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INTERNATIONAL GAME TECHNOLOGY PLC REPORTS SECOND QUARTER 2022 RESULTS
- Revenue of $1.02 billion, down 2% as reported and up 3% at constant currency, led by 23% growth in Global Gaming
- Operating income of $228 million; operating income margin of 22% at high end of outlook on substantial increase in Global Gaming profitability and resilience in Global Lottery margin
- Adjusted EBITDA of $409 million, in line with prior year’s record level at constant currency as Global Gaming performance offsets Lottery discrete benefits in the prior year; 40% adjusted EBITDA margin remains among the highest in Company history
- Recognized a non-operating expense of $150 million representing the probable loss associated with legal proceedings related to Double Down Interactive LLC and its social gaming business sold in 2017
- Diluted EPS from continuing operations of $(0.02); Adjusted diluted EPS from continuing operations of $0.57, up 78% from the prior year
- Compelling shareholder returns with $135 million deployed for cash dividends and share repurchases year-to-date
- Tightening full-year 2022 revenue outlook to reflect currency movements and perimeter impact from previously announced divestiture; reconfirming operating income margin outlook as fundamentals remain strong
International Game Technology PLC reported financial results for the second quarter ended June 30, 2022. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.
“Strong customer and player demand for IGT’s products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year,” said Vince Sadusky, CEO of IGT. “Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders.”
“Our first half results set us firmly on the path to achieving our 2022 financial targets,” said Max Chiara, CFO of IGT. “Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases.”
Overview of Consolidated Second Quarter 2022 Results
|
Quarter Ended |
Y/Y |
Constant |
|||
|
All amounts from continuing operations |
June 30, |
||||
|
2022 |
2021 |
||||
|
($ in millions) |
|||||
|
GAAP Financials: |
|||||
|
Revenue |
|||||
|
Global Lottery |
648 |
725 |
(11) % |
(4) % |
|
|
Global Gaming |
330 |
274 |
21 % |
23 % |
|
|
Digital & Betting |
43 |
42 |
1 % |
4 % |
|
|
Total revenue |
1,021 |
1,041 |
(2) % |
3 % |
|
|
Operating income (loss) |
|||||
|
Global Lottery |
230 |
300 |
(23) % |
(16) % |
|
|
Global Gaming |
57 |
1 |
NM |
NM |
|
|
Digital & Betting |
8 |
9 |
(11) % |
(10) % |
|
|
Corporate support expense |
(29) |
(26) |
(11) % |
(26) % |
|
|
Other(1) |
(39) |
(40) |
3 % |
2 % |
|
|
Total operating income |
228 |
244 |
(7) % |
1 % |
|
|
Operating income margin |
22 % |
23 % |
|||
|
Net cash provided by operating activities |
196 |
249 |
(21) % |
||
|
Cash and cash equivalents |
673 |
639 |
5 % |
||
|
Earnings per share – diluted |
$(0.02) |
$(0.48) |
96 % |
||
|
Non-GAAP Financial Measures: |
|||||
|
Adjusted EBITDA |
|||||
|
Global Lottery |
330 |
414 |
(20) % |
(13) % |
|
|
Global Gaming |
87 |
35 |
145 % |
150 % |
|
|
Digital & Betting |
12 |
13 |
(7) % |
(6) % |
|
|
Corporate support expense |
(20) |
(21) |
4 % |
(14) % |
|
|
Total Adjusted EBITDA |
409 |
442 |
(7) % |
(1) % |
|
|
Adjusted EBITDA margin |
40 % |
4 % |
|||
|
Adjusted earnings per share – diluted |
$0.57 |
$0.32 |
78 % |
||
|
Free cash flow |
117 |
176 |
(34) % |
||
|
Net debt |
5,722 |
6,312 |
(9) % |
||
|
(1) Primarily includes purchase price amortization |
|
Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this |
Key Highlights:
- Recently completed acquisition of iSoftBet, a leading iGaming content provider and third-party aggregator, greatly expanding the Company’s proprietary content library and providing a world-class game aggregation platform
- Won “Lottery Supplier of the Year” at 2022 SBC Awards North America in July
- Introduced high-performing Money Mania wide area progressive game to commercial gaming jurisdictions following a successful launch in tribal casinos
- Signed agreement with NUSTAR Resort & Casino to deploy IGT ADVANTAGE™ casino management system and a variety of leading games and cabinets
- Announced expanded sports betting partnership with SuperBook® Sports to Tennessee, the fourth state where IGT’s PlaySports platform is powering the SuperBook Sports mobile betting app
