International Game Technology PLC Reports Second Quarter 2017 Results
LONDON, Aug. 1, 2017 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) today reported financial results for the second quarter and six months ended June 30, 2017. Today, at 8:00 a.m. EDT / 1:00 p.m. BST / 2:00 p.m. CEST, management will host a conference call and webcast to present the second quarter results; access details are provided below.
"Our second quarter results reflect strong key performance indicators for both our global Lottery and Gaming businesses," said Marco Sala, CEO of IGT. "Lottery growth is benefiting from innovation and effective sales and product marketing initiatives. In Gaming, the global installed base was up and unit sales of gaming machines were higher, as were average selling prices, all supported by strong demand for new cabinets. Overall, we are pleased with the results of the first half, and we expect a more robust product offer to support stronger sales and profit levels in the second half of the year."
"We've made a lot of good progress on many levels so far this year," said Alberto Fornaro, CFO of IGT. "We are lowering our debt and we are enhancing cash generation through disciplined asset and financial management. We are maintaining our outlook for adjusted EBITDA and net debt for the year, and have modestly reduced capital expenditures to account for certain timing shifts."
Summary of Consolidated Second Quarter 2017 Financial Results
|
Quarter Ended June 30, |
Change |
ConstantCurrencyChange | ||
|
2017 |
2016 |
(%) |
(%) | |
|
(In $ millions, unless otherwise noted) |
||||
|
Revenue |
1,220 |
1,285 |
-5% |
-5% |
|
Operating Income |
192 |
171 |
12% |
12% |
|
Net (loss) income per diluted share |
(1.43) |
0.36 |
NA |
NA |
|
Net debt |
6,999 |
7,830 |
-11% |
NA |
|
Adjusted EBITDA |
424 |
443 |
-4% |
-4% |
|
Adjusted Operating Income |
264 |
290 |
-9% |
-9% |
|
Adjusted net income per diluted share |
0.15 |
0.43 |
-65% |
NA |
|
Note: Adjusted EBITDA, adjusted operating income, and adjusted net income per diluted share are non-GAAP financial measures. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this news release. |
Comparability of Results
All figures presented in this news release are prepared under U.S. GAAP, unless noted otherwise. Adjusted figures exclude the impact of items such as purchase accounting, impairment charges, restructuring expense, foreign exchange, and certain one-time, primarily transaction-related items. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables in this news release. Constant currency changes for 2017 are calculated using the same foreign exchange rates as the corresponding 2016 period. Management uses non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate the Company's financial performance. Management believes these non-GAAP financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of business trends. These constant currency changes and non-GAAP financial measures should however be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with U.S. GAAP.
Overview of Consolidated Second Quarter Results
Consolidated revenue was $1,220 million compared to $1,285 million in the second quarter of 2016. The constant currency decline of 5% is mostly attributable to the new Lotto concession dynamics and the sale of Double Down Interactive LLC ("DoubleDown"), which closed on June 1, 2017.
Global lottery same-store revenue, excluding Italy, grew 2.6% in the second quarter, on top of strong North America jackpot activity in the prior year period. Excluding multi-state jackpot games, global lottery same-store revenue grew 4.9%. In Italy, late numbers activity was lower than the elevated levels in the second quarter of 2016. Excluding late numbers, Italy Lotto wagers increased 1%.
Gaming service revenue was primarily impacted by the sale of DoubleDown. The global installed base continues to grow, rising 2,701 units from the prior-year period. Global gaming product revenue increased 5% over the second quarter of 2016 driven by 25% growth in terminal sales that was partially offset by lower systems sales. The Company shipped 8,884 gaming machines worldwide during the second quarter, led by strong replacement unit demand.
Operating income was $192 million, compared to $171 million in the second quarter of 2016, and Adjusted operating income was $264 million compared to $290 million in the prior-year period. Adjusted EBITDA was $424 million compared to $443 million in the second quarter of 2016, reflecting the DoubleDown sale and the new Italy Lotto concession terms that were partially offset by disciplined operating expense management.
Interest expense was $116 million compared to $118 million in the prior-year period.
Net loss attributable to IGT was $290 million in the second quarter of 2017 inclusive of $220 million of net foreign exchange loss. On an adjusted basis, net income attributable to IGT was to $31 million. The Company reported a net loss per diluted share of $(1.43) and earned $0.15 per diluted share on an adjusted basis.
Cash from operations was $543 million in the first half of the year and capital expenditures were $371 million. The Company made the final $185 million upfront installment payment for the new Lotto concession in Italy during the second quarter.
Cash and cash equivalents were $495 million as of June 30, 2017, compared to $294 million as of December 31, 2016. Net debt was $6,999 million as of June 30, 2017.
Operating Segment Review
North America Gaming & InteractiveRevenue for North America Gaming & Interactive was $310 million compared to $350 million in the second quarter of 2016. Comparability is affected by the sale of DoubleDown.
Service revenue was $208 million compared to $246 million in the prior-year period, reflecting the DoubleDown sale and a year-over-year decrease in the installed base. Product sales were $102 million compared to $104 million in the second quarter of 2016, which benefitted from a large system sale. Terminal sales improved 16%, driven by higher average selling prices and increased new and expansion unit shipments. The segment shipped 5,293 gaming machine units in the quarter compared to 5,163 units in the prior-year period.
Operating income for North America Gaming & Interactive was $76 million compared to $88 million in the second quarter of 2016. The decline is primarily due to lower revenues, largely from the sale of DoubleDown, and partially offset by a decrease in operating expenses.
North America LotteryNorth America Lottery revenue was $293 million in the second quarter of 2017, compared to $286 million reported in the second quarter of 2016. The growth reflects solid same-store revenue growth, as well as an incentive contribution from the New Jersey Lottery. Excluding the New Jersey contribution, revenue declined as same-store revenue growth was offset by the exit of certain contracts and lower product sales.
Service revenue was $278 million compared to $267 million in the second quarter of 2016. Same-store revenue growth of 2.2% was supported by 5.6% growth in draw-based games and instant tickets, offset by lower jackpot game activity and the exit of certain low-margin contracts. Product sales were $15 million compared to $19 million in the second quarter of 2016, which included a large sale in California.
