On releasing its financial results for Q3 2023, IGT has announced that its net debt leverage was at a historic low of 3.0x following “strong cash flow generation” which “contributed favourably to net debt.”
Over the quarter, IGT’s generated revenue was $1.06bn, consistent with the prior year, while its operating income increased 13 per cent to $239m. It’s operating income margin expanded 250 basis points to 22 per cent, which was a record level for a third-quarter period.
Adjusted EBITDA was up eight per cent to $433m. Adjusted EBITDA margin improved 270 basis points to 41 per cent.
“The strength of our leadership positions across Global Lottery, Global Gaming, and PlayDigital is evident in our third quarter and year-to-date results,” said Vince Sadusky, CEO of IGT. “Excellent momentum in key performance indicators is driving revenue growth and even stronger profit expansion.
“With a compelling pipeline of innovative products and solutions showcased at recent tradeshows, I am confident we can achieve our near and medium-term goals as we focus on unlocking the intrinsic value of IGT’s market-leading assets.”
Max Chiara, CFO of IGT, added: “Our financial position is solid with net debt leverage at a historical low point and already comfortably within our long-term target range, which coupled with no meaningful near-term debt maturities and access to significant liquidity, greatly enhances our balance sheet and creates additional financial flexibility.”