IGT releases results for Q4, FY2021
The company reduced its net debt during 2021 by $1.4bn and reported the highest operating income in its history.
International Game Technology (IGT) has published its financial results for the fourth quarter and for the 2021 full year. Both its Q4 and FY2021 figures showed substantial company growth.
IGT reported an 85% bump in consolidated revenue during Q4, generating $1bn. Global lottery revenue reached $687m, global gaming revenue reached $321m and digital & betting revenue rose to $42m in Q4.
Operating income during the fourth quarter climbed to twice its total from the prior year’s period, climbing to $186m. The company also reported a net income of $55m in contrast to the net loss of $220m that was reported during the same period last year.
Adjusted EBITDA reached $387m, taking a 31% compared to the prior year’s Q4.
IGT’s full-year figures also reflected good news for the company. Revenue rose by 31% to $4.1bn in 2021.
Net income was in the black for 2021, reaching $670m compared to a net loss of $839m the year before.
Adjusted EBITDA rose by 67%, reaching closet to $1.7bn. The adjusted EBITDA margin for 2021 was among the highest in the company’s history, reaching 41%.
The company also reported the highest full-year operating incoming in its history, topping out at $902m. It also generated $770m in free cash flow and more than $1bn in cash from its operations during the year.
“Our 2021 financial results reflect the best revenue, profit, and cash flow performance in the last four years, meeting or exceeding target levels on strong performance across the portfolio,” said Vince Sadusky, CEO of IGT. “We made important progress on several strategic objectives, and I am excited to be leading IGT in the next chapter of its evolution. We have set aggressive but achievable multi-year goals and we have a focused strategy to maximize value for all stakeholders.”
IGT achieved another company first a year ahead of schedule by lowering its net debt by $1.4bn, bringing its debt to the lowest level it has ever had.
“Improving leverage to 3.5x a 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 repurchases,” said Max Chiara, CFO of IGT. “As we enter 2022, the Company is in a very good place with a solid financial condition and a strong foundation for further growth.”
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