Global Gaming revenue leads the way for IGT

To say International Game Technology reached its goals for 2022 is an understatement, according to today’s release of the company’s Q4 and 2022 full-year revenue results.

The Global Gaming division led the way for IGT as it reported a 21% increase in revenue for Q4. The division also played a huge part in helping the company reach its 2022 financial goals as the company finished with a revenue of $4.2 billion, which was up 3% as reported and 8% at constant currency, not only due to the Global Gaming, but also due to PlayDigital’s growth. PlayDigital offers iGaming content and technology as well as sports betting hardware and solutions.

"We achieved all our financial goals last year while strengthening product leadership positions across our Global Lottery, Global Gaming, and PlayDigital activities," said Vince Sadusky, CEO of IGT in a press release. "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."

IGT also finished the year with a record operating income of $922 million, which equals to a 22% operating income margin thanks again in part to a significant contribution from the Global Gaming division.

"2022 was another year of significant financial accomplishments," said Max Chiara, CFO of IGT, in a press release. "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."