First Quarter 2022 Highlights:
- Sold 955 EGM Units Globally; Highest Level Achieved Since Q4
2019
- Premium EGM Units Increased Sequentially for the Ninth
Consecutive Quarter; Accounted for Approximately 11% of Domestic
EGM Installed Base at Quarter End
- Domestic EGM RPD Increased 2% Sequentially; Topped
$30 for the Fourth Quarter in a
Row
- Table Product Revenue Reached a New All-time Record of
$3.5 Million; Third Consecutive
Record-breaking Quarter
- Recent Debt Refinancing Lowers Borrowing Costs, Extends Key
Debt Maturities and Reduces the Principal Amount of Debt
Outstanding
- On Track to Achieve Year-End 2022 Net Leverage Target of
less than 4.0x
LAS
VEGAS, May 5, 2022 /PRNewswire/ -- PlayAGS, Inc.
(NYSE: AGS) ("AGS", "us", "we" or the "Company"), a designer and
developer of equipment and services solutions for the global gaming
industry, today reported operating results for the first quarter
ended March 31, 2022.
In addressing the Company's first quarter financial performance,
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 $10 million 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."
Summary of the Three
Months Ended March 31, 2022 and 2021
|
(In thousands,
except per-share and Adjusted EBITDA margin data)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EGM
|
|
$
|
66,906
|
|
|
$
|
50,518
|
|
|
$
|
16,388
|
|
|
|
32.4
|
%
|
Table Products
|
|
|
3,480
|
|
|
|
2,756
|
|
|
|
724
|
|
|
|
26.3
|
%
|
Interactive
|
|
|
2,471
|
|
|
|
2,085
|
|
|
|
386
|
|
|
|
18.5
|
%
|
Total
revenues
|
|
$
|
72,857
|
|
|
$
|
55,359
|
|
|
$
|
17,498
|
|
|
|
31.6
|
%
|
Income from
operations
|
|
$
|
5,678
|
|
|
$
|
3,415
|
|
|
$
|
2,263
|
|
|
|
66.3
|
%
|
Net
loss
|
|
$
|
(12,594)
|
|
|
$
|
(7,770)
|
|
|
$
|
(4,824)
|
|
|
|
62.1
|
%
|
Loss per
share
|
|
$
|
(0.34)
|
|
|
$
|
(0.21)
|
|
|
$
|
(0.13)
|
|
|
|
61.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EGM
|
|
$
|
30,195
|
|
|
$
|
24,403
|
|
|
$
|
5,792
|
|
|
|
23.7
|
%
|
Table Products
|
|
|
1,829
|
|
|
|
1,411
|
|
|
|
418
|
|
|
|
29.6
|
%
|
Interactive
|
|
|
742
|
|
|
|
508
|
|
|
|
234
|
|
|
|
46.1
|
%
|
Total Adjusted
EBITDA(1)
|
|
$
|
32,766
|
|
|
$
|
26,322
|
|
|
$
|
6,444
|
|
|
|
24.5
|
%
|
Total Adjusted
EBITDA margin(2)
|
|
|
45.0
|
%
|
|
|
47.5
|
%
|
|
|
(2.5)
|
%
|
|
(250 bps)
|
|
- Consolidated revenue totaled $72.9
million, marking the fifth consecutive quarter in which we
were able to achieve quarterly sequential revenue growth. Q1 2022
consolidated revenue exceeded the level reached in Q4 2021 by
approximately 4%, supported by an approximately 15% increase in
domestic EGM unit sales, sustained strength within our domestic EGM
recurring revenue business, record Table Products performance, and
further recovery in our international EGM gaming operations
revenue. Q1 2022 consolidated revenue increased approximately 32%
year-over-year.
- Gaming operations, or recurring revenue, increased to
$53.2 million versus $44.4 million and $52.9
million in Q1 2021 and Q4 2021, respectively. In aggregate,
recurring revenue accounted for approximately 73% of our
consolidated Q1 2022 revenue compared to approximately 80% and 75%
in Q1 2021 and Q4 2021, respectively. Changes in our recurring
revenue mix reflect outsized consolidated EGM unit sales growth of
approximately 230% 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.
- Our 2022 first quarter net loss of $12.6
million widened as compared to the $7.8 million net loss incurred in Q1 2021. The
year-over-year increase in our reported net loss was predominantly
driven by costs associated with the comprehensive debt refinancing
transaction which we closed upon in February
2022, partially offset by our improved operating
performance. Excluding refinancing-related expenditures, our net
loss would have improved versus the prior year.
- Total Adjusted EBITDA (non-GAAP)(1) was $32.8 million compared to $26.3 million in Q1 2021 and $32.3 million in Q4 2021. Adjusted EBITDA
increased year-over-year within all three of our operating
segments.
- Total Adjusted EBITDA margin (non-GAAP)(1) was 45.0%
versus 47.5% in Q1 2021. Recall, the prior year's quarter
benefitted from the high-margin sale of approximately 430 used EGM
units to a distributor. Additionally, a greater mix of lower-margin
EGM unit sales revenues and higher costs related to global supply
chain disruption unfavorably impacted the year-over-year margin
comparison.
