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PlayAGS (AGS) Financials

Annual Income Statements for PlayAGS

This table shows PlayAGS's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-8.04	0.43	52
Consolidated Net Income / (Loss)	-8.04	0.43	52
Net Income / (Loss) Continuing Operations	-8.04	0.43	52
Total Pre-Tax Income	-10	1.71	19
Total Operating Income	38	57	72
Total Gross Profit	223	251	277
Total Revenue	309	357	395
Operating Revenue	309	357	395
Total Cost of Revenue	87	105	118
Operating Cost of Revenue	87	105	118
Total Operating Expenses	185	194	204
Selling, General & Admin Expense	68	73	79
Research & Development Expense	40	42	47
Depreciation Expense	76	77	79
Other Operating Expenses / (Income)	1.92	1.43	0.47
Total Other Income / (Expense), net	-48	-56	-53
Interest Expense	49	57	55
Interest & Investment Income	1.06	1.86	2.54
Other Income / (Expense), net	-0.13	-0.11	-0.47
Income Tax Expense	-2.23	1.29	-33
Basic Earnings per Share	($0.22)	$0.01	$1.20
Weighted Average Basic Shares Outstanding	37.28M	38.17M	40.05M
Diluted Earnings per Share	($0.22)	$0.01	$1.20
Weighted Average Diluted Shares Outstanding	37.28M	38.19M	40.14M
Weighted Average Basic & Diluted Shares Outstanding	37.80M	39.22M	41.26M

This table shows PlayAGS's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.48	2.54	-0.33	0.85	-0.16	0.07	4.35	0.44	2.43	44
Consolidated Net Income / (Loss)	0.48	2.54	-0.33	0.85	-0.16	0.07	4.35	0.44	2.43	44
Net Income / (Loss) Continuing Operations	0.48	2.54	-0.33	0.85	-0.16	0.07	4.35	0.44	2.43	44
Total Pre-Tax Income	-1.40	1.60	-1.52	1.34	0.79	1.12	5.01	0.55	3.60	9.95
Total Operating Income	9.03	13	12	15	15	16	20	14	17	21
Total Gross Profit	56	59	59	65	63	65	68	68	69	72
Total Revenue	78	82	83	90	89	94	96	97	99	103
Operating Revenue	78	82	83	90	89	94	96	97	99	103
Total Cost of Revenue	22	23	24	25	27	29	28	28	31	31
Operating Cost of Revenue	22	23	24	25	27	29	28	28	31	31
Total Operating Expenses	47	45	47	50	48	49	48	54	51	50
Selling, General & Admin Expense	17	16	17	20	19	17	18	23	19	19
Research & Development Expense	9.70	9.68	11	11	9.73	11	11	12	12	12
Depreciation Expense	19	19	19	19	19	20	19	20	20	19
Other Operating Expenses / (Income)	1.39	-	-	0.43	-0.01	-	-0.02	0.13	0.55	-0.18
Total Other Income / (Expense), net	-10	-12	-13	-14	-14	-15	-15	-13	-14	-11
Interest Expense	10	13	14	14	15	15	16	13	14	13
Interest & Investment Income	0.31	0.33	0.36	0.32	0.59	0.59	0.69	0.68	0.66	0.51
Other Income / (Expense), net	-0.45	0.58	0.08	0.01	0.26	-0.46	0.14	-0.41	-0.94	0.74
Income Tax Expense	-1.88	-0.94	-1.19	0.48	0.94	1.05	0.66	0.11	1.17	-34
Basic Earnings per Share	$0.01	$0.07	($0.01)	$0.02	$0.00	-	$0.11	$0.01	$0.06	$1.02
Weighted Average Basic Shares Outstanding	37.24M	37.28M	37.81M	37.92M	38.16M	38.17M	39.21M	39.70M	40.30M	40.05M
Diluted Earnings per Share	$0.01	$0.07	($0.01)	$0.02	$0.00	-	$0.10	$0.01	$0.06	$1.03
Weighted Average Diluted Shares Outstanding	37.24M	37.28M	37.81M	37.92M	38.16M	38.19M	39.35M	39.78M	40.35M	40.14M
Weighted Average Basic & Diluted Shares Outstanding	37.76M	37.80M	37.92M	38.03M	38.71M	39.22M	39.45M	40.24M	40.93M	41.26M

This table details how cash moves in and out of PlayAGS's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-57	13	-4.08
Net Cash From Operating Activities	78	86	101
Net Cash From Continuing Operating Activities	78	86	101
Net Income / (Loss) Continuing Operations	-8.04	0.43	52
Consolidated Net Income / (Loss)	-8.04	0.43	52
Depreciation Expense	76	77	79
Amortization Expense	2.80	2.57	2.37
Non-Cash Adjustments To Reconcile Net Income	22	20	17
Changes in Operating Assets and Liabilities, net	-14	-13	-48
Net Cash From Investing Activities	-72	-59	-72
Net Cash From Continuing Investing Activities	-72	-59	-72
Purchase of Property, Plant & Equipment	-48	-38	-47
Acquisitions	-4.75	-0.18	0.00
Sale of Property, Plant & Equipment	0.03	0.02	0.25
Sale and/or Maturity of Investments	1.87	3.08	0.00
Other Investing Activities, net	-21	-23	-25
Net Cash From Financing Activities	-63	-14	-34
Net Cash From Continuing Financing Activities	-63	-14	-34
Repayment of Debt	-625	-5.75	-21
Repurchase of Common Equity	-0.20	-0.35	-4.95
Issuance of Debt	569	0.00	0.00
Other Financing Activities, net	-6.98	-8.08	-7.85
Other Net Changes in Cash	0.01	0.07	-0.08
Cash Interest Paid	37	54	51
Cash Income Taxes Paid	0.81	1.80	2.90

