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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Scientific Games Corporation | NASDAQ:SGMS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 58.07 | 50.00 | 62.98 | 0 | 01:00:00 |
Delaware
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81-0422894
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(State or other jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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Large accelerated filer
ý
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Page
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Item 1.
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Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2016 and 2015
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Condensed Notes to Consolidated Financial Statements
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 4.
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Controls and Procedures
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OTHER INFORMATION
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Item 1.
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Legal Proceedings
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Item 1A.
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Risk Factors
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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Item 6.
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Exhibits
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Glossary of Terms
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The following terms or acronyms used in this Quarterly Report on Form 10-Q are defined below:
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Term or Acronym
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Definition
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2015 10-K
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2015 Annual Report on Form 10-K filed with the SEC on February 29, 2016
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2018 Notes
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8.125% senior subordinated notes due 2018 issued by SGC
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2020 Notes
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6.250% senior subordinated notes due 2020 issued by SGI
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2021 Notes
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6.625% senior subordinated notes due 2021 issued by SGI
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ASC
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Accounting Standards Codification
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ASU
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Accounting Standards Update
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Annual Meeting
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the annual meeting of stockholders held on June 15, 2016
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Bally
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Bally Technologies, Inc.
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Bally acquisition
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the acquisition of Bally by the Company on November 21, 2014
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Barcrest
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Barcrest Group Limited
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Coin-in
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the amount wagered
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Company
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refers to SGC and its consolidated subsidiaries, unless otherwise specified or the context otherwise dictates
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CSG
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Beijing CITIC Scientific Games Technology Co., Ltd.
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CSL
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China Sports Lottery
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CSP
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Cooperative Services Program
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D&A
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depreciation, amortization and impairments (excluding goodwill)
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ESPP
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employee stock purchase plan
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EU
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European Union
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FASB
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Financial Accounting Standards Board
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F/X
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Foreign currency exchange
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GLB
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Beijing Guard Libang Technology Co., Ltd.
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Guarantor Subsidiaries
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refers to substantially all of SGC’s 100%-owned U.S. subsidiaries other than SGC’s 100%-owned U.S. Interactive social gaming subsidiaries
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Hellenic Lotteries
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Hellenic Lotteries S.A.
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ITL
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International Terminal Leasing
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KPIs
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Key Performance Indicators
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LBO
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licensed betting office
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LNS
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Lotterie Nazionali S.r.l.
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Net win
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Coin-in less payouts
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Non-Guarantor Subsidiaries
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refers to SGC’s U.S. subsidiaries that are not Guarantor Subsidiaries and SGC’s foreign subsidiaries
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Northstar Illinois
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Northstar Lottery Group, LLC
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Northstar New Jersey
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Northstar New Jersey Lottery Group, LLC
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Note
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refers to a note in the Condensed Notes to our Consolidated Financial Statements in this Quarterly Report on Form 10-Q, unless otherwise indicated
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Participation
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with respect to our Gaming business, refers to gaming machines provided to customers through service or leasing arrangements in which we earn revenues and are paid based on: (1) a percentage of Net win; (2) fixed daily-fees; (3) a percentage of the Coin-in; or (4) a combination of a fixed daily-fee and a percentage of the Coin-in, and with respect to our Lottery business, refers to a contract or arrangement in which we earn revenues and are paid based on a percentage of retail sales
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PMA
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private management agreement
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PPU
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price-per-unit
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PTG
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Proprietary table games
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R&D
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research and development
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RCN
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Roberts Communications Network, LLC
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RFP
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Request for proposal
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•
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competition;
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•
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U.S. and international economic and industry conditions, including declines in or slow growth of gross gaming revenues or lottery retail sales, reductions in or constraints on capital spending by gaming or lottery operators and bankruptcies of, or credit risk relating to, customers;
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•
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limited growth from new gaming jurisdictions, slow addition of casinos in existing jurisdictions and declines in the replacement cycle of existing gaming machines;
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•
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ownership changes and consolidation in the casino industry, including by casino operators;
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•
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opposition to legalized gaming or the expansion thereof;
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•
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inability to adapt to, and offer products that keep pace with, evolving technology;
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•
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inability to develop successful gaming concepts and content;
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•
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laws and government regulations, including those relating to gaming licenses and environmental laws;
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•
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inability to identify and capitalize on trends and changes in the gaming, lottery and interactive gaming industries;
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•
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dependence upon key providers in our social gaming business;
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•
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inability to retain or renew, or unfavorable revisions of, existing contracts, and the inability to enter into new contracts;
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•
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level of our indebtedness, higher interest rates, availability or adequacy of cash flows and liquidity to satisfy indebtedness, other obligations or future cash needs;
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•
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inability to reduce or refinance our indebtedness;
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•
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restrictions and covenants in debt agreements, including those that could result in acceleration of the maturity of our indebtedness;
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•
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protection of intellectual property, inability to license third party intellectual property and the intellectual property rights of others;
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•
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security and integrity of our products and systems and reliance on or failures in information technology and other systems;
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•
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natural events that disrupt our operations or those of our customers, suppliers or regulators;
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•
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inability to benefit from, and risks associated with, strategic equity investments and relationships, including (1) the inability of our joint venture to realize the anticipated benefits under its PMA with the Illinois lottery or from the disentanglement services performed in connection with the termination thereof, (2) the inability of our joint venture to meet the net income targets or other requirements under its agreement to provide marketing and sales services to the New Jersey Lottery or otherwise to realize the anticipated benefits under such agreement and (3) the failure to realize the anticipated benefits related to our consortium's instant lottery game concession in Greece;
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•
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failure to achieve the intended benefits of the Bally acquisition, the WMS acquisition, our other recent acquisitions, or future acquisitions, including due to the inability to successfully complete or integrate such acquisitions or realize synergies in the anticipated amounts or within the contemplated time frames or cost expectations, or at all;
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•
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disruption of current plans and operations in connection with our recent acquisitions (including in connection with the integration of Bally and WMS), including departure of key personnel or inability to recruit additional qualified personnel or maintain relationships with customers, suppliers or other third parties;
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•
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incurrence of employee termination or restructuring costs and impairment or asset write-down charges;
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•
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changes in estimates or judgments related to our impairment analysis of goodwill or other intangible assets;
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•
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implementation of complex revenue recognition standards;
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•
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fluctuations in our results due to seasonality and other factors;
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•
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dependence on suppliers and manufacturers;
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•
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risks relating to foreign operations, including fluctuations in foreign currency exchange rates (including those fluctuations related to the affirmative vote in the U.K. to withdraw from the EU), restrictions on the payment of dividends from earnings, restrictions on the import of products and financial instability, including the potential impact to our business resulting from the affirmative vote in the U.K. to withdraw from the EU and the potential impact to our instant lottery game concession or VLT lease arrangements resulting from the recent economic and political conditions in Greece;
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•
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dependence on key employees;
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litigation and other liabilities relating to our business, including litigation and liabilities relating to our contracts and licenses, our products and systems, our employees (including labor disputes), intellectual property and our strategic relationships;
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•
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influence of certain stockholders; and
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•
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stock price volatility.
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2016
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2015
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2016
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2015
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Revenue:
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Services
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$
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356.4
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$
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340.5
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$
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1,070.2
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$
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1,008.8
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Product sales
