Q2 2024 International Game Technology PLC Earnings Call Transcript
Key Points
- International Game Technology PLC (IGT) reported strong first half results with over $2 billion in revenue and an operating margin of 23%.
- The company achieved record operating income and adjusted EBITDA, reflecting strong performance from both the Global Lottery and Gaming and Digital segments.
- The sale of the gaming and digital business to Apollo for $4.05 billion in cash is expected to provide a clear-cut separation and substantial increase in cash, reducing shareholder exposure to execution risk.
- Global iLottery sales rose 27% in the first half, with strong growth across regions, especially in the US and Italy.
- The company secured several important multiyear contract wins and extensions, including a new seven-year contract with the Colorado Lottery and a five-year contract with Canada's Atlantic Lottery.
- Revenue of $1.05 billion in Q2 2024 was in line with the prior year, indicating no significant growth.
- Operating income decreased to $230 million from $251 million in the prior year, partly due to $26 million in separation and divestiture costs.
- Global terminal unit shipments declined by 640 units year-over-year, reflecting a return to more normal levels following a period of pent-up demand.
- Same-store sales outside of Italy were slightly below the prior year, with lower instant ticket sales offsetting growth in multi-jurisdictional jackpot games.
- The company is withdrawing its full-year financial outlook due to the planned sale of gaming and digital to Apollo, creating uncertainty for investors.
Thank you for standing by. And welcome to the International Game Technology second quarter 2024 earnings conference call. (Operator Instructions)
Thank you. I'd now like to turn the call over to James Hurley, Senior Vice President, Investor Relations. You may begin.
Thank you, Rob, and thank you all for joining us on IGT's second quarter 2024 conference call, which is hosted by Vince Sadusky, our Chief Executive Officer; and Max Chiara, our Chief Financial Officer. After some prepared remarks, Vince and Max will be available for your questions.
During today's call, we will be making some forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
