LONDON, May 25, 2017 /PRNewswire/ --
- Continued growth in instant and draw-based lottery
same-store revenue and in global gaming machine installed
base
- Net loss of $55 million,
adjusted Net income of $59 million;
adjusted EBITDA of $371 million
reflects comparison with unusually high base in prior year
- Net debt of $7,398 million,
down from $7,569 million at 2016 year
end
- 2017 outlook updated for pending DoubleDown transaction and
new gaming machine taxation in Italy
- Cash dividend declared of $0.20 per ordinary share
International Game Technology PLC ("IGT") (NYSE:IGT) today
reported financial results for the first quarter ended March 31, 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
first quarter results; access details are provided below.
"The first quarter of 2017 has been a dynamic period for us,"
said Marco Sala, CEO of IGT.
"Our revenue and profit are consistent with the pattern of the year
that we described in March. Year to date, we've strengthened our
leading positions in global lotteries and begun the rollout of a
new generation of gaming machines. We are monetizing non-core
assets that will allow us to significantly reduce debt, and we are
adopting a new business model for our future participation in the
social casino space."
"As we noted in March, a unique combination of elements affected
first quarter revenue and profit comparisons, including record
jackpot activity in 2016," said Alberto
Fornaro, CFO of IGT. "Disciplined asset and operational
management are a top priority for the Company, and this is evident
in the strong first quarter cash flow. We are updating our outlook
to incorporate the DoubleDown transaction and the impact of
increased taxation on gaming machines in Italy."
Summary of Consolidated First Quarter 2017 Financial
Results
|
Quarter Ended
March 31,
|
Change
|
Constant
Currency
Change
|
|
2017
|
2016
|
(%)
|
(%)
|
(In $ millions,
unless otherwise noted)
|
|
|
|
|
Revenue
|
1,153
|
1,282
|
-10%
|
-9%
|
Operating
Income
|
119
|
188
|
-37%
|
-33%
|
Net (loss) income per
diluted share
|
(0.27)
|
(0.46)
|
41%
|
NA
|
Net debt
|
7,398
|
7,722
|
-4%
|
NA
|
Adjusted
EBITDA
|
371
|
460
|
-19%
|
-17%
|
Adjusted Operating
Income
|
238
|
310
|
-23%
|
-21%
|
Adjusted net income
per diluted share
|
0.29
|
0.57
|
-49%
|
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 believes that referring to certain constant currency
or adjusted measures is a useful way to evaluate the Company's
underlying performance.
Overview of Consolidated First Quarter Results
Consolidated revenue was $1,153
million compared to $1,282
million in the first quarter of 2016. The decline in revenue
reflects comparisons with the high jackpot levels of the prior
year, new Italy Lotto concession dynamics, and lower gaming product
sales.
Global lottery same-store revenue, excluding Italy, declined 11% in the first quarter,
following record jackpot activity in North America and the United Kingdom during the prior-year period.
Excluding multi-state jackpot games, global lottery same-store
revenue grew nearly 2%. Italy
lottery wagers decreased 2% due to higher late numbers activity in
the first quarter of 2016.
Gaming service revenue was impacted by lower DoubleDown revenue,
and gaming product sales were down due to large system and software
sales in the first quarter of 2016. The Company shipped 5,953
gaming machines worldwide during the first quarter, and the global
installed base rose to 59,034.
Adjusted EBITDA of $371 million
was 19% below the first quarter of 2016. Operating income was
$119 million compared to $188 million in the first quarter of 2016, and
Adjusted operating income was $238
million compared to $310
million. The declines in Adjusted EBITDA and Adjusted
operating income primarily reflect lower revenues, International
segment performance, and unfavorable foreign exchange
translation.
Interest expense was $115 million
compared to $118 million in the
prior-year period.
Net loss attributable to IGT was $55
million in the first quarter of 2017, reflecting the
after-tax impacts of $70 million in
purchase price accounting and $36
million impact in non-cash foreign exchange losses. On an
adjusted basis, net income attributable to IGT was $59 million. The Company reported net loss per
diluted share of $(0.27) and earned
$0.29 per diluted share on an
adjusted basis.
In the first three months of the year, cash from operations was
$284 million and capital expenditures
were $172 million.
Cash and cash equivalents were $463
million as of March 31, 2017,
compared to $294 million as of
December 31, 2016. Net debt was
$7,398 million as of March 31, 2017.
Operating Segment Review
North America Gaming & Interactive
Revenue for
North America Gaming & Interactive was $305 million compared to $339 million in the first quarter of 2016.
Service revenue was $234 million
compared to $258 million in the
prior-year period, primarily driven by a year-over-year decrease in
the installed base and fewer daily active users at DoubleDown.
Product sales were $71 million
compared to $81 million in the first
quarter of 2016, which benefitted from a large system sale. The
segment shipped 3,944 gaming machine units in the quarter compared
to 3,951 units in the prior-year period.
Operating income for North America Gaming & Interactive was
$66 million compared to $89 million in the first quarter of 2016. The
decline is primarily due to lower revenues, increased depreciation
on investments in the installed base, and higher jackpot
expense.
North America Lottery
North America Lottery revenue was $281
million compared to $315
million in the first quarter of 2016, which benefitted from
record multi-state jackpot activity.
Service revenue of $268 million
reflects a 14.0% decline in same-store revenue growth on
comparisons with record Powerball sales in the prior year.
