Everi Holdings posted a 54 percent jump in 1Q22 net income, which the company said was a record for the quarter, leaving its balance sheet in a healthy position to seek further opportunities for growth.

Revenues rose 26 percent to $175.6 million, while net income was up 54 percent to $31.5 million. Free cash flow was up 19 percent to $51.6 million. 

“The improved operating results, led by growth in our high-margin recurring revenue streams, which were up 23% year over year to $134.4 million, are translating into sustainable Free Cash Flow,โ€ CEO Randy Taylor said. โ€œThis enables us to continue prioritizing return-focused investments that will grow our addressable markets, further support our internal product innovation and pursue additional accretive, scalable acquisitions.โ€ 

In the first quarter, Everi bought an Australia-based FinTech technology provider and a games development team that will form the nucleus of a new game studio in Australia. In 2Q22, the company recently announced the purchase of Intuicode Gaming Systems in the Historical Horse Racing category of gaming products.

โ€œGiven the ongoing strength of our business and our growth opportunities, we expect to remain on track to deliver continued year-over-year growth in 2022,โ€ Taylor said.