In Q4 2022, net income totaled $2.5m as opposed to a net loss of $9.1m during the same period the previous year.
The fourth quarter of 2022 was the third in a row that the company produced a positive net income.
Gaming operations or recurring revenue grew 8% from the previous year and surpassed $57m for the first time. Recurring revenue accounted for approximately 95% of Q4 2022 total segment revenue.
Total adjusted EBITDA increased approximately 16% to a record $37.3m.
Table Products revenue advanced 22% versus the prior year, while EGM revenue too increased by nearly 17%, paced by EGM sales revenue growth of over 40%, and the achievement of quarterly record domestic EGM gaming operations revenue.
David Lopez, AGS President and CEO, said: “Our record-setting fourth quarter results reflect the accelerating returns we continue to realize on investments made into our R&D, sales and product management teams over the past several years.
“Looking ahead to 2023, I see a set of company-specific growth catalysts forming within all three segments of our business that should allow our recent operating momentum to continue.”
Kimo Akiona, AGS CFO, said: “We exited 2022 with net leverage inside of 4.0x, consistent with the expectations articulated at the start of the year.
“As we move forward into 2023, our organisation remains squarely focused on maximizing free cash flow and further reducing the amount of leverage on our balance sheet.”
Around 1,800 progressive units were installed by the company by the end of the fourth quarter of 2022, an increase of more than 25% year-over-year.
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