IGT: nel secondo trimestre 2024 ricavi ad oltre 1 miliardo di dollari. Sadusky (ceo IGT): “Investimenti tecnologici, contenuti e soluzioni innovative le chiavi che hanno portato ad una forte crescita nel primo semestre”

IGT ha annunciato i risultati finanziari del secondo trimestre terminato il 30 giugno 2024, registrando un reddito operativo record e un EBITDA rettificato, esclusi i costi di separazione e dismissione.

Risultati Finanziari del Q2 2024:

  • Ricavi del secondo trimestre: 1,05 miliardi di dollari, in linea con le previsioni
  • Reddito operativo: 230 milioni di dollari
  • EBITDA rettificato: 420 milioni di dollari
  • Flusso di cassa operativo: oltre 460 milioni di dollari nella prima metà dell’anno
  • Flusso di cassa libero: oltre 260 milioni di dollari nella prima metà dell’anno

Dichiarazioni del management

“IGT ha conseguito risultati forti nel primo semestre, inclusi ricavi operativi e EBITDA rettificato record, al netto dei costi di separazione e dismissione”, ha dichiarato Vince Sadusky, CEO di IGT.

“Investimenti costanti nella tecnologia, contenuti di gioco e altre soluzioni innovative ci forniscono una solida base su cui costruire mentre perseguiamo i nostri obiettivi di crescita. La recente vendita del nostro business Gaming & Digital per 4,05 miliardi di dollari è un passo importante per sbloccare il valore intrinseco delle attività di IGT”.

“Abbiamo generato oltre 460 milioni di dollari di flusso di cassa operativo nella prima metà dell’anno e il nostro bilancio è più forte che mai”, ha affermato Max Chiara, CFO di IGT. “La nostra ampia liquidità e le gestibili scadenze del debito a breve termine ci offrono una notevole flessibilità in vista degli investimenti imminenti per estendere e garantire il nostro portafoglio di contratti della lotteria a lungo termine per gli anni futuri”.

Punti chiave

  • Contratto di gestione delle strutture della durata di sette anni con la Colorado Lottery e estensione del contratto di tre anni con la Mississippi Lottery Corporation.
  • Contratto di contenuti iLottery di cinque anni con Atlantic Lottery Corporation e lancio di iLottery in Connecticut.
  • Successo continuo nella conquista di contratti per lotterie istantanee, incluso un accordo di cinque anni con ONCE in Spagna e un’estensione di tre anni in Mississippi.
  • Lancio di Tiger and Dragon sul cabinet PeakCurve49, classificato come il miglior nuovo gioco premium nel settore; introduzione di Whitney Houston sul nuovo cabinet SkyRise™.
  • Lancio recente del pluripremiato gioco Prosperity Link™ in formato digitale negli Stati Uniti.
  • Crescita internazionale con la distribuzione di Diamond Mania MLP nel mercato spagnolo AWP, l’acquisto da parte di Holland Casino di 500 cabinet Video Poker PeakBar Top™ e l’espansione del footprint HHR a Malta.
  • Pubblicazione del 17° rapporto annuale sulla sostenibilità, evidenziando i successi in ambito Ambientale, Sociale e di Governance.
  • Vittoria nella categoria “Diversity and Inclusion” ai Women in Gaming Diversity Awards 2024 e riconoscimento come “Best Place to Work for Disability Inclusion”.

Aggiornamenti Finanziari

  • Ricavi consolidati: 1,05 miliardi di dollari, in linea con lo stesso periodo dell’anno precedente.
  • Reddito operativo: 230 milioni di dollari, rispetto ai 251 milioni del periodo precedente; esclusi 26 milioni di dollari di costi di separazione e dismissione, il reddito operativo è salito a 256 milioni.
  • EBITDA rettificato: 420 milioni di dollari, rispetto ai 443 milioni del periodo precedente; esclusi i costi di separazione e dismissione, l’EBITDA rettificato è stato stabile a 446 milioni.
  • Debito netto: 5,1 miliardi di dollari al 30 giugno 2024, invariato rispetto al 31 dicembre 2023.

Aggiornamento su liquidità e dividendi

  • Liquidità totale: 1,7 miliardi di dollari al 30 giugno 2024; $0,4 miliardi in contanti non vincolati e 1,3 miliardi in capacità di credito aggiuntiva non utilizzata.
  • Dividendo trimestrale: 0,20 dollari per azione ordinaria, con data di registrazione il 13 agosto 2024 e pagamento il 27 agosto 2024.

Vendita del Business Gaming & Digital

Come annunciato il 26 luglio 2024, IGT ha stipulato un accordo definitivo per vendere il proprio business Gaming & Digital a fondi gestiti da affiliati di Apollo per 4,05 miliardi di dollari in proventi lordi in contanti. La transazione dovrebbe essere completata entro la fine del terzo trimestre del 2025.

Previsioni per l’Anno 2024

A causa della prevista vendita del business Gaming & Digital, IGT prevede di classificare e riportare i risultati di Gaming & Digital come operazioni discontinue a partire dal terzo trimestre del 2024. Di conseguenza, l’azienda sta ritirando le precedenti previsioni finanziarie per l’intero anno. IGT prevede di fornire una previsione per le operazioni continuative dell’intero anno 2024 una volta completata la preparazione del rapporto sulle operazioni discontinue.

Constant

Sequential

Q2’24

Q2’23

Currency

Change as

GLOBAL LOTTERY

Y/Y Change

Change(1)

Q1’24

Reported

Revenue

Service

Operating and facilities management contracts

620

623

(1) %

— %

653

(5) %

Upfront license fee amortization

(47)

(47)

1 %

— %

(47)

1 %

Operating and facilities management contracts, net

573

576

(1) %

— %

605

(5) %

Other

13

13

7 %

11 %

13

— %

Total service revenue

586

588

— %

— %

619

(5) %

Product sales

27

35

(25) %

(25) %

42

(37) %

Total revenue

613

624

(2) %

(2) %

661

(7) %

Operating income

212

229

(8) %

(7) %

258

(18) %

Adjusted EBITDA(1)

311

332

(6) %

(6) %

355

(12) %

Global same-store sales growth (%)

Instant ticket & draw games

(0.5 %)

2.3 %

(0.2 %)

Multi-jurisdiction jackpots

20.2 %

(5.3 %)

(1.0 %)

Total

0.9 %

1.8 %

(0.3 %)

North America & Rest of world same-store sales growth (%)

Instant ticket & draw games

(1.4 %)

0.8 %

(1.6 %)

Multi-jurisdiction jackpots

20.2 %

(5.3 %)

(1.0 %)

Total

0.6 %

0.2 %

(1.5 %)

Italy same-store sales growth (%)

Instant ticket & draw games

2.3 %

8.0 %

4.4 %

(1) Non-GAAP measure; see disclaimer on page 5 and reconciliations to the most directly comparable GAAP measure in Appendix for further details

 

Constant

Sequential

Q2’24

Q2’23

Currency

Change as

GAMING & DIGITAL

Y/Y Change

Change(1)

Q1’24

Reported

Revenue

Service

Terminal

133

128

4 %

4 %

131

1 %

 iGaming

45

48

(7) %

(6) %

48

(6) %

Systems, software, and other

73

71

3 %

3 %

75

(3) %

Total service revenue

250

247

2 %

2 %

253

(1) %

Product sales

Terminal

120

139

(14) %

(14) %

110

9 %

Systems, software, and other

66

45

45 %

46 %

43

54 %

Total product sales revenue

186

185

1 %

1 %

153

21 %

Total revenue

436

432

1 %

1 %

406

7 %

Operating income

103

89

16 %

16 %

81

28 %

Adjusted EBITDA(1)