(1)
|
Adjusted EBITDA and
Adjusted EBITDA margin are non-GAAP measures, see non-GAAP
reconciliation below.
|
(2)
|
Basis points
("bps").
|
|
|
EGM
|
|
Three Months Ended
March 31, 2022 compared to Three Months Ended March 31,
2021
|
(Amounts in
thousands, except unit data)
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
|
%
Change
|
|
EGM segment
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming operations
|
|
$
|
47,296
|
|
|
$
|
39,604
|
|
|
$
|
7,692
|
|
|
|
19.4
|
%
|
Equipment sales
|
|
|
19,610
|
|
|
|
10,914
|
|
|
|
8,696
|
|
|
|
79.7
|
%
|
Total EGM
revenues
|
|
$
|
66,906
|
|
|
$
|
50,518
|
|
|
$
|
16,388
|
|
|
|
32.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EGM Adjusted
EBITDA
|
|
$
|
30,195
|
|
|
$
|
24,403
|
|
|
$
|
5,792
|
|
|
|
23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EGM unit
information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class II
|
|
|
11,215
|
|
|
|
11,412
|
|
|
|
(197)
|
|
|
|
(1.7)
|
%
|
Class III
|
|
|
4,700
|
|
|
|
4,044
|
|
|
|
656
|
|
|
|
16.2
|
%
|
Domestic installed base, end of
period
|
|
|
15,915
|
|
|
|
15,456
|
|
|
|
459
|
|
|
|
3.0
|
%
|
International installed base,
end of period
|
|
|
7,197
|
|
|
|
7,985
|
|
|
|
(788)
|
|
|
|
(9.9)
|
%
|
Total installed base, end of
period
|
|
|
23,112
|
|
|
|
23,441
|
|
|
|
(329)
|
|
|
|
(1.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installed base -
Oklahoma
|
|
|
7,968
|
|
|
|
8,127
|
|
|
|
(159)
|
|
|
|
(2.0)
|
%
|
Installed base -
non-Oklahoma
|
|
|
7,947
|
|
|
|
7,329
|
|
|
|
618
|
|
|
|
8.4
|
%
|
Domestic installed base, end of
period
|
|
|
15,915
|
|
|
|
15,456
|
|
|
|
459
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic revenue per
day
|
|
$
|
30.79
|
|
|
$
|
27.10
|
|
|
$
|
3.69
|
|
|
|
13.6
|
%
|
International revenue per
day
|
|
$
|
6.17
|
|
|
$
|
2.94
|
|
|
$
|
3.23
|
|
|
|
109.9
|
%
|
Total revenue per
day
|
|
$
|
23.13
|
|
|
$
|
18.89
|
|
|
$
|
4.24
|
|
|
|
22.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic EGM unit sales
components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino opening and
expansion units
|
|
|
24
|
|
|
|
-
|
|
|
|
24
|
|
|
|
N/A
|
|
Other
|
|
|
913
|
|
|
|
289
|
|
|
|
624
|
|
|
|
215.9
|
%
|
Total Domestic EGM units
sold
|
|
|
937
|
|
|
|
289
|
|
|
|
648
|
|
|
|
224.2
|
%
|
International EGM units
sold
|
|
|
18
|
|
|
|
-
|
|
|
|
18
|
|
|
|
N/A
|
|
Total EGM units sold
|
|
|
955
|
|
|
|
289
|
|
|
|
666
|
|
|
|
230.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic average sales
price
|
|
$
|
19,232
|
|
|
$
|
17,520
|
|
|
$
|
1,712
|
|
|
|
9.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EGM Quarterly Results
Domestic Gaming Operations(3)
- Domestic EGM gaming operations, or recurring revenue, increased
to $43.3 million compared to
$37.6 million in Q1 2021. A greater
mix of higher-yielding premium games, more consistent core game
content execution, and a stable gaming macroeconomic backdrop drove
our improved quarterly revenue performance. Recurring revenue
accounted for approximately 70% of our total Q1 2022 domestic EGM
revenue.
- Our domestic EGM installed base included 15,915 units at the
end of Q1 2022, representing an increase of 459 units
year-over-year and relatively consistent with the prior sequential
quarter. We continue to leverage our enhanced analytical
capabilities to thoughtfully implement our domestic EGM installed
base optimization initiatives, with a goal of maximizing per unit
economics and returns on deployed capital.
- Domestic EGM revenue per day ("RPD") of $30.79 increased approximately 14% year-over-year
and exceeded $30 for the fourth
consecutive quarter. Continued growth of our higher-yielding
premium game footprint, accelerating core game content momentum,
further implementation of our domestic EGM installed base
optimization initiatives, and a stable gaming macroeconomic
environment paced the continued strength in our domestic RPD
performance. Domestic EGM RPD increased approximately 2% on a
quarterly sequential basis.
- Our premium game installed base increased by approximately 10%
on a quarterly sequential basis and accounted for approximately 11%
of our domestic EGM installed base at March
31, 2022 compared to approximately 5% at March 31, 2021. We estimate our premium game
footprint generated over 15% of our Q1 2022 domestic EGM gaming
operations revenue.
Domestic Equipment Sales
- We sold a total of 937 domestic EGM units compared to 289 units
in Q1 2021. Domestic EGM unit sales increased by approximately 15%
versus the 815 units sold in Q4 2021. The increased depth and
breadth of our core game content catalog, successful implementation
of a strategic sales initiative to further broaden our customer
account penetration, continued success in commanding an outsized
share of Historical Horse Racing ("HHR") sales opportunities, and a
steady recovery in core North American replacement unit demand have
all combined to drive our improved domestic EGM unit sales
performance.
