AGS reports $70.2m in fourth quarter revenue
The CEO called 2021 “a year of transition” for the company.
PlayAGS, Inc. has released its Q4 financial report. Its published results reflected substantial growth and financial strength.
Fourth quarter revenue reached $70.2m, nearly doubling company revenue from the prior year’s fourth quarter.
The company reported a net loss of $9.1m, down from a net loss of $17.2m during the same quarter in 2020.
Total adjusted EBITDA reached $32.3m, while the adjusted EBITDA margin was 45.9%.
AGS President and Chief Executive Officer David Lopez said: “If 2020 was the year of resiliency within our business, 2021 was the year of transition. Supported by the foundational changes put into place over the preceding 18 months and an accommodative macroeconomic backdrop, we were able to establish operating momentum within all three business verticals as we progressed throughout the year, a trend that continued into the fourth quarter.”
Lopez said AGS plans to move forward into this year with a focus on continuing growth.
“With our improved 2021 financial results behind us, our attention has shifted to ensuring we are best positioned to achieve even greater success in 2022,” he said. “To that end, I would characterize 2022 as a year of acceleration for AGS; one in which we will look to further leverage the continuous improvement in our people, products and processes to strengthen our financial performance.”
AGS Chief Financial Officer Kimo Akiona said: “I am pleased with the degree to which we were able to improve the quality and flexibility of our balance sheet throughout 2021. Looking ahead to 2022, I believe the operational momentum we continue to see within the business, the approximately $10m of annualized cash interest expense savings we expect to realize as a result of our recent refinancing transaction, and our organizational commitment to maximizing free cash flow position us to deliver upon our year end net leverage target of less than 4.0x.”
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