This table details how cash moves in and out of PlayAGS's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-5.41	4.44	-12	9.45	8.86	7.29	-11	3.85	0.73	1.94
Net Cash From Operating Activities	18	25	4.17	26	30	26	26	32	22	21
Net Cash From Continuing Operating Activities	18	25	4.17	26	30	26	26	32	22	21
Net Income / (Loss) Continuing Operations	0.48	2.54	-0.33	0.85	-0.16	0.07	4.35	0.44	2.43	44
Consolidated Net Income / (Loss)	0.48	2.54	-0.33	0.85	-0.16	0.07	4.35	0.44	2.43	44
Depreciation Expense	19	19	19	19	19	20	19	20	20	19
Amortization Expense	0.63	0.64	0.63	0.64	0.65	0.66	0.60	0.58	0.59	0.60
Non-Cash Adjustments To Reconcile Net Income	3.99	3.04	4.30	5.43	4.73	5.15	4.54	3.90	4.36	3.70
Changes in Operating Assets and Liabilities, net	-6.37	0.38	-20	0.15	5.76	0.30	-2.59	6.84	-5.30	-47
Net Cash From Investing Activities	-20	-18	-13	-13	-17	-15	-15	-23	-18	-16
Net Cash From Continuing Investing Activities	-20	-18	-13	-13	-17	-15	-15	-23	-18	-16
Purchase of Property, Plant & Equipment	-14	-14	-8.74	-9.57	-10	-9.90	-9.43	-17	-11	-9.95
Sale of Property, Plant & Equipment	0.01	0.02	0.01	-	-	0.01	0.01	0.00	0.01	0.23
Other Investing Activities, net	-5.59	-5.69	-4.97	-5.86	-7.02	-5.52	-5.85	-6.32	-6.63	-5.99
Net Cash From Financing Activities	-3.42	-3.14	-3.38	-3.18	-3.86	-3.76	-22	-4.85	-3.36	-3.69
Net Cash From Continuing Financing Activities	-3.42	-3.14	-3.38	-3.18	-3.86	-3.76	-22	-4.85	-3.36	-3.69
Repayment of Debt	-1.74	-0.52	-1.44	-1.44	-1.44	-1.44	-16	-1.44	-1.44	-1.44
Repurchase of Common Equity	-0.19	-	-0.03	-	-0.32	-	-1.66	-2.78	-0.20	-0.32
Other Financing Activities, net	-1.48	-2.62	-1.92	-1.75	-2.10	-2.33	-3.57	-0.63	-1.72	-1.93
Other Net Changes in Cash	0.00	0.01	-0.01	0.06	-0.01	0.02	0.02	-0.05	-0.06	0.02

This table presents PlayAGS's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	685	680	710
Total Current Assets	146	165	178
Cash & Equivalents	38	51	38
Restricted Cash	0.02	0.24	8.79
Accounts Receivable	60	68	86
Inventories, net	35	36	33
Prepaid Expenses	4.02	5.47	6.68
Other Current Assets	8.93	4.15	5.27
Plant, Property, & Equipment, net	82	79	80
Total Noncurrent Assets	456	436	452
Goodwill	288	290	287
Intangible Assets	142	123	115
Noncurrent Deferred & Refundable Income Taxes	7.89	7.68	39
Other Noncurrent Operating Assets	19	15	12
Total Liabilities & Shareholders' Equity	685	680	710
Total Liabilities	635	613	597
Total Current Liabilities	59	48	48
Short-Term Debt	6.06	6.25	6.59
Accounts Payable	15	5.41	7.27
Accrued Expenses	37	36	34
Total Noncurrent Liabilities	577	565	549
Long-Term Debt	550	547	530
Noncurrent Deferred & Payable Income Tax Liabilities	2.05	2.33	0.00
Other Noncurrent Operating Liabilities	25	15	19
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	49	68	113
Total Preferred & Common Equity	49	68	113
Preferred Stock	0.00	0.00	0.00
Total Common Equity	49	68	113
Common Stock	407	418	428
Retained Earnings	-353	-353	-306
Accumulated Other Comprehensive Income / (Loss)	-4.33	2.63	-8.42

This table presents PlayAGS's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	685	676	681	684	667	667	665
Total Current Assets	144	144	154	160	158	162	169
Cash & Equivalents	33	25	35	44	40	44	45
Restricted Cash	0.02	0.22	0.23	0.23	0.22	0.20	0.22
Accounts Receivable	58	65	67	68	71	75	78
Inventories, net	36	38	39	37	37	33	36
Prepaid Expenses	6.73	6.31	6.80	5.91	6.71	4.91	4.99
Other Current Assets	9.70	9.55	6.98	5.21	3.58	4.05	4.28
Plant, Property, & Equipment, net	79	80	79	80	77	82	81
Total Noncurrent Assets	462	452	447	444	431	423	415
Goodwill	287	289	290	290	291	289	288
Intangible Assets	147	137	133	129	118	113	109
Noncurrent Deferred & Refundable Income Taxes	7.34	8.28	8.69	8.55	7.78	7.12	6.69
Other Noncurrent Operating Assets	21	17	16	16	14	13	12
Total Liabilities & Shareholders' Equity	685	676	681	684	667	667	665
Total Liabilities	641	621	620	621	594	597	594
Total Current Liabilities	60	48	49	52	47	53	50
Short-Term Debt	6.09	6.04	6.12	6.27	6.24	6.23	6.28
Accounts Payable	18	10	10	9.46	5.02	10	9.82
Accrued Expenses	36	32	33	37	36	36	34
Total Noncurrent Liabilities	581	573	570	569	547	544	543
Long-Term Debt	551	549	549	548	532	531	530
Noncurrent Deferred & Payable Income Tax Liabilities	3.48	2.45	2.54	2.99	2.54	2.69	3.10
Other Noncurrent Operating Liabilities	27	21	19	17	12	10	10
Total Equity & Noncontrolling Interests	44	55	61	63	73	69	71
Total Preferred & Common Equity	44	55	61	63	73	69	71
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	44	55	61	63	73	69	71
Common Stock	405	409	412	415	420	424	426
Retained Earnings	-356	-353	-353	-353	-351	-353	-351
Accumulated Other Comprehensive Income / (Loss)	-5.60	-0.92	1.81	0.46	3.56	-1.56	-4.22
Other Equity Adjustments	-	-	-	-	-	-	0.00

This table displays calculated financial ratios and metrics derived from PlayAGS's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	19.15%	15.22%	10.75%
EBITDA Growth	19.59%	17.78%	11.81%
EBIT Growth	104.33%	51.39%	25.57%
NOPAT Growth	92.71%	-46.05%	1,264.64%
Net Income Growth	64.40%	105.33%	11,966.59%
EPS Growth	64.52%	104.55%	11,900.00%
Operating Cash Flow Growth	-0.80%	10.93%	17.46%
Free Cash Flow Firm Growth	-71.91%	-0.23%	1,296.88%
Invested Capital Growth	2.69%	0.47%	5.68%
Revenue Q/Q Growth	3.86%	3.61%	2.29%
EBITDA Q/Q Growth	11.23%	2.48%	3.84%
EBIT Q/Q Growth	48.01%	2.80%	9.97%
NOPAT Q/Q Growth	43.98%	-80.15%	311.39%
Net Income Q/Q Growth	59.14%	-85.25%	609.02%
EPS Q/Q Growth	59.26%	-87.50%	605.88%
Operating Cash Flow Q/Q Growth	1.30%	1.54%	-4.83%
Free Cash Flow Firm Q/Q Growth	-26.45%	-82.40%	177.16%
Invested Capital Q/Q Growth	-0.04%	-0.59%	7.18%
Profitability Metrics	-	-	-
Gross Margin	71.99%	70.51%	70.10%
EBITDA Margin	37.54%	38.37%	38.74%
Operating Margin	12.27%	16.10%	18.34%
EBIT Margin	12.23%	16.07%	18.22%
Profit (Net Income) Margin	-2.60%	0.12%	13.08%
Tax Burden Percent	78.31%	24.99%	270.27%
Interest Burden Percent	-27.12%	2.99%	26.57%
Effective Tax Rate	0.00%	75.01%	-170.27%
Return on Invested Capital (ROIC)	4.74%	2.52%	33.37%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.98%	-0.21%	4.34%
Return on Net Nonoperating Assets (RNNOA)	-22.42%	-1.79%	23.89%
Return on Equity (ROE)	-17.67%	0.73%	57.26%
Cash Return on Invested Capital (CROIC)	2.09%	2.06%	27.85%
Operating Return on Assets (OROA)	5.34%	8.39%	10.35%
Return on Assets (ROA)	-1.13%	0.06%	7.43%
Return on Common Equity (ROCE)	-17.67%	0.73%	57.26%
Return on Equity Simple (ROE_SIMPLE)	-16.28%	0.63%	45.81%
Net Operating Profit after Tax (NOPAT)	27	14	196
NOPAT Margin	8.59%	4.02%	49.56%
Net Nonoperating Expense Percent (NNEP)	6.73%	2.73%	29.03%
Return On Investment Capital (ROIC_SIMPLE)	4.39%	2.31%	30.12%
Cost of Revenue to Revenue	28.01%	29.49%	29.90%
SG&A Expenses to Revenue	21.89%	20.54%	19.90%
R&D to Revenue	12.81%	11.89%	11.82%
Operating Expenses to Revenue	59.72%	54.42%	51.76%
Earnings before Interest and Taxes (EBIT)	38	57	72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	116	137	153
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	3.90	4.82	4.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.62	0.92	1.20
Price to Earnings (P/E)	0.00	762.49	9.14
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.13%	10.94%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.45	1.60
Enterprise Value to Revenue (EV/Rev)	2.30	2.32	2.44
Enterprise Value to EBITDA (EV/EBITDA)	6.12	6.06	6.29
Enterprise Value to EBIT (EV/EBIT)	18.79	14.47	13.37
Enterprise Value to NOPAT (EV/NOPAT)	26.74	57.81	4.91
Enterprise Value to Operating Cash Flow (EV/OCF)	9.15	9.62	9.50
Enterprise Value to Free Cash Flow (EV/FCFF)	60.65	70.90	5.89
Leverage & Solvency	-	-	-
Debt to Equity	11.27	8.18	4.76
Long-Term Debt to Equity	11.14	8.09	4.70
Financial Leverage	11.32	8.72	5.50
Leverage Ratio	15.59	11.66	7.70
Compound Leverage Factor	-4.23	0.35	2.05
Debt to Total Capital	91.85%	89.11%	82.65%
Short-Term Debt to Total Capital	1.00%	1.01%	1.01%
Long-Term Debt to Total Capital	90.85%	88.10%	81.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	8.15%	10.89%	17.35%
Debt to EBITDA	4.79	4.05	3.51
Net Debt to EBITDA	4.46	3.67	3.20
Long-Term Debt to EBITDA	4.74	4.00	3.47
Debt to NOPAT	20.92	38.62	2.74
Net Debt to NOPAT	19.50	35.05	2.50
Long-Term Debt to NOPAT	20.70	38.18	2.71
Altman Z-Score	0.25	0.60	0.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	2.50	3.48	3.71
Quick Ratio	1.67	2.51	2.60
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	12	12	163
Operating Cash Flow to CapEx	161.63%	224.83%	215.89%
Free Cash Flow to Firm to Interest Expense	0.24	0.20	2.95
Operating Cash Flow to Interest Expense	1.58	1.50	1.83
Operating Cash Flow Less CapEx to Interest Expense	0.60	0.83	0.98
Efficiency Ratios	-	-	-
Asset Turnover	0.44	0.52	0.57
Accounts Receivable Turnover	5.66	5.55	5.11
Inventory Turnover	2.75	2.94	3.43
Fixed Asset Turnover	3.93	4.43	4.97
Accounts Payable Turnover	7.02	10.18	18.62
Days Sales Outstanding (DSO)	64.48	65.73	71.39
Days Inventory Outstanding (DIO)	132.50	124.08	106.26
Days Payable Outstanding (DPO)	51.97	35.85	19.60
Cash Conversion Cycle (CCC)	145.01	153.96	158.05
Capital & Investment Metrics	-	-	-
Invested Capital	568	570	603
Invested Capital Turnover	0.55	0.63	0.67
Increase / (Decrease) in Invested Capital	15	2.65	32
Enterprise Value (EV)	711	829	962
Market Capitalization	193	326	472
Book Value per Share	$1.31	$1.75	$2.75
Tangible Book Value per Share	($10.08)	($8.94)	($7.05)
Total Capital	606	621	650
Total Debt	556	554	537
Total Long-Term Debt	550	547	530
Net Debt	518	503	490
Capital Expenditures (CapEx)	48	38	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	56	73	89
Debt-free Net Working Capital (DFNWC)	94	124	136
Net Working Capital (NWC)	88	118	130
Net Nonoperating Expense (NNE)	35	14	144
Net Nonoperating Obligations (NNO)	518	503	490
Total Depreciation and Amortization (D&A)	78	80	81
Debt-free, Cash-free Net Working Capital to Revenue	18.02%	20.44%	22.62%
Debt-free Net Working Capital to Revenue	30.27%	34.79%	34.55%
Net Working Capital to Revenue	28.31%	33.04%	32.88%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($0.22)	$0.01	$1.20
Adjusted Weighted Average Basic Shares Outstanding	37.28M	38.17M	40.05M
Adjusted Diluted Earnings per Share	($0.22)	$0.01	$1.20
Adjusted Weighted Average Diluted Shares Outstanding	37.28M	38.19M	40.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.80M	39.22M	41.26M
Normalized Net Operating Profit after Tax (NOPAT)	27	40	51
Normalized NOPAT Margin	8.59%	11.27%	12.84%
Pre Tax Income Margin	-3.32%	0.48%	4.84%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.77	1.00	1.30
NOPAT to Interest Expense	0.54	0.25	3.53
EBIT Less CapEx to Interest Expense	-0.21	0.33	0.45
NOPAT Less CapEx to Interest Expense	-0.44	-0.42	2.69
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.50%	81.07%	9.59%

