IGT - International Game Technology PLC 2021 First Quarter Results Period ended March 31, 2021

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International Game Technology PLC 2021 First Quarter Results Period ended March 31, 2021

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• 25% revenue growth to $1,015 million on outstanding Global Lottery performance; continued recovery in Global Gaming including acceleration in Digital & Betting activities

• Income from continuing operations of $138 million; Adjusted EBITDA of $450 million, among the highest levels in Company history, driven by revenue momentum and structural cost savings

• Achieved cash from operations of $251 million; free cash flow of $204 million driven by strong results and invested capital discipline

• Completed sale of Italy B2C gaming businesses; net proceeds to partially fund full redemption, by make-whole call, of 4.75% Senior Secured Euro Notes due February 2023 • Company to host Investor Day on November 9, 2021

LONDON – May 11, 2021 – International Game Technology PLC (“IGT”) (NYSE:IGT) today reported financial results for the first quarter ended March 31, 2021.

Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.

“We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings,” said Marco Sala, CEO of IGT.

“Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year.”

“With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter,” said Max Chiara, CFO of IGT. “This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year.”


Key Highlights:

• Achieved among highest revenue and profit levels in Company history, fueled by Global Lottery

• Delivered strong cash flow driven by performance and invested capital discipline; return to prepandemic leverage expected by end of the year

• Achieved ~1/3 of $200M+ 2021 OPtiMa savings targets during the first quarter

• Sequential improvement in Global Gaming as industry recovers from pandemic-driven restrictions; growth in Digital & Betting continues with 85% year-over-year increase in revenue in the quarter

• Successfully refinanced ~$1.0 billion in 6.25% Notes due 2022 with $750 million 4.125% Notes due 2026 and draws on revolving credit facilities • Signed seven-year contract extension with Jamaica Lottery; four-year iLottery contract extension with Kentucky Lottery; two-year contract extension with Mexico Lottery 2 Financial highlights: Consolidated revenue of $1,015 million, up 25% from the prior year

• Global Lottery revenue of $749 million, up 48%, driven by 32.4% growth in same-store sales

• Global Gaming revenue totals $266 million, versus $310 million in the prior year; up sequentially from $255 million in Q4'20 as U.S. gaming markets continue to recover Operating income of $260 million, compared to operating loss of $218 million in the prior year

• Global Lottery same-store sales growth translates into high profit flow-through

• Benefits from OPtiMa structural cost-savings

• Goodwill impairment of $296 million in prior-year period Net interest expense of $94 million compared to $100 million in the prior year Provision for income taxes of $148 million, compared to a benefit from income taxes of $1 million in the prior year • Higher valuation allowances on deferred tax assets in the current period

• Income taxes paid of $4 million versus $11 million in the prior year Net income attributable to IGT was $92 million versus a net loss attributable to IGT of $248 million in the prior-year period

• After-tax goodwill impairment of $296 million in prior-year period

• Higher non-cash foreign exchange gains, primarily on Euro-denominated debt instruments, in the current period Net income per diluted share of $0.38 compared to a net loss per diluted share of $1.28 in the prior year Adjusted EBITDA of $450 million compared to $261 million in the prior-year period; Global Lottery achieves among the highest segment-level Adjusted EBITDA Net debt of $7.07 billion compared to $7.32 billion at December 31, 2020; Net debt to LTM Adjusted EBITDA of 5.40x, down from 6.39x at December 31, 2020, driven by strong financial results and cash flow generation

Cash and Liquidity Update

• Total liquidity of $2.1 billion as of March 31, 2021; $748 million in unrestricted cash and $1.4 billion in additional borrowing capacity Other Developments

• As previously announced, completed sale of Italy B2C gaming businesses on May 10, 2021; net proceeds to partially fund full redemption, by make-whole call, of €850 million 4.75% Senior Secured Euro Notes due February 2023

• In March 2021, issued $750 million 4.125% Notes due 2026, as previously announced ◦ Net proceeds used to fund redemption of 6.25% Notes due 2022 ◦ Lowest USD-denominated coupon ever issued by the Company Recast historical financial information for Q2'20 and Q3'20 included at the end of this release Conference Call and Webcast: May 11, 2021, at 8:00 a.m. EDT Live webcast available under “News, Events & Presentations” on IGT’s Investor Relations website at www.IGT.com; replay available on the website following the live event