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International Game Technology PLC Reports Third Quarter 2019 Results


LONDON, Nov. 14, 2019 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the third quarter ended September 30, 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.

IGT is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships...

"Our core businesses achieved significant momentum in the third quarter and year-to-date periods," said Marco Sala, CEO of IGT. "Key performance indicators were solid in the quarter ? gaming machine unit shipments increased 44%, while same-store revenue for draw games and instants rose 4%. Our leading positions are rooted in our focus on player-driven performance, which was on display at recent lottery and gaming trade shows and should sustain our momentum going forward."

"IGT has generated free cash flow in excess of $450 million in the first nine months," said Alberto Fornaro, CFO of IGT. