International Game Technology PLC Reports Second Quarter 2021 Results

• 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

"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."

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