PlayAGS, a designer and developer of equipment and services solutions for the global gaming industry, generated a fourth quarter revenue increase of 16 per cent year-over-year to a record US$81.7m.
Table Products revenue advanced 22 per cent versus the prior year, reflecting outsized growth within the AGS progressive installed base, growing demand for its PAX S single-deck card shuffler, further adoption of its AGS Arsenal site license offering, and the Q1 2022 Lucky Lucky side bet acquisition.
EGM revenue increased by nearly 17 per cent year-over-year, paced by EGM sales revenue growth of over 40 per cent and the achievement of quarterly record domestic EGM gaming operations revenue. Global EGM sales topped 1,000 units for the second consecutive quarter and reached the highest level achieved since Q4 2019. Total revenue improved approximately four per cent over the US$78.3m delivered in Q3 2022, representing our eighth consecutive quarter of sequential total revenue growth.
AGS President and Chief Executive Officer David Lopez said: “Our record-setting fourth quarter results reflect the accelerating returns we continue to realize on investments made into our R&D, sales and product management teams over the past several years. Looking ahead to 2023, I see a set of company-specific growth catalysts forming within all three segments of our business that should allow our recent operating momentum to continue.”
Kimo Akiona, AGS Chief Financial Officer added: “We exited 2022 with net leverage inside of 4.0x, consistent with the expectations articulated at the start of the year. As we move forward into 2023, our organization remains squarely focused on maximizing free cash flow and further reducing the amount of leverage on our balance sheet.”
Source: GMB
