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Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025 — International Game Technology — Q4 2022 Earnings Presentation
37 slides from Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025's earnings presentation, Feb 28, 2023
Slide 1: Period ended December 31, 2022
Period ended December 31, 2022
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the “Company”) and
Slide 3: IGT
2 IGT. —7 a a a
Slide 4: Achieved all Financial Goals, Returned Record Capital to Shareholders
Achieved all Financial Goals, Returned Record Capital to Shareholders, and Strengthened Leadership Positions in FY’22 Operating Cash Capital Revenue Income Margin From Operations Expenditures 2022 Financial Goals $4.1B - $4.2B 20% - 22% $850M - $950M ~$350M 2022 Actual Results $4.2B 22% $899M $317M
Slide 5: Innovation Driving Higher, Recurring Lottery Play Levels on Stronger Margin Structure
Innovation Driving Higher, Recurring Lottery Play Levels on Stronger Margin Structure Same-store sales trends strengthened as year progressed Return to growth in Italy SSS in Q4’22; robust Powerball® sales in the U.S. iLottery sales up ~60% in FY’22; gained 300 bps of market share in the U.S. Innova
Slide 6: Strategic Focus Fueling Significant Global Gaming Revenue & Profit Gains
Strategic Focus Fueling Significant Global Gaming Revenue & Profit Gains; Achieved Record Levels on Important KPIs in FY’22 28% FY’22 revenue growth drives over 5x increase in operating profit Disciplined cost control, despite higher supply chain costs Record ASPs, U.S. & Canada unit shipments Maint
Slide 7: PlayDigital Momentum Enhanced by Expanded Capabilities & Opportunities
PlayDigital Momentum Enhanced by Expanded Capabilities & Opportunities 27% FY’22 revenue growth drives over 50% increase in operating profit Seamless integration of iSoftBet’s complementary products and geographies Creation of new, unified “PlayDigital” organization and brand Compelling iGaming grow
Slide 8: Executed Important Strategic Transformation Over Last Three Years
Executed Important Strategic Transformation Over Last Three Years OPtiMa Mar. 2020 July 2020 May 2021 July 2021 Nov. 2021 Nov. 2021 Dec. 2021 July 2022 Sept. 2022 Dec. 2022 Net debt Reorganization Sale of Italy B2C Established Reinstated Announced Achieved $200+M Tuck-in Sale of Italy leverage* 4.5x
Slide 9: Entering FY'23 from a Position of Strength with Good Momentum Across Segments
Entering FY’23 from a Position of Strength with Good Momentum Across Segments Strategic transformation puts us on solid path to achieving GROW our long-term goals Q1’23 off to an encouraging start Accelerated growth for Italy Lottery sales, elevated U.S. multi-jurisdiction jackpot activity Robust fu
Slide 10: Financial Results
FINANCIAL RESULTS
Slide 11: Strong Revenue & Profit Results in Q4'22 and FY'22
Strong Revenue & Profit Results in Q4’22 and FY’22; Financial Performance Meets or Exceeds High End of Outlook Note: EUR/USD FX daily average 1.02 in Q4’22; 1.14 in Q4’21, 1.05 FY’22, 1.18 FY’21 (1) Diluted EPS includes non-operating items such as gain on sale of business, DDI/Benson legal settlemen
Slide 12: OPtiMa 2.0 Delivering Additional, Structural Profit Improvement
OPtiMa 2.0 Delivering Additional, Structural Profit Improvement Over $150 million in incremental savings targeted by the end of 2023 vs. 2019; Each initiative expected to contribute ~one-third of total savings Initiative Status Achievements/Outlook Operational 2022: Successful execution of initiativ
Slide 13: Global Lottery Delivers Solid Results on Strong Player Demand
Global Lottery Delivers Solid Results on Strong Player Demand Q4’22 revenue down 7%; net of FX and sale of Italy commercial services business, revenue rose 8% Revenue Global SSS increased 7% in Q4’22 $639M Strong U.S. multi-jurisdiction jackpot activity Recovery in Italy drives 3% SSS growth iLotter
Slide 14: Higher Global Gaming Revenue & Profit Fueled by Strong Player Demand