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225.9
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193.5
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638.3
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611.0
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Instant games
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137.7
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137.6
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422.7
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402.0
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Total revenue
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720.0
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671.6
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2,131.2
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2,021.8
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Operating expenses:
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Cost of services
(1)
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98.0
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85.5
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294.3
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274.6
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Cost of product sales
(1)
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104.6
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87.4
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299.7
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293.2
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Cost of instant games
(1)
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71.7
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77.1
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212.8
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212.9
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Selling, general and administrative
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152.8
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136.8
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440.0
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423.6
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Research and development
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53.9
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45.9
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155.4
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140.8
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Restructuring and other
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13.8
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5.6
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20.7
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19.0
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Depreciation, amortization and impairments
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191.7
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286.5
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565.4
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692.9
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Goodwill impairment
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—
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935.0
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—
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935.0
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Operating income (loss)
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33.5
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(988.2
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)
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142.9
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(970.2
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)
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Other (expense) income:
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||||||||
Interest expense
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(165.4
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)
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(166.8
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)
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(496.4
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)
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(497.5
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)
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||||
Earnings from equity investments
|
7.3
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3.0
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18.5
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9.4
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Gain on early extinguishment of debt
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—
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—
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25.2
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—
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Other income (expense), net
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6.0
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(7.5
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)
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8.4
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(17.4
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)
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||||
Total other expense, net
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(152.1
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)
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(171.3
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)
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(444.3
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)
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(505.5
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)
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Net loss before income taxes
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(118.6
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)
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(1,159.5
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)
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(301.4
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)
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(1,475.7
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)
|
||||
Income tax benefit
|
19.7
|
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|
81.3
|
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58.5
|
|
|
208.9
|
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Net loss
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$
|
(98.9
|
)
|
|
$
|
(1,078.2
|
)
|
|
$
|
(242.9
|
)
|
|
$
|
(1,266.8
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gain (loss)
|
1.9
|
|
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(47.9
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)
|
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(34.8
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)
|
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(136.3
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)
|
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Pension and post-retirement gain, net of tax
|
0.2
|
|
|
0.8
|
|
|
0.7
|
|
|
1.0
|
|
||||
Derivative financial instruments unrealized gain (loss), net of tax
|
3.1
|
|
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(1.9
|
)
|
|
6.7
|
|
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(0.8
|
)
|
||||
Other comprehensive income (loss)
|
5.2
|
|
|
(49.0
|
)
|
|
(27.4
|
)
|
|
(136.1
|
)
|
||||
Comprehensive loss
|
$
|
(93.7
|
)
|
|
$
|
(1,127.2
|
)
|
|
$
|
(270.3
|
)
|
|
$
|
(1,402.9
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
(1.13
|
)
|
|
$
|
(12.52
|
)
|
|
$
|
(2.79
|
)
|
|
$
|
(14.76
|
)
|
Diluted
|
$
|
(1.13
|
)
|
|
$
|
(12.52
|
)
|
|
$
|
(2.79
|
)
|
|
$
|
(14.76
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares used in per share calculations:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic shares
|
87.5
|
|
|
86.1
|
|
|
87.1
|
|
|
85.8
|
|
||||
Diluted shares
|
87.5
|
|
|
86.1
|
|
|
87.1
|
|
|
85.8
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
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(Unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
120.9
|
|
|
$
|
128.7
|
|
Restricted cash
|
24.3
|
|
|
20.2
|
|
||
Accounts receivable, net
|
465.3
|
|
|
487.1
|
|
||
Notes receivable, net
|
129.0
|
|
|
167.7
|
|
||
Inventories
|
270.1
|
|
|
248.5
|
|
||
Prepaid expenses, deposits and other current assets
|
126.0
|
|
|
123.3
|
|
||
Total current assets
|
1,135.6
|
|
|
1,175.5
|
|
||
Long-term restricted cash
|
17.3
|
|
|
17.9
|
|
||
Long-term notes receivable, net
|
43.6
|
|
|
51.3
|
|
||
Property and equipment, net
|
663.8
|
|
|
794.0
|
|
||
Goodwill
|
2,991.0
|
|
|
3,013.7
|
|
||
Intangible assets, net
|
1,841.0
|
|
|
1,920.0
|
|
||
Software, net
|
431.1
|
|
|
485.9
|
|
||
Equity investments
|
206.5
|
|
|
228.5
|
|
||
Other assets
|
46.7
|
|
|
45.4
|
|
||
Total assets
|
$
|
7,376.6
|
|
|
$
|
7,732.2
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
49.6
|
|
|
$
|
50.3
|
|
Accounts payable
|
173.6
|
|
|
159.8
|
|
||
Accrued liabilities
|
495.3
|
|
|
443.8
|
|
||
Total current liabilities
|
718.5
|
|
|
653.9
|
|
||
Deferred income taxes
|
129.9
|
|
|
228.2
|
|
||
Other long-term liabilities
|
244.4
|
|
|
188.9
|
|
||
Long-term debt, excluding current portion
|
8,033.8
|
|
|
8,156.7
|
|
||
Total liabilities
|
9,126.6
|
|
|
9,227.7
|
|
||
Commitments and contingencies (see Note 16)
|
|
|
|
|
|
||
Stockholders' deficit:
|
|
|
|
||||
Class A common stock, par value $0.01 per share: 199.3 shares authorized; 104.8 and 103.7 shares issued and 87.6 and 86.5 shares outstanding, respectively
|
1.0
|
|
|
1.0
|
|
||
Additional paid-in capital
|
781.7
|
|
|
765.9
|
|
||
Accumulated loss
|
(2,107.9
|
)
|
|
(1,865.0
|
)
|
||
Treasury stock, at cost, 17.2 shares
|
(175.2
|
)
|
|
(175.2
|
)
|
||
Accumulated other comprehensive loss
|
(249.6
|
)
|
|
(222.2
|
)
|
||
Total stockholders' deficit
|
(1,750.0
|
)
|
|
(1,495.5
|
)
|
||
Total liabilities and stockholders' deficit
|
$
|
7,376.6
|
|
|
$
|
7,732.2
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(242.9
|
)
|
|
$
|
(1,266.8
|
)
|
Adjustments to reconcile net loss to cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization and impairments
|
565.4
|
|
|
692.9
|
|
||
Change in deferred income taxes
|
(100.7
|
)
|
|
(223.3
|
)
|
||
Stock-based compensation
|
23.5
|
|
|
19.5
|
|
||
Non-cash interest expense
|
30.3
|
|
|
29.0
|
|
||
Earnings from equity investments, net
|
(18.5
|
)
|
|
(9.4
|
)
|
||
Distributed earnings from equity investments
|
16.7
|
|
|
20.9
|
|
||
Gain on early extinguishment of debt
|
(25.2
|
)
|
|
—
|
|
||
Goodwill impairment
|
—
|
|
|
935.0
|
|
||
Changes in current assets and liabilities:
|
|
|
|
||||
Accounts and notes receivable, net
|
53.5
|
|
|
43.7
|
|
||
Inventories
|
(30.3
|
)
|
|
36.8
|
|
||
Other current assets and liabilities
|
17.8
|
|
|
11.8
|
|
||
Accounts payable
|
4.1
|
|
|
(17.7
|
)
|
||
Accrued liabilities
|
51.2
|
|
|
(17.4
|
)
|
||
Other, net
|
(2.1
|
)
|
|
0.5
|
|
||
Net cash provided by operating activities
|
342.8
|
|
|
255.5
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(214.4
|
)
|
|
(233.6
|
)
|
||
Proceeds from asset sales
|
3.1
|
|
|
—
|
|
||
Changes in other assets and liabilities and other
|
3.0
|
|
|
10.1
|
|
||
Restricted cash
|
(3.5
|
)
|
|
9.3
|
|
||
Distributions of capital on equity investments
|
24.0
|
|
|
37.0
|
|
||
Net cash used in
investing activities
|
(187.8
|
)
|
|
(177.2
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings under revolving credit facility
|
270.0
|
|
|
110.0
|
|
||
Repayments under revolving credit facility
|
(315.0
|
)
|
|
(180.0
|
)
|
||
Payments on long-term debt
|
(37.6
|
)
|
|
(38.8
|
)
|
||
Repurchase of notes
|
(39.9
|
)
|
|
—
|
|
||
Payments on license obligations
|
(34.5
|
)
|
|
(32.0
|
)
|
||
Contingent earnout payments
|
—
|
|
|
(0.5
|
)
|
||
(Redemptions) issuance of common stock under stock-based compensation plans
|
(4.7
|
)
|
|
0.4
|
|
||
Net cash used in financing activities
|
(161.7
|
)
|
|
(140.9
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(1.1
|
)
|
|
(7.1
|
)
|
||
Decrease in cash and cash equivalents
|
(7.8
|
)
|
|
(69.7
|
)
|
||
Cash and cash equivalents, beginning of period
|
128.7
|
|
|
171.8
|
|
||
Cash and cash equivalents, end of period
|
$
|
120.9
|
|
|
$
|
102.1
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
433.5
|
|
|
$
|
424.4
|
|
Income taxes paid/(received)
|
9.8
|
|
|
(9.1
|
)
|
||
Non-cash investing and financing transactions:
|
|
|
|
||||
Disposal of fully depreciated assets
|
38.9
|
|
|
59.9
|
|
||
Non-cash additions to intangible assets related to license agreements
|
91.3
|
|
|
9.1
|
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
Gaming
|
|
Lottery
|
|
Interactive
|
|
Corporate
(1)
|
|
Total
|
||||||||||
Total revenue
|
$
|
448.2
|
|
|
$
|
186.6
|
|
|
$
|
85.2
|
|
|
$
|
—
|
|
|
$
|
720.0
|
|
Restructuring and other
|
—
|
|
|
0.5
|
|
|
(0.4
|
)
|
|
13.7
|
|
|
13.8
|
|
|||||
Depreciation, amortization and impairments
|
154.0
|
|
|
15.2
|
|
|
3.7
|
|
|
18.8
|
|
|
191.7
|
|
|||||
Operating income (loss)
|
51.5
|
|
|
43.2
|
|
|
9.6
|
|
|
(70.8
|
)
|
|
33.5
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
(165.4
|
)
|
|||||||||
Earnings from equity investments
|
|
|
|
|
|
|
|
|
7.3
|
|
|||||||||
Other income (expense), net
|
|
|
|
|
|
|
|
|
6.0
|
|
|||||||||
Net loss before income taxes
|
|
|
|
|
|
|
|
|
$
|
(118.6
|
)
|
|
Three Months Ended September 30, 2015
|
||||||||||||||||||
|
Gaming
|
|
Lottery
|
|
Interactive
|
|
Corporate
(1)
|
|
Total
|
||||||||||
Total revenue
|
$
|
429.1
|
|
|
$
|
191.3
|
|
|
$
|
51.2
|
|
|
$
|
—
|
|
|
$
|
671.6
|
|
Restructuring and other
|
3.2
|
|
|
—
|
|
|
0.5
|
|
|
1.9
|
|
|
5.6
|
|
|||||
Depreciation, amortization and impairments
|
245.1
|
|
|
21.6
|
|
|
5.4
|
|
|
14.4
|
|
|
286.5
|
|
|||||
Goodwill impairment
|
935.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
935.0
|
|
|||||
Operating income (loss)
|
(985.3
|
)
|
|
41.3
|
|
|
6.3
|
|
|
(50.5
|
)
|
|
(988.2
|
)
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
(166.8
|
)
|
|||||||||
Earnings from equity investments
|
|
|
|
|
|
|
|
|
3.0
|
|
|||||||||
Other income (expense), net
|
|
|
|
|
|
|
|
|
(7.5
|
)
|
|||||||||
Net loss before income taxes
|
|
|
|
|
|
|
|
|
$
|
(1,159.5
|
)
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
Gaming
|
|
Lottery
|
|
Interactive
|
|
Corporate
(1)
|
|
Total
|
||||||||||
Total revenue
|
$
|
1,311.8
|
|
|
$
|
578.2
|
|
|
$
|
241.2
|
|
|
$
|
—
|
|
|
$
|
2,131.2
|
|
Restructuring and other
|
5.0
|
|
|
1.8
|
|
|
0.1
|
|
|
13.8
|
|
|
20.7
|
|
|||||
Depreciation, amortization and impairments
|
449.9
|
|
|
50.2
|
|
|
11.2
|
|
|
54.1
|
|
|
565.4
|
|
|||||
Operating income (loss)
|
141.6
|
|
|
149.1
|
|
|
34.8
|
|
|
(182.6
|
)
|
|
142.9
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
(496.4
|
)
|
|||||||||
Earnings from equity investments
|
|
|
|
|
|
|
|
|
18.5
|
|
|||||||||
Gain on early extinguishment of debt
|
|
|
|
|
|
|
|
|
25.2
|
|
|||||||||
Other income (expense), net
|
|
|
|
|
|
|
|
|
8.4
|
|
|||||||||
Net loss before income taxes
|
|
|
|
|
|
|
|
|
$
|
(301.4
|
)
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||
|
Gaming
|
|
Lottery
|
|
Interactive
|
|
Corporate
(1)
|
|
Total
|
||||||||||
Total revenue
|
$
|
1,304.6
|
|
|
$
|
567.5
|
|
|
$
|
149.7
|
|
|
$
|
—
|
|
|
$
|
2,021.8
|
|
Restructuring and other
|
10.1
|
|
|
0.2
|
|
|
1.5
|
|
|
7.2
|
|
|
19.0
|
|
|||||
Depreciation, amortization and impairments
|
569.9
|
|
|
62.9
|
|
|
15.9
|
|
|
44.2
|
|
|
692.9
|
|
|||||
Goodwill impairment
|
935.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
935.0
|
|
|||||
Operating income (loss)
|
(955.1
|
)
|
|
130.6
|
|
|
17.5
|
|
|
(163.2
|
)
|
|
(970.2
|
)
|
|||||
Interest expense
|
|
|
|
|
|
|
|
|
(497.5
|
)
|
|||||||||
Earnings from equity investments
|
|
|
|
|
|
|
|
|
9.4
|
|
|||||||||
Other income (expense), net
|
|
|
|
|
|
|
|
|
(17.4
|
)
|
|||||||||
Net loss before income taxes
|
|
|
|
|
|
|
|
|
$
|
(1,475.7
|
)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Current:
|
|
|
|
||||
Accounts receivable
|
$
|
478.3
|
|
|
$
|
497.7
|
|
Notes receivable
|
143.6
|
|
|
180.4
|
|
||
Allowance for doubtful accounts and notes
|
(27.6
|
)
|
|
(23.3
|
)
|
||
Current accounts and notes receivable, net
|
$
|
594.3
|
|
|
$
|
654.8
|
|
Long-term:
|
|
|
|
||||
Notes receivable, net of allowance of $0.2 and $0.3
|
43.6
|
|
|
51.3
|
|
||
Total accounts and notes receivable, net
|
$
|
637.9
|
|
|
$
|
706.1
|
|
•
|
Mexico - Our accounts and notes receivable, net, from certain customers in Mexico at
September 30, 2016
was
$43.2
million. We collected
$22.1
million of outstanding receivables from these customers during the nine months ended
September 30, 2016
.