- Domestic average sales price ("ASP") was $19,232 versus $17,520 in Q1 2021. Our improved domestic ASP
reflects a greater mix of premium-priced Orion Curve
cabinets, which accounted for nearly 60% of Q1 2022 total domestic
units sold, and successful implementation of our price integrity
initiative. Domestic ASP was relatively consistent on a quarterly
sequential basis.
- We sold units into 22 U.S. states and three Canadian provinces
throughout Q1 2022, with Florida,
New Hampshire and Nevada emerging as our top three sales
markets.
International EGM's
- International EGM gaming operations, or recurring revenue,
totaled $4.0 million compared to
$2.0 million in Q1 2021 and was up
approximately 2% over Q4 2021 levels, marking the seventh
consecutive quarterly sequential increase.
- International EGM RPD was $6.17
compared to $2.94 in Q1 2021.
International EGM RPD improved approximately 11% on a quarterly
sequential basis relative to the $5.55 achieved in Q4 2021, supported by an
increase in the number of active playable games in casinos,
Mexico's continued post-COVID-19
macroeconomic recovery and the removal of lower-yielding
Philippines units.
- Our international EGM installed base totaled 7,197 units at
March 31, 2022, representing a
quarterly sequential decrease of approximately 450 units. As
previously disclosed, we made a strategic decision to exit
the Philippines market at the end
of calendar year 2021, which drove the modest sequential decrease
we experienced within our international EGM installed base. We
estimate approximately 80% of our international EGM installed base
was active and playable as of March 31,
2022 compared to approximately 70% as of December 31, 2021.
- We sold a total of 18 EGM units internationally in Q1 2022,
representing our first international EGM unit sales since Q2 2020.
We have identified additional opportunities to further leverage our
GLI-approved EGM products in a variety of international
markets.
- We continue to leverage our improved revenue performance and
cost discipline to drive profitability gains within our
international EGM business. To that end, our Q1 2022 international
EGM Adjusted EBITDA increased nearly threefold versus the prior
year's level.
Product Highlights
- Our Orion Curve Premium installed base increased by more
than 50% on a quarterly sequential basis, supported by the
continued strong performance of our player favorite Rakin Bacon
Deluxe game theme in both Class II and Class III jurisdictions.
We continue to develop a diverse pipeline of new premium game
content, enhanced game play mechanics and cutting-edge hardware to
further support our long-term growth initiatives within the
higher-yielding premium game segment.
- Our steadfast commitment to strengthening our operational
foundation through further investments in our R&D franchise
continues to pay dividends, with our Ultimate Choice
Jackpots, Imperial 88 and Coin Bonanza families
of games each featuring multiple high-performing game themes.
Looking ahead, we believe the growing diversity of our content
offerings, including the upcoming launch of our first family of
high-denomination game themes, should allow us to broaden our
presence on operators' floors.
- We expect to broaden our core Class II game content portfolio
throughout the first half of 2022, providing us with the means to
further yield optimize our over 11,000-unit Class II EGM installed
base in a capital efficient manner. Looking beyond 2022, we
continue to look for opportunities to leverage our extensive
experience, time-tested customer relationships, unique game play
mechanics, and scale-advantaged footprint to further strengthen our
competitive positioning within the stable Class II gaming
market.
(3)
|
"Domestic" includes
both the United States and Canada.
|
Table
Products
|
|
Three Months Ended
March 31, 2022 compared to Three Months Ended March 31,
2021
|
(Amounts in
thousands, except unit data)
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
|
%
Change
|
|
Table Products
segment revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming operations
|
|
$
|
3,397
|
|
|
$
|
2,727
|
|
|
$
|
670
|
|
|
|
24.6
|
%
|
Equipment sales
|
|
|
83
|
|
|
|
29
|
|
|
|
54
|
|
|
|
186.2
|
%
|
Total Table Products
revenues
|
|
$
|
3,480
|
|
|
$
|
2,756
|
|
|
$
|
724
|
|
|
|
26.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Products
Adjusted EBITDA
|
|
$
|
1,829
|
|
|
$
|
1,411
|
|
|
$
|
418
|
|
|
|
29.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Products unit
information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Products installed base, end of period
|
|
|
5,384
|
|
|
|
4,362
|
|
|
|
1,022
|
|
|
|
23.4
|
%
|
Average monthly lease price
|
|
$
|
217
|
|
|
$
|
208
|
|
|
$
|
9
|
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Products Quarterly Results
- Gaming operations, or recurring revenue, grew to a record
$3.4 million, paced by sustained
customer demand for our industry-leading table game progressive
products, initial PAX S specialty game card shuffler
installs, the growing appeal of our all-inclusive AGS
Arsenal site license offering, and our Q1 2022 acquisition of
the Lucky Lucky side bet. Recurring revenue increased
approximately 10% over the previous record of $3.1 million set in Q4 2021 and has now grown
sequentially for seven consecutive quarters.
- Our installed base expanded by over 680 units on a quarterly
sequential basis to a record 5,384 units, with growth achieved
across all core segments of our diversified Table Products
portfolio, including side bets, progressives, premium games, and
card shufflers. Our installed base increased by over 1,000 units
year-over-year.
