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International Game Technology PLC Reports Fourth Quarter and Full Year 2021 Results
"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."
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International Game Technology PLC Reports Fourth Quarter and Full Year 2021 Results
- Full year operating income of $902 million, the highest in Company history, on strong Global Lottery operating leverage and company-wide structural cost savings
- Generated over $1.0 billion in cash from operations and $770 million in free cash flow in 2021, including record-level cash flows for a quarterly period in the fourth quarter, on strong performance and disciplined capital management
- Reduced net debt by $1.4 billion; leverage improves to 3.5x, the lowest level in Company history, achieving the 2022 leverage target a year early
- Reinstated shareholder returns in the fourth quarter with payment of $0.20 quarterly cash dividend and over $40 million in share repurchases
- Reaffirming full-year 2022 guidance provided at recent Investor Day
LONDON, March 1, 2022 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) today reported financial results for the fourth quarter and full year ended December 31, 2021. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below.
"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."
"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."
Overview of Consolidated Fourth Quarter and Full Year 2021 Results