Excluding multi-state jackpot games, same-store revenue for
draw-based games and instant tickets grew 1.5%.
Product sales rose to $13 million
in the first quarter of 2017 from $11
million in the prior-year period, and included higher
instant ticket printing revenue.
Operating income for North America Lottery was $69 million compared to $88 million in the first quarter of 2016 on lower
jackpot revenue and associated profit.
International
International revenue was $164
million compared to $185
million in the first quarter of 2016. On a constant currency
basis, International revenue declined 9%.
Lottery same-store revenue was up 2.0% on broad-based strength
in Latin America and Europe, that was partially offset by continued
weakness in the United Kingdom,
including elevated jackpot activity in the prior-year period.
Gaming service revenue was $41
million compared to $47
million in the first quarter of 2016, down 9% on a constant
currency basis, mainly due to the exit from certain interactive
operations. The installed base grew sequentially on increased unit
placements in Greece and
South Africa.
Product sales revenue was lower due to large, high-margin gaming
software sales in the first quarter of 2016. The segment shipped a
total of 2,009 gaming machine units during the first quarter of
2017 compared to 1,744 units in the prior-year period. A portion of
the new and expansion unit revenue was deferred and is expected to
be recognized in the second quarter of 2017.
International operating income was below the prior-year period
due to lower revenue; product sales mix and discounts; as well as
unfavorable foreign exchange translation and bad debt expense.
Italy
Italy revenue was $402 million compared to $444 million in the first quarter of 2016. At
constant currency, revenue declined 6% as growth in machine gaming
was more than offset by the new Lotto concession dynamics,
primarily amortization of the upfront payment, and lower sports
betting revenue.
Total Lotto wagers in the quarter were €1,873 million compared
to €1,928 million in the prior-year period, reflecting
significantly lower late numbers activity. 10eLotto performance
remained strong, with wagers increasing 4% over the prior-year
period. Instant-ticket wagers were essentially unchanged at €2,341
million.
Machine gaming service revenue was up over the first quarter of
2016 on increased vertical integration and higher installed units.
Sports betting revenue declined during the first quarter of 2017 on
higher payout, consistent with industry trends during the
period.
Italy operating income was
$125 million compared to $148 million in the first quarter of 2016. The
decline was mainly attributable to the new Lotto concession
dynamics and sports betting performance, partially offset by
machine gaming growth.
Other Developments
As announced on April 17, 2017,
the Company has reached a definitive purchase agreement to sell its
social casino subsidiary, DoubleDown Interactive, to an affiliate
of DoubleU Games, a leading global social casino operator, for a
cash purchase price of $825 million.
The sale is expected to be completed in the second quarter of 2017.
Upon the closing of the sale, the parties will enter into a game
development and distribution agreement which will enable DoubleU
Games to offer IGT's extensive casino game library on DoubleU
Games' combined social casino platforms, in exchange for ongoing
royalties to IGT.
The board of directors of the Company appointed Heather J. McGregor as a fourth member of the
audit committee, effective May 24,
2017. McGregor previously joined the board of directors as
an independent director on March 8,
2017.
Additionally, the Company's board of directors has declared a
quarterly cash dividend of $0.20 per
ordinary share. The dividend is payable on June 22, 2017 to all shareholders of record as of
the close of business on June 8,
2017.
Outlook
The Company updated its outlook to account for the closing of
the DoubleDown transaction by the end of the second quarter and the
impact of new taxation on gaming machines in Italy. The Company currently expects full year
2017 adjusted EBITDA of $1,600-$1,680
million, compared to its previous outlook of $1,680-$1,760 million. Net debt is now expected
to be $6,950-$7,150 million at the
end of 2017, compared to the previous $7,600-$7,800 million outlook, as net proceeds
from the DoubleDown sale will be used to reduce debt.
Adjusted EBITDA is a non-GAAP measure. 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.
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 first 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 1914
for participants in the United
Kingdom and +1 877 280 2342 for listeners outside the
United Kingdom. The conference
ID/confirmation code is 9529556. 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 9529556.