151

133

13 %

14 %

127

19 %

Installed base units

Casino

53,588

51,304

4 %

53,368

Casino – L/T lease(2)

697

851

(18) %

701

Total installed base units

54,285

52,155

4 %

54,069

Installed base units (by geography)

US & Canada

34,320

33,554

2 %

34,146

Rest of world

19,965

18,601

7 %

19,923

Total installed base units

54,285

52,155

4 %

54,069

Yields (by geography)(3), in absolute $

US & Canada

$42.01

$41.89

— %

$41.17

Rest of world

$7.45

$7.44

— %

$7.13

Total yields

$29.14

$29.56

(1) %

$28.51

Global machine units sold

New/expansion

1,060

1,061

— %

203

Replacement

6,570

7,208

(9) %

6,424

Total machine units sold

7,630

8,269

(8) %

6,627

US & Canada machine units sold

New/expansion

696

1,046

(33) %

46

Replacement

4,436

5,278

(16) %

5,014

Total machine units sold

5,132

6,324

(19) %

5,060

(1) Non-GAAP measures; see disclaimer on page 5 and reconciliations to the most directly comparable GAAP measure in Appendix for further details

(2) Excluded from yield calculations due to treatment as sales-type leases

(3) Excludes Casino L/T lease units due to treatment as sales-type leases

Constant

Sequential

Q2’24

Q2’23

Currency

Change as

GAMING & DIGITAL (Continued)

Y/Y Change

Change(1)

Q1’24

Reported

Rest of world machine units sold

New/expansion

364

15

NM

157

Replacement

2,134

1,930

11 %

1,410

Total machine units sold

2,498

1,945

28 %

1,567

Average Selling Price (ASP), in absolute $

US & Canada

$16,400

$16,700

(2) %

$16,900

Rest of world

$13,500

$16,000

(16) %

$14,800

Total ASP

$15,400

$16,500

(7) %

$16,400

Constant

Sequential

Q2’24

Q2’23

Currency

Change as

CONSOLIDATED

Y/Y Change

Change(1)

Q1’24

Reported

Revenue (by geography)

US & Canada

661

650

2 %

2 %

660

— %

Italy

237

240

(1) %

(1) %

258

(8) %

Rest of world

151

164

(8) %

(8) %

150

1 %

Total revenue

1,049

1,055

(1) %

— %

1,067

(2) %

(1) Non-GAAP measure; see disclaimer on page 5 and reconciliations to the most directly comparable GAAP measure in Appendix for further details

 

International Game Technology PLC

Consolidated Statements of Operations

($ and shares in millions, except per share amounts)

Unaudited

For the three months ended

For the six months ended

June 30,

June 30,

2024

2023

2024

2023

Service revenue

837

835

1,709

1,681

Product sales

213

220

408

435

Total revenue

1,049

1,055

2,117

2,116

Cost of services

411

402

823

800

Cost of product sales

130

131

248

258

Selling, general and administrative

199

208

407

425

Research and development

53

60

108

122

Separation and divestiture costs

26

3

44

3

Total operating expenses

819

805

1,631

1,610

Operating income

230

251

486

506

Interest expense, net

73

71

145

141

Foreign exchange loss (gain), net

5

(15)

32

Other non-operating expense (income), net

1

(2)

3

2

Total non-operating expenses

74

75

132

176

Income before provision for income taxes

156

176

353

330

Provision for income taxes

71

86

141

173

Net income

85

90

213

157

Less: Net income attributable to non-controlling interests

43

44

89

88

Net income attributable to IGT PLC

42

46

123

69

Net income attributable to IGT PLC per common share – basic

0.21

0.23

0.61

0.35

Net income attributable to IGT PLC per common share – diluted

0.20

0.23

0.61

0.34

Weighted-average shares – basic

201

200

201

200

Weighted-average shares – diluted

203

203

203

202

 

International Game Technology PLC

Consolidated Balance Sheets

($ in millions)

