PlayAGS Inc (AGS) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's AGS Q4 322 Earnings Conference Call. My name is Tamia, and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you. It is now my pleasure to pass the conference over to your host, Brad Boyer, Senior Vice President of Investor Relations.

下午好。感謝您參加今天的 AGS Q4 322 收益電話會議。我叫 Tamia，今天我將擔任你們的主持人。在通話的演示部分，所有線路都將靜音，最後有機會提問和回答。如果你。現在我很高興將會議轉交給你的主持人，投資者關係高級副總裁 Brad Boyer。

Thank you, operator, and good afternoon, everyone. Welcome to the PlayAGS Inc. Fourth Quarter and Full Year 2022 Earnings Conference Call. With me today are David Lopez, CEO; and Kimo Akiona, CFO. A slide presentation reviewing our key operational and financial highlights for the fourth quarter and full year ended December 31, 2022, can be found on our Investor Relations website, investors.playags.com.

謝謝接線員，大家下午好。歡迎參加 PlayAGS Inc. 2022 年第四季度和全年收益電話會議。今天和我在一起的是首席執行官大衛·洛佩茲 (David Lopez)；和首席財務官 Kimo Akiona。幻燈片演示回顧了我們截至 2022 年 12 月 31 日的第四季度和全年的主要運營和財務亮點，可在我們的投資者關係網站 investors.playags.com 上找到。

On today's call, we will provide an overview of our Q4 and full year 2022 financial performance and offer perspective on our current financial outlook for the business. This conference call will include the use of forward-looking statements. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement based on assumptions today.

在今天的電話會議上，我們將概述我們第四季度和 2022 年全年的財務業績，並提供對我們當前業務財務前景的看法。本次電話會議將使用前瞻性陳述。任何涉及未來事件的預期、預測或其他特徵的陳述，包括財務預測或未來市場狀況，都是基於當今假設的前瞻性陳述。

Actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update our disclosures. For more information about factors that may cause our actual results to differ materially from our forward-looking statements, please refer to the earnings press release we issued today as well as risks described in our annual report on Form 10-K, particularly in the section of these documents titled Risk Factors.

實際結果可能與這些前瞻性陳述中表達的結果存在重大差異，我們沒有義務更新我們的披露。有關可能導致我們的實際結果與我們的前瞻性陳述產生重大差異的因素的更多信息，請參閱我們今天發布的收益新聞稿以及我們在 10-K 表格的年度報告中描述的風險，特別是在第這些文件標題為風險因素。

Our commentary today will also include non-GAAP financial measures. We believe the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in our business. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

我們今天的評論還將包括非 GAAP 財務措施。我們相信，使用這些非 GAAP 財務指標為投資者提供了一種額外的工具，可用於評估我們業務的持續經營業績和趨勢。這些措施不應孤立於或替代根據公認會計原則編制的財務信息。

Reconciliation between GAAP and non-GAAP metrics for our reported results can be found in our earning release issued today. Please refer to our filings with the SEC for more information.

在我們今天發布的收益報告中可以找到我們報告結果的 GAAP 和非 GAAP 指標之間的對賬。有關更多信息，請參閱我們向美國證券交易委員會提交的文件。

With that, I would like to turn the call over to our CEO, David Lopez.

有了這個，我想把電話轉給我們的首席執行官大衛洛佩茲。

Thanks, Brad, and good afternoon, everyone. Q4 2022 was a record-setting quarter for AGS on many fronts. That said, I would like to highlight a few of the many impressive accomplishments from the quarter.

謝謝，布拉德，大家下午好。 2022 年第四季度是 AGS 在許多方面創紀錄的季度。也就是說，我想強調本季度許多令人印象深刻的成就中的一些。

Total company revenue increased 16% year-over-year to a record $82 million. Net income and adjusted EBITDA grew to quarterly records of $2.5 million and $37.3 million, respectively. Domestic EGM recurring revenue grew by 8% year-over-year to a record of over $47 million.

公司總收入同比增長 16%，達到創紀錄的 8200 萬美元。淨收入和調整後的 EBITDA 分別增長至 250 萬美元和 3730 萬美元的季度記錄。國內 EGM 經常性收入同比增長 8%，達到創紀錄的 4700 萬美元以上。

Global EGM unit sales increased by more than 35% year-over-year to over 1,100 units. Our premium EGM installed base increased by nearly 60% year-over-year, and table product revenue was up more than 20% year-over-year to approximately $4 million.

全球 EGM 單位銷量同比增長超過 35%，達到 1,100 多台。我們的高端 EGM 安裝基礎同比增長近 60%，餐桌產品收入同比增長 20% 以上，達到約 400 萬美元。

All of the highlights I just described were directly driven by the investments we have made into our R&D, sales and product management teams over the past several years. Looking back, it is remarkable to think how far we have come in such a short period of time.

我剛才描述的所有亮點都是由我們過去幾年對研發、銷售和產品管理團隊的投資直接驅動的。回想起來，我們在如此短的時間內取得瞭如此大的成就，真是了不起。

The payoff from these investments is not only reflected in our record-setting fourth quarter results, but also in the consistent improvement in our financial performance over the past several years. Here are a couple of high-level examples. First, total company revenues have now increased sequentially in each of the past 8 quarters, while adjusted EBITDA has made similar progress by growing in 7 of 8 quarters.

這些投資的回報不僅體現在我們創紀錄的第四季度業績上，還體現在我們過去幾年財務業績的持續改善上。這裡有幾個高級示例。首先，公司總收入在過去 8 個季度中的每個季度都環比增長，而調整後的 EBITDA 在 8 個季度中的 7 個季度取得了類似的增長。

Drilling a little deeper, domestic EGM RPD has held above the $30 level for the past 7 quarters, while our domestic EGM installed base has grown sequentially for 3 consecutive quarters. Looking ahead to 2023, I see a set of company-specific growth catalysts forming within all 3 segments of our business that should allow our operating momentum to continue.

再深入一點，過去 7 個季度，國內 EGM RPD 一直保持在 30 美元以上，而我們的國內 EGM 安裝基數連續 3 個季度連續增長。展望 2023 年，我看到在我們業務的所有 3 個部門中形成了一系列特定於公司的增長催化劑，這將使我們的經營勢頭得以延續。

Turning first to EGM sales. Our recently launched Vector cabinet continues to serve as the star of the show. Spectra has now achieved top billing in the Isles Cabinet report for 5 consecutive months with reported performance consistently exceeding 2x house average.

首先轉向 EGM 銷售。我們最近推出的 Vector 櫥櫃繼續成為展會的明星。 Spectra 現已連續 5 個月在 Isles Cabinet 報告中名列前茅，報告的業績始終超過房屋平均水平的 2 倍。

Spectra's launch titled, Long Valeo and Shamrock Fortunes continue to support the Cabinets chart-topping performance with each theme achieving a top 15 ranking for Aisles.

Spectra 推出的名為 Long Valeo 和 Shamrock Fortunes 的產品繼續支持 Cabinets 排行榜的頂級表現，每個主題都獲得了 Aisles 的前 15 名。

In addition to Spectra, our first 2 high-denomination games, Mega-Diamond and Golden Inferno continue to deliver strong game performance both inside and outside of the high limit route. Spectra and our High Denon Gamepack, Sirius 12 punch by enabling us to attack various segments of the operator's floor, contributing to an increase in our average order size.

除了 Spectra，我們的前 2 款高額遊戲 Mega-Diamond 和 Golden Inferno 繼續在高限額路線內外提供強勁的遊戲表現。 Spectra 和我們的 High Denon 遊戲包 Sirius 12 使我們能夠攻擊運營商樓層的各個部分，從而增加了我們的平均訂單量。

Shifting to the people side of the EGM business, recent investment in R&D, product management and sales should not only provide our team with a deeper and more diverse portfolio of products to sell, but it will also enhance market penetration in turn, strengthening returns on our investments.

轉向 EGM 業務的人員方面，近期在研發、產品管理和銷售方面的投資不僅應該為我們的團隊提供更深入、更多樣化的產品組合來銷售，而且還將反過來提高市場滲透率，加強回報我們的投資。

In 2023, we intend to nearly double our core game content releases as compared to the number launched in 2019, allowing for more shots on goal with our customers. Finally, we recently received state-level regulatory approval to begin selling our products into Colorado, Minnesota and Missouri, 3 states that collectively represent an addressable market of over 40,000 units. We plan to make our initial sales into these markets later this year.

與 2019 年發布的數量相比，我們打算在 2023 年將核心遊戲內容的發布數量增加近一倍，從而讓我們的客戶有更多機會射門。最後，我們最近獲得了州級監管機構的批准，可以開始將我們的產品銷售到科羅拉多州、明尼蘇達州和密蘇里州，這 3 個州共同代表了一個擁有超過 40,000 個單位的潛在市場。我們計劃在今年晚些時候在這些市場進行首次銷售。

Ultimately, I believe our unique blend of products, people and new market growth at Catalyst should allow us to increase our share of the domestic slot sales market in 2023. Moving on to our domestic EGM recurring revenue business. Although we have produced 12 consecutive quarters of premium footprint growth, we estimate we have only penetrated 65% of the addressable casino market for our products.

最終，我相信我們在 Catalyst 的產品、人員和新市場增長的獨特組合將使我們能夠在 2023 年增加我們在國內老虎機銷售市場的份額。繼續我們的國內 EGM 經常性收入業務。儘管我們已經連續 12 個季度實現保費足跡增長，但我們估計我們的產品僅滲透了 65% 的可尋址賭場市場。

That said, when viewed in conjunction with the over 25 new premium titles scheduled to launch throughout 2023, and the added diversity of our product offerings, we intend to expand upon our 15% premium unit mix as the year progresses. Additionally, we plan to further leverage the expanded scope of our core product portfolio and added capabilities of our product management team to further optimize the performance of our core unit footprint.

也就是說，結合計劃在整個 2023 年推出的超過 25 款新的優質遊戲，以及我們產品供應的多樣性，我們打算隨著時間的推移擴大我們 15% 的優質產品組合。此外，我們計劃進一步利用擴大的核心產品組合範圍和增加產品管理團隊的能力，進一步優化我們核心產品足蹟的性能。

All told, I believe the steady performance of our existing premium footprint, the opportunity for additional premium unit growth and our unique set of core unit optimization tools should allow us to improve upon our record 2022 recurring revenue performance.

總而言之，我相信我們現有保費足蹟的穩定表現、額外保費單位增長的機會以及我們獨特的核心單位優化工具集應該能讓我們在 2022 年創紀錄的經常性收入表現上有所改善。

Although it is still very early in the year, I would note, 2023 is off to a very encouraging start as we set new all-time monthly record for domestic EGM recurring revenue in January and trends through February remain on a similar trajectory.

儘管今年還很早，但我要指出，2023 年是一個非常令人鼓舞的開端，因為我們在 1 月份為國內 EGM 經常性收入創下了新的月度記錄，並且到 2 月份的趨勢仍保持類似的軌跡。

Looking beyond EGMs, I'm equally excited about the outlook for our Table Products business. PAX, our recently launched single-deck card shufflers off to a strong start with our footprint expanding to nearly 150 units at year-end. With PAX approval in all major North American markets and supported by the overwhelmingly positive customer feedback we continue to receive on the product, we believe we remain in the very early stages of realizing the product's true growth potential.

除了 EGM 之外，我對我們的餐桌產品業務的前景同樣感到興奮。 PAX，我們最近推出的單層洗牌機開局良好，年底我們的足跡擴大到近 150 台。憑藉 PAX 在所有主要北美市場的批准以及我們繼續收到的關於產品的壓倒性積極客戶反饋的支持，我們相信我們仍處於實現產品真正增長潛力的早期階段。

In addition to PAX, we also see accelerating demand for our bonus spin at extreme table game progressing. At year-end, BSX was installed in nearly 20 different gaming jurisdictions throughout the United States and Canada with an installed base of over 400 units.

除了 PAX，我們還看到在極端桌面遊戲中對我們的紅利旋轉的需求不斷增加。年底，BSX 在美國和加拿大近 20 個不同的博彩管轄區安裝，安裝基數超過 400 台。

Last but certainly not least, the growth prospects for our Interactive segment are as bright as they've ever been. Following the recent announcement of several impactful new customer wins, including Draft Kings and BCLC, our portfolio of over 30 proven AGS titles is now live in nearly every active North American jurisdiction and with all 5 of the highest revenue-generating operators in the United States, a group that collectively accounts for over 80% of market-wide GGR.

最後但並非最不重要的一點是，我們互動業務的增長前景一如既往地光明。在最近宣布贏得包括 Draft Kings 和 BCLC 在內的幾個有影響力的新客戶後，我們的 30 多個經過驗證的 AGS 產品組合現在幾乎在北美每個活躍的司法管轄區都有使用，並且與美國所有 5 個創收最高的運營商合作，這一群體合計佔整個市場 GGR 的 80% 以上。

Additionally, we believe recent strategic new hires on our technical and commercial teams should meaningfully transform the trajectory of the business by accelerating the flows of AGS game content into the online channel. In summary, I believe that with the investment we have made in people, along with the momentum and potential we have in all 3 product lines, we are on pace to challenge our record full year adjusted EBITDA performance in 2023.

此外，我們認為我們的技術和商業團隊最近的戰略性新員工應該通過加速 AGS 遊戲內容向在線渠道的流動來有意義地改變業務軌跡。總而言之，我相信，憑藉我們對人員的投資，以及我們在所有 3 條產品線中的勢頭和潛力，我們有望在 2023 年挑戰我們創紀錄的全年調整後 EBITDA 業績。

Before closing, I would like to address the topic that is usually reserved for (inaudible), the balance sheet and deleveraging, an area where I'm happy to report achievement of our year-end net leverage target of less than 4x.

在結束之前，我想談談通常為（聽不清）保留的主題，即資產負債表和去槓桿化，我很高興地報告我們實現了低於 4 倍的年終淨槓桿目標。

I want to reinforce our investors that as an organization, we are intently focused on increasing cash flow and reducing the amount of leverage on our balance sheet, the asset expense management, and the careful and calculated reinvestment in our products and installed base.

我想向我們的投資者強調，作為一個組織，我們專注於增加現金流和減少資產負債表上的槓桿、資產費用管理以及對我們的產品和安裝基礎進行仔細和計算的再投資。

To wrap up my comments, I would like to thank our AGS team members for their hard work and dedication throughout 2022. Without you, we cannot deliver the type of record results we reported today. I truly believe we have the strongest team and deepest product lineup in my tenure as CEO, and I am greatly encouraged by what lies ahead for our company in 2023 and beyond.

總結我的評論，我要感謝我們的 AGS 團隊成員在整個 2022 年的辛勤工作和奉獻精神。沒有你們，我們無法提供今天報告的創紀錄結果。我堅信，在我擔任首席執行官期間，我們擁有最強大的團隊和最豐富的產品陣容，我對公司 2023 年及以後的發展前景感到非常鼓舞。

With that, I will turn the call over to Kimo.

有了這個，我會把電話轉給 Kimo。

Thank you, David, and good afternoon, everyone. I would like to start off today's call by reviewing a few highlights from the fourth quarter and providing some perspective on how we see each of our business segments trending as we look forward into 2023.

謝謝你，大衛，大家下午好。在今天的電話會議開始之際，我想回顧一下第四季度的一些亮點，並就我們展望 2023 年時我們如何看待每個業務部門的趨勢提供一些觀點。

I will also address a few items related to our balance sheet and close by sharing some thoughts on our free cash flow outlook for the current year. Unless otherwise noted, all of my forward-looking commentary contemplates macroeconomic conditions that are relatively consistent with those we are experiencing today.

我還將討論與我們的資產負債表相關的一些項目，並通過分享我們對本年度自由現金流前景的一些想法來結束。除非另有說明，否則我所有的前瞻性評論都考慮了與我們今天所經歷的相對一致的宏觀經濟狀況。

Turning first to our domestic EGM gaming operations business, Fourth quarter revenue increased 8% year-over-year and 13% versus Q4 of 2019 to a new company record of approximately $47 million. Our domestic EGM installed base increased sequentially for the third consecutive quarter, while domestic EGM RPD exceeded $30 for the seventh quarter in a row.

首先轉向我們的國內 EGM 遊戲運營業務，第四季度收入同比增長 8%，與 2019 年第四季度相比增長 13%，達到約 4700 萬美元的新公司記錄。我們的國內 EGM 安裝基數連續第三個季度增加，而國內 EGM RPD 連續第七個季度超過 30 美元。

Further penetration of the higher-yielding premium game market segment continues to simultaneously drive growth in our domestic installed base and reported RPD. At the end of the fourth quarter, premium games accounted for 15% of our domestic EGM installed base compared to 10% in the prior year period.

