,000 | 8.2% | 30,200,000 |
| Dimensional Fund Advisors LP | 2,000,000 | 6.5% | 24,000,000 |
| Invesco Ltd. | 1,800,000 | 5.9% | 21,600,000 |
Insider Ownership
Insider ownership plays a crucial role in the governance of Everi Holdings Inc. The table below outlines the key insiders and their ownership stakes:
| Insider Name | Position | Shares Owned | % of Total Shares |
|---|---|---|---|
| David Lucchese | CEO | 800,000 | 2.6% |
| Michael B. Hines | CFO | 450,000 | 1.5% |
| Jonathan W. F. Decker | President | 300,000 | 1.0% |
| J. Christian J. H. Hottman | Director | 150,000 | 0.5% |
Major Shareholders
Outside of institutional and insider ownership, several key shareholders have made significant investments in Everi Holdings Inc. The following table details the major shareholders:
| Shareholder Name | Shares Held | % of Total Shares | Value (USD) |
|---|---|---|---|
| Wellington Management Group LLP | 3,000,000 | 9.8% | 36,000,000 |
| Neuberger Berman Group LLC | 2,800,000 | 9.1% | 33,600,000 |
| Harris Associates L.P. | 2,200,000 | 7.2% | 26,400,000 |
Market Capitalization and Financial Overview
Everi Holdings Inc. has demonstrated notable financial metrics that reflect its ownership structure and operational scale. As of October 2023, the financial statistics indicate:
- Market Capitalization: USD 360 million
- Annual Revenue (2022): USD 250 million
- Net Income (2022): USD 30 million
- Total Assets: USD 500 million
- Debt-to-Equity Ratio: 1.2
Conclusion of Ownership Structure
The ownership structure of Everi Holdings Inc. reflects a mix of institutional investors and insider ownership. This diverse ownership portfolio contributes to corporate governance and strategic decision-making within the company.
Everi Holdings Inc. (EVRI) Mission Statement
Overview
Everi Holdings Inc. emphasizes innovation and customer satisfaction as key tenets of their mission. Their focus is on delivering compelling gaming solutions that enhance the player experience while driving revenue for their customers. The mission statement reflects a commitment to integrity and excellence in performance.
Core Principles
- Integrity: Ensuring ethical practices in all operations.
- Innovation: Developing next-generation gaming and financial technology.
- Customer Focus: Committed to enhancing the experience of casino operators and players.
Financial Performance
As of Q2 2023, Everi Holdings reported a revenue of $240.4 million, showing a year-over-year growth of 13% compared to $212.5 million in Q2 2022. The company's net income for the same quarter was approximately $38 million, compared to $30 million in Q2 2022.
| Financial Metric | Q2 2023 | Q2 2022 | Year-Over-Year Change |
|---|---|---|---|
| Revenue | $240.4 million | $212.5 million | +13% |
| Net Income | $38 million | $30 million | +26.7% |
| Adjusted EBITDA | $83 million | $73 million | +13.7% |
Customer Engagement
The mission statement highlights the importance of customer engagement. The company aims to provide tools and services that create engaging gaming experiences. This is reflected in their diverse product offerings, including cash access services, gaming machines, and gaming-related hardware.
Market Position
Everi Holdings holds a significant position in the gaming industry. Their market capitalization as of October 2023 is approximately $1.4 billion. The company operates in over 1,200 casinos and has a footprint in multiple jurisdictions across the United States, reinforcing their commitment to creating value for shareholders and stakeholders alike.
Recent Developments
In 2023, Everi expanded its operational capabilities by launching new gaming content and enhancements in existing systems. The company invested approximately $25 million in research and development to drive technological advancements that align with its mission.
Conclusion
The mission statement of Everi Holdings Inc. encapsulates their dedication to not only providing top-tier gaming experiences but also ensuring robust financial performance and customer satisfaction through a strong commitment to innovation and ethical practices.
How Everi Holdings Inc. (EVRI) Works
Company Overview
Everi Holdings Inc. (NYSE: EVRI) is a leading provider of gaming products, financial technology, and related services. The company was established in 2014, with its headquarters located in Las Vegas, Nevada.
Business Segments
- Game Solutions: Provides a diverse portfolio of gaming machines, including video slots and electronic table games.
- FinTech Solutions: Offers financial technology solutions, including cash access services, mobile payments, and digital wallet services.
Financial Performance
As of Q2 2023, Everi Holdings reported the following financial figures:
| Metric | Q2 2023 Amount | Q2 2022 Amount |
|---|---|---|
| Revenue | $200.1 million | $185.2 million |
| Net Income | $21.3 million | $16.5 million |
| Adjusted EBITDA | $88.7 million | $74.5 million |
| Earnings Per Share (EPS) | $0.32 | $0.25 |
Market Position
Everi Holdings holds a significant share in the gaming industry, with an estimated market share of approximately 5% in gaming machines and a growing presence in the financial technology sector.
Key Products and Innovations
- Cash Access Solutions: Products facilitating secure cash transactions for gaming establishments.
- Player Loyalty Programs: Tools designed to enhance player engagement and retention.
- Gaming Machines: Innovative slot machines, notably the “Vault of Valhalla” and “Giant Golden Eagle.”
Strategic Partnerships
Everi has established partnerships with several casinos and gaming operators, which include:
| Partner | Type of Collaboration |
|---|---|
| Caesars Entertainment | Supply of gaming machines |
| MGM Resorts | Implementation of cash access solutions |
| Wynn Resorts | Integration of loyalty programs |
Stock Performance
As of October 2023, the stock price of Everi Holdings is approximately $22.15, reflecting a year-to-date increase of over 45%.
Future Outlook
Everi anticipates continued growth driven by:
- Expansion into new markets.
- Introduction of new gaming technologies.
- Strengthened financial solutions portfolio.
How Everi Holdings Inc. (EVRI) Makes Money
Gaming Products
Gaming Products
Everi Holdings Inc. generates revenue through its gaming products segment, which includes the development, manufacturing, and sale of gaming machines. For the fiscal year 2022, this segment reported revenues of approximately $368.5 million.
Gaming Operations
The gaming operations segment encompasses the leasing of gaming machines and the provision of services related to those machines. In 2022, revenues from this segment amounted to $314.3 million.
Financial Technology Solutions
Everi also earns revenue through its financial technology solutions. This includes services such as cash access solutions and financial transaction services. For the year 2022, revenue from financial technology solutions reached $204.1 million.
Revenue Breakdown
| Revenue Source | 2022 Revenue (in millions) |
|---|---|
| Gaming Products | $368.5 |
| Gaming Operations | $314.3 |
| Financial Technology Solutions | $204.1 |
| Total Revenues | $886.9 |
Recurring Revenue Streams
Recurring revenues, particularly from the gaming operations segment, play a crucial role in Everi's financial stability. For the second quarter of 2023, recurring revenues represented approximately 66% of total revenues.
Market Presence
Everi Holdings operates in multiple jurisdictions. As of 2023, the company has an installed base of over 14,000 gaming machines across various U.S. casinos. This extensive market presence enhances its revenue potential significantly.
Recent Financial Performance
In Q2 2023, Everi reported total revenue of $233.0 million, with a year-over-year increase of 12% compared to Q2 2022. This growth can be attributed to increases in both gaming operations and gaming product sales.
Product Diversification
- Slot Machines
- Table Games
- Cash Access Services
- Compliance Solutions
Strategic Partnerships
- Slot Machines
- Table Games
- Cash Access Services
- Compliance Solutions
Strategic Partnerships
Everi has formed strategic partnerships to bolster revenue generation. For example, in 2023, the company partnered with multiple casino operators to enhance its gaming offerings and expand its service portfolio, contributing to increased revenue streams.
Future Outlook
Experts predict that the global gaming market will continue to grow. Analysts forecast that Everi's revenues could increase to approximately $1 billion by 2025, driven by its expanding product lines and innovative financial technology services.
Conclusion on Financial Strategy
Everi Holdings continues to focus on diversifying its product offerings and expanding its market reach. The combination of gaming products, operations, and financial technology solutions positions the company to leverage growth opportunities in the gaming industry.
Everi Holdings Inc. (EVRI) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support