Scientific Video games Publish Constructive First Quarter 2021 Outcomes
LAS VEGAS, Could 10, 2021 /PRNewswire/ — Scientific Video games Company (NASDAQ: SGMS) (“Scientific Video games,” “SGC” or the “Firm”) right this moment reported outcomes for the primary quarter ended March 31, 2021.
Barry Cottle, President and Chief Govt Officer of Scientific Video games, stated, “I’m extraordinarily happy with our progress this quarter. Regardless of the continued challenges, our groups’ dedication and focus enabled us to construct on our features from final 12 months. We delivered one other robust quarter, enabling us to return to progress on each the highest and backside traces. Our new Gaming technique and product roadmap continues to have success and our Lottery, SciPlay and Digital companies delivered robust progress within the quarter. Our outcomes show the energy of our content material and franchises, participating gamers on any platform they wish to play. The chief group and our Board are persevering with to work collectively and are making nice progress as we glance to optimize our portfolio, deleverage our stability sheet and capitalize on key areas of progress to be able to unlock worth for our shareholders.”
Michael Eklund, Govt Vice President and Chief Monetary Officer of Scientific Video games, added, “The group has actually stepped as much as make significant progress on our key initiatives. We stay laser centered on delivering income and AEBITDA progress, and strengthening our stability sheet. Our continued deal with operational effectivity is enhancing our money flows. We’re executing at a excessive stage and I couldn’t be extra excited in regards to the path ahead for Scientific Video games.”
First Quarter 2021 Monetary 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, significantly in Europe.
- Internet 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.
- Internet money offered 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 circulate, a non-GAAP monetary measure outlined beneath, elevated $25 million from the prior 12 months interval to $80 million.
- Out there liquidity, together with SciPlay, at quarter-end was $1.3 billion. Subsequent to quarter-end, the Firm made a $150 million voluntary compensation 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. prompt sport gross sales, giant Powerball and Mega Hundreds of thousands jackpots in addition to energy in Europe.
- Lottery On the spot product income was $26 million greater than the prior 12 months primarily pushed by efficiency in states underneath the Scientific Video 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 energy 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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