Everi Holdings Inc. reported a challenging third quarter for 2024, with total revenues of $91.5 million, a decline of 18% from $111.5 million in Q3 2023. For the nine months ending September 30, 2024, total revenues reached $286.3 million, down 14% from $332.0 million in the same period last year. The Games segment, which includes gaming technology and entertainment products, saw revenues decrease significantly, while the FinTech segment experienced a slight increase of 1%, reaching $96.3 million in Q3 2024.
Total costs and expenses for Q3 2024 rose to $176.4 million, a 14% increase from $154.2 million in Q3 2023. This increase was attributed to higher operating expenses, which included transaction costs related to the proposed acquisition of IGT Gaming and charges associated with firm purchase commitments. Operating income for the quarter fell sharply to $11.4 million, a decrease of 78% compared to $52.4 million in Q3 2023. The company reported a net loss of $2.6 million for the quarter, contrasting with a net income of $26.6 million in the prior year.
For the nine months ended September 30, 2024, Everi's net income was $11.2 million, a significant drop from $82.1 million in the same period of 2023. The operating income for this period also decreased by 58% to $66.2 million, reflecting the impact of increased costs and reduced revenues.
Everi's cash and cash equivalents saw a substantial increase, rising to $596.0 million as of September 30, 2024, compared to $267.2 million at the end of 2023. The company reported net cash provided by operating activities of $458.9 million for the nine months ended September 30, 2024, a notable increase from $161.0 million in the same period of 2023.
Strategically, Everi is in the process of a significant acquisition, having entered into agreements to acquire IGT Gaming, with the transaction expected to close subject to regulatory approvals and stockholder consent. The proposed transaction involves an all-cash offer of $14.25 per share for Everi stockholders and is anticipated to have substantial implications for the company's future operations. However, the announcement has led to legal challenges from stockholders alleging misstatements in the proxy statement related to the acquisition.
Overall, Everi's financial performance in Q3 2024 reflects a combination of declining revenues, increased costs, and strategic shifts as the company navigates its proposed acquisition while managing operational challenges.
About Everi Holdings Inc.
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