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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 | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.69% | 20.40 | 20.42 | 20.02 | 20.27 | 985,714 | 00:38:24 |
LONDON, March 3, 2020 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the fourth quarter and full year ended December 31, 2019. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below.
"We achieved the high end of our profit and cash flow expectations for 2019, led by strong results for our North America Gaming and Italy segments," said Marco Sala, CEO of IGT. "In the full year, we grew global gaming product sales by more than 20% thanks to higher unit shipments and the success of our new games. Global lottery same-store revenue also rose. We are closely monitoring the impact of the Coronavirus outbreak. Apart from this, solid operational performance across products and regions should support continued momentum in 2020."
"2019 marked an important inflection in cash flows for IGT," said Timothy Rishton, Interim CFO of IGT. "Having generated $1.1 billion in cash from operations, we invested in the business, paid down debt, and returned capital to shareholders. We enter 2020 in strong financial condition."
Overview of Consolidated Fourth Quarter and Full Year 2019 Results
Constant | ||||
Quarter Ended | Y/Y | Currency | ||
December 31, | Change | Change | ||
2019 | 2018 | (%) | (%) | |
(In $ millions, unless otherwise noted) | ||||
Revenue | 1,253 | 1,266 | -1% | 0% |
Operating income | 81 | 41 | 99% | 112% |
Net income/(loss) per diluted share | ($0.82) | ($0.50) | -64% | |
Adjusted EBITDA | 436 | 416 | 5% | 6% |
Adjusted net income per diluted share | $0.31 | $0.24 | 29% | |
Net debt | 7,382 | 7,761 | -5% |
Constant | ||||
Year Ended | Y/Y | Currency | ||
December 31, | Change | Change | ||
2019 | 2018 | (%) | (%) | |
(In $ millions, unless otherwise noted) | ||||
Revenue | 4,786 | 4,831 | -1% | 2% |
Operating income | 637 | 647 | -2% | 3% |
Net income/(loss) per diluted share | ($0.09) | ($0.10) | 11% | |
Adjusted EBITDA | 1,713 | 1,737 | -1% | 2% |
Adjusted net income per diluted share | $1.08 | $0.99 | 10% |
Note: Adjusted EBITDA and adjusted net income per diluted share are non-GAAP financial measures. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this news release. |
Overview of Consolidated Fourth Quarter 2019 Results
Consolidated revenue of $1.25 billion, down 1% from the prior year as reported, in line at constant currency
Operating income of $81 million, up from $41 million in the prior year
Adjusted EBITDA of $436 million, up 5% from the prior year period as reported, up 6% at constant currency
Interest expense, net was $101 million, down 3% from the prior-year quarter
Income taxes of $13 million, down from $30 million on lower pre-tax income
Net loss attributable to IGT was $168 million; adjusted net income attributable to IGT of $63 million, up from $48 million in the prior year
Net loss per diluted share of $0.82; adjusted net income per diluted share of $0.31 versus $0.24 in the prior year
Net debt of $7.38 billion, an improvement of 5% from $7.76 billion at December 31, 2018
Overview of Consolidated Full Year 2019 Results
Consolidated revenue was $4.79 billion, down 1% from 2018 as reported, up 2% at constant currency
Operating income of $637 million, down 2% from the prior year as reported, up 3% at constant currency
Adjusted EBITDA of $1.71 billion, down 1% as reported, up 2% at constant currency
Interest expense, net was $410 million, down from $417 million in the prior year
Income taxes of $173 million, down from $189 million on lower pre-tax income
Net loss attributable to IGT was $19 million; adjusted net income attributable to IGT of $221 million, up from $201 million in the prior year
Net loss per diluted share of $0.09; adjusted net income per diluted share of $1.08 versus $0.99 in the prior year
Capital expenditures of $442 million compared to $533 million in the prior year
Cash from operations totals $1.1 billion, up significantly from $30 million in the prior year, which included $878 million in Italy upfront license fees
Cash and cash equivalents were $663 million as of December 31, 2019, compared to $251 million as of December 31, 2018
Fourth Quarter Operating Segment Review
North America Gaming & Interactive
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | Q4 '19 | Q4 '18 | Reported | FX | Period Ended December 31 | Q4 '19 | Q4 '18 | Change | ||||
