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Playags, Inc. (AGS) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Playags, Inc.

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CIK: 1593548 Ticker: AGS


Exhibit 99.1


AGS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 RESULTS

•
Fourth Quarter Revenue of $72.1 Million Grew 25% Year-Over-Year
•
Record Annual Revenue of $285.3 Million Grew 35% Year-Over-Year
•
Fourth Quarter Net Loss of $10.3 Million Increased 21% Year-Over-Year
•
Annual Net Loss of $20.8 Million Improved 54% Year-Over-Year
•
Fourth Quarter Adjusted EBITDA (non-GAAP) of $31.5 Million Grew 19% Year-Over-Year
•
Record Annual Adjusted EBITDA (non-GAAP) of $136.2 Million Grew 27% Year-Over-Year
•
Record Annual EGM Units Sold of 4,387 Grew 71% Year-Over-Year
•
Record Annual Recurring Revenue of $201.8 Million Grew 19% Year-Over-Year


LAS VEGAS, March 5, 2019 - PlayAGS, Inc. (NYSE: AGS) ("AGS", "us", "we" or the "Company") today reported operating results for its fourth quarter and full year ended December 31, 2018.

“We ended our first year as a public company with a solid fourth quarter and 35% growth in annual revenue,” said Chief Executive Officer David Lopez. “Our continued top line growth, increased operating cash, and free cash flow generation reflects the industry-leading performance of our products and AGS’ unique position given how underrepresented we are in the market. These two factors contributed to our phenomenal growth in electronic gaming machines (“EGMs”), ending the year with more than 4,300 sold units, a 71% increase from fiscal 2017. We kicked off 2019 with the close of our acquisition of Integrity Gaming Corp., which bolsters our recurring revenue footprint and provides long-term optimization opportunities. With new product and content launches, further penetration of both new and early-entry markets, and international expansion, AGS is positioned for another high-growth year in 2019."

Summary of the quarter and year ended December 31, 2018 and 2017
(In thousands, except per-share and unit data)
 
Three Months Ended December 31,
 
Year Ended December 31,
 
2018
 
2017
 
% Change
 
2018
 
2017
 
% Change
Revenues
 
 
 
 
 
 
 
 
 
 
 
EGM
$
68,664

 
$
54,184

 
26.7
 %
 
$
271,025

 
$
199,931

 
35.6
 %
Table Products
2,137

 
1,623

 
31.7
 %
 
7,651

 
4,065

 
88.2
 %
Interactive
1,294

 
1,854

 
(30.2
)%
 
6,623

 
7,959

 
(16.8
)%
Total revenue
72,095

 
57,661

 
25.0
 %
 
285,299

 
211,955

 
34.6
 %
Operating income / (loss)
1,918

 
861

 
122.8
 %
 
25,290

 
14,502

 
74.4
 %
Net loss
(10,345
)
 
(8,520
)
 
21.4
 %
 
(20,846
)
 
(45,106
)
 
(53.8
)%
Loss per share
(0.29
)
 
(0.37
)
 
(21.6
)%
 
(0.61
)
 
(1.94
)
 
(68.6
)%
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
EGM
32,174

 
26,335

 
22.2
 %
 
137,371

 
107,785

 
27.4
 %
Table Products
258

 
193

 
33.7
 %
 
942

 
(528
)
 
(278.4
)%
Interactive
(884
)
 
(79
)
 
1,019
 %
 
(2,107
)
 
(416
)
 
406.5
 %
Total adjusted EBITDA(1)
$
31,548

 
$
26,449

 
19.3
 %
 
$
136,206

 
$
106,841

 
27.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
EGM units sold
1,159

 
697

 
66.3
 %
 
4,387

 
2,565

 
71.0
 %
EGM total installed base, end of period
24,647

 
23,805

 
3.5
 %
 
24,647

 
23,805

 
3.5
 %
(1) Adjusted EBITDA is a non-GAAP measure, see non-GAAP reconciliation below.




The following information was filed by Playags, Inc. (AGS) on Tuesday, March 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule I - Balance Sheet (Details)
Schedule I - Cash Flow (Details)
Schedule I - Footnote Disclosures (Details)
Schedule I - Income Statement (Details)
Schedule I [Schedule]
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii - Valuation And Qualifying Accounts [Schedule]
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders??? Equity/Member???S Deficit Statement
Consolidated Statements Of Operations And Comprehensive Loss
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Details)
Accounts Payable And Accrued Liabilities (Tables)
Acquisitions
Acquisitions - Acquired Intangible Assets (Details)
Acquisitions - Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Consideration Paid (Details)
Acquisitions - Narrative (Details)
Acquisitions (Tables)
Acquisitions - Revenue Since Business Combination (Details)
Acquisitions - Tangible Assets (Details)
Basic And Diluted Loss Per Share
Basic And Diluted Loss Per Share (Details)
Benefit Plans
Benefit Plans (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments (Details)
Description Of The Business And Summary Of Significant Accounting Policies
Description Of The Business And Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (Details)
Description Of The Business And Summary Of Significant Accounting Policies - Narrative (Details)
Description Of The Business And Summary Of Significant Accounting Policies - Revenue By Segment (Details)
Description Of The Business And Summary Of Significant Accounting Policies Description Of The Business And Summary Of Significant Accounting Policies (Tables)
Goodwill And Intangibles
Goodwill And Intangibles - Changes In Carrying Amount Of Goodwill (Details)
Goodwill And Intangibles - Narrative (Details)
Goodwill And Intangibles - Schedule Of Intangibles Assets (Details)
Goodwill And Intangibles (Tables)
Goodwill And Intangibles - Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Net Deferred Tax Liability (Details)
Income Taxes - Income Tax (Benefit) Expense (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Tax Expense (Details)
Income Taxes - Reconciliation Of Income Tax At The Federal Statutory Rate To The Actual Effective Income Tax Rate (Benefit) (Details)
Income Taxes - Unrecognized Tax Benefits Activity (Details)
Long-Term Debt
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Long-Term Debt - Senior Secured Credit Facilities Narrative (Details)
Long-Term Debt (Tables)
Long-Term Debt - Aggregate Contractual Future Principal Payments (Details)
Operating Segments
Operating Segments (Details)
Operating Segments (Tables)
Operating Segments - Geographic Segments (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Assumptions (Details)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Options Weighted Average Grant Date Fair Value (Details)
Share-Based Compensation - Restricted Stock Activity (Details)
Share-Based Compensation Summary Of Changes In Stock Options Outstanding (Details)
Significant Accounting Policies (Policies)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Write Downs And Other Charges
Write Downs And Other Charges (Details)
Ticker: AGS
CIK: 1593548
Form Type: 10-K Annual Report
Accession Number: 0001593548-19-000013
Submitted to the SEC: Tue Mar 05 2019 4:13:10 PM EST
Accepted by the SEC: Tue Mar 05 2019
Period: Monday, December 31, 2018
Industry: Miscellaneous Manufacturing Industries

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