Higher Global Gaming Revenue & Profit Fueled by Strong Player Demand & Operating Leverage 20+% revenue increase in Q4’22 as robust demand drives double-digit growth across service and product sale revenue Revenue streams $389M Global shipments up 29% in Q4’22 to nearly 9,500 units Record quarterly U
Slide 15: PlayDigital Exceeding Expectations; Record Revenue & Profit
PlayDigital Exceeding Expectations; Record Revenue & Profit Generated in Q4’22 and FY’22 Revenue grows 56% in Q4’22 iGaming fueled by organic growth, market expansion, and iSoftBet acquisition Revenue Sports betting up on strong FanDuel and Rhode Island performance $65M iSoftBet integration timing p
Slide 16: Generated Strong Cash Flows in FY'22; Balanced Capital Allocation Strategy
Generated Strong Cash Flows in FY’22; Executing on Balanced Capital Allocation Strategy FY’22 Cash Flows FY’22 Allocation of Cash from Operations & Divestitures ~$900M $582M 9% 20% Cash from Free Capital 10% returned to Operations Cash Flow* 37% 8% Shareholders (CFO) (FCF) $278M in Q4’22 16% $187M i
Slide 17: Credit Profile Strengthened with Significant Reduction in Net Debt & Leverage
Credit Profile Strengthened with Significant Reduction in Net Debt & Leverage Net debt improved by $771M in FY’22; net debt Net Debt & Leverage Debt Composition leverage reduced ~half a turn to 3.1x 20% 7,319 5,922 Completed full redemption of 5.35% Notes due 5,150 2023 on January 23, 2023 80% Annou
Slide 18: Introducing FY'23 & Q1'23 Expectations
Introducing FY’23 & Q1’23 Expectations FY’23 Outlook Key Outlook Assumptions _______________________________________ FY’23: Revenue $4.1B – $4.3B • Low single-digit SSS growth in Global Lottery; stronger H1’23 vs. H2’23 Operating Income • Continued Global Gaming momentum supported by robust sales fu
Slide 19: A Year of Significant Accomplishments; Good Momentum Heading into 2023
A Year of Significant Accomplishments; Good Momentum Heading into 2023 Strong Q4’22 Enhanced Record Met or Exceeded FY’22 Financial Results Credit Profile Shareholder Returns Financial Targets Revenue and profit exceed high Meaningful debt reduction; net Record ~$275M in capital returned Revenue of
Slide 20: AVON
$20 i AVON GASH BLITZ $1,000,000 i, ome 1$350 MILLION! 20
Slide 21: Appendix
APPENDIX
Slide 22: FY'22 Revenue & Profit Profile
FY’22 Revenue & Profit Profile Revenue by Segment Revenue by Type Revenue by Geography 5% 15% 20% 34% 61% 25% 60% 80% Lottery Gaming PlayDigital Service Product Sales U.S. & Canada Italy Rest of world Segment-level Segment-level Profit Margins Operating Income(1) Adjusted EBITDA(1) 4% 4% 51% 35% 32%
Slide 23: High-level Summary of Comprehensive 20-year Rhode Island Contract Extension
High-level Summary of Comprehensive 20-year Rhode Island Contract Extension Key Highlights VLT Joint Venture (JV) Details VLT Installed Base (IB) Dynamics • Extended IGT’s relationship with RI Lottery • Ownership • 49,586 IGT global IB 12/31/22 from July 1, 2023 - June 30, 2043 • IGT– 60% owner +1,4
Slide 24: Q4'22 & FY'22 Select Performance & KPI Data
Q4’22 & FY'22 Select Performance & KPI Data Constant Constant Currency Currency GLOBAL LOTTERY Q4'22 Q4'21 Y/Y Change (%) Change (%) (1) FY'22 FY'21 Y/Y Change (%) Change (%) (1) Revenue Service Operating and facilities management contracts 622 608 2% 7% 2,364 2,569 (8%) (3%) Upfront license fee amo
Slide 25: Q4'22 & FY'22 Select Performance & KPI Data
Q4'22 & FY'22 Select Performance & KPI Data Constant Constant Currency Currency GLOBAL GAMING Q4'22 Q4'21 Y/Y Change (%) Change (%) FY'22 FY'21 Y/Y Change (%) Change (%) Revenue Service Terminal 126 109 15% 17% 483 424 14% 15% Systems, software, and other 60 54 13% 15% 232 206 12% 15% Total service
Slide 26: Q4'22 & FY'22 Select Performance & KPI Data
Q4'22 & FY'22 Select Performance & KPI Data GLOBAL GAMING (Continued) Q4'22 Q4'21 Y/Y Change (%) FY'22 FY'21 Y/Y Change (%) Yields (by geography)(1), in absolute $ US & Canada $42.08 $38.95 8% $41.87 $37.62 11% Rest of world $6.53 $5.39 21% $6.22 $4.42 41% Total yields $29.72 $28.27 5% $29.89 $27.11
Slide 27: Q4'22 & FY'22 Select Performance & KPI Data
Q4'22 & FY'22 Select Performance & KPI Data Constant Constant Currency Currency PLAYDIGITAL Q4'22 Q4'21 Y/Y Change (%) Change (%) FY'22 FY'21 Y/Y Change (%) Change (%) Revenue Service 65 41 58% 65% 209 163 28% 32% Product sales — 1 (64%) (64%) 1 1 (53%) (51%) Total revenue 65 42 56% 63% 209 165 27%
Slide 28: Q4'22 & FY'22 Summarized Income Statements
Q4'22 & FY'22 Summarized Income Statements Q4'22 Q4'21 Y/Y Change (%) FY'22 FY'21 Y/Y Change (%) Service revenue 845 850 (1%) 3,359 3,483 (4%) Product sales 249 200 24% 866 606 43% Total revenue 1,093 1,050 4% 4,225 4,089 3% Total operating expenses 863 864 —% 3,303 3,187 4% Operating income 230 186
Slide 29: Q4'22 & FY'22 Summarized Cash Flow Statements
Q4'22 & FY'22 Summarized Cash Flow Statements Q4'22 Q4'21 FY'22 FY'21 Net cash provided by operating activities 278 396 899 1,010 Capital expenditures (91) (71) (317) (238) Free cash flow 187 326 582 771 Debt proceeds/(repayments), net 30 33 (576) (1,439) Repurchases of common stock (22) (41) (115)
Slide 30: Reconciliations of Non-GAAP Measures - Q4'22
Reconciliations of Non-GAAP Measures - Q4'22 For the three months ended December 31, 2022 Business Global Global Segments Corporate Total IGT Lottery Gaming PlayDigital Total and Other PLC Loss from continuing operations (31) Provision for income taxes 101 Interest expense, net 66 Foreign exchange l
Slide 31: Reconciliations of Non-GAAP Measures - Q4'22
Reconciliations of Non-GAAP Measures - Q4'22 For the three months ended December 31, 2022 Pre-Tax Impact Tax Impact (1)(2) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted (0.32) Adjustments: Foreign exchange loss, net 0.47 (0.04) 0.51 Amortization - purchase acco
Slide 32: Reconciliations of Non-GAAP Measures - Q4'21
Reconciliations of Non-GAAP Measures - Q4'21 For the three months ended December 31, 2021 Business Global Global Segments Corporate Total IGT Lottery Gaming PlayDigital Total and Other PLC Income from continuing operations 55 Provision for income taxes 56 Interest expense, net 77 Foreign exchange ga
Slide 33: Reconciliations of Non-GAAP Measures - Q4'21
Reconciliations of Non-GAAP Measures - Q4'21 For the three months ended December 31, 2021 Pre-Tax Impact Tax Impact (1)(2) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted 0.09 Adjustments: Foreign exchange gain, net (0.02) 0.05 (0.07) Amortization - purchase acco
Slide 34: Reconciliations of Non-GAAP Measures - FY'22
Reconciliations of Non-GAAP Measures - FY'22 For the year ended December 31, 2022 Business Global Global Segments Corporate Total IGT Lottery Gaming PlayDigital Total and Other PLC Income from continuing operations 414 Provision for income taxes 175 Interest expense, net 289 Foreign exchange loss, n
Slide 35: Reconciliations of Non-GAAP Measures - FY'22
Reconciliations of Non-GAAP Measures - FY'22 For the year ended December 31, 2022 Pre-Tax Impact Tax Impact (1)(2) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted 1.35 Adjustments: Foreign exchange loss, net 0.18 0.08 0.10 Amortization - purchase accounting 0.77
Slide 36: Reconciliations of Non-GAAP Measures - FY'21
Reconciliations of Non-GAAP Measures - FY'21 For the year ended December 31, 2021 Business Global Global Segments Corporate Total IGT Lottery Gaming PlayDigital Total and Other PLC Income from continuing operations 255 Provision for income taxes 274 Interest expense, net 341 Foreign exchange gain, n
Slide 37: Reconciliations of Non-GAAP Measures - FY'21
Reconciliations of Non-GAAP Measures - FY'21 For the year ended December 31, 2021 Pre-Tax Impact Tax Impact (1)(2) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted 0.31 Adjustments: Foreign exchange gain, net (0.32) 0.13 (0.45) Amortization - purchase accounting 0
International Game Technology — Q4 2022 Earnings Presentation on 6ix