Gaming | Total revenue | 282 | 273 | 3% | 3% | Installed base units (end of period) | ||||||
Gaming services | 139 | 147 | -6% | -6% | Casino | 20,493 | 23,108 | -11.3% | ||||
Terminal | 98 | 101 | -3% | -3% | ||||||||
Other | 41 | 46 | -11% | -11% | Machine units shipped | |||||||
Product sales | 143 | 126 | 13% | 13% | New/expansion | 1,405 | 247 | 468.8% | ||||
Terminal | 111 | 96 | 16% | 16% | Replacement | 5,986 | 6,485 | -7.7% | ||||
Other | 32 | 30 | 5% | 5% | Total machines shipped | 7,391 | 6,732 | 9.8% | ||||
Other | Total revenue | 18 | 2 | NM | NM | |||||||
Service revenue | 4 | 2 | 140% | 140% | ||||||||
Product revenue | 14 | 0 | NM | NM | ||||||||
Total | Revenue | 300 | 275 | 9% | 9% | |||||||
Operating income | 68 | 51 | 33% | 32% |
Revenue up 9% to $300 million
Operating income of $68 million, up 33% over the prior year
North America Lottery
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | Q4 '19 | Q4 '18 | Reported | FX | Period Ended December 31 | Q4 '19 | Q4 '18 | Change | ||||
Gaming | Total revenue | 37 | 40 | -9% | -9% | Installed base units (end of period) | ||||||
Gaming services | 37 | 40 | -9% | -9% | VLT - Government sponsored | 13,553 | 14,939 | -9.3% | ||||
Terminal | 23 | 25 | -5% | -5% | ||||||||
Other | 13 | 16 | -14% | -15% | Lottery same-store revenue growth | |||||||
Product sales | 0 | 0 | 0% | 0% | Instant ticket & draw games | 3.8% | ||||||
Multistate jackpots | -62.8% | |||||||||||
Lottery | Total revenue | 240 | 268 | -10% | -10% | Total lottery same-store revenue growth | -11.1% | |||||
Lottery services | 222 | 255 | -13% | -13% | ||||||||
FMC | 204 | 226 | -10% | -10% | ||||||||
Instant ticket & draw games | 168 | 193 | -13% | -13% | ||||||||
Other services | 37 | 33 | 10% | 10% | ||||||||
LMA | 17 | 29 | -41% | -41% | ||||||||
Product sales | 19 | 13 | 46% | 46% | ||||||||
Other | Total revenue | 2 | 0 | NM | NM | |||||||
Service revenue | 2 | 0 | NM | NM | ||||||||
Total | Revenue | 279 | 309 | -9% | -9% | |||||||
Operating income | 51 | 79 | -35% | -35% |
Revenue of $279 million compared to $309 million in the prior-year period
Operating income of $51 million, compared to $79 million in the prior year
International
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | Q4 '19 | Q4 '18 | Reported | FX | Period Ended December 31 | Q4 '19 | Q4 '18 | Change | ||||
Gaming | Total revenue | 131 | 127 | 3% | 6% | Installed base units (end of period) | ||||||
Gaming services | 27 | 34 | -20% | -18% | Casino | 9,709 | 10,636 | -8.7% | ||||
Terminal | 10 | 13 | -20% | -16% | VLT - Government sponsored | 5,148 | 4,269 | 20.6% | ||||
Other | 16 | 21 | -20% | -19% | Total installed base units | 14,857 | 14,905 | -0.3% | ||||
Product sales | 105 | 94 | 12% | 14% | ||||||||
Terminal | 77 | 64 | 21% | 24% | Machine units shipped | |||||||
Other | 27 | 30 | -9% | -7% | New/expansion | 406 | 528 | -23.1% | ||||
Replacement | 5,818 | 4,730 | 23.0% | |||||||||
Lottery | Total revenue | 80 | 76 | 5% | 6% | Total machines shipped | 6,224 | 5,258 | 18.4% | |||
Lottery services | 75 | 72 | 5% | 6% | ||||||||
FMC | 75 | 72 | 5% | 6% | Lottery same-store revenue growth | |||||||
Instant ticket & draw games | 58 | 56 | 3% | 3% | Instant ticket & draw games | 5.6% | ||||||
Other services | 18 | 16 | 11% | 16% | Multistate jackpots | 12.9% | ||||||
Product sales | 5 | 4 | 8% | 10% | Total lottery same-store revenue growth | 6.1% | ||||||
Other | Total revenue | 15 | 18 | -17% | -14% | |||||||
Service revenue | 14 | 17 | -17% | -14% | ||||||||
Product sales | 0 | 0 | 0% | 0% | ||||||||
Total | Revenue | 226 | 221 | 2% | 4% | |||||||
Operating income | 53 | 28 | 87% | 98% |
Revenue of $226 million, up 2% from the prior-year period as reported, up 4% at constant currency
Operating income of $53 million, up significantly compared to $28 million in the prior year
Italy
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | Q4 '19 | Q4 '18 | Reported | FX | Period Ended December 31 | Q4 '19 | Q4 '18 | Change | ||||
Gaming | Total revenue | 171 | 192 | -11% | -9% | (In € millions, except machines) | ||||||
Gaming services | 171 | 191 | -11% | -9% | Lottery | |||||||
Terminal | 154 | 174 | -11% | -9% | Lotto wagers | 2,062 | 2,089 | -1.3% | ||||
Other | 17 | 18 | -5% | -3% | 10eLotto | 1,468 | 1,495 | -1.8% | ||||
Product sales | 0 | 0 | 0% | 0% | Core | 483 | 468 | 3.3% | ||||
Late numbers | 65 | 78 | -16.5% | |||||||||
Lottery | Total revenue | 194 | 202 | -4% | -2% | MillionDAY | 46 | 49 | -7.2% | |||