更高收益的優質遊戲細分市場的進一步滲透繼續同時推動我們國內安裝基數和報告的 RPD 的增長。截至第四季度末，付費遊戲占我們國內 EGM 安裝基數的 15%，而去年同期為 10%。

In addition to our sustained premium unit momentum, the successful launch of our initial games in the higher-yielding high-denomination games segment, the strong performance of our launch titles on the recently introduced Spectra Cabinet, continued implementation of our installed base optimization initiatives and consistent GGR trends across our served markets further supported our record-setting recurring revenue performance in the quarter.

除了我們持續的優質單位勢頭外，我們在高收益高面額遊戲領域成功推出了首款遊戲，我們在最近推出的 Spectra Cabinet 上推出的遊戲表現強勁，繼續實施我們的安裝基礎優化計劃以及我們所服務市場的一致 GGR 趨勢進一步支持了我們本季度創紀錄的經常性收入表現。

Looking ahead to 2023, we expect a strong pipeline of premium unit demand and an increasingly stable core unit footprint to support consistent sequential growth in our domestic EGM installed base at a level similar to what we achieved over the past several quarters.

展望 2023 年，我們預計優質單位需求的強勁管道和越來越穩定的核心單位足跡將支持我們國內 EGM 安裝基礎的連續連續增長，其水平與我們在過去幾個季度取得的成就相似。

As it relates to domestic RPD we believe we are uniquely positioned heading into 2023 as our ability to leverage multiple company-specific catalysts should allow us to consistently deliver performance that exceeds broader industry-level revenue trends similar to what is reflected in our Q4 2022 results.

由於它與國內 RPD 相關，我們認為我們在進入 2023 年時處於獨特的位置，因為我們利用多個公司特定催化劑的能力應該使我們能夠始終如一地提供超過更廣泛的行業水平收入趨勢的績效，類似於我們 2022 年第四季度結果中所反映的.

While encouraged by our sustained premium gain momentum to date, our enthusiasm does not stop there as we see an equally compelling opportunity to leverage our new chart-topping Spectra gaming cabinet, increasingly deep and diverse core game content portfolio, including our first-ever High-Denom games and the enhanced capabilities of our product management team to further optimize the RPD performance of our core unit footprint.

儘管我們受到迄今為止持續的溢價增長勢頭的鼓舞，但我們的熱情並沒有就此停止，因為我們看到了一個同樣令人信服的機會來利用我們新的排行榜冠軍 Spectra 遊戲櫃、越來越深入和多樣化的核心遊戲內容組合，包括我們有史以來的第一個 High -Denom 遊戲和我們產品管理團隊的增強能力，以進一步優化我們核心單位足蹟的 RPD 性能。

All told, we believe these catalysts position us to comfortably sustain our domestic EGM RPD above the $30 level for all 4 quarters of 2023, even in a scenario in which market level GGR trends were to moderate slightly from 2022 levels.

總而言之，我們相信這些催化劑使我們能夠在 2023 年的所有 4 個季度輕鬆地將我們的國內 EGM RPD 維持在 30 美元以上的水平，即使在市場水平 GGR 趨勢從 2022 年水平略有放緩的情況下也是如此。

Shifting to EGM equipment sales, fourth quarter global unit sales eclipsed 1,000 units for the second consecutive quarter, reaching their highest levels since Q4 2019. We successfully launched our chart-topping Spectra gaming cabinet during the quarter with over 150 units sold into the market.

轉向 EGM 設備銷售，第四季度全球銷量連續第二個季度超過 1,000 台，達到自 2019 年第四季度以來的最高水平。我們在本季度成功推出了排名第一的 Spectra 遊戲機櫃，市場銷量超過 150 台。

Additionally, we benefited from the introduction of our first ever high-denomination game content as we continue to leverage the added product diversity resulting from our recent R&D investments to capture a greater share of our customers' slot capital spend.

此外，我們還受益於首次推出高面額遊戲內容，因為我們繼續利用我們最近的研發投資帶來的產品多樣性，以在客戶的老虎機資本支出中佔據更大份額。

Finally, our strategic focus on broadening our customer account penetration, both inside and outside of North America, further supported our Q4 unit sales performance. As we look ahead to 2023, overall market level purchasing demand continues to prove resilient as we have yet to observe any material change in our customers' purchasing behavior to date.

最後，我們的戰略重點是擴大我們在北美內外的客戶賬戶滲透率，進一步支持了我們第四季度的單位銷售業績。展望 2023 年，整體市場層面的採購需求繼續保持彈性，因為迄今為止我們尚未觀察到客戶購買行為發生任何重大變化。

That said, provided the current purchasing resiliency persists throughout the remainder of the year, we believe the company-specific catalysts David laid out earlier in his prepared remarks, uniquely position us to achieve global EGM and unit sales that far exceed 2022 levels.

也就是說，如果當前的採購彈性在今年餘下時間持續存在，我們相信大衛在其準備好的發言中早些時候列出的公司特定催化劑，將使我們處於獨特的地位，以實現遠超 2022 年水平的全球 EGM 和單位銷售額。

Turning to pricing. Fourth quarter global average selling price, or ASP, eclipsed 19,000 for the fifth consecutive quarter. Q4 benefited from initial sales of our premium-priced Spectra Cabinet, which carries a higher ASP relative to Orion Curve.

轉向定價。第四季度全球平均售價 (ASP) 連續第五個季度超過 19,000。第 4 季度受益於我們高價 Spectra Cabinet 的初始銷售，它的 ASP 相對於 Orion Curve 更高。

Additionally, we were able to leverage our price integrity initiatives and the strong performance of our newly launched plan denomination games to hold the line on current pricing throughout the quarter.

此外，我們能夠利用我們的價格誠信舉措和我們新推出的計劃面額遊戲的強勁表現來保持整個季度的當前定價。

Looking out over 2023, as Spectra grows to comprise a greater portion of overall sales unit mix, we would expect ASP to drift slightly ahead of full year 2022 levels, all else being equal.

展望 2023 年，隨著 Spectra 增長到佔整體銷售單位組合的更大比例，我們預計平均售價將略高於 2022 年全年水平，其他條件相同。

Moving to our international EGM segment. Total international EGM recurring revenue increased 12% year-over-year to $4.4 million, supported by the consistent macroeconomic recovery we continue to observe throughout Mexico.

轉到我們的國際 EGM 部分。在我們繼續觀察到整個墨西哥持續的宏觀經濟復甦的支持下，國際 EGM 經常性總收入同比增長 12% 至 440 萬美元。

Additionally, our holistic approach to optimizing our global fleet of recurring revenue EGM units has allowed us to continuously strengthen the quality of our Mexico installed base in a capital-efficient manner, further supporting the consistent improvement in our Mexico performance.

此外，我們優化全球經常性收入 EGM 裝置機隊的整體方法使我們能夠以資本高效的方式不斷加強墨西哥安裝基地的質量，進一步支持我們在墨西哥的業績持續改善。

To that end, international EGM recurring revenue has now increased sequentially for 10 consecutive quarters dating back to Q2 of 2020, a trend we expect to continue throughout the current year.

為此，自 2020 年第二季度以來，國際 EGM 經常性收入現已連續 10 個季度連續增長，我們預計這一趨勢將在今年持續。

Looking beyond AGM, our table products business remains on an encouraging trajectory with fourth quarter revenue and adjusted EBITDA each increasing by over 20% versus the prior year. While we achieved year-over-year growth across all of the table products verticals, shoppers and progressives remain our 2 largest strategic growth drivers.

放眼年度股東大會之外，我們的餐桌產品業務仍處於令人鼓舞的軌道上，第四季度收入和調整後的 EBITDA 均比上年增長 20% 以上。雖然我們在所有餐桌產品垂直領域都實現了同比增長，但購物者和累進者仍然是我們最大的兩個戰略增長動力。

Our PAX single card shuffler footprint approached 150 units at quarter end, nearly doubling versus the prior sequential quarter, while our progressive installed base increased by over 25% year-over-year, surpassing 1,800 units for the first time.

我們的 PAX 單卡洗牌機足跡在本季度末接近 150 台，比上一季度幾乎翻了一番，而我們的漸進安裝基數同比增長超過 25%，首次超過 1,800 台。

Looking ahead to 2023, we expect further customer adoption of our PAX shuffler, Bonus Spin Xtreme Progressive and AGS Arsenal site license program to result in consistent sequential growth in both our Table products revenue and adjusted EBITDA as we progress throughout the year. Shifting to Interactive. Trends within the business remained stable throughout the fourth quarter as revenue exceeded $2.5 million for the third consecutive quarter, while adjusted EBITDA was positive for the 12th quarter in a row. RealMoney Gaming or RMG revenues increased by 7% versus the prior year, supported by continued outsized growth within the North American RMG channel, which accounted for over nearly 90% of Q4 R&D revenue mix compared to 67% in the prior year period.

