IGT Reports Q4 and Full-Year 2024 Results, Meets Financial Outlook

International Game Technology PLC (NYSE: IGT) has released its financial results for the fourth quarter and full-year 2024, reporting revenue of $651 million for the quarter and $2.5 billion for the year. The company attributes its performance to steady growth in instant ticket and draw game sales across key markets, including the U.S., Canada, and Italy.

Despite a year-over-year decline in revenue for the fourth quarter, primarily due to a comparison with record product sales from the prior year, IGT’s core lottery business demonstrated resilience. The company generated adjusted EBITDA of $290 million in Q4 and $1.17 billion for the full year, with adjusted EBITDA margins of 44.5% and 46.6%, respectively.

Financial Performance Overview

Fourth Quarter 2024 Highlights:

• Revenue of $651 million, a 4% decline from Q4 2023
• Income from continuing operations of $116 million, up 60% year-over-year
• Adjusted EBITDA of $290 million, down 8% from the prior-year period
• Adjusted EBITDA margin of 44.5%, compared to 46.4% in Q4 2023
• Free cash flow of $154 million, down from $253 million in Q4 2023

Full-Year 2024 Highlights:

• Revenue of $2.5 billion, down slightly from $2.53 billion in 2023
• Income from continuing operations of $271 million, a 2% increase from the previous year
• Adjusted EBITDA of $1.17 billion, down from $1.21 billion in 2023
• Net debt reduced to $4.8 billion from $5.2 billion at the end of 2023

IGT continued to strengthen its lottery operations through major contract wins and extensions. The company secured a seven-year facilities management contract with the Colorado Lottery and a 10-year Lottery and iLottery contract in Luxembourg. Additionally, it extended existing agreements, including a nine-year contract with the Tennessee Education Lottery, a 10-year extension with the North Carolina Education Lottery, and long-term agreements in Lithuania, Mississippi, and Virginia.

In the instant ticket segment, IGT expanded its footprint with a three-year primary printing contract in Portugal, a five-year deal in Spain, and a three-year extension with France’s FDJ.A significant development in 2024 was IGT’s agreement to sell its Gaming & Digital business to funds managed by affiliates of Apollo Global Management, Inc. for $4.05 billion. The transaction, expected to close by the end of Q3 2025, marks a shift in IGT’s strategic focus toward its core lottery business.

Looking ahead, IGT anticipates continued stability in its lottery operations, supported by strong recurring revenue streams and ongoing contract renewals. With a solid financial position and reduced net debt, the company remains focused on optimizing profitability and maintaining its market leadership in the global lottery sector.

“2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash,” said Vince Sadusky, CEO of IGT. “Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership.”

“We delivered solid financial results in 2024, including robust cash flow generation to invest in the business, reduce debt, and return capital to shareholders,” said Max Chiara, CFO of IGT. “Our core, recurring business has a compelling low-to-mid single digit growth profile and provides a solid foundation as we head into our next CapEx cycle aimed at securing our portfolio and extending its duration to more than eight years.”