Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025. · NYSE:BRSL
Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025 — Brightstar Lottery — Q4 2023 Earnings Presentation
42 slides from Brightstar Lottery Plc Trading Under The Legal Name To Begin At The Market Open On July 21, 2025's earnings presentation, Mar 12, 2024
Slide 1: Period ended December 31, 2023
Period ended December 31, 2023
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: Strategy Update
STRATEGY UPDATE
Slide 4: Industry-leading Assets Deliver A Record-breaking Year
Industry-leading Assets Deliver A Record-breaking Year Operating Cash Capital Revenue Income Margin From Operations Expenditures(1) Upgraded 2023 ~$4.3B ~23% $900M - $1,000M $400M - $450M Financial Goals 2023 Actual Results $4.3B 23% $1,040M $421M Achievement Strong finish to year with Q4 operating
Slide 5: Organic Growth, Portfolio Expansion & Meaningful Contract Extensions Reinforce Leadership
Organic Growth, Portfolio Expansion & Meaningful Contract Extensions Reinforce Global Lottery’s Leadership Position Robust product sales drove Q4’23 revenue up 7%; FY’23 revenue up 6% net of Italy commercial services Global same-store sales up 2.3% in FY’23 with growth across draw, instant, and jack
Slide 6: Global Lottery – Recurring Revenue Business with Attractive Margins
Global Lottery – Recurring Revenue Business with Attractive Margins, Backed by Long-term Contracts Revenue by Type Lottery Industry Sales ($B) IGT U.S. iLottery Sales Operating Income Margin Successfully consolidating 7% higher play 36% levels CAGR 6.7% CAGR 3.8% CAGR 83.9% 30% 99 101 79 93% 68 17 1
Slide 7: Focused Execution of Key Strategies Propel Higher Revenue and Profit in Global Gaming
Focused Execution of Key Strategies Propel Higher Revenue and Profit in Global Gaming Sustained momentum with Q4’23 operating income up 17% FY’23 revenue up 9% on broad-based KPI strength, fueling ~30% increase in operating income Shipped 35,000+ units in FY’23, up 7%, with record ASPs across geogra
Slide 8: PlayDigital Generates Record FY'23 Revenue and Profit
PlayDigital Generates Record FY’23 Revenue and Profit Revenue up 9% in FY’23, driven by iGaming growth across geographies; achieves ~500 bps of OI margin expansion iGaming GGR fueled by ~80 new game launches and game aggregation capabilities Distinctive new products and creative solutions enhance pl
Slide 9: Achieved FY'23 Financial Goals Across Segments; Well-positioned for FY'24
Achieved FY’23 Financial Goals Across Segments; Well-positioned for Success in FY’24 Record-breaking revenue and profit in Broad-based FY’23; in line with momentum across upgraded outlook segments Organic growth drives FY’24 outlook 9
Slide 10: Strategic Review to Unlock Shareholder Value by Creating Two Companies
Strategic Review to Unlock Shareholder Value by Creating Two Best-in-Class Global Companies Creates two pure play businesses with best-in-class teams Facilitates more focused operating & capital allocation IGT PLC strategies, optimized capital structures for each business Shareholders Allows each bu
Slide 11: Complementary Capabilities Create a Comprehensive Global Gaming & FinTech Enterprise
Complementary Capabilities Create a Comprehensive Global Gaming & FinTech Enterprise Financial Access Solutions One-stop-shop addressing all aspects of gaming Core Video ecosystem ATM Core Stepper CashClub Wallet Attractive revenue model; 60% recurring revenue s Video Poker ces Core l Ac i a Loyalty
Slide 12: 12
12
Slide 13: Q4'23 and FY'23 Results Achieve Upgraded Outlook Provided in Q3'23
Q4’23 and FY’23 Results Achieve Upgraded Outlook Provided in Q3’23 Note: EUR/USD FX daily average 1.08 in Q4’23, 1.02 in Q4’22, 1.08 FY’23, 1.05 FY’22 (1)Italy commercial services business was sold in September 2022 (2)Included in operating income and Adjusted EBITDA are $13M in Q4’23 and $24M in FY
Slide 14: Robust Q4'23 Product Sales Drive Global Lottery Revenue & Profit Growth
Robust Q4’23 Product Sales Drive Global Lottery Revenue & Profit Growth Revenue exceeds expectations; up 7% on higher product Revenue sales and continued momentum in Italy $681M Global SSS impacted by historic North America jackpot levels in PY Italy SSS up 2.9% Operating North America and Rest of w
Slide 15: Replacement Unit Shipments & Installed Base Expansion Drive Q4'23 Global Gaming Results
Replacement Unit Shipments & Installed Base Expansion Drive Q4’23 Global Gaming Results Revenue up slightly Y/Y despite unusually high jackpot expense Revenue New games and cabinets drive higher terminal product sales Shipped ~9,400 units globally on continued replacement unit growth $390M North Ame
Slide 16: PlayDigital Delivers Strong Q4'23 Profit Performance
PlayDigital Delivers Strong Q4’23 Profit Performance; Operating Income Margin Nears 2025 Target Revenue down 10% Y/Y Revenue One-time benefit to jackpot expense in PY Sports betting reflects lower volumes and hold rates in Rhode Island $59M OMNI iGaming GGR higher across geographies; double-digit CH
Slide 17: Strong Cash Generation Complemented by Balanced Capital Allocation Strategy
Strong Cash Generation Complemented by Balanced Capital Allocation Strategy FY’23 Cash Flows Cumulative Capital Allocation Record cash from operations and strong 58% FY’22 & FY’23 cash conversion rate, up from 54% in PY 19% 30% $160M paid to shareholders in the form of cash dividends $1.0B Cash from
Slide 18: Credit Profile Progressively Strengthened with Significant Reduction in Net Debt
Credit Profile Progressively Strengthened with Significant Reduction in Net Debt* & Net Debt Leverage Net Debt & Net Debt Leverage Debt Composition Net debt leverage improves to 2.9x, lowest level in 7,319 Company history 5,922 5,150 5,099 28% Credit rating actions reflect improved risk profile Upgr
Slide 19: Introducing Q1'24 & FY'24 Outlook; Re-segmentation
Introducing Q1’24 & FY’24 Outlook; Re-segmentation Combines Global Gaming & PlayDigital FY’24 Outlook Key Outlook Assumptions FY’24: Revenue $4.3B - $4.4B • Global Lottery SSS flat to down slightly due to robust jackpot activity in PY; excluding jackpots, SSS up low-single-digits Operating Income 20
Slide 20: Select Transaction Highlights & Path Forward
Select Transaction Highlights & Path Forward New combined gaming business to raise $3.7B of debt: Refinance existing debt and pay $2.6B distribution to IGT PLC 3.2x – 3.4x pro forma net debt / Adjusted EBITDA expected at closing(1) Everi IGT PLC Shareholders Shareholders IGT PLC’s $2.6B(2) distribut
Slide 21: Strong Financial Performance in Q4'23 & FY'23; Heading into 2024 on Firm Foundation
Strong Financial Performance in Q4’23 & FY’23; Heading into 2024 on Firm Foundation Q4’23 and FY’23 Financial Results Clear Path to Achieve Upgraded Transaction Outlook Closing Significant Opportunity for Net Debt & Value Creation Leverage Improve to Record Low 21
Slide 22: Jea Grande Occasione
JEA\GRANDE OCCASIONE
Slide 23: Appendix
APPENDIX
Slide 24: FY'23 Revenue & Profit Profile
FY’23 Revenue & Profit Profile Revenue by Segment Revenue by Type Revenue by Geography 5% 15% 22% 36% 59% 22% 78% 63% 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% 52% 5% 36% 34%
Slide 25: Global Gaming – Broad-based Momentum Across Diverse Revenue Streams
Global Gaming – Broad-based Momentum Across Diverse Revenue Streams & Improved Profit Profile North America North America Operating Income Global Installed Base Global ASPs Unit Shipments MLP Trends Margin + 6% + 18% 9 ~11,500 19,685 $15,800 14,857 +25% +~100% consecutive quarters of 26,208 growth $
Slide 26: PlayDigital – Strong B2B Presence with Scale & Profitability
PlayDigital – Strong B2B Presence with Scale & Profitability in High-growth Emerging Business Revenue ($M) Revenue by Product New iGaming Games U.S. Sportsbooks Powered Launched Annually 228 CAGR 26.0% 20% 80 + 186% 99 + 281% 91 80% 28 26 2019 2023 iGaming Sports Betting 2019 2023 2019 2023 Key char
Slide 27: U.S. and Italy Lottery Markets Demonstrate Resilience During Recessions
U.S. and Italy Lottery Markets Historically Demonstrate Resilience During Periods of Recession U.S. Lottery Industry Sales ($B) IGT Italy Lottery Sales (€B) March 2001– Sep 2001 March 2008–June 2009 March 2020– June 2020 June 2001 - Dec 2001June 2003 – Sep 2003 June 2008 - June 2009 Sep 2011- March
Slide 28: U.S. Gaming GGR Reasonably Resilient in Prior Recession Periods
U.S. Gaming GGR Reasonably Resilient in Prior Recession Periods The U.S. represents ~70% of IGT’s Global Gaming segment revenue ~80% of U.S. revenue generated in regional markets, ~45% from Tribal customers U.S. Commercial Gaming GGR ($B) U.S. Tribal Gaming GGR ($B) March 2008–June 2009 March 2020–J
Slide 29: Q4'23 & FY'23 Select Performance & KPI Data
Q4’23 & FY’23 Select Performance & KPI Data Constant Constant Currency Currency GLOBAL LOTTERY Q4'23 Q4'22 Y/Y Change Change FY'23 FY'22 Y/Y Change Change Revenue Service Operating and facilities management contracts 624 622 —% (2%) 2,495 2,364 6% 4% Upfront license fee amortization (47) (45) (5%) —
Slide 30: Q4'23 & FY'23 Select Performance & KPI Data
Q4’23 & FY’23 Select Performance & KPI Data Constant Constant Currency Currency GLOBAL GAMING Q4'23 Q4'22 Y/Y Change Change FY'23 FY'22 Y/Y Change Change Revenue Service Terminal 127 126 1% 3% 520 483 8% 10% Systems, software, and other 62 60 2% 2% 242 232 4% 5% Total service revenue 188 186 1% 2% 7
Slide 31: Q4'23 & FY'23 Select Performance & KPI Data
Q4’23 & FY’23 Select Performance & KPI Data GLOBAL GAMING (Continued) Q4'23 Q4'22 Y/Y Change FY'23 FY'22 Y/Y Change Yields (by geography)(1), in absolute $ US & Canada $41.28 $42.08 (2%) $42.19 $41.87 1% Rest of world $7.02 $6.53 8% $7.40 $6.22 19% Total yields $28.71 $29.72 (3%) $29.68 $29.89 (1%)
Slide 32: Q4'23 & FY'23 Select Performance & KPI Data
Q4’23 & FY’23 Select Performance & KPI Data Constant Constant Currency Currency PLAYDIGITAL Q4'23 Q4'22 Y/Y Change Change FY'23 FY'22 Y/Y Change Change Revenue Service 59 65 (9%) (10%) 227 209 9% 10% Product sales — — NM NM 1 1 21% 21% Total revenue 59 65 (10%) (10%) 228 209 9% 10% Operating income
Slide 33: Q4'23 & FY'23 Summarized Income Statements
Q4’23 & FY’23 Summarized Income Statements Q4'23 Q4'22 Y/Y Change (%) FY'23 FY'22 Y/Y Change (%) Service revenue 839 845 (1%) 3,347 3,359 —% Product sales 291 249 17% 963 866 11% Total revenue 1,130 1,093 3% 4,310 4,225 2% Total operating expenses 873 863 1% 3,309 3,303 —% Operating income 256 230 1
Slide 34: Q4'23 & FY'23 Summarized Cash Flow Statements
Q4’23 & FY’23 Summarized Cash Flow Statements Q4'23 Q4'22 FY'23 FY'22 Net cash provided by operating activities 400 278 1,040 899 Capital expenditures (98) (91) (399) (317) Payments on license obligations (7) — (22) — Free cash flow 295 187 619 582 Debt proceeds/(repayments), net (251) 30 (179) (576
Slide 35: Reconciliations of Non-GAAP Measures – Q4'23
Reconciliations of Non-GAAP Measures – Q4’23 For the three months ended December 31, 2023 Business Global Global Segments Corporate Total IGT Lottery Gaming PlayDigital Total and Other PLC Net income 27 Provision for income taxes 83 Interest expense, net 71 Foreign exchange loss, net 66 Other non-op
Slide 36: Reconciliations of Non-GAAP Measures – Q4'23
Reconciliations of Non-GAAP Measures – Q4’23 For the three months ended December 31, 2023 Pre-Tax Impact Tax Impact (1)(2) Net Impact Reported EPS attributable to IGT PLC - diluted $(0.04) Adjustments: Foreign exchange loss, net $0.25 $(0.04) $0.29 Currency conversion impacts of hyper-inflationary e
Slide 37: 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 Net loss (31) Provision for income taxes 101 Interest expense, net 66 Foreign exchange loss, net 95 Other non-o
Slide 38: 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 attributable to IGT PLC - diluted $(0.32) Adjustments: Foreign exchange loss, net $0.46 $(0.04) $0.50 Currency conversion impacts of hyper-inflationary e
Slide 39: Reconciliations of Non-GAAP Measures – FY'23
Reconciliations of Non-GAAP Measures – FY’23 For the year ended December 31, 2023 Business Global Global Segments Corporate Total IGT Lottery Gaming PlayDigital Total and Other PLC Net income 307 Provision for income taxes 322 Interest expense, net 285 Foreign exchange loss, net 75 Other non-operati
Slide 40: Reconciliations of Non-GAAP Measures – FY'23
Reconciliations of Non-GAAP Measures – FY’23 For the year ended December 31, 2023 Pre-Tax Impact Tax Impact (1)(2) Net Impact Reported EPS attributable to IGT PLC - diluted $0.77 Adjustments: Foreign exchange loss, net $0.21 $(0.03) $0.24 Currency conversion impacts of hyper-inflationary economies (
Slide 41: 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 Net income 414 Provision for income taxes 175 Interest expense, net 289 Foreign exchange loss, net 36 Other non-operati
Slide 42: 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 attributable to IGT PLC - diluted $1.35 Adjustments: Foreign exchange loss, net $0.13 $0.08 $0.05 Currency conversion impacts of hyper-inflationary economies $0.