IGT Announces Robust Q4 and FY 2023

International Game Technology PLC (IGT) is proud to report a strong finish to 2023 with solid financial results for the fourth quarter and an impressive performance across the entire year.

During Q4, IGT achieved revenue of US$1.1 billion (£860m), reflecting a commendable seven percent growth in its Global Lottery segment. Operating income for this period rose by 11 percent to US$256 million (£200.26m), highlighting significant strengths across Global Lottery, Global Gaming, and PlayDigital sectors.

For Full Year 2023, IGT enjoyed continued momentum, with total revenue of US$4.3 billion (£3.36bn), marking a two percent, year-on-year increase. Growth was driven by Global Lottery same-store sales growth and a nine percent increase in both Global Gaming and PlayDigital verticals.

IGT achieved record Adjusted EBITDA of US$1.8 billion (£1.4bn) for the year.

The company’s net debt leverage, furthermore, improved to times-2.9 — the lowest in IGT’s history.

Determination

Looking ahead to 2024, IGT anticipates revenue to be up to US$4.4 billion (£3.44bn), with an operating margin of around 21 percent.

“We delivered a strong finish to the year in the fourth-quarter, propelling Full-year 2023 profits to record levels,” said IGT CEO Vince Sadusky.

“A compelling array of products and solutions fueled [our] broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments.

“We believe the recent determination to split the business, and create separate lottery and pure play gaming companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders,” affirmed Sadusky.

IGT CFO Max Chiara added: “We achieved all of our financial goals in 2023.

“Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024.

“This gives us confidence in further expanding our investment in the business to fund future growth.”