IGT records 3% rise in revenue for 2022
IGT has published its Q4 and full-year results, which showed the company made $4.2bn in revenue for 2022.
This revenue total represented a 3% rise year-on-year, while its operating income totalled $922m. Furthermore, IGT reduced its debt by $771m. IGT’s adjusted EBITDA for the year was $1.6bn.
For Q4 alone, revenue sat at $1.1bn, with a 21% increase in global gaming revenue and an adjusted EBITDA of $419m.
Vince Sadusky, CEO of IGT, said of the results: “We achieved all our financial goals last year while strengthening product leadership positions across our Global Lottery, Global Gaming and PlayDigital activities.
“Important strategic work executed over the last few years has transformed IGT into a company with higher growth prospects, a better profit profile, and a solid path to delivering on our long-term goals.
“It has also enabled record capital returns to shareholders in 2022. We enter 2023 from a position of strength with good momentum across business segments.”
Meanwhile, Max Chiara, IGT CFO, added: “2022 was another year of significant financial accomplishments. With reduced interest expense and improvements to the effective tax rate, 2022 adjusted EPS highlights IGT’s significantly improved earnings power.
“We generated strong cash flow while funding increased investments for future growth. This, coupled with proceeds from sales of non-core businesses, allowed us to meaningfully reduce debt and leverage to the lowest levels ever.
“The company’s enhanced credit profile and significant liquidity provide solid support and flexibility as we execute our multi-year plan.”
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