PlayAGS is a developer and designer of gaming solutions. It has released its fourth quarter results, which show strong growth across all its verticals. As interest in its products increased, the company’s revenues as well as EBITDA significantly improved.
According to the company, total revenue rose by 16% to $81.7 million. This is the eighth consecutive quarter for growth.
A net income of $2.5million was also reported by the provider. The adjusted EBITDA increased 16% to $37.3million, compared with the previous year. PlayAGS said that this is a quarterly record. PlayAGS noted that the firm has met its 2022 year-end net leverage goal of less than 4.0x.
PlayAGS’s EGM revenues soared both nationally and internationally as sales exceeded all expectations. PlayAGS expects to end 2023 with net leverage of between 3.25x and 3.75x due to these positive results.
PlayAGS’ total cash balance was $37.9 Million as of December 31, 2022. The company also had $78 million in liquidity under its undrawn credit. The company’s current outstanding debt is $571.4 million.
The Leader is Happy with the Progress
David Lopez was the company’s chief executive officer and president. He commented on PlayAGS’ impressive results. He stressed that PlayAGS’ record-breaking results and rapid returns were due to the company’s investments in R&D, sales, and product management.
Lopez said that he was optimistic about the company’s future and believes PlayAGS can maintain its momentum.
I see three specific growth catalysts for our company in 2023. These will allow us to maintain our current operating momentum.
David Lopez, president & CEO, PlayAGS
Kimo Akina, chief financial officer of the company, also spoke out on the subject. He stated that AGS was happy to have achieved its target net leverage of less that 4.0x. Akiona is happy with the results and hopes his team will surpass them by 2023.
Our organization is focused on maximising free cash flow and further reducing our leverage as we move into 2023.
Kimo Akiona, CFO, PlayAGS
Yesterday’s conference call was held by the PlayAGS leadership to discuss the results.
The company also recently added a chief legal officer to its team. Robert Ziems is a long-standing industry veteran who was up to the challenge.
