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INTERNATIONAL GAME TECHNOLOGY PLC REPORTS SECOND QUARTER 2022 RESULTS

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  • Revenue of $1.02 billion, down 2% as reported and up 3% at constant currency, led by 23% growth in Global Gaming
  • Operating income of $228 million; operating income margin of 22% at high end of outlook on substantial increase in Global Gaming profitability and resilience in Global Lottery margin
  • Adjusted EBITDA of $409 million, in line with prior year’s record level at constant currency as Global Gaming performance offsets Lottery discrete benefits in the prior year; 40% adjusted EBITDA margin remains among the highest in Company history
  • Recognized a non-operating expense of $150 million representing the probable loss associated with legal proceedings related to Double Down Interactive LLC and its social gaming business sold in 2017
  • Diluted EPS from continuing operations of $(0.02); Adjusted diluted EPS from continuing operations of $0.57, up 78% from the prior year
  • Compelling shareholder returns with $135 million deployed for cash dividends and share repurchases year-to-date
  • Tightening full-year 2022 revenue outlook to reflect currency movements and perimeter impact from previously announced divestiture; reconfirming operating income margin outlook as fundamentals remain strong

 

International Game Technology PLC reported financial results for the second quarter ended June 30, 2022. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.

“Strong customer and player demand for IGT’s products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year,” said Vince Sadusky, CEO of IGT. “Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders.”

“Our first half results set us firmly on the path to achieving our 2022 financial targets,” said Max Chiara, CFO of IGT. “Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases.”

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Overview of Consolidated Second Quarter 2022 Results

Quarter Ended

Y/Y
Change
(%)

Constant
Currency
Change
(%)

All amounts from continuing operations

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June 30,

2022

2021

($ in millions)

GAAP Financials:

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Revenue

 Global Lottery 

648

725

(11) %

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(4) %

 Global Gaming

330

274

21 %

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23 %

 Digital & Betting

43

42

1 %

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4 %

Total revenue

1,021

1,041

(2) %

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3 %

Operating income (loss)

Global Lottery

230

300

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(23) %

(16) %

Global Gaming

57

1

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NM

NM

Digital & Betting

8

9

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(11) %

(10) %

Corporate support expense

(29)

(26)

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(11) %

(26) %

Other(1)

(39)

(40)

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3 %

2 %

Total operating income

228

244

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(7) %

1 %

Operating income margin

22 %

23 %

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Net cash provided by operating activities

196

249

(21) %

Cash and cash equivalents

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673

639

5 %

Earnings per share – diluted

$(0.02)

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$(0.48)

96 %

Non-GAAP Financial Measures:

Adjusted EBITDA

Global Lottery

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330

414

(20) %

(13) %

Global Gaming

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87

35

145 %

150 %

Digital & Betting

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12

13

(7) %

(6) %

Corporate support expense

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(20)

(21)

4 %

(14) %

Total Adjusted EBITDA

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409

442

(7) %

(1) %

Adjusted EBITDA margin

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40 %

4 %

Adjusted earnings per share – diluted

$0.57

$0.32

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78 %

Free cash flow

117

176

(34) %

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Net debt

5,722

6,312

(9) %

(1) Primarily includes purchase price amortization

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Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this
news release

Key Highlights:

  • Recently completed acquisition of iSoftBet, a leading iGaming content provider and third-party aggregator, greatly expanding the Company’s proprietary content library and providing a world-class game aggregation platform
  • Won “Lottery Supplier of the Year” at 2022 SBC Awards North America in July
  • Introduced high-performing Money Mania wide area progressive game to commercial gaming jurisdictions following a successful launch in tribal casinos
  • Signed agreement with NUSTAR Resort & Casino to deploy IGT ADVANTAGE™ casino management system and a variety of leading games and cabinets
  • Announced expanded sports betting partnership with SuperBook® Sports to Tennessee, the fourth state where IGT’s PlaySports platform is powering the SuperBook Sports mobile betting app
  • Awarded a gold medal sustainability rating from EcoVadis, a leading sustainability rating agency
  • Recently released 2021 Sustainability Report which outlines the Company’s demonstrated environmental, social, and governance (ESG) performance