|
•
|
Peru - Our accounts and notes receivable, net, from certain customers in Peru at
September 30, 2016
was
$34.6 million
. We collected
$19.5 million
of outstanding receivables from these customers during the nine months ended
September 30, 2016
.
|
•
|
Argentina - Our accounts and notes receivable, net, from customers in Argentina at
September 30, 2016
was
$17.5 million
denominated in USD. Our customers are required to and have continued to pay us in pesos at the spot exchange rate on the date of payment. We collected
$17.7 million
of outstanding receivables from customers in Argentina during the nine months ended
September 30, 2016
.
|
|
September 30, 2016
|
|
Balances over 90 days past due
|
|
December 31, 2015
|
|
Balances over 90 days past due
|
||||||||
Notes receivable:
|
|
|
|
|
|
|
|
||||||||
Domestic
|
$
|
34.5
|
|
|
$
|
0.8
|
|
|
$
|
62.4
|
|
|
$
|
2.6
|
|
International
|
152.9
|
|
|
34.1
|
|
|
169.8
|
|
|
26.6
|
|
||||
Total notes receivable
|
187.4
|
|
|
34.9
|
|
|
232.2
|
|
|
29.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Notes receivable allowances
|
|
|
|
|
|
|
|
||||||||
Domestic
|
(1.1
|
)
|
|
(0.8
|
)
|
|
(2.6
|
)
|
|
(2.5
|
)
|
||||
International
|
(13.7
|
)
|
|
(13.7
|
)
|
|
(10.6
|
)
|
|
(9.5
|
)
|
||||
Total notes receivable allowances
|
(14.8
|
)
|
|
(14.5
|
)
|
|
(13.2
|
)
|
|
(12.0
|
)
|
||||
Notes receivable, net
|
$
|
172.6
|
|
|
$
|
20.4
|
|
|
$
|
219.0
|
|
|
$
|
17.2
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Ending Balance Individually
Evaluated for Impairment
|
|
Ending Balance Collectively
Evaluated for Impairment
|
|
Total
|
|
Ending Balance Individually
Evaluated for Impairment
|
|
Ending Balance Collectively
Evaluated for Impairment
|
|
Total
|
||||||||||||
Notes receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
$
|
10.4
|
|
|
$
|
24.1
|
|
|
$
|
34.5
|
|
|
$
|
20.7
|
|
|
$
|
41.7
|
|
|
$
|
62.4
|
|
International
|
78.9
|
|
|
74.0
|
|
|
152.9
|
|
|
101.8
|
|
|
68.0
|
|
|
169.8
|
|
||||||
Total notes receivable
|
89.3
|
|
|
98.1
|
|
|
187.4
|
|
|
122.5
|
|
|
109.7
|
|
|
232.2
|
|
||||||
Allowance for notes receivable
|
(14.6
|
)
|
|
(0.2
|
)
|
|
(14.8
|
)
|
|
(12.9
|
)
|
|
(0.3
|
)
|
|
(13.2
|
)
|
||||||
Total notes receivable, net
|
$
|
74.7
|
|
|
$
|
97.9
|
|
|
$
|
172.6
|
|
|
$
|
109.6
|
|
|
$
|
109.4
|
|
|
$
|
219.0
|
|
|
For the Nine Months Ended September 30, 2016
|
|
For the Nine Months Ended September 30, 2015
|
||||||||||||||||||||
|
Ending Balance Individually
Evaluated for Impairment
|
|
Ending Balance Collectively
Evaluated for Impairment
|
|
Total
|
|
Ending Balance Individually
Evaluated for Impairment
|
|
Ending Balance Collectively
Evaluated for Impairment
|
|
Total
|
||||||||||||
Provision
|
$
|
(3.8
|
)
|
|
$
|
—
|
|
|
$
|
(3.8
|
)
|
|
$
|
(6.2
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
(7.9
|
)
|
Charge-offs and recoveries
|
2.1
|
|
|
0.1
|
|
|
2.2
|
|
|
2.3
|
|
|
0.1
|
|
|
2.4
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Parts and work-in-process
|
|
$
|
117.8
|
|
|
$
|
118.3
|
|
Finished goods
|
|
152.3
|
|
|
130.2
|
|
||
Total inventories
|
|
$
|
270.1
|
|
|
$
|
248.5
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Land
|
|
$
|
38.5
|
|
|
$
|
38.5
|
|
Buildings and leasehold improvements
|
|
183.1
|
|
|
185.2
|
|
||
Gaming and lottery machinery and equipment
|
|
1,057.1
|
|
|
1,084.6
|
|
||
Furniture and fixtures
|
|
29.2
|
|
|
36.0
|
|
||
Construction in progress
|
|
22.5
|
|
|
25.5
|
|
||
Other property and equipment
|
|
263.7
|
|
|
271.0
|
|
||
Less: accumulated depreciation
|
|
(930.3
|
)
|
|
(846.8
|
)
|
||
Total property and equipment, net
|
|
$
|
663.8
|
|
|
$
|
794.0
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Balance
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Balance
|
||||||||||||
Amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
879.2
|
|
|
$
|
(151.0
|
)
|
|
$
|
728.2
|
|
|
$
|
877.7
|
|
|
$
|
(109.1
|
)
|
|
$
|
768.6
|
|
Intellectual property
(1)
|
733.9
|
|
|
(195.3
|
)
|
|
538.6
|
|
|
731.1
|
|
|
(124.5
|
)
|
|
606.6
|
|
||||||
Licenses
|
417.8
|
|
|
(139.0
|
)
|
|
278.8
|
|
|
326.1
|
|
|
(91.6
|
)
|
|
234.5
|
|
||||||
Brand names
|
125.2
|
|
|
(29.1
|
)
|
|
96.1
|
|
|
124.0
|
|
|
(18.9
|
)
|
|
105.1
|
|
||||||
Trade names
|
97.4
|
|
|
(6.5
|
)
|
|
90.9
|
|
|
97.5
|
|
|
(1.9
|
)
|
|
95.6
|
|
||||||
Patents and other
|
27.8
|
|
|
(14.0
|
)
|
|
13.8
|
|
|
27.1
|
|
|
(12.8
|
)
|
|
14.3
|
|
||||||
|
2,281.3
|
|
|
(534.9
|
)
|
|
1,746.4
|
|
|
2,183.5
|
|
|
(358.8
|
)
|
|
1,824.7
|
|
||||||
Non-amortizable intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade names
|
96.7
|
|
|
(2.1
|
)
|
|
94.6
|
|
|
97.4
|
|
|
(2.1
|
)
|
|
95.3
|
|
||||||
Total intangible assets
|
$
|
2,378.0
|
|
|
$
|
(537.0
|
)
|
|
$
|
1,841.0
|
|
|
$
|
2,280.9
|
|
|
$
|
(360.9
|
)
|
|
$
|
1,920.0
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amortization expense
|
$
|
60.9
|
|
|
$
|
181.5
|
|
|
$
|
188.8
|
|
|
$
|
331.8
|
|
Goodwill
|
|
Gaming
|
|
Lottery
|
|
Interactive
|
|
Totals
|
||||||||
Balance as of December 31, 2015
|
|
$
|
2,486.0
|
|
|
$
|
417.9
|
|
|
$
|
109.8
|
|
|
$
|
3,013.7
|
|
Foreign currency adjustments
|
|
(27.1
|
)
|
|
4.4
|
|
|
—
|
|
|
(22.7
|
)
|
||||
Balance as of September 30, 2016
|
|
$
|
2,458.9
|
|
|
$
|
422.3
|
|
|
$
|
109.8
|
|
|
$
|
2,991.0
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Software
|
|
$
|
932.1
|
|
|
$
|
854.2
|
|
Accumulated amortization
|
|
(501.0
|
)
|
|
(368.3
|
)
|
||
Software, net
|
|
$
|
431.1
|
|
|
$
|
485.9
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amortization expense
|
$
|
44.2
|
|
|
$
|
32.2
|
|
|
$
|
122.6
|
|
|
$
|
112.0
|
|
|
|
Principal
|
|
Unamortized debt discount
|
|
Unamortized deferred financing costs
|
|
Book value September 30, 2016
|
||||||||
Senior Secured Credit Facilities:
|
|
|
|
|
|
|
|
|
||||||||
Revolver, varying interest rate, due 2018
|
|
$
|
50.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50.0
|
|
Term Loan, varying interest rate, due 2020
|
|
2,236.8
|
|
|
(6.5
|
)
|
|
(44.2
|
)
|
|
2,186.1
|
|
||||
Term Loan, varying interest rate, due 2021
|
|
1,965.0
|
|
|
(14.5
|
)
|
|
(42.7
|
)
|
|
1,907.8
|
|
||||
2018 Notes
|
|
250.0
|
|
|
—
|
|
|
(1.5
|
)
|
|
248.5
|
|
||||
2020 Notes
|
|
243.5
|
|
|
—
|
|
|
(2.5
|
)
|
|
241.0
|
|
||||
2021 Notes
|
|
340.6
|
|
|
(1.5
|
)
|
|
(4.8
|
)
|
|
334.3
|
|
||||
Secured Notes
|
|
950.0
|
|
|
—
|
|
|
(14.4
|
)
|
|
935.6
|
|
||||
Unsecured Notes
|
|
2,200.0
|
|
|
—
|
|
|
(37.5
|
)
|
|
2,162.5
|
|
||||
Capital lease obligations, 3.9% interest as of September 30, 2016 payable monthly through 2019
|
|
17.6
|
|
|
—
|
|
|
—
|
|
|
17.6
|
|
||||
Total long-term debt outstanding
|
|
$
|
8,253.5
|
|
|
$
|