展望 2023 年，我們希望更多客戶採用我們的 PAX 洗牌器、Bonus Spin Xtreme Progressive 和 AGS Arsenal 站點許可計劃，從而隨著我們全年的進步，我們的 Table 產品收入和調整後的 EBITDA 將持續連續增長。轉向互動。整個第四季度業務趨勢保持穩定，收入連續第三個季度超過 250 萬美元，而調整後的 EBITDA 連續第 12 個季度為正。受北美 RMG 渠道持續大幅增長的支持，RealMoney 遊戲或 RMG 收入比上年增長 7%，該渠道佔第四季度研發收入組合的近 90%，而去年同期為 67%。

Looking ahead, as David indicated in his comments, we're excited by the growth prospects for our RMG business in 2023. Turning to margins. Fourth quarter adjusted EBITDA margin was approximately 46%, nicely ahead of the expectations articulated on our Q3 call.

展望未來，正如大衛在評論中所指出的那樣，我們對 2023 年 RMG 業務的增長前景感到興奮。轉向利潤率。第四季度調整後的 EBITDA 利潤率約為 46%，大大高於我們在第三季度電話會議上提出的預期。

We attribute our relative outperformance in the quarter to a combination of revenue upside, better-than-anticipated EGM sales gross margin performance and the timing of new hires. For the full year, adjusted EBITDA margin was approximately 45%.

我們將我們在本季度的相對優異表現歸因於收入上升、好於預期的 EGM 銷售毛利率表現和新員工的時機。全年，調整後的 EBITDA 利潤率約為 45%。

Looking ahead to 2023, we expect our full year adjusted EBITDA margin to land in the 44% to 4.85% range. Our current margin outlook contemplates the following: mix headwinds resulting from an anticipated increase in EGM product sales revenue to exceed the rate of growth in our EGM recurring revenue business, additional investment into our R&D organization, albeit at a more moderate rate than in 2022 to support our future growth initiatives and the impact of market level inflationary cost adjustments on our business.

展望 2023 年，我們預計全年調整後的 EBITDA 利潤率將介於 44% 至 4.85% 之間。我們目前的利潤率展望考慮了以下因素：由於 EGM 產品銷售收入的預期增長超過我們的 EGM 經常性收入業務的增長率，對我們的研發組織的額外投資，儘管比 2022 年的速度更溫和，但混合不利因素支持我們未來的增長計劃以及市場水平通脹成本調整對我們業務的影響。

We believe the realization of improved EGM product sales gross margins driven by a greater mix of our value-engineered Spectra Cabinet sales and further supply chain normalization and implementation of additional operating efficiency measures should help to offset a significant portion of the impact of items I described to have on our reported margin performance.

我們認為，由於我們的價值工程 Spectra Cabinet 銷售和進一步的供應鏈正常化以及實施額外的運營效率措施的更大組合所推動的 EGM 產品銷售毛利率的提高應該有助於抵消我描述的項目的很大一部分影響了解我們報告的利潤率表現。

While it is too early to formally comment on our outlook for 2024, we do believe the operating leverage we are expecting to realize as we progress throughout 2023, should continue into the next year, all else being equal, allowing for additional margin expansion.

雖然現在正式評論我們對 2024 年的展望還為時過早，但我們確實相信，隨著我們在整個 2023 年取得進展，我們預計實現的運營槓桿應該會持續到明年，其他條件相同，允許進一步擴大利潤率。

Looking at the balance sheet. We ended the year with total liquidity of just under $80 million, inclusive of the $40 million available under our undrawn revolving credit facility. Net leverage at year-end was 3.8x, in line with our expectation to exit the year with net leverage inside of 4x.

看著資產負債表。年底，我們的流動資金總額略低於 8000 萬美元，其中包括我們未提取的循環信貸額度下可用的 4000 萬美元。年末淨槓桿率為 3.8 倍，符合我們以 4 倍以內的淨槓桿率結束今年的預期。

Supported by the company-specific catalysts emerging across all 3 operating segments of our business, the resilient trends we continue to observe within our day-to-day operations and our cautiously optimistic outlook for the remainder of the year, we expect to exit 2023 with net leverage in the range of 3.25x to 3.75x.

在我們業務的所有 3 個運營部門出現的公司特定催化劑、我們在日常運營中繼續觀察到的彈性趨勢以及我們對今年剩餘時間的謹慎樂觀前景的支持下，我們預計 2023 年退出淨槓桿率在 3.25 倍至 3.75 倍之間。

I would note the assumptions underpinning the 3.5x midpoint of our targeted leverage range contemplated a modest pullback in prevailing market level conditions as compared to those encountered in 2022 and in the 2023 year-to-date period. That said, should broader market conditions or trends remain consistent with those we are currently experiencing, we would expect to exit 2023 with net leverage in the bottom half of the range.

我要指出的是，支持我們目標槓桿範圍中點 3.5 倍的假設考慮了與 2022 年和 2023 年初至今期間遇到的情況相比，當前市場水平條件會適度回調。也就是說，如果更廣泛的市場狀況或趨勢與我們目前所經歷的保持一致，我們預計到 2023 年退出時淨槓桿率將處於該範圍的下半部分。

Looking beyond 2023, our organization remains squarely focused on reducing net leverage to inside of 3x, a goal we believe is attainable over the next 18 to 24 months based upon the current trajectory of the business. Before closing, I would like to address a few items related to our cash flow performance in the quarter and provide some perspective on our outlook for the current year.

展望 2023 年以後，我們的組織仍然專注於將淨槓桿率降低到 3 倍以內，我們相信根據當前的業務軌跡，這一目標可以在未來 18 到 24 個月內實現。在結束之前，我想談談與我們本季度現金流量表現相關的幾個項目，並就我們今年的前景提供一些看法。

Fourth quarter capital expenditures totaled $19 million, bringing full year 2022 capital spend to approximately $70 million. Looking ahead to 2023, we expect to incur full year capital expenditures of $65 million to $70 million, inclusive of anticipated capitalized R&D expenditures. As a reminder, we continue to target cash-on-cash payback of less than 12 months on all equipment-related capital deployments.

第四季度資本支出總計 1900 萬美元，使 2022 年全年資本支出達到約 7000 萬美元。展望 2023 年，我們預計全年資本支出將達到 6500 萬至 7000 萬美元，其中包括預期的資本化研發支出。提醒一下，我們繼續將所有與設備相關的資本部署的現金投資回收期定在 12 個月以內。

We generated approximately $6 million of free cash flow in the fourth quarter, pushing full year free cash flow to $8.5 million. Excluding onetime cash costs associated with our February 2022 debt refinancing, full year free cash flow would have been approximately $15 million.

我們在第四季度產生了大約 600 萬美元的自由現金流，將全年自由現金流推高至 850 萬美元。不包括與我們 2022 年 2 月的債務再融資相關的一次性現金成本，全年自由現金流量約為 1500 萬美元。

Turning to 2023. Although recent moves higher in market level interest rates are expected to increase our debt service costs relative to the levels incurred in the prior year, we believe the anticipated growth we expect to achieve in our operating cash flows, coupled with our targeted level of capital investment should allow us to deliver a year-over-year increase in our normalized free cash flow output.

轉向 2023 年。儘管近期市場利率走高預計會增加我們的償債成本相對於上一年的水平，但我們相信我們預計在經營現金流方面實現的預期增長，加上我們的目標資本投資水平應使我們能夠實現正常化自由現金流產出的同比增長。

From a quarterly cadence perspective, we expect to be free cash flow positive in all 4 quarters of 2023 after normalizing for seasonal employee bonus payments in Q1 and expect free cash flow generation to build sequentially throughout the year with Q4 serving as the high watermark for the year.

從季度節奏的角度來看，我們預計在第一季度季節性員工獎金支付正常化後，2023 年所有四個季度的自由現金流量都將為正，並預計自由現金流量的產生將在全年依次增加，第四季度將成為年。

Operator, this concludes our prepared remarks. We would now like to open the line-up for questions.

接線員，我們準備好的發言到此結束。我們現在想開始提問。

Absolutely. We will now begin the question-and-answer session. (Operator Instructions). Our first question comes from David Bain with B. Riley.

絕對地。我們現在開始問答環節。 （操作員說明）。我們的第一個問題來自 David Bain 和 B. Riley。

First, I just want to congratulate you on the quarter and where I believe you guys are now. It seems like the last few years have been about stabilization, execution improvements and just a lot of building blocks being put in place. And we're kind of a new position now.

