LONDON, Feb. 13, 2018 /PRNewswire/ -- International Game
Technology PLC ("IGT") (NYSE:IGT) today reported that it would
correct the classification of upfront payments to customers in its
Consolidated Statements of Cash Flows in its Form 20-F for the
fiscal year ended December 31, 2017.
The change primarily relates to amounts paid in connection with the
Italian Lotto Concession in 2016 and will be made as a result of
discussions with the U.S. Securities and Exchange Commission (the
"SEC"), as reported in a Form 6-K furnished with the SEC on
November 14, 2017. These significant
upfront payments have been consistently and separately disclosed in
the Company's historic financial statements as an investing cash
outflow and will now be included as an operating cash outflow.
The change in classification will have no impact on previously
reported profitability and non-GAAP liquidity measures, such as
Free Cash Flow, Adjusted EBITDA, and Net Debt. In addition to this
change, the Consolidated Statements of Cash Flows will be corrected
to reflect other immaterial accounting adjustments.
The Company also filed a Form 6-K with the SEC. Please refer to
that filing for additional information on these
changes.
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
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)
392-7452
James Hurley, Investor Relations, +1
(401) 392-7190
Simone Cantagallo, +39 06 51899030;
for Italian media inquiries
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SOURCE International Game Technology PLC