This report does not constitute a rating action. In the first quarter of 2025, AGS? revenue decreased 1.2% compared to the first quarter of 2024 with the decline primarily reflecting a lower number of machine sales in the quarter, partially offset by higher interactive revenue from an increase in the number of live games on its customer?s online casino sites. In addition, a modest contraction in the company?s EBITDA margin in the first quarter of 2025 compared to 2024 occurred, driven primarily by higher salaries and benefit costs for research and development, and increased direct expenses in the gaming operations segment. We expect revenue growth of about 6%-7% in 2025 because of an increase in the number of leased EGM
