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INTERNATIONAL GAME TECHNOLOGY PLC REPORTS SECOND QUARTER 2022 RESULTS

Published

3 years ago

August 4, 2022

George Miller

Reading Time: 6 minutes

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.”

Overview of Consolidated Second Quarter 2022 Results

	Quarter Ended		Y/Y Change (%)	Constant Currency Change (%)
All amounts from continuing operations	June 30,
	2022	2021
($ in millions)
GAAP Financials:
Revenue
Global Lottery	648	725	(11) %	(4) %
Global Gaming	330	274	21 %	23 %
Digital & Betting	43	42	1 %	4 %
Total revenue	1,021	1,041	(2) %	3 %

Operating income (loss)
Global Lottery	230	300	(23) %	(16) %
Global Gaming	57	1	NM	NM
Digital & Betting	8	9	(11) %	(10) %
Corporate support expense	(29)	(26)	(11) %	(26) %
Other⁽¹⁾	(39)	(40)	3 %	2 %
Total operating income	228	244	(7) %	1 %
Operating income margin	22 %	23 %

Net cash provided by operating activities	196	249	(21) %

Cash and cash equivalents	673	639	5 %

Earnings per share – diluted	$(0.02)	$(0.48)	96 %

Non-GAAP Financial Measures:
Adjusted EBITDA
Global Lottery	330	414	(20) %	(13) %
Global Gaming	87	35	145 %	150 %
Digital & Betting	12	13	(7) %	(6) %
Corporate support expense	(20)	(21)	4 %	(14) %
Total Adjusted EBITDA	409	442	(7) %	(1) %
Adjusted EBITDA margin	40 %	4 %

Adjusted earnings per share – diluted	$0.57	$0.32	78 %

Free cash flow	117	176	(34) %

Net debt	5,722	6,312	(9) %

⁽¹⁾Primarily includes purchase price amortization

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

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

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

Conferences in Europe

HIPTHER’s European Gaming Congress 2025 Marks Record Attendance and Announces Marek Plota as Ambassador of the HIPTHER Warsaw Summit

Published

17 hours ago

November 13, 2025

George Miller

hipther’s-european-gaming-congress-2025-marks-record-attendance-and-announces-marek-plota-as-ambassador-of-the-hipther-warsaw-summit

Reading Time: 3 minutes

The 2025 edition of the European Gaming Congress (EGC) closed its doors in Warsaw with record-breaking attendance, a strengthened industry footprint, and an announcement that marks a new chapter for HIPTHER’s European expansion: in 2026, EGC officially evolves into the HIPTHER Warsaw Summit with renowned legal expert Marek Plota appointed as its first Ambassador.

Held across two content-rich stages – the Compliance & Operations Lad and the TechXperience Stage – alongside the hands-on HIPTHER Academy Workshops, EGC 2025 delivered its most ambitious program to date. Attendance has now tripled compared to its reintroduction in 2023, establishing Warsaw as one of the most dynamic conversation hubs for gaming, compliance, and tech in Europe.

A European Outlook With Global Relevance

The Compliance & Operations Lab brought together regulators, lawyers, and industry specialists for a panoramic review of the evolving European ecosystem. Discussions spanned the Polish market’s legal framework, cross-border compliance from Paris to Berlin, key CEE territories, the Czech Republic and Romania, and an outlook on emerging priorities in the Baltics. Experts also explored global trends with a timely update on several LATAM jurisdictions.

A highlight of the Agenda was the IMGL Masterclass – “Regulators, Legislators, and the Power of One Voice: A Legal Strategy for Industry Unity” – which explored the future of collaborative governance and harmonization.

Fintech, taxation, licensing, and responsible gaming standards added essential layers to a program designed to help operators and suppliers navigate an increasingly interconnected regulatory landscape.

Tech, Innovation, and the Human Factor

On the TechXperience Stage, conversations shifted to the future:
– AI for competitive advantage
– The evolution of esports and startup innovation
– AEO & SEO trends redefining discoverability
– Personalization and the new player journey
– Cyber resilience in iGaming
– Strategic Event Preparation in B2B PR, Marketing & BizDev

These sessions brought together marketing leaders, technologists, founders, and innovators across iGaming, fintech, digital entertainment, and cybersecurity, underlining Warsaw’s emerging status as a cross-industry meeting point in Europe.