Financial Highlights:
Consolidated revenue of $1.02 billion, down 2% as reported, or up 3% at constant currency, from $1.04 billion in the prior year

  • Global Lottery revenue of $648 million compared to $725 million in the prior-year period, which included $70 million in prior-year benefits primarily from the closure of gaming halls in Italy
  • Global Gaming revenue increases 21%, or 23% at constant currency, to $330 million, driven by strong U.S. & Canada replacement unit demand, higher average selling prices, and increased installed base yields
  • Digital & Betting revenue of $43 million, stable with the prior year, as iCasino growth in the U.S. is partially offset by softness in other markets; North America sports betting market gross gaming revenue impacted by lower hold levels

Operating income of $228 million, down 7% as reported, or up 1% at constant currency, from $244 million in the prior-year period

  • Global Lottery operating income down, primarily due to about $60 million related to prior-year benefits referenced above
  • Global Gaming rises on higher revenue and profit flow through, partially offset by increased supply chain costs
  • Digital & Betting operating income of $8 million was relatively stable with the prior year

Adjusted EBITDA of $409 million matches prior year’s record level at constant currency; Adjusted EBITDA margin of 40% remains among the highest in Company history

Net interest expense of $75 million compared to $91 million in the prior year, driven by lower average debt balances and interest rates

During the second quarter, the Company recognized a pre-tax non-operating expense of $150 million ($114 million after tax) representing the probable loss associated with ongoing litigation (Benson v. Double Down Interactive LLC, No. 2:18-cv-00525 (W.D. Wash.)) and associated claims related to Double Down Interactive LLC and its social gaming business sold in 2017 by International Game Technology, a wholly-owned subsidiary of the Company

Income tax benefit of $11 million compared to a provision of $32 million in the prior year, primarily driven by recognition of the non-operating expense mentioned above and foreign exchange losses in the prior year with no tax benefit

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Income from continuing operations of $34 million versus a loss from continuing operations of $39 million in the prior-year period, driven by income tax benefit, gains in foreign exchange, and lower debt retirement costs

Net loss attributable to IGT PLC of $4 million compared to net income of $306 million in the prior year due to gain on sale and income from discontinued operations in the prior-year period

Net loss from continuing operations attributable to IGT PLC per diluted share of $0.02 compared to a net loss from continuing operations attributable to IGT per diluted share of $0.48 in the prior year, on higher net income; adjusted net income per diluted share increased 78% to $0.57

Net debt of $5.7 billion compared to $5.9 billion at December 31, 2021; Net debt leverage of 3.5x was stable compared to December 31, 2021

Cash and Liquidity Update

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  • Total liquidity of $2.1 billion as of June 30, 2022; $0.7 billion in unrestricted cash and $1.5 billion in additional borrowing capacity
  • Executed amendment and extension of revolving credit facilities in July 2022
    • Increased liquidity by $150 million to $1.83 billion and rebalanced EUR/USD mix to match operational exposure
    • Extended maturities to July 2027
    • Lowered interest margin and added ESG provision to allow for further potential reductions
    • Raised annual permitted restricted payments basket from $300 million to $400 million at current credit rating; potential to increase to $550 million

Other Developments
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share

  • Ex-dividend date of August 15, 2022
  • Record date of August 16, 2022
  • Payment date of August 30, 2022

Repurchased 750,000 shares for $15 million in the second quarter at an average price of $20.48 per share; 2.2 million shares repurchased for $54 million on a year-to-date basis at an average price of $24.89 per share

The Company expects to close on the sale of its Italian proximity payments/commercial services business in mid-to-late September

Tightening Full-year Revenue Outlook for Currency Rates and Business Disposition; Introducing Third Quarter 2022 Outlook
Full Year

  • Revenue of $4.1 billion – $4.2 billion
    • Lowered high end of range by $100 million
    • Reflecting changes in currency rates and impact from sale of Italian proximity payments/commercial services business in Q3’22
  • Operating income margin of 20% – 22% remains unchanged
  • Cash from operations of $850 – $950 million
    • Lowered high end of range by $50 million
    • Primarily driven by a working capital investment in higher inventory levels to proactively manage supply chain disruptions
  • Capital expenditures of approximately $350 million, lowered by $50 million to adjust for updated timing of spending
  • Free cash flow outlook remains unchanged

Third Quarter

  • Revenue of approximately $1.0 billion – $1.1 billion
  • Operating income margin of 18% – 20% includes approximately 150 – 200 basis point impact from project-related expenses

Outlook assumptions

  • EUR/USD exchange rate of 1.00 in the second half of 2022
  • Impact from sale of Italian proximity payments/commercial services business in mid-to-late September 2022
  • Operating income margin includes approximately 150 – 200 basis point impact from project-related and restructuring expenses expected in the second half of 2022

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NetBet Partners with Fight Disciples

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NetBet, a leading online gaming platform, has announced an exciting new partnership with world-renowned boxing & MMA podcast the Fight Disciples, co-hosted by award-winning broadcasters Adam Catterall and Nick Peet.

The partnership will span some of the UFC’s biggest events, including Max Holloway vs. Dustin Poirier at UFC 318, as well as major upcoming boxing bouts.

This partnership builds on NetBet’s recent announcement as the official betting partner of the UFC in the UK and other parts of Europe. It will play a key role in boosting visibility for NetBet’s popular UFC Predictor Game. As part of the collaboration, NetBet branding will feature across all Fight Disciples UFC content, including behind-the-scenes access and exclusive fighter interviews.

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Part of this deal will also see the Fight Disciples and NetBet team up to provide all-encompassing coverage for three huge upcoming boxing fights; Oleksandr Usyk vs Daniel Dubois, Katie Taylor vs Amanda Serrano and Saul ‘Canelo’ Alvarez vs Terrance Crawford.

Adam Catterall, co-host of the Fight Disciples Podcast, said: “We’ve always prided ourselves on being the voice of the fight fan, so teaming up with NetBet – the official sportsbook and betting partner of the UFC – is a massive moment for us. This partnership gives us the opportunity to get even closer to the action and, more importantly, bring our audience along with us. Whether it’s behind-the-scenes insight, exclusive content, or on-the-ground access at the biggest events, it’s all about delivering that front-row feeling to our listeners.”

Tristan Wootton, Head of UK at NetBet added: “With NetBet making huge waves in the world of fight sports, this partnership with the Fight Disciples represents another exciting opportunity with regard to brand development. We feel confident that our players will enjoy the engaging content produced from this partnership, with so many brilliant UFC and boxing shows just on the horizon!”

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Soft2Bet’s brand Don.ro Becomes Main Sponsor of CFR Cluj in Multi-Year Agreement

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Soft2Bet continues its strategic expansion in Romania through its rapidly growing online entertainment brand, Don.ro, which has entered a multi-year agreement as the main sponsor of CFR 1907 Cluj, one of Romania’s leading football clubs.

Beginning with the 2025-26 Liga 1 season, leading Romanian brand Don.ro’s logo will feature prominently on CFR Cluj’s home and away kits, training gear, and throughout the “Dr. Constantin Rădulescu” stadium. The partnership with CFR Cluj also includes a slate of live and digital activations powered by Soft2Bet’s innovative platform, designed to deepen fan engagement.

“We are excited to announce our partnership with Don.ro, a Romanian brand that shares our values of performance, professionalism, and the desire to build something lasting. The fact that Don.ro is becoming the main partner of our club is both a validation of the work we do every day and an important step in strengthening CFR Cluj’s image both nationally and internationally.

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We are pleased to have a dynamic partner by our side, one with a modern vision who believes in the power of sport to inspire and bring people together. Moreover, Don.ro has chosen to offer each season ticket holder this season an official jersey — a gesture of appreciation for the passion and loyalty with which they support us.” — Cristian Balaj, CFR Cluj President.

The partnership between Soft2Bet and CFR Cluj brings together Don.ro’s award-winning online gaming brand and a club with a rich history of success, including eight league titles, four Romanian Cups, and four Super Cups. Both sides are driven by a commitment to high performance, bold ambition, and fresh ideas, which makes this collaboration especially well-aligned.

“We are honored to join the CFR Cluj family, a symbol of excellence in Romanian football. This partnership reflects the shared values that bring us together — performance, responsibility, and respect for the community.

At Don.ro, we are committed to promoting a safe and balanced entertainment environment, and through our collaboration with CFR Cluj, we aim to deliver a strong message about the importance of responsible play, both on and off the field.”  — Marius Mirasovici, Official representative of Don.ro brand

The partnership is designed to deliver real value to Don.ro’s players and the wider local community. With Soft2Bet’s backing, Don.ro will launch a range of activations tailored to Romanian audiences, such as exclusive match-day experiences, localised campaigns, community events, and responsible gaming initiatives, bringing fans closer to the action and rewarding their loyalty in meaningful ways.

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Oksana Tsyhankova, Chief Marketing Officer at Soft2Bet, highlighted: “At Soft2Bet, we excel in building powerful and award-winning brands that forge deep connections with players through localised experiences. Don.ro’s partnership with CFR Cluj embodies this vision,combining a top-performing club with our drive for tailored gamified experiences, product excellence, and a passion for performance.”

Launched in 2024 and recognised as “Best Launch of the Year” at the 12th Meeting of Gambling Professionals, Don.ro delivers over 3,484 casino games, a full live-dealer lineup, and a complete sportsbook. The platform runs on Soft2Bet’s proprietary MEGA (Motivational Engineering Gaming Application) technology, which enhances player engagement through mission-based features and in-game challenges.

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Week 27/2025 slot games releases

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Here are this weeks latest slots releases compiled by European Gaming

PG Soft has served up a classic slot with its Diner Frenzy Spins. This is a 5-reel, 4-rows video slot featuring connecting ways and sticky symbol respins. Diner Frenzy Spins is set within a vibrant, retro-futuristic diner with a buzzy atmosphere thanks to a playful soundtrack. During any spin, the Mystery Respin may be randomly triggered while the reels are spinning.

PG Soft serves up Diner Frenzy Spins

ELA Games calls back to a classic yet luxurious gaming experience with its new title, Juicy Crystal. The game offers a unique and modern twist on the beloved and familiar fruit machine format, featuring timeless symbols and rich visuals. The studio’s trademark attention to detail and quality delivers a game that’s exciting, memorable and elegant.

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Juicy Wins, Crystal Clear: ELA Games Releases New Luxury Title

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Play’n GO illuminate their classic Moon Princess universe once more with Moon Princess Stargazing, a grid slot set among icy stars and rising multipliers. Set beyond Neptune in the icy reaches of the Kuiper Belt, Moon Princess Stargazing marks a radiant new chapter in one of Play’n GO’s most celebrated series. Players reunite with Star, Nova and Astra – the celestial trio whose powers help forge constellation connections and unlock sky-high wins.

 

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Step into the golden sands of Ancient Egypt with Ra’s Relics Bonanza, a thrilling 6×5 cascading slot adventure from Booming Games! Land 8 or more matching symbols anywhere on the reels to secure a win, as winning symbols vanish and new ones tumble down, unlocking endless chances for treasure. Keep an eye on the Divine Scarab, collecting scatter symbols throughout the base game and triggering Free Spins at any moment.

Uncover Ancient Riches in Ra’s Relics Bonanza™ from Booming Games

 

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