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Dec 31, 2023
PlayAGS Q4 2023 Earnings Report
Estimated Revenue:$NaN
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Estimated EPS:$NaN
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Key Takeaways
PlayAGS achieved record revenues and Adjusted EBITDA in Q4 2023, driven by strong performance in EGM, Table Products, and Interactive segments. The company also improved its net debt leverage ratio and generated substantial free cash flow.
Total revenue increased 15% year-over-year to a record $94.2 million, marking the eleventh consecutive quarter of double-digit growth.
Total Adjusted EBITDA advanced 14.7% year-over-year to a record $42.8 million, with a margin exceeding 45%.
Net income for the quarter was $67 thousand, a significant decrease from the prior year, primarily due to higher interest expense and an unfavorable swing in income tax expense.
Free cash flow reached $11.0 million in Q4 2023, contributing to a full-year total of $27.4 million.
PlayAGS
PlayAGS
PlayAGS Revenue by Segment
Revenue by Segment
EGM Revenue
CapyFin.comTable Products Revenue
CapyFin.comInteractive Revenue
CapyFin.com Forward Guidance
PlayAGS expects to exit 2024 with a total net debt leverage ratio in the range of 2.75 times to 3.00 times, supported by continued operating momentum and strategic initiatives.
Positive Outlook
- Relative resiliency observed across the broader North American gaming complex 2024-to-date, both with respect to GGR trends and customer purchasing demand.
- Growing appeal and strong performance of AGS's deeper and more diverse suite of EGM gaming cabinets and game content.
- Anticipated continued outsized growth in Interactive revenues.
- Unwavering commitment to cost containment and operational efficiency.
- Steadily improving free cash flow conversion.
Challenges Ahead
- Higher interest expense, commensurate with an increase in market-level rates.
- Unfavorable swing in income tax expense.
- Historically normal seasonal trends within the business.
- Unfavorable foreign exchange movements.
- Potential impact of market conditions on customer purchasing demand.
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Key Statistics
Market Cap
$518M
P/E Ratio
10.47
Sector
Producer Manufacturing
Industry
Industrial Conglomerates
52-Week High
$12.4
52-Week Low
$11.5
Recurring Revenue
$59.6M
EGM Units Sold
1.52K
Adjusted EBITDA
$42.8M
Domestic EGM Recurring Revenue
$47.2M
International EGM Recurring Revenue
$5.1M