PlayAGS Q1 2023 Earnings Report
Key Takeaways
PlayAGS reported record-setting first quarter revenue and adjusted EBITDA, driven by strategic investments and a strong product lineup. Gaming operations revenue increased, particularly in the domestic EGM sector, and international EGM recurring revenue also saw growth. The company remains focused on optimizing capital deployment and reducing net leverage.
Gaming operations, or recurring revenue, increased 10% year-over-year to $58.6 million, accounting for over 70% of consolidated Q1 2023 revenue.
Domestic EGM recurring revenue grew to a record $47.7 million, up 10% year-over-year.
International EGM recurring revenue advanced by more than 15% year-over-year, paced by encouraging macroeconomic trends throughout Mexico.
Total Adjusted EBITDA increased 11% year-over-year to a Q1 record $36.5 million.
PlayAGS
PlayAGS
Forward Guidance
AGS anticipates exiting 2023 with net leverage in the range of 3.25 times to 3.75 times.