International Game Technology PLC Reports Second Quarter 2021 Results

LONDON, Aug. 3, 2021-- International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the second quarter ended June 30, 2021. 

- Revenue up 74% to over $1.0 billion, fueled by strong increases in all businesses, including 35% Global Lottery same-store sales growth

- Delivered operating income of $244 million, highlighting impressive Global Lottery operating leverage and excellent progress on structural cost savings

- Net income of $365 million comprised of $39 million loss from continuing operations and income from discontinued operations of $404 million, including gain on sale of assets

- Adjusted EBITDA increases 170% to $442 million, among the highest in Company history

- Generated $500 million in cash from continuing operations and a record-level $380 million of free cash flow during the first half of the year

- $1.0 billion net debt reduction in first half; net debt leverage improved from 6.4x to 4.3x, reaching target six months early

- Raising 2021 outlook; now expect to exceed 2019 levels for key financial metrics this year

IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit

"Impressive second quarter results highlight the vitality of our portfolio," said Marco Sala, CEO of IGT. "Outstanding Lottery performance, the progressive recovery in land-based Gaming, and strong increase in Digital & Betting activities drove substantial revenue and profit growth, delivering Adjusted EBITDA that is among the highest recorded in a quarterly period. On the strength of the first half performance, we are raising our outlook for the year and now expect to exceed 2019 levels for key financial metrics this year."

"Record free cash flow from continuing operations and proceeds from recent asset sales fueled significant debt reduction in the first half," said Max Chiara, CFO of IGT. "Our leverage profile improved substantially, reaching pre-pandemic levels well ahead of expectations, and improving our credit profile and overall financial condition."

Key Highlights:

Global Lottery delivers second-highest revenue and profit levels in segment history, driven by strong player demand

Achieved approximately two-thirds of $200M+ 2021 OPtiMa savings targets year-to-date

Global Gaming returns to profitability as progressive recovery continues; Digital & Betting revenue increases 41% in the quarter

Growing adoption of IGT's best-in-class cashless solutions, most recently with Agua Caliente Casinos and Washington's Lottery

Completed sale of Italy B2C gaming businesses; net proceeds used to partially fund full redemption, by make-whole call, of 4.750% Senior Secured Euro Notes due February 2023

Announced 25th anniversary of Wheel of Fortune® Slots; deployed Wheel of Fortune®-themed Historical Horse Racing games at Churchill Downs in Kentucky
Signed seven-year systems contract with Maryland Lottery connecting 11,500 Video Lottery Terminals and Electronic Table Games across six casinos
Expanded availability of PeakSlant49™ cabinet, with high-performing core video content, under purchase model

Recently won "Casino Supplier of the Year" award in 2021 Global Gaming Awards London


Financial highlights:

Consolidated revenue of $1.0 billion, up 74% from the prior year

Global Lottery revenue rises 58% to $725 million, driven by 35% growth in same-store sales

Global Gaming revenue totals $316 million, up 126% from the prior year and 19% sequentially on continued recovery trends


Operating income of $244 million compared to operating loss of $72 million in the prior year

High profit flow-through of Global Lottery same-store sales growth

Mix of high-margin Italy lottery sales

Disciplined cost management and benefits from OPtiMa structural cost-savings program


Net interest expense of $91 million compared to $96 million in the prior year, driven by lower average debt balances and interest rates

Provision for income taxes of $32 million compared to a benefit from income taxes of $3 million in the prior year, on significant increase in operating profitability

Net loss of $39 million versus net loss of $268 million in the prior-year period, primarily driven by significant increase in revenue

Adjusted EBITDA of $442 million compared to $164 million in the prior-year period; Global Lottery delivers near record segment-level Adjusted EBITDA

Net debt of $6.3 billion, down over $1.0 billion from $7.3 billion at December 31, 2020; Net debt leverage of 4.3x, down from 6.4x at December 31, 2020, driven by strong financial results, cash flow generation, and proceeds from sale of Italy gaming businesses

Cash and Liquidity Update

Total liquidity of $1.9 billion as of June 30, 2021; $639 million in unrestricted cash and $1.3 billion in additional borrowing capacity

$748 million in net cash proceeds from sale of Italy gaming businesses used to fund redemption of 4.750% Euro bonds due 2023

Executed amendment and extension of Term Loan Facility in July, increasing liquidity, extending debt maturities, and lowering interest costs



Second half 2021 revenue and operating income from continuing operations of $2.0 billion and $300 million, respectfully, meaningfully higher than prior year

Global Lottery returns to more normal growth rates applied to higher levels of consumption; third quarter-to-date same-store sales up double digits versus 2019

Global Gaming progressive recovery continues

Second half 2021 compared to first half 2021

Revenue, operating income, and cash from operations lower on normalization of lottery growth trends

Capital expenditures of approximately $175 million, sequentially accelerating to support growth; full year capital expenditures below 2019 levels

Depreciation and amortization stable

Does not factor in any additional impact from COVID-19 restrictions.

The complete report with spreadsheet is at