(22.5
|
)
|
|
$
|
(147.6
|
)
|
|
$
|
8,083.4
|
|
Less: current portion of long-term debt
|
|
|
|
|
|
|
|
(49.6
|
)
|
|||||||
Long-term debt, excluding current portion
|
|
|
|
|
|
|
|
|
$
|
8,033.8
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Principal
|
|
Unamortized debt discount
|
|
Unamortized deferred financing costs
|
|
Book value December 31, 2015
|
||||||||
Senior Secured Credit Facilities:
|
|
|
|
|
|
|
|
|
||||||||
Revolver, varying interest rate, due 2018
|
|
$
|
95.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
95.0
|
|
Term Loan, varying interest rate, due 2020
|
|
2,254.0
|
|
|
(7.8
|
)
|
|
(52.5
|
)
|
|
2,193.7
|
|
||||
Term Loan, varying interest rate, due 2021
|
|
1,980.0
|
|
|
(16.7
|
)
|
|
(49.2
|
)
|
|
1,914.1
|
|
||||
2018 Notes
|
|
250.0
|
|
|
—
|
|
|
(2.0
|
)
|
|
248.0
|
|
||||
2020 Notes
|
|
300.0
|
|
|
—
|
|
|
(3.6
|
)
|
|
296.4
|
|
||||
2021 Notes
|
|
350.0
|
|
|
(1.8
|
)
|
|
(5.6
|
)
|
|
342.6
|
|
||||
Secured Notes
|
|
950.0
|
|
|
—
|
|
|
(16.4
|
)
|
|
933.6
|
|
||||
Unsecured Notes
|
|
2,200.0
|
|
|
—
|
|
|
(42.1
|
)
|
|
2,157.9
|
|
||||
Capital lease obligations, 3.9% interest as of December 31, 2015 payable monthly through 2019
|
|
25.7
|
|
|
—
|
|
|
—
|
|
|
25.7
|
|
||||
Total long-term debt outstanding
|
|
$
|
8,404.7
|
|
|
$
|
(26.3
|
)
|
|
$
|
(171.4
|
)
|
|
$
|
8,207.0
|
|
Less: current portion of long-term debt
|
|
|
|
|
|
|
|
(50.3
|
)
|
|||||||
Long-term debt, excluding current portion
|
|
|
|
|
|
|
|
|
$
|
8,156.7
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Losses (gains) recorded in accumulated other comprehensive loss, net of tax
|
|
$
|
(2.7
|
)
|
|
$
|
1.7
|
|
|
$
|
(6.3
|
)
|
|
$
|
1.0
|
|
Realized (gains) losses recorded in interest expense
|
|
2.0
|
|
|
(0.6
|
)
|
|
6.1
|
|
|
1.1
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
Accrued liabilities
|
$
|
8.2
|
|
|
$
|
7.9
|
|
Other long-term liabilities
|
1.7
|
|
|
4.0
|
|
||
Total fair value
|
$
|
9.9
|
|
|
$
|
11.9
|
|
|
|
As of September 30, 2016
|
|
Options outstanding
|
|
3.2
|
|
Remaining unrecognized expense related to unvested options
|
|
$8.3
|
|
|
|
|
|
RSUs Outstanding
|
|
5.6
|
|
Remaining unrecognized expense related to unvested RSUs
|
|
$52.8
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||
Stock-based compensation expense recognized:
|
|
|
|
|
|
|
|
||||||||
Related to vesting of stock options
|
$
|
2.9
|
|
|
$
|
0.6
|
|
|
$
|
4.2
|
|
|
$
|
1.5
|
|
Related to vesting of RSUs
|
8.1
|
|
|
6.6
|
|
|
19.3
|
|
|
17.6
|
|
||||
Total
|
$
|
11.0
|
|
|
$
|
7.2
|
|
|
$
|
23.5
|
|
|
$
|
19.1
|
|
|
|
|
|
|
|
|
|
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
42.7
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
84.8
|
|
|
$
|
(7.1
|
)
|
|
$
|
120.9
|
|
Restricted cash
|
|
—
|
|
|
—
|
|
|
24.2
|
|
|
0.1
|
|
|
—
|
|
|
24.3
|
|
||||||
Accounts receivable, net
|
|
—
|
|
|
58.2
|
|
|
193.2
|
|
|
213.9
|
|
|
—
|
|
|
465.3
|
|
||||||
Notes receivable, net
|
|
—
|
|
|
—
|
|
|
94.3
|
|
|
34.7
|
|
|
—
|
|
|
129.0
|
|
||||||
Inventories
|
|
—
|
|
|
37.9
|
|
|
93.2
|
|
|
156.8
|
|
|
(17.8
|
)
|
|
270.1
|
|
||||||
Prepaid expenses, deposits and other current assets
|
|
32.2
|
|
|
17.5
|
|
|
35.2
|
|
|
41.1
|
|
|
—
|
|
|
126.0
|
|
||||||
Property and equipment, net
|
|
8.1
|
|
|
106.3
|
|
|
406.8
|
|
|
166.1
|
|
|
(23.5
|
)
|
|
663.8
|
|
||||||
Investment in subsidiaries
|
|
3,166.1
|
|
|
859.5
|
|
|
888.1
|
|
|
—
|
|
|
(4,913.7
|
)
|
|
—
|
|
||||||
Goodwill
|
|
—
|
|
|
188.3
|
|
|
1,931.7
|
|
|
871.0
|
|
|
—
|
|
|
2,991.0
|
|
||||||
Intangible assets, net
|
|
196.5
|
|
|
38.5
|
|
|
1,386.0
|
|
|
220.0
|
|
|
—
|
|
|
1,841.0
|
|
||||||
Intercompany balances
|
|
—
|
|
|
5,505.1
|
|
|
—
|
|
|
89.3
|
|
|
(5,594.4
|
)
|
|
—
|
|
||||||
Software, net
|
|
71.0
|
|
|
22.9
|
|
|
285.5
|
|
|
51.7
|
|
|
—
|
|
|
431.1
|
|
||||||
Other assets
|
|
270.1
|
|
|
223.9
|
|
|
44.8
|
|
|
217.9
|
|
|
(442.6
|
)
|
|
314.1
|
|
||||||
Total assets
|
|
$
|
3,786.7
|
|
|
$
|
7,058.6
|
|
|
$
|
5,383.0
|
|
|
$
|
2,147.4
|
|
|
$
|
(10,999.1
|
)
|
|
$
|
7,376.6
|
|
Liabilities and stockholders' (deficit) equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current portion of long-term debt
|
|
$
|
—
|
|
|
$
|
43.0
|
|
|
$
|
—
|
|
|
$
|
6.6
|
|
|
$
|
—
|
|
|
$
|
49.6
|
|
Other current liabilities
|
|
66.7
|
|
|
194.0
|
|
|
206.9
|
|
|
208.4
|
|
|
(7.1
|
)
|
|
668.9
|
|
||||||
Long-term debt, excluding current portion
|
|
248.5
|
|
|
7,774.2
|
|
|
—
|
|
|
11.1
|
|
|
—
|
|
|
8,033.8
|
|
||||||
Other long-term liabilities
|
|
179.4
|
|
|
12.1
|
|
|
517.4
|
|
|
108.0
|
|
|
(442.6
|
)
|
|
374.3
|
|
||||||
Intercompany balances
|
|
5,042.1
|
|
|
—
|
|
|
552.3
|
|
|
—
|
|
|
(5,594.4
|
)
|
|
—
|
|
||||||
Stockholders' (deficit) equity
|
|
(1,750.0
|
)
|
|
(964.7
|
)
|
|
4,106.4
|
|
|
1,813.3
|
|
|
(4,955.0
|
)
|
|
(1,750.0
|
)
|
||||||
Total liabilities and stockholders' (deficit) equity
|
|
$
|
3,786.7
|
|
|
$
|
7,058.6
|
|
|
$
|
5,383.0
|
|
|
$
|
2,147.4
|
|
|
$
|
(10,999.1
|
)
|
|
$
|
7,376.6
|
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
43.2
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
85.0
|
|
|
$
|
—
|
|
|
$
|
128.7
|
|
Restricted cash
|
|
—
|
|
|
—
|
|
|
20.0
|
|
|
0.2
|
|
|
—
|
|
|
20.2
|
|
||||||
Accounts receivable, net
|
|
—
|
|
|
94.6
|
|
|
223.0
|
|
|
169.5
|
|
|
—
|
|
|
487.1
|
|
||||||
Notes receivable, net
|
|
—
|
|
|
—
|
|
|
114.2
|
|
|
53.5
|
|
|
—
|
|
|
167.7
|
|
||||||
Inventories
|
|
—
|
|
|
36.9
|
|
|
104.2
|
|
|
119.6
|
|
|
(12.2
|
)
|
|
248.5
|
|
||||||
Prepaid expenses, deposits and other current assets
|
|
26.8
|
|
|
7.0
|
|
|
51.0
|
|
|
38.5
|
|
|
—
|
|
|
123.3
|
|
||||||
Property and equipment, net
|
|
8.2
|
|
|
106.4
|
|
|
501.1
|
|
|
189.8
|
|
|
(11.5
|
)
|
|
794.0
|
|
||||||
Investment in subsidiaries
|
|
3,319.6
|
|
|
838.1
|
|
|
819.0
|
|
|
—
|
|
|
(4,976.7
|
)
|
|
—
|
|
||||||
Goodwill
|
|
—
|
|
|
186.0
|
|
|
1,934.0
|
|
|
893.7
|
|
|
—
|
|
|
3,013.7
|
|
||||||
Intangible assets, net
|
|
138.3
|
|
|
39.8
|
|
|
1,505.0
|
|
|
236.9
|
|
|
—
|
|
|
1,920.0
|
|
||||||
Intercompany balances
|
|
—
|
|
|
5,857.1
|
|
|
—
|
|
|
—
|
|
|
(5,857.1
|
)
|
|
—
|
|
||||||
Software, net
|
|
35.6
|
|
|
32.7
|
|
|
358.0
|
|
|
59.6
|
|
|
—
|
|
|
485.9
|
|
||||||
Other assets
|
|
232.5
|
|
|
123.4
|
|
|
51.8
|
|
|
241.7
|
|
|
(306.3
|
)
|
|
343.1
|
|
||||||
Total assets
|
|
$
|
3,804.2
|
|
|
$
|
7,322.0
|
|
|
$
|
5,681.8
|
|
|
$
|
2,088.0
|
|
|
$
|
(11,163.8
|
)
|
|
$
|
7,732.2
|
|
Liabilities and stockholders' (deficit) equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current portion of long-term debt
|
|
$
|
—
|
|
|
$
|
43.0
|
|
|
$
|
—
|
|
|
$
|
7.3
|
|
|
$
|
—
|
|
|
$
|
50.3
|
|
Other current liabilities
|
|
63.7
|
|
|
150.5
