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Mar 31, 2020
PlayAGS Q1 2020 Earnings Report
Reported a decrease in revenue due to the impact of COVID-19 and casino closures, but implemented cost-saving measures and secured additional financing to strengthen liquidity.
Key Takeaways
AGS reported a decrease in total revenue by 26% to $54.3 million, primarily driven by decreased unit sales and gaming operations revenue in the EGM segment due to COVID-19 related casino closures. The company took early steps to formulate and implement a comprehensive plan that included costs savings through Company-wide salary reductions, layoffs, and furloughs, capital expenditure reductions, and strengthening their liquidity position.
Total revenue decreased 26% to $54.3 million due to decreased unit sales and gaming operations revenue in the EGM segment.
Gaming operations revenue decreased to $42.7 million, a 19% year-over-year decrease.
Net loss increased year-over-year to $14.4 million, compared to a net loss of $0.1 million in the prior year.
Adjusted EBITDA decreased 32% to $24.5 million, driven by decreased revenue from the EGM segment.
Forward Guidance
AGS withdrew its 2020 annual guidance due to the COVID-19 outbreak and is currently unable to provide updated guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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