AGS Reports Third Quarter 2020 Results
Third Quarter 2020 Highlights:
- Nearly All of our Customers' Casinos Have Reopened as of September 30, 2020
- Net Loss of $11.1 Million Improved from $42.6 Million Net Loss in the 2020 Second Quarter
- Adjusted EBITDA Increased to $27.0 Million Compared to Loss of $1.2 Million in the 2020 Second Quarter
- Generated Positive Cash from Operations and FCF in the Quarter, Ahead of Internal Expectations
- Recurring Revenue Base Produced Resilient Results, with over 14,500 Domestic EGMs Active at Quarter End
- New Hardware Gaining Traction with over 150 Orion Curve Cabinets and More Than 50 Orion Starwall Seats Installed as of September 30, 2020
- $113.2 Million of Available Liquidity as of September 30, 2020; Fully Repaid $30.0 Million Revolver in October 2020
LAS VEGAS, Nov. 5, 2020 /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 financial results for the third quarter ended September 30, 2020.
AGS President and Chief Executive Officer David Lopez said, "I am extremely proud of how our team came together to offset the challenges brought upon by the COVID-19 pandemic to deliver better than expected third quarter 2020 financial results. Our employees' experiences throughout the pandemic will only help to strengthen their collective resolve, in turn propelling AGS to emerge a stronger and more nimble company as the world gradually returns to normal."
Lopez added, "I continue to believe AGS has its strongest pipeline of new product and game themes in the Company's history, positioning our EGM segment for greater success in the quarters ahead. I am particularly enthused about the prospects for our domestic EGM recurring revenue business, supported by the continued outperformance of our initial Starwallinstalls, and believe improved hardware and game content position us to command our fair share of future unit placements. Additionally, I remain encouraged by the strategic growth opportunities emerging within our table games segment and look for our interactive performance to continue to improve as additional states contemplate the introduction of real money online gaming legislation."
AGS Chief Financial Officer Kimo Akiona added, "Our third quarter financial performance improved dramatically compared to the 2020 second quarter, with revenues, net loss, and adjusted EBITDA improving sharply on a sequential basis. Importantly, we were free cash flow positive in the quarter, allowing us to report a strong liquidity position of $113.2 million at quarter end. Given our better-than-expected third quarter financial performance and growing comfort with our resulting liquidity position, we elected to fully repay the $30 million outstanding on our revolving credit facility, subsequent to quarter end."
The full release is available at http://investors.playags.com/news/press-releases/press-release-details/2020/AGS-Reports-Third-Quarter-2020-Results/default.aspx.
- Nearly All of our Customers' Casinos Have Reopened as of September 30, 2020
- Net Loss of $11.1 Million Improved from $42.6 Million Net Loss in the 2020 Second Quarter
- Adjusted EBITDA Increased to $27.0 Million Compared to Loss of $1.2 Million in the 2020 Second Quarter
- Generated Positive Cash from Operations and FCF in the Quarter, Ahead of Internal Expectations
- Recurring Revenue Base Produced Resilient Results, with over 14,500 Domestic EGMs Active at Quarter End
- New Hardware Gaining Traction with over 150 Orion Curve Cabinets and More Than 50 Orion Starwall Seats Installed as of September 30, 2020
- $113.2 Million of Available Liquidity as of September 30, 2020; Fully Repaid $30.0 Million Revolver in October 2020
LAS VEGAS, Nov. 5, 2020 /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 financial results for the third quarter ended September 30, 2020.
AGS President and Chief Executive Officer David Lopez said, "I am extremely proud of how our team came together to offset the challenges brought upon by the COVID-19 pandemic to deliver better than expected third quarter 2020 financial results. Our employees' experiences throughout the pandemic will only help to strengthen their collective resolve, in turn propelling AGS to emerge a stronger and more nimble company as the world gradually returns to normal."
Lopez added, "I continue to believe AGS has its strongest pipeline of new product and game themes in the Company's history, positioning our EGM segment for greater success in the quarters ahead. I am particularly enthused about the prospects for our domestic EGM recurring revenue business, supported by the continued outperformance of our initial Starwallinstalls, and believe improved hardware and game content position us to command our fair share of future unit placements. Additionally, I remain encouraged by the strategic growth opportunities emerging within our table games segment and look for our interactive performance to continue to improve as additional states contemplate the introduction of real money online gaming legislation."
AGS Chief Financial Officer Kimo Akiona added, "Our third quarter financial performance improved dramatically compared to the 2020 second quarter, with revenues, net loss, and adjusted EBITDA improving sharply on a sequential basis. Importantly, we were free cash flow positive in the quarter, allowing us to report a strong liquidity position of $113.2 million at quarter end. Given our better-than-expected third quarter financial performance and growing comfort with our resulting liquidity position, we elected to fully repay the $30 million outstanding on our revolving credit facility, subsequent to quarter end."
The full release is available at http://investors.playags.com/news/press-releases/press-release-details/2020/AGS-Reports-Third-Quarter-2020-Results/default.aspx.