About IGT
IGT (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
Statements
This 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
possibility that the sale of Double Down Interactive LLC, as
described in the Company's news release dated April 17, 2017 furnished to the United States
Securities and Exchange Commission (the "SEC") on April 18, 2017 (File No. 17765611) (the "DDI
Transaction"), may not be consummated in a timely manner or at all,
including as a result of a failure to satisfy a condition to
closing (including regulatory approvals); the possibility that
there may be an adverse effect or disruption from the DDI
Transaction that negatively impacts the Company's remaining
businesses; the possibility that the anticipated benefits of the
DDI Transaction or the strategic partnership with DoubleU Games may
not be realized as presently contemplated or at all; the costs and
charges related to the DDI Transaction being greater than
anticipated; the possibility that International Game Technology PLC
will be unable to pay future dividends to shareholders or that the
amount of such dividends may be less than anticipated; the
possibility that International Game Technology PLC may not obtain
its anticipated financial results in one or more future periods;
reductions in customer spending; a slowdown in customer payments
and changes in customer demand for products and services as a
result of changing economic conditions or otherwise; unanticipated
changes relating to competitive factors in the industries in which
the Company operates; the Company's ability to hire and retain key
personnel; the Company's ability to attract new customers and
retain existing customers in the manner anticipated; reliance on
and integration of information technology systems; changes in
legislation or governmental regulations affecting the Company;
international, national, or local economic, social or political
conditions that could adversely affect the Company or its
customers; conditions in the credit markets; risks associated with
assumptions the Company makes in connection with its critical
accounting estimates; the resolution of pending and potential
future legal, regulatory or tax proceedings and investigations; and
the Company's international operations, which are subject to the
risks of currency fluctuations and foreign exchange controls. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties that affect the Company's business, including those
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. Nothing in this news release is intended, or is to be
construed, as a profit forecast or to be interpreted to mean that
earnings per share of International Game Technology PLC for the
current or any future financial years will necessarily match or
exceed the historical published earnings per share of International
Game Technology PLC, as applicable. 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) 392-7452
James 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
|
|
March
31,
|
|
2017
|
|
2016
|
|
|
|
|
Service
revenue
|
1,026,945
|
|
1,135,121
|
Product
sales
|
125,639
|
|
146,440
|
Total
revenue
|
1,152,584
|
|
1,281,561
|
|
|
|
|
Cost of
services
|
624,294
|
|
648,763
|
Cost of
sales
|
114,336
|
|
121,776
|
Selling, general and
administrative
|
200,524
|
|
227,526
|
Research and
development
|
82,621
|
|
84,707
|
Restructuring
expense
|
9,267
|
|
9,418
|
Transaction expense,
net
|
2,321
|
|
1,474
|
Total operating
expenses
|
1,033,363
|
|
1,093,664
|
|
|
|
|
Operating
income
|
119,221
|
|
187,897
|
|
|
|
|
Interest
income
|
2,626
|
|
4,293
|
Other income
(expense), net
|
2,667
|
|
(7,326)
|
Foreign exchange
loss, net
|
(46,837)
|
|
(161,556)
|
Interest
expense
|
(114,799)
|
|
(118,415)
|
Total
non-operating expenses
|
(156,343)
|
|
(283,004)
|
|
|
|
|
Loss before
benefit from income taxes
|
(37,122)
|
|
(95,107)
|
|
|
|
|
Benefit from income
taxes
|
(10,330)
|
|
(8,658)
|
|
|
|
|
Net
loss
|
(26,792)
|
|
(86,449)
|
|
|
|
|
Less: Net income
attributable to non-controlling interests
|
27,998
|
|
6,325
|
|
|
|
|
Net loss
attributable to IGT PLC
|
(54,790)
|
|
(92,774)
|
|
|
|
|
|
|
|
|
Net loss
attributable to IGT PLC per common share - basic
|
(0.27)
|
|
(0.46)
|
Net loss
attributable to IGT PLC per common share - diluted
|
(0.27)
|
|
(0.46)
|
|
|
|
|
Weighted-average
shares - basic
|
202,479
|
|
200,449
|
Weighted-average
shares - diluted
|
202,479
|
|
200,449
|
International Game
Technology PLC
|
Condensed
Consolidated Balance Sheets
|
($
thousands)
|
Unaudited
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
463,296
|
|
294,094
|
Restricted cash and
investments
|
262,696
|
|
247,222
|
Trade and other
receivables, net
|
818,944
|
|
947,237
|
Inventories
|
361,067
|
|
347,494
|
Other current
assets
|
435,275
|
|
424,727
|
Income taxes
receivable
|
25,542
|
|
28,792
|