This table displays calculated financial ratios and metrics derived from PlayAGS's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.32%	16.39%	14.16%	17.30%	14.21%	15.19%	15.39%	7.69%	10.96%	9.38%
EBITDA Growth	12.28%	54.63%	24.02%	17.23%	21.88%	9.99%	26.52%	-1.57%	7.75%	15.49%
EBIT Growth	45.90%	698.97%	107.95%	58.20%	72.16%	11.13%	68.61%	-11.42%	11.74%	41.84%
NOPAT Growth	28.81%	1,545.85%	106.87%	5.62%	-145.65%	-95.48%	109.01%	15.30%	508.30%	9,802.31%
Net Income Growth	126.03%	127.95%	97.35%	-44.81%	-132.77%	-97.36%	1,400.90%	-48.30%	1,658.97%	66,210.45%
EPS Growth	120.00%	128.00%	97.06%	-50.00%	-100.00%	0.00%	1,100.00%	-50.00%	0.00%	0.00%
Operating Cash Flow Growth	-3.46%	4.14%	-41.06%	-7.65%	69.12%	5.21%	531.75%	23.12%	-26.49%	-19.42%
Free Cash Flow Firm Growth	-87.15%	-77.95%	-179.23%	-184.88%	-329.09%	-126.14%	284.32%	287.62%	366.21%	3,842.10%
Invested Capital Growth	0.45%	2.69%	4.46%	4.60%	1.02%	0.47%	-2.34%	-3.24%	-1.98%	5.68%
Revenue Q/Q Growth	2.19%	4.44%	1.76%	8.00%	-0.51%	5.34%	1.94%	0.80%	2.51%	3.84%
EBITDA Q/Q Growth	-3.91%	17.88%	-4.85%	8.77%	-0.10%	6.38%	9.46%	-15.38%	9.35%	14.03%
EBIT Q/Q Growth	-9.96%	63.41%	-15.72%	27.59%	-2.02%	5.48%	27.87%	-32.97%	23.60%	33.90%
NOPAT Q/Q Growth	-30.52%	236.97%	-61.40%	16.88%	-130.03%	133.38%	1,683.74%	-35.52%	6.35%	709.61%
Net Income Q/Q Growth	-69.13%	433.82%	-113.14%	354.79%	-118.33%	142.95%	6,385.07%	-89.87%	452.73%	1,726.81%
EPS Q/Q Growth	-75.00%	600.00%	-114.29%	300.00%	-100.00%	0.00%	0.00%	-90.00%	500.00%	1,616.67%
Operating Cash Flow Q/Q Growth	-36.52%	42.25%	-83.42%	516.87%	16.25%	-11.51%	-0.45%	20.22%	-30.59%	-2.99%
Free Cash Flow Firm Q/Q Growth	-79.79%	69.80%	-359.94%	4.87%	45.44%	80.62%	1,932.64%	-3.16%	-22.59%	172.39%
Invested Capital Q/Q Growth	2.18%	-0.04%	2.99%	-0.57%	-1.31%	-0.59%	0.11%	-1.48%	-0.03%	7.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.59%	71.70%	71.04%	72.16%	70.03%	68.94%	71.11%	70.55%	69.23%	69.57%
EBITDA Margin	35.99%	40.62%	37.99%	38.25%	38.41%	38.79%	41.65%	34.97%	37.30%	40.96%
Operating Margin	11.54%	16.45%	14.12%	16.78%	16.25%	17.05%	20.63%	14.24%	17.60%	20.75%
EBIT Margin	10.97%	17.17%	14.22%	16.79%	16.54%	16.56%	20.77%	13.81%	16.66%	21.48%
Profit (Net Income) Margin	0.61%	3.11%	-0.40%	0.95%	-0.17%	0.07%	4.53%	0.45%	2.45%	43.14%
Tax Burden Percent	-34.00%	158.42%	21.93%	63.75%	-19.87%	6.00%	86.80%	80.44%	67.50%	446.38%
Interest Burden Percent	-16.31%	11.43%	-12.88%	8.85%	5.31%	7.16%	25.11%	4.09%	21.81%	45.00%
Effective Tax Rate	0.00%	-58.42%	0.00%	36.25%	119.87%	94.00%	13.20%	19.56%	32.50%	-346.38%
Return on Invested Capital (ROIC)	4.25%	14.40%	5.53%	6.27%	-1.95%	0.64%	11.45%	7.54%	8.08%	62.38%
ROIC Less NNEP Spread (ROIC-NNEP)	3.13%	10.75%	3.90%	4.58%	-1.42%	0.47%	8.95%	5.44%	6.21%	52.11%
Return on Net Nonoperating Assets (RNNOA)	35.97%	121.72%	46.51%	48.53%	-13.72%	4.06%	71.89%	42.06%	46.60%	286.65%
Return on Equity (ROE)	40.22%	136.11%	52.03%	54.80%	-15.67%	4.70%	83.34%	49.60%	54.67%	349.03%
Cash Return on Invested Capital (CROIC)	2.81%	2.09%	90.18%	1,911.10%	11.64%	2.06%	9.39%	10.36%	10.38%	27.85%
Operating Return on Assets (OROA)	4.59%	7.49%	6.71%	8.18%	8.31%	8.65%	11.43%	7.71%	9.54%	12.20%
Return on Assets (ROA)	0.25%	1.36%	-0.19%	0.46%	-0.09%	0.04%	2.49%	0.25%	1.40%	24.51%
Return on Common Equity (ROCE)	40.22%	136.11%	52.03%	54.80%	-15.67%	4.70%	83.34%	49.60%	54.67%	349.03%
Return on Equity Simple (ROE_SIMPLE)	-44.47%	0.00%	7.69%	5.75%	4.63%	0.00%	7.00%	6.77%	10.28%	0.00%
Net Operating Profit after Tax (NOPAT)	6.32	21	8.22	9.61	-2.89	0.96	17	11	12	95
NOPAT Margin	8.08%	26.06%	9.89%	10.70%	-3.23%	1.02%	17.91%	11.45%	11.88%	92.64%
Net Nonoperating Expense Percent (NNEP)	1.12%	3.65%	1.62%	1.69%	-0.53%	0.18%	2.50%	2.10%	1.87%	10.27%
