![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
International Game Technology PLC | NYSE:IGT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.56 | -2.69% | 20.29 | 20.77 | 20.20 | 20.58 | 946,934 | 01:00:00 |
LAS VEGAS, Nov. 7, 2013 /PRNewswire/ --
Fiscal 2013 Highlights (compared to last year)
Fourth Quarter Highlights (compared to last year's fourth quarter)
Announcement of $200 million Accelerated Share Repurchase Transaction
International Game Technology (NYSE: IGT) today reported operating results for the fourth quarter and fiscal year ended September 30, 2013.
(Logo: http://photos.prnewswire.com/prnh/20131003/LA91408LOGO)
"We are extremely pleased to report our fiscal year 2013 financial results," said Patti Hart, CEO of IGT. "We continue to drive significant revenue and earnings per share growth through the successful execution of our strategy and disciplined approach to capital allocation. Our goal, as always, is to maximize our returns to shareholders through targeted share repurchases, consistent dividends and robust earnings growth."
Consolidated Results | ||||||||
Periods Ended September 30, | ||||||||
Fourth Quarters |
Years | |||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change | |||
($ in millions, except per share amounts) |
||||||||
GAAP Measures |
||||||||
Revenue |
$ 632.3 |
$ 631.1 |
0% |
$ 2,341.6 |
$ 2,150.7 |
9% | ||
Operating income |
123.4 |
108.3 |
14% |
494.1 |
421.7 |
17% | ||
Income from continuing operations |
63.5 |
90.1 |
-30% |
272.7 |
249.7 |
9% | ||
Earnings per share from continuing operations |
$0.24 |
$0.33 |
-27% |
$1.03 |
$0.86 |
20% | ||
Net operating cash flows |
$ 462.6 |
$ 446.5 |
4% | |||||
Non-GAAP Measures |
||||||||
Adjusted operating income |
$ 148.2 |
$ 188.6 |
-21% |
$ 603.5 |
$ 563.8 |
7% | ||
Adjusted income from continuing operations |
79.8 |
101.9 |
-22% |
336.7 |
301.1 |
12% | ||
Adjusted earnings per share from continuing operations |
$0.30 |
$0.38 |
-21% |
$1.27 |
$1.04 |
22% | ||
Free cash flow |
$ 334.8 |
$ 237.8 |
41% |
Adjusted operating income, adjusted income from continuing operations, adjusted earnings per share from continuing operations and free cash flow are non-GAAP financial measures. Reconciliations between GAAP and non-GAAP measures are provided at the end of this release. |
Gaming Operations | ||||||||
Periods Ended September 30, | ||||||||
Fourth Quarters |
Years | |||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change | |||
($ in millions, unless otherwise noted) |
||||||||
Revenue |
$ 247.1 |
$ 263.8 |
-6% |
$ 991.4 |
$ 1,040.0 |
-5% | ||
Gross profit |
155.5 |
161.7 |
-4% |
617.1 |
634.3 |
-3% | ||
Gross margin |
63% |
61% |
3% |
62% |
61% |
2% | ||
Installed base ('000) |
54.6 |
57.1 |
-4% |
54.6 |
57.1 |
-4% | ||
Yield (average revenue per unit per day - $0.00) |
$48.78 |
$50.83 |
-4% |
$48.74 |
$51.49 |
-5% |
Product Sales | ||||||||
Periods Ended September 30, | ||||||||
Fourth Quarters |
Years | |||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change | |||
($ in millions, unless otherwise noted) |
||||||||
Revenue |
$ 312.2 |
$ 313.4 |
0% |
$ 1,085.2 |
$ 966.8 |
12% | ||
Gross profit |
155.7 |
174.3 |
-11% |