|
|
|
238.8
|
|
|
150.6
|
|
|
—
|
|
|
603.6
|
|
||||||
Long-term debt, excluding current portion
|
|
248.0
|
|
|
7,890.3
|
|
|
—
|
|
|
18.4
|
|
|
—
|
|
|
8,156.7
|
|
||||||
Other long-term liabilities
|
|
119.1
|
|
|
14.5
|
|
|
502.1
|
|
|
87.7
|
|
|
(306.3
|
)
|
|
417.1
|
|
||||||
Intercompany balances
|
|
4,868.9
|
|
|
—
|
|
|
966.8
|
|
|
21.4
|
|
|
(5,857.1
|
)
|
|
—
|
|
||||||
Stockholders' (deficit) equity
|
|
(1,495.5
|
)
|
|
(776.3
|
)
|
|
3,974.1
|
|
|
1,802.6
|
|
|
(5,000.4
|
)
|
|
(1,495.5
|
)
|
||||||
Total liabilities and stockholders' (deficit) equity
|
|
$
|
3,804.2
|
|
|
$
|
7,322.0
|
|
|
$
|
5,681.8
|
|
|
$
|
2,088.0
|
|
|
$
|
(11,163.8
|
)
|
|
$
|
7,732.2
|
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
114.2
|
|
|
$
|
330.8
|
|
|
$
|
358.4
|
|
|
$
|
(83.4
|
)
|
|
$
|
720.0
|
|
Cost of services, cost of product sales and cost of instant games
(3)
|
|
—
|
|
|
81.8
|
|
|
86.1
|
|
|
189.8
|
|
|
(83.4
|
)
|
|
274.3
|
|
||||||
Selling, general and administrative
|
|
30.9
|
|
|
14.8
|
|
|
43.1
|
|
|
64.0
|
|
|
—
|
|
|
152.8
|
|
||||||
Research and development
|
|
2.1
|
|
|
1.6
|
|
|
38.3
|
|
|
11.9
|
|
|
—
|
|
|
53.9
|
|
||||||
Restructuring and other
|
|
14.3
|
|
|
0.2
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
13.8
|
|
||||||
Depreciation, amortization and impairments
|
|
13.8
|
|
|
8.7
|
|
|
140.6
|
|
|
28.6
|
|
|
—
|
|
|
191.7
|
|
||||||
Operating (loss) income
|
|
(61.1
|
)
|
|
7.1
|
|
|
23.4
|
|
|
64.1
|
|
|
—
|
|
|
33.5
|
|
||||||
Interest expense
|
|
(5.3
|
)
|
|
(159.5
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(165.4
|
)
|
||||||
Other (expense) income, net
|
|
(13.9
|
)
|
|
54.7
|
|
|
(26.7
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
13.3
|
|
||||||
Net (loss) income before equity in income of subsidiaries and income taxes
|
|
(80.3
|
)
|
|
(97.7
|
)
|
|
(3.3
|
)
|
|
62.7
|
|
|
—
|
|
|
(118.6
|
)
|
||||||
Equity in income of subsidiaries
|
|
18.1
|
|
|
7.5
|
|
|
37.9
|
|
|
—
|
|
|
(63.5
|
)
|
|
—
|
|
||||||
Income tax (expense) benefit
|
|
(36.7
|
)
|
|
99.2
|
|
|
(16.9
|
)
|
|
(25.9
|
)
|
|
—
|
|
|
19.7
|
|
||||||
Net (loss) income
|
|
$
|
(98.9
|
)
|
|
$
|
9.0
|
|
|
$
|
17.7
|
|
|
$
|
36.8
|
|
|
$
|
(63.5
|
)
|
|
$
|
(98.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss)
|
|
5.2
|
|
|
2.1
|
|
|
(48.0
|
)
|
|
19.0
|
|
|
26.9
|
|
|
5.2
|
|
||||||
Comprehensive (loss) income
|
|
$
|
(93.7
|
)
|
|
$
|
11.1
|
|
|
$
|
(30.3
|
)
|
|
$
|
55.8
|
|
|
$
|
(36.6
|
)
|
|
$
|
(93.7
|
)
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
106.5
|
|
|
$
|
370.7
|
|
|
$
|
270.4
|
|
|
$
|
(76.0
|
)
|
|
$
|
671.6
|
|
Cost of services, cost of product sales and cost of instant games
(3)
|
|
—
|
|
|
77.7
|
|
|
113.1
|
|
|
135.2
|
|
|
(76.0
|
)
|
|
250.0
|
|
||||||
Selling, general and administrative
|
|
16.2
|
|
|
15.9
|
|
|
59.2
|
|
|
45.5
|
|
|
—
|
|
|
136.8
|
|
||||||
Research and development
|
|
—
|
|
|
0.8
|
|
|
35.4
|
|
|
9.7
|
|
|
—
|
|
|
45.9
|
|
||||||
Restructuring and other
|
|
1.4
|
|
|
0.6
|
|
|
2.9
|
|
|
0.7
|
|
|
—
|
|
|
5.6
|
|
||||||
Depreciation, amortization and impairments
|
|
8.3
|
|
|
10.5
|
|
|
232.2
|
|
|
35.5
|
|
|
—
|
|
|
286.5
|
|
||||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
802.9
|
|
|
132.1
|
|
|
—
|
|
|
935.0
|
|
||||||
Operating (loss) income
|
|
(25.9
|
)
|
|
1.0
|
|
|
(875.0
|
)
|
|
(88.3
|
)
|
|
—
|
|
|
(988.2
|
)
|
||||||
Interest expense
|
|
(5.2
|
)
|
|
(161.4
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(166.8
|
)
|
||||||
Other (expense) income, net
|
|
6.9
|
|
|
19.3
|
|
|
(8.2
|
)
|
|
(22.5
|
)
|
|
—
|
|
|
(4.5
|
)
|
||||||
Net loss before equity in (loss) income of subsidiaries and income taxes
|
|
(24.2
|
)
|
|
(141.1
|
)
|
|
(883.2
|
)
|
|
(111.0
|
)
|
|
—
|
|
|
(1,159.5
|
)
|
||||||
Equity in (loss) income of subsidiaries
|
|
(1,137.5
|
)
|
|
11.8
|
|
|
(143.6
|
)
|
|
—
|
|
|
1,269.3
|
|
|
—
|
|
||||||
Income tax benefit (expense)
|
|
83.5
|
|
|
(0.1
|
)
|
|
(0.9
|
)
|
|
(1.2
|
)
|
|
—
|
|
|
81.3
|
|
||||||
Net loss
|
|
$
|
(1,078.2
|
)
|
|
$
|
(129.4
|
)
|
|
$
|
(1,027.7
|
)
|
|
$
|
(112.2
|
)
|
|
$
|
1,269.3
|
|
|
$
|
(1,078.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income
|
|
(49.0
|
)
|
|
(3.1
|
)
|
|
56.8
|
|
|
(104.1
|
)
|
|
50.4
|
|
|
(49.0
|
)
|
||||||
Comprehensive loss
|
|
$
|
(1,127.2
|
)
|
|
$
|
(132.5
|
)
|
|
$
|
(970.9
|
)
|
|
$
|
(216.3
|
)
|
|
$
|
1,319.7
|
|
|
$
|
(1,127.2
|
)
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
355.8
|
|
|
$
|
1,047.0
|
|
|
$
|
942.2
|
|
|
$
|
(213.8
|
)
|
|
$
|
2,131.2
|
|
Cost of instant games, cost of services and cost of product sales
(3)
|
|
—
|
|
|
250.8
|
|
|
275.2
|
|
|
494.6
|
|
|
(213.8
|
)
|
|
806.8
|
|
||||||
Selling, general and administrative
|
|
91.9
|
|
|
37.6
|
|
|
132.8
|
|
|
177.7
|
|
|
—
|
|
|
440.0
|
|
||||||
Research and development
|
|
4.8
|
|
|
6.3
|
|
|
109.1
|
|
|
35.2
|
|
|
—
|
|
|
155.4
|
|
||||||
Restructuring and other
|
|
14.3
|
|
|
0.4
|
|
|
3.3
|
|
|
2.7
|
|
|
—
|
|
|
20.7
|
|
||||||
Depreciation, amortization and impairments
|
|
39.5
|
|
|
29.9
|
|
|
407.3
|
|
|
88.7
|
|
|
—
|
|
|
565.4
|
|
||||||
Operating (loss) income
|
|
(150.5
|
)
|
|
30.8
|
|
|
119.3
|
|
|
143.3
|
|
|
—
|
|
|
142.9
|
|
||||||
Interest expense
|
|
(15.8
|
)
|
|
(480.0
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(496.4
|
)
|
||||||
Gain on early extinguishment of debt
|
|
—
|
|
|
25.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25.2
|
|
||||||
Other (expense) income, net
|
|
(64.2
|
)
|
|
157.5
|
|
|
(73.9
|
)
|
|
7.5
|
|
|
—
|
|
|
26.9
|
|
||||||
Net (loss) income before equity in (loss) income of subsidiaries and income taxes
|
|
(230.5
|
)
|
|
(266.5
|
)
|
|
45.4
|
|
|
150.2
|
|
|
—
|
|
|
(301.4
|
)
|
||||||
Equity in (loss) income of subsidiaries
|
|
(22.7
|
)
|
|
37.8
|
|
|
85.3
|
|
|
—
|
|
|
(100.4
|
)
|
|
—
|
|
||||||
Income tax benefit (expense)
|
|
10.3
|
|
|
99.2
|
|
|
(16.8
|
)
|
|
(34.2
|
)
|
|
—
|
|
|
58.5
|
|
||||||
Net (loss) income
|
|
$
|
(242.9
|
)
|
|
$
|
(129.5
|
)
|
|
$
|
113.9
|
|
|
$
|
116.0
|
|
|
$
|
(100.4
|
)
|
|
$
|
(242.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income
|
|
(27.4
|
)
|
|
5.0
|
|
|
(54.2
|
)
|
|
(11.8
|
)
|
|
61.0
|
|
|
(27.4
|
)
|
||||||
Comprehensive (loss) income
|
|
$
|
(270.3
|
)
|
|
$
|
(124.5
|
)
|
|
$
|
59.7
|
|
|
$
|
104.2
|
|
|
$
|
(39.4
|
)
|
|
$
|
(270.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
324.1
|
|
|
$
|
1,163.3
|
|
|
$
|
811.0
|
|
|
$
|
(276.6
|
)
|
|
$
|
2,021.8
|
|
Cost of instant games, cost of services and cost of product sales
(3)
|
|
—
|
|
|
238.0
|
|
|
371.4
|
|
|
447.9
|
|
|
(276.6
|
)
|
|
780.7
|
|
||||||
Selling, general and administrative
|
|
47.8
|
|
|
50.5
|
|
|
