International Game Technology PLC Reports Fourth Quarter And Full Year 2020 Results

in Finance


Fourth Quarter:

- $885 million in revenue and $96 million in operating income from continuing operations includes highest Global Lottery revenue and profit performance in two years

- Cash from operating activities of $255 million; combined free cash flow of $191 million in line with prior-year level

- Net loss of $220 million, includes $155 million non-cash foreign exchange loss; combined Adjusted EBITDA of $321 million driven by high profit flow-through of Global Lottery same-store sales growth and benefit from cost-saving actions

Full Year:

- 2020 revenue from continuing operations of $3.12 billion reflects resilience of Global Lottery, including double-digit same-store sales growth in North America in the second half of the year and growing contribution from Digital & Betting activities

- Cash from operating activities totaled $866 million and combined free cash flow was $576 million, among the highest levels in five years

- Reduced net debt by $71 million as reported, $433 million excluding unfavorable foreign currency impact

LONDONMarch 2, 2021 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the fourth quarter and full year ended December 31, 2020. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below.

"The solid results we achieved for this pandemic-impacted year have given us momentum into 2021. They are a result of the vision, agility, and discipline of the IGT team as well as the distinct advantages of our diverse portfolio," said Marco Sala, CEO of IGT. "We also made important strategic progress. The Company undertook a comprehensive reorganization to sharpen our focus on our core competencies and drive structural operational efficiencies. This provides a clear path to increasing shareholder value as we build on our leadership positions with a stronger revenue and profit growth profile."

"We generated $866 million in cash from operating activities during the year, among the highest level in five years, primarily driven by resilient Global Lottery performance and rigorous cost and invested capital controls," said Max Chiara, CFO of IGT. "Liquidity improved more than $300 million to over $2.7 billion. As a leaner, stronger Company, we expect leverage to return to pre-pandemic levels in the next 12-18 months."