IGT increased its revenues by 74% during the second quarter of 2021

IGT has also reported top-interest economic data such as its operating income was $ 244 million, net profit was $ 365 million, Adjusted EBITDA increased 170% to $ 442 million, one of the highest in the history of the company. Company.

Likewise, the company emphasizes that it generated $ 500 million in cash from continuing operations and a record-level $ 380 million of free cash flow during the first half of the year. We should also mention $ 1.0 billion net debt reduction in first half; net debt leverage improved from 6.4x to 4.3x, reaching target six months early.

Referring to these impressive results, among the highest recorded in a quarterly period, Marco Sala, IGT CEO, reported: “we are raising our outlook for the year and now expect to exceed 2019 levels for key financial metrics this year”.

On the other hand, Max Chiara, IGT's CFO, commented that "Record free cash flow from continuing operations and proceeds from recent asset sales fueled significant debt reduction in the first half." Consequently, Chiaria explains that pre-pandemic levels have been reached well above expectations, which has improved the credit profile and general financial condition.

Below, we summarize other key points from IGT's financial report for the second quarter of 2021

• Global Lottery delivers second-highest revenue and profit levels in segment history, driven by strong player demand
• Global Gaming returns to profitability as progressive recovery continues; Digital & Betting revenue increases 41% in the quarter
• Growing adoption of IGT's best-in-class cashless solutions, most recently with Agua Caliente Casinos and Washington's Lottery
• Completed sale of Italy B2C gaming businesses; net proceeds used to partially fund full redemption, by make-whole call, of 4.750% Senior Secured Euro Notes due February 2023
• Announced 25th anniversary of Wheel of Fortune® Slots; deployed Wheel of Fortune®-themed Historical Horse Racing games at Churchill Downs in Kentucky
• Signed seven-year systems contract with Maryland Lottery connecting 11,500 Video Lottery Terminals and Electronic Table Games across six casinos
• Expanded availability of PeakSlant49 ™ cabinet, with high-performing core video content, under purchase model
• Recently won "Casino Supplier of the Year" award in 2021 Global Gaming Awards London
• Global Lottery revenue rises 58% to $ 725 million, driven by 35% growth in same-store sales
• Global Gaming revenue totals $ 316 million, up 126% from the prior year and 19% sequentially on continued recovery trends
• Operating income of $ 244 million compared to operating loss of $ 72 million in the prior year
• High profit flow-through of Global Lottery same-store sales growth
• Mix of high-margin Italy lottery sales
• Net interest expense of $ 91 million compared to $ 96 million in the prior year, driven by lower average debt balances and interest rates
• Provision for income taxes of $ 32 million compared to a benefit from income taxes of $ 3 million in the prior year, on significant increase in operating profitability
• Net loss of $ 39 million versus net loss of $ 268 million in the prior-year period, primarily driven by significant increase in revenue
• Revenue, operating income, and cash from operations lower on normalization of lottery growth trends
• Capital expenditures of approximately $ 175 million, sequentially accelerating to support growth; full year capital expenditures below 2019 levels