IGT records $1.06bn in Q2 total revenue, though its Global Lottery division falls
IGT has posted its Q2 report, which shows that the company’s total revenue increased by 3% year-on-year.
Key highlights:
– IGT’s Global Lottery division suffers 4% fall
– However, overall revenue increased by 3% to $1.06bn
– EBITDA at its highest in four years… just
– Overall, the report shows a rise against Q2 2022 and a recovery of its form prior to that period
The Q2 total revenue sum stands at $1.06bn, compared to the $1.02bn reported in Q2 2022.
Breaking Q2 2023 down, IGT reported a 38% increase in its PlayDigital brand, which made $59m (up from $43min 2022) – furthermore, it saw its Global Gaming division rake in $373m, an annual increase of 13%.
However, IGT’s Global Lottery is where it took a small hit, reporting a 4% loss. Its Global Lottery division is significantly the company’s most valuable, with it posting $624m in Q2 2023 alone – though this is down from the $648m of Q2 2022.
IGT’s total adjusted EBITDA saw a bigger increase than its total revenue, making $443m – an 8% rise on Q2 2022.
Below is a graph that details its past four Q2 adjusted EBITDA results, which clearly shows a significant 170% rise from 2020 to 2021, then a period of unevenness – with Q2 2023 only making $1m more than Q2 2021.
Its operating income also saw a rise, totalling $251m, against 2022’s $228m.
The 10% rise between Q2 2022 and Q2 2023 offsets the 7% drop that IGT’s operating income saw in Q2 2021 to Q2 2022.
Over the course of the year so far, IGT’s share price has steadily risen, with its peak of $33.83 coming on July 31, a day ahead of its Q2 announcement. Its low for the year was on 3 January, when it recorded a share price of $22.55.
Finally, its net debt continues to fall, as it has over the course of the last four quarters, this time by 6%. Now, its net debt totals $5.36bn – which totalled $7.29bn in Q2 2020.
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