Lottery services | 194 | 202 | -4% | -2% | ||||||||
FMC | 194 | 202 | -4% | -2% | Scratch & Win wagers | 2,354 | 2,383 | -1.2% | ||||
Instant ticket & draw games | 240 | 248 | -3% | -1% | ||||||||
Other services | (46) | (46) | 0% | 2% | Italy lottery revenue growth | -2.1% | ||||||
Product sales | 0 | 0 | 0% | 0% | ||||||||
Gaming | ||||||||||||
Other | Total revenue | 83 | 68 | 22% | 25% | Installed base (end of period) | ||||||
Service revenue | 83 | 68 | 22% | 25% | VLT - Operator (B2C) | 11,020 | 10,991 | 0.3% | ||||
Product sales | 0 | 0 | 0% | 0% | VLT - Supplier (B2B) | 7,501 | 8,058 | -6.9% | ||||
AWP | 40,892 | 42,928 | -4.7% | |||||||||
Total | Revenue | 448 | 462 | -3% | -1% | Total installed base | 59,413 | 61,977 | -4.1% | |||
Operating income | 113 | 118 | -4% | -2% | ||||||||
Wagers | ||||||||||||
VLT - Operator (B2C) | 1,414 | 1,564 | -9.5% | |||||||||
AWP | 958 | 997 | -3.9% | |||||||||
Interactive wagers (gaming) | 577 | 492 | 17.2% | |||||||||
Other | ||||||||||||
Sports betting wagers (1) | 298 | 273 | 9.1% | |||||||||
Sports betting payout (%) (1) | 83.3% | 84.2% | -0.9 pp | |||||||||
(1) Includes virtual wagers and pools & horses |
Revenue of $448 million, down 3% from the prior-year period as reported, in line at constant currency
Operating income of $113 million, down 4% as reported, down 2% at constant currency
Other Developments
2020 Outlook
Conference Call and Webcast
March 3, 2020, at 8:00 a.m. EST
Live webcast available under "News, Events & Presentations" on IGT's Investor Relations website at www.IGT.com; replay available on the website following the live event
Dial-In Numbers
Comparability of Results
All figures presented in this news release are prepared under U.S. GAAP, unless noted otherwise. Adjusted figures exclude the impact of items such as purchase accounting, impairment charges, restructuring expense, foreign exchange, and certain one-time, primarily transaction-related items. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables in this news release. Constant currency changes for 2019 are calculated using the same foreign exchange rates as the corresponding 2018 period. Management uses non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate the Company's financial performance. Management believes these non-GAAP financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of business trends. These constant currency changes and non-GAAP financial measures should however be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with U.S. GAAP.
About IGT
IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivalled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 12,000 employees. For more information, please visit www.IGT.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2018 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of International Game Technology PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance or International Game Technology PLC, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Contact:
Phil O'Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 3485475493; for Italian media inquiries
James Hurley, Investor Relations, +1 (401) 392-7190
International Game Technology PLC | |||
Consolidated Statements of Operations | |||
($ and shares in thousands, except per share amounts) | |||
Unaudited | |||
For the three months ended | |||
December 31, | |||
2019 | 2018 | ||
Service revenue | 967,972 | 1,029,031 | |
Product sales | 285,418 | 237,101 | |
Total revenue | 1,253,390 | 1,266,132 | |
Cost of services | 614,836 | 638,105 | |
Cost of product sales | 156,076 | 157,965 | |
Selling, general and administrative | 229,531 | 238,654 | |
Research and development | 65,936 | 64,782 | |
Goodwill impairment | 99,000 | 118,000 | |
Other operating expense, net | 6,632 | 7,735 | |
Total operating expenses | 1,172,011 | 1,225,241 | |
Operating income | 81,379 | 40,891 | |
Interest expense, net | (100,649) | (103,666) | |
Foreign exchange (loss) gain, net | (101,770) | 32,096 | |
Other expense, net | (4,758) | (9,040) | |
Total non-operating expenses | (207,177) | (80,610) | |
Loss before provision for income taxes | (125,798) | (39,719) | |
Provision for income taxes | 12,587 | 30,337 | |
Net loss | (138,385) | (70,056) | |
Less: Net income attributable to non-controlling interests | 29,313 | 31,943 | |
Net loss attributable to IGT PLC | (167,698) | (101,999) | |
Net loss attributable to IGT PLC per common share - basic | (0.82) | (0.50) | |
