IGT reports 3Q 2023 results
Tuesday 31 de October 2023 / 12:00
⏱ 2 min read
(London).- International Game Technology today reported financial results for the third quarter ended September 30, 2023. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.
"The strength of our leadership positions across Global Lottery, Global Gaming, and PlayDigital is evident in our third quarter and year-to-date results," said Vince Sadusky, CEO of IGT. "Excellent momentum in key performance indicators is driving revenue growth and even stronger profit expansion. With a compelling pipeline of innovative products and solutions showcased at recent tradeshows, I am confident we can achieve our near and medium-term goals as we focus on unlocking the intrinsic value of IGT's market-leading assets."
"We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation," said Max Chiara, CFO of IGT. "Our financial position is solid with net debt leverage at a historical low point and already comfortably within our long-term target range, which coupled with no meaningful near-term debt maturities and access to significant liquidity, greatly enhances our balance sheet and creates additional financial flexibility."
Overview of Consolidated Third Quarter 2023 Results
| Quarter Ended | Y/Y Change | Constant Currency Change | |||
| September 30, | |||||
| 2023 | 2022 | ||||
| ($ in millions) | |||||
| GAAP Financials: | |||||
| Revenue | |||||
| Global Lottery | 601 | 626 | (4) % | (7) % | |
| Global Gaming | 409 | 379 | 8 % | 8 % | |
| PlayDigital | 55 | 54 | 1 % | 1 % | |
| Total revenue | 1,065 | 1,060 | — % | (1) % | |
| Operating income (loss) | |||||
| Global Lottery | 206 | 211 | (2) % | (6) % | |
| Global Gaming | 93 | 65 | 42 % | 43 % | |
| PlayDigital | 16 | 12 | 32 % | 36 % | |
| Corporate support expense | (38) | (36) | (7) % | (3) % | |
| Other(1) | (37) | (41) | 8 % | 9 % | |
| Total operating income | 239 | 211 | 13 % | 10 % | |
| Operating income margin | 22.4 % | 19.9 % | |||
| Earnings per share - diluted | $0.46 | $1.30 | (65) % | ||
| Net cash provided by operating activities | 296 | 236 | 25 % | ||
| Cash and cash equivalents | 558 | 401 | 39 % | ||
| Non-GAAP Financial Measures: | |||||
| Adjusted EBITDA | |||||
| Global Lottery | 306 | 310 | (1) % | (6) % | |
| Global Gaming | 135 | 96 | 41 % | 42 % | |
| PlayDigital | 19 | 16 | 16 % | 18 % | |
| Corporate support expense | (27) | (19) | (42) % | (35) % | |
| Total Adjusted EBITDA | 433 | 402 | 8 % | 5 % | |
| Adjusted EBITDA margin | 40.7 % | 38.0 % | |||
| Adjusted earnings per share - diluted | $0.52 | $0.43 | 21 % | ||
| Free cash flow | 181 | 163 | 11 % | ||
| Adjusted free cash flow | 157 | 163 | (3) % | ||
| Net debt | 5,251 | 5,075 | 3 % | ||
| (1) Primarily includes purchase price amortization |
Categoría:Reports
Tags: IGT,
País: United Kingdom
Región: EMEA
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