International Game Technology, the leading gaming company powering lotteries, betting and gaming operators around the world, released its second quarter 2023 results, highlighting strong performance and growth. On Tuesday, the company released its unaudited result for the three months ended June 30, 2023, revealing that its total revenue for the period hit $1.06 billion. This result, when compared to the corresponding period in 2022, marked an increase of 3%.
The Company Reports Strong Growth across the Board
Judging by a breakdown provided by IGT, the $1.06 billion in total revenue showed strong growth for PlayDigital and its global gaming operations. Overall, PlayDigital’s Q2 2023 revenue hit $59 million. A year-over-year comparison to the same period in 2022, when revenue halted at $43 million, shows that this year, an increase of 38% is observed.
Another growth was observed for the company’s global gaming revenue segment. In total, IGT’s global gaming revenue for the second quarter of this year was $373 million, representing a strong 13% growth when compared to the $330 million result from Q2 last year.
In contrast to the positive results, the company’s global lottery revenue dipped slightly, judging by the recent report. In Q2 last year, global lottery revenue hit $648 million, while this year, it decreased by 4% to $624 million.
Additional details within the recent financial report released by the company revealed that the total adjusted EBITDA in Q2 this year increased by 8% to $443 million when compared to Q2 in 2022. This result represented an adjusted EBITDA margin of 42%, compared to an adjusted EBITDA margin of 40.1% from the same period last year.
Adjusted free cash flow for the second quarter this year increased by 16% to $136 million, reveals the recent trading update. In light of the strong performance for the first half of 2023, IGT confirmed that it is raising its “full-year 2023 revenue and profit outlook.”
Execution of Strategic Initiatives Brings Benefits
Max Chiara, IGT’s CFO, spoke about the company’s strong performance during the second quarter. He explained that IGT continues to invest in different growth objectives while at the same time, remaining committed to reducing debt and returning capital to its shareholders. “Based on our first-half results, we are confidently raising our full-year 2023 revenue and operating margin outlook,” added Chiara in conclusion.
“Our second-quarter and first-half results reflect solid revenue and profit momentum across all business segments.“
Vince Sadusky, CEO of IGT
Vince Sadusky, IGT’s CEO, was similarly excited about the company’s strong first half of 2023 results. He explained that the recent figures reaffirm the strong momentum gained by the company.
Sadusky added that thanks to executing key strategic initiatives, IGT was able to achieve the high end of its outlook. This, he said, reaffirms the strong demand for its solutions and products. Finally, Sadusky predicted further growth for IGT and accomplishments of strategic future objectives.