International Game Technology (IGT) has released 2021 financial results, reporting revenue up 31% to $4.1 billion with double-digit growth across all segments. In this way, the company confirms that it met or exceeded all financial objectives for 2021 with key financial metrics above 2019 levels.
IGT has highlighted full-year operating income of $902 million, the highest in the Company's history, thanks to the Global Lottery's strong operating leverage and structural cost savings across the company.
IGT CEO Vince Sadusky said the results represent "the best revenue, profit, and cash flow performance in the last four years, meeting or exceeding target levels on strong performance across the portfolio." Looking to the future, he assures that "aggressive but achievable multi-year goals and we have a focused strategy to maximize value for all stakeholders" have been established.
On the other hand, Max Chiara, CFO of IGT, commented: "Improving leverage to 3.5xa year ahead of schedule enables us to pursue a balanced capital allocation framework that supports investing for growth, continued debt reduction, and the reinstatement of capital returns. through quarterly dividends and share repurchase”.
The IGT report highlights the following financial aspects of 2021:
Revenue of $4.1 billion, up 31% from $3.1 billion in the prior year, driven by impressive growth across segments
Global Lottery revenue of $2.8 billion, up from $2.2 billion, driven by 20% same-store sales growth and including around $165 million in benefits from certain discrete items in the first half of 2021
Global Gaming revenue rises 33% to $1.1 billion, as continued recovery drives key performance indicators higher
Digital & Betting revenue increases to $165 million, up 44%, propelled by new jurisdictions and customers
Operating income of $902 million, versus operating loss of $107 million in the prior-year period
Significant increase in profit from the sale of gaming businesses in Italy
Strong profit flow-through in Global Lottery segment enhanced by positive mix of high-margin Italy lottery sales; contribution of about $140 million from certain discrete items in the first half of 2021
Net income of $670 million compared to net loss of $839 million in the prior year period
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