IGT releases financial data for the second quarter of 2024.
Total revenue for the quarter was just under $1.05 billion, down 1% year-over-year. While revenue from Global Lottery fell 2% to $613 million, the gaming and digital business actually grew 1% to $436 million.
Global Lottery's decline can be attributed to prior year's multi-year software license sales, while Gaming and Digital businesses rose due to installed base growth, offset by lower end unit shipments.
Looking at total operating revenue, it was down 8% year-on-year to $230 million. While gaming and digital grew 16% to $103 million, global lottery fell 8% to $212 million. Corporate support expenses fell 67% to an operating loss of $51 million, while other operations grew 8% but still lost $35 million.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $420 million in the period, down 5% year-on-year, while net debt also decreased 5% to $5.11 billion.
Of course, these results follow last week's news about Apollo Funds acquiring IGT's gaming and digital business, as well as Everi, following IGT's decision to spin off its gaming and digital verticals and merge them with Everi as part of the merger.
Vince Sadusky, CEO of IGT, said: "IGT delivered strong first-half results, including record operating income and adjusted EBITDA, net of separation and divestiture costs.
Continued investments in technology, gaming products and other innovative solutions provide us with a solid foundation as we execute on our growth goals. The recently announced sale of our gaming and digital businesses for $4.05 billion in cash is an important step in unlocking the intrinsic value of IGT's best-in-class businesses. "
IGT chief financial officer Max Chiara added: "Our operations generated more than $460 million in cash during the first half of the year and our balance sheet remains as strong as ever.
Given the impending investments, our ample liquidity and manageable near-term debt maturities provide us with significant flexibility to extend and secure our portfolio of long-term lottery contracts over the next several years.”