Net loss attributable to IGT PLC per common share - diluted | (0.82) | (0.50) | |
Weighted-average shares - basic | 204,435 | 204,307 | |
Weighted-average shares - diluted | 204,435 | 204,307 |
International Game Technology PLC | |||
Consolidated Statements of Operations | |||
($ and shares in thousands, except per share amounts) | |||
Unaudited | |||
For the year ended | |||
December 31, | |||
2019 | 2018 | ||
Service revenue | 3,860,746 | 4,046,314 | |
Product sales | 925,060 | 784,942 | |
Total revenue | 4,785,806 | 4,831,256 | |
Cost of services | 2,380,355 | 2,450,658 | |
Cost of product sales | 553,293 | 491,030 | |
Selling, general and administrative | 846,047 | 844,059 | |
Research and development | 266,241 | 263,279 | |
Goodwill impairment | 99,000 | 118,000 | |
Other operating expense, net | 3,742 | 17,239 | |
Total operating expenses | 4,148,678 | 4,184,265 | |
Operating income | 637,128 | 646,991 | |
Interest expense, net | (410,129) | (417,387) | |
Foreign exchange gain, net | 39,839 | 129,051 | |
Other income (expense), net | 17,929 | (54,607) | |
Total non-operating expenses | (352,361) | (342,943) | |
Income before provision for income taxes | 284,767 | 304,048 | |
Provision for income taxes | 173,109 | 189,401 | |
Net income | 111,658 | 114,647 | |
Less: Net income attributable to non-controlling interests | 130,683 | 135,997 | |
Net loss attributable to IGT PLC | (19,025) | (21,350) | |
Net loss attributable to IGT PLC per common share - basic | (0.09) | (0.10) | |
Net loss attributable to IGT PLC per common share - diluted | (0.09) | (0.10) | |
Weighted-average shares - basic | 204,373 | 204,083 | |
Weighted-average shares - diluted | 204,373 | 204,083 |
International Game Technology PLC | |||
Consolidated Balance Sheets | |||
($ thousands) | |||
Unaudited | |||
December 31, | December 31, | ||
2019 | 2018 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | 662,934 | 250,669 | |
Restricted cash and cash equivalents | 231,317 | 261,108 | |
Trade and other receivables, net | 1,006,127 | 949,085 | |
Inventories | 161,790 | 282,698 | |
Other current assets | 571,869 | 543,136 | |
Total current assets | 2,634,037 | 2,286,696 | |
Systems, equipment and other assets related to contracts, net | 1,307,940 | 1,404,426 | |
Property, plant and equipment, net | 146,055 | 185,349 | |
Operating lease right-of-use-assets | 341,538 | - | |
Goodwill | 5,451,494 | 5,580,227 | |
Intangible assets, net | 1,836,002 | 2,044,723 | |
Other non-current assets | 1,927,524 | 2,147,081 | |
Total non-current assets | 11,010,553 | 11,361,806 | |
Total assets | 13,644,590 | 13,648,502 | |
Liabilities and shareholders' equity | |||
Current liabilities: | |||
Accounts payable | 1,120,922 | 1,142,371 | |
Current portion of long-term debt | 462,155 | - | |
Short-term borrowings | 3,193 | 34,822 | |
Other current liabilities | 882,081 | 824,931 | |
Total current liabilities | 2,468,351 | 2,002,124 | |
Long-term debt, less current portion | 7,600,169 | 7,977,267 | |
Deferred income taxes | 366,822 | 446,083 | |
Operating lease liabilities | 310,721 | - | |
Other non-current liabilities | 413,549 | 471,099 | |
Total non-current liabilities | 8,691,261 | 8,894,449 | |
Total liabilities | 11,159,612 | 10,896,573 | |
Commitments and contingencies | |||
Shareholders' equity | 2,484,978 | 2,751,929 | |
Total liabilities and shareholders' equity | 13,644,590 | 13,648,502 |
International Game Technology PLC | ||||
Consolidated Statements of Cash Flows | ||||
($ thousands) | ||||
Unaudited | ||||
For the year ended | ||||
December 31, | ||||
2019 | 2018 | |||
Cash flows from operating activities | ||||
Net income | 111,658 | 114,647 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation | 434,264 | 432,899 | ||
Amortization | 279,193 | 272,561 | ||
Amortization of upfront license fees | 205,739 | 217,341 | ||
Goodwill impairment | 99,000 | 118,000 | ||
Stock-based compensation expense | 26,514 | 33,086 | ||
Debt issuance cost amortization | 22,436 | 22,042 | ||
Loss on extinguishment of debt | 11,964 | 54,423 | ||
Foreign exchange gain, net | (39,839) | (129,051) | ||
Gain on sale of assets | (64,714) | (318) | ||
Deferred income taxes | (68,293) | (34,494) | ||
Other non-cash costs, net | 23,091 | 32,275 | ||
Changes in operating assets and liabilities, excluding the effects of disposition and acquisitions: | ||||
Trade and other receivables | (58,213) | (54,356) | ||
Inventories | 84,472 | 12,556 | ||