- Our average monthly lease price ("ALP") was relatively
consistent with the $220 achieved in
Q4 2021 and increased approximately 4% year-over-year.
- Adjusted EBITDA increased nearly 30% versus Q1 2021, supported
by strong year-over-year revenue growth. Adjusted EBITDA margin was
52.6% compared to 51.2% in Q1 2021.
- Our progressive installed base grew to over 1,750 units at
March 31, 2022, supported by an
approximately 55% quarterly sequential increase in the installed
base of our highly anticipated and differentiated Bonus Spin
Xtreme ("BSX") progressive. We expect customer adoption of
BSX to accelerate in the quarters ahead as operators look to
activate progressives on latent roulette tables and as additional
game types, including craps, are added to the BSX
platform.
- We were live with 17 AGS Arsenal site licenses at the
end of Q1 2022. The Arsenal's compelling value proposition
and our organizational commitment to investing in Table Product
innovation continues to stimulate interest in our site license
offering amongst our casino operator partners.
- As of March 31, 2022, we had 14
PAX S specialty game card shufflers installed across six
different jurisdictions. We have received encouraging customer
feedback on our initial PAX S installs and are excited about
the product's future growth potential in the quarters ahead.
Interactive
|
|
Three Months Ended
March 31, 2022 compared to Three Months Ended
March 31, 2021
|
(Amounts in
thousands)
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
|
%
Change
|
|
Interactive segment
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Social gaming revenue
|
|
$
|
515
|
|
|
$
|
709
|
|
|
$
|
(194)
|
|
|
|
(27.4)
|
%
|
Real-money gaming revenue
|
|
|
1,956
|
|
|
|
1,376
|
|
|
|
580
|
|
|
|
42.2
|
%
|
Total Interactive
revenue
|
|
$
|
2,471
|
|
|
$
|
2,085
|
|
|
$
|
386
|
|
|
|
18.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interactive Adjusted
EBITDA
|
|
$
|
742
|
|
|
$
|
508
|
|
|
$
|
234
|
|
|
|
46.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interactive Quarterly Results
- Total Interactive revenue increased approximately 19%
year-over-year to $2.5 million,
exceeding $2.0 million for the fifth
consecutive quarter. Outsized growth within our real-money gaming
business continues to drive our improved Interactive revenue
performance.
- Interactive Adjusted EBITDA grew to $742
thousand, marking the segment's ninth consecutive quarter of
positive Adjusted EBITDA performance and further reinforcing our
organizational commitment to profitably scaling our Interactive
business.
- RMG revenue increased by more than 40% year-over-year to
$2.0 million. The successful
integration of our remote gaming server ("RGS") with additional
iGaming operators, the expansion of regulated iGaming to additional
North American jurisdictions, including several Canadian provinces,
and continued strong performance of AGS game content paced our
outsized year-over-year RMG revenue growth.
- We recently achieved a top five supplier slot indexing ranking
in the April 2022 Eilers and Krejcik
Online Game Performance Report. Our online game content catalog,
consisting of over 30 AGS titles, is live in the majority of the
most prominent regulated North American online jurisdictions,
including PA, MI, NJ, Ontario, and
Quebec, and we continue to prepare
for scheduled upcoming launches into additional jurisdictions,
including CT, WV, British
Columbia, and Alberta.
- Social gaming revenue of $515
thousand was relatively consistent with the prior sequential
quarter, as we continue to prioritize stability and profitability
within this segment of our business. The year-over-year revenue
decline reflects the impact of our strategic decision to moderate
player marketing spend, consistent with our profitability focus
within the segment.
Liquidity and Capital Expenditures
As of March 31, 2022, the Company had $72.9 million of total available liquidity,
comprised of a $32.9 million cash balance and
$40.0 million of availability under
the Company's undrawn revolving credit facility.
On February 15, 2022, the Company
successfully completed the refinancing of its total debt
outstanding through the issuance of (i) a senior secured first lien
term loan in an aggregate principal amount of $575.0 million due 2029 (the "New Term Loan
Facility"), the proceeds of which, together with cash on hand, were
used to repay all amounts outstanding under the Company's existing
term loan facilities and to pay related fees and expenses, and (ii)
a $40.0 million senior secured first
lien revolving facility due 2027 (the "New Revolving Credit
Facility"), which was undrawn at close. The refinancing transaction
simultaneously lowered the principal amount of debt outstanding by
approximately $40 million, reduced
annualized cash interest expense by approximately $10 million, relative to the level incurred for
the full year 2021, expanded the Company's revolver capacity to
$40.0 million, and extended key debt
maturities.
The total principal amount of debt outstanding, as of
March 31, 2022, was $575.7 million compared to $615.7 million at December
31, 2021. Total net debt, which is the principal amount
of debt outstanding less cash and cash equivalents, as of
March 31, 2022 was approximately
$542.8 million, conveying a
Total Net Debt Leverage Ratio of 4.2 times(4).
First quarter 2022 capital expenditures totaled $11.5 million, primarily comprised of
$6.7 million in growth capital
expenditures, which reflect costs associated with
the placement of additional units into the Company's leased
installed base, and $3.9 million
in intangible capital expenditures, inclusive of capitalized
internal software development costs. For the full year 2022, we
expect to incur consolidated capital expenditures of
$56 million to $62 million.