186.9
|
|
|
138.4
|
|
|
—
|
|
|
423.6
|
|
||||||
Research and development
|
|
—
|
|
|
3.6
|
|
|
108.5
|
|
|
28.7
|
|
|
—
|
|
|
140.8
|
|
||||||
Restructuring and other
|
|
4.6
|
|
|
1.5
|
|
|
9.6
|
|
|
3.3
|
|
|
—
|
|
|
19.0
|
|
||||||
Depreciation, amortization and impairments
|
|
24.3
|
|
|
30.1
|
|
|
528.2
|
|
|
110.3
|
|
|
—
|
|
|
692.9
|
|
||||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
802.9
|
|
|
132.1
|
|
|
—
|
|
|
935.0
|
|
||||||
Operating (loss) income
|
|
(76.7
|
)
|
|
0.4
|
|
|
(844.2
|
)
|
|
(49.7
|
)
|
|
—
|
|
|
(970.2
|
)
|
||||||
Interest expense
|
|
(15.8
|
)
|
|
(481.3
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(497.5
|
)
|
||||||
Other (expense) income, net
|
|
24.9
|
|
|
55.2
|
|
|
(77.0
|
)
|
|
(11.1
|
)
|
|
—
|
|
|
(8.0
|
)
|
||||||
Net loss before equity in (loss) income of subsidiaries and income taxes
|
|
(67.6
|
)
|
|
(425.7
|
)
|
|
(921.2
|
)
|
|
(61.2
|
)
|
|
—
|
|
|
(1,475.7
|
)
|
||||||
Equity in (loss) income of subsidiaries
|
|
(1,412.1
|
)
|
|
41.1
|
|
|
(112.6
|
)
|
|
—
|
|
|
1,483.6
|
|
|
—
|
|
||||||
Income tax benefit (expense)
|
|
212.9
|
|
|
(0.2
|
)
|
|
(7.0
|
)
|
|
3.2
|
|
|
—
|
|
|
208.9
|
|
||||||
Net loss
|
|
$
|
(1,266.8
|
)
|
|
$
|
(384.8
|
)
|
|
$
|
(1,040.8
|
)
|
|
$
|
(58.0
|
)
|
|
$
|
1,483.6
|
|
|
$
|
(1,266.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive (loss) income
|
|
(136.1
|
)
|
|
(12.9
|
)
|
|
48.4
|
|
|
(181.4
|
)
|
|
145.9
|
|
|
(136.1
|
)
|
||||||
Comprehensive loss
|
|
$
|
(1,402.9
|
)
|
|
$
|
(397.7
|
)
|
|
$
|
(992.4
|
)
|
|
$
|
(239.4
|
)
|
|
$
|
1,629.5
|
|
|
$
|
(1,402.9
|
)
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Net cash (used in) provided by operating activities
|
|
$
|
(213.3
|
)
|
|
$
|
(157.0
|
)
|
|
$
|
494.3
|
|
|
$
|
225.9
|
|
|
$
|
(7.1
|
)
|
|
$
|
342.8
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capital expenditures
|
|
(36.6
|
)
|
|
(22.1
|
)
|
|
(110.4
|
)
|
|
(45.3
|
)
|
|
—
|
|
|
(214.4
|
)
|
||||||
Distributions of capital on equity investments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24.0
|
|
|
—
|
|
|
24.0
|
|
||||||
Restricted Cash
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
||||||
Changes in other assets and liabilities and other
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
||||||
Other, principally change in intercompany investing activities
|
|
—
|
|
|
296.8
|
|
|
—
|
|
|
(198.8
|
)
|
|
(98.0
|
)
|
|
—
|
|
||||||
Net cash (used in) provided by investing activities
|
|
(36.6
|
)
|
|
274.7
|
|
|
(107.8
|
)
|
|
(220.1
|
)
|
|
(98.0
|
)
|
|
(187.8
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net payments of long-term debt including repurchases of notes
|
|
—
|
|
|
(117.2
|
)
|
|
—
|
|
|
(5.3
|
)
|
|
—
|
|
|
(122.5
|
)
|
||||||
Payments on license obligations
|
|
(24.2
|
)
|
|
—
|
|
|
(10.3
|
)
|
|
—
|
|
|
—
|
|
|
(34.5
|
)
|
||||||
Redemptions of common stock under stock-based compensation plans
|
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
||||||
Other, principally change in intercompany financing activities
|
|
278.3
|
|
|
—
|
|
|
(376.3
|
)
|
|
—
|
|
|
98.0
|
|
|
—
|
|
||||||
Net cash provided by (used in) financing activities
|
|
249.4
|
|
|
(117.2
|
)
|
|
(386.6
|
)
|
|
(5.3
|
)
|
|
98.0
|
|
|
(161.7
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
(1.1
|
)
|
||||||
(Decrease) increase in cash and cash equivalents
|
|
(0.5
|
)
|
|
0.5
|
|
|
(0.5
|
)
|
|
(0.2
|
)
|
|
(7.1
|
)
|
|
(7.8
|
)
|
||||||
Cash and cash equivalents, beginning of period
|
|
43.2
|
|
|
—
|
|
|
0.5
|
|
|
85.0
|
|
|
—
|
|
|
128.7
|
|
||||||
Cash and cash equivalents, end of period
|
|
$
|
42.7
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
84.8
|
|
|
$
|
(7.1
|
)
|
|
$
|
120.9
|
|
|
|
SGC (Parent and Issuer
1
)
|
|
SGI (Issuer
2
)
|
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
Consolidated
|
||||||||||||
Net cash (used in) provided by operating activities
|
|
$
|
(26.7
|
)
|
|
$
|
(339.9
|
)
|
|
$
|
454.6
|
|
|
$
|
167.5
|
|
|
$
|
—
|
|
|
$
|
255.5
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
(12.8
|
)
|
|
(19.7
|
)
|
|
(168.0
|
)
|
|
(33.1
|
)
|
|
—
|
|
|
(233.6
|
)
|
||||||
Distributions of capital on equity investments
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
36.0
|
|
|
—
|
|
|
37.0
|
|
||||||
Restricted cash
|
|
—
|
|
|
—
|
|
|
9.3
|
|
|
—
|
|
|
—
|
|
|
9.3
|
|
||||||
Changes in other assets and liabilities and other
|
|
—
|
|
|
(0.1
|
)
|
|
5.1
|
|
|
5.1
|
|
|
—
|
|
|
10.1
|
|
||||||
Other, principally change in intercompany investing activities
|
|
—
|
|
|
461.4
|
|
|
—
|
|
|
—
|
|
|
(461.4
|
)
|
|
—
|
|
||||||
Net cash (used in) provided by investing activities
|
|
(12.8
|
)
|
|
442.6
|
|
|
(153.6
|
)
|
|
8.0
|
|
|
(461.4
|
)
|
|
(177.2
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net payments on long-term debt
|
|
—
|
|
|
(102.3
|
)
|
|
—
|
|
|
(6.5
|
)
|
|
—
|
|
|
(108.8
|
)
|
||||||
Payments on license obligations
|
|
(19.5
|
)
|
|
—
|
|
|
(12.5
|
)
|
|
—
|
|
|
—
|
|
|
(32.0
|
)
|
||||||
Contingent earnout payments
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
||||||
Issuance (redemptions) of common stock under stock-based compensation plans
|
|
0.5
|
|
|
—
|
|
|
(37.1
|
)
|
|
(110.2
|
)
|
|
147.2
|
|
|
0.4
|
|
||||||
Other, principally change in intercompany financing activities
|
|
37.9
|
|
|
—
|
|
|
(270.6
|
)
|
|
(81.5
|
)
|
|
314.2
|
|
|
—
|
|
||||||
Net cash provided by (used in) financing activities
|
|
18.9
|
|
|
(102.3
|
)
|
|
(320.7
|
)
|
|
(198.2
|
)
|
|
461.4
|
|
|
(140.9
|
)
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
(0.5
|
)
|
|
(0.8
|
)
|
|
(5.8
|
)
|
|
—
|
|
|
(7.1
|
)
|
||||||
Decrease in cash and cash equivalents
|
|
(20.6
|
)
|
|
(0.1
|
)
|
|
(20.5
|
)
|
|
(28.5
|
)
|
|
—
|
|
|
(69.7
|
)
|
||||||
Cash and cash equivalents, beginning of period
|
|
37.9
|
|
|
0.1
|
|
|
27.3
|
|
|
106.5
|
|
|
—
|
|
|
171.8
|
|
||||||
Cash and cash equivalents, end of period
|
|
$
|
17.3
|
|
|
$
|
—
|
|
|
$
|
6.8
|
|
|
$
|
78.0
|
|
|
$
|
—
|
|
|
$
|
102.1
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
(in millions)
|
Revenue
|
% Consolidated Revenue
|
|
Revenue
|
% Consolidated Revenue
|
|
Revenue
|
% Consolidated Revenue
|
|
Revenue
|
% Consolidated Revenue
|
||||||||||||
Foreign Currency:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
British Pound Sterling
|
$
|
59.6
|
|
8.3
|
%
|
|
$
|
59.3
|
|
8.8
|
%
|
|
$
|
175.8
|
|
8.2
|
%
|
|
$
|
176.4
|
|
8.7
|
%
|
Euro
|
33.7
|
|
4.7
|
%
|
|
26.8
|
|
4.0
|
%
|
|
91.4
|
|
4.3
|
%
|
|
78.4
|
|
3.9
|
%
|
||||
Australian Dollar
|
40.4
|
|
5.6
|
%
|
|
25.1
|
|
3.7
|
%
|
|
92.4
|
|
4.3
|
%
|
|
82.2
|
|
4.1
|
%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended September 30,
