International Game Technology PLC (NYSE:IGT) Q3 2022 Earnings Conference Call November 8, 2022 8:00 AM ET

Company Participants

James Hurley - SVP of IR

Vince Sadusky - CEO

Max Chiara - EVP & CFO

Conference Call Participants

Carlo Santarelli - Deutsche Bank

Barry Jonas - Truist Securities

Ben Chaiken - Credit Suisse

Chad Beynon - Macquarie

Domenico Ghilotti - EQUITA

Jeffrey Stantial - Stifel

David Katz - Jefferies

Operator

Good morning. My name is Devin, and I will be your conference operator today. At this time, I would like to welcome everyone to the International Game Technology Q3 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer. [Operator Instructions]

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

James Hurley

Thank you, and thank you all for joining us on IGT's third quarter 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 based on a number of factors and uncertainties, including those related to the effects of the COVID-19 pandemic. 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. In our press release, slides accompanying this webcast and our filings with the SEC each of which is posted on our Investor Relations website, you’ll find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures.

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

Vince Sadusky

Thank you, Jim, and hello to everybody joining us here today. We delivered accelerated revenue and profit growth in the third quarter with nice momentum for each of our business segments. Revenue rose 14% at constant currency, led by over 30% growth for both Global Gaming and Digital & Betting. The 20% operating income reached the high end of our expectations on strong lottery margins and a substantial increase in gaming profitability.