- Awarded a gold medal sustainability rating from EcoVadis, a leading sustainability rating agency
- Recently released 2021 Sustainability Report which outlines the Company’s demonstrated environmental, social, and governance (ESG) performance
Financial Highlights:
Consolidated revenue of $1.02 billion, down 2% as reported, or up 3% at constant currency, from $1.04 billion in the prior year
- Global Lottery revenue of $648 million compared to $725 million in the prior-year period, which included $70 million in prior-year benefits primarily from the closure of gaming halls in Italy
- Global Gaming revenue increases 21%, or 23% at constant currency, to $330 million, driven by strong U.S. & Canada replacement unit demand, higher average selling prices, and increased installed base yields
- Digital & Betting revenue of $43 million, stable with the prior year, as iCasino growth in the U.S. is partially offset by softness in other markets; North America sports betting market gross gaming revenue impacted by lower hold levels
Operating income of $228 million, down 7% as reported, or up 1% at constant currency, from $244 million in the prior-year period
- Global Lottery operating income down, primarily due to about $60 million related to prior-year benefits referenced above
- Global Gaming rises on higher revenue and profit flow through, partially offset by increased supply chain costs
- Digital & Betting operating income of $8 million was relatively stable with the prior year
Adjusted EBITDA of $409 million matches prior year’s record level at constant currency; Adjusted EBITDA margin of 40% remains among the highest in Company history
Net interest expense of $75 million compared to $91 million in the prior year, driven by lower average debt balances and interest rates
During the second quarter, the Company recognized a pre-tax non-operating expense of $150 million ($114 million after tax) representing the probable loss associated with ongoing litigation (Benson v. Double Down Interactive LLC, No. 2:18-cv-00525 (W.D. Wash.)) and associated claims related to Double Down Interactive LLC and its social gaming business sold in 2017 by International Game Technology, a wholly-owned subsidiary of the Company
Income tax benefit of $11 million compared to a provision of $32 million in the prior year, primarily driven by recognition of the non-operating expense mentioned above and foreign exchange losses in the prior year with no tax benefit
Income from continuing operations of $34 million versus a loss from continuing operations of $39 million in the prior-year period, driven by income tax benefit, gains in foreign exchange, and lower debt retirement costs
Net loss attributable to IGT PLC of $4 million compared to net income of $306 million in the prior year due to gain on sale and income from discontinued operations in the prior-year period
Net loss from continuing operations attributable to IGT PLC per diluted share of $0.02 compared to a net loss from continuing operations attributable to IGT per diluted share of $0.48 in the prior year, on higher net income; adjusted net income per diluted share increased 78% to $0.57
Net debt of $5.7 billion compared to $5.9 billion at December 31, 2021; Net debt leverage of 3.5x was stable compared to December 31, 2021
Cash and Liquidity Update
- Total liquidity of $2.1 billion as of June 30, 2022; $0.7 billion in unrestricted cash and $1.5 billion in additional borrowing capacity
- Executed amendment and extension of revolving credit facilities in July 2022
- Increased liquidity by $150 million to $1.83 billion and rebalanced EUR/USD mix to match operational exposure
- Extended maturities to July 2027
- Lowered interest margin and added ESG provision to allow for further potential reductions
- Raised annual permitted restricted payments basket from $300 million to $400 million at current credit rating; potential to increase to $550 million
Other Developments
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share
- Ex-dividend date of August 15, 2022
- Record date of August 16, 2022
- Payment date of August 30, 2022
Repurchased 750,000 shares for $15 million in the second quarter at an average price of $20.48 per share; 2.2 million shares repurchased for $54 million on a year-to-date basis at an average price of $24.89 per share
The Company expects to close on the sale of its Italian proximity payments/commercial services business in mid-to-late September