Operating income for North America Lottery rose 29% to $79 million reflecting the contribution from the New Jersey incentive and higher same-store revenues, partly offset by lower product sales.
InternationalInternational revenue was $211 million compared to $207 million in the second quarter of 2016. On a constant currency basis, International revenue increased 3%.
Lottery same-store revenue grew 3.6% on broad-based strength in Latin America.
Gaming service revenue was $43 million compared to $46 million in the second quarter of 2016, down 4% at constant currency due to lower interactive revenue. The installed base continued to grow led by Greece and South Africa.
Product sale revenue rose to $79 million from $73 million in the prior-year period, driven by higher gaming terminal sales in Latin America and EMEA, including revenue recognized for gaming machines shipped in the first quarter of 2017. The segment shipped a total of 3,591 gaming machine units during the second quarter of 2017 compared to 2,989 units in the prior-year period, led by strong replacement unit demand.
International operating income, at constant currency, increased 68% on higher gaming product sales and favorable mix; reduced selling, general and administrative expenses; and lower bad debt and impairment expenses.
ItalyItaly revenue was $404 million compared to $443 million in the second quarter of 2016. At constant currency, revenue declined 8% as a result of the new Lotto concession dynamics and a lower contribution from late numbers.
Total Lotto wagers in the quarter were €1,842 million compared to €2,056 million in the prior-year period, reflecting significantly lower late numbers activity. Excluding late numbers, Lotto wagers increased 1% over the prior year period reflecting continued strength in 10eLotto. Instant-ticket wagers were essentially unchanged at €2,183 million on strong sales of multiplier tickets despite fewer new ticket launches in 2017.
Machine gaming service revenue was in-line with the prior year period, as increased vertical integration was offset by higher gaming machine taxes. Sports betting revenue increased in the second quarter of 2017 on higher wagers and improved payout.
Italy operating income was $114 million compared to $161 million in the second quarter of 2016. The decrease was mainly attributable to the new Lotto dynamics and lower late number wagers.
Other Developments
The Company's board of directors declared a quarterly cash dividend of $0.20 per ordinary share. The dividend is payable on August 24, 2017 to holders of record as of the close of business on August 11, 2017.
On July 26, 2017, the Company issued a news release announcing a new term loan facility and amendment to the revolving credit facilities. As communicated in that release, those transactions, along with certain additional actions, are expected to deliver approximately $60 million in annualized interest cost savings.
Outlook
The Company is maintaining its outlook for adjusted EBITDA of $1,600-$1,680 million, and the expectation for net debt remains $6,950-$7,150 million for the full year 2017 period. The outlook for maintenance and growth capital expenditures has been reduced by $50 million to $575-$625 million.
Conference Call and Webcast
Today, at 8:00 a.m. EDT / 1:00 p.m. BST / 2:00 p.m. CEST, management will host a conference call to present the second quarter 2017 results. Listeners may access a live webcast of the conference call along with accompanying slides under "News, Events & Presentations" on IGT's Investor Relations website at www.IGT.com. A replay of the webcast will be available on the website following the live event. To listen by telephone, the dial in number is +44 (0) 20 3427 1915 for participants in the United Kingdom and +1 877 280 1254 for listeners outside the United Kingdom. The conference ID/confirmation code is 3185617. A telephone replay of the call will be available for one week at +44 (0) 20 3427 0598 or +1 347 366 9565 using the conference ID/confirmation code 3185617.
About IGTIGT (NYSE: IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.IGT.com.
Cautionary Statement Regarding Forward-Looking StatementsThis news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2016 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in its entirety by this cautionary statement.
Contact:Robert K. Vincent, Corporate Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452James Hurley, Investor Relations, +1 (401) 392-7190 Simone Cantagallo, +39 06 51899030; for Italian media inquiries
|
International Game Technology PLC | |||
|
Condensed Consolidated Statements of Operations | |||
|
($ and shares in thousands, except per share data) | |||
|
Unaudited | |||
|
For the three months ended | |||
|
June 30, | |||
|
2017 |
2016 | ||
|
Service revenue |
1,023,478 |
1,089,954 | |
|
Product sales |
196,026 |
195,515 | |
|
Total revenue |
1,219,504 |
1,285,469 | |
|
Cost of services |
616,740 |
637,832 | |
|
Cost of product sales |
138,362 |
144,640 | |
|
Selling, general and administrative |
210,185 |
239,241 | |
|
Research and development |
80,512 |
84,288 | |
|
Restructuring expense |
11,463 |
6,438 | |
|
Impairment loss |
- |
2,352 | |
|
Transaction income, net |
(29,630) |
(43) | |
|
Total operating expenses |
1,027,632 |
1,114,748 | |
|
Operating income |
191,872 |
170,721 | |
|
Interest income |
2,460 |
2,754 | |
|
Other expense, net |
(26,112) |
(575) | |
|
Foreign exchange (loss) gain, net |
(220,386) |
88,152 | |
|
Interest expense |
(115,984) |
(117,715) | |
|
Total non-operating expenses |
(360,022) |
(27,384) | |
|
(Loss) income before provision for income taxes |
(168,150) |
143,337 | |
|
Provision for income taxes |
84,086 |
60,439 | |
|
Net (loss) income |
(252,236) |
82,898 | |
|
Less: Net income attributable to non-controlling interests |
37,665 |
10,202 | |
|
Net (loss) income attributable to IGT PLC |
(289,901) |
72,696 | |
|
Net (loss) income attributable to IGT PLC per common share - basic |
(1.43) |
0.36 | |
|
Net (loss) income attributable to IGT PLC per common share - diluted |
(1.43) |
0.36 | |
|
Weighted-average shares - basic |
202,946 |
201,229 | |
|
Weighted-average shares - diluted |
202,946 |
201,565 | |
|
International Game Technology PLC | |||
|
Condensed Consolidated Statements of Operations | |||
|
($ and shares in thousands, except per share data) | |||
|
Unaudited | |||
|
For the six months ended | |||
|
June 30, | |||
|
2017 |
2016 | ||
|
Service revenue |
2,050,423 |
2,225,075 | |
|
Product sales |
321,665 |
341,955 | |
|
Total revenue |
2,372,088 |
2,567,030 | |
|
Cost of services |
1,241,034 |
1,286,595 | |
|
Cost of product sales |
252,698 |
266,416 | |
|
Selling, general and administrative |
410,709 |
466,767 | |
|
Research and development |
163,133 |
168,995 | |
|
Restructuring expense |
20,730 |
15,856 | |
|
Impairment loss |
- |
2,352 | |
|
Transaction (income) expense, net |
(27,309) |
1,431 | |
|
Total operating expenses |
2,060,995 |
2,208,412 | |
|
Operating income |
311,093 |
358,618 | |
|
Interest income |
5,086 |
7,047 | |
|
Other expense, net |
(23,445) |
(7,901) | |
|
Foreign exchange loss, net |
(267,223) |
(73,404) | |
|
Interest expense |
(230,783) |
(236,130) | |
|
Total non-operating expenses |
(516,365) |
(310,388) | |
|
(Loss) income before provision for income taxes |
(205,272) |
48,230 | |
|
Provision for income taxes |
73,756 |
51,781 | |
|
Net loss |
(279,028) |
(3,551) | |
|
Less: Net income attributable to non-controlling interests |
65,663 |
16,527 | |
|
Net loss attributable to IGT PLC |
(344,691) |
(20,078) | |
|
Net loss attributable to IGT PLC per common share - basic |
(1.70) |
(0.10) | |
|
Net loss attributable to IGT PLC per common share - diluted |
(1.70) |
(0.10) | |
|
Weighted-average shares - basic |
202,714 |
200,840 | |
|
Weighted-average shares - diluted |
202,714 |
200,840 | |
|
International Game Technology PLC | |||
|
Condensed Consolidated Balance Sheets | |||
|
($ thousands) | |||
|
Unaudited | |||
|
June 30, |
December 31, | ||
|
2017 |
2016 | ||
|
Assets |
|||
|
Current assets: |
|||
|
Cash and cash equivalents |
494,681 |
294,094 | |
|
Restricted cash and investments |
229,858 |
247,222 | |
|
Trade and other receivables, net |
824,527 |
947,237 | |
|
Inventories |
380,307 |
347,494 | |
|
Other current assets |
381,877 |
424,727 | |
|
Income taxes receivable |
21,474 |
28,792 | |
|
Total current assets |
2,332,724 |
2,289,566 | |
|
Systems, equipment and other assets related to contracts, net |
1,368,878 |
1,199,674 | |
|
Property, plant and equipment, net |
196,529 |
357,841 | |
|
Goodwill, net |
6,391,819 |
6,810,012 | |
|
Intangible assets, net |
2,403,203 |
2,874,031 | |
|
Other non-current assets |
1,507,464 |
1,497,662 | |
|
Deferred income taxes |
32,872 |
31,376 | |
|
Total non-current assets |
11,900,765 |
12,770,596 | |
|
Total assets |
14,233,489 |
15,060,162 | |
|
Liabilities, redeemable non-controlling interests, and shareholders' equity |
|||
|
Current liabilities: |
|||
|
Accounts payable |
1,180,035 |
1,216,079 | |
|
Other current liabilities |
829,681 |
1,097,045 | |
|
Current portion of long-term debt |
567,313 |
77 | |
|
Income taxes payable |
178,945 |
28,590 | |
|
Total current liabilities |
2,755,974 |
2,341,791 | |
|
Long-term debt, less current portion |
6,926,234 |
7,863,085 | |
|
Deferred income taxes |
654,635 |
761,924 | |
|
Other non-current liabilities |
460,664 |
444,556 | |
|
Total non-current liabilities |
8,041,533 |
9,069,565 | |
|
Total liabilities |
10,797,507 |
