From this, the London-based business produced $902m in operating income, a new record, supported by strong global lottery operating leverage and company-wide cost savings.
IGT managed to reduce its net debt by $1.4bn in 2021, while its operating leverage increased to 3.5x, the lowest level in company history and achieving its target a year early.
What’s more, over $1bn in cash was generated from operations and $770m in free cash flow in 2021.
Max Chiara, IGT Chief Financial Officer (CFO), said: “Improving leverage to 3.5x a year ahead of schedule enables us to pursue a balanced capital allocation framework that supports investing for growth, continued debt reduction and the reinstatement of capital returns through quarterly dividends and share repurchases.
“As we enter 2022, the company is in a very good place with a solid financial condition and a strong foundation for further growth.”
Q4, meanwhile, saw IGT’s revenue climb by 19% year-on-year to more than $1bn, led by global lottery which was responsible for $687m — nearly two thirds of the fourth quarter’s total.
Likewise, on a whole year basis, global lottery accounted for approximately 69% of IGT’s full year revenue: $2.8bn.
Global gaming came in a distant second place, generating $1.1bn, up 33% when compared to 2020’s $837m, while digital and betting posted third, accounting for only $165m, though this represents a 44% year-on-year increase.
“Our 2021 financial results reflect the best revenue, profit and cash flow performance in the last four years, meeting or exceeding target levels on strong performance across the portfolio,” added Vince Sadusky, IGT CEO.
“We made important progress on several strategic objectives, and I am excited to be leading IGT in the next chapter of its evolution.
“We have set aggressive but achievable multi-year goals and we have a focused strategy to maximise value for all stakeholders.”