Tightening Full-year Revenue Outlook for Currency Rates and Business Disposition; Introducing Third Quarter 2022 Outlook
Full Year
- Revenue of $4.1 billion – $4.2 billion
- Lowered high end of range by $100 million
- Reflecting changes in currency rates and impact from sale of Italian proximity payments/commercial services business in Q3’22
- Operating income margin of 20% – 22% remains unchanged
- Cash from operations of $850 – $950 million
- Lowered high end of range by $50 million
- Primarily driven by a working capital investment in higher inventory levels to proactively manage supply chain disruptions
- Capital expenditures of approximately $350 million, lowered by $50 million to adjust for updated timing of spending
- Free cash flow outlook remains unchanged
Third Quarter
- Revenue of approximately $1.0 billion – $1.1 billion
- Operating income margin of 18% – 20% includes approximately 150 – 200 basis point impact from project-related expenses
Outlook assumptions
- EUR/USD exchange rate of 1.00 in the second half of 2022
- Impact from sale of Italian proximity payments/commercial services business in mid-to-late September 2022
- Operating income margin includes approximately 150 – 200 basis point impact from project-related and restructuring expenses expected in the second half of 2022
Saroca Reimagines Leadership Development for the Gaming Industry
Saroca, a leader in professional development for the gaming industry, is proud to announce its Transformational Leadership Program, launching February 2025. Building on the success of the 2024 LeadHERship Program—a pioneering initiative for women in gaming—the new program expands its reach with two distinct cohorts: one exclusively for women and another open to all genders.
The Legacy of LeadHERship
The 2024 LeadHERship Program achieved an exceptional Net Promoter Score (NPS) of 90, with participants citing transformative growth. With participants like Clemence Dujardin citing it as a “game-changer”. Confidence in leadership abilities rose by 46%, resilience increased by 27%, and imposter syndrome diminished by 39%.
Participants praised the program’s focus on emotional resilience, feedback mastery, executive presence and communication all in a supportive community.
Leadership Development: A Game-Changer for Gaming
In a rapidly evolving and diversifying industry, strong leadership is essential. Saroca’s programs go beyond skill-building to foster resilience, trust, and inclusivity—key traits for thriving in the global gaming market.
“We believe leadership is not about hierarchy—it’s about transformation,” said Emily Leeb, CEO of Saroca. “The Transformational Leadership Program reflects our commitment to cultivating leaders who will shape the future of gaming.”
Transformational Leadership Program Highlights
The program builds on the proven curriculum of its predecessor, featuring:
- Two Cohorts: A women-only cohort and a new all-gender cohort to enrich perspectives.
- Eight Modules: Covering topics such as emotional intelligence, self-advocacy, and radical candor.
- Community and Growth Tracking: Strengthening connections and measuring individual progress.
Registration Now Open
The Transformational Leadership Program begins in February 2025, with limited spots available. Scholarships are also offered to ensure accessibility. For more information, visit Saroca’s website or contact [email protected].
About Saroca
Saroca is a leader in leadership development for the gaming industry, committed to empowering professionals through inclusive, high-impact programs that drive personal and professional growth.
The post Saroca Unveils the Transformational Leadership Program for 2025 appeared first on European Gaming Industry News.
Here are this weeks latest slots releases compiled by European Gaming
Introducing Magawa vs Mines, the debut game from Slammer Studios – a fresh new player in the industry. With the launch of this vibrant 7×7 slot, the studio is kicking things off in style. Inspired by the legendary Magawa, a rat whose life-saving landmine detection skills have earned worldwide acclaim, this game pays tribute to this incredible hero. With Magawa vs Mines, players get to honour the courage of an extraordinary rat, reliving his daring missions through high-energy gameplay.