A Key Voice: Marek Plota’s Impactful Participation

Throughout the Congress, Marek Plota – Founding Attorney at RM Legal & Gaming in Poland – played a leading role as both moderator and speaker. His contributions spanned Poland’s gambling framework, European lessons for CEE markets, and strategic taxation and licensing standards. He also brought legal depth to the IMGL Masterclass, adding critical clarity to one of the most pressing topics for operators in the region.

Marek’s widely respected presence across national and international gaming markets, combined with his years-long collaboration with HIPTHER as panelist, moderator, sponsor, and advisor, made this year’s Congress a natural moment to formalize the partnership.

Introducing the Ambassador of the HIPTHER Warsaw Summit

HIPTHER is proud to announce Marek Plota as the Ambassador of the HIPTHER Warsaw Summit, beginning with the 2026 edition.

In his own words: “It’s a real honor to serve as an ambassador for the Hipther Warsaw Summit and the European Gaming Congress. My collaboration with Zoltan Tundik and the Hipther team goes back many years as a panelist, moderator, sponsor, and above all, as a friend. These events are truly unique in the global gaming and gambling conference calendar — intimate, insightful, and refreshingly personal. Unlike the vast expos, Hipther events give people a genuine chance to meet, talk, and exchange ideas without walking 50,000 steps from one meeting to another. We are already looking forward to the next editions and to working together to make these conferences a true must-have for everyone in the industry.”

Marek is a founder and a head of the legal team at RM Legal Law Firm and Gaming In Poland, jointly providing multidisciplinary and multijurisdictional support for leading international gambling operators in the Polish, European Union, and African markets. His gambling practice includes regulatory support at the pre and post-licensing stage, IT, and taxation services, as well as the unique service of performing a function of a gambling representative. RM Legal is the only law firm in Poland representing offshore companies operating legally in the Polish gambling market. Apart from gambling Marek specializes in corporate commercial law and international investment projects.

A New Era for Warsaw, Europe, and the Global Market

The transition from EGC to the HIPTHER Warsaw Summit marks a strategic evolution with HIPTHER enhancing the region’s growing importance: Poland now stands as a crossroads of regulatory influence, iGaming innovation, and international market expansion – connecting Western Europe, CEE, and fast-emerging global markets, from Africa to LATAM.

In 2026, the HIPTHER Warsaw Summit will continue shaping the conversations and connections that define the future of gaming and tech.

HIPTHER looks forward to welcoming the industry back to Warsaw next year for an even bigger, more influential, and more globally connected event – assisted by the expertise and vision of its new Ambassador.

The post HIPTHER’s European Gaming Congress 2025 Marks Record Attendance and Announces Marek Plota as Ambassador of the HIPTHER Warsaw Summit appeared first on European Gaming Industry News.

Asensi Technologies

Asensi Technologies Obtains Accreditation as an Online Gaming Laboratory in Malta

Published

17 hours ago

November 13, 2025

George Miller

asensi-technologies-obtains-accreditation-as-an-online-gaming-laboratory-in-malta

Reading Time: 2 minutes

The Malta Gaming Authority (MGA) has officially recognized Asensi Technologies as a System and Compliance Audit Service Provider, thereby granting the company authorization to conduct technical audits (System Audits) and regulatory compliance reviews (Compliance Audits) on online gaming systems operating under Maltese jurisdiction.

Following a rigorous accreditation process, Asensi Technologies expands its international presence and demonstrates its ability to meet the demands of a sector that is constantly growing and evolving.

“Malta, one of the leading international hubs for the online gaming industry, represents a strategic step in the company’s global expansion,” states Teté Asensi, CEO of the company.

“This recognition is particularly gratifying as it strengthens our position as a specialized laboratory for the evaluation and certification of online gaming systems in a key market such as Malta, and reflects further confidence in our work,” she adds.

Since its accreditation in 2017 by the Dirección General de Ordenación del Juego (DGOJ) as an authorized laboratory in Spain, Asensi Technologies has maintained a strong commitment to technical excellence and regulatory compliance, earning recognition on numerous occasions as one of the best service providers in the sector within the country.

Over the past year, the company has embarked on an international expansion process, achieving official accreditation from MINCETUR to operate in Peru, recognition from the Kahnawake Gaming Commission in Kahnawake, and now this milestone in Malta, where it expects to replicate the positive results already recorded in the three jurisdictions where it currently operates.

CEO Teté Asensi highlights the significance of obtaining these accreditations and international recognition for a company like Asensi Technologies: “We are extremely proud of this new achievement. We are a boutique laboratory undergoing rapid expansion thanks to a highly qualified and committed team capable of offering a close and personalized approach to our clients, accompanying them throughout their processes with tailored solutions that meet their needs. This milestone reflects and acknowledges all our effort and dedication,” she concludes.

The post Asensi Technologies Obtains Accreditation as an Online Gaming Laboratory in Malta appeared first on European Gaming Industry News.

Asia

Max Level wins PR & Communications mandate for LVL Zero Gaming Incubator

Published

17 hours ago

November 13, 2025

George Miller

max-level-wins-pr-&-communications-mandate-for-lvl-zero-gaming-incubator

Reading Time: 2 minutes

Max Level, a leading marketing and PR agency built by gamers, has been appointed as the official PR and communications partner for LVL Zero, a first-of-its-kind incubator program spearheaded by ChimeraVC in partnership with MIXI Global Investments and Nazara Technologies. The initiative aims to accelerate the growth of early-stage gaming startups in India through a 100-day structured program combining mentorship, product acceleration and capital access.

LVL Zero offers an equity-free grant pool worth USD 100,000, open to all startups across the gaming ecosystem. Each cohort will see 10 startups receive a USD 10,000 equity-free grant. The program is designed to help startups accelerate product development through targeted mentorship, access to funding opportunities, and connections with publishing networks. Over the next five years, LVL Zero aims to empower more than 100 promising startups to build sustainable businesses and compete globally.

Speaking on the partnership, Krish Anurag, Managing Partner at ChimeraVC and Founding Partner at LVL Zero said: “LVL Zero is our commitment to catalysing the next generation of gaming founders from India and Asia. We’re thrilled to have Max Level on board as our communications partner. Their deep understanding of the gaming ecosystem, narrative expertise, and proven network within the media landscape make them the ideal agency to help us amplify this initiative and the founders who will shape the future of gaming.”

As the PR and communications partner for LVL Zero, Max Level will lead the initiative’s storytelling and thought leadership strategy, spotlighting the success stories emerging from each cohort to highlight the program’s impact on the gaming startup ecosystem. With a proven track record as the communications partner for some of India’s leading gaming and esports brands, including NODWIN Gaming, S8UL Esports, Riot Games, and CyberPowerPC India, Max Level brings deep industry insight, strategic narrative expertise, and an authentic understanding of the gaming community to help LVL Zero achieve its vision and amplify its influence across the region.

Siddharth Nayyar, Co-Founder and Chief Executive Officer at Max Level, added: “LVL Zero is an incredible incubator program for gaming startups in India, and we’re excited to help tell its story. The program is perfectly aligned with our mission to support the growth of India’s gaming and creator economy, and we look forward to driving awareness around the founders, ideas, and innovations emerging from LVL Zero’s cohorts.”

In addition to PR and communications, Max Level provides gaming and esports brands with an array of services, including campaign management, brand building, production, video editing, social media marketing, influencer programs, and consultancy. The agency’s portfolio spans leading names such as NODWIN Gaming, S8UL, Riot Games India and South Asia, CyberPowerPC India, KRAFTON, the Saudi Esports Federation, ESL FACEIT Group, The Esports World Cup, ASUS ROG, Jio Games, TVS, and HyperX, among others.

This partnership marks another milestone in Max Level’s mission to power narratives that elevate India’s gaming, esports, and tech ecosystem globally.

The post Max Level wins PR & Communications mandate for LVL Zero Gaming Incubator appeared first on European Gaming Industry News.