|
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Total revenue
|
|
$
|
720.0
|
|
|
$
|
671.6
|
|
|
$
|
48.4
|
|
|
7.2
|
%
|
|
$
|
2,131.2
|
|
|
$
|
2,021.8
|
|
|
$
|
109.4
|
|
|
5.4
|
%
|
Total operating expenses
|
|
686.5
|
|
|
1,659.8
|
|
|
(973.3
|
)
|
|
(58.6
|
)%
|
|
1,988.3
|
|
|
2,992.0
|
|
|
(1,003.7
|
)
|
|
(33.5
|
)%
|
||||||
Operating income (loss)
|
|
33.5
|
|
|
(988.2
|
)
|
|
1,021.7
|
|
|
(103.4
|
)%
|
|
142.9
|
|
|
(970.2
|
)
|
|
1,113.1
|
|
|
(114.7
|
)%
|
||||||
Net loss before income taxes
|
|
(118.6
|
)
|
|
(1,159.5
|
)
|
|
1,040.9
|
|
|
(89.8
|
)%
|
|
(301.4
|
)
|
|
(1,475.7
|
)
|
|
1,174.3
|
|
|
(79.6
|
)%
|
||||||
Net loss
|
|
(98.9
|
)
|
|
(1,078.2
|
)
|
|
979.3
|
|
|
(90.8
|
)%
|
|
(242.9
|
)
|
|
(1,266.8
|
)
|
|
1,023.9
|
|
|
(80.8
|
)%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended September 30,
|
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Gaming
|
|
$
|
448.2
|
|
|
$
|
429.1
|
|
|
$
|
19.1
|
|
|
4.5
|
%
|
|
$
|
1,311.8
|
|
|
$
|
1,304.6
|
|
|
$
|
7.2
|
|
|
0.6
|
%
|
Lottery
|
|
186.6
|
|
|
191.3
|
|
|
(4.7
|
)
|
|
(2.5
|
)%
|
|
578.2
|
|
|
567.5
|
|
|
10.7
|
|
|
1.9
|
%
|
||||||
Interactive
|
|
85.2
|
|
|
51.2
|
|
|
34.0
|
|
|
66.4
|
%
|
|
241.2
|
|
|
149.7
|
|
|
91.5
|
|
|
61.1
|
%
|
||||||
Total revenue
|
|
$
|
720.0
|
|
|
$
|
671.6
|
|
|
$
|
48.4
|
|
|
7.2
|
%
|
|
$
|
2,131.2
|
|
|
$
|
2,021.8
|
|
|
$
|
109.4
|
|
|
5.4
|
%
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended September 30,
|
|
Variance
|
||||||||||||||||||||||
(in millions)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of services
|
$
|
98.0
|
|
|
$
|
85.5
|
|
|
$
|
12.5
|
|
|
14.6
|
%
|
|
$
|
294.3
|
|
|
$
|
274.6
|
|
|
$
|
19.7
|
|
|
7.2
|
%
|
Cost of product sales
|
104.6
|
|
|
87.4
|
|
|
17.2
|
|
|
19.7
|
%
|
|
299.7
|
|
|
293.2
|
|
|
6.5
|
|
|
2.2
|
%
|
||||||
Cost of instant games
|
71.7
|
|
|
77.1
|
|
|
(5.4
|
)
|
|
(7.0
|
)%
|
|
212.8
|
|
|
212.9
|
|
|
(0.1
|
)
|
|
0.0
|
%
|
||||||
Selling, general and administrative
|
152.8
|
|
|
136.8
|
|
|
16.0
|
|
|
11.7
|
%
|
|
440.0
|
|
|
423.6
|
|
|
16.4
|
|
|
3.9
|
%
|
||||||
Research and development
|
53.9
|
|
|
45.9
|
|
|
8.0
|
|
|
17.4
|
%
|
|
155.4
|
|
|
140.8
|
|
|
14.6
|
|
|
10.4
|
%
|
||||||
Restructuring and other
|
13.8
|
|
|
5.6
|
|
|
8.2
|
|
|
146.4
|
%
|
|
20.7
|
|
|
19.0
|
|
|
1.7
|
|
|
8.9
|
%
|
||||||
Depreciation, amortization and impairments
|
191.7
|
|
|
286.5
|
|
|
(94.8
|
)
|
|
(33.1
|
)%
|
|
565.4
|
|
|
692.9
|
|
|
(127.5
|
)
|
|
(18.4
|
)%
|
||||||
Goodwill impairment
|
—
|
|
|
935.0
|
|
|
(935.0
|
)
|
|
(100.0
|
)%
|
|
—
|
|
|
935.0
|
|
|
(935.0
|
)
|
|
(100.0
|
)%
|
||||||
Total operating expenses
|
$
|
686.5
|
|
|
$
|
1,659.8
|
|
|
$
|
(973.3
|
)
|
|
(58.6
|
)%
|
|
$
|
1,988.3
|
|
|
$
|
2,992.0
|
|
|
$
|
(1,003.7
|
)
|
|
(33.5
|
)%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended
September 30, |
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Total revenue
|
|
$
|
448.2
|
|
|
$
|
429.1
|
|
|
$
|
19.1
|
|
|
4.5
|
%
|
|
$
|
1,311.8
|
|
|
$
|
1,304.6
|
|
|
$
|
7.2
|
|
|
0.6
|
%
|
Total operating expenses
|
|
396.7
|
|
|
1,414.4
|
|
|
(1,017.7
|
)
|
|
(72.0
|
)%
|
|
1,170.2
|
|
|
2,259.7
|
|
|
(1,089.5
|
)
|
|
(48.2
|
)%
|
||||||
Operating income (loss)
|
|
$
|
51.5
|
|
|
$
|
(985.3
|
)
|
|
$
|
1,036.8
|
|
|
(105.2
|
)%
|
|
$
|
141.6
|
|
|
$
|
(955.1
|
)
|
|
$
|
1,096.7
|
|
|
114.8
|
%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended
September 30, |
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gaming operations
|
|
$
|
182.4
|
|
|
$
|
193.9
|
|
|
$
|
(11.5
|
)
|
|
(5.9
|
)%
|
|
$
|
552.8
|
|
|
$
|
577.1
|
|
|
$
|
(24.3
|
)
|
|
(4.2
|
)%
|
Gaming machine sales
|
|
159.8
|
|
|
131.2
|
|
|
28.6
|
|
|
21.8
|
%
|
|
448.7
|
|
|
397.2
|
|
|
51.5
|
|
|
13.0
|
%
|
||||||
Gaming systems
|
|
57.6
|
|
|
59.7
|
|
|
(2.1
|
)
|
|
(3.5
|
)%
|
|
176.8
|
|
|
204.3
|
|
|
(27.5
|
)
|
|
(13.5
|
)%
|
||||||
Table products
|
|
48.4
|
|
|
44.3
|
|
|
4.1
|
|
|
9.3
|
%
|
|
133.5
|
|
|
126.0
|
|
|
7.5
|
|
|
6.0
|
%
|
||||||
Total revenue
|
|
$
|
448.2
|
|
|
$
|
429.1
|
|
|
$
|
19.1
|
|
|
4.5
|
%
|
|
$
|
1,311.8
|
|
|
$
|
1,304.6
|
|
|
$
|
7.2
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
F/X impact on revenue
|
|
$
|
(7.8
|
)
|
|
$
|
(10.8
|
)
|
|
$
|
3.0
|
|
|
(27.8
|
)%
|
|
$
|
(15.4
|
)
|
|
$
|
(32.7
|
)
|
|
$
|
17.3
|
|
|
(52.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
KPIs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
WAP, premium and daily-fee Participation units:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Installed base at period end
|
|
21,663
|
|
|
22,367
|
|
|
(704
|
)
|
|
(3.1
|
)%
|
|
21,663
|
|
|
22,367
|
|
|
(704
|
)
|
|
(3.1
|
)%
|
||||||
Average daily revenue per unit
|
|
$
|
51.61
|
|
|
$
|
56.40
|
|
|
$
|
(4.79
|
)
|
|
(8.5
|
)%
|
|
$
|
52.47
|
|
|
$
|
56.12
|
|
|
$
|
(3.65
|
)
|
|
(6.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Other Participation and leased units:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Installed base at period end
|
|
47,828
|
|
|
45,405
|
|
|
2,423
|
|
|
5.3
|
%
|
|
47,828
|
|
|
45,405
|
|
|
2,423
|
|
|
5.3
|
%
|
||||||
Average daily revenue per unit
|
|
$
|
15.31
|
|
|
$
|
15.78
|
|
|
$
|
(0.47
|
)
|
|
(3.0
|
)%
|
|
$
|
15.54
|
|
|
$
|
15.86
|
|
|
$
|
(0.32
|
)
|
|
(2.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gaming machine unit sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. and Canadian new unit shipments
|
|
4,022
|
|
|
3,670
|
|
|
352
|
|
|
9.6
|
%
|
|
13,065
|
|
|
12,051
|
|
|
1,014
|
|
|
8.4
|
%
|
||||||
International new unit shipments
|
|
3,938
|
|
|
2,585
|
|
|
1,353
|
|
|
52.3
|
%
|
|
9,311
|
|
|
7,741
|
|
|
1,570
|
|
|
20.3
|
%
|
||||||
Total new unit shipments
|
|
7,960
|
|
|
6,255
|
|
|
1,705
|
|
|
27.3
|
%
|
|
22,376
|
|
|
19,792
|
|
|
2,584
|
|
|
13.1
|
%
|
||||||
Average sales price per new unit
|
|
$
|
16,824
|
|
|
$
|
16,287
|
|
|
$
|
537
|
|
|
3.3
|
%
|
|
$
|
16,804
|
|
|
$
|
15,991
|
|
|
$
|
813
|
|
|
5.1
|
%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended
September 30, |
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Total revenue
|
|
$
|
186.6
|
|
|
$
|
191.3
|
|
|
$
|
(4.7
|
)
|
|
(2.5
|
)%
|
|
$
|
578.2
|
|
|
$
|
567.5
|
|
|
$
|
10.7
|
|
|
1.9
|
%
|
Total operating expenses
|
|
143.4
|
|
|
150.0
|
|
|
(6.6
|
)
|
|
(4.4
|
)%
|
|
429.1
|
|
|
436.9
|
|
|
(7.8
|
)
|
|
(1.8
|
)%
|
||||||
Operating income
|
|
$
|
43.2
|
|
|
$
|
41.3
|
|
|
$
|
1.9
|
|
|
4.6
|
%
|
|
$
|
149.1
|
|
|
$
|
130.6
|
|
|
$
|
18.5
|
|
|
14.2
|
%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended
September 30, |
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Instant games
|
|
$
|
137.7
|
|
|
$
|
137.6
|
|
|
$
|
