IGT generates $1.06bn in Q1 2023 revenue
Company executives described the results as a strong start to the year.
IGT has published its Q1 2023 financial results. During the quarter, the company posted a total revenue of $1.06bn.
IGT credited its first-quarter revenue amount to global lottery same-store sales growth. The company said global lottery contributed 8% to the quarter’s revenue total.
Adjusted EBITDA for the first quarter reached $449m, while the adjusted EBITDA margin climbed to the highest in the company’s history. The company ended the quarter with an adjusted EBITDA margin of 42.3%.
Company CEO Vince Sadusky further discussed the company’s Q1 results and said that IGT is “firmly on track” to reach its goals for the fiscal year and beyond.
He commented: “Our first quarter results exceeded expectations and put us firmly on track to achieve our full-year outlook. Compelling innovation and sustained strength in customer and player demand are fueling momentum across our Global Lottery, Global Gaming, and PlayDigital segments.
“This is clear in the excellent key performance indicators achieved in the quarter. We believe the focused execution of our strategy to Grow, Innovate, and Optimize should create significant value as we progress toward our 2025 goals.”
IGT CFO Max Chiara commented on the company’s cash flow and said IGT continues to improve its financial flexibility.
He said: “The strong start to the year includes significant cash flow generation and further improvement in our credit profile. The continued improvement in net debt leverage reinforces our conviction in accomplishing the lower end of the 2.5x – 3.5x target range by 2025.
“We are focused on enhancing our financial flexibility, being operationally agile, and remaining disciplined with costs, all of which should enable the achievement of our 2025 margin and cash flow targets.”
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