Total
current assets
|
2,366,820
|
|
2,289,566
|
|
|
|
|
Systems, equipment
and other assets related to contracts, net
|
1,277,898
|
|
1,199,674
|
Property, plant and
equipment, net
|
207,390
|
|
357,841
|
Goodwill,
net
|
6,819,062
|
|
6,810,012
|
Intangible assets,
net
|
2,763,959
|
|
2,874,031
|
Other non-current
assets
|
1,463,025
|
|
1,497,662
|
Deferred income
taxes
|
33,020
|
|
31,376
|
Total
non-current assets
|
12,564,354
|
|
12,770,596
|
|
|
|
|
Total
assets
|
14,931,174
|
|
15,060,162
|
|
|
|
|
Liabilities,
redeemable non-controlling interests, and shareholders'
equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
1,223,107
|
|
1,216,079
|
Other current
liabilities
|
1,022,788
|
|
1,097,045
|
Current portion of
long-term debt
|
530,250
|
|
77
|
Short-term
borrowings
|
52
|
|
-
|
Income taxes
payable
|
58,858
|
|
28,590
|
Total
current liabilities
|
2,835,055
|
|
2,341,791
|
|
|
|
|
Long-term debt, less
current portion
|
7,331,266
|
|
7,863,085
|
Deferred income
taxes
|
714,563
|
|
761,924
|
Other non-current
liabilities
|
447,062
|
|
444,556
|
Total
non-current liabilities
|
8,492,891
|
|
9,069,565
|
|
|
|
|
Total
liabilities
|
11,327,946
|
|
11,411,356
|
|
|
|
|
Commitments and
contingencies
|
-
|
|
-
|
|
|
|
|
Redeemable
non-controlling interests and shareholders' equity
|
3,603,228
|
|
3,648,806
|
|
|
|
|
Total liabilities,
redeemable non-controlling interests, and shareholders'
equity
|
14,931,174
|
|
15,060,162
|
International Game
Technology PLC
|
Consolidated
Statements of Cash Flows
|
($
thousands)
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
|
March
31,
|
|
|
2017
|
|
2016
|
Operating
activities
|
|
|
|
|
Net loss
|
|
(26,792)
|
|
(86,449)
|
Adjustments
for:
|
|
|
|
|
Amortization
|
|
116,241
|
|
125,496
|
Depreciation
|
|
91,921
|
|
98,517
|
Amortization of
upfront payments to customers
|
|
49,399
|
|
27,409
|
Foreign exchange
loss, net
|
|
46,837
|
|
161,556
|
Debt issuance cost
amortization
|
|
4,678
|
|
4,511
|
Stock-based
compensation expense
|
|
849
|
|
9,302
|
Other, net
|
|
2,964
|
|
3,552
|
Cash flows before
changes in operating assets and liabilities
|
|
286,097
|
|
343,894
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Trade and other
receivables
|
|
136,694
|
|
10,259
|
Inventories
|
|
158
|
|
1,812
|
Accounts
payable
|
|
(14,946)
|
|
(1,785)
|
Other assets and
liabilities
|
|
(124,335)
|
|
(148,575)
|
Net cash flows
from operating activities
|
|
283,668
|
|
205,605
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Capital
expenditures
|
|
(172,052)
|
|
(97,671)
|
Proceeds from sale of
assets
|
|
160,924
|
|
32,504
|
Purchases of jackpot
annuity investments
|
|
-
|
|
(1,061)
|
Proceeds from jackpot
annuity investments
|
|
-
|
|
7,472
|
Other
|
|
(2,570)
|
|
(4,894)
|
Net cash flows
used in investing activities
|
|
(13,698)
|
|
(63,650)
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Principal payments on
long-term debt
|
|
(54,406)
|
|
(318,832)
|
Net (payments of)
receipts from financial liabilities
|
|
(27,154)
|
|
49,564
|
Dividends paid -
non-controlling interest
|
|
(13,093)
|
|
-
|
Other
|
|
(1,642)
|
|
(2,964)
|
Net cash flows
used in financing activities
|
|
(96,295)
|
|
(272,232)
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
173,675
|
|
(130,277)
|
Effect of exchange
rate changes on cash
|
|
(4,473)
|
|
8,589
|
Cash and cash
equivalents at the beginning of the period
|
|
294,094
|
|
627,484
|
Cash and cash
equivalents at the end of the period
|
|
463,296
|
|
505,796
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Cash Flow Information:
|
|
|
|
|
Interest
paid
|
|
(210,936)
|
|
(216,834)
|
Income taxes
paid
|
|
(7,933)
|
|
(16,319)
|
International Game
Technology PLC
|
Net
Debt
|
($
thousands)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
|
|
|
6.250% Senior Secured
Notes due 2022
|
1,470,955
|
|
1,472,150
|
6.500% Senior Secured
Notes due 2025
|
1,085,872
|
|
1,085,537
|
4.750% Senior Secured
Notes due 2023
|
897,900
|
|
884,917
|
4.125% Senior Secured
Notes due 2020
|
741,423
|
|
730,465
|
5.625% Senior Secured
Notes due 2020
|
594,397
|
|
593,954
|
7.500% Senior Secured
Notes due 2019
|
519,841
|
|
521,894
|
4.750% Senior Secured
Notes due 2020
|
517,599
|
|
509,050
|
5.500% Senior Secured
Notes due 2020
|
126,148
|
|
126,294
|
5.350% Senior Secured
Notes due 2023
|
61,163
|
|
61,187
|
6.625% Senior Secured
Notes due 2018
|
-
|
|
521,556
|
Senior Secured
Notes
|
6,015,298
|
|
6,507,004
|
|
|
|
|
Term Loan Facilities
due 2019
|
851,969
|
|
839,552
|
Revolving Credit
Facilities due 2021
|
463,999
|
|
516,529
|
Long-term debt,
less current portion
|
7,331,266
|
|
7,863,085
|
|
|
|
|
6.625% Senior Secured
Notes due 2018
|
530,210
|
|
-
|
Other
|
40
|
|
77
|
Current portion of
long-term debt
|
530,250
|
|
77
|
|
|
|
|
Short-term
borrowings
|
52
|
|
-
|
Total
debt
|
7,861,568
|
|
7,863,162