首先，我只想祝賀你們這個季度以及我相信你們現在的位置。過去幾年似乎一直是關於穩定性、執行改進和許多構建塊的到位。我們現在處於一個新的位置。

And I guess the question is, you commented David and Kimo, a little bit about the differences in product and positioning today versus '19. In '19, you printed about I think it was $146 million of EBITDA.

我想問題是，你評論了 David 和 Kimo，談到了今天與 19 年產品和定位的差異。在 19 年，你打印了大約 1.46 億美元的 EBITDA。

Maybe you can walk through some of the largest -- and again, you may repeat yourself here, but segment differences today versus then. And one reason I ask is when we look at consensus, it's at 142, I look at your 4Q run rate, which is about 19 levels and your quarter-over-quarter track record of growth here.

也許您可以瀏覽一些最大的 - 再一次，您可以在這裡重複自己，但區分今天與那時的差異。我問的一個原因是當我們看共識時，它是 142，我看你的第四季度運行率，大約是 19 個水平和你的季度環比增長記錄。

Maybe there are some other factors outside of macro that we should consider there. So I'm just trying to understand if the trends and setup looks good, if not better, in that period from a company's specific perspective.

也許我們應該考慮宏觀之外的其他一些因素。所以我只是想從公司的特定角度了解那個時期的趨勢和設置是否看起來不錯，如果不是更好的話。

All right. David, I appreciate the question. I think I know... That's a multipart question there, I think. But just from a -- I'm going to talk about products just a little bit, and then I'll turn it over to Kimo, if he's got anything in reflection to your 2019 EBITDA commentary and everything.

好的。大衛，我很欣賞這個問題。我想我知道...我認為這是一個由多個部分組成的問題。但只是從一個——我會稍微談談產品，然後我會把它交給 Kimo，如果他對你的 2019 年 EBITDA 評論和一切有任何反映。

So obviously, from a product perspective, quite a bit has changed on a few fronts, right? Table games was in its infancy. Also, we did not have the PAX Shuffler. We were nowhere near the momentum we have now on our progressive. So that's a big change in the business there. If you turn the clock back, I mean we're just talking about -- we're comparing and comping to 2019. The premium business wasn't really in its infancy. It didn't exist.

很明顯，從產品的角度來看，在一些方面已經發生了很大變化，對吧？桌上游戲還處於起步階段。另外，我們沒有 PAX Shuffler。我們與現在進步的勢頭相去甚遠。所以這是那裡業務的一個巨大變化。如果你把時鐘倒轉，我的意思是我們只是在談論——我們正在比較和比較 2019 年。高端業務並不真正處於起步階段。它不存在。

And so we've come quite a ways there now when you look at the number of premium units we have installed rather impressive. So that's -- that mix has changed for us considerably on the slot side. And then as we know, interactive as well, that's a whole new line of business for us compared to 2019 from a real money gaming perspective.

因此，當您看到我們安裝的高級設備數量相當可觀時，我們已經取得了很大進展。這就是 - 在老虎機方面，我們的組合發生了很大變化。然後正如我們所知，從真錢遊戲的角度來看，與 2019 年相比，這對我們來說是一個全新的業務線。

So I think the setup is good for us. I think when you look at our product mix and between new products and -- that didn't exist back then, but even just thinking in the last year or so, you look at the product mix with premium and the setup we have there and how it's still a new business and we've got a lot of white space ahead of us.

所以我認為設置對我們有好處。我認為，當您查看我們的產品組合以及新產品之間的組合時，那時候還不存在，但即使只是在過去一年左右的時間裡思考，您也會看到優質的產品組合以及我們在那裡的設置以及它仍然是一項新業務，我們前面還有很多空白。

I think we're sitting pretty well. I mean even I'll sort of pivot a little bit to Q4 and Q1, if you don't mind, Q4, if you look at Macro GGR numbers, not us, but Macro GGR numbers. I think year-over-year, if you look at that, Macro GGR was up I mean, 1% or 2%. And if you look at Q3 to Q4, Macro GGR will argue flat or down a smidge. And in both those instances, we were up 8% year-over-year, and I think we're up about 2% Q3 to Q4 from a game ops perspective.

我認為我們坐得很好。我的意思是，如果你不介意的話，我什至會稍微轉向 Q4 和 Q1，如果你看 Macro GGR 數字，而不是我們，而是 Macro GGR 數字。我認為與去年同期相比，Macro GGR 上升了 1% 或 2%。如果你看一下第三季度到第四季度，Macro GGR 會持平或略有下降。在這兩種情況下，我們同比增長 8%，我認為從遊戲運營的角度來看，我們在第三季度到第四季度增長了約 2%。

So I think all the fruits of the labor and everything are working out and going back to 2019, we might have had 2 studios up and running. And I think we're right around 7% now. And as I've always said, hey, well, we've got 7 studios with only 5 cylinders aspiring, we got 7 out of 7 now. And not only are they all firing away and making games, but they now all each and every one of those 7 are producing content and their content is in the field.

所以我認為所有的勞動成果和一切都在發揮作用，回到 2019 年，我們可能已經啟動並運行了 2 個工作室。我認為我們現在大約是 7%。正如我一直說的，嘿，好吧，我們有 7 個工作室，只有 5 個氣缸有抱負，我們現在有 7 個中的 7 個。他們不僅都在開火製作遊戲，而且現在這 7 家公司中的每一個都在製作內容，而且他們的內容都在現場。

Now I'm going to turn it over to Kimo for part of your question I missed. And maybe he can snap that, I'm not sure.

現在我將把它轉交給 Kimo，以解決我遺漏的部分問題。也許他可以捕捉到這一點，我不確定。

Maybe just a little add-on to what David already said. If you look at frame up 2022, right, like David, if you look at what we've already achieved on the revenue front, we've exceeded 2019 levels. I think like your comment specific to EBITDA, if you go into kind of some forward-looking language that was in the prepared remarks, we talk about our leverage range, right? -- being specific to something I'd say in there. If you look at the midpoint of our leverage guidance, so call it, 3.5x, in that, we're already saying that we have some macro pool back in the, call it, the back half of the year. But I think implicit in that, right? I think you kind of get to a point where you can see us -- I'll use the word challenge 2009 EBITDA, right? I won't say fairly easily, but we're already talking about being back at that level.

也許只是對 David 已經說過的話的一點補充。如果你看看 2022 年的框架，就像大衛一樣，如果你看看我們在收入方面已經取得的成就，我們已經超過了 2019 年的水平。我認為就像你針對 EBITDA 的評論一樣，如果你進入準備好的評論中的某種前瞻性語言，我們會談論我們的槓桿範圍，對嗎？ - 具體到我會在那裡說的話。如果你看一下我們的槓桿指導的中點，也就是所謂的 3.5 倍，我們已經在說我們在今年下半年有一些宏觀資金池。但我認為這是隱含的，對吧？我認為您已經到了可以看到我們的地步——我將使用“挑戰 2009 年 EBITDA”這個詞，對嗎？我不會輕易說，但我們已經在談論回到那個水平。

So '22, we exceeded '19 level of revenues based on investments that we've made, right, primarily in R&D and our commercial team, EBITDA has lagged a little bit compared to '19. But I think we feel really, really great about the 23 setup as it relates to EBITDA compared to 2019.

所以 22 年，我們根據我們所做的投資超過了 19 年的收入水平，對，主要是在研發和我們的商業團隊中，EBITDA 與 19 年相比有點落後。但我認為，與 2019 年相比，我們對 23 設置的 EBITDA 感覺真的非常好。

Awesome. I promise this one will be short. The Spectra Cabinet, I mean top cabinet performer according to some surveys -- it's within the portrait category, which is the deepest I believe. So how do you really support that? I mean, you talked about 30 games. Can you compare that 30 titles, can you compare that to other cabinet launches that you've done in terms of being able to support it with content?

驚人的。我保證這個會很短。 Spectra Cabinet，根據一些調查，我的意思是表現最好的櫥櫃——它屬於肖像類別，我認為這是最深的。那麼你如何真正支持它？我的意思是，你談到了 30 場比賽。你能比較這 30 個標題嗎，你能把它與你在內容支持方面所做的其他內閣發布進行比較嗎？

And I ask, I know that we're doing 1,000 games historically per quarter so it's going to have a -- should have a nice differential to you, but is this something that can really break if we have enough content and where we stand there?

我問，我知道我們歷史上每季度進行 1,000 場比賽，所以它會有 - 應該對你有很好的差異，但如果我們有足夠的內容和我們的立場，這真的可以打破嗎？ ？

Yes, David, I'll take that. This is Brad. Great being with you today. So I think Spectra is really a combination and reflection of all the changes we've put in place as an organization. This product was very carefully launched with content that we sort of knew featured form factors that were very prominent and relevant in the market.