2022 Net Leverage Target
Supported by our encouraging start to 2022 and the operating
momentum we continue to see within the business, we remain
confident in our ability to deliver upon our previously issued
year-end 2022 net leverage target of less than 4.0x.
(4)
|
Total Adjusted EBITDA
and Total Net Debt Leverage Ratio are non-GAAP measures, see
non-GAAP reconciliation below.
|
|
|
Conference Call and Webcast
AGS leadership will host a conference call to review the
Company's first quarter 2022 results on May 5, 2022, at 5 p.m.
EDT. Participants may access a live webcast of the
conference call, along with a slide presentation reviewing the
quarterly results, at the Company's Investor Relations
website http://investors.playags.com. A replay of the webcast will
be available on the website following the live event. U.S. and
Canadian participants may access the call live by telephone by
calling +1 (844) 200-6205, while international participants should
call +1 (929) 526-1599. The conference call access code
is 536847.
Company Overview
AGS is a global company focused on creating a diverse mix of
entertaining gaming experiences for every kind of player. Our roots
are firmly planted in the Class II tribal gaming market, but our
customer-centric culture and remarkable growth have helped us
branch out to become one of the most all-inclusive commercial
gaming equipment suppliers in the world. Powered by high-performing
Class II and Class III slot products, an expansive table products
portfolio, highly rated social casino, real-money gaming solutions
for players and operators, and best-in-class service, we offer an
unmatched value proposition for our casino partners. Learn more
at playags.com.
AGS Investor & Media Contacts:
Brad Boyer, Senior Vice
President Corporate Operations and Investor
Relations
bboyer@playags.com
Julia Boguslawski, Chief
Marketing Officer
jboguslawski@playags.com
©2022 PlayAGS, Inc. Products referenced herein are sold by
AGS LLC or other subsidiaries of PlayAGS, Inc. Solely for
convenience, marks, trademarks and trade names referred to in this
press release appear without the ® and
TM and SM symbols, but such references are
not intended to indicate, in any way, that PlayAGS, Inc. will not
assert, to the fullest extent under applicable law, its rights or
the rights of the applicable licensor to these marks, trademarks
and trade names.
Forward-Looking Statement
This release contains, and oral statements made from time to
time by our representatives may contain, forward-looking statements
based on management's current expectations and projections, which
are intended to qualify for the safe harbor of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding the proposed public
offering and other statements identified by words such as
"believe," "will," "may," "might," "likely," "expect,"
"anticipates," "intends," "plans," "seeks," "estimates,"
"believes," "continues," "projects" and similar references to
future periods, or by the inclusion of forecasts or projections.
All forward-looking statements are based on current expectations
and projections of future events.
These forward-looking statements reflect the current views,
models, and assumptions of AGS, and are subject to various risks
and uncertainties that cannot be predicted or qualified and could
cause actual results in AGS's performance to differ materially from
those expressed or implied by such forward looking statements.
These risks and uncertainties include, but are not limited to, the
ability of AGS to maintain strategic alliances, unit placements or
installations, grow revenue, garner new market share, secure new
licenses in new jurisdictions, successfully develop or place
proprietary product, comply with regulations, have its games
approved by relevant jurisdictions, the effects of COVID-19 on the
Company's business and results of operations and other factors set
forth under Item 1. "Business," Item 1A. "Risk Factors" in AGS's
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission. All forward-looking statements made herein are
expressly qualified in their entirety by these cautionary
statements and there can be no assurance that the actual results,
events or developments referenced herein will occur or be realized.
Readers are cautioned that all forward-looking statements speak
only to the facts and circumstances present as of the date of this
press release. AGS expressly disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
PLAYAGS,
INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(amounts in
thousands, except share and per share data)
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
2022
|
|
|
2021
|
Assets
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
32,932
|
|
|
$
|
94,977
|
Restricted cash
|
|
|
20
|
|
|
|
20
|
Accounts receivable, net of allowance of $2,141 and $1,993,
