International Game Technology : IGT Fourth Quarter and Full Year 2024 Results Presentation

Published: 2025-02-25 06:50:07 ET IGT

Period ended December 31, 2024

FY'24: A Year of Momentous Transformation

Announced sale of Gaming & Digital business for $4.05B in cash

Generated >$1B in consolidated cash from operations; ~$660M in consolidated free cash flow,* 80+% from continuing operations

Revenue of $2.5B driven by sustained growth in instant ticket & draw game sales

Results highlight attractive profit profile of pure play lottery business

Income from continuing operations of ~$270M; 10.8% margin

Adjusted EBITDA* of $1.2B; 46.6% margin*

Pro forma net debt leverage* of 2.4x

*Non-GAAP measure; see disclaimer on page 2 and reconciliations to the most directly comparable GAAP measures in Appendix for further details

Innovation Propels Progressive Momentum of

Instant Ticket & Draw Game Wagers in Q4'24 & FY'24

FY'19-FY'24

SSS

Q4'24

FY'24

Gross Wagers* by Game Type

iLottery Wagers*

CAGR

$ in millions

106,398

106,050

U.S. & Canada

(0.7%)

(3.3%)

4.3%

Instants & Draw

2.2%

(0.5%)

4.0%

88,863

Rest of

28%

Multi-state Jackpots

(20.2%)

(22.1%)

6.6%

U.S. Multi-state

World

Italy

7.0%(1)

4.1%(1)

3.7%

Jackpots

CAGR

U.S. &

Draw Games

Rest of World

5.6%

3.3%

1.8%

Canada

59%

Instant Tickets

Italy

Total

1.8%

(0.8%)

3.7%

Instants & Draw

3.9%

1.1%

3.5%

Multi-state Jackpots

(20.2%)

(22.1%)

6.6%

FY'19

FY'23

FY'24

FY'19

FY'23

FY'24

*Gross wagers represents wagers recorded in lottery jurisdictions where IGT is the operator or facilities management supplier; iLottery wagers represents all digital wagers processed on IGT platforms

(1) 3.9% and 2.9% in Q4'24 and FY'24, respectively, when normalized for the same number of selling days

Best-in-class Technology & Services, Deep Customer Relationships

Drive Successful Contract Wins & Extensions

FM Contract Awards

FM Contract Extensions

Instant Ticket Services

(9 years)

(3 years)

(5 years)

(3 years)

(7 years)

(10 years)

(3 years)

(7 years)

(3-year extension)

Unmatched Capabilities Support Important Investments to Drive Long-term Growth & Shareholder Returns

2024: a year of significant accomplishments with key strategic initiatives

Key areas of focus in 2025:

Winning important contracts in Italy & Texas

Investment in content & technologies to fuel future growth

Identifying structural cost savings to drive greater efficiencies across the organization

Company has attractive financial profile with strong profit margins, cash flow generation, and balance sheet

Significant portion of $4B+ cash infusion expected to be used for debt reduction & returned to shareholders

Summary of Q4'24 & FY'24 Financial Results

Note: EUR/USD FX daily average 1.07 in Q4'24, 1.08 in Q4'23, 1.08 FY'24, 1.08 FY'23

Amounts in millions unless otherwise noted

*Non-GAAP measure; see disclaimer on page 2 and reconciliations to the most directly comparable GAAP measures in Appendix for further details

Q4'24 & FY'24 Growth in Instant Ticket & Draw Wagers

Offset by Timing of U.S. Jackpot Activity & Product Sales

Revenue

-29

-17

2,529

-9

2,521

2,512

335

322

Same-store

Elevated

Product

321

RoW

volume & mix

sales growth

activity in PY

934

Italy

U.S. & Canada

970

968

1,260

1,230

1,223

FY'23

Instant Ticket

U.S. Multi-state

Other Service &

Product Sales

Excluding FX

FY'24

& Draw

Jackpots

Upfront License

Fee Amortization

Q4'23

Excluding FX

Q4'24

681

-7

-4

-25

665

-14

651

Amounts in $ millions, unless otherwise noted

Disclaimer

IGT - International Game Technology plc published this content on February 25, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 25, 2025 at 11:49:05.297.