Upfront license fees | - | (878,055) | ||
Accounts payable | 7,180 | (51,990) | ||
Other assets and liabilities | 18,683 | (131,940) | ||
Net cash provided by operating activities | 1,093,135 | 29,626 | ||
Cash flows from investing activities | ||||
Capital expenditures | (442,084) | (533,052) | ||
Proceeds from sale of assets | 124,043 | 19,243 | ||
Other | 5,851 | 2,272 | ||
Net cash used in investing activities | (312,190) | (511,537) | ||
Cash flows from financing activities | ||||
Principal payments on long-term debt | (1,264,647) | (1,899,888) | ||
Dividends paid | (163,503) | (163,236) | ||
Net (payments of) receipts from financial liabilities | (34,324) | 7,123 | ||
Net (payments of) proceeds from short-term borrowings | (32,067) | 34,822 | ||
Debt issuance costs paid | (25,930) | (17,033) | ||
Payments in connection with extinguishment of debt | (8,689) | (49,976) | ||
Proceeds from long-term debt | 1,397,025 | 1,687,761 | ||
Dividends paid - non-controlling interests | (136,655) | (126,926) | ||
Return of capital - non-controlling interests | (98,788) | (85,121) | ||
Capital increase - non-controlling interests | 1,499 | 321,584 | ||
Other | (10,195) | (20,655) | ||
Net cash used in financing activities | (376,274) | (311,545) | ||
Net increase (decrease) in cash and cash equivalents, and restricted cash | 404,671 | (793,456) | ||
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (22,197) | (197) | ||
Cash and cash equivalents, and restricted cash at the beginning of the period | 511,777 | 1,305,430 | ||
Cash and cash equivalents, and restricted cash at the end of the period | 894,251 | 511,777 | ||
Supplemental Cash Flow Information: | ||||
Interest paid | (400,022) | (445,698) | ||
Income taxes paid | (235,385) | (239,831) |
International Game Technology PLC | ||||
Net Debt | ||||
($ thousands) | ||||
Unaudited | ||||
December 31, | December 31, | |||
2019 | 2018 | |||
4.125% Senior Secured Notes due February 2020(2) | - | 499,167 | ||
4.750% Senior Secured Notes due March 2020 (2) | - | 438,252 | ||
5.500% Senior Secured Notes due June 2020 (1) | - | 27,519 | ||
6.250% Senior Secured Notes due February 2022 (1) | 1,491,328 | 1,469,609 | ||
4.750% Senior Secured Notes due February 2023 (2) | 948,382 | 964,730 | ||
5.350% Senior Secured Notes due October 2023(1) | 60,885 | 60,983 | ||
3.500% Senior Secured Notes due July 2024 (2) | 557,331 | 567,179 | ||
6.500% Senior Secured Notes due February 2025 (1) | 1,089,959 | 1,088,385 | ||
3.500% Senior Secured Notes due June 2026 (2) | 835,105 | - | ||
6.250% Senior Secured Notes due January 2027(1) | 743,387 | 742,667 | ||
2.375% Senior Secured Notes due April 2028 (2) | 556,403 | - | ||
Senior Secured Notes, long-term | 6,282,780 | 5,858,491 | ||
Term Loan Facilities due January 2023 (2) | 1,317,389 | 1,705,395 | ||
Revolving Credit Facilities due July 2024 (1) (2) | - | 413,381 | ||
Long-term debt, less current portion | 7,600,169 | 7,977,267 | ||
4.750% Senior Secured Notes due March 2020 (2) | 434,789 | - | ||
5.500% Senior Secured Notes due June 2020 (1) | 27,366 | - | ||
Current portion of long-term debt | 462,155 | - | ||
Short-term borrowings | 3,193 | 34,822 | ||
Total debt | 8,065,517 | 8,012,089 | ||
Less: Cash and cash equivalents | 662,934 | 250,669 | ||
Less: Debt issuance costs, net - Revolving Credit Facilities due July 2024 | 20,464 | - | ||
Net debt | 7,382,119 | 7,761,420 | ||
(1) U.S. dollar-denominated debt | ||||
(2) Euro-denominated debt | ||||
Note: Net debt is a non-GAAP financial measure |
International Game Technology PLC | ||||
Reconciliations of Non-GAAP Financial Measures | ||||
($ and shares in thousands, except per share amounts) | ||||
Unaudited | ||||
For the three months ended | ||||
December 31, | ||||
2019 | 2018 | |||
Net loss | (138,385) | (70,056) | ||
Provision for income taxes | 12,587 | 30,337 | ||
Interest expense, net | 100,649 | 103,666 | ||
Foreign exchange loss (gain), net | 101,770 | (32,096) | ||
Other non-operating expense, net | 4,758 | 9,040 | ||
Operating income | 81,379 | 40,891 | ||
Goodwill impairment | 99,000 | 118,000 | ||
Depreciation | 118,973 | 120,696 | ||
Amortization - purchase accounting | 47,958 | 49,772 | ||
Amortization - non-purchase accounting (a) | 75,183 | 70,922 | ||
Stock-based compensation expense | 6,468 | 8,142 | ||
Other (b) | 6,566 | 7,534 | ||
Adjusted EBITDA | 435,527 | 415,957 | ||
Cash flows from operating activities | 304,430 | (219,686) | ||