respectively
|
|
|
54,747
|
|
|
|
49,426
|
Inventories
|
|
|
31,362
|
|
|
|
27,534
|
Prepaid expenses
|
|
|
7,683
|
|
|
|
4,878
|
Deposits and other
|
|
|
8,823
|
|
|
|
8,240
|
Total current
assets
|
|
|
135,567
|
|
|
|
185,075
|
Property and equipment,
net
|
|
|
72,679
|
|
|
|
74,916
|
Goodwill
|
|
|
287,270
|
|
|
|
285,546
|
Intangible
assets
|
|
|
156,629
|
|
|
|
160,044
|
Deferred tax
asset
|
|
|
7,571
|
|
|
|
7,333
|
Operating lease
assets
|
|
|
12,932
|
|
|
|
12,503
|
Other assets
|
|
|
6,705
|
|
|
|
7,394
|
Total assets
|
|
$
|
679,353
|
|
|
$
|
732,811
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
13,154
|
|
|
$
|
9,439
|
Accrued liabilities
|
|
|
37,967
|
|
|
|
39,165
|
Current maturities of long-term debt
|
|
|
6,200
|
|
|
|
6,877
|
Total current
liabilities
|
|
|
57,321
|
|
|
|
55,481
|
Long-term
debt
|
|
|
552,668
|
|
|
|
599,281
|
Deferred tax liability,
non-current
|
|
|
2,891
|
|
|
|
2,653
|
Operating lease
liabilities, long-term
|
|
|
12,220
|
|
|
|
11,871
|
Other long-term
liabilities
|
|
|
20,604
|
|
|
|
21,954
|
Total
liabilities
|
|
|
645,704
|
|
|
|
691,240
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
|
Preferred stock at $0.01 par value; 50,000,000 shares
authorized, no shares issued and outstanding
|
|
|
-
|
|
|
|
-
|
Common stock at $0.01 par value; 450,000,000 shares
authorized at March 31, 2022 and at
December 31, 2021; and 37,102,382 and
36,943,770 shares issued and outstanding at March 31, 2022 and
December 31, 2021, respectively
|
|
|
371
|
|
|
|
369
|
Additional paid-in capital
|
|
|
395,837
|
|
|
|
392,161
|
Accumulated deficit
|
|
|
(357,493)
|
|
|
|
(344,889)
|
Accumulated other comprehensive loss
|
|
|
(5,066)
|
|
|
|
(6,070)
|
Total stockholders'
equity
|
|
|
33,649
|
|
|
|
41,571
|
Total liabilities and
stockholders' equity
|
|
$
|
679,353
|
|
|
$
|
732,811
|
PLAYAGS,
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
(amounts in
thousands, except per share data)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2022
|
|
|
2021
|
Revenues
|
|
|
|
|
|
|
|
Gaming operations
|
|
$
|
53,164
|
|
|
$
|
44,416
|
Equipment sales
|
|
|
19,693
|
|
|
|
10,943
|
Total
revenues
|
|
|
72,857
|
|
|
|
55,359
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of gaming
operations(5)
|
|
|
10,269
|
|
|
|
8,676
|
Cost of equipment
sales(5)
|
|
|
9,787
|
|
|
|
3,468
|
Selling, general and
administrative
|
|
|
17,951
|
|
|
|
12,608
|
Research and
development
|
|
|
10,210
|
|
|
|
8,060
|
Write-downs and other
charges
|
|
|
93
|
|
|
|
724
|
Depreciation and
amortization
|
|
|
18,869
|
|
|
|
18,408
|
Total operating
expenses
|
|
|
67,179
|
|
|
|
51,944
|
Income from
operations
|
|
|
5,678
|
|
|
|
3,415
|
Other expense
(income)
|
|
|
|
|
|
|
|
Interest expense
|
|
|
9,473
|
|
|
|
10,981
|
Interest income
|
|
|
(209)
|
|
|
|
(288)
|
Loss on extinguishment and
modification of debt
|
|
|
8,549
|
|
|
|
-
|
Other expense
(income)
|
|
|
(8)
|
|
|
|
147
|
Loss before income
taxes
|
|
|
(12,127)
|
|
|
|
(7,425)
|
Income tax
expense
|
|
|
(467)
|
|
|
|
(345)
|
Net
loss
|
|
|
(12,594)
|
|
|
|
(7,770)
|
Foreign currency
translation adjustment
|
|
|
1,004
|
|
|
|
(862)
|
Total comprehensive
loss
|
|
$
|
(11,590)
|
|
|
$
|
(8,632)
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per common share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.34)
|
|
|
$
|
(0.21)
|
Diluted
|
|
$
|
(0.34)
|
|
|
$
|
(0.21)
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
36,990
|
|
|
|
36,466
|
Diluted
|
|
|
36,990
|
|
|
|
36,466
|
(5)
|
Exclusive of
depreciation and amortization.
|
|
|
PLAYAGS,
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (in thousands)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2022
|
|
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,594)
|
|
|
$
|
(7,770)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
18,869
|
|
|
|
18,408
|
Accretion of contract rights under development agreements and
placement fees
|
|
|
1,631
|
|
|
|
1,706
|
Amortization of deferred loan costs and discount
|
|
|
920
|
|
|
|
1,104
|
Write-off of deferred loan costs and discount
|
|
|
1,586
|
|
|
|
-
|
Cash paid for debt prepayment penalties to prior debt
holders
|
|
|
848
|
|
|
|
-
|
Stock-based compensation expense
|
|
|
5,825
|
|
|
|
1,632
|
Provision for bad debts
|
|
|
105
|
|
|
|
118
|
Loss on disposition of long-lived assets
|
|
|
93
|
|
|
|
71
|
Impairment of assets
|
|
|
-
|
|
|
|
653
|
Provision for deferred income tax (benefit)
|
|
|
199
|
|
|
|
59
|
Changes in assets and
liabilities that relate to operations:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(5,264)
|
|
|
|
(3,887)
|
Inventories
|
|
|
(3,273)
|
|
|
|
921
|
Prepaid expenses
|
|
|
(2,797)
|
|
|
|
(4,408)
|
Deposits and other
|
|
|
(491)
|
|
|
|
(408)
|
Other assets,
non-current
|
|
|
1,930
|
|
|
|
1,339
|
Accounts payable and accrued
liabilities
|
|
|