是的，大衛，我會接受的。這是布拉德。很高興今天和你在一起。所以我認為 Spectra 確實是我們作為一個組織所做的所有改變的結合和反映。該產品的推出非常謹慎，其內容我們知道具有在市場上非常突出和相關的外形特徵。

We tested it extensively. As you may recall, we had it in the market with some prominent operators prior to G2E. So we were able to sort of sell that performance, so to speak, at the show to customers. And not only that, so not only the preparation on the front end, but we supported it on the back end as well, right? We're expecting to launch this cabinet with over 30 titles in year 1 to support it.

我們對其進行了廣泛的測試。您可能還記得，在 G2E 之前，我們已經在市場上與一些知名運營商合作。所以我們能夠在某種程度上向客戶推銷這種表演，可以這麼說。不僅如此，所以不僅是前端的準備，我們在後端也支持它，對吧？我們預計在第 1 年推出這個包含 30 多個遊戲的內閣來支持它。

So we have a depth of content to support the launch that we've never had before. So from the front-end side, those are some highlights. I would also add, I think it's equally as important. This is a cabinet that our operation and production team have sort of anticipated in the design of from day 1. So it's a very value-engineered cabinet, very margin-friendly cabinet.

因此，我們有豐富的內容來支持我們以前從未有過的發布。所以從前端的角度來看，這些都是一些亮點。我還要補充一點，我認為這同樣重要。這是我們的運營和生產團隊從第一天起就在設計中預料到的櫥櫃。所以這是一個非常有價值的設計櫥櫃，非常有利於利潤率的櫥櫃。

And so in this current day and age of some inflationary cost pressures that everyone likes to talk about, having this value engineered cabinet has really helped us. You saw it a little bit in Q4. If you look at our product sales margin, they were up a couple of hundred basis points sequentially.

因此，在當今每個人都喜歡談論一些通貨膨脹成本壓力的時代，擁有這種價值設計的櫥櫃確實幫助了我們。你在第四季度看到了一點點。如果你看一下我們的產品銷售利潤率，它們連續上升了幾百個基點。

And as we highlighted in the prepared comments, as we move into '23 and Spectra grows to comprise a greater portion of the mix, you should see that gross margin on or start to move even higher. So just a lot of really good things going on with Spectra, a lot of content, well tested before it ever went out into the market commercially. We're really excited about the prospects for it here in Q1 and beyond.

正如我們在準備好的評論中強調的那樣，隨著我們進入 23 年並且 Spectra 增長到佔組合的更大部分，您應該看到毛利率或開始更高。因此，Spectra 發生了很多非常好的事情，很多內容，在它進入商業市場之前經過了很好的測試。我們對它在第一季度及以後的前景感到非常興奮。

The next question comes from David Katz with Jefferies.

下一個問題來自 Jefferies 的 David Katz。

I wanted to just go into the product sales number, which obviously was -- stood out as having some strength. And I think you made some mention about some international sales. Can you unpack for us where those are? And I'll throw my follow-up in, which is what are you hearing from operators in terms of their comfort with budgets, given the economy question that's out there that has yet to be answered.

我只想進入產品銷售數字，這顯然是 - 脫穎而出具有一定的實力。我想你提到了一些國際銷售。你能幫我們打開包裝嗎？鑑於目前存在的經濟問題尚未得到解答，我將提出我的後續行動，即你從運營商那裡聽到的他們對預算的滿意程度。

Thanks, David, and thanks, and I think good morning where you are. So I appreciate you calling in...

謝謝，大衛，謝謝，我想你早上好。所以我很感謝你打電話來...

Just fairly...

剛剛好...

Yes. It's either so late that it's early or so early that it feels late. I'm not sure. But... So on the... Yes, the -- I think it's really Latin American sales that you're referring to. It's still pretty to sort of very small. So there's not a whole lot there to unpack at the moment.

是的。要么太晚了以至於感覺早了，要么太早了以至於感覺遲到了。我不知道。但是……所以……是的，我認為您指的是真正的拉丁美洲銷售。它仍然非常小。所以目前沒有太多東西可以打開。

I think the potentials there in the future, aspirationally, those numbers will be much higher going into the second half of '23 and I think into '24, but I'll refer to those as aspirational numbers. But it is something that we're focused on.

我認為未來的潛力是有抱負的，這些數字會在 23 年下半年和 24 年更高，但我將這些數字稱為理想數字。但這是我們關注的事情。

I know that our product as an update I just got, what, 2 or 3 days ago, our product performs very well down in Latin America in a couple of countries, in particular, but we got some updates there. So that's going great.

我知道我們的產品是我剛剛獲得的更新，什麼，2 或 3 天前，我們的產品在拉丁美洲的幾個國家/地區表現非常好，特別是，但我們在那裡得到了一些更新。所以一切順利。

From the capital perspective, game sales perspective, like I think it's the same thing every quarter. We don't see anything at this point in time. We're waiting as everyone that watches CNBC, we wake up every morning, and we see the news and then we see numbers.

從資本的角度，遊戲銷售的角度，就像我認為每個季度都是一樣的。我們目前沒有看到任何東西。我們正在等待觀看 CNBC 的每個人，我們每天早上醒來，我們看到新聞，然後我們看到數字。

We look at numbers real time here, pretty close to real time. January, we mentioned in the prepared remarks, it's a record January. Again, -- so we have a record January for game ops. Game sales are strong. Customers aren't indicating that they're trimming anything. There's nothing that's been said to us at this point.

我們在這裡實時查看數字，非常接近實時。一月，我們在準備好的評論中提到，這是創紀錄的一月。再一次，- 所以我們在 1 月份的遊戲運營方面創下了紀錄。遊戲銷售強勁。客戶並沒有表示他們正在修剪任何東西。在這一點上，我們什麼也沒說。

So as I like to say, the gaming industry has not linked. I know that it seems like the stock market has and watchers of CNBC have plunged, but right now, gamblers have not plant.

所以正如我想說的，遊戲行業還沒有聯繫起來。我知道現在好像股市和CNBC的觀察者都暴跌了，但是現在，賭徒還沒有種植。

Understood. So if I can just follow that up quickly, right? With respect to the quarter and the game sales, we always look for sort of large chunks or lumps that may have driven some upside? Or would you consider it just kind of a normal kind of growth across the board of your customer base?

明白了。那麼，如果我可以快速跟進，對嗎？關於季度和遊戲銷售，我們總是在尋找可能帶來一些上行空間的大塊或大塊？還是您認為這只是您客戶群整體的一種正常增長？

I'll give that one to Brad for he likes to hit this (inaudible) breadth answer. It's different than it used to be.

我會把那個給 Brad，因為他喜歡回答這個（聽不清）廣度問題。它與以前不同。

Yes. I think it's the latter, David. I think it's a function of really key strategic priority of ours on the sales side is to open more doors. So we're -- it's really twofold. We're opening more doors selling into more customers. And given the added breadth of our content portfolio supported by some High-Denom games, we're able to drive up our average order size.

是的。我認為是後者，大衛。我認為我們在銷售方面真正關鍵的戰略重點是打開更多的大門。所以我們 - 這真的是雙重的。我們正在打開更多的大門，銷售給更多的客戶。考慮到一些 High-Denom 遊戲支持的內容組合的範圍更廣，我們能夠提高平均訂單量。

So that's really sort of the method to the badness, open more doors and sell more units into each customer. So that's what you see in that quarter. There's really no large outliers or anything in that number.

所以這真的是一種糟糕的方法，打開更多的門並向每個客戶銷售更多的單位。這就是你在那個季度看到的。在這個數字中確實沒有大的異常值或任何東西。

Our next question comes from Chad Beynon with Macquarie...

我們的下一個問題來自 Chad Beynon 和 Macquarie...

Just a follow-up, Brad, on the open more doors category. At the outset, David, you talked about some new markets, Colorado, Minnesota, Missouri, these are pretty big markets with good order flow. Does this kind of put you at the point where you've kind of colored in all the white space?

布拉德，只是關於打開更多門類別的後續行動。一開始，大衛，你談到了一些新市場，科羅拉多州、明尼蘇達州、密蘇里州，這些都是相當大的市場，訂單流很好。這是否會讓您在所有空白區域都塗上顏色？

Are there any markets left after that? And then could you just kind of remind us when you historically have gotten licensed in markets, how long it takes for you to maybe get close to what your market share is?

之後還有市場嗎？然後你能不能提醒我們，當你在歷史上獲得市場許可時，你需要多長時間才能接近你的市場份額？

Yes. Chad, I can take that one. So yes, that's all 3 good markets for us. That sort of closes the book, so to speak, from a level of reality perspective of markets where we could get licensed. So we're pretty much ready to roll everywhere now in the U.S.