565.0 |
522.3 |
8% | ||
Gross margin |
50% |
56% |
-10% |
52% |
54% |
-4% | ||
Machine units recognized ('000) |
18.8 |
14.5 |
30% |
57.2 |
43.6 |
31% | ||
Machine average sales price ('000) |
$ 11.6 |
$ 15.0 |
-23% |
$ 13.2 |
$ 15.0 |
-12% |
Interactive | ||||||||
Periods Ended September 30, | ||||||||
Fourth Quarters |
Years | |||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change | |||
($ in millions, unless otherwise noted) |
||||||||
Revenue |
$ 73.0 |
$ 53.9 |
35% |
$ 265.0 |
$ 143.9 |
84% | ||
Social gaming |
61.4 |
35.8 |
72% |
218.5 |
87.0 |
151% | ||
IGTi |
11.6 |
18.1 |
-36% |
46.5 |
56.9 |
-18% | ||
Gross Margin |
62% |
62% |
0% |
61% |
56% |
9% | ||
Social gaming |
63% |
61% |
3% |
62% |
61% |
2% | ||
IGTi |
57% |
65% |
-12% |
58% |
49% |
18% | ||
DoubleDown average user statistics* |
||||||||
DAU (Daily active users) ('000) |
1,705 |
1,415 |
20% |
1,636 |
1,372 |
19% | ||
MAU (Monthly active users) ('000) |
6,720 |
5,072 |
32% |
6,141 |
5,097 |
20% | ||
Bookings per DAU ($0.00) |
$ 0.40 |
$ 0.28 |
43% |
$ 0.37 |
$ 0.26 |
42% | ||
*as a single application with multiple games, active users equal unique users |
Operating Expenses | ||||||||
Periods Ended September 30, | ||||||||
Fourth Quarters |
Years | |||||||
2013 |
2012 |
% Change |
2013 |
2012 |
% Change | |||
($ in millions, unless otherwise noted) |
||||||||
Operating Expenses |
||||||||
Selling, general & administrative |
$ 135.3 |
$ 106.7 |
27% |
$ 460.4 |
$ 410.4 |
12% | ||
Research & development |
62.7 |
59.6 |
5% |
235.0 |
217.0 |
8% | ||
Depreciation & amortization |
19.4 |
21.1 |
-8% |
77.4 |
76.9 |
1% | ||
Contingent acquisition-related costs |
15.3 |
31.3 |
-51% |
73.9 |
69.1 |
7% | ||
Impairment and restructuring |
0.4 |
42.5 |
* |
3.6 |
42.5 |
* | ||
Total operating expenses |
$ 233.1 |
$ 261.2 |
-11% |
$ 850.3 |
$ 815.9 |
4% | ||
Adjusted Operating Expenses |
||||||||
Total |
$ 210.6 |
$ 182.7 |
15% |
$ 745.1 |
$ 679.6 |
10% |
Adjusted operating expenses is a non-GAAP financial measure. Reconciliations between GAAP and non-GAAP measures are provided at the end of this release. |
Balance Sheet and Capital Deployment | |||||
September 30, |
|||||
2013 |
2012 |
% Change | |||
($ in millions, unless otherwise noted) |
|||||
Cash and equivalents (including restricted amounts) |
$ 809.1 |
$ 288.2 |
181% | ||
Working capital |
267.5 |
633.0 |
-58% | ||
Contractual debt obligations |
2,150.0 |
1,790.0 |
20% |
Other
References to per share amounts in this release are based on diluted shares of common stock, unless otherwise specified.
Outlook
Based on current expectations, the company is providing its initial fiscal year 2014 guidance for adjusted earnings from continuing operations of $1.28 to $1.38 per share.
GAAP earnings per share from continuing operations for fiscal year 2014 will include acquisition-related expenses, primarily related to DoubleDown, the amount of which is not determinable at this time. The company may also recognize other items that are not currently determinable, but may be significant. For this reason, the company is unable to provide estimates for full-year GAAP earnings per share from continuing operations at this time.