|
|
|
|
|
Cash and cash
equivalents
|
463,296
|
|
294,094
|
|
|
|
|
Net
debt
|
7,398,272
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2017
|
|
Adjustments
|
|
Q1
2017
|
|
|
As
|
|
Purchase
|
|
Foreign
|
|
Restructuring
|
|
Transaction
|
|
As
|
|
|
Reported
|
|
Accounting
|
|
Exchange
|
|
Expense
|
|
Expense,
net
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
1,152,584
|
|
(178)
|
|
-
|
|
-
|
|
-
|
|
1,152,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
624,294
|
|
(42,230)
|
|
-
|
|
-
|
|
-
|
|
582,064
|
Cost of
sales
|
|
114,336
|
|
(29,682)
|
|
-
|
|
-
|
|
-
|
|
84,654
|
Selling, general and
administrative
|
|
200,524
|
|
(34,928)
|
|
-
|
|
-
|
|
-
|
|
165,596
|
Research and
development
|
|
82,621
|
|
(201)
|
|
-
|
|
-
|
|
-
|
|
82,420
|
Restructuring
expense
|
|
9,267
|
|
-
|
|
-
|
|
(9,267)
|
|
-
|
|
-
|
Transaction expense,
net
|
|
2,321
|
|
-
|
|
-
|
|
-
|
|
(2,321)
|
|
-
|
Total operating
expenses
|
|
1,033,363
|
|
(107,041)
|
|
-
|
|
(9,267)
|
|
(2,321)
|
|
914,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
119,221
|
|
106,863
|
|
-
|
|
9,267
|
|
2,321
|
|
237,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
loss, net
|
|
(46,837)
|
|
-
|
|
46,837
|
|
-
|
|
-
|
|
-
|
Other income,
net
|
|
2,667
|
|
34
|
|
-
|
|
-
|
|
-
|
|
2,701
|
Interest expense,
net
|
|
(112,173)
|
|
1,088
|
|
-
|
|
-
|
|
-
|
|
(111,085)
|
Total
non-operating expenses
|
|
(156,343)
|
|
1,122
|
|
46,837
|
|
-
|
|
-
|
|
(108,384)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before (benefit from) provision for income
taxes
|
|
(37,122)
|
|
107,985
|
|
46,837
|
|
9,267
|
|
2,321
|
|
129,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes (a)
|
|
(10,330)
|
|
38,229
|
|
10,668
|
|
3,172
|
|
853
|
|
42,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(26,792)
|
|
69,756
|
|
36,169
|
|
6,095
|
|
1,468
|
|
86,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to non-controlling interests
|
|
27,998
|
|
25
|
|
-
|
|
-
|
|
-
|
|
28,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to IGT PLC
|
|
(54,790)
|
|
69,731
|
|
36,169
|
|
6,095
|
|
1,468
|
|
58,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per common share - diluted
|
|
(0.27)
|
|
|
|
|
|
|
|
|
|
0.29
|
Weighted-average
shares - diluted
|
|
202,479
|
|
|
|
|
|
|
|
|
|
203,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Provision
for 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2016
|
|
Adjustments
|
|
Q1
2016
|
|
|
As
|
|
Purchase
|
|
Foreign
|
|
Restructuring
|
|
Transaction
|
|
As
|
|
|
Reported
|
|
Accounting
|
|
Exchange
|
|
Expense
|
|
Expense,
net
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
1,281,561
|
|
692
|
|
-
|
|
-
|
|
-
|
|
1,282,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
services
|
|
648,763
|
|
(45,804)
|
|
-
|
|
-
|
|
-
|
|
602,959
|
Cost of
sales
|
|
121,776
|
|
(29,664)
|
|
-
|
|
-
|
|
-
|
|
92,112
|
Selling, general and
administrative
|
|
227,526
|
|
(34,746)
|
|
-
|
|
-
|
|
-
|
|
192,780
|
Research and
development
|
|
84,707
|
|
(498)
|
|
-
|
|
-
|
|
-
|
|
84,209
|
Restructuring
expense
|
|
9,418
|
|
-
|
|
-
|
|
(9,418)
|
|
-
|
|
-
|
Transaction expense,
net
|
|
1,474
|
|
-
|
|
-
|
|
-
|
|
(1,474)
|
|
-
|
Total operating
expenses
|
|
1,093,664
|
|
(110,712)
|
|
-
|
|
(9,418)
|
|
(1,474)
|
|
972,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
187,897
|
|
111,404
|
|
-
|
|
9,418
|
|
1,474
|
|
310,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
loss, net
|
|
(161,556)
|
|
-
|
|
161,556
|
|
-
|
|
-
|
|
-
|
Other expense,
net
|
|
(7,326)
|
|
2,832
|
|
-
|
|
-
|
|
-
|
|
(4,494)
|
Interest expense,
net
|
|
(114,122)
|
|
2,038
|
|
-
|
|
-
|
|
-
|
|
(112,084)
|
Total
non-operating expenses
|
|
(283,004)
|
|
4,870
|
|
161,556
|
|
-
|
|
-
|
|
(116,578)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before (benefit from) provision for income
taxes
|
|
(95,107)
|
|
116,274
|
|
161,556
|
|
9,418
|
|
1,474
|
|
193,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit from)
provision for income taxes (a)
|
|
(8,658)
|
|
40,571
|
|
36,277
|
|
3,126
|
|
294
|
|
71,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(86,449)
|
|
75,703
|
|
125,279
|
|
6,292
|
|
1,180
|
|
122,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to non-controlling interests
|
|
6,325
|
|
25
|
|
-
|
|
-
|
|
-
|
|
6,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to IGT PLC
|
|
(92,774)
|
|
75,678
|
|
125,279
|
|
6,292
|
|
1,180
|
|
115,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per common share - diluted
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
0.57
|
Weighted-average
shares - diluted
|
|
200,449
|
|
|
|
|
|
|
|
|
|
201,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Provision
for income taxes was determined based on the statutory tax rate in
effect in the respective jurisdiction where the adjustment
originated.