Capital expenditures | (109,368) | (158,739) | ||
Free Cash Flow | 195,062 | (378,425) | ||
Net loss attributable to IGT PLC | (167,698) | (101,999) | ||
Foreign exchange loss (gain), net | 101,770 | (32,096) | ||
Goodwill impairment | 99,000 | 118,000 | ||
Depreciation and amortization - purchase accounting | 48,591 | 51,774 | ||
Refinancing costs | - | 5,004 | ||
Other (b) | 6,566 | 7,534 | ||
Income tax impact on adjustments (c) | (25,668) | 183 | ||
Adjusted net income attributable to IGT PLC | 62,561 | 48,400 | ||
Weighted-average shares - diluted | 204,435 | 204,307 | ||
Adjusted weighted-average shares - diluted (d) | 204,631 | 204,328 | ||
Net loss attributable to IGT PLC per common share - diluted | (0.82) | (0.50) | ||
Adjusted net income attributable to IGT PLC per common share - diluted | 0.31 | 0.24 |
(a) Includes amortization of upfront license fees. |
(b) Includes non-goodwill impairment charges, restructuring expense, and transaction-related costs. |
(c) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
(d) Adjusted weighted-average shares – diluted includes shares that were excluded from the GAAP computation, due to the net loss as reported. |
International Game Technology PLC | ||||
Reconciliations of Non-GAAP Financial Measures | ||||
($ and shares in thousands, except per share amounts) | ||||
Unaudited | ||||
For the year ended | ||||
December 31, | ||||
2019 | 2018 | |||
Net income | 111,658 | 114,647 | ||
Provision for income taxes | 173,109 | 189,401 | ||
Interest expense, net | 410,129 | 417,387 | ||
Foreign exchange gain, net | (39,839) | (129,051) | ||
Other non-operating (income) expense, net | (17,929) | 54,607 | ||
Operating income | 637,128 | 646,991 | ||
Goodwill impairment | 99,000 | 118,000 | ||
Depreciation | 434,264 | 432,899 | ||
Amortization - purchase accounting | 191,624 | 200,095 | ||
Amortization - non-purchase accounting (a) | 293,308 | 289,807 | ||
Stock-based compensation expense | 26,514 | 33,086 | ||
Other (b) | 31,147 | 16,372 | ||
Adjusted EBITDA | 1,712,985 | 1,737,250 | ||
Cash flows from operating activities | 1,093,135 | 29,626 | ||
Capital expenditures | (442,084) | (533,052) | ||
Free Cash Flow | 651,051 | (503,426) | ||
Net loss attributable to IGT PLC | (19,025) | (21,350) | ||
Foreign exchange gain, net | (39,839) | (129,051) | ||
Goodwill impairment | 99,000 | 118,000 | ||
Depreciation and amortization - purchase accounting | 194,153 | 208,367 | ||
Refinancing costs | 11,964 | 54,463 | ||
Other (b) | 31,147 | 16,372 | ||
Income tax impact on adjustments (c) | (56,487) | (45,379) | ||
Adjusted net income attributable to IGT PLC | 220,913 | 201,422 | ||
Weighted-average shares - diluted | 204,373 | 204,083 | ||
Adjusted weighted-average shares - diluted (d) | 204,557 | 204,363 | ||
Net loss attributable to IGT PLC per common share - diluted | (0.09) | (0.10) | ||
Adjusted net income attributable to IGT PLC per common share - diluted | 1.08 | 0.99 |
(a) Includes amortization of upfront license fees. |
(b) Includes non-goodwill impairment charges, restructuring expense, and transaction-related costs. |
(c) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
(d) Adjusted weighted-average shares – diluted includes shares that were excluded from the GAAP computation, due to the net loss as reported. |
INTERNATIONAL GAME TECHNOLOGY PLC | ||||||||||||
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | Q4 '19 | Q4 '18 | Reported | FX | Period Ended December 31 | Q4 '19 | Q4 '18 | Change | ||||
Gaming | Total revenue | 622 | 632 | -2% | -1% | Installed base units (end of period) | ||||||
Gaming services | 374 | 413 | -9% | -8% | Casino | 30,202 | 33,744 | -10.5% | ||||
Terminal | 286 | 312 | -9% | -7% | VLT - Government sponsored (ex-Italy) | 18,701 | 19,208 | -2.6% | ||||
Other | 88 | 100 | -12% | -12% | VLT - Italy supplier (B2B) | 7,501 | 8,058 | -6.9% | ||||
Product sales | 248 | 220 | 13% | 14% | Total installed base units | 56,404 | 61,010 | -7.5% | ||||
Terminal | 188 | 159 | 18% | 19% | Yield (average gross revenue per unit per day) | $ 27.62 | $ 26.90 | 2.7% | ||||
Other | 60 | 60 | -1% | 0% | ||||||||
Additional Italian network details: | ||||||||||||
Lottery | Total revenue | 514 | 547 | -6% | -5% | VLT - Operator (B2C) | 11,020 | 10,991 | 0.3% | |||
Lottery services | 491 | 530 | -7% | -6% | AWP | 40,892 | 42,928 | -4.7% | ||||
FMC | 474 | 500 | -5% | -4% | ||||||||
Instant ticket & draw games | 465 | 497 | -6% | -5% | Machine units shipped | |||||||