Return On Investment Capital (ROIC_SIMPLE)	-	3.52%	-	-	-	0.16%	-	-	-	14.68%
Cost of Revenue to Revenue	28.41%	28.30%	28.96%	27.84%	29.97%	31.06%	28.89%	29.45%	30.77%	30.43%
SG&A Expenses to Revenue	21.67%	20.08%	20.69%	21.95%	21.76%	17.92%	18.87%	23.54%	19.20%	18.12%
R&D to Revenue	12.40%	11.84%	12.97%	12.20%	10.89%	11.59%	11.38%	12.08%	11.82%	11.98%
Operating Expenses to Revenue	60.05%	55.25%	56.92%	55.38%	53.78%	51.90%	50.48%	56.31%	51.62%	48.82%
Earnings before Interest and Taxes (EBIT)	8.59	14	12	15	15	16	20	13	17	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	28	33	32	34	34	37	40	34	37	42
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.45	3.90	4.92	3.48	3.95	4.82	4.83	6.54	6.47	4.19
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.66	0.62	0.85	0.64	0.72	0.92	0.95	1.21	1.19	1.20
Price to Earnings (P/E)	0.00	0.00	63.96	60.62	85.45	762.49	68.97	96.62	62.92	9.14
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	1.56%	1.65%	1.17%	0.13%	1.45%	1.04%	1.59%	10.94%
Enterprise Value to Invested Capital (EV/IC)	1.27	1.25	1.37	1.26	1.32	1.45	1.49	1.68	1.69	1.60
Enterprise Value to Revenue (EV/Rev)	2.42	2.30	2.50	2.20	2.21	2.32	2.30	2.52	2.46	2.44
Enterprise Value to EBITDA (EV/EBITDA)	6.90	6.12	6.54	5.76	5.68	6.06	5.86	6.55	6.45	6.29
Enterprise Value to EBIT (EV/EBIT)	28.19	18.79	18.19	14.82	13.62	14.47	13.00	14.87	14.52	13.37
Enterprise Value to NOPAT (EV/NOPAT)	39.03	26.74	1.48	0.07	10.50	57.81	20.96	23.43	19.97	4.91
Enterprise Value to Operating Cash Flow (EV/OCF)	9.39	9.15	10.69	10.10	8.94	9.62	7.85	8.28	8.93	9.50
Enterprise Value to Free Cash Flow (EV/FCFF)	45.23	60.65	1.55	0.07	11.42	70.90	15.67	15.98	16.12	5.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	12.60	11.27	10.10	9.02	8.84	8.18	7.38	7.74	7.57	4.76
Long-Term Debt to Equity	12.46	11.14	9.99	8.92	8.74	8.09	7.30	7.65	7.49	4.70
Financial Leverage	11.51	11.32	11.91	10.59	9.67	8.72	8.03	7.74	7.50	5.50
Leverage Ratio	15.70	15.59	15.30	13.94	12.80	11.66	10.50	10.30	10.09	7.70
Compound Leverage Factor	-2.56	1.78	-1.97	1.23	0.68	0.83	2.64	0.42	2.20	3.47
Debt to Total Capital	92.64%	91.85%	90.99%	90.02%	89.84%	89.11%	88.07%	88.56%	88.34%	82.65%
Short-Term Debt to Total Capital	1.01%	1.00%	0.99%	0.99%	1.01%	1.01%	1.02%	1.03%	1.03%	1.01%
Long-Term Debt to Total Capital	91.63%	90.85%	90.00%	89.03%	88.82%	88.10%	87.05%	87.54%	87.30%	81.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	7.36%	8.15%	9.01%	9.98%	10.16%	10.89%	11.93%	11.44%	11.66%	17.35%
Debt to EBITDA	5.33	4.79	4.54	4.36	4.16	4.05	3.71	3.72	3.64	3.51
Net Debt to EBITDA	5.01	4.46	4.33	4.08	3.83	3.67	3.43	3.41	3.34	3.20
Long-Term Debt to EBITDA	5.28	4.74	4.49	4.31	4.11	4.00	3.67	3.67	3.60	3.47
Debt to NOPAT	30.18	20.92	1.03	0.05	7.68	38.62	13.28	13.30	11.28	2.74
Net Debt to NOPAT	28.36	19.50	0.98	0.05	7.07	35.05	12.28	12.20	10.33	2.50
Long-Term Debt to NOPAT	29.85	20.70	1.02	0.05	7.59	38.18	13.12	13.15	11.15	2.71
Altman Z-Score	0.08	0.13	0.23	0.23	0.28	0.40	0.47	0.54	0.60	0.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.39	2.50	2.99	3.12	3.04	3.48	3.38	3.06	3.35	3.71
Quick Ratio	1.52	1.67	1.86	2.05	2.12	2.51	2.38	2.25	2.45	2.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3.79	6.44	-17	-16	-8.69	-1.68	31	30	23	63
Operating Cash Flow to CapEx	125.53%	184.69%	47.74%	268.52%	294.53%	267.33%	279.46%	190.94%	196.46%	219.21%
Free Cash Flow to Firm to Interest Expense	0.37	0.51	-1.22	-1.13	-0.60	-0.11	1.98	2.22	1.70	4.97
Operating Cash Flow to Interest Expense	1.72	1.97	0.30	1.83	2.05	1.76	1.69	2.35	1.62	1.68
Operating Cash Flow Less CapEx to Interest Expense	0.35	0.90	-0.33	1.15	1.35	1.10	1.08	1.12	0.79	0.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.44	0.47	0.49	0.50	0.52	0.55	0.56	0.57	0.57