11,411,356 | |
|
Commitments and contingencies |
- |
- | |
|
Redeemable non-controlling interests and shareholders' equity |
3,435,982 |
3,648,806 | |
|
Total liabilities, redeemable non-controlling interests, and shareholders' equity |
14,233,489 |
15,060,162 | |
|
International Game Technology PLC | ||||
|
Condensed Consolidated Statements of Cash Flows | ||||
|
($ thousands) | ||||
|
Unaudited | ||||
|
For the six months ended | ||||
|
June 30, | ||||
|
2017 |
2016 | |||
|
Operating activities |
||||
|
Net loss |
(279,028) |
(3,551) | ||
|
Adjustments for: |
||||
|
Foreign exchange loss, net |
267,233 |
73,404 | ||
|
Amortization |
218,427 |
253,074 | ||
|
Depreciation |
185,906 |
198,881 | ||
|
Amortization of upfront payments to customers |
101,039 |
55,178 | ||
|
Loss on early extinguishment of 7.500% Senior Secured Notes due 2019 |
25,725 |
- | ||
|
Debt issuance cost amortization |
10,042 |
9,086 | ||
|
Stock-based compensation expense |
3,273 |
17,034 | ||
|
Non-cash gain on sale of Double Down Interactive LLC |
(51,233) |
- | ||
|
Other, net |
4,040 |
21,598 | ||
|
Cash flows before changes in operating assets and liabilities |
485,424 |
624,704 | ||
|
Changes in operating assets and liabilities, net of disposition: |
||||
|
Trade and other receivables |
146,763 |
35,133 | ||
|
Inventories |
1,819 |
(6,271) | ||
|
Accounts payable |
(105,477) |
(68,596) | ||
|
Other assets and liabilities |
14,695 |
(61,163) | ||
|
Net cash flows provided by operating activities |
543,224 |
523,807 | ||
|
Investing activities |
||||
|
Proceeds from sale of Double Down Interactive LLC, net of cash divested |
823,662 |
- | ||
|
Proceeds from sale of assets |
162,758 |
49,394 | ||
|
Upfront payments to customers |
(185,368) |
(390,390) | ||
|
Capital expenditures |
(370,590) |
(219,632) | ||
|
Other |
2,620 |
13,004 | ||
|
Net cash flows provided by (used in) investing activities |
433,082 |
(547,624) | ||
|
Financing activities |
||||
|
Principal payment on 7.500% Senior Secured Notes due 2019 |
(355,697) |
- | ||
|
Principal payments on other long-term debt, net |
(315,918) |
(236,669) | ||
|
Dividends paid |
(81,162) |
(80,340) | ||
|
Dividends paid - non-controlling interests |
(50,464) |
(27,552) | ||
|
Payments in connection with the early extinguishment of 7.500% Senior Secured Notes due 2019 |
(38,824) |
- | ||
|
Return of capital - non-controlling interests |
(35,907) |
(35,407) | ||
|
Net (payments of) receipts from financial liabilities |
(28,092) |
4,510 | ||
|
Capital increase - non-controlling interests |
127,211 |
151,359 | ||
|
Other |
(19,352) |
(2,288) | ||
|
Net cash flows used in financing activities |
(798,205) |
(226,387) | ||
|
Net increase (decrease) in cash and cash equivalents |
178,101 |
(250,204) | ||
|
Effect of exchange rate changes on cash |
22,486 |
12,732 | ||
|
Cash and cash equivalents at the beginning of the period |
294,094 |
627,484 | ||
|
Cash and cash equivalents at the end of the period |
494,681 |
390,012 | ||
|
Supplemental Cash Flow Information: |
||||
|
Interest paid |
(245,753) |
(256,331) | ||
|
Income taxes paid |
(21,492) |
(38,742) | ||
|
International Game Technology PLC | |||
|
Net Debt | |||
|
($ thousands) | |||
|
June 30, |
December 31, | ||
|
2017 |
2016 | ||
|
6.250% Senior Secured Notes due 2022 |
1,476,196 |
1,472,150 | |
|
6.500% Senior Secured Notes due 2025 |
1,086,213 |
1,085,537 | |
|
4.750% Senior Secured Notes due 2023 |
958,878 |
884,917 | |
|
4.125% Senior Secured Notes due 2020 |
792,032 |
730,465 | |
|
5.625% Senior Secured Notes due 2020 |
594,847 |
593,954 | |
|
4.750% Senior Secured Notes due 2020 |
553,922 |
509,050 | |
|
7.500% Senior Secured Notes due 2019 |
149,420 |
521,894 | |
|
5.500% Senior Secured Notes due 2020 |
126,001 |
126,294 | |
|
5.350% Senior Secured Notes due 2023 |
61,135 |
61,187 | |
|
6.625% Senior Secured Notes due 2018 |
- |
521,556 | |
|
Senior Secured Notes |
5,798,644 |
6,507,004 | |
|
Term Loan Facilities due 2019 |
909,931 |
839,552 | |
|
Revolving Credit Facilities due 2021 |
217,659 |
516,529 | |
|
Long-term debt, less current portion |
6,926,234 |
7,863,085 | |
|
6.625% Senior Secured Notes due 2018 |
567,313 |
- | |
|
Other |
- |
77 | |
|
Current portion of long-term debt |
567,313 |
77 | |
|
Total debt |
7,493,547 |
7,863,162 | |
|
Cash and cash equivalents |
494,681 |
294,094 | |
|
Net debt |
6,998,866 |
7,569,068 | |
|
International Game Technology PLC | ||||||||||||
|
Condensed Consolidated Statement of Operations | ||||||||||||
|
Reconciliation of Non-GAAP Financial Measures | ||||||||||||
|
($ and shares in thousands, except per share data) | ||||||||||||
|
Adjustments |
||||||||||||
|
Q2 2017 |
Transaction |
Q2 2017 | ||||||||||
|
As |
Purchase |
Foreign |
Restructuring |
and Refinancing |