是的。乍得，我可以接受那個。所以是的，這對我們來說都是 3 個好的市場。可以說，從我們可以獲得許可的市場的現實角度來看，這有點關閉了這本書。所以我們現在已經準備好在美國到處推廣了。

From a timing perspective, I mean, I think conservatively speaking, probably looking more to the back half, right? There's a twofold process in licensing on is to get your license and then you have to submit your products to get them licensed as well.

從時間的角度來看，我的意思是，我認為保守地說，可能更多地看後半部分，對吧？許可有一個雙重過程，即獲得許可，然後您必須提交產品以獲得許可。

So we've already started that process here in Q1 on the product side. So I think I'd expect to start to see some lift there in the back half. The beauty of 2 of those markets is they're generally dominated by operators that we have existing relationships with in other jurisdictions.

所以我們已經在第一季度的產品方面開始了這個過程。所以我想我希望在後半部分開始看到一些提升。其中 2 個市場的美妙之處在於它們通常由我們在其他司法管轄區與我們有關係的運營商主導。

If you look at Missouri, Colorado, there's a lot of sort of multi-jurisdiction operators in those markets. So they know our product, and so we can hit the ground running there. And one other thing I would just add on your opening doors comment, I think it ties into this a little bit. If you look at it today, our sales team is effectively double the size it was in 2019.

如果你看一下科羅拉多州的密蘇里州，這些市場中有很多類型的多轄區運營商。所以他們了解我們的產品，所以我們可以在那裡開展業務。還有一件事我想在你的開門評論中添加，我認為它與此有一點關係。如果您今天看一下，我們的銷售團隊實際上是 2019 年的兩倍。

We have a new head of corporate accounts, a position that we didn't have back in 2019. We have regional sales directors overseeing all the regions. Our touch points are greater than they've ever been. And so that's really playing a key role in helping us sell into more customers. And I think you see that in the numbers.

我們有一個新的公司客戶主管，這是我們在 2019 年沒有的職位。我們有區域銷售總監來監督所有區域。我們的接觸點比以往任何時候都多。因此，這在幫助我們銷售給更多客戶方面確實發揮了關鍵作用。我想你在數字中看到了這一點。

Just to add a tinier. Obviously, our sales team is firming up nicely, and I think we've got a lot of strong players. But obviously, with core games performing in some of the figures that -- on multiples of 3x and up and our premium business doing very well.

只是為了添加一個更小的。顯然，我們的銷售團隊正在穩固，我認為我們有很多強大的球員。但很明顯，核心遊戲在某些數據中的表現是 3 倍以上，而且我們的高端業務表現非常好。

I think between the salespeople and the performance of the games' opening the door should be rather quick and easy, but sales people listening, I don't know that all very easy, but the games are doing fantastic. So we've got great opportunities there.

我認為銷售人員和遊戲開門的表現之間應該相當快速和容易，但銷售人員聽著，我不知道這一切都很容易，但遊戲做得非常棒。所以我們在那裡有很好的機會。

Appreciate it. And then a follow-up question just on your leverage guidance, which kind of implies EBITDA, I guess, somewhere between 22% EBITDA in 2019 EBITDA. Was there any assumption for kind of a Texas windfall? I know we've talked about that over the past couple of quarters. Could you just kind of update us in terms of where that is in the process and if anything factored into your outlook there?

欣賞它。然後是關於你的槓桿指導的後續問題，我猜這意味著 EBITDA 在 2019 年 EBITDA 中介於 22% 之間。是否有任何關於得克薩斯州意外收穫的假設？我知道我們在過去幾個季度討論過這個問題。您能否就流程中的位置以及您的前景中是否有任何因素向我們介紹最新情況？

No. Thanks, Ted. No windfall revenue in our numbers. As a matter of fact, when we do our planning over the next 3 and 4 years, we just take windfall stuff out of the equation, and we plan all our growth absent of that. Not that we don't think it's going to happen, but we don't like to count on things like that.

不，謝謝，泰德。我們的數字中沒有意外收入。事實上，當我們制定未來 3 年和 4 年的計劃時，我們只是將意外收穫的東西排除在外，而我們計劃的所有增長都沒有考慮到這一點。並不是說我們不認為它會發生，而是我們不喜歡指望這樣的事情。

As far as approvals and I think you're referring specifically more to one of the tribes in Texas. Nothing as of yet. They're still in the planning phases. We have always thought that it would be sometime in the first half.

至於批准，我認為你更具體地指的是德克薩斯州的一個部落。目前還沒有。他們仍處於計劃階段。我們一直認為會在上半年的某個時候。

So we're sticking to that time frame. We think we'll hear about their plans sometime in the first half of this year. And obviously, when that happens, I think it will not only come from us, but it will be rather public and they'll be announcing that via press release when that time comes. But no, none of our -- our numbers do not include Texas expansion.

所以我們堅持那個時間框架。我們認為我們會在今年上半年的某個時候聽到他們的計劃。顯然，當這種情況發生時，我認為它不僅會來自我們，而且會相當公開，屆時他們會通過新聞稿宣布這一點。但是不，我們的數字都不包括德克薩斯州的擴張。

Our next question comes from Barry Jonas with Truist -- the next question comes from Jeff Stantial with Stifel.

我們的下一個問題來自 Barry Jonas 和 Truist——下一個問題來自 Jeff Stantial 和 Stifel。

(inaudible) with the last question...

（聽不清）最後一個問題......

Jeff, is that you?

傑夫，是你嗎？

Yes. Yes. Can you Jeff, go ahead. You're live. Yes. Go for it.

是的。是的。傑夫，你能繼續嗎？你還活著是的。大膽試試吧。

Perfect. Great. Great. Maybe starting off on the slot side of things, more so on the leasing. You had some comments there suggesting the pace of installs is likely going to continue here into 2023. Can you maybe break that down into premium as well? If you think about where you're at in the J curve conversely, maybe having already realized some of the lower-hanging fruit, do you kind of expect similar momentum or a similar pace of sequential growth to continue on the premium side as well? Just kind of on backer would be helpful.

完美的。偉大的。偉大的。也許從插槽方面開始，更多的是在租賃方面。您在那裡發表了一些評論，表明安裝速度可能會持續到 2023 年。您能否將其也分解為付費？如果您反過來考慮您在 J 曲線中所處的位置，也許已經實現了一些懸而未決的成果，您是否希望在保費方面也能繼續保持類似的勢頭或類似的連續增長速度？只是支持者會有所幫助。

Yes. I mean I don't want to dive too deep into the pool there, Jeff. But I mean, like we commented, I think overall true net placement should continue at a similar pace across all the areas in slots.

是的。我的意思是我不想潛入那裡的游泳池太深，傑夫。但我的意思是，就像我們評論的那樣，我認為在老虎機的所有領域，總體真實淨投放應該以類似的速度繼續。

I think obviously, we commented that we do still see really good momentum in premium. So I think again, without getting too deep into the pool, and we'll just leave it at that.

我想很明顯，我們評論說我們仍然看到保費的良好勢頭。所以我再次考慮，不要太深入池，我們就這樣吧。

Yes. I mean I think the good news is we've got good momentum. Our initial launch of premium has gone on very well here. We're confident not only in that, but we're confident in our ability to continue to deliver games. We think we've got some good ones on the way, but we're really more focused right now and without there instead of promising things that haven't happened yet.

是的。我的意思是我認為好消息是我們有良好的勢頭。我們最初推出的保費在這裡進行得非常順利。我們不僅對此充滿信心，而且對我們繼續交付遊戲的能力充滿信心。我們認為我們已經取得了一些不錯的成績，但我們現在確實更加專注，而不是承諾尚未發生的事情。

So we think we've got not only the gains, we've got the right premium cabinets, but we also have 7 studios cranking away. And we've got some interesting things like maybe some High-Denom premium that will mix in there as well that will be pretty fun once it comes out. So without getting to specifics, we think we've got a nice lineup and good momentum.

所以我們認為我們不僅獲得了收益，我們擁有合適的高級機櫃，而且我們還有 7 個工作室在開工。我們有一些有趣的東西，比如可能會混入一些 High-Denom 溢價，一旦推出就會非常有趣。所以在不談具體細節的情況下，我們認為我們有一個很好的陣容和良好的勢頭。

Great. That's helpful. And then moving on to capital allocation. Kimo, you talked about free cash flow sort of ramping from here as the year progresses. Now that leverage is still moving towards longer-term targets, but making a lot of progress. Kimo, ca you just kind of walk us through the priorities for capital allocation?

