Latest news with #iLottery
Yahoo
14-05-2025
- Business
- Yahoo
International Game Technology PLC (IGT) Q1 2025 Earnings Call Highlights: Navigating Challenges ...
Revenue: $583 million in Q1 2025, down from $661 million in the prior year. Adjusted EBITDA: $250 million with a 43% margin. Cash Conversion Ratio: 67%, delivering $168 million in cash from operations and free cash flow of $92 million. Net Debt: Increased by $270 million to $5 billion, with a pro forma net debt leverage of 2.8 times. iLottery Sales Growth: Increased by 26% in Q1 2025. Same-Store Sales Growth: Global instant ticket and draw games rose nearly 1.5%. Normalized Same-Store Sales Growth in Italy: 2% increase. Full Year 2025 Revenue Outlook: Approximately $2.55 billion. Full Year 2025 Adjusted EBITDA Outlook: $1.1 billion. Warning! GuruFocus has detected 6 Warning Signs with IGT. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. International Game Technology PLC (NYSE:IGT) reported $250 million in EBITDA at a 43% margin, highlighting the resilient profit structure of its lottery business. iLottery sales increased by 26% in Q1, driven by strong performance across geographies, particularly in the US with significant growth in Kentucky and Georgia. The company successfully launched the Mega Millions game at a $5 price point, which is expected to drive increased sales and revenues. IGT is expanding its retail touchpoints with initiatives like self-service lottery vending machines and in-lane purchasing, which are expected to generate incremental sales. The company maintains a strong financial condition with pro forma net debt leverage below 3 times, and a significant liquidity buffer of $2.2 billion. IGT's Q1 revenue of $583 million was down from $661 million in the prior year, primarily due to lower jackpot activity and associated impacts. The company revised its full-year 2025 revenue and adjusted EBITDA guidance to the low end of previous ranges due to macroeconomic uncertainties and lower jackpot activity. There was a significant impact from the lack of large multi-state jackpots, which are sporadic and cause period-to-period variability in revenue. The company is facing challenges from macroeconomic and geopolitical uncertainties, including tariffs and declining consumer confidence. IGT's net debt rose by $270 million from the end of December 2024, partly due to foreign currency translation and working capital impacts. Q: Can you elaborate on the guidance revision and the impact of macroeconomic factors on IGT's performance? A: Massimiliano Chiara, CFO, explained that the macroeconomic situation is fluid, particularly with tariff discussions. While core player demand remains stable, volatility is mainly due to jackpot performance and LMA impacts. The company is cautious about growth projections, especially in core EUR markets, but expects some growth in the second half of the year. CEO Vincent Sadusky added that the quarter was challenging due to fewer jackpot run-ups compared to the previous year, impacting sales and growth expectations. Q: How is the Mega Millions $5 price shift being received by players? A: CEO Vincent Sadusky stated that while the transition to a $5 price point for Mega Millions was smooth, it's too early to assess player reception due to a quick jackpot hit after the change. The company is optimistic about the potential impact, expecting players to appreciate the enhanced game features over time. Q: What is the status of the Texas Lottery renewal process, and how should investors view potential risks? A: CEO Vincent Sadusky noted that the Texas Lottery is under legislative review, similar to a process that occurred 12 years ago. The legislative session will conclude on June 2nd, after which more clarity is expected. The state has communicated that the procurement process is proceeding, with a decision anticipated later this year. Q: Can you provide more details on the margin outlook and the impact of jackpot activity? A: CFO Massimiliano Chiara confirmed that margins were impacted by low jackpot activity, which is expected to normalize. The first quarter margin was below 43%, but excluding certain items, it would have been closer to 46%. The company anticipates margins to improve in the second half of the year as jackpot activity normalizes. Q: What are the next steps in the Italian Lotto license process, and when can we expect results? A: CEO Vincent Sadusky explained that the technical evaluation of bids is complete, and economic proposals will be opened on May 19th. The results of the technical evaluation are expected around the same time, with a preliminary award anticipated shortly after the economic bids are disclosed. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-04-2025
- Business
- Yahoo
Illinois winners of $349M Mega Millions jackpot come forward
The Brief A group of Illinois Lottery players has claimed the $349 million Mega Millions jackpot from the March 25 drawing. The winners, who call themselves "Blessed," bought the ticket at a Casey's General Store in Cortland and plan to use the money to do good. The jackpot run generated over $9 million for Illinois schools through the Common School Fund. CORTLAND, Ill. - The winners of the $349 million Mega Millions jackpot from the March 25 drawing have officially stepped forward, according to the Illinois Lottery. The group, who chose to remain anonymous and are nicknamed "Blessed," bought the winning Quick Pick ticket at Casey's General Store at 70 S. Somonauk Road in Cortland. For selling the winning ticket, the retailer received a $500,000 bonus. What they're saying "We're absolutely ecstatic and feel incredibly blessed," the winners said in a statement. "We plan to use this money to do good — this unbelievable prize will truly be the gift that keeps on giving." By the numbers This is the fourth Mega Millions jackpot won in Illinois in the past four years. Notable recent wins include a $1.34 billion jackpot in 2022, the state's largest prize, and a $552 million win last year by an iLottery player — the biggest online lottery win in U.S. history. The Illinois Lottery reported that nearly $24 million in total ticket sales occurred during this latest jackpot run, generating more than $9 million for the state's Common School Fund to support K-12 education. Tonight's Mega Millions drawing has an estimated jackpot of $70 million. Tickets cost $5. The Source The information in this report came from the Illinois Lottery.