Other services | 8 | 3 | 161% | 177% | New/expansion | 1,811 | 775 | 133.7% | ||||
LMA | 17 | 29 | -41% | -41% | Replacement | 11,804 | 11,215 | 5.3% | ||||
Product sales | 23 | 17 | 36% | 37% | Total machines shipped | 13,615 | 11,990 | 13.6% | ||||
Other | Total revenue | 118 | 87 | 35% | 38% | Global lottery same-store revenue growth | ||||||
Service revenue | 103 | 87 | 19% | 22% | Instant ticket & draw games | 4.3% | ||||||
Product sales | 14 | 0 | NM | NM | Multistate jackpots | -56.6% | ||||||
Total lottery same-store revenue growth (ex-Italy) | -7.1% | |||||||||||
Consolidated | Revenue | 1,253 | 1,266 | -1% | 0% | Italy lottery revenue growth | -2.1% | |||||
Operating Income: | ||||||||||||
Segment total | 286 | 277 | 3% | 5% | ||||||||
Purchase accounting | (148) | (170) | -13% | 13% | ||||||||
Corporate support | (57) | (67) | -15% | 14% | ||||||||
Total | 81 | 41 | 99% | 112% |
Full Year Comparisons by Segment:
NORTH AMERICA GAMING & INTERACTIVE | ||||||||||||
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | FY '19 | FY '18 | Reported | FX | Period Ended December 31 | FY '19 | FY '18 | Change | ||||
Gaming | Total revenue | 1,042 | 1,001 | 4% | 4% | Installed base units (end of period) | ||||||
Gaming services | 605 | 622 | -3% | -3% | Casino | 20,493 | 23,108 | -11.3% | ||||
Terminal | 407 | 420 | -3% | -3% | ||||||||
Other | 198 | 202 | -2% | -2% | Machine units shipped | |||||||
Product sales | 437 | 379 | 15% | 15% | New/expansion | 4,116 | 3,917 | 5.1% | ||||
Terminal | 321 | 262 | 23% | 23% | Replacement | 16,903 | 14,922 | 13.3% | ||||
Other | 116 | 117 | -1% | -1% | Total machines shipped | 21,019 | 18,839 | 11.6% | ||||
Other | Total revenue | 28 | 2 | NM | NM | |||||||
Service revenue | 14 | 2 | NM | NM | ||||||||
Product revenue | 14 | 0 | 0% | 0% | ||||||||
Total | Revenue | 1,071 | 1,003 | 7% | 7% | |||||||
Operating income | 264 | 219 | 21% | 18% |
NORTH AMERICA LOTTERY | ||||||||||||
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | FY '19 | FY '18 | Reported | FX | Period Ended December 31 | FY '19 | FY '18 | Change | ||||
Gaming | Total revenue | 153 | 154 | 0% | 0% | Installed base units (end of period) | ||||||
Gaming services | 152 | 153 | -1% | -1% | VLT - Government sponsored | 13,553 | 14,939 | -9.3% | ||||
Terminal | 97 | 100 | -3% | -3% | ||||||||
Other | 54 | 54 | 2% | 2% | Lottery same-store revenue growth | |||||||
Product sales | 2 | 0 | NM | NM | Instant ticket & draw games | 4.6% | ||||||
Multistate jackpots | -29.3% | |||||||||||
Lottery | Total revenue | 1,007 | 1,038 | -3% | -3% | Total lottery same-store revenue growth | -0.6% | |||||
Lottery services | 915 | 958 | -4% | -4% | ||||||||
FMC | 807 | 829 | -3% | -3% | ||||||||
Instant ticket & draw games | 663 | 697 | -5% | -5% | ||||||||
Other services | 145 | 131 | 10% | 10% | ||||||||
LMA | 108 | 129 | -16% | -16% | ||||||||
Product sales | 91 | 80 | 14% | 15% | ||||||||
Other | Total revenue | 5 | 0 | NM | NM | |||||||
Service revenue | 5 | 0 | NM | NM | ||||||||
Total | Revenue | 1,165 | 1,192 | -2% | -2% | |||||||
Operating income | 256 | 297 | -14% | -13% |
INTERNATIONAL | ||||||||||||
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | FY '19 | FY '18 | Reported | FX | Period Ended December 31 | FY '19 | FY '18 | Change | ||||
Gaming | Total revenue | 473 | 417 | 14% | 18% | Installed base units (end of period) | ||||||
Gaming services | 112 | 140 | -20% | -14% | Casino | 9,709 | 10,636 | -8.7% | ||||
Terminal | 46 | 54 | -15% | -7% | VLT - Government sponsored | 5,148 | 4,269 | 20.6% | ||||
Other | 66 | 86 | -23% | -19% | Total installed base units | 14,857 | 14,905 | -0.3% | ||||
Product sales | 361 | 277 | 30% | 35% | ||||||||
Terminal | 259 | 193 | 34% | 38% | Machine units shipped | |||||||
Other | 102 | 84 | 22% | 27% | New/expansion | 1,698 | 1,880 | -9.7% | ||||
Replacement | 19,308 | 11,820 | 63.4% | |||||||||
Lottery | Total revenue | 303 | 329 | -8% | -5% | Total machines shipped | 21,006 | 13,700 | 53.3% | |||
Lottery services | 284 | 283 | 1% | 4% | ||||||||
FMC | 284 | 283 | 1% | 4% | Lottery same-store revenue growth | |||||||
Instant ticket & draw games | 222 | 222 | 0% | 4% | Instant ticket & draw games | 4.1% | ||||||
Other services | 63 | 61 | 2% | 5% | Multistate jackpots | 18.4% | ||||||
Product sales | 19 | 46 | -60% | -58% | Total lottery same-store revenue growth | 4.9% | ||||||
Other | Total revenue | 64 | 74 | -13% | -7% | |||||||
Service revenue | 64 | 73 | -12% | -5% | ||||||||