As | |||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense, net |
Adjusted | |||||||
|
Total revenue |
1,219,504 |
(180) |
- |
- |
- |
1,219,324 | ||||||
|
Cost of services |
616,740 |
(38,510) |
- |
- |
- |
578,230 | ||||||
|
Cost of product sales |
138,362 |
(23,618) |
- |
- |
- |
114,744 | ||||||
|
Selling, general and administrative |
210,185 |
(28,169) |
- |
- |
- |
182,016 | ||||||
|
Research and development |
80,512 |
(210) |
- |
- |
- |
80,302 | ||||||
|
Restructuring expense |
11,463 |
- |
- |
(11,463) |
- |
- | ||||||
|
Transaction income, net |
(29,630) |
- |
- |
- |
29,630 |
- | ||||||
|
Total operating expenses |
1,027,632 |
(90,507) |
- |
(11,463) |
29,630 |
955,292 | ||||||
|
Operating income |
191,872 |
90,327 |
- |
11,463 |
(29,630) |
264,032 | ||||||
|
Foreign exchange loss, net |
(220,386) |
- |
220,386 |
- |
- |
- | ||||||
|
Other (expense) income, net |
(26,112) |
1,617 |
- |
- |
25,725 |
1,230 | ||||||
|
Interest expense, net |
(113,524) |
717 |
- |
- |
- |
(112,807) | ||||||
|
Total non-operating expenses |
(360,022) |
2,334 |
220,386 |
- |
25,725 |
(111,577) | ||||||
|
(Loss) income before provision for income taxes |
(168,150) |
92,661 |
220,386 |
11,463 |
(3,905) |
152,455 | ||||||
|
Provision for income taxes (a) |
84,086 |
32,003 |
50,428 |
2,962 |
(85,782) |
83,697 | ||||||
|
Net (loss) income |
(252,236) |
60,658 |
169,958 |
8,501 |
81,877 |
68,758 | ||||||
|
Less: Net income attributable to non-controlling interests |
37,665 |
26 |
- |
- |
- |
37,691 | ||||||
|
Net (loss) income attributable to IGT PLC |
(289,901) |
60,632 |
169,958 |
8,501 |
81,877 |
31,067 | ||||||
|
Net (loss) income per common share - diluted |
(1.43) |
0.15 | ||||||||||
|
Weighted-average shares - diluted (b) |
202,946 |
203,076 | ||||||||||
|
(a) |
Provision for income taxes was determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
|
(b) |
Weighted-average shares – diluted, as adjusted, include shares that were excluded from the as reported computation, due to the net loss as reported. |
|
International Game Technology PLC | ||||||||||||
|
Consolidated Statement of Operations | ||||||||||||
|
Reconciliation of Non-GAAP Financial Measures | ||||||||||||
|
($ and shares in thousands, except share amounts) | ||||||||||||
|
Adjustments |
||||||||||||
|
Q2 2016 |
Impairment/ |
Transaction |
Q2 2016 | |||||||||
|
As |
Purchase |
Foreign |
Restructuring |
(Income) |
As | |||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense |
Adjusted | |||||||
|
Total revenue |
1,285,469 |
264 |
- |
- |
- |
1,285,733 | ||||||
|
Cost of services |
637,832 |
(45,340) |
- |
- |
- |
592,492 | ||||||
|
Cost of product sales |
144,640 |
(29,687) |
- |
- |
- |
114,953 | ||||||
|
Selling, general and administrative |
239,241 |
(34,857) |
- |
- |
- |
204,384 | ||||||
|
Research and development |
84,288 |
(496) |
- |
- |
- |
83,792 | ||||||
|
Restructuring expense |
6,438 |
- |
- |
(6,438) |
- |
- | ||||||
|
Impairment loss |
2,352 |
- |
- |
(2,352) |
- |
- | ||||||
|
Transaction income, net |
(43) |
- |
- |
- |
43 |
- | ||||||
|
Total operating expenses |
1,114,748 |
(110,380) |
- |
(8,790) |
43 |
995,621 | ||||||
|
Operating income |
170,721 |
110,644 |
- |
8,790 |
(43) |
290,112 | ||||||
|
Foreign exchange gain, net |
88,152 |
- |
(88,152) |
- |
- |
- | ||||||
|
Other expense, net |
(575) |
1,260 |
- |
- |
- |
685 | ||||||
|
Interest expense, net |
(114,961) |
2,036 |
- |
- |
- |
(112,925) | ||||||
|
Total non-operating expenses |
(27,384) |
3,296 |
(88,152) |
- |
- |
(112,240) | ||||||
|
Income (loss) before provision for income taxes |
143,337 |
113,940 |
(88,152) |
8,790 |
(43) |
177,872 | ||||||
|
Provision for (benefit from) income taxes (a) |
60,439 |
41,330 |
(22,703) |
2,054 |
(32) |
81,088 | ||||||
|
Net income (loss) |
82,898 |
72,610 |
(65,449) |
6,736 |
(11) |
96,784 | ||||||
|
Less: Net income attributable to non-controlling interests |
10,202 |
25 |
- |
- |
- |
10,227 | ||||||
|
Net income (loss) attributable to IGT PLC |
72,696 |
72,585 |
(65,449) |
6,736 |
(11) |
86,557 | ||||||
|
Net income per common share - diluted |
0.36 |
0.43 | ||||||||||
|
Weighted-average shares - diluted |
201,565 |
201,565 | ||||||||||
|
(a) |
Provision for (benefit from) income taxes was determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
|
International Game Technology PLC | ||||||||||||
|
Condensed Consolidated Statement of Operations | ||||||||||||
|
Reconciliation of Non-GAAP Financial Measures | ||||||||||||
|
($ and shares in thousands, except per share data) | ||||||||||||
|
Year to date |
Adjustments |
Year to date | ||||||||||
|
June 2017 |
Transaction |
June 2017 | ||||||||||
|
As |
Purchase |
Foreign |
Restructuring |
and Refinancing |
As | |||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense, net |