Unaudited

June 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

438

572

Restricted cash and cash equivalents

121

167

Trade and other receivables, net

651

685

Inventories, net

310

317

Other current assets

443

382

Total current assets

1,963

2,123

Systems, equipment and other assets related to contracts, net

895

928

Property, plant and equipment, net

120

119

Operating lease right-of-use assets

216

230

Goodwill

4,485

4,507

Intangible assets, net

1,492

1,555

Other non-current assets

871

1,004

Total non-current assets

8,080

8,342

Total assets

10,042

10,465

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable

695

797

Current portion of long-term debt

713

Short-term borrowings

16

Other current liabilities

923

879

Total current liabilities

2,331

1,691

Long-term debt, less current portion

4,833

5,655

Deferred income taxes

349

344

Operating lease liabilities

199

214

Other non-current liabilities

453

609

Total non-current liabilities

5,835

6,821

Total liabilities

8,166

8,513

Commitments and contingencies

IGT PLC’s shareholders’ equity

1,503

1,443

Non-controlling interests

374

510

Shareholders’ equity

1,877

1,952

Total liabilities and shareholders’ equity

10,042

10,465

 

International Game Technology PLC

Consolidated Statements of Cash Flows

($ in millions)

Unaudited

For the three months ended

For the six months ended

June 30,

June 30,

2024

2023

2024

2023

Cash flows from operating activities

Net income

85

90

213

157

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

73

74

144

151

Amortization

56

54

111

110

Amortization of upfront license fees

50

50

100

100

Deferred income taxes

13

28

12

55

Stock-based compensation

11

12

22

23

Foreign exchange loss (gain), net

5

(15)

32

Other non-cash items, net

3

3

9

Changes in operating assets and liabilities:

Trade and other receivables

67

39

24

6

Inventories

14

(25)

7

(63)

Accounts payable

(26)

(118)

(71)

(7)

DDI / Benson Matter provision

(220)

(220)

Accrued interest payable

13

15

(13)

(4)

Accrued income taxes

(1)

23

3

64

Other assets and liabilities

(11)

3

(75)

(68)

Net cash provided by operating activities

343

34

463

345

Cash flows from investing activities

Capital expenditures

(101)

(99)

(185)

(193)

Other

4

5

3

Net cash used in investing activities

(97)

(99)

(180)

(190)

Cash flows from financing activities

Payments on license obligations

(7)

(7)

(14)

(8)

Net (payments of) proceeds from short-term borrowings

(6)

(53)

(16)

Net payments on financial liabilities

(1)

(14)

(64)

(6)

Principal payments on long-term debt

(462)

Net proceeds from (repayments of) Revolving Credit Facilities

35

81

(37)

473

Dividends paid

(80)

(40)

(80)

(80)

Dividends paid – non-controlling interests

(61)

(61)

(162)

(152)

Return of capital – non-controlling interests

(35)

(36)

(45)

(46)

Other

(15)

(12)

(14)

(23)

Net cash used in financing activities

(170)

(141)

(433)

(303)

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents

76

(206)

(149)

(149)

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

(14)

(1)

(31)

7

Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period

496

805

739

740

Cash and cash equivalents and restricted cash and cash equivalents at the end of the period

558

599

558

599

Supplemental Cash Flow Information

Interest paid

62

58

162

148

Income taxes paid

59

35

126

54

 

International Game Technology PLC

Net Debt

($ in millions)