(517)
|
|
|
|
155
|
Net cash provided by
operating activities
|
|
|
7,070
|
|
|
|
9,693
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Business acquisitions, net of cash acquired
|
|
|
(4,750)
|
|
|
|
-
|
Proceeds from payments on customer notes
receivable
|
|
|
137
|
|
|
|
-
|
Software development and other expenditures
|
|
|
(3,853)
|
|
|
|
(3,766)
|
Proceeds from disposition of assets
|
|
|
5
|
|
|
|
11
|
Purchases of property and equipment
|
|
|
(7,688)
|
|
|
|
(6,109)
|
Net cash used in
investing activities
|
|
|
(16,149)
|
|
|
|
(9,864)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Repayment of first lien credit facilities
|
|
|
(521,215)
|
|
|
|
(1,347)
|
Repayment of incremental term loans
|
|
|
(93,575)
|
|
|
|
(238)
|
Payment of financed placement fee obligations
|
|
|
(1,287)
|
|
|
|
(1,217)
|
Proceeds from term loans
|
|
|
569,250
|
|
|
|
-
|
Payment of deferred loan costs
|
|
|
(4,838)
|
|
|
|
-
|
Payment of debt prepayment penalties to prior debt
holders
|
|
|
(848)
|
|
|
|
-
|
Payments of previous acquisition obligation
|
|
|
(154)
|
|
|
|
(113)
|
Payments on finance leases and other obligations
|
|
|
(291)
|
|
|
|
(525)
|
Repurchase of stock
|
|
|
(10)
|
|
|
|
(778)
|
Net cash used in
financing activities
|
|
|
(52,968)
|
|
|
|
(4,218)
|
Effect of exchange rates on cash and cash
equivalents
|
|
|
2
|
|
|
|
(1)
|
Net increase in
cash, cash equivalents and restricted cash
|
|
|
(62,045)
|
|
|
|
(4,390)
|
Cash, cash
equivalents and restricted cash, beginning of period
|
|
|
94,997
|
|
|
|
81,709
|
Cash, cash
equivalents and restricted cash, end of period
|
|
$
|
32,952
|
|
|
$
|
77,319
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
Leased assets obtained in exchange for new operating lease
liabilities
|
|
$
|
956
|
|
|
$
|
-
|
Leased assets obtained in exchange for new finance lease
liabilities
|
|
$
|
35
|
|
|
$
|
288
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
To provide investors with additional information in connection
with our results as determined by generally accepted accounting
principles in the United States
("GAAP"), we disclose the following non-GAAP financial measures:
total Adjusted EBITDA, total Adjusted EBITDA margin, total net debt
leverage ratio, and Free Cash Flow. These measures are not
financial measures calculated in accordance with GAAP and should
not be considered as a substitute for net income, operating income,
cash flows, or any other measure calculated in accordance with
GAAP, and may not be comparable to similarly titled measures
reported by other companies.
Total Adjusted EBITDA
This press release and accompanying schedules provide certain
information regarding Adjusted EBITDA, which is considered a
non-GAAP financial measure under the rules of the Securities and
Exchange Commission.
We believe that the presentation of total Adjusted EBITDA is
appropriate to provide additional information to investors about
certain material non-cash items that we do not expect to continue
at the same level in the future, as well as other items we do not
consider indicative of our ongoing operating performance. Further,
we believe total Adjusted EBITDA provides a meaningful measure of
operating profitability because we use it for evaluating our
business performance, making budgeting decisions, and comparing our
performance against that of other peer companies using similar
measures. It also provides management and investors with additional
information to estimate our value.
Total Adjusted EBITDA is not a presentation made in accordance
with GAAP. Our use of the term total Adjusted EBITDA may vary from
others in our industry. Total Adjusted EBITDA should not be
considered as an alternative to operating income or net income.
Total Adjusted EBITDA has important limitations as an analytical
tool, and you should not consider it in isolation or as a
substitute for the analysis of our results as reported under
GAAP.
Our definition of total Adjusted EBITDA allows us to add back
certain non-cash charges that are deducted in calculating net
income and to deduct certain gains that are included in calculating
net income. However, these expenses and gains vary greatly, and are
difficult to predict. They can represent the effect of long-term
strategies as opposed to short-term results. In addition, in the
case of charges or expenses, these items can represent the
reduction of cash that could be used for other corporate purposes.
Due to these limitations, we rely primarily on our GAAP results,
such as net loss, (loss) income from operations, EGM Adjusted
EBITDA, Table Products Adjusted EBITDA or Interactive Adjusted
EBITDA and use Total Adjusted EBITDA only supplementally.
The total Adjusted EBITDA discussion above is also applicable to
its margin measure, which is calculated as total Adjusted EBITDA as
a percentage of Total Revenue.