Earnings Conference Call
As previously announced on October 29, 2013, IGT will host a conference call to discuss its fourth quarter and fiscal year 2013 earnings results on Thursday, November 7, 2013, at 10:30 a.m. PST (or 1:30 p.m. EST). The access numbers are as follows:
Domestic callers dial +1 877-891-6979, passcode IGT
International callers dial +1 773-756-4700, passcode IGT
The conference call will also be broadcast live over the Internet. A link to the webcast is available at the IGT website: http://www.IGT.com/investors. The call will be archived until Thursday, November 21, 2013 at http://www.IGT.com/investors, for those interested parties that are unable to participate during the live webcast.
A taped replay of the conference call will be available after the conference call. This replay will run through Thursday, November 21, 2013. The access numbers are as follows:
Domestic callers dial +1 800-841-8615
International callers dial +1 203-369-3833
Q4 FY 2013 Excel file
Q4 FY 2013 PDF of this press release
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These statements include our expected future financial and operational performance (including our guidance for fiscal year 2014), our strategic and operational plans, and repurchases of our common stock under the proposed accelerated stock repurchase transaction. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the results predicted, and reported results should not be considered an indication of future performance. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions and changes in economic conditions affecting the gaming industry; new or changing laws or regulations or new interpretations of existing laws or regulations affecting our business; difficulties or delays in obtaining or maintaining necessary licenses or approvals; slow growth in the number of new gaming jurisdictions or new casinos or the rate of replacement of existing gaming machines; changes in operator or player preferences for our products; our ability to compete in the gaming industry with new or existing competitors; our ability to develop and introduce new products and their acceptance by our customers; risks related to our international operations; our ability to protect our intellectual property; adverse results of litigation, including intellectual property infringement claims; risks related to business combinations, investments in intellectual property and the integration of acquisitions; and future developments or changes affecting online gaming or social casino-style gaming, which is a new and evolving industry. A further list and description of these and other risks, uncertainties and other matters can be found in our annual report and other reports filed with the Securities and Exchange Commission, including under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for fiscal 2012 filed with the SEC on November 28, 2012 and our Quarterly Report on Form 10-Q for our fiscal quarter ended June 30, 2013 filed with the SEC on August 2, 2013 and available on the SEC website at www.sec.gov and on the investor relations section of our website at www.IGT.com/investors. Additional information will also be set forth in our Annual Report on Form 10-K for our 2013 fiscal year, which we expect to file with the SEC in the fourth quarter of calendar 2013. All information provided in this release is as of November 7, 2013, and IGT does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances.
