INTERNATIONAL GAME TECHNOLOGY PLC CONTENTS | |
STRATEGIC REPORT................................................ | |
Highlights ............................................................... | |
Chairperson Letter................................................ | 4 |
CEO Statement..................................................... | 6 |
Business Overview............................................... | 8 |
Financial Performance......................................... | 19 |
Sustainability.......................................................... | 30 |
Section 172 Statement ........................................ | 37 |
Principal Risks and Uncertainties ...................... | 44 |
DIRECTORS' REPORT............................................... | 48 |
Governance ........................................................... | 48 |
Additional Disclosures.......................................... | 56 |
DIRECTORS' REMUNERATION REPORT............. | 60 |
Annual Statement ................................................. | 60 |
Remuneration Policy............................................ | 62 |
Remuneration Report........................................... | 75 |
INDEPENDENT AUDITORS' REPORT ................... | 92 |
FINANCIAL STATEMENTS ....................................... | 99 |
Consolidated Financial Statements ................... | 99 |
Parent Financial Statements............................... | 174 |
ADDITIONAL INFORMATION................................... | 184 |
Investor Information.............................................. | 184 |
Forward-lookingStatements .............................. | 184 |
TERMS AND ABBREVIATIONS
Common terms and abbreviations that appear throughout this Annual Report and Accounts are defined herein. Other less common terms and phrases are defined in the sections in which they appear.
AGM annual general meeting
Articles the articles of association of the Parent B2B business-to-business
B2C business-to-consumer
Board the board of directors of the Parent CA 2006 the U.K. Companies Act 2006 CEO Chief Executive Officer
CFO Chief Financial Officer
Company or IGT the Parent, together with its consolidated subsidiaries
De Agostini De Agostini S.p.A. Director a director of the Parent
ESG environmental, social and governance GHG greenhouse gas
NYSE the New York Stock Exchange Parent International Game Technology PLC R&D research and development
SEC United States Securities and Exchange Commission TSR total shareholder return
U.K. United Kingdom
U.S. United States of America
Wire Act U.S. Interstate Wire Act of 1961
Amounts reported in this Annual Report and Accounts in millions are computed based on the amounts in thousands. Certain amounts, including in columns and rows within tables, may not foot due to rounding. Percentages and earnings per share amounts presented are calculated from the underlying unrounded amounts.
Annual Report and Accounts 2021 | Page | 1 |
Strategic Report
The Directors present their reports and the audited financial statements for International Game Technology PLC and its subsidiaries for the period from January 1, 2021 to December 31, 2021.
Financial Highlights
Total Revenue | ||
4,081 | ||
Millionsin$ | 3,115 | |
2021 | 2020 |
Diluted Income (Loss) Per Share*
$0.35
2021 | $(4.76) |
2020 |
* Represents net income (loss) from continuing operations attributable to International Game Technology PLC per ordinary share
$ in Millions
Operating Income
918
(91)
20212020
Dividends Per Share
$0.20$0.20
20212020
Company Revenue by Business Segment
2021 | 2020 | ||||||
27% | 27% | ||||||
69% | 4% | 69% | 4% | ||||
Global Lottery | Global Lottery | ||||||
Global Gaming | Global Gaming | ||||||
Digital & Betting | Digital & Betting | ||||||
The consolidated balance sheet on page 100 presents the Company's financial position at December 31, 2021 and December 31, 2020. Movements in cash balances are presented in the consolidated statement of cash flows. Material assets and liabilities have been disclosed within the respective notes to the consolidated financial statements. Net assets were $1.7 billion and $1.2 billion at December 31, 2021 and 2020, respectively. Cash and cash equivalents were $591 million and $907 million at December 31, 2021 and 2020, respectively.
Annual Report and Accounts 2021 | Page | 2 |
Strategic Report
Operational Highlights | Corporate Highlights |
- Drove an accelerated recovery from initial start of COVID-19 pandemic
- Achieved business and operating efficiencies, delivering higher profit margins
- Completed sale of Italian B2C gaming machine, sports betting and digital gaming businesses to Gamenet Group S.p.A.
- Global Lottery demonstrated substantial resilience as revenue and operating income from the business segment was $2.8 billion and $1.1 billion, respectively
- Global Gaming revenue and operating income of $1.1 billion and $44 million, respectively
- Digital & Betting revenue and operating income of $165 million and $33 million, respectively
- Awarded significant long-term lottery contracts in Jamaica and France, as well as in Connecticut, where IGT will replace a competitor's system
- Signed new multi-year instant ticket services contract in Germany and extended instants contract in Ohio
- Continued to grow iLottery operations, now with a total of eight platform contracts including three out of the 10 U.S. iLottery customers
- Revolutionized cashless gaming with key customers Indigo Sky and Agua Caliente
- Expanded Peak family with Peak65™ and introduced a new innovative spin on mechanical reels with the DiamondRS cabinet
- Celebrated 25th Anniversary of IGT's Wheel of Fortune Slots
- Continued fast expansion of iGaming which is now live in more than 20 countries
- IGT PlaySports is a leading sports betting solution in the U.S. and in 2021, IGT expanded sports betting operations to more than 20 states and over 60 venues
- Introduced CrystalFlex™ and PeakBarTop™ Flex cabinets that enable players to watch sports, place sports wagers, play slots, video poker and keno all on the same gaming machine, using the same on-machine funds
- Established a dedicated Digital & Betting business segment, inclusive of iGaming and sports betting
- Joe Asher joined IGT as President of Sports Betting and Gil Rotem joined IGT as President of iGaming
- The World Lottery Association ("WLA") recertified IGT's lottery operations, including iLottery, for WLA's Corporate Social Responsibility Standards and Responsible Gaming Framework for Suppliers
- Increased focus on ESG with publication of the Global Responsible Gaming Policy and Human Rights Policy Statement
- Senior leaders were named to industry Hall of Fames:
-
Wendy Montgomery, Senior Vice President of
Marketing, Communications and Sustainability was inducted into the Lottery Industry Hall of Fame - Knute Knudson, Vice President of Global Business Development and Tribal Ambassador was inducted into the American Gaming Association's Gaming Hall of Fame
- Joe Asher, President of Sports Betting, was inducted into the Sports Betting Hall of Fame
-
Wendy Montgomery, Senior Vice President of
- Company and products honored with industry awards:
- Platform Provider of the Year for IGT PlaySports and Land-Based Betting & Gaming Product for Powerbucks™ at the 2021 SBC North America Awards
- IGT's CrystalBetting Terminal with multigame content won Gold in the Best Consumer- Service Technology category of 2021 GGB Gaming & Technology Awards
- Resort Wallet™ and IGTPay™ garnered IGT Technology Provider of the Year, and IGT's Mobile Lottery Solution won Lottery Product of the Year at the 2021 International Gaming Awards
- Casino Supplier of the Year at the 2021 Global Gaming Awards London
- Product Innovation of the Year for Resort Wallet™ and IGTPay™ at 2021 Global Gaming Awards Las Vegas
In January 2022, the Board implemented a number of changes to the Company's executive team and Board. Marco Sala became Executive Chair of the Board and Vincent Sadusky became CEO and Executive Director of the Board. Lorenzo Pellicioli retired as Chairperson of the Board and remains a Non-Executive Director. The Board also appointed two new independent Non-Executive Directors - Ashley M. Hunter and Maria Pinelli - who were, respectively, appointed to the Nominating and Corporate Governance Committee and as chair of the Audit Committee, replacing Vincent Sadusky.
Annual Report and Accounts 2021 | Page | 3 |
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IGT - International Game Technology plc published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2022 10:57:04 UTC.
