International Game Technology (IGT) has released its financial results for the whole year of 2022 as well as for the fourth quarter. They show a 3% increase in sales from the previous year.

The multinational gambling company that produces slot machines and gambling technology published the fourth quarter and full-year results for 2022.

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The company said that it had met all of its financial goals for the year and had also strengthened its “product leadership positions” across its Global Gaming, PlayDigital, and Global Lottery operations.

Vince Sadusky, the chief executive officer of International Game Technology, claims that the company’s recent success is a direct result of the strategic work that it has been putting in over the past few years. Because of this work, the company has “higher growth prospects, a better profit profile, and a solid path” to its long-term goals.

The same measures also enabled IGT to generate record capital returns for shareholders in the previous year, which helped the company approach the new year from a stable position while enjoying “excellent momentum across business segments.

Max Chiara, the company’s chief financial officer, called it “another year of tremendous financial achievements.” Most of the credit goes to the company’s improved earnings strength.

IGT was able to make a healthy cash flow while also increasing its investments, which will help the company grow in the future. With the money from selling its non-core businesses, IGT was able to cut its debt and leverage by a large amount. These new numbers show that the company has the least amount of debt and leverage it has ever had on record.

IGT will continue to benefit from substantial assistance and increased flexibility as it works to carry out its plans over a period of years, thanks to the enhancements it has made to its credit profile and the significant increase in liquidity it has achieved.

IGT made $1.1 billion in the fourth quarter, which is a 4% increase from the same time last year when they made $1 billion. The growth in revenue from global gaming, which was up 21% to $389 million, was the main reason for the expansion.

All of the company’s revenue streams, including sales of both products and services, grew by a lot. The operations of PlayDigital also made a big difference in the revenue number for the fourth quarter. Because PlayDigital’s income kept going up and its jackpot costs went down, its income jumped by an amazing 239% to $17 million. Even though this was more expensive because of investments in research and development, talent, and the cost of integrating iSoftBet, it was still possible.

Also, the company said that its operating income had gone up by 24% and was now at $230 million, which was a big milestone. Because Global Gaming and PlayDigital made more money than they did the year before, their operating income margin went up to 21%, which is a rise of 340 basis points.

The Adjusted EBITDA for the fourth quarter was $419 million, representing an increase of 8% as reported and an increase of 13% when accounting for currency fluctuations. This rise was due to the consistent increase in profits generated by PlayDigital and Global Gaming, in addition to the significant contribution made by IGT’s global lottery business operations.

The Rise of Global Gaming & PlayDigital

The company made $4.2 billion in sales, which is a 3% increase from the previous year or an 8% increase when the value of the dollar is kept the same. The main reason for the rise was that both the Global Gaming and PlayDigital businesses grew a lot.

IGT also reported a record operating income of $922 million and a record operating income margin of 22%, both of which were driven by the significant progress made in the company’s Global Gaming business. IGT has announced a record payout of $276 million to its shareholders, in addition to having a free cash flow of $582 million and cash from operations of $899 million. Additionally, the company’s debt has decreased by $771 million.

IGT anticipated that its full-year revenue would fall somewhere between $4.1 and $4.3 billion in 2023 and that its operating margin would range somewhere between 21% and 23%. It is anticipated that IGT will bring in revenue of approximately $1 billion during the first quarter of 2023, with an operating margin falling between 22 and 24 percent.

IGT said earlier this week that its score on the 2022 S&P Global Corporate Sustainability Assessment put it in the top 88 percent of all companies in the casino and gambling industry.

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