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International Game Technology PLC Reports Third Quarter 2021 Results

November 13, 2021 | Financial

  • Third quarter consolidated revenue up 21% to $984 million, propelled by double-digit growth across all business segments
  • Operating income more than doubled to $212 million fueled by significant operating leverage across businesses; achieved $200 million+ OPtiMa structural cost savings target for 2021 ahead of schedule
  • Adjusted EBITDA of $407 million, among the highest levels in Company history
  • Net debt leverage improves to 3.8x from 6.4x at December 31, 2020; net debt reduced by $1.2 billion year-to-date
  • Raising 2021 operating income outlook on strong business trends
  • Reinstatement of $0.20 per common share quarterly cash dividend

LONDON, Nov. 9, 2021 — International Game Technology PLC (“IGT”) (NYSE:IGT) today reported financial results for the third quarter ended September 30, 2021. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below.

IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital.

Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth.

We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com.

“Broad-based momentum across our Lottery, Gaming, and Digital & Betting activities drove significant improvement in key financial and performance metrics in the third quarter,” said Marco Sala, CEO of IGT. “Revenue grew over 20% and operating income more than doubled, highlighting the strength of our portfolio.

Based on our excellent year-to-date results and our solid financial condition, the Board reinstated a quarterly cash dividend, signaling their confidence in the Company’s prospects.”

“We are supporting strong top-line growth with strategic investments in the business while still making good progress on optimizing our cost structure,” said Max Chiara, CFO of IGT.

“Achieving our goal of  reducing net debt leverage below 4.0x was a big accomplishment in the quarter. We look forward to sharing our strategy, long-term growth initiatives, and capital allocation plans during our upcoming investor day on November 16, 2021.”

Key Highlights:

  • ·Sustained player demand in Global Lottery propels strong results; profit and related margins remain among the strongest in segment history
  • Global Gaming achieves highest quarterly revenue and profit levels in seven quarters as progressive recovery continues
  • Digital & Betting rapidly gaining scale with significantly higher revenue and profit driven by new and existing markets
  • Strong year-to-date operating cash flow of $613 million and free cash flow of $445 million
  • Successfully amended and extended term loan facility, adding an ESG margin adjustment demonstrating IGT’s commitment to sustainability
  • Awarded 10-year lottery contract with Connecticut Lottery Corporation following a competitive procurement
  • Recently signed seven-year contract with La Française des Jeux, operator of the French National Lottery, to upgrade its lottery central system to IGT’s advanced Aurora™ platform featuring enhanced, omnichannel capabilities
  • Strengthened Digital & Betting leadership with appointment of Joe Asher as President of Sports Betting and Gil Rotem as President of iGaming
  • Announced several turnkey sports betting solutions, including full retail and mobile services for Angel Of The Winds Casino Resort, Oneida Casino, and Snoqualmie Casino
  • Extended cashless momentum with agreements to deploy Resort Wallet™ and IGTPay™ at Agua Caliente Casino and Indigo Sky properties Won several industry awards, including:
    — “Technology Provider of the Year” and “Lottery Product of the Year” at 2021 International Gaming Awards
    — “Product Innovation of the Year” for Resort Wallet and IGTPay cashless technologies at 2021 Global Gaming Awards Las Vegas
    — “Best Consumer-Service Technology” for CrystalFlex sports betting terminal at 2021 GGB Gaming & Technology Awards

Click here to view/download Third Quarter 2021 Results.

SOURCE: International Game Technology PLC.