Quarterly revenue totals $67.3m as AGS reports financial results
Domestic EGM RPD exceeded $30 for the second consecutive quarter.
AGS, the US-based gaming company with roots in the Class II tribal market, has today announced its financial results for the period ending September 30, 2021.
Per the report, AGS’ revenue for the period totaled $67.3m, improving year-on-year from $49.3m. Meanwhile, the company recorded a net loss of $1.8m compared to $11m in the latest comparable period.
AGS president and chief executive officer David Lopez commented: “Our third-quarter financial performance once again reflects our growing product momentum and improved execution across all three of our operating segments.
“The investments we have made into our business over the past eighteen months have strengthened our company’s foundation, which should pave the way for meaningful shareholder value creation in the coming quarters.”
AGS’ domestic Electronic Game Machine (EGM) RPD topped $30 for the second consecutive quarter; the company sold a total of 663 EGM units compared to 387 units in Q3 of 2020.
Overall, AGS sold units in two Canadian provinces and 23 US states respectively.
The provider’s total liquidity as of the end of Q3 has reached $117.8m, this is made up of $87.8m of available cash balance and $30m of revolving availability.
“Supported by our solid third-quarter financial results and the stability we are in seeing within our business fourth quarter to date, we now expect to be nicely free cash flow positive for the full year 2021 and to end the year with net leverage inside of 4.5x TTM Adjusted EBITDA,” noted Kimo Akiona, AGS’ chief financial officer
“Looking ahead, we continue to carefully manage our leverage and liquidity position to ensure we can execute on opportunities to lower our borrowing costs as they present themselves, with an intermediate-term focus on restoring the balance sheet flexibility we had prior to the onset of Covid-19, when our balance sheet was levered well inside of 4.0x.”
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