Spinomenal has added Zeus Unchained Hold & Hit to its marvellous Mythology series. Zeus Unchained Hold & Hit presents a grid framework of 5×3 and is set at 25 fixed lines. Once the action is underway, players join Zeus, the ancient Greek god of sky and thunder for a battle on the reels. A powerful soundtrack heightens the anticipation as players look for Wild symbols on screen.
Betsoft Gaming brings players to the heights of Mount Olympus with Coins of Zeus – Hold & WinTM, an engaging video slot with a 3×3 grid and 5 paylines set in a stunning Ancient Greek theme. From immersive visuals to thrilling gameplay features, Coins of Zeus – Hold & WinTM brings mythology to life, delivering divine entertainment and win potential.
BGaming is helping players hunt for ancient treasures in its latest release Catdiana. Boasting two purr-fect bonus games, the gameplay is further enhanced through cat-themed scatters, coveted coins and high-value gem symbols. The 5×3 reel action unfolds deep within a mystical cat temple where Catdiana goes on the prowl, performing as a wild to guide players to hidden treasures and big wins.
Tom Horn Gaming, a leading igaming software supplier, has unveiled its latest game, Wild Snowfakes, just in time for the winter season. A winter-themed slot transports players to a serene snowy wonderland filled with excitement and rewards. This medium-to-high variance game is played across a 5×3 gaming grid, populated with frosty fruit symbols and snowflakes, which act as wilds.
Evoplay, the award-winning game development studio, has revealed its latest immersive slot, Dolce Dreams, offering a sweet twist on the classic Italian café culture, with the experience designed for high engagement and substantial win potential. Set against the backdrop of a charming streetside cafe, Dolce Dreams features stacked Wilds in the form of waffle ice creams, which substitute for other symbols to maximise winning combinations.
Relax Gaming is taking players on an exhilarating snowy adventure with the launch of Winter Champions, a sports-themed slot that propels players through the mountain tops in pursuit of golden victories. At the heart of Winter Champions is the innovative Sliding Respins mechanic, ensuring the reels remain active as long as winning combinations continue to land, adding a layer of non-stop excitement to the gameplay.
Nolimit City is serving up a twisted carnival treat in Munchies. Step into the fair grounds as Nolimit’s latest Labs game released following the release of Outsourced: Slash Game. As a Labs title, expect a fresh and experimental spin on the classic Nolimit style. In the heart of the carnival tents lies a curious attraction: Fluffers—a cute, cuddly, but oh-so-smelly creature that’s causing quite the commotion among visitors. Some may say it’s the attraction of the year!
Thunderkick has unveiled Split Happens, the latest addition to its product portfolio that combines a quirky bowling theme with Walking Wilds and respins to provide a unique and compelling gaming experience. The action takes place across a classic 5×3 grid, where winning combinations can be formed both ways to help unlock 3,000x maximum wins.
Amusnet has released its latest video slot, 10 Bulky Fruits. It is not an ordinary fruit slot but a dazzling, energetic and exciting game. This is a 5-reel, 10-fixed paylines video slot that offers vivid gameplay, epic sound effects and a variety of features. Keep an eye out for the Clover Wild Symbol and its great rewards – it appears on the 2nd, 3rd, and 4th reel. The Star and the Dollar are the shiny Scatter symbols boosting the winnings.
It’s beginning to look a lot like Christmas, and Booming Games are getting in the spirit early with the November arrival of their fresh, festive game, Holly Jolly Bonanza 2. ‘Tis the season for snowy slots, and just like Santa Claus himself, Holly Jolly Bonanza 2 delivers in style. This sparkling sequel is a sure-fire Christmas classic, a 5×6 game with cascading reels, introducing new features to the festive game.
How deep do you dare to descend in Yellow Slotmarine by Twin Win Games – the exciting new slot where cash prizes can be accumulated and collected on any base game spin, but three bomb symbols are always lurking to potentially blow players out of the water. Utilising just three reels and one row of symbols, Yellow Slotmarine introduces a completely new mechanic where every character that lands contributes towards a specific cash pot.