IGT Resources:
About IGT
International Game Technology (NYSE: IGT) is a global leader in casino gaming entertainment and continues to transform the industry by translating casino player experiences to social, mobile and interactive environments for markets around the world. IGT's acquisition of DoubleDown Interactive provides engaging social casino style entertainment to more than 6 million players monthly. More information about IGT is available at IGT.com or connect with IGT at @IGTNews or facebook.com/IGT. Anyone can play at the DoubleDown Casino by visiting http://apps.facebook.com/doubledowncasino or doubledowncasino.com
CONSOLIDATED STATEMENTS OF INCOME (Unaudited and Condensed) | ||||||
Periods Ended September 30, | ||||||
Fourth Quarters |
Years | |||||
2013 |
2012 |
2013 |
2012 | |||
(In millions, except per share amounts) |
||||||
Revenues |
||||||
Gaming operations |
$ 247.1 |
$ 263.8 |
$ 991.4 |
$1,040.0 | ||
Product sales |
312.2 |
313.4 |
1,085.2 |
966.8 | ||
Interactive |
73.0 |
53.9 |
265.0 |
143.9 | ||
Total revenues |
632.3 |
631.1 |
2,341.6 |
2,150.7 | ||
Costs and operating expenses |
||||||
Cost of gaming operations |
91.6 |
102.1 |
374.3 |
405.7 | ||
Cost of product sales |
156.5 |
139.1 |
520.2 |
444.5 | ||
Cost of interactive |
27.7 |
20.4 |
102.7 |
62.9 | ||
Selling, general and administrative |
135.3 |
106.7 |
460.4 |
410.4 | ||
Research and development |
62.7 |
59.6 |
235.0 |
217.0 | ||
Depreciation and amortization |
19.4 |
21.1 |
77.4 |
76.9 | ||
Contingent acquisition-related costs |
15.3 |
31.3 |
73.9 |
69.1 | ||
Impairment |
0.4 |
42.5 |
3.6 |
42.5 | ||
Total costs and operating expenses |
508.9 |
522.8 |
1,847.5 |
1,729.0 | ||
Operating income |
123.4 |
108.3 |
494.1 |
421.7 | ||
Other income (expense) |
||||||
Interest income |
10.4 |
11.4 |
44.4 |
45.3 | ||
Interest expense |
(31.0) |
(31.3) |
(123.4) |
(122.2) | ||
Other |
(3.3) |
4.3 |
(12.8) |
(2.0) | ||
Total other income (expense) |
(23.9) |
(15.6) |
(91.8) |
(78.9) | ||
Income from continuing operations before tax |
99.5 |
92.7 |
402.3 |
342.8 | ||
Income tax provision |
36.0 |
2.6 |
129.6 |
93.1 | ||
Income from continuing operations |
63.5 |
90.1 |
272.7 |
249.7 | ||
Loss from discontinued operations, net of tax |
- |
(2.0) |
- |
(3.8) | ||
Net income |
$ 63.5 |
$ 88.1 |
$ 272.7 |
$ 245.9 | ||
Basic earnings (loss) per share |
||||||
Continuing operations |
$ 0.24 |
$ 0.34 |
$ 1.04 |
$ 0.86 | ||
Discontinued operations |
- |
(0.01) |
- |
(0.01) | ||
Net income |
$ 0.24 |
$ 0.33 |
$ 1.04 |
$ 0.85 | ||
Diluted earnings (loss) per share |
||||||
Continuing operations |
$ 0.24 |
$ 0.33 |
$ 1.03 |
$ 0.86 | ||
Discontinued operations |
- |
- |
- |
(0.01) | ||
Net income |
$ 0.24 |
$ 0.33 |
$ 1.03 |