偉大的。這很有幫助。然後轉向資本配置。 Kimo，你談到自由現金流隨著時間的推移從這裡開始增加。現在，槓桿仍在朝著長期目標發展，但取得了很大進展。 Kimo，你能不能給我們介紹一下資本配置的優先順序？

Yes. I mean I think it's consistent with what we've said in recent quarters, right? I think as loud as we could make it on this call, including in like David's prepared remarks, right, we are so focused on deleveraging. So I think when you look at capital allocation strategy, continue to support R&D like we commented, I think one important thing to note, right, is we will continue to grow R&D.

是的。我的意思是我認為這與我們最近幾個季度所說的一致，對嗎？我認為我們可以在這次電話會議上大聲疾呼，包括大衛準備好的發言，對，我們非常專注於去槓桿化。所以我認為當你看資本配置策略時，像我們評論的那樣繼續支持研發，我認為需要注意的一件重要事情是，我們將繼續發展研發。

But as it relates to the rate of the growth in R&D this year will be less than last year. It's one thing we wanted to highlight there, but we'll continue to invest internally. And then after that, I think the sole focus will be on deleveraging and generating incremental free cash flow. That's like our #1 priority...

但涉及到今年研發的增長率將低於去年。這是我們想強調的一件事，但我們將繼續進行內部投資。在那之後，我認為唯一的重點將放在去槓桿化和產生增量自由現金流上。這就像我們的第一要務......

We have a question from Barry Jonas with Truist...

我們有來自 Barry Jonas 和 Truist 的問題......

Guys, can you hear me okay now?

伙計們，你們現在能聽到我說話了嗎？

We got you. Clear...

我們抓到你了。清除...

Great. Look, you've obviously had a big change since last quarter around Board and shareholder composition. Curious if there's any related changes we should expect to see from a strategic or really any other perspective?

偉大的。看，自上個季度以來，您顯然在董事會和股東組成方面發生了重大變化。好奇我們是否應該從戰略或任何其他角度看到任何相關的變化？

Thanks, Barry. Not steady any. I mean we -- I think our objectives, many of which Kimo just stated, are the same now as they were before. Obviously, there's different personalities in the room, but the game plan, the playbook, the long-term planning is all very similar, if not the same.

謝謝，巴里。一點都不穩。我的意思是我們——我認為我們的目標，其中許多是 Kimo 剛才提到的，現在和以前一樣。顯然，房間裡有不同的個性，但遊戲計劃、劇本、長期規劃即使不相同，也非常相似。

Those priorities that Kimo stated, delevering and delevering and even generating more cash flow and responsible EBITDA growth and really taking care of our installed base and an analytical and responsible way is how we view our future, and that's the way it was before and after that shareholder and sort of board level change.

Kimo 所說的那些優先事項，去槓桿和去槓桿，甚至產生更多的現金流和負責任的 EBITDA 增長，真正照顧我們的安裝基礎以及分析和負責任的方式是我們如何看待我們的未來，這就是它之前和之後的方式股東和董事會級別的變化。

Got it. Got it. And then just a follow-up, David, what's the M&A environment out there right now? Any interesting things available or for sale, any tuck-ins or anything else that you're tracking?

知道了。知道了。然後只是跟進，大衛，現在的併購環境是什麼？是否有任何有趣的東西可供出售或出售，是否有任何折扣或您正在跟踪的其他任何東西？

We're always poking around, as you know. We're hoping some food falls off the table here and there, and we'll pick it up. We're not too proud, tuck-ins are sort of the name of the game for us, in particular, I would say, in the table space and obviously, in the real money gaming space -- so we're always poking around there.

如你所知，我們總是四處尋找。我們希望有些食物從桌子上掉下來，我們會把它撿起來。我們並不太自豪，對我們來說，小費是遊戲的名稱，特別是，我想說，在桌面空間，顯然，在真錢遊戲空間——所以我們總是四處尋找那裡。

We continue to look. Obviously, with our standard goal of deleveraging, if something were to be bigger and larger and it would have to be a real bang or very for us to want to dive in deep there. So we continue to sort of poke around the tuck-ins. And even with tuck-ins, we want them to be damn good if we're going to move forward with them.

我們繼續看。顯然，按照我們去槓桿化的標準目標，如果事情變得越來越大，那麼它必須是真正的爆炸或非常讓我們想要深入其中。所以我們繼續四處尋找塞入物。即使有塞入，如果我們要與他們一起前進，我們也希望他們非常好。

Great. All right. And congrats on an impressive quarter.

偉大的。好的。並祝賀一個令人印象深刻的季度。

Thanks, Barry. Appreciate it.

謝謝，巴里。欣賞它。

(Operator Instructions) -- The next question comes from Edward Engel with Roth MKM.

（操作員說明）——下一個問題來自 Edward Engel 和 Roth MKM。

Congrats on a quarter. Just on the topic of deleveraging, I mean, certainly, your cash has been building and the net debt to EBITDA has been declining pretty rapidly. Just kind of curious, at what point do you kind of start accelerating in the actual pay down of debt and maybe kind of offset some of that higher interest rates?

恭喜四分之一。就去槓桿化而言，我的意思是，當然，你的現金一直在積累，而 EBITDA 的淨債務一直在迅速下降。只是有點好奇，您什麼時候開始加速實際償還債務並可能抵消部分較高的利率？

I mean, we don't obviously give you a specific number. I mean, one thing is optionality is great, right? Like I think we will obviously continue to accumulate cash on the balance sheet. But looking forward, right, I think with people still discussing the idea of any form of recession or something in the very back half of the year or possibly even as far as 2024.

我的意思是，我們顯然不會給你一個具體的數字。我的意思是，有一件事是可選性很好，對吧？就像我認為我們顯然會繼續在資產負債表上積累現金一樣。但展望未來，我認為人們仍在討論任何形式的衰退或今年下半年甚至可能遠至 2024 年的想法。

I think optionality is nice to have. So I'm not going to give you a specific number of almost start to actually pay down debt. But in the short term, I think we'll just accumulate cash on the balance sheet.

我認為可選性很好。所以我不會給你一個具體的數字，幾乎可以開始實際償還債務。但在短期內，我認為我們只會在資產負債表上積累現金。

Great. That's helpful. And then, I guess, quickly on the interactive side, you kind of talked about a step-up in the 2Q of this year. Is there any one thing specific that's kind of driving that? Or is that just a couple of integrations you have in the pipeline just get turned on?

偉大的。這很有幫助。然後，我想，很快在互動方面，你談到了今年第二季度的升級。有沒有什麼具體的東西在推動它？或者只是您在管道中的幾個集成剛剛被打開？

Yes, this is Brad. I would just say it's kind of all of the above. The way I like to think about it, if you look at some of the recent announcements we've had on the customer win side, on the jurisdictional win side, we're really at a point where we have all of the, let's call it, the meaningful pipes are open, right? And now supported by some of the new hires we've made on both the commercial and technical sides.

是的，這是布拉德。我只想說這是上述所有情況。我喜歡思考的方式是，如果你看一下我們最近在客戶獲勝方面、在司法管轄方面獲勝的一些公告，我們真的處於我們擁有所有這些的地步，讓我們打電話它，有意義的管道是打開的，對吧？現在，我們在商業和技術方面都招聘了一些新員工，為他們提供支持。

We're really in a position to not only accelerate the flow of our traditional brick-and-mortar casino content into the online channel, but we also have the means now to start bringing some online first, we'll call it, content into the market and also potentially get some of our table content into the market.

我們確實能夠不僅加快傳統實體賭場內容向在線渠道的流動，而且我們現在也有辦法首先開始將一些在線內容，我們稱之為內容市場，也有可能將我們的一些表格內容推向市場。

So we feel really good about where we are. I think we have -- as we said, we're live of some recent wins with the top life players in North America. They collectively account for over 80% of the market. We also have a very -- still have a very deep presence in Europe, a market where some of this online first content, we think, could resonate.

所以我們對自己所處的位置感覺非常好。我認為我們已經 - 正如我們所說，我們最近與北美頂級生活玩家取得了一些勝利。它們共同佔據了 80% 以上的市場份額。我們在歐洲也有非常 - 仍然非常深入的存在，我們認為，在這個市場上，一些在線優先內容可能會產生共鳴。

So we feel really good about the direction in which that business is heading really on all fronts.

因此，我們對該業務在各個方面的真正發展方向感到非常滿意。

Thank you. There are no further questions at this time. This concludes today's call. Thank you for your participation. You may now disconnect your lines.

謝謝。目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。