{"id":274,"date":"2024-06-28T08:31:32","date_gmt":"2024-06-28T05:31:32","guid":{"rendered":"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/"},"modified":"2024-06-28T08:31:32","modified_gmt":"2024-06-28T05:31:32","slug":"igts-2021-financial-performance-revenue-growth-and-debt-reduction","status":"publish","type":"post","link":"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/","title":{"rendered":"IGT&#8217;s 2021 Financial Performance: Revenue Growth and Debt Reduction"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/uJWrP6iIaJg\"\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 overall debt burden lessened, reaching its 2022 financial leverage goal a year ahead of schedule. This accomplishment was credited to a substantial 31.1% rise in earnings, reaching $4.09 billion (\u00a33.07 billion\/\u20ac3.69 billion), and the divestment of its lottery ticket division.<\/p>\n<p>Of IGT&#8217;s three core business units, the Global Lottery division generated $2.81 billion in revenue, representing a significant 30.2% increase compared to the preceding year.<\/p>\n<p>Virtually all lottery revenue stemmed from services, including a net revenue of $2.36 billion from operational and facility management contracts, along with an additional $327 million from other service offerings.<\/p>\n<p>The Global Gaming division, encompassing land-based gaming operations, generated $1.11 billion in revenue, signifying a substantial 33.3% increase from the previous year. Service revenue accounted for $630 million, primarily derived from terminals, while product sales revenue totaled $482 million.<\/p>\n<p>Lastly, the Digital and Betting division generated $165 million in revenue, representing a notable 43.8% increase, with all but $1 million stemming from services.<\/p>\n<p>This signifies that IGT&#8217;s total service revenue reached $3.48 billion, a substantial 31.9% increase, while product sales revenue amounted to $606 million, reflecting a 27.3% increase.<\/p>\n<p>Over half of IGT&#8217;s revenue originated from the United States and Canada, generating $2.25 billion. Italy contributed a significant $1.3 billion, while the remaining regions contributed $539 million.<\/p>\n<p>Despite the increased revenue, IGT&#8217;s operating expenses decreased by 1.2% in 2021, reaching $3.19 billion. <\/p>\n<p>This was primarily due to a $296 million impairment charge related to the effects of the COVID-19 pandemic on the company&#8217;s operations in 2020.<\/p>\n<p>Breaking down these operational expenses, the company paid $1.75 billion in service costs, an increase of 7.3% year-on-year, and $377 million in cost of goods sold, a rise of 9.1% year-on-year. Additionally, it paid $810 million in sales, general and administrative costs, an increase of 14.2% year-on-year, and $238 million in research and development costs, a rise of 24.6% year-on-year.<\/p>\n<p>As a result of these costs, IGT achieved an operating profit of $902 million in 2021, compared to a loss of $107 million in 2020.<\/p>\n<p>The supplier paid $341 million in interest expense and $98 million in other expenses, but earned $66 million from foreign exchange rate fluctuations, compared to a loss of $309 million the previous year.<\/p>\n<p>This means 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, its profit from continuing operations was $255 million, compared to a loss of $875 million the previous year.<\/p>\n<p>During the year, the company also sold its Italian B2C business, Lottomatica, to Apollo Global for a total consideration of \u20ac950 million. This discontinued operation generated $24 million in revenue, a decrease of 34.5%, before the sale was completed in May, and IGT realized a gain of $391 million from the sale during the 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>The chief executive of IGT, Vince Sadusky, declared that the firm had a remarkable year in 2021, surpassing revenue, earnings, and cash flow objectives. He emphasized their progress on strategic targets and expressed enthusiasm for the future.<\/p>\n<p>Sadusky underlined their ambitious yet attainable multi-year goals and focused approach to maximizing value for all stakeholders.<\/p>\n<p>The company&#8217;s chief financial officer, Max Chiara, echoed this sentiment, stating that IGT is in a strong position with a solid financial base for future growth.<\/p>\n<p>IGT&#8217;s achievements in 2022 resulted in a decrease in net debt to $1.4 billion, leading to the lowest leverage ratio in the company&#8217;s history.<\/p>\n<p>The final quarter witnessed a substantial increase in revenue, reaching $1.05 billion, an 18.6% surge from the previous year.<\/p>\n<p>IGT&#8217;s global lottery business, the primary contributor to revenue, saw a 9.0% rise, reaching $687 million.<\/p>\n<p>The global gaming business experienced even faster growth, with revenue increasing by 44.6% to $321 million.<\/p>\n<p>Digital and betting revenue also saw a notable increase, growing by 25.2% to $42 million.<\/p>\n<p>After accounting for operating expenses of $864 million, IGT achieved an operating income of $186 million, more than double the final quarter of 2020. <\/p>\n<p>While incorporating non-operational expenditures and discontinued ventures, the firm still managed to secure a net gain of $55 million, contrasting with a net deficit of $232 million in the equivalent timeframe last year.<\/p>\n<p>Earlier this week, the company declared its intention to divest its Italian proximity payments enterprise, Lispay, to PostePay \u2013 Patrimonio Destinato for \u20ac700 million (\u00a3523.9 million\/$627.2 million).<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the year 2021, IGT&#8217;s overall debt burden lessened, reaching its 2022 financial leverage goal a year ahead of schedule. This accomplishment was credited to a substantial 31.1% rise in&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 achieved its 2022 financial leverage goal early, driven by strong earnings growth and the sale of its lottery ticket division.\" 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:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"IGT&#039;s 2021 Financial Performance: Revenue Growth and Debt Reduction\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"IGT achieved its 2022 financial leverage goal early, driven by strong earnings growth and the sale of its lottery ticket division.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Future of Online Casino Gaming | Licensed\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T05:31:32+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/\",\"url\":\"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/\",\"name\":\"IGT\",\"isPartOf\":{\"@id\":\"https:\/\/freecashnodepositbonuscasino.icu\/#website\"},\"datePublished\":\"2024-06-28T05:31:32+00:00\",\"dateModified\":\"2024-06-28T05:31:32+00:00\",\"author\":{\"@id\":\"https:\/\/freecashnodepositbonuscasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"IGT achieved its 2022 financial leverage goal early, driven by strong earnings growth and the sale of its lottery ticket division.\",\"breadcrumb\":{\"@id\":\"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/freecashnodepositbonuscasino.icu\/2024\/06\/28\/igts-2021-financial-performance-revenue-growth-and-debt-reduction\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/freecashnodepositbonuscasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IGT&#8217;s 2021 Financial Performance: Revenue Growth and Debt Reduction\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/freecashnodepositbonuscasino.icu\/#website\",\"url\":\"https:\/\/freecashnodepositbonuscasino.icu\/\",\"name\":\"Experience the Future of Online Casino Gaming | Licensed\",\"description\":\"Stay informed and maximize your gambling experience with our fresh casino news, honest reviews, and informative insights. 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