$ 0.85 | ||
Weighted average shares outstanding |
||||||
Basic |
260.4 |
268.5 |
262.6 |
288.8 | ||
Diluted |
264.7 |
270.0 |
265.2 |
290.4 |
CONSOLIDATED BALANCE SHEET (Unaudited and Condensed) | |||
September 30, | |||
2013 |
2012 | ||
(In millions) |
|||
Assets |
|||
Current assets |
|||
Cash and equivalents |
$ 713.3 |
$ 206.3 | |
Investment securities |
28.8 |
- | |
Restricted cash and investments |
67.0 |
81.9 | |
Jackpot annuity investments |
56.5 |
60.2 | |
Receivables, net |
577.9 |
564.8 | |
Inventories |
90.1 |
92.9 | |
Other assets and deferred costs |
242.4 |
257.2 | |
Total current assets |
1,776.0 |
1,263.3 | |
Property, plant and equipment, net |
483.9 |
555.7 | |
Jackpot annuity investments |
268.6 |
295.7 | |
Contracts and notes receivable, net |
165.6 |
139.3 | |
Goodwill and other intangibles, net |
1,601.7 |
1,663.1 | |
Other assets and deferred costs |
317.0 |
368.0 | |
Total Assets |
$ 4,612.8 |
$ 4,285.1 | |
Liabilities and Shareholders' Equity |
|||
Current liabilities |
|||
Short-term debt |
$ 826.6 |
$ - | |
Accounts payable |
110.0 |
87.5 | |
Jackpot liabilities, current portion |
131.7 |
152.4 | |
Dividends payable |
25.9 |
16.0 | |
Other accrued liabilities |
414.3 |
374.4 | |
Total current liabilities |
1,508.5 |
630.3 | |
Long-term debt |
1,366.3 |
1,846.4 | |
Jackpot liabilities |
293.3 |
328.6 | |
Other liabilities |
190.6 |
282.0 | |
Total Liabilities |
3,358.7 |
3,087.3 | |
Total Equity |
1,254.1 |
1,197.8 | |
Total Liabilities and Shareholders' Equity |
$ 4,612.8 |
$ 4,285.1 |
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited and Condensed) | |||
Years Ended | |||
September 30, | |||
2013 |
2012 | ||
(In millions) |
|||
Operating |
|||
Net income |
$ 272.7 |
$ 245.9 | |
Adjustments: |
|||
Depreciation and amortization |
231.6 |
240.3 | |
Acquisition-related contingent earn-out costs |
35.0 |
27.5 | |
Other non-cash items |
95.3 |
98.1 | |
Changes in operating assets and liabilities, excluding acquisitions: |
|||
Receivables |
(93.1) |
(101.1) | |
Inventories |
14.2 |
(11.7) | |
Accounts payable and accrued liabilities |
(33.6) |
53.8 | |
Jackpot liabilities |
(73.6) |
(47.5) | |
Income taxes, net of employee stock plans |
(27.1) |
(40.8) | |
Other assets and deferred costs |
28.6 |
(18.0) | |
Settlement of treasury lock contracts |
12.6 |
- | |
Net operating cash flows |
462.6 |
446.5 | |
Investing |
|||
Capital expenditures |
(127.8) |
(208.7) | |
Investment securities, net |
(28.8) |
- | |
Jackpot annuity investments, net |
48.6 |
51.8 | |
Changes in restricted cash |
14.9 |
10.7 | |
Loans receivable, net |
32.4 |
29.0 | |
Business acquisitions, net of cash acquired |
- |
(233.9) | |
Other |
24.6 |
42.3 | |
Net investing cash flows |
(36.1) |
(308.8) | |
Financing |
|||
Debt-related proceeds (payments), net |
351.4 |
140.0 | |
Employee stock plan proceeds |
30.0 |
15.7 | |
Share repurchases |
(190.5) |
(475.2) | |
Noncontrolling interest acquired |
- |
(2.5) | |
Dividends paid |
(79.0) |
(70.6) | |
Acquisition-related contingent consideration |
(27.9) |
- | |
Net financing cash flows |
84.0 |
(392.6) | |
