IGT has released its Q3 results, reporting an 8% annual revenue increase to $1.06bn and an operating income of $211m – a slight decline from $212m in the same prior-year period.
Adjusted EBITDA also fell 1% from $407m in Q3 of 2021 to $402m this quarter. However, the outlook was better in other areas, with the company returning an internal record of $224m in capital to shareholders for the year so far.
Additionally, IGT’s net debt leverage improved to 3.1x, which was the lowest level in the company’s history. This came in a quarter when the company acquired iSoftBet, an iGaming content provider, for approximately $160m in cash.
It balanced this purchase with the sale of Italian proximity payments and commercial services businesses (for gross proceeds of $700m) in September.
IGT CEO Vincent Sadusky highlighted the positive aspects of the Q3 report. He commented: “We had accelerated revenue and profit expansion in the third quarter, achieving the top-end of our margin outlook. Customer and player demand trends remain encouraging and IGT's suite of innovative products and solutions has never been better.
“In addition, we reached the lowest debt leverage in the company's history, while returning a record $224m in capital to shareholders so far this year."
IGT CFO Max Chiara addressed IGT’s business in Italy this quarter, saying: “Our strategy to innovate, optimize and grow is fueling progress across the portfolio.
“Robust year-to-date cash flows and proceeds from the sale of the Italy proximity payments/commercial services business, in addition to proactive liability management, enabled us to reduce debt to the lowest level ever.”