0.1
|
|
|
0.1
|
%
|
|
$
|
422.7
|
|
|
$
|
402.0
|
|
|
$
|
20.7
|
|
|
5.1
|
%
|
Services
|
|
38.3
|
|
|
45.0
|
|
|
(6.7
|
)
|
|
(14.9
|
)%
|
|
127.5
|
|
|
136.5
|
|
|
(9.0
|
)
|
|
(6.6
|
)%
|
||||||
Product sales
|
|
10.6
|
|
|
8.7
|
|
|
1.9
|
|
|
21.8
|
%
|
|
28.0
|
|
|
29.0
|
|
|
(1.0
|
)
|
|
(3.4
|
)%
|
||||||
Total revenue
|
|
$
|
186.6
|
|
|
$
|
191.3
|
|
|
$
|
(4.7
|
)
|
|
(2.5
|
)%
|
|
$
|
578.2
|
|
|
$
|
567.5
|
|
|
$
|
10.7
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
F/X impact on revenue
|
|
$
|
(1.9
|
)
|
|
$
|
(10.6
|
)
|
|
$
|
8.7
|
|
|
(82.1
|
)%
|
|
$
|
(6.1
|
)
|
|
$
|
(25.8
|
)
|
|
$
|
19.7
|
|
|
(76.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
KPIs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Change in retail sales of U.S. lottery instant games customers
(1)(2)
|
|
2.2
|
%
|
|
9.1
|
%
|
|
(6.9)pp
|
|
|
nm
|
|
|
4.9
|
%
|
|
8.0
|
%
|
|
(3.1)pp
|
|
|
nm
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Change in retail sales of U.S. lottery systems contract customers
(1)(3)
|
|
3.7
|
%
|
|
(2.7
|
)%
|
|
6.4pp
|
|
|
nm
|
|
|
9.3
|
%
|
|
(2.9
|
)%
|
|
12.2pp
|
|
|
nm
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Change in Italy retail sales of instant games
(1)
|
|
(0.6
|
)%
|
|
(3.2
|
)%
|
|
2.6pp
|
|
|
nm
|
|
|
0.4
|
%
|
|
(4.9
|
)%
|
|
5.3pp
|
|
|
nm
|
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended
September 30, |
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Total revenue
|
|
$
|
85.2
|
|
|
$
|
51.2
|
|
|
$
|
34.0
|
|
|
66.4
|
%
|
|
$
|
241.2
|
|
|
$
|
149.7
|
|
|
$
|
91.5
|
|
|
61.1
|
%
|
Operating expenses
|
|
75.6
|
|
|
44.9
|
|
|
30.7
|
|
|
68.4
|
%
|
|
206.4
|
|
|
132.2
|
|
|
74.2
|
|
|
56.1
|
%
|
||||||
Operating income
|
|
$
|
9.6
|
|
|
$
|
6.3
|
|
|
$
|
3.3
|
|
|
52.4
|
%
|
|
$
|
34.8
|
|
|
$
|
17.5
|
|
|
$
|
17.3
|
|
|
98.9
|
%
|
|
|
Three Months Ended
September 30, |
|
Variance
|
|
Nine Months Ended
September 30, |
|
Variance
|
||||||||||||||||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Services
|
|
$
|
85.2
|
|
|
$
|
51.2
|
|
|
$
|
34.0
|
|
|
66.4
|
%
|
|
$
|
241.2
|
|
|
$
|
149.7
|
|
|
$
|
91.5
|
|
|
61.1
|
%
|
Total revenue
|
|
$
|
85.2
|
|
|
$
|
51.2
|
|
|
$
|
34.0
|
|
|
66.4
|
%
|
|
$
|
241.2
|
|
|
$
|
149.7
|
|
|
$
|
91.5
|
|
|
61.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
F/X impact on revenue
|
|
$
|
(1.2
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(0.1
|
)
|
|
9.1
|
%
|
|
$
|
(1.9
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
1.4
|
|
|
(42.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
KPIs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Social gaming:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mobile Penetration
(1)
|
|
69.0
|
%
|
|
56.0
|
%
|
|
13pp
|
|
|
nm
|
|
|
67.0
|
%
|
|
54.0
|
%
|
|
13pp
|
|
|
nm
|
|
||||||
Average MAU
(2)
|
|
8.0
|
|
|
6.3
|
|
|
1.7
|
|
|
27.0
|
%
|
|
8.0
|
|
|
7.1
|
|
|
0.9
|
|
|
12.7
|
%
|
||||||
Average DAU
(3)
|
|
2.5
|
|
|
2.2
|
|
|
0.3
|
|
|
13.6
|
%
|
|
2.5
|
|
|
2.2
|
|
|
0.3
|
|
|
13.6
|
%
|
||||||
ARPDAU
(4)
|
|
$
|
0.31
|
|
|
$
|
0.20
|
|
|
$
|
0.11
|
|
|
55.0
|
%
|
|
$
|
0.29
|
|
|
$
|
0.20
|
|
|
$
|
0.09
|
|
|
45.0
|
%
|
(1)
|
Mobile penetration as defined by percentage of B2C social gaming revenue generated from mobile platforms.
|
(2)
|
MAU = Monthly Active Users and is a count of unique visitors to our sites during a month.
|
(3)
|
DAU = Daily Active Users, a count of unique visitors to our sites during a day.
|
(4)
|
ARPDAU = Average daily revenue per DAU is calculated by dividing revenue for a period by the DAU for the period by the number of days for the period.
|
(in millions)
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||
Cash and cash equivalents
|
|
$
|
120.9
|
|
|
$
|
128.7
|
|
Revolver capacity
|
|
592.6
|
|
|
592.6
|
|
||
Revolver capacity drawn or committed to letters of credit
|
|
(106.2
|
)
|
|
(138.3
|
)
|
||
Total
|
|
$
|
607.3
|
|
|
$
|
583.0
|
|
|
|
Nine Months Ended September 30,
|
|
Variance
|
||||||||
(in millions)
|
|
2016
|
|
2015
|
|
2016 vs. 2015
|
||||||
Net cash provided by operating activities
|
|
$
|
342.8
|
|
|
$
|
255.5
|
|
|
$
|
87.3
|
|
Net cash used in investing activities
|
|
(187.8
|
)
|
|
(177.2
|
)
|
|
(10.6
|
)
|
|||
Net cash used in financing activities
|
|
(161.7
|
)
|
|
(140.9
|
)
|
|
(20.8
|
)
|
|||
Effect of exchange rates on cash and cash equivalents
|
|
(1.1
|
)
|
|
(7.1
|
)
|
|
6.0
|
|
|||
Decrease in cash and cash equivalents
|
|
$
|
(7.8
|
)
|
|
$
|
(69.7
|
)
|
|
$
|
61.9
|
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Employment Agreement dated as of August 4, 2016 by and between Scientific Games Corporation and Kevin Sheehan. *(†)
|
|
|
|
10.2
|
|
Form of Inducement Equity Award Agreement between Scientific Games Corporation and Kevin Sheehan (incorporated by reference to Exhibit 4.4 to Scientific Games Corporation’s Registration Statement on Form S-8 (No. 000-13063) filed on September 30, 2016).*
|
|
|
|
10.3
|
|
Form of Inducement Equity Award Agreement between Scientific Games Corporation and Kevin Sheehan (incorporated by reference to Exhibit 4.5 to Scientific Games Corporation’s Registration Statement on Form S-8 (No. 000-13063) filed on September 30, 2016).*
|
|
|
|
10.4
|
|
Modification Agreement dated as of August 4, 2016 by and between Scientific Games Corporation and M. Gavin Isaacs, which modified Mr. Isaacs’ Employment Agreement dated as of June 9, 2014 and amended on October 29, 2015.*(†)
|
|
|
|
10.5
|
|
Agreement and General Release dated as of October 1, 2016 by and between Scientific Games Corporation and Jeffrey Johnson, which modified Mr. Johnson’s Employment Agreement dated as of August 2, 2011 and amended on May 28, 2015.*(†)
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer of the Company pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (†)
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer of the Company pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (†)
|
|
|
|
32.1
|
|
Certification of the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (†)
|
|
|
|
32.2
|
|
Certification of the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (†)
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
|
XBRL Taxonomy Definition Label Linkbase
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
SCIENTIFIC GAMES CORPORATION
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By:
|
/s/ Michael A. Quartieri
|
|
|
Name:
|
Michael A. Quartieri
|
|
|
Title:
|
Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary
|
|
|
|
|
Dated:
|
November 3, 2016
|
|
|
1 Year Scientific Games Chart |
1 Month Scientific Games Chart |
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