IGT - International Game Technology PLC Reports Second Quarter 2020 Results

in Finance

"Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic," said Marco Sala, CEO of IGT. "That said, thanks to strong North America Lottery performance and our swift adoption of cost-saving and avoidance measures, we delivered better cash flow than we expected back in May. Our resilience is a direct consequence of the diversity of our global portfolio of products and solutions. The improving trends we are currently seeing are encouraging, but we remain prudent with our planning. Our new organizational structure enhances our readiness to adapt to changes in market conditions."

 

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- Results highlight value of diverse business portfolio, global reach, resilience of lottery, and swift response to unprecedented conditions
 
- Liquidity and net debt improved on positive cash flow performance; generated $168 million in cash from operating activities and $107 million in free cash flow during the second quarter
 
- Net loss of $280 million; adjusted net loss of $121 million
 
- Delivered $168 million in adjusted EBITDA with important contribution from strict cost discipline
 
- On track to achieve $500 million in 2020 cost reduction/avoidance; identified over $200 million in longer-term, structural and discretionary cost savings

LONDON, Aug. 4, 2020 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) today reported financial results for the second quarter ended June 30, 2020. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.

"Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic," said Marco Sala, CEO of IGT. "That said, thanks to strong North America Lottery performance and our swift adoption of cost-saving and avoidance measures, we delivered better cash flow than we expected back in May. Our resilience is a direct consequence of the diversity of our global portfolio of products and solutions. The improving trends we are currently seeing are encouraging, but we remain prudent with our planning. Our new organizational structure enhances our readiness to adapt to changes in market conditions."

"Cash generation and liquidity remain our top financial priority," said Max Chiara, CFO of IGT. "The proactive efficiency initiatives and focused capital markets activity we executed in the quarter have us tracking ahead of plan on all key measures and we expect to deliver positive free cash flow this fiscal year. We have the resources we need to navigate the impact COVID-19 is having on our business and we are making important, strategic decisions to enhance our operational flexibility. This includes over $200 million in structural and discretionary cost savings compared to pre-pandemic levels."

Overview of Consolidated Second Quarter 2020 Results