|
International Game
Technology PLC
|
Adjusted EBITDA
and Free Cash Flow
|
Reconciliations of
Non-GAAP Financial Measures
|
($
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Net loss
|
|
(26,792)
|
|
(86,449)
|
Benefit from income
taxes
|
|
(10,330)
|
|
(8,658)
|
Non-operating
expenses
|
|
156,343
|
|
283,004
|
Amortization
|
|
116,241
|
|
125,496
|
Depreciation
|
|
91,921
|
|
98,517
|
Amortization of
upfront payments to customers
|
|
49,399
|
|
27,409
|
Restructuring
expense
|
|
9,267
|
|
9,418
|
Transaction expense,
net
|
|
2,321
|
|
1,474
|
Stock-based
compensation expense
|
|
849
|
|
9,302
|
Non-cash purchase
accounting (excluding D&A)
|
|
(183)
|
|
631
|
Bad debt
recovery
|
|
(17,873)
|
|
-
|
Adjusted
EBITDA
|
|
371,163
|
|
460,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
283,668
|
|
205,605
|
Capital
expenditures
|
|
(172,052)
|
|
(97,671)
|
Free Cash
Flow
|
|
111,616
|
|
107,934
|
International Game
Technology PLC Segment Performance
|
|
Revenue
Detail
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL GAME
TECHNOLOGY PLC
|
|
|
Quarter
Change
|
|
|
|
|
|
2016
|
2017
|
|
|
Percentage
|
Constant
FX
|
|
|
|
|
|
Q1
|
Q1
|
|
|
Q1
|
Q1
|
|
|
Gaming
|
Total
Revenue
|
631
|
596
|
|
|
-5.5%
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Services
|
500
|
487
|
|
|
-2.5%
|
-0.8%
|
|
|
|
Terminal
|
315
|
323
|
|
|
2.4%
|
4.3%
|
|
|
|
Social
(DDI)
|
80
|
68
|
|
|
-15.3%
|
-14.7%
|
|
|
|
Other
|
104
|
96
|
|
|
-7.6%
|
-5.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
131
|
109
|
|
|
-17.0%
|
-16.8%
|
|
|
|
Terminal
|
79
|
77
|
|
|
-2.6%
|
-1.9%
|
|
|
|
Other
|
52
|
32
|
|
|
-38.9%
|
-39.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
|
Total
Revenue
|
565
|
484
|
|
|
-14.3%
|
-12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
Services
|
550
|
470
|
|
|
-14.6%
|
-13.0%
|
|
|
|
FM/Concessions
|
492
|
433
|
|
|
-12.0%
|
-10.0%
|
|
|
|
LMA
|
39
|
32
|
|
|
-17.6%
|
-17.6%
|
|
|
|
Other
Services
|
19
|
4
|
|
|
-76.9%
|
-84.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
15
|
14
|
|
|
-4.3%
|
-3.6%
|
|
|
|
Terminal
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Systems/Other
|
15
|
14
|
|
|
-5.2%
|
-4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
Total
Revenue
|
86
|
73
|
|
|
-15.5%
|
-13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
Revenue
|
86
|
70
|
|
|
-18.0%
|
-16.3%
|
|
|
Product
Sales
|
0
|
2
|
|
|
1662.2%
|
1833.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
Revenue
|
1,282
|
1,153
|
|
|
-10.1%
|
-8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income:
|
|
|
|
|
|
|
|
|
|
Segment
Total
|
359
|
269
|
|
|
-25.1%
|
-23.0%
|
|
|
|
Purchase
Accounting
|
(111)
|
(107)
|
|
|
-4.1%
|
-4.0%
|
|
|
|
Corporate
Support
|
(59)
|
(42)
|
|
|
-28.3%
|
-26.3%
|
|
|
|
Total
|
188
|
119
|
|
|
-36.5%
|
-33.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH AMERICA
GAMING & INTERACTIVE
|
|
|
Quarter
Change
|
|
|
|
|
|
2016
|
2017
|
|
|
Percentage
|
Constant
FX
|
|
|
|
|
|
Q1
|
Q1
|
|
|
Q1
|
Q1
|
|
|
Gaming
|
Total
Revenue
|
339
|
305
|
|
|
-9.8%
|
-9.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Services
|
258
|
234
|
|
|
-9.0%
|
-8.9%
|
|
|
|
Terminal
|
134
|
126
|
|
|
-6.5%
|
-6.6%
|
|
|
|
Social
(DDI)
|
80
|
68
|
|
|
-15.3%
|
-14.7%
|
|
|
|
Other
|
43
|
41
|
|
|
-5.3%
|
-5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
81
|
71
|
|
|
-12.2%
|
-12.2%
|
|
|
|
Terminal
|
50
|
51
|
|
|
2.5%
|
2.5%
|
|
|
|
Other
|
31
|
20
|
|
|
-35.8%
|
-35.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
Revenue
|
339
|
305
|
|
|
-9.8%
|
-9.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
89
|
66
|
|
|
-26.1%
|
-27.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH AMERICA
LOTTERY
|
|
|
Quarter
Change
|
|
|
|
|
|
2016
|
2017
|
|
|
Percentage
|
Constant
FX
|
|
|
|
|
|
Q1
|
Q1
|
|
|
Q1
|
Q1
|
|
|
Gaming
|
Total
Revenue
|
37
|
36
|
|
|
-3.7%
|
-4.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Services
|
37
|
36
|
|
|
-3.9%
|
-4.2%
|
|
|
|
Terminal
|
25
|
25
|
|
|
-2.2%
|
-2.2%
