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IGT has released its financial ps for the second quarter of 2024.
Total revenue was just shy of $1.05bn during the quarter, representing a year-on-year decline of 1%. While Global Lottery suffered a drop of 2% in its revenue to $613m, Gaming & Digital actually grew by 1% to $436m.
The reason behind Global Lottery’s decrease has been put down to a multi-year software licence sale in the prior year, while Gaming & Digital was up due to installed base growth and offset by lower terminal unit shipments.
Looking at total operating income, this was down 8% compared to the same period last year, being valued at $230m. While Gaming & Digital saw a 16% increase to $103m, Global Lottery was down 8% to $212m. Corporate support expense dropped 67% to an operating loss of $51m, while other increased 8%, though was still at a loss of $35m.
Total adjusted EBITDA was $420m during the period, a fall of 5% year-on-year, while net debt also decreased 5% to $5.11bn
These results of course come after last week’s news regarding Apollo Funds’ acquisition of IGT’s Gaming and Digital business, as well as Everi, after IGT had decided to detach its gaming and digital vertical and combine it with Everi as part of a merger.
IGT CEO said Vince Sadusky said: “IGT delivered strong first-half results, including record operating income and Adjusted EBITDA net of Separation and divestiture costs.
“Consistent investments in technology, game content, and other innovative solutions provide us a solid foundation to build from as we execute on our growth objectives. The recently announced sale of our Gaming & Digital business for $4.05bn in cash is an important step in unlocking the intrinsic value of IGT’s best-in-class businesses.”
IGT CFO Max Chiara added: “We generated over $460m in cash from operations in the first half of the year and our balance sheet is as strong as ever.
“Our ample liquidity and manageable near-term debt maturities provide us significant flexibility in light of upcoming investments to extend and secure our long-term lottery contract portfolio for the coming years.”