Adjusted | |||||||
|
Total revenue |
2,372,088 |
(358) |
- |
- |
- |
2,371,730 | ||||||
|
Cost of services |
1,241,034 |
(80,740) |
- |
- |
- |
1,160,294 | ||||||
|
Cost of product sales |
252,698 |
(53,300) |
- |
- |
- |
199,398 | ||||||
|
Selling, general and administrative |
410,709 |
(63,097) |
- |
- |
- |
347,612 | ||||||
|
Research and development |
163,133 |
(411) |
- |
- |
- |
162,722 | ||||||
|
Restructuring expense |
20,730 |
- |
- |
(20,730) |
- |
- | ||||||
|
Transaction income, net |
(27,309) |
- |
- |
- |
27,309 |
- | ||||||
|
Total operating expenses |
2,060,995 |
(197,548) |
- |
(20,730) |
27,309 |
1,870,026 | ||||||
|
Operating income |
311,093 |
197,190 |
- |
20,730 |
(27,309) |
501,704 | ||||||
|
Foreign exchange loss, net |
(267,223) |
- |
267,223 |
- |
- |
- | ||||||
|
Other (expense) income, net |
(23,445) |
1,651 |
- |
- |
25,725 |
3,931 | ||||||
|
Interest expense, net |
(225,697) |
1,805 |
- |
- |
- |
(223,892) | ||||||
|
Total non-operating expenses |
(516,365) |
3,456 |
267,223 |
- |
25,725 |
(219,961) | ||||||
|
(Loss) income before provision for income taxes |
(205,272) |
200,646 |
267,223 |
20,730 |
(1,584) |
281,743 | ||||||
|
Provision for income taxes (a) |
73,756 |
70,232 |
61,096 |
6,134 |
(84,929) |
126,289 | ||||||
|
Net (loss) income |
(279,028) |
130,414 |
206,127 |
14,596 |
83,345 |
155,454 | ||||||
|
Less: Net income attributable to non-controlling interests |
65,663 |
51 |
- |
- |
- |
65,714 | ||||||
|
Net (loss) income attributable to IGT PLC |
(344,691) |
130,363 |
206,127 |
14,596 |
83,345 |
89,740 | ||||||
|
Net (loss) income per common share - diluted |
(1.70) |
0.44 | ||||||||||
|
Weighted-average shares - diluted (b) |
202,714 |
203,066 | ||||||||||
|
(a) |
Provision for income taxes was determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
|
(b) |
Weighted-average shares – diluted, as adjusted, include shares that were excluded from the as reported computation, due to the net loss as reported. |
|
International Game Technology PLC | ||||||||||||
|
Consolidated Statement of Operations | ||||||||||||
|
Reconciliation of Non-GAAP Financial Measures | ||||||||||||
|
($ and shares in thousands, except share amounts) | ||||||||||||
|
Year to date |
Adjustments |
Year to date | ||||||||||
|
June 2016 |
Impairment/ |
June 2016 | ||||||||||
|
As |
Purchase |
Foreign |
Restructuring |
Transaction |
As | |||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense |
Adjusted | |||||||
|
Total revenue |
2,567,030 |
956 |
- |
- |
- |
2,567,986 | ||||||
|
Cost of services |
1,286,595 |
(91,144) |
- |
- |
- |
1,195,451 | ||||||
|
Cost of product sales |
266,416 |
(59,351) |
- |
- |
- |
207,065 | ||||||
|
Selling, general and administrative |
466,767 |
(69,603) |
- |
- |
- |
397,164 | ||||||
|
Research and development |
168,995 |
(994) |
- |
- |
- |
168,001 | ||||||
|
Restructuring expense |
15,856 |
- |
- |
(15,856) |
- |
- | ||||||
|
Impairment loss |
2,352 |
- |
- |
(2,352) |
- |
- | ||||||
|
Transaction expense, net |
1,431 |
- |
- |
- |
(1,431) |
- | ||||||
|
Total operating expenses |
2,208,412 |
(221,092) |
- |
(18,208) |
(1,431) |
1,967,681 | ||||||
|
Operating income |
358,618 |
222,048 |
- |
18,208 |
1,431 |
600,305 | ||||||
|
Foreign exchange loss, net |
(73,404) |
- |
73,404 |
- |
- |
- | ||||||
|
Other expense, net |
(7,901) |
4,092 |
- |
- |
- |
(3,809) | ||||||
|
Interest expense, net |
(229,083) |
4,074 |
- |
- |
- |
(225,009) | ||||||
|
Total non-operating expenses |
(310,388) |
8,166 |
73,404 |
- |
- |
(228,818) | ||||||
|
Income (loss) before provision for income taxes |
48,230 |
230,214 |
73,404 |
18,208 |
1,431 |
371,487 | ||||||
|
Provision for income taxes (a) |
51,781 |
81,901 |
13,574 |
5,180 |
262 |
152,698 | ||||||
|
Net (loss) income |
(3,551) |
148,313 |
59,830 |
13,028 |
1,169 |
218,789 | ||||||
|
Less: Net income attributable to non-controlling interests |
16,527 |
50 |
- |
- |
- |
16,577 | ||||||
|
Net (loss) income attributable to IGT PLC |
(20,078) |
148,263 |
59,830 |
13,028 |
1,169 |
202,212 | ||||||
|
Net (loss) income per common share - diluted |
(0.10) |
1.00 | ||||||||||
|
Weighted-average shares - diluted (b) |
200,840 |
201,547 | ||||||||||
|
(a) |
Provision for (benefit from) income taxes was determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
|
(b) |
Weighted-average shares – diluted, as adjusted, include shares that were excluded from the as reported computation, due to the net loss as reported. |
|
International Game Technology PLC | ||||
|
Adjusted EBITDA and Free Cash Flow | ||||
|
Reconciliations of Non-GAAP Financial Measures | ||||
|
($ thousands) | ||||
|
For the three months ended | ||||
|
June 30, | ||||
|
2017 |
2016 | |||
|
Net (loss) income |
(252,236) |
