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Dec 31, 2021
PlayAGS Q4 2021 Earnings Report
PlayAGS reported results for the fourth quarter and full year ended December 31, 2021.
Key Takeaways
PlayAGS saw operating momentum within all three business verticals, which continued into the fourth quarter. The company is focused on leveraging improvements in people, products, and processes to strengthen financial performance in 2022.
Gaming operations, or recurring revenue, increased to $52.9 million.
Recurring revenue accounted for approximately 75% of consolidated revenue.
Total Adjusted EBITDA was $32.3 million.
Installed base expanded by over 50 units on a quarterly sequential basis to a record 4,701 units.
PlayAGS
PlayAGS
Forward Guidance
AGS expects to achieve greater success in 2022, focusing on leveraging improvements in its people, products and processes. The company is confident in delivering a year-end 2022 net leverage target of less than 4.0x.
Positive Outlook
- Operational momentum within the business
- Approximately $10 million of annualized cash interest expense savings from the recent refinancing transaction
- Organizational commitment to maximizing free cash flow
- Strong finish to 2021
- Continued operating momentum in the business