Accounts Receivable Turnover	5.42	5.66	5.36	5.56	5.48	5.55	5.45	5.31	5.29	5.11
Inventory Turnover	2.61	2.75	2.60	2.48	2.73	2.94	2.90	3.12	3.18	3.43
Fixed Asset Turnover	3.85	3.93	4.19	4.31	4.31	4.43	4.69	4.66	4.80	4.97
Accounts Payable Turnover	5.54	7.02	7.70	6.50	7.14	10.18	14.09	10.95	12.04	18.62
Days Sales Outstanding (DSO)	67.34	64.48	68.12	65.66	66.65	65.73	67.00	68.74	68.99	71.39
Days Inventory Outstanding (DIO)	139.92	132.50	140.26	147.32	133.66	124.08	125.67	117.16	114.82	106.26
Days Payable Outstanding (DPO)	65.89	51.97	47.42	56.14	51.11	35.85	25.90	33.34	30.33	19.60
Cash Conversion Cycle (CCC)	141.37	145.01	160.95	156.84	149.21	153.96	166.77	152.55	153.48	158.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	568	568	585	581	574	570	571	562	562	603
Invested Capital Turnover	0.53	0.55	0.56	0.59	0.60	0.63	0.64	0.66	0.68	0.67
Increase / (Decrease) in Invested Capital	2.53	15	25	26	5.81	2.65	-14	-19	-11	32
Enterprise Value (EV)	721	711	800	734	759	829	850	947	950	962
Market Capitalization	197	193	270	214	248	326	352	454	458	472
Book Value per Share	$1.19	$1.31	$1.45	$1.62	$1.65	$1.75	$1.86	$1.76	$1.76	$2.75
Tangible Book Value per Share	($10.48)	($10.08)	($9.83)	($9.53)	($9.37)	($8.94)	($8.58)	($8.44)	($8.09)	($7.05)
Total Capital	601	606	610	616	617	621	611	607	607	650
Total Debt	557	556	555	555	555	554	538	537	537	537
Total Long-Term Debt	551	550	549	549	548	547	532	531	530	530
Net Debt	524	518	530	520	511	503	498	493	491	490
Capital Expenditures (CapEx)	14	14	8.73	9.57	10	9.89	9.42	17	11	9.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	56	56	77	76	69	73	77	71	80	89
Debt-free Net Working Capital (DFNWC)	90	94	102	111	113	124	118	115	125	136
Net Working Capital (NWC)	84	88	96	105	107	118	112	109	118	130
Net Nonoperating Expense (NNE)	5.85	19	8.56	8.76	-2.73	0.90	13	11	9.35	51
Net Nonoperating Obligations (NNO)	524	518	530	520	511	503	498	493	491	490
Total Depreciation and Amortization (D&A)	20	19	20	19	20	21	20	20	20	20
Debt-free, Cash-free Net Working Capital to Revenue	18.85%	18.02%	23.95%	22.82%	20.19%	20.44%	20.92%	18.75%	20.61%	22.62%
Debt-free Net Working Capital to Revenue	30.08%	30.27%	31.96%	33.34%	32.95%	34.79%	31.91%	30.56%	32.31%	34.55%
Net Working Capital to Revenue	28.04%	28.31%	30.07%	31.50%	31.13%	33.04%	30.22%	28.91%	30.68%	32.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	$0.07	($0.01)	$0.02	$0.00	$0.00	$0.11	$0.01	$0.06	$1.02
Adjusted Weighted Average Basic Shares Outstanding	37.24M	37.28M	37.81M	37.92M	38.16M	38.17M	39.21M	39.70M	40.30M	40.05M
Adjusted Diluted Earnings per Share	$0.01	$0.07	($0.01)	$0.02	$0.00	$0.00	$0.10	$0.01	$0.06	$1.03
Adjusted Weighted Average Diluted Shares Outstanding	37.24M	37.28M	37.81M	37.92M	38.16M	38.19M	39.35M	39.78M	40.35M	40.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	37.76M	37.80M	37.92M	38.03M	38.71M	39.22M	39.45M	40.24M	40.93M	41.26M
Normalized Net Operating Profit after Tax (NOPAT)	6.32	9.41	8.37	9.61	10	11	17	11	12	15
Normalized NOPAT Margin	8.08%	11.52%	10.06%	10.70%	11.37%	11.93%	17.91%	11.45%	11.88%	14.53%
Pre Tax Income Margin	-1.79%	1.96%	-1.83%	1.49%	0.88%	1.19%	5.22%	0.57%	3.63%	9.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.83	1.10	0.86	1.07	1.01	1.04	1.28	0.99	1.22	1.74
NOPAT to Interest Expense	0.61	1.67	0.60	0.68	-0.20	0.06	1.10	0.82	0.87	7.53
EBIT Less CapEx to Interest Expense	-0.53	0.03	0.23	0.39	0.32	0.38	0.67	-0.24	0.39	0.98
NOPAT Less CapEx to Interest Expense	-0.75	0.60	-0.04	0.00	-0.89	-0.59	0.50	-0.41	0.04	6.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.03%	-2.50%	5.16%	6.17%	11.96%	81.07%	38.67%	101.21%	63.62%	9.59%