Foreign exchange rates effect on cash |
(3.5) |
1.2 | |
Net change in cash and equivalents |
507.0 |
(253.7) | |
Beginning cash and equivalents |
206.3 |
460.0 | |
Ending cash and equivalents |
$ 713.3 |
$ 206.3 |
SUPPLEMENTAL DATA (Unaudited) | |||||
Periods Ended September 30, | |||||
Revenue Metrics |
Fourth Quarters |
Years | |||
2013 |
2012 |
2013 |
2012 | ||
In millions, unless otherwise noted |
|||||
Gaming Operations |
|||||
Revenues |
$ 247.1 |
$ 263.8 |
$ 991.4 |
$ 1,040.0 | |
North America |
211.2 |
229.6 |
854.2 |
907.8 | |
International |
35.9 |
34.2 |
137.2 |
132.2 | |
Gross margin |
63% |
61% |
62% |
61% | |
North America |
62% |
60% |
61% |
60% | |
International |
69% |
71% |
69% |
70% | |
Installed base (units '000) |
54.6 |
57.1 |
54.6 |
57.1 | |
North America |
41.4 |
43.4 |
41.4 |
43.4 | |
International |
13.2 |
13.7 |
13.2 |
13.7 | |
Yield (average revenue per unit per day - $0.00) |
$48.78 |
$50.83 |
$48.74 |
$51.49 | |
Product Sales |
|||||
Revenues |
$ 312.2 |
$ 313.4 |
$ 1,085.2 |
$ 966.8 | |
North America |
215.6 |
224.2 |
759.8 |
648.2 | |
International |
96.6 |
89.2 |
325.4 |
318.6 | |
Machines |
$ 217.7 |
$ 217.5 |
$ 755.5 |
$ 653.5 | |
North America |
145.3 |
152.9 |
519.4 |
421.3 | |
International |
72.4 |
64.6 |
236.1 |
232.2 | |
Non-machine |
$ 94.5 |
$ 95.9 |
$ 329.7 |
$ 313.3 | |
North America |
70.3 |
71.3 |
240.4 |
226.9 | |
International |
24.2 |
24.6 |
89.3 |
86.4 | |
Gross margin |
50% |
56% |
52% |
54% | |
North America |
51% |
58% |
54% |
57% | |
International |
48% |
49% |
48% |
49% | |
Machine units recognized ('000) |
18.8 |
14.5 |
57.2 |
43.6 | |
North America |
13.9 |
10.4 |
42.2 |
29.1 | |
International |
4.9 |
4.1 |
15.0 |
14.5 | |
Machine units shipped ('000) [includes units where revenues deferred] |
18.4 |
14.6 |
55.6 |
44.2 | |
North America |
13.4 |
10.4 |
41.7 |
29.3 | |
New |
1.9 |
1.9 |
8.8 |
7.3 | |
Replacement |
11.5 |
8.5 |
32.9 |
22.0 | |
International |
5.0 |
4.2 |
13.9 |
14.9 | |
New |
2.1 |
1.2 |
4.8 |
5.6 | |
Replacement |
2.9 |
3.0 |
9.1 |
9.3 | |
Machine ASP ('000) |
$ 11.6 |
$ 15.0 |
$ 13.2 |
$ 15.0 | |
North America |
10.5 |
14.7 |
12.3 |
14.5 | |
International |
15.0 |
15.8 |
15.8 |
16.0 | |
Interactive |
|||||
Revenues |
$ 73.0 |
$ 53.9 |
$ 265.0 |
$ 143.9 | |
North America |
62.3 |
36.1 |
221.1 |
88.1 | |
International |
10.7 |
17.8 |
43.9 |
55.8 | |
Social Gaming |
61.4 |
35.8 |
218.5 |
87.0 | |
North America |
61.4 |
35.8 |
218.5 |
87.0 | |
International |
- |
- |
- |
- | |
IGTi |
11.6 |
18.1 |
46.5 |
56.9 | |
North America |
0.9 |
0.3 |
2.6 |
1.1 | |
International |
10.7 |
17.8 |
43.9 |
55.8 | |
Gross margin |
62% |
62% |
61% |
56% | |
North America |
63% |
61% |
62% |
61% | |
International |
55% |
64% |
57% |
49% | |
DoubleDown average user statistics* |
|||||
DAU (Daily active users) ('000) |
1,705 |
1,415 |
1,636 |
1,372 | |
MAU (Monthly active users) ('000) |
6,720 |
5,072 |
6,141 |
5,097 | |
Bookings per DAU ($0.00) |
$0.40 |
$0.28 |
$0.37 |
$0.26 | |
*as a single application with multiple games, active users equal unique users |
Reconciliations of GAAP to Non-GAAP Adjusted Financial Measures (in millions, except EPS) | ||||||