Unaudited

June 30,

December 31,

2024

2023

6.500% Senior Secured U.S. Dollar Notes due February 2025

499

4.125% Senior Secured U.S. Dollar Notes due April 2026

747

747

3.500% Senior Secured Euro Notes due June 2026

801

826

6.250% Senior Secured U.S. Dollar Notes due January 2027

747

747

2.375% Senior Secured Euro Notes due April 2028

533

550

5.250% Senior Secured U.S. Dollar Notes due January 2029

746

745

Senior Secured Notes

3,574

4,113

Euro Term Loan Facilities due January 2027

636

876

Revolving Credit Facility A due July 2027

233

207

Revolving Credit Facility B due July 2027

391

458

Long-term debt, less current portion

4,833

5,655

6.500% Senior Secured U.S. Dollar Notes due February 2025

499

Euro Term Loan Facilities due January 2027

214

Current portion of long-term debt

713

Short-term borrowings

16

Total debt

5,547

5,671

Less: Cash and cash equivalents

438

572

Net debt

5,109

5,099

Note: Net debt is a non-GAAP financial measure

 

International Game Technology PLC

Reconciliation of Non-GAAP Financial Measures

($ in millions, except per share amounts)

Unaudited

For the three months ended June 30, 2024

Business

Global

Gaming &

Segments

Corporate

Total

Lottery

Digital

Total

and Other

IGT PLC

Net income

85

Provision for income taxes

71

Interest expense, net

73

Other non-operating expense, net

1

Operating income (loss)

212

103

315

(86)

230

Depreciation

43

31

74

73

Amortization – service revenue (1)

49

50

50

Amortization – non-purchase accounting

5

16

20

1

21

Amortization – purchase accounting

35

35

Stock-based compensation

2

1

3

7

11

Adjusted EBITDA

311

151

463

(43)

420

Cash flows from operating activities

343

Capital expenditures

(101)

Payments on license obligations

(7)

Free Cash Flow

235

Pre-Tax
Impact

Tax Impact (2)(3)

Net
Impact

Reported EPS attributable to IGT PLC – diluted

0.20

Adjustments:

Foreign exchange loss, net

(0.01)

0.01

(0.02)

Currency conversion impacts of hyper-inflationary economies

0.01

0.01

Amortization – purchase accounting

0.17

0.04

0.13

Discrete tax items

(0.03)

0.03

Net adjustments

0.16

Adjusted EPS attributable to IGT PLC – diluted (4)

0.36

(1) Includes amortization of upfront license fees

(2) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction

(3) The reported effective tax rate was 45.7%. Adjusted for the above items, the effective tax rate was 38.8%

(4) Adjusted EPS was calculated using weighted average shares outstanding of 203 million, which includes the dilutive impact of share-based payment awards

 

International Game Technology PLC

Reconciliation of Non-GAAP Financial Measures

($ in millions, except per share amounts)

Unaudited

For the three months ended June 30, 2023

Business

Global

Gaming &

Segments

Corporate

Total

Lottery

Digital

Total

and Other

IGT PLC

Net income

90

Provision for income taxes

86

Interest expense, net

71

Foreign exchange loss, net

5

Other non-operating income, net

(2)

Operating income (loss)

229

89

319

(68)

251

Depreciation

44

31

75

(1)

74

Amortization – service revenue (1)

50

50

50

Amortization – non-purchase accounting

5

11

16

1

17

Amortization – purchase accounting

38

38

Stock-based compensation

2

2

4

8

12

Adjusted EBITDA

332

133

465

(22)

443

Cash flows from operating activities

34

Capital expenditures

(99)

Payments on license obligations

(7)

Free Cash Flow

(72)

Payments on DDI / Benson Matter, net of cash tax benefit ($12 million)

208

Adjusted Free Cash Flow

136

Pre-Tax
Impact

Tax Impact (2) (3)

Net
Impact

Reported EPS attributable to IGT PLC – diluted

0.23

Adjustments:

Foreign exchange loss, net

Currency conversion impacts of hyper-inflationary economies

0.02

0.02

Amortization – purchase accounting

0.19

0.05

0.14

Discrete tax items

(0.05)

0.05

Other (non-recurring adjustments)

0.01

0.01

Net adjustments

0.22

Adjusted EPS attributable to IGT PLC – diluted (4)

