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PlayAGS | 8-K: AGS REPORTs Record Fourth QUARTER and Full Year 2023 RESULTS

SEC ·  Mar 5 16:23
Summary by Moomoo AI
PlayAGS, Inc. (NYSE: AGS), a global gaming equipment and services provider, announced its financial results for the fourth quarter and full year ended December 31, 2023, on March 5, 2024. The company reported record revenues and Adjusted EBITDA for both the quarter and the full year, with total revenue for Q4 2023 increasing by 15% year-over-year to $94.2 million. This marks the eleventh consecutive quarter of double-digit revenue growth. The company's EGM segment saw a record 1,519 units sold, a 30% increase year-over-year, while Table Products and Interactive revenues also set new records. Adjusted EBITDA for Q4 reached $42.8 million, a 14.7% increase from the previous year, with a margin exceeding 45%. Net income for the quarter was $67 thousand, a significant decrease from the $2.5 million reported in Q4 2022, primarily...Show More
PlayAGS, Inc. (NYSE: AGS), a global gaming equipment and services provider, announced its financial results for the fourth quarter and full year ended December 31, 2023, on March 5, 2024. The company reported record revenues and Adjusted EBITDA for both the quarter and the full year, with total revenue for Q4 2023 increasing by 15% year-over-year to $94.2 million. This marks the eleventh consecutive quarter of double-digit revenue growth. The company's EGM segment saw a record 1,519 units sold, a 30% increase year-over-year, while Table Products and Interactive revenues also set new records. Adjusted EBITDA for Q4 reached $42.8 million, a 14.7% increase from the previous year, with a margin exceeding 45%. Net income for the quarter was $67 thousand, a significant decrease from the $2.5 million reported in Q4 2022, primarily due to higher interest expenses and an unfavorable swing in income tax expense. The company's net leverage ratio improved to 3.2x at the end of the quarter, with a target to reduce it further to between 2.75x and 3.00x by the end of 2024. The results reflect the company's diverse product offerings, operational efficiency, and effective capital management. AGS's President and CEO, David Lopez, and CFO, Kimo Akiona, commented on the strong financial performance and the company's focus on maintaining momentum and managing working capital.

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