AP Gaming Holdings LLC experienced strong revenue growth of 15.2% in 2023 as it shifted to higher-priced products and benefitted from continued solid gaming demand and generally healthy customer balance sheets. S&P Global Ratings expects demand will continue to be sustained in 2024, albeit at a more moderate level, as consumer spending normalizes. We expect AP Gaming?s revenue will grow in the mid-to-high single-digit percentage area, supported by new products and our relatively stable gaming outlook. We expect AP Gaming's EBITDA margins will remain stable in the low 40% area as the higher-price product mix is somewhat offset by increased sales, general, and administrative expenses, and we believe leverage will remain in the mid-to-high 3x area over the next two