82,898 | ||
|
Provision for income taxes |
84,086 |
60,439 | ||
|
Non-operating expenses |
360,022 |
27,384 | ||
|
Amortization |
102,186 |
127,578 | ||
|
Depreciation |
93,985 |
100,364 | ||
|
Amortization of upfront payments to customers |
51,640 |
27,769 | ||
|
Restructuring expense |
11,463 |
6,438 | ||
|
Stock-based compensation expense |
2,424 |
7,732 | ||
|
Bad debt expense |
11 |
- | ||
|
Impairment loss |
- |
2,352 | ||
|
Non-cash purchase accounting (excluding D&A) |
(204) |
224 | ||
|
Transaction income, net |
(29,630) |
(43) | ||
|
Adjusted EBITDA |
423,747 |
443,135 | ||
|
Cash flows from operating activities |
259,556 |
318,202 | ||
|
Capital expenditures |
(198,538) |
(121,961) | ||
|
Upfront payments to customers |
(185,368) |
(390,390) | ||
|
Free Cash Flow |
(124,350) |
(194,149) | ||
|
International Game Technology PLC Segment Performance | ||||||||
|
Revenue Detail | ||||||||
|
($ millions) | ||||||||
|
INTERNATIONAL GAME TECHNOLOGY PLC |
Quarter Change | |||||||
|
2016 |
2017 |
Percentage |
Constant FX | |||||
|
Q2 |
Q2 |
Q2 |
Q2 | |||||
|
Gaming |
Total Revenue |
663 |
630 |
-4.9% |
-4.5% | |||
|
Gaming Services |
495 |
454 |
-8.3% |
-7.8% | ||||
|
Terminal |
320 |
311 |
-2.7% |
-2.4% | ||||
|
Social (DDI) |
72 |
43 |
-40.1% |
-39.9% | ||||
|
Other |
103 |
99 |
-3.5% |
-2.0% | ||||
|
Product Sales |
168 |
177 |
5.1% |
5.0% | ||||
|
Terminal |
106 |
132 |
25.3% |
25.0% | ||||
|
Other |
63 |
44 |
-28.8% |
-28.8% | ||||
|
Lottery |
Total Revenue |
546 |
502 |
-8.1% |
-7.6% | |||
|
Lottery Services |
519 |
485 |
-6.6% |
-6.2% | ||||
|
FM/Concessions |
458 |
426 |
-7.0% |
-6.6% | ||||
|
LMA |
39 |
55 |
42.1% |
42.1% | ||||
|
Other Services |
22 |
4 |
-82.8% |
-79.9% | ||||
|
Product Sales |
27 |
18 |
-35.5% |
-35.3% | ||||
|
Terminal |
8 |
1 |
-85.8% |
-85.8% | ||||
|
Systems/Other |
19 |
16 |
-13.1% |
-12.9% | ||||
|
Other |
Total Revenue |
76 |
87 |
13.9% |
14.5% | |||
|
Service Revenue |
76 |
85 |
12.0% |
12.4% | ||||
|
Product Sales |
0 |
2 |
586.2% |
636.8% | ||||
|
Consolidated |
Revenue |
1,285 |
1,220 |
-5.1% |
-4.7% | |||
|
Operating Income: |
||||||||
|
Segment Total |
338 |
315 |
-6.9% |
-6.8% | ||||
|
Purchase Accounting |
(111) |
(90) |
-18.4% |
-18.3% | ||||
|
Corporate Support |
(57) |
(33) |
-42.7% |
-41.1% | ||||
|
Total |
171 |
192 |
12.4% |
12.1% | ||||
|
NORTH AMERICA GAMING & INTERACTIVE |
Quarter Change | |||||||
|
2016 |
2017 |
Percentage |
Constant FX | |||||
|
Q2 |
Q2 |
Q2 |
Q2 | |||||
|
Gaming |
Total Revenue |
350 |
310 |
-11.3% |
-11.1% | |||
|
Gaming Services |
246 |
208 |
-15.4% |
-15.3% | ||||
|
Terminal |
132 |
122 |
-7.5% |
-7.4% | ||||
|
Social (DDI) |
72 |
43 |
-40.1% |
-39.9% | ||||
|
Other |
42 |
43 |
2.3% |
2.4% | ||||
|
Product Sales |
104 |
102 |
-1.6% |
-1.3% | ||||
|
Terminal |
64 |
74 |
16.3% |
16.8% | ||||
|
Other |
40 |
28 |
-30.3% |
-30.0% | ||||
|
Total |
Revenue |
350 |
310 |
-11.3% |
-11.1% | |||
|
Operating Income |
88 |
76 |
-13.5% |
-14.5% | ||||
|
NORTH AMERICA LOTTERY |
Quarter Change | |||||||
|
2016 |
2017 |
Percentage |
Constant FX | |||||
|
Q2 |
Q2 |
Q2 |
Q2 | |||||
|
Gaming |
Total Revenue |
37 |
37 |
-1.6% |
-1.1% | |||
|
Gaming Services |
37 |
37 |
-1.5% |
-1.1% | ||||
|
Terminal |
26 |
25 |
-1.1% |
-1.1% | ||||
|
Social (DDI) |
0 |
0 |
0.0% |
0.0% | ||||
|
Other |
12 |
11 |
-2.4% |
-1.0% | ||||
|
Product Sales |
0 |
0 |
-34.3% |
-34.3% | ||||
|
Terminal |
0 |
0 |
-100.0% |
-100.0% | ||||
|
Other |
0 |
0 |
-28.7% |
-28.7% | ||||
|
Lottery |
Total Revenue |
249 |
256 |
2.9% |
2.9% | |||
|
Lottery Services |
230 |
242 |
5.1% |
5.1% | ||||
|
FM/Concessions |
163 |
158 |
-3.0% |
-3.0% | ||||
|
LMA |
39 |
55 |
42.1% |
42.1% | ||||
|
Other Services |
28 |
28 |
0.5% |
0.5% | ||||
|
Product Sales |
19 |
15 |
-22.9% |
-22.8% | ||||
|
Terminal |
8 |
1 |
-85.7% |
-85.7% | ||||
|
Systems/Other |
11 |
14 |
20.2% |
20.3% | ||||
|
Total |
Revenue |
286 |
293 |
2.3% |
2.4% | |||
|
Operating Income |
61 |
79 |
29.2% |
28.9% | ||||
|
INTERNATIONAL |
Quarter Change | |||||||
|
2016 |
2017 |
Percentage |
Constant FX | |||||
|
Q2 |
Q2 |
Q2 |
Q2 | |||||
|
Gaming |
Total Revenue |
110 |
117 |
6.0% |
6.7% | |||
|
Gaming Services |
46 |
43 |
-7.0% |
-4.2% | ||||
|
Terminal |
13 |
13 |
0.7% |
1.3% | ||||
|
Social (DDI) |
0 |
0 |
0.0% |
0.0% | ||||
|
Other |
34 |
30 |
-10.0% |
-6.2% | ||||
|
Product Sales |
64 |
74 |
15.4% |
14.5% | ||||
|
Terminal |
42 |
58 |
38.5% |
37.3% | ||||
|
Other |
22 |
16 |
-27.6% |
-27.9% | ||||
|
Lottery |
Total Revenue |
79 |
75 |
-5.1% |
-2.6% | |||
|
Lottery Services |
70 |
72 |
1.8% |
4.6% | ||||
|
FM/Concessions |
53 |
49 |
-7.7% |
-5.5% | ||||
|
LMA |
0 |
0 |
0.0% |
0.0% | ||||
|
Other Services |
18 |
23 |
30.5% |
35.0% | ||||
|
Product Sales |
8 |
3 |
-65.0% |
-64.6% | ||||
|
Terminal |
1 |
0 |
-87.0% |
