Analyst Summary: AGS, a global gaming equipment and service company, reported record fourth quarter results ended December 31, 2022, with Q4 revenue of $89.1 million, an increase of 5% year-over-year. CEO David Lopez attributed the positive financial results to the returns realized on investments made into the company's R&D, sales, and product management teams over the past several years. The company's net leverage inside of 4.0x, which is consistent with the expectations articulated previously. The Company is focusing on maximizing free cash flow and further reducing the amount of leverage on its balance sheet. Looking ahead, the company expects to incur full-year capital expenditures of $65 million to $70 million, inclusive of anticipated capitalized R&D expenditures. The company plans to exit 2023 with net leverage in the range of 3.25 times to 3.75 times. However, forward-looking statements are subject to uncertainty, including the pandemic situation, which could adversely affect the company's business, operating results, and financial condition.