Let's scratch beneath the surface to look into the quality of...

Let's scratch beneath the surface to look into the quality of their results. All may not be what it seems

North America
Mediocre results at best.
Let's first look at the gaming ops side of the business (after all gaming ops is the basis of longer term sustainable earnings). Their gaming ops install base (for both Class II and Class III) continues to shrink which is a multi-year trend for AGI while it's competitors continue to expand their install base. AGI obviously does not have the necessary game performance to get their cabinets on floors under participation. Their fee per day is flat on a PCT basis and in decline compared to the prior period. They are only getting an average daily fee of $32 when they should be above $40, but then again the performance of their games is terrible so I guess they'll be struggling to get anywhere near $40.
Let's take a look at their for sale business. Yes, they've seen a reasonable increase in their unit sales and this is what is driving their NA business unit at the moment. But keep in mind some of those unit sales will have been the result of selling off some of their gaming ops fleet. I've said this before, AGI will never be a serious player in the US unless they can make serious improvements in their gaming ops segment, but again these results are consistent with AGI's longer term track record of an inability to built that side of their NA business.

Australia
What can I say here, but another complete embarrassment of a result. AGI's Australian business has been on a continual slide south since their 2013/2014 heyday. AGI now has a long term demonstrated track record of being incapable of improving their market share and it is a massive carbuncle on the group that is in desperate need of lancing. If the new CEO makes one smart decision this year it will be to shut the Australian business down before it drags all their other units down the s-bend.

Latin America
Latin America has historically been a very good contributor to the AGI group results. Their Latin American business went through some tough times during Covid with large scale casino shutdowns, but their Latin America team appear to have done a great job in getting out the gate early with venues reopening and their Latin American team has delivered some improved results with an increase in unit sales and an increase in the gaming ops daily fee. Unfortunately their gaming ops fleet has shrunk a little but to their credit they have turned out an improved fee for day.

A note regarding their Australian business. The Latin American segment experienced just as harsh lockdown as Australia if not worse and yet the Latin American team appeared to have moved quickly and delivered an improved result. The Australian business just cannot seem to get anything right and covid is yet another excuse for that section of the business to deliver an embarrassment of a result.

Online
Their online business continues to underperform and is a bit of a joke too. While most of AGI peers continue to grow online revenues (which certainly experienced a kicker during the last two years). I can only assume that the good folks at AGI are embarrassed by their online business as they lump it into the ROW category and only report top line revenue. Come on AGI, why aren't you telling us the full picture and reporting online profit instead of just throwing it in with the ROW segment profit? Any chance you're trying to hide the fact that your online business runs at a loss?