“We ended a year of transformation with a strong quarter for our lottery and gaming operations, enabling us to reach the high end of our EBITDA guidance,” said Marco Sala, CEO of IGT.
International Game Technology PLC has reported financial results for the fourth quarter and year ended December 31, 2015.
– Pro forma, adjusted 2015 EBITDA of $1,704 million reached the top of guidance; achieved fourth quarter adjusted EBITDA of $449 million on strong North America and Italy performance
– Free cash flow totaled $205 million in the fourth quarter; net debt of $7,707 million at year end
– Actions yielding two-thirds of total cost synergies completed a quarter early; realized approximately $110 million in cash synergies in 2015
– Cost synergy target increased to $270 million from $230 million
– Expects to achieve $1,740-$1,790 million in adjusted EBITDA in 2016; net debt estimated at $7,700-$7,900 million, inclusive of Lotto-related capital expenditures
– Cash dividend declared of $0.20 per ordinary share
“We ended a year of transformation with a strong quarter for our lottery and gaming operations, enabling us to reach the high end of our EBITDA guidance,” said Marco Sala, CEO of IGT. “We established IGT as the global gaming leader with a commitment to being a customer-first organization and to deliver the content, technology, and expertise that drives player demand. We are confident that we have established a solid foundation from which we can continue to lead the gaming industry and grow our business.”
“Our financial and operational discipline is evidenced in our fourth quarter and full year results,” added Alberto Fornaro, CFO of IGT. “We achieved our first-year synergy goals three months ahead of plan and have increased our total cost synergy target. Strong free cash flow resulted in a significant reduction in net debt and leverage. As we look to 2016, we are forecasting growth for our core operations, while incremental synergies are expected to mitigate certain anticipated headwinds. Our financial condition is solid, placing us in a strong position to pursue our growth objectives, continue to reduce debt, and remunerate our shareholders.”