- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
PlayAGS Posts Record-Breaking Q4 2022 Results
The record-breaking financial results mark the eighth consecutive quarter of growth for the gaming supplier
PlayAGS, a designer and developer of gaming solutions, has published its results for the fourth quarter of 2022, demonstrating strong growth across its verticals. The company’s revenues and EBITDA improved significantly as interest in its products grew.
As reported by the company, its total revenue increased to a record $81.7 million, representing a favorable 16% rise. This notably marks the eighth consecutive quarter of growth for the company.
The provider also reported a net income of $2.5 million. Adjusted EBITDA, on the other hand, increased by 16% year-on-year to $37.3 million. This represents a quarterly record for the company, PlayAGS noted. The firm added that it has achieved its year-end 2022 net leverage target of less than 4.0x.
PlayAGS’s EGM revenue skyrocketed both domestically and globally as sales exceeded expectations. With such favorable results, PlayAGS hopes to finish 2023 with net leverage in the range of 3.25x to 3.75x.
As of December 31, 2022, PlayAGS had a total available cash balance of $37.9 million. In addition, the company had $40 million of availability under its undrawn revolving credit, totaling a liquidity of $78 million. The company’s outstanding debt, meanwhile, is now $571.4 million.
The Leadership Is Happy with the Progress
The company’s president and chief executive officer, David Lopez, commented on PlayAGS’ impressive results. He emphasized that the record-setting figures and accelerated returns are all thanks to the company’s investments in the R&D, sales and product management teams.
Lopez added that he is very optimistic about the company’s future and believes that PlayAGS will be able to maintain its momentum.
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.
David Lopez, president & CEO, PlayAGS
Kimo Akiona, the company’s chief financial officer, also commented on the matter. He said that the AGS team is excited that it successfully reached its target net leverage of less than 4.0x. Akiona is content with the results and hopes that his team will surpass them in 2023.
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.
Kimo Akiona, CFO, PlayAGS
Yesterday, the PlayAGS leadership hosted a conference call to review the results.
In other news, the company recently expanded its team by adding a new chief legal officer. The one up to the task was Robert Ziems, a long-term industry veteran.
Must Read
Business
February 12, 2025
Light & Wonder Promotes from Within, Names Nathan Drane CPO
Business
February 13, 2025
FanDuel Hits 23M App Downloads, DraftKings Is Close Behind
Business
February 13, 2025
MGM Resorts Posts Strong 2024 Report Despite Mixed Q4
More Articles
Business
February 18, 2025
Gentoo Media Publishes Strong Q4 as Business Keeps Momentum
Business
February 17, 2025
FDJ Confident in Growth Despite French Tax Hike
Legal
February 17, 2025
Ex-Entain Executives Seek Legal Action over Privileged Information
Industry
February 17, 2025
New Jersey iGaming Expanded, Sports Betting Slowed Down in January
Business
February 13, 2025
MGM Resorts Posts Strong 2024 Report Despite Mixed Q4
Business
February 13, 2025
FanDuel Hits 23M App Downloads, DraftKings Is Close Behind
Esports
February 13, 2025
Overwatch 2 to Reintroduce Loot Boxes Due to Popular Demand
Business
February 12, 2025
Light & Wonder Promotes from Within, Names Nathan Drane CPO
Sports
February 11, 2025
Allwyn Joins Formula 1 as Official Partner, Vows to Empower Fans
Industry
February 11, 2025
Gibraltar Adopts INTERPOL’s I-GRIP Mechanism to Freeze Illicit Funds