|
|
|
|
Social
(DDI)
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Other
|
12
|
11
|
|
|
-7.4%
|
-8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
0
|
0
|
|
|
710.8%
|
710.8%
|
|
|
|
Terminal
|
(0)
|
0
|
|
|
-101.3%
|
-101.3%
|
|
|
|
Other
|
0
|
0
|
|
|
109.2%
|
109.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
|
Total
Revenue
|
278
|
245
|
|
|
-11.9%
|
-11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
Services
|
267
|
232
|
|
|
-13.2%
|
-13.2%
|
|
|
|
FM/Concessions
|
201
|
166
|
|
|
-17.1%
|
-17.1%
|
|
|
|
LMA
|
39
|
32
|
|
|
-17.6%
|
-17.6%
|
|
|
|
Other
Services
|
27
|
33
|
|
|
21.9%
|
21.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
11
|
13
|
|
|
19.8%
|
19.9%
|
|
|
|
Terminal
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Systems/Other
|
11
|
13
|
|
|
19.3%
|
19.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
Revenue
|
315
|
281
|
|
|
-10.9%
|
-11.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
88
|
69
|
|
|
-21.3%
|
-21.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL
|
|
|
Quarter
Change
|
|
|
|
|
|
2016
|
2017
|
|
|
Percentage
|
Constant
FX
|
|
|
|
|
|
Q1
|
Q1
|
|
|
Q1
|
Q1
|
|
|
Gaming
|
Total
Revenue
|
97
|
78
|
|
|
-19.5%
|
-17.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Services
|
47
|
41
|
|
|
-12.9%
|
-9.1%
|
|
|
|
Terminal
|
13
|
12
|
|
|
-7.6%
|
-6.2%
|
|
|
|
Social
(DDI)
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Other
|
34
|
29
|
|
|
-15.0%
|
-10.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
50
|
37
|
|
|
-25.6%
|
-24.8%
|
|
|
|
Terminal
|
29
|
26
|
|
|
-11.4%
|
-9.6%
|
|
|
|
Other
|
21
|
12
|
|
|
-45.1%
|
-45.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
|
Total
Revenue
|
70
|
67
|
|
|
-4.0%
|
-0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
Services
|
66
|
66
|
|
|
0.0%
|
3.3%
|
|
|
|
FM/Concessions
|
51
|
49
|
|
|
-3.5%
|
0.3%
|
|
|
|
LMA
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Other
Services
|
15
|
16
|
|
|
12.0%
|
13.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
4
|
2
|
|
|
-64.5%
|
-62.3%
|
|
|
|
Terminal
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Systems/Other
|
4
|
1
|
|
|
-66.7%
|
-64.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
Total
Revenue
|
18
|
19
|
|
|
6.7%
|
6.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
Revenue
|
18
|
17
|
|
|
-5.8%
|
-7.6%
|
|
|
Product
Sales
|
0
|
2
|
|
|
1662.2%
|
1833.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
Revenue
|
185
|
164
|
|
|
-11.1%
|
-8.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
33
|
8
|
|
|
-76.4%
|
-64.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITALY
|
|
|
Quarter
Change
|
|
|
|
|
|
2016
|
2017
|
|
|
Percentage
|
Constant
FX
|
|
|
|
|
|
Q1
|
Q1
|
|
|
Q1
|
Q1
|
|
|
Gaming
|
Total
Revenue
|
158
|
176
|
|
|
11.1%
|
15.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Services
|
158
|
176
|
|
|
11.3%
|
15.3%
|
|
|
|
Terminal
|
143
|
160
|
|
|
12.5%
|
16.7%
|
|
|
|
Social
(DDI)
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Other
|
15
|
15
|
|
|
-0.1%
|
3.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Sales
|
0
|
0
|
|
|
-46.9%
|
-46.1%
|
|
|
|
Terminal
|
0
|
0
|
|
|
-100.0%
|
-100.0%
|
|
|
|
Other
|
0
|
0
|
|
|
-46.1%
|
-45.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
|
Total
Revenue
|
217
|
172
|
|
|
-20.7%
|
-17.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Lottery
Services
|
217
|
172
|
|
|
-20.7%
|
-17.8%
|
|
|
|
FM/Concessions
|
240
|
217
|
|
|
-9.5%
|
-6.2%
|
|
|
|
LMA
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
Other
Services
|
(23)
|
(45)
|
|
|
94.2%
|
101.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
68
|
54
|
|
|
-21.2%
|
-18.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
Revenue
|
68
|
54
|
|
|
-21.2%
|
-18.6%
|
|
|
Product
Sales
|
0
|
0
|
|
|
0.0%
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
Revenue
|
444
|
402
|
|
|
-9.4%
|
-6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
148
|
125
|
|
|
-15.2%
|
