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US – AGS reaches highest levels of EGM sales since last quarter of 2019

By - 6 May 2022

AGS sold 955 EGM units globally in its first quarter of the year, its highest level achieved since the last quarter of 2019.


Sales of its premium EGM units increased sequentially for the ninth consecutive quarter, accounted for approximately 11 per cent whilst table product revenue reached a new all-time record of $3.5m marking their third consecutive record-breaking quarter.

AGS President and Chief Executive Officer David Lopez said: “I am encouraged by the degree to which the operating momentum we established throughout 2021 continued into the first quarter. We have heavily invested in strengthening the foundation of our Company over the past couple of years and are beginning to realize accelerating returns on these investments. To that end, I believe our solid first quarter performance simply foreshadows what our laser-focused organization can accomplish in the quarters and years ahead.”

Kimo Akiona, AGS’ Chief Financial Officer, added: “Supported by the operational momentum we continue to see within the business, the approximately $10m of annualized cash interest expense savings we have started to realize as a result of the refinancing transaction, and our organizational commitment to maximizing free cash flow, we remain confident in our ability to deliver upon our year end 2022 net leverage target of less than 4.0x.”

Gaming operations, or recurring revenue, increased to $53.2m versus $44.4m and $52.9m in Q1 2021 and Q4 2021, respectively. In aggregate, recurring revenue accounted for approximately 73 per cent of our consolidated Q1 2022 revenue compared to approximately 80 per cent and 75 per cent in Q1 2021 and Q4 2021, respectively. Changes in our recurring revenue mix reflect outsized consolidated EGM unit sales growth of approximately 230 per cent year-over-year, as we continue to benefit from the increased depth and breadth of our core content catalog, broadening of our customer account penetration, expansion into GLI-approved international jurisdictions, and a steady recovery in core North American replacement unit demand.

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