-87.0% | ||||
|
Systems/Other |
8 |
3 |
-63.2% |
-62.7% | ||||
|
Other |
Total Revenue |
18 |
20 |
7.7% |
7.6% | |||
|
Service Revenue |
18 |
18 |
-0.7% |
-1.6% | ||||
|
Product Sales |
0 |
2 |
586.2% |
636.8% | ||||
|
Total |
Revenue |
207 |
211 |
2.0% |
3.3% | |||
|
Operating Income |
28 |
45 |
63.3% |
68.4% | ||||
|
ITALY |
Quarter Change | |||||||
|
2016 |
2017 |
Percentage |
Constant FX | |||||
|
Q2 |
Q2 |
Q2 |
Q2 | |||||
|
Gaming |
Total Revenue |
166 |
165 |
-0.4% |
0.1% | |||
|
Gaming Services |
166 |
165 |
-0.5% |
-0.1% | ||||
|
Terminal |
150 |
150 |
0.2% |
0.7% | ||||
|
Social (DDI) |
0 |
0 |
0.0% |
0.0% | ||||
|
Other |
16 |
14 |
-7.8% |
-7.2% | ||||
|
Product Sales |
0 |
1 |
92.3% |
96.0% | ||||
|
Terminal |
0 |
0 |
0.0% |
0.0% | ||||
|
Other |
0 |
0 |
34.7% |
39.4% | ||||
|
Lottery |
Total Revenue |
219 |
171 |
-21.7% |
-21.5% | |||
|
Lottery Services |
219 |
171 |
-21.7% |
-21.5% | ||||
|
FM/Concessions |
242 |
219 |
-9.6% |
-9.4% | ||||
|
LMA |
0 |
0 |
0.0% |
0.0% | ||||
|
Other Services |
(23) |
(48) |
102.7% |
103.2% | ||||
|
Product Sales |
0 |
0 |
0.0% |
0.0% | ||||
|
Terminal |
0 |
0 |
0.0% |
0.0% | ||||
|
Systems/Other |
0 |
0 |
0.0% |
0.0% | ||||
|
Other |
Total Revenue |
58 |
67 |
15.9% |
16.8% | |||
|
Service Revenue |
58 |
67 |
15.9% |
16.8% | ||||
|
Product Sales |
0 |
0 |
0.0% |
0.0% | ||||
|
Total |
Revenue |
443 |
404 |
-8.8% |
-8.4% | |||
|
Operating Income |
161 |
114 |
-29.2% |
-28.9% | ||||
|
Consolidated Key Performance Indicators (KPIs) | |||
|
Second Quarter | |||
|
Period Ended June 30 |
2017 |
2016 |
% change |
|
Installed base (end of period) |
|||
|
Casino |
34,853 |
33,399 |
4.4% |
|
VLT - Government Sponsored (ex-Italy) |
16,192 |
15,605 |
3.8% |
|
VLT - Italy Supplier (B2B) |
8,819 |
8,159 |
8.1% |
|
Total installed base |
59,864 |
57,163 |
4.7% |
|
Yield (average revenue per unit per day - $0.00) |
29.63 |
32.57 |
-9.0% |
|
Additional Italian Network Details: |
|||
|
VLT - Operator (B2C) |
10,907 |
10,995 |
-0.8% |
|
AWP |
59,070 |
56,300 |
4.9% |
|
Machine units shipped |
|||
|
New/Expansion |
1,849 |
1,447 |
27.8% |
|
Replacement |
7,035 |
6,705 |
4.9% |
|
Total machines shipped |
8,884 |
8,152 |
9.0% |
|
Global lottery same-store revenue growth |
|||
|
Instants & draw games |
4.9% | ||
|
Multistate Jackpots |
-14.1% | ||
|
Total lottery same-store revenue growth (ex-Italy) |
2.6% | ||
|
Italy lottery revenue growth |
-21.5% | ||
|
North America KPIs | |||
|
Second Quarter | |||
|
Period Ended June 30 |
2017 |
2016 |
% change |
|
Installed base (end of period) |
|||
|
Casino |
23,649 |
24,171 |
-2.2% |
|
VLT - Government Sponsored |
15,267 |
15,355 |
-0.6% |
|
Total installed base |
38,916 |
39,526 |
-1.5% |
|
Machine units shipped |
|||
|
New/Expansion |
1,408 |
1,277 |
10.3% |
|
Replacement |
3,885 |
3,886 |
0.0% |
|
Total machines shipped |
5,293 |
5,163 |
2.5% |
|
Lottery same-store revenue growth |
|||
|
Instants & draw games |
5.6% | ||
|
Multistate Jackpots |
-18.2% | ||
|
Total lottery same-store revenue growth |
2.2% | ||
|
International KPIs | |||
|
Second Quarter | |||
|
Period Ended June 30 |
2017 |
2016 |
% change |
|
Installed base (end of period) |
|||
|
Casino |
11,204 |
9,228 |
21.4% |
|
VLT - Government Sponsored |
925 |
250 |
270.0% |
|
Total installed base |
12,129 |
9,478 |
28.0% |
|
Machine units shipped |
|||
|
New/Expansion |
441 |
170 |
159.4% |
|
Replacement |
3,150 |
2,819 |
11.7% |
|
Total machines shipped |
3,591 |
2,989 |
20.1% |
|
Lottery same-store revenue growth |
|||
|
Instants & draw games |
2.8% | ||
|
Multistate Jackpots |
16.8% | ||
|
Total lottery same-store revenue growth |
3.6% | ||
|
Italy KPIs | |||
|
Second Quarter | |||
|
Period Ended June 30 |
2017 |
2016 |
% change |
|
(In € millions, except machines) |
|||
|
Lottery |
|||
|
Lotto wagers |
1,842 |
2,056 |
-10.4% |
|
10eLotto |
1,269 |
1,191 |
6.6% |
|
Core |
484 |
542 |
-10.6% |
|
Late Numbers |
88 |
324 |
-72.8% |
|
Scratch & Win Wagers |
2,183 |
2,200 |
-0.8% |
|
Italy lottery revenue growth |
-21.5% | ||
|
Gaming |
|||
|
Installed base (end of period) |
|||
|
VLT - Operator (B2C) |
10,907 |
10,995 |
-0.8% |
|
VLT - Supplier (B2B) |
8,819 |
8,159 |
8.1% |
|
AWP |
59,070 |
56,300 |
4.9% |
|
Total Installed Base |
78,796 |
75,454 |
4.4% |
|
Wagers |
|||
|
VLT - Operator (B2C) |
1,370 |
1,324 |
3.5% |
|
AWP |
960 |
1,034 |
-7.2% |
|
Interactive Wagers (Gaming) |
413 |
398 |
3.8% |
|
Other |
|||
|
Sports Betting Wagers1 |
226 |
206 |
9.5% |
|
Sports Betting Payout (%)1 |
82.3% |
86.5% |
-4.2 pp |
|
1Includes Virtual Wagers and Pools & Horses |
View original content with multimedia:http://www.prnewswire.com/news-releases/international-game-technology-plc-reports-second-quarter-2017-results-300497240.html
SOURCE International Game Technology PLC