-11.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Key
Performance Indicators (KPIs)
|
|
|
First
Quarter
|
Period Ended March
31
|
|
2017
|
2016
|
%
change
|
|
|
|
|
|
Installed base
(end of period)
|
|
|
|
|
Casino
|
|
34,364
|
34,214
|
0.4%
|
VLT -
Government Sponsored (ex-Italy)
|
|
15,627
|
15,581
|
0.3%
|
VLT -
Italy Supplier (B2B)
|
|
9,043
|
8,270
|
9.3%
|
Total
installed base
|
|
59,034
|
58,065
|
1.7%
|
Yield
(average revenue per unit per day - $0.00)
|
|
30.89
|
32.79
|
-5.8%
|
|
|
|
|
|
Additional Italian Network Details:
|
|
|
|
|
VLT -
Operator (B2C)
|
|
10,961
|
11,120
|
-1.4%
|
AWP
|
|
58,746
|
55,991
|
4.9%
|
|
|
|
|
|
Machine units
shipped
|
|
|
|
|
New/Expansion
|
|
1,752
|
1,087
|
61.2%
|
Replacement
|
|
4,201
|
4,608
|
-8.8%
|
Total
machines shipped
|
|
5,953
|
5,695
|
4.5%
|
|
|
|
|
|
Global lottery
same-store revenue growth
|
|
|
|
|
Instants
& draw games
|
|
|
|
1.9%
|
Multistate Jackpots
|
|
|
|
-56.3%
|
Total
lottery same-store revenue growth (ex-Italy)
|
|
|
|
-10.7%
|
Italy
lottery revenue growth
|
|
|
|
-17.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
KPIs
|
|
|
|
|
|
|
First
Quarter
|
Period Ended March
31
|
|
2017
|
2016
|
%
change
|
|
|
|
|
|
Installed base
(end of period)
|
|
|
|
|
Casino
|
|
23,701
|
24,958
|
-5.0%
|
VLT - Government Sponsored
|
|
15,009
|
15,331
|
-2.1%
|
Total
installed base
|
|
38,710
|
40,289
|
-3.9%
|
|
|
|
|
|
Machine units
shipped
|
|
|
|
|
New/Expansion
|
|
1,157
|
902
|
28.3%
|
Replacement
|
|
2,787
|
3,049
|
-8.6%
|
Total
machines shipped
|
|
3,944
|
3,951
|
-0.2%
|
|
|
|
|
|
DoubleDown
|
|
|
|
|
Revenue
($ Thousands)
|
|
67,893
|
80,133
|
-15.3%
|
Mobile
penetration
|
|
58%
|
54%
|
8.4%
|
DAU
(Daily Active Users) 1
|
|
1,455
|
1,859
|
-21.8%
|
MAU
(Monthly Active Users) 1
|
|
3,525
|
4,310
|
-18.2%
|
Bookings
per DAU ($0.00) 1
|
|
$
0.52
|
$
0.47
|
10.6%
|
|
|
|
|
|
Lottery same-store
revenue growth
|
|
|
|
|
Instants
& draw games
|
|
|
|
1.5%
|
Multistate Jackpots
|
|
|
|
-59.5%
|
Total
lottery same-store revenue growth
|
|
|
|
-14.0%
|
|
|
|
|
|
1As a
single application with multiple games, active users equal unique
users
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
KPIs
|
|
|
|
|
|
|
First
Quarter
|
Period Ended March
31
|
|
2017
|
2016
|
%
change
|
|
|
|
|
|
Installed base
(end of period)
|
|
|
|
|
Casino
|
|
10,663
|
9,256
|
15.2%
|
VLT - Government Sponsored
|
|
618
|
250
|
147.2%
|
Total
installed base
|
|
11,281
|
9,506
|
18.7%
|
|
|
|
|
|
Machine units
shipped
|
|
|
|
|
New/Expansion
|
|
595
|
185
|
221.6%
|
Replacement
|
|
1,414
|
1,559
|
-9.3%
|
Total
machines shipped
|
|
2,009
|
1,744
|
15.2%
|
|
|
|
|
|
Lottery same-store
revenue growth
|
|
|
|
|
Instants
& draw games
|
|
|
|
3.2%
|
Multistate Jackpots
|
|
|
|
-13.1%
|
Total
lottery same-store revenue growth
|
|
|
|
2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy
KPIs
|
|
|
|
|
|
|
First
Quarter
|
Period Ended March
31
|
|
2017
|
2016
|
%
change
|
(In € millions,
except machines)
|
|
|
|
|
Lottery
|
|
|
|
|
Lotto
wagers
|
|
1,873
|
1,928
|
-2.8%
|
10eLotto
|
|
1,243
|
1,193
|
4.2%
|
Core
|
|
525
|
559
|
-6.0%
|
Late
Numbers
|
|
106
|
176
|
-40.1%
|
|
|
|
|
|
Scratch & Win
Wagers
|
|
2,341
|
2,355
|
-0.6%
|
|
|
|
|
|
Italy lottery
revenue growth
|
|
|
|
-17.7%
|
|
|
|
|
|
Gaming
|
|
|
|
|
Installed base
(end of period)
|
|
|
|
|
VLT -
Operator (B2C)
|
|
10,961
|
11,120
|
-1.4%
|
VLT -
Supplier (B2B)
|
|
9,043
|
8,270
|
9.3%
|
AWP
|
|
58,746
|
55,991
|
4.9%
|
Total
Installed Base
|
|
78,750
|
75,381
|
4.5%
|
|
|
|
|
|
Wagers
|
|
|
|
|
VLT -
Operator (B2C)
|
|
1,415
|
1,398
|
1.2%
|
AWP
|
|
1,009
|
1,080
|
-6.6%
|
Interactive Wagers (Gaming)
|
|
468
|
424
|
10.3%
|
|
|
|
|
|
Other
|
|
|
|
|
Sports
Betting Wagers1
|
|
257
|
221
|
16.7%
|
Sports
Betting Payout (%)1
|
|
89.4%
|
80.9%
|
8.5
pp
|
|
|
|
|
|
1Includes Virtual Wagers and Pools
& Horses
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/international-game-technology-plc-reports-first-quarter-2017-results-300463812.html
SOURCE International Game Technology PLC