IGT PLC Reports Third Quarter 2022 Results
⏱ 2 min read
(London).- International Game Technology PLC ("IGT") reported financial results for the third quarter ended September 30, 2022.
"IGT's organization along three business segments enables our teams to be focused on developing and delivering best-in-class products and services," said Vince Sadusky, CEO of IGT. "The accomplishments are evidenced in accelerated revenue and profit expansion in the third quarter, achieving the top-end of our margin outlook. Customer and player demand trends remain encouraging and IGT's suite of innovative products and solutions has never been better. In addition, we reached the lowest debt leverage in the Company's history, while returning a record $224 million in capital to shareholders so far this year."
"Our strategy to innovate, optimize, and grow is fueling progress across the portfolio," said Max Chiara, CFO of IGT. "Robust year-to-date cash flows and proceeds from the sale of the Italy proximity payments/commercial services business, in addition to proactive liability management, enabled us to reduce debt to the lowest level ever. This enhanced credit profile provides greater financial flexibility to execute on the broadened, balanced capital allocation strategy presented at the Investor Day last November."
Overview of Consolidated Third Quarter 2022 Results
Quarter Ended | Y/Y | Constant | |||
All amounts from continuing operations | September 30, | ||||
2022 | 2021 | ||||
($ in millions) | |||||
GAAP Financials: | |||||
Revenue | |||||
Global Lottery | 626 | 652 | (4) % | 4 % | |
Global Gaming | 379 | 289 | 31 % | 34 % | |
Digital & Betting | 54 | 43 | 27 % | 34 % | |
Total revenue | 1,060 | 984 | 8 % | 14 % | |
Operating income (loss) | |||||
Global Lottery | 211 | 234 | (10) % | — % | |
Global Gaming | 65 | 31 | 107 % | 113 % | |
Digital & Betting | 12 | 12 | (5) % | (3) % | |
Corporate support expense | (36) | (26) | (38) % | (57) % | |
Other(1) | (41) | (40) | (1) % | (2) % | |
Total operating income | 211 | 212 | — % | 9 % | |
Operating income margin | 20 % | 22 % | |||
Net cash provided by operating activities | 236 | 113 | 109 % | ||
Cash and cash equivalents | 401 | 435 | (8) % | ||
Earnings per share - diluted | $1.30 | $0.31 | 319 % | ||
Non-GAAP Financial Measures: | |||||
Adjusted EBITDA | |||||
Global Lottery | 310 | 347 | (11) % | (1) % | |
Global Gaming | 96 | 64 | 50 % | 55 % | |
Digital & Betting | 16 | 15 | 4 % | 6 % | |
Corporate support expense | (19) | (19) | 1 % | (23) % | |
Total Adjusted EBITDA | 402 | 407 | (1) % | 7 % | |
Adjusted EBITDA margin | 38 % | 41 % | |||
Adjusted earnings per share - diluted | $0.43 | $0.38 | 13 % | ||
Free cash flow | 163 | 66 | 148 % | ||
Net debt | 5,075 | 6,109 | (17) % | ||
Categoría:Gaming
Tags: Sin tags
País: United Kingdom
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