Financials Breakdown Chart

Key Financial Trends

PlayAGS (NYSE: AGS) has released quarterly data across 2021–2024. Below is a concise, investor-focused trend snapshot based on the last four years of quarterly income statements, cash flow statements, and balance sheets. Items are categorized as positive, neutral, or negative, with positives shown first.

Q4 2024 operating revenue rose to $102,983,000, up about 9.5% year-over-year from Q4 2023’s $94,151,000.
Q4 2024 gross margin was roughly 69% (Gross Profit $71,648,000 on $102,983,000 revenue), essentially unchanged from or modestly higher than Q4 2023’s margin (~68.9%).
Q4 2024 total operating income improved to $21,373,000 from $3,603,000 in Q4 2023, signaling meaningful operating leverage gains.
Q4 2024 net income attributable to common shareholders jumped to $44,428,000 from a negligible amount in Q4 2023, marking a substantial profitability expansion.
Q4 2024 diluted earnings per share (EPS) reached $1.03, up from $0.11 in Q4 2023, reflecting higher net income per share despite similar share counts.
Across Q3 2024 and Q4 2024, net cash from continuing operating activities remained positive and in the low-to-mid $20s millions per quarter (Q3 2024: $21.966m; Q4 2024: $21.309m), indicating ongoing cash generation from core operations.
Long-term debt remained elevated in the 2023–2024 period (roughly $531–$548 million), with total liabilities around $593–$597 million, pointing to a high leverage base that may constrain flexibility.
Retained earnings were negative (roughly -$351 to -$355 million), with total equity around $69–$71 million, highlighting an ongoing deficit and a thin equity cushion.
Net cash from continuing investing activities was negative in Q4 2024 (about -$15.7 million) and similar in neighboring quarters, indicating ongoing capex and other investments that compress near-term free cash flow.
Overall liabilities remain substantial relative to cash flow generation, and ongoing debt service could limit near-term strategic flexibility if operating conditions change.

05/06/26 10:06 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About PlayAGS's Financials

When does PlayAGS's fiscal year end?

According to the most recent income statement we have on file, PlayAGS's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has PlayAGS's net income changed over the last 2 years?

PlayAGS's net income appears to be on an upward trend, with a most recent value of $51.65 million in 2024, falling from -$8.04 million in 2022. The previous period was $428 thousand in 2023.

What is PlayAGS's operating income?

PlayAGS's total operating income in 2024 was $72.41 million, based on the following breakdown:

Total Gross Profit: $276.80 million
Total Operating Expenses: $204.39 million

How has PlayAGS's revenue changed over the last 2 years?

Over the last 2 years, PlayAGS's total revenue changed from $309.44 million in 2022 to $394.87 million in 2024, a change of 27.6%.

How much debt does PlayAGS have?

PlayAGS's total liabilities were at $596.86 million at the end of 2024, a 2.6% decrease from 2023, and a 6.1% decrease since 2022.

How much cash does PlayAGS have?

In the past 2 years, PlayAGS's cash and equivalents has ranged from $37.89 million in 2022 to $50.94 million in 2023, and is currently $38.31 million as of their latest financial filing in 2024.

How has PlayAGS's book value per share changed over the last 2 years?

Over the last 2 years, PlayAGS's book value per share changed from 1.31 in 2022 to 2.75 in 2024, a change of 110.7%.

Related Companies

Financial statements for NYSE:AGS last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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PlayAGS (AGS) Financials

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PlayAGS (AGS) Financials

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