International Game Technology PLC (NYSE:IGT) Q1 2023 Earnings Conference Call May 9, 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

Carlo Santarelli - Deutsche Bank

Benjamin Chaiken - Credit Suisse

Barry Jonas - Truist Securities

David Bain - B. Riley Securities

Jeff Stantial - Stifel Nicolaus & Company

David Katz - Jefferies

Domenico Ghilotti - Equita Group

Aaron Lee - Macquarie Group

Operator

Good morning. My name is Rob and I'll be your conference operator today. At this time, I'd like to welcome everyone to the International Game Technology First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

Thank you. James Hurley, Senior Vice President of Investor Relations, you may begin your conference.

James Hurley

Hello. And thank you for joining us on IGT's Q1 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. And hello to everyone joining us today. As you've seen in our announcement this morning, we're reporting a great start to 2023. Q1 revenue exceeded expectations on good momentum across all operating segments.

Net of FX and the sale of Italy commercial services, revenue was up 10% from the prior year. In Global Lottery, same store sales were up a percent, marking another quarter of accelerated growth. The Global Gaming and PlayDigital segments each achieved high teens revenue growth in the period, fueled by strong key performance indicators.