0.45

(1) Includes amortization of upfront license fees

(2) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction

(3) The reported effective tax rate was 48.9%. Adjusted for the above items, the effective tax rate was 38.8%

(4) Adjusted EPS was calculated using weighted average shares outstanding of 203 million, which includes the dilutive impact of share-based payment awards

 

International Game Technology PLC

Reconciliation of Non-GAAP Financial Measures

($ in millions, except per share amounts)

Unaudited

For the six months ended June 30, 2024

Business

Global

Gaming &

Segments

Corporate

Total

Lottery

Digital

Total

and Other

IGT PLC

Net income

213

Provision for income taxes

141

Interest expense, net

145

Foreign exchange gain, net

(15)

Other non-operating expense, net

3

Operating income (loss)

470

184

654

(168)

486

Depreciation

83

61

145

(1)

144

Amortization – service revenue (1)

99

1

100

100

Amortization – non-purchase accounting

10

30

39

2

41

Amortization – purchase accounting

70

70

Stock-based compensation

5

3

7

15

22

Adjusted EBITDA

667

278

945

(82)

863

Cash flows from operating activities

463

Capital expenditures

(185)

Payments on license obligations

(14)

Free Cash Flow

264

Pre-Tax
Impact

Tax Impact (2) (3)

Net
Impact

Reported EPS attributable to IGT PLC – diluted

0.61

Adjustments:

Foreign exchange gain, net

(0.10)

0.03

(0.13)

Currency conversion impacts of hyper-inflationary

0.02

0.02

Amortization – purchase accounting

0.34

0.08

0.26

Discrete tax items

(0.06)

0.06

Net adjustments

0.22

Adjusted EPS attributable to IGT PLC – diluted (4)

0.82

(1) Includes amortization of upfront license fees

(2) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction

(3) The reported effective tax rate was 39.8%. Adjusted for the above items, the effective tax rate was 37.1%

(4) Adjusted EPS was calculated using weighted average shares outstanding of 203 million, which includes the dilutive impact of share-based payment awards

 

International Game Technology PLC

Reconciliation of Non-GAAP Financial Measures

($ in millions, except per share amounts)

Unaudited

For the six months ended June 30, 2023

Business

Global

Gaming &

Segments

Corporate

Total

Lottery

Digital

Total

and Other

IGT PLC

Net income

157

Provision for income taxes

173

Interest expense, net

141

Foreign exchange loss, net

32

Other non-operating expense, net

2

Operating income (loss)

469

173

642

(136)

506

Depreciation

87

64

150

1

151

Amortization – service revenue (1)

99

100

100

Amortization – non-purchase accounting

10

21

31

2

32

Amortization – purchase accounting

77

77

Stock-based compensation

4

4

8

14

23

Adjusted EBITDA

671

262

933

(41)

891

Cash flows from operating activities

345

Capital expenditures

(193)

Payments on license obligations

(8)

Free Cash Flow

143

Payments on DDI / Benson Matter, net of cash tax benefit ($12 million)

208

Adjusted Free Cash Flow

351

Pre-Tax
Impact

Tax Impact (2) (3)

Net
Impact

Reported EPS attributable to IGT PLC – diluted

0.34

Adjustments:

Foreign exchange loss, net

0.12

(0.02)

0.14

Currency conversion impacts of hyper-inflationary

0.04

0.04

Amortization – purchase accounting

0.38

0.09

0.29

Loss on extinguishment and modifications of debt, net

0.02

0.02

Discrete tax items

(0.10)

0.10

Other (non-recurring adjustments)

0.01

0.01

Net adjustments

0.60

Adjusted EPS attributable to IGT PLC – diluted (4)

0.94

(1) Includes amortization of upfront license fees

(2) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction

(3) The reported effective tax rate was 52.5%. Adjusted for the above items, the effective tax rate was 37.5%

(4) Adjusted EPS was calculated using weighted average shares outstanding of 202 million, which includes the dilutive impact of share-based payment awards

sb/AGIMEG