AGS reports fourth quarter & full year 2021 results
PlayAGS, a designer and developer of equipment and services solutions for the global gaming industry, has reported operating results for the fourth quarter and full year ended 31 December 2021.
In addressing the Company’s fourth quarter and full year financial performance, 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.”
Mr. Lopez continued, “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. To that end, I would characterise 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.”
Kimo Akiona, AGS’ chief financial officer, added, “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 $10 million of annualised cash interest expense savings we expect to realise as a result of our recent refinancing transaction, and our organisational commitment to maximising free cash flow position us to deliver upon our year end net leverage target of less than 4.0x.”