{"id":260,"date":"2024-06-26T23:40:35","date_gmt":"2024-06-26T20:40:35","guid":{"rendered":"https:\/\/slotscapital.icu\/2024\/06\/26\/igt-reports-strong-2021-financial-results\/"},"modified":"2024-06-26T23:40:35","modified_gmt":"2024-06-26T20:40:35","slug":"igt-reports-strong-2021-financial-results","status":"publish","type":"post","link":"https:\/\/slotscapital.icu\/2024\/06\/26\/igt-reports-strong-2021-financial-results\/","title":{"rendered":"IGT Reports Strong 2021 Financial Results"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/g3xVpphIScU\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>In the year 2021, IGT&#8217;s total debt declined, hitting its 2022 financial leverage target a year in advance. This was a result of its income rising by 31.1% to $4.09 billion (\u00a33.07 billion\/\u20ac3.69 billion) and the sale of its Lottomatica division.<\/p>\n<p>Of IGT&#8217;s three core business divisions, the Global Lottery segment brought in $2.81 billion in income, a 30.2% increase from the prior year. <\/p>\n<p>Nearly all lottery revenue came from services, including $2.36 billion in net revenue from operational and facility management agreements and $327 million in revenue from other services. <\/p>\n<p>The Global Gaming division, which is land-based gaming, produced $1.11 billion in income, a 33.3% increase from the previous year. Service income accounted for $630 million, with the majority coming from terminals, while product sales generated $482 million. <\/p>\n<p>Finally, the Digital &#038; Betting division generated $165 million in revenue, up 43.8%, with all but $1 million coming from services. <\/p>\n<p>This means IGT&#8217;s total service income was $3.48 billion, up 31.9%, while product sales revenue was $606 million, up 27.3%. <\/p>\n<p>More than half of IGT&#8217;s income came from the United States and Canada, generating $2.25 billion. Italy generated $1.3 billion in revenue, while the rest of the world generated $539 million. <\/p>\n<p>Despite the increase in income, IGT&#8217;s operating expenses decreased by 1.2% in 2021, falling to $3.19 billion. <\/p>\n<p>This was primarily due to the commercial effect from a $296 million goodwill impairment charge associated with COVID-19 in 2020.<\/p>\n<p>Dissecting these operational expenses, the firm paid $1.75 billion in the cost of services, an increase of 7.3%, and $377 million in the cost of goods sold, an increase of 9.1%. Furthermore, it paid $810 million in sales, general, and administrative expenses, an increase of 14.2%, and $238 million in research and development expenses, an increase of 24.6% from the previous year.<\/p>\n<p>These expenses resulted in IGT achieving an operating profit of $902 million in 2021, compared to a loss of $107 million in 2020.<\/p>\n<p>Vendors paid $341 million in interest expense and $98 million in other expenses, but received a $66 million gain from foreign exchange rate fluctuations, compared to a loss of $309 million the previous year.<\/p>\n<p>This indicates that IGT achieved a pre-tax profit of $529 million, after a pre-tax loss of $848 million in 2020.<\/p>\n<p>After paying $274 million in income taxes, it earned a profit of $255 million from continuing operations, compared to a loss of $875 million the previous year.<\/p>\n<p>During the year, the company also divested its Italian B2C business, Lottomatica, to Apollo Global for a total consideration of \u20ac950 million. This discontinued operation generated $24 million in revenue before its sale in May, a decrease of 34.5%, while IGT received $391 million from the sale that year.<\/p>\n<p>Taking this into account, IGT&#8217;s final income was $670 million, compared to a loss of $839 million in 2020. <\/p>\n<p>A prominent gaming enterprise, IGT, declared robust financial outcomes for the year 2021, surpassing expectations across all domains.  Vince Sadusky, the chief executive officer, who assumed leadership shortly after the year&#8217;s conclusion, emphasized the company&#8217;s remarkable income, earnings, and cash flow, attributing the achievement to exceptional performance across its complete collection of offerings.<\/p>\n<p>Sadusky conveyed his enthusiasm about guiding IGT into its subsequent stage of expansion, underscoring the company&#8217;s ambitious yet attainable multi-year objectives and its concentrated strategy to maximize value for all participants.<\/p>\n<p>Mark Chiara, the chief financial officer, mirrored Sadusky&#8217;s optimism, stating that IGT commences 2022 with a solid financial base and a strong foundation for continued growth.<\/p>\n<p>The company&#8217;s powerful performance in 2022 resulted in a reduction of net debt to $1.4 billion, leading to the lowest leverage ratio in the company&#8217;s history.<\/p>\n<p>In the final quarter of 2021, IGT&#8217;s revenue attained $1.05 billion, an impressive 18.6% surge compared to the preceding year.<\/p>\n<p>The worldwide lottery business contributed the most revenue, reaching $687 million, a 9.0% increase.<\/p>\n<p>The global gaming business witnessed even faster growth, with revenue rising by 44.6% to $321 million.<\/p>\n<p>Digital and betting revenue also expanded significantly, reaching $42 million, a 25.2% increase.<\/p>\n<p>After accounting for operational expenditures of $864 million, IGT&#8217;s operating income reached $186 million, nearly double the final quarter of 2020. <\/p>\n<p>The firm generated a profit of $55 million during the current fiscal period, even after factoring in extraordinary expenditures and discontinued operations. This marks a significant shift from the previous year, when they incurred a loss of $232 million during the same timeframe.<\/p>\n<p>Earlier this week, they divested their Italian payment enterprise, Lispay, to PostePay for \u20ac700 million. This equates to approximately \u00a3523.9 million or $627.2 million.<\/p>\n<p>Subscribe to the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the year 2021, IGT&#8217;s total debt declined, hitting its 2022 financial leverage target a year in advance. This was a result of its income rising by 31.1% to $4.09 billion (\u00a33.07 billion\/\u20ac3.69 billion) and the sale of its Lottomatica division. Of IGT&#8217;s three core business divisions, the Global Lottery segment brought in $2.81 billion [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IGT<\/title>\n<meta name=\"description\" content=\"IGT exceeded its 2022 financial leverage target early, driven by strong revenue growth, particularly in the Global Lottery segment.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotscapital.icu\/2024\/06\/26\/igt-reports-strong-2021-financial-results\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" 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