AGS posts record fourth quarter as revenue hits $81.7m

Finance News

PlayAGS today reported operating results for the fourth quarter and full year ended December 31, 2022.

Total Revenue Increased 16% Y/Y to a Record $81.7 Million; Up Sequentially for the Eighth Consecutive Quarter. Net Income reached a record $2.5m. Adjusted EBITDA improved 16% Y/Y to a quarterly record $37.3 million.

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.”