Product sales | 0 | 2 | NM | NM | ||||||||
Total | Revenue | 840 | 820 | 2% | 7% | |||||||
Operating income | 127 | 142 | -11% | -3% |
ITALY | ||||||||||||
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | FY '19 | FY '18 | Reported | FX | Period Ended December 31 | FY '19 | FY '18 | Change | ||||
Gaming | Total revenue | 633 | 734 | -14% | -9% | (In € millions, except machines) | ||||||
Gaming services | 632 | 733 | -14% | -9% | Lottery | |||||||
Terminal | 566 | 665 | -15% | -10% | Lotto wagers | 8,149 | 8,017 | 1.7% | ||||
Other | 65 | 68 | -4% | 1% | 10eLotto | 5,860 | 5,728 | 2.3% | ||||
Product sales | 1 | 1 | 6% | 9% | Core | 1,941 | 1,877 | 3.4% | ||||
Late numbers | 163 | 227 | -28.3% | |||||||||
Lottery | Total revenue | 760 | 793 | -4% | 1% | MillionDAY | 187 | 185 | 0.8% | |||
Lottery services | 760 | 793 | -4% | 1% | ||||||||
FMC | 760 | 793 | -4% | 1% | Scratch & Win wagers | 9,194 | 9,207 | -0.1% | ||||
Instant ticket & draw games | 949 | 991 | -4% | 1% | ||||||||
Other services | (189) | (198) | -4% | 1% | Italy lottery revenue growth | 0.9% | ||||||
Product sales | 0 | 0 | 0% | 0% | ||||||||
Gaming | ||||||||||||
Other | Total revenue | 316 | 288 | 10% | 16% | Installed base (end of period) | ||||||
Service revenue | 316 | 288 | 10% | 16% | VLT - Operator (B2C) | 11,020 | 10,991 | 0.3% | ||||
Product sales | 0 | 0 | 0% | 0% | VLT - Supplier (B2B) | 7,501 | 8,058 | -6.9% | ||||
AWP | 40,892 | 42,928 | -4.7% | |||||||||
Total | Revenue | 1,709 | 1,815 | -6% | -1% | Total installed base | 59,413 | 61,977 | -4.1% | |||
Operating income | 521 | 541 | -4% | 2% | ||||||||
Wagers | ||||||||||||
VLT - Operator (B2C) | 5,669 | 5,838 | -2.9% | |||||||||
AWP | 3,690 | 3,717 | -0.7% | |||||||||
Interactive wagers (gaming) | 2,066 | 1,890 | 9.3% | |||||||||
Other | ||||||||||||
Sports betting wagers (1) | 1,050 | 988 | 6.2% | |||||||||
Sports betting payout (%) (1) | 83.1% | 82.4% | 0.7 pp | |||||||||
(1) Includes virtual wagers and pools & horses |
INTERNATIONAL GAME TECHNOLOGY PLC | ||||||||||||
Select Financial Data | As | Constant | Key Performance Indicators | % | ||||||||
Period Ended December 31 | FY '19 | FY '18 | Reported | FX | Period Ended December 31 | FY '19 | FY '18 | Change | ||||
Gaming | Total revenue | 2,301 | 2,306 | 0% | 2% | Installed base units (end of period) | ||||||
Gaming services | 1,500 | 1,649 | -9% | -6% | Casino | 30,202 | 33,744 | -10.5% | ||||
Terminal | 1,116 | 1,239 | -10% | -7% | VLT - Government sponsored (ex-Italy) | 18,701 | 19,208 | -2.6% | ||||
Other | 385 | 410 | -6% | -4% | VLT - Italy supplier (B2B) | 7,501 | 8,058 | -6.9% | ||||
Product sales | 801 | 657 | 22% | 24% | Total installed base units | 56,404 | 61,010 | -7.5% | ||||
Terminal | 581 | 455 | 28% | 29% | Yield (average gross revenue per unit per day) | $ 28.08 | $ 27.72 | 1.3% | ||||
Other | 220 | 202 | 9% | 11% | ||||||||
Additional Italian network details: | ||||||||||||
Lottery | Total revenue | 2,070 | 2,161 | -4% | -2% | VLT - Operator (B2C) | 11,020 | 10,991 | 0.3% | |||
Lottery services | 1,960 | 2,034 | -4% | -1% | AWP | 40,892 | 42,928 | -4.7% | ||||
FMC | 1,852 | 1,905 | -3% | 0% | ||||||||
Instant ticket & draw games | 1,834 | 1,910 | -4% | -1% | Machine units shipped | |||||||
Other services | 18 | (4) | NM | NM | New/expansion | 5,814 | 5,797 | 0.3% | ||||
LMA | 108 | 129 | -16% | -16% | Replacement | 36,211 | 26,742 | 35.4% | ||||
Product sales | 110 | 127 | -13% | -12% | Total machines shipped | 42,025 | 32,539 | 29.2% | ||||
Other | Total revenue | 415 | 364 | 14% | 20% | Global lottery same-store revenue growth | ||||||
Service revenue | 400 | 363 | 10% | 16% | Instant ticket & draw games | 4.5% | ||||||
Product sales | 15 | 2 | NM | NM | Multistate jackpots | -23.9% | ||||||
Total lottery same-store revenue growth (ex-Italy) | 0.8% | |||||||||||
Consolidated | Revenue | 4,786 | 4,831 | -1% | 2% | Italy lottery revenue growth | 0.9% | |||||
Operating Income: | ||||||||||||
Segment total | 1,168 | 1,199 | -3% | 1% | ||||||||
Purchase accounting | (293) | (325) | -10% | 10% | ||||||||
Corporate support | (238) | (226) | 5% | -8% | ||||||||
Total | 637 | 647 | -2% | 3% |
View original content to download multimedia:http://www.prnewswire.com/news-releases/international-game-technology-plc-reports-fourth-quarter-and-full-year-2019-results-301015202.html
SOURCE International Game Technology PLC
Copyright 2020 PR Newswire
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