Fourth Quarter Ended September 30, 2013 | ||||||
Continuing Operations | ||||||
Product Sales Revenue |
Cost of |
Operating |
Operating |
Net |
Diluted | |
GAAP measures |
$ 312.2 |
$ 27.7 |
$ 233.1 |
$ 123.4 |
$ 63.5 |
$0.24 |
% of revenue |
37% |
20% |
||||
Acquisition-related charges: (b) |
||||||
Contingent retention & earn-out |
- |
- |
(15.3) |
15.3 |
10.0 |
0.03 |
Amortization of intangibles |
- |
(2.3) |
(4.4) |
6.7 |
4.4 |
0.02 |
Legal settlement |
- |
- |
(2.4) |
2.4 |
1.6 |
0.01 |
Impairment |
- |
- |
(0.4) |
0.4 |
0.3 |
- |
Certain discrete tax items (benefits) |
- |
- |
- |
- |
- |
- |
Total non-GAAP adjustments |
- |
(2.3) |
(22.5) |
24.8 |
16.3 |
0.06 |
Adjusted measures |
$ 312.2 |
$ 25.4 |
$ 210.6 |
$ 148.2 |
$ 79.8 |
$0.30 |
% of revenue |
33% |
23% |
||||
Year Ended September 30, 2013 | ||||||
Continuing Operations | ||||||
Product Sales Revenue |
Cost of |
Operating |
Operating |
Net |
Diluted | |
GAAP measures |
$ 1,085.2 |
$ 102.7 |
$ 850.3 |
$ 494.1 |
$ 272.7 |
$1.03 |
% of revenue |
36% |
21% |
||||
Acquisition-related charges: (b) |
||||||
Contingent retention & earn-out |
- |
- |
(73.9) |
73.9 |
48.4 |
0.17 |
Amortization of intangibles |
- |
(9.2) |
(17.7) |
26.9 |
17.6 |
0.07 |
Proxy fees |
- |
- |
(7.6) |
7.6 |
4.9 |
0.02 |
Legal settlement |
- |
- |
(2.4) |
2.4 |
1.6 |
0.01 |
Impairment |
- |
- |
(3.6) |
3.6 |
2.4 |
0.01 |
Royalty settlement |
(5.0) |
- |
- |
(5.0) |
(5.0) |
(0.02) |
Certain discrete tax items (benefits) |
- |
- |
- |
- |
(5.9) |
(0.02) |
Total non-GAAP adjustments |
(5.0) |
(9.2) |
(105.2) |
109.4 |
64.0 |
0.24 |
Adjusted measures |
$ 1,080.2 |
$ 93.5 |
$ 745.1 |
$ 603.5 |
$ 336.7 |
$1.27 |
% of revenue |
32% |
26% |
(a) Adjustments tax effected at 35%, except no tax effect on royalty settlement | ||||||
(b) Primarily related to DoubleDown |
Fourth Quarter Ended September 30, 2012 | |||||
Continuing Operations | |||||
Cost of |
Operating |
Operating |
Net |
Diluted | |
GAAP measures |
$ 20.4 |
$ 261.2 |
$ 108.3 |
$ 90.1 |
$0.33 |
% of revenue |
41% |
17% |
|||
Acquisition-related charges: (b) |
|||||
Contingent retention & earn-out |
- |
(31.3) |
31.3 |
19.9 |
0.07 |
Amortization of intangibles |
(1.8) |
(4.7) |
6.5 |
4.1 |
0.02 |
Impairment and restructuring |
- |
(42.5) |
42.5 |
(12.2) |
(0.04) |
Total non-GAAP adjustments |
(1.8) |
(78.5) |
80.3 |
11.8 |
0.05 |
Adjusted measures |
$ 18.6 |
$ 182.7 |
$ 188.6 |
$ 101.9 |
$0.38 |
% of revenue |
29% |
30% |
|||
Year Ended September 30, 2012 | |||||
Continuing Operations | |||||
Cost of |
Operating |
Operating |
Net |
Diluted | |
GAAP measures |
$ 62.9 |
$ 815.9 |
$ 421.7 |
$ 249.7 |
$0.86 |
% of revenue |
38% |
20% |
|||
Acquisition-related charges: (b) |
|||||
Contingent retention & earn-out |
- |
(69.1) |
69.1 |
44.1 |
0.15 |
Amortization of intangibles |
(5.8) |
(13.3) |
19.1 |
12.2 |
0.04 |
Professional fees |
- |
(5.8) |
5.8 |
3.7 |
0.01 |
Impairment and restructuring |
- |
(42.5) |
42.5 |
(12.2) |
(0.04) |
Distributor settlement |
- |
(3.1) |
3.1 |
2.0 |
0.01 |
Severance |
- |
(2.5) |
2.5 |
1.6 |
0.01 |
