LAS VEGAS, May 10, 2021 /PRNewswire/ — Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games,” “SGC” or the “Company”) immediately reported outcomes for the primary quarter ended March 31, 2021.
Barry Cottle, President and Chief Executive Officer of Scientific Games, mentioned, “I am extremely pleased with our progress this quarter. Despite the continued challenges, our teams’ dedication and focus enabled us to build on our gains from last year. We delivered another strong quarter, enabling us to return to growth on both the top and bottom lines. Our new Gaming strategy and product roadmap continues to have success and our Lottery, SciPlay and Digital businesses delivered strong growth in the quarter. Our results demonstrate the strength of our content and franchises, engaging players on any platform they want to play. The executive team and our Board are continuing to work together and are making great progress as we look to optimize our portfolio, deleverage our balance sheet and capitalize on key areas of growth in order to unlock value for our shareholders.”
Michael Eklund, Executive Vice President and Chief Financial Officer of Scientific Games, added, “The team has really stepped up to make meaningful progress on our key initiatives. We remain laser focused on delivering revenue and AEBITDA growth, and strengthening our balance sheet. Our continued focus on operational efficiency is enhancing our cash flows. We are executing at a high level and I could not be more excited about the path forward for Scientific Games.”
First Quarter 2021 Financial Highlights:
- First quarter consolidated income was $729 million in comparison with $725 million, up 1% in comparison with the prior 12 months interval. Our Lottery, SciPlay and Digital companies delivered double-digit income progress as we drove buyer engagement with the breadth of our portfolio and confirmed content material. Gaming income continued to be impacted by on line casino restrictions and closures, notably in Europe.
- Net loss was $9 million in comparison with $155 million within the prior 12 months interval primarily because of Gaming enterprise section receivable credit score allowances, stock and goodwill impairment expenses which totaled $91 million within the prior 12 months interval.
- Consolidated AEBITDA, a non-GAAP monetary measure outlined beneath, was $270 million in comparison with $200 million, up 35% as in comparison with the prior 12 months interval, pushed by double-digit AEBITDA progress throughout all segments.
- Net money supplied by working actions was $123 million in comparison with $120 million a 12 months in the past primarily pushed by improved working outcomes, partially offset by an unfavorable change in working capital accounts and the timing of money curiosity funds.
- Free money stream, a non-GAAP monetary measure outlined beneath, elevated $25 million from the prior 12 months interval to $80 million.
- Available liquidity, together with SciPlay, at quarter-end was $1.3 billion. Subsequent to quarter-end, the Company made a $150 million voluntary reimbursement on SGI’s revolving credit score facility.
- Lottery income elevated 17% and AEBITDA elevated 53% in comparison with the prior 12 months pushed by file U.S. instantaneous sport gross sales, massive Powerball and Mega Millions jackpots in addition to power in Europe.
- Lottery Instant product income was $26 million increased than the prior 12 months primarily pushed by efficiency in states below the Scientific Games Enhanced Partnership program.
- Digital income elevated 12% and AEBITDA grew 26% from the prior 12 months pushed by iGaming with file leads to the quarter led by our unique content material, our profitable launch in Michigan and power in Europe.
- SciPlay income elevated 28% and AEBITDA elevated 32% from the prior 12 months pushed by continued progress in social on line casino video games that outpaced the market and file payer conversion.
- Gaming income of $244 million was impacted by COVID-19 restrictions for casinos globally. AEBITDA grew 13% from the prior 12 months pushed by a extra favorable product combine, price actions, and sure credit score receivable allowance and stock expenses that impacted the prior 12 months.
- Gaming Operations income declined 5% from the prior 12 months as on line casino capability restrictions persist. North America Gaming Operations income improved on a sequential foundation and we anticipate new cupboard launches to assist progress as restrictions ease.
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