The following table presents a reconciliation of total Adjusted
EBITDA to net loss, which is the most comparable GAAP measure:
Total Adjusted
EBITDA Reconciliation
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,594)
|
|
|
$
|
(7,770)
|
|
|
$
|
(4,824)
|
|
|
|
62.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
467
|
|
|
|
345
|
|
|
|
122
|
|
|
|
35.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
18,869
|
|
|
|
18,408
|
|
|
|
461
|
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
of interest income and other
|
|
|
9,256
|
|
|
|
10,840
|
|
|
|
(1,584)
|
|
|
|
(14.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment
and modification of debt(6)
|
|
|
8,549
|
|
|
|
-
|
|
|
|
8,549
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Write-downs and
other(7)
|
|
|
93
|
|
|
|
724
|
|
|
|
(631)
|
|
|
|
(87.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
adjustments(8)
|
|
|
111
|
|
|
|
(38)
|
|
|
|
149
|
|
|
|
(392.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-cash
charges(9)
|
|
|
2,190
|
|
|
|
2,181
|
|
|
|
9
|
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation(10)
|
|
|
5,825
|
|
|
|
1,632
|
|
|
|
4,193
|
|
|
|
256.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted
EBITDA
|
|
$
|
32,766
|
|
|
$
|
26,322
|
|
|
$
|
6,444
|
|
|
|
24.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except Adjusted EBITDA margin)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
2021
|
|
|
$
Change
|
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
$
|
72,857
|
|
|
$
|
55,359
|
|
|
$
|
17,498
|
|
|
|
31.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted
EBITDA
|
|
$
|
32,766
|
|
|
$
|
26,322
|
|
|
$
|
6,444
|
|
|
|
24.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted EBITDA
margin
|
|
|
45.0
|
%
|
|
|
47.5
|
%
|
|
|
(2.5)
|
%
|
|
(250 bps)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Loss on
extinguishment and modification of debt primarily relates to
the refinancing of long-term debt, in which deferred loan costs and
discounts related to old senior secured credit facilities were
written-off.
|
(7) Write-downs and
other includes items related to loss on disposal or impairment
of long-lived assets and fair value adjustments to contingent
consideration.
|
(8) Other
adjustments are primarily composed of the
following:
|
•
|
Costs and inventory and
receivable valuation charges associated with the COVID-19 pandemic,
professional fees incurred for projects, costs incurred related to
public offerings, contract cancellation fees and other transaction
costs deemed to be non-operating in nature;
|
|
|
•
|
Acquisition and
integration related costs related to the purchase of businesses and
to integrate operations and obtain costs synergies;
|
|
|
•
|
Restructuring and
severance costs, which primarily relate to costs incurred through
the restructuring of the Company's operations from time to time and
other employee severance costs recognized in the periods presented;
and
|
|
|
•
|
Legal and litigation
related costs, which consist of payments to law firms and
settlements for matters that are outside the normal course of
business.
|
(9) Other
non-cash charges are costs related to non-cash charges and
losses on the disposition of assets, non-cash charges on
capitalized installation and delivery, which primarily includes the
costs to acquire contracts that are expensed over the estimated
life of each contract, and non-cash charges related to accretion of
contract rights under development agreements.
|
(10) Non-cash
stock-based compensation includes non-cash compensation
expense related to grants of options, restricted stock, and other
equity awards.
|
|
|
Total Net Debt Leverage Ratio Reconciliation
The following table presents a reconciliation of total net debt
and total net debt leverage ratio:
(Amounts in
thousands, except net debt leverage ratio)
|
|
March
31,
|
|
|
December
31,
|
|
|
2022
|
|
|
2021
|
Total principal amount
of debt
|
|
$
|
575,727
|
|
|
$
|
615,743
|
Less: Cash and cash
equivalents
|
|
|
32,932
|
|
|
|
94,977
|
Total net debt
|
|
$
|
542,795
|
|
|
$
|
520,766
|
LTM Adjusted
EBITDA
|
|
$
|
129,031
|
|
|
$
|
122,587
|
Total net debt leverage ratio
|
|
|
4.2
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
Free Cash Flow
This schedule provides certain information regarding Free Cash
Flow, which is considered a non-GAAP financial measure under the
rules of the Securities and Exchange Commission.
We define Free Cash Flow as net cash provided by operating
activities less cash outlays related to capital expenditures. We
define capital expenditures to include purchase of intangible
assets, software development and other expenditures, and purchases
of property and equipment. In arriving at Free Cash Flow, we
subtract cash outlays related to capital expenditures from net cash
provided by operating activities because they represent long-term
investments that are required for normal business activities. As a
result, subject to the limitations described below, Free Cash Flow
is a useful measure of our cash available to repay debt and/or make
other investments.
Free Cash Flow adjusts for cash items that are ultimately within
management's discretion to direct, and therefore, may imply that
there is less or more cash that is available than the most
comparable GAAP measure. Free Cash Flow is not intended to
represent residual cash flow for discretionary expenditures since
debt repayment requirements and other non-discretionary
expenditures are not deducted. These limitations are best addressed
by using Free Cash Flow in combination with the GAAP cash flow
numbers.
The following table presents a reconciliation of Free Cash
Flow:
(Amounts in
thousands)
|
|
Three Months
Ended March
31, 2022
|
Net cash provided by
operating activities
|
|
$
|
7,070
|
Software development
and other expenditures
|
|
|
(3,853)
|
Purchases of property
and equipment
|
|
|
(7,688)
|
Free Cash Flow
|
|
$
|
(4,471)
|
|
|
|
(Amounts in
thousands)
|
|
Three Months
Ended March
31, 2021
|
Net cash provided by
operating activities
|
|
$
|
9,693
|
Software development
and other expenditures
|
|
|
(3,766)
|
Purchases of property
and equipment
|
|
|
(6,109)
|
Free Cash Flow
|
|
$
|
(182)
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ags-reports-first-quarter-2022-results-301541130.html
SOURCE AGS