Total non-GAAP adjustments |
(5.8) |
(136.3) |
142.1 |
51.4 |
0.18 |
Adjusted measures |
$ 57.1 |
$ 679.6 |
$ 563.8 |
$ 301.1 |
$1.04 |
% of revenue |
32% |
26% |
(a) Adjustments tax effected at 37%, except impairment included $44.7 million of tax benefit related to Entraction closures | |||||
(b) Primarily related to DoubleDown |
Adjusted Diluted EPS For The Years Ended September 30, |
2013 |
2012 |
2011 |
2010 |
2009 |
GAAP Diluted EPS from Continuing Operations |
$1.03 |
$0.86 |
$0.97 |
$0.73 |
$0.50 |
Acquisition-related charges (a) |
0.24 |
0.20 |
- |
- |
- |
Impairment and restructuring |
0.01 |
(0.04) |
0.03 |
0.15 |
0.24 |
Proxy fees |
0.02 |
- |
- |
- |
- |
Legal settlement |
0.01 |
- |
- |
- |
- |
IP Usage settlements |
(0.02) |
- |
0.01 |
- |
- |
Severance |
- |
0.01 |
- |
- |
- |
Distributor settlement |
- |
0.01 |
- |
- |
- |
Investment (gain) loss |
- |
- |
(0.01) |
0.07 |
0.05 |
Debt refinancing charges |
- |
- |
- |
0.01 |
0.01 |
Certain discrete tax items (benefits) |
(0.02) |
- |
(0.07) |
(0.12) |
(0.06) |
Total non-GAAP adjustments |
0.24 |
0.18 |
(0.04) |
0.11 |
0.24 |
Adjusted Diluted EPS from Continuing Operations |
$ 1.27 |
$ 1.04 |
$ 0.93 |
$ 0.84 |
$ 0.74 |
(a) Primarily related to DoubleDown |
Adjusted EBITDA For The Periods Ended September 30, | |||||||
Fourth Quarters |
Years | ||||||
2013 |
2012 |
2013 |
2012 | ||||
GAAP Income from continuing operations |
$ 63.5 |
$ 90.1 |
$ 272.7 |
$ 249.7 | |||
Other (income) expense, net |
23.9 |
15.6 |
91.8 |
78.9 | |||
Income tax provision |
36.0 |
2.6 |
129.6 |
93.1 | |||
Depreciation and amortization |
56.0 |
61.0 |
231.6 |
240.3 | |||
Other charges: |
|||||||
Share-based compensation |
10.7 |
7.8 |
39.4 |
33.2 | |||
Contingent acquisition-related costs |
15.3 |
31.3 |
73.9 |
69.1 | |||
Impairment |
0.4 |
42.5 |
3.6 |
42.5 | |||
Adjusted EBITDA |
$ 205.8 |
$ 250.9 |
$ 842.6 |
$ 806.8 | |||
Free Cash Flow For The Years Ended September 30, |
|||||||
2013 |
2012 | ||||||
GAAP net operating cash flows |
$ 462.6 |
$ 446.5 | |||||
Investment in property, plant and equipment |
(21.9) |
(43.8) | |||||
Investment in gaming operations equipment |
(105.5) |
(162.4) | |||||
Investment in intellectual property |
(0.4) |
(2.5) | |||||
Free Cash Flow (before dividends) |
334.8 |
237.8 | |||||
Dividends paid |
(79.0) |
(70.6) | |||||
Free Cash Flow (after dividends) |
$ 255.8 |
$ 167.2 | |||||
We believe that certain non-GAAP financial measures, when presented in conjunction with comparable GAAP (Generally Accepted Accounting Principles) measures, are useful because that information is an appropriate measure for evaluating our operating performance. Non-GAAP information is used to evaluate business performance and management's effectiveness. These measures should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Non-GAAP financial measures may not be calculated in the same manner by all companies and therefore may not be comparable. |
SOURCE IGT
Copyright 2013 PR Newswire
1 Year International Game Techn... Chart |
1 Month International Game Techn... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions