International Game Technology PLC (NYSE:IGT) Q4 2022 Earnings Conference Call February 28, 2023 8:00 AM ET

Company Participants

James Hurley - Senior Vice President, Investor Relations

Vince Sadusky - Chief Executive Officer

Max Chiara - Executive Vice President & Chief Financial Officer

Conference Call Participants

Carlo Santarelli - Deutsche Bank

Chad Beynon - Macquarie

Barry Jonas - Truist Securities

Benjamin Chaiken - Credit Suisse

David Katz - Jefferies

Domenico Ghilotti - Equita

Jemma Permalloo - JPMorgan

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the IGT 2022 Fourth Quarter and Full Year Results.

I would now like to turn the call over to James Hurley, Senior Vice President, Investor Relations. Please go ahead.

James Hurley

Thank you, and thank you all for joining us on IGT's Q4 and full year 2022 conference call hosted by Vince Sadusky, 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, 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.

Vince Sadusky

Thank you, Jim and hello to everyone joining us today. We are reporting a strong finish to 2022 with profit growth and free cash flow generation accelerating in the fourth quarter. We achieved all financial goals for the year mostly at the top end of our outlook and we returned a record $276 million to shareholders through dividends and share repurchases. We end the year with revenue and profit margins comfortably above pre-pandemic levels and leverage at its lowest level ever.

We strengthened our leadership positions across all our main activities during 2022. We remain the world's largest B2C operator of lotteries with a footprint that spans Europe, North America and Latin America as well as the leading provider of B2B lottery services and solutions for both land-based and iLottery channels.