International Game Technology PLC (NYSE:IGT) Q2 2023 Earnings Conference Call August 1, 2023 8:00 AM ET

Company Participants

James Hurley - Senior Vice President, Investor Relations

Vincent Sadusky - Chief Executive Officer

Massimiliano Chiara - Executive Vice President and Chief Financial Officer

Conference Call Participants

Barry Jonas - Truist Securities

David Katz - Jefferies

Chad Beynon - Macquarie Group

Jeff Stantial - Stifel Nicolaus & Company

Domenico Ghilotti - Equita Group

Joseph Stauff - Susquehanna International Group, LLP

Operator

Hello and welcome to the International Game Technology Q2 2023 Earnings Call. [Operator Instructions] All lines have been placed on mute to prevent any background noise. After the speakers' remarks, [technical difficulty]

I will now turn the conference over to Jim Hurley, Senior Vice President of Investor Relations. Please go ahead.

James Hurley

Thank you for joining us on IGT's Q2 2023 conference call hosted by Vince Sadusky, our Chief Executive Officer; and Max Chiara, our Chief Financial Officer. After some prepared remarks, Vince and Max will be available for your questions.

During today's call, we will be making some forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our latest earnings release and in our SEC filings.

During this call, we will discuss certain non-GAAP financial measures. You'll find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures, in our press release, the slides accompanying this webcast, and our filings with the SEC, each of which is posted on our Investor Relations website.

And now, I'll turn the call over to Vince Sadusky.

Vincent Sadusky

Thanks, Jim. Before we begin, I would like to take a moment to honor Fabio Cairoli, who led our Global Lottery business until his untimely death a few weeks ago. Fabio was part of the IGT family for over a decade. He was an outstanding executive distinguished by his passion drive sincerity and commitment to results in innovation. He led an incredible team of world class talent and IGT's global lottery leadership expanded under his stewardship. Fabio left an indelible mark on IGT and the industry and he will be missed.

Turning to the news of the day, our Q2 and first half results reflect solid momentum across all business segments. Reported revenue was up 2% in the first half of the year, but up an impressive 10% when we adjust for the sale of Italy commercial services. This includes 5% growth for global lottery, a 15% increase for global gaming, and 27% play digital growth.