GT on Tuesday published its full-year 2020 results, reporting recorded corporate revenues of $3.12 billion, down 23% year-over-year. The company underlined significant COVID-19 headwinds impacting its business units throughout the year.
The closure of land-based casino partners across the globe saw IGT "Global Gaming" units’ full-year revenues almost halved to $951 million.
Among highlights from the fourth quarter, IGT reported $885 million in revenue (down 15%) and $96 million in operating income from continuing operations marking highest Global Lottery revenue and profit performance in two years. A net loss of $220 million includes a $155 million non-cash foreign exchange loss. Combined Adjusted EBITDA of $321 million (down 26%) was driven by high profit flow-through of Global Lottery same-store sales growth and benefit from cost-saving actions.
Full-year results saw 2020 revenue from continuing operations included double-digit same-store sales growth in North America in the second half of the year and growing contribution from Digital & Betting activities. Cash from operating activities totaled $866 million and combined free cash flow was $576 million, among the highest levels in five years.
"The solid results we achieved for this pandemic-impacted year have given us momentum into 2021. They are a result of the vision, agility, and discipline of the IGT team as well as the distinct advantages of our diverse portfolio," said Marco Sala, CEO of IGT. "We also made important strategic progress. The Company undertook a comprehensive reorganization to sharpen our focus on our core competencies and drive structural operational efficiencies. This provides a clear path to increasing shareholder value as we build on our leadership positions with a stronger revenue and profit growth profile."
"We generated $866 million in cash from operating activities during the year, among the highest level in five years, primarily driven by resilient Global Lottery performance and rigorous cost and invested capital controls," said Max Chiara, CFO of IGT. "Liquidity improved more than $300 million to over $2.7 billion. As a leaner, stronger Company, we expect leverage to return to pre-pandemic levels in the next 12-18 months."