Gaming Corps is proud to announce the release of Wet and Wild Beavers. This charming new slot game also marks the debut of the exciting new A-MAZE-CADES™ mechanic. This playful adventure takes players down to the river, where a team of ingenious beavers plot their daring escape by the riverbank. Follow Red Rocket, Old Blue and Yella Fella as they utilise a series of creative bonus features to escape the dam and get their hands on wins of up to 10,000x the player’s stake.
Explore a prosperous underwater world and harness the power of the formidable Greek God of the Sea Poseidon in Stakelogic’s latest release, Trident of Legends. This enchanting aquatic adventure invites players to tap into the awe-inspiring power of the mythical Poseidon as they embark on a quest for fortune. With Poseidon’s legendary Trident in hand, players can trigger enticing bonuses while playing for wins of up to 10,000x their stake.
Play’n GO invites players to join the Wilde family in Wildest Gambit, a globe-trotting 5×3 slot that combines adventure, mystery, and massive win potential with an x20,000 Multiplier. Wildest Gambit unites the legendary Wilde family – Rich, Cat, and Uncle Gerard – in an epic journey across four unique destinations. From the golden sands of Egypt to the dense jungles of South America, players will experience a dynamic blend of Expanding, Sticky, and Multiplier Wilds.
The post Week 47/2024 slot games releases appeared first on European Gaming Industry News.
EGT Digital is proud to be among the finalists in the impressive 5 categories of BEGE Awards 2024. This year’s edition of the prestigious annual competition will be held on November 27 at Black & White Club, Palms Royale Sofia Complex. For the 15th consecutive year, the event will recognize individuals and companies for their outstanding contribution to the gaming and entertainment industry.
Burning Hot Instant, one of the newest offerings in EGT Digital’s ever-growing portfolio of games, is among the shortlisted titles in the Online Game of the Year category. It is also one of the latest additions to the top performer Clover Chance. Although it debuted only 2 months ago, Burning Hot Instant immediately became players’ favorite with its mystery jackpot and numerous rewards.
X-Nave, EGT Digital’s in-house developed “all-in-one” betting platform, is a contender in the Online Platform of the Year category. The product earned the nomination thanks to the fact that it provides operators with the technology and tools they need to build and maintain a successful online business. The X-Nave platform includes 4 main modules: Sport Product, Gaming Aggregator, CRM Engine, and Payment Gateway. Each module can be part of the complete solution or function independently, allowing seamless integration with developments of third-party providers.
Another prestigious nomination for EGT Digital is in the Online Provider of the Year category, recognizing its wide range of iGaming products and services. The company’s games are extremely popular in a number of markets around the world, where players appreciate their fascinating design, high winning chances, and many attractive bonus features. The X-Nave platform is becoming the preferred choice for an increasing number of operators who want to guarantee their business’ long-term success and sustainable development.
The company is a finalist in the Sports Betting Platform of the Year category as well. EGT Digital’s Sportsbook solution, part of X-Nave’s Sport Product, offers everything operators need to secure a competitive bookmaker position. It includes advanced betting, in-depth statistics, different bet types, back-office tools, a variety of jackpots, and 24/7 technical and trading support. It is provided with powerful management tools that allow betting sites to create personalized content and increase player engagement.
The last category for which EGT Digital has been nominated is Innovative Product of the Year, with its 360-degree retail betting solution. This product covers both software and hardware aspects of the business, including the design and management of devices, the company’s omnichannel solution, sports betting, lottery games, vouchers, online deposits, and commissions. Constantly evolving, EGT Digital’s 360-degree retail betting solution continues to add new tools and options for improving user experience.
The post EGT Digital is shortlisted in 5 categories of BEGE Awards 2024 appeared first on European Gaming Industry News.
Saroca Unveils the Transformational Leadership Program for 2025
Week 47/2024 slot games releases
EGT Digital is shortlisted in 5 categories of BEGE Awards 2024
EGT is a finalist in several categories of BEGE Awards 2024
EGT’s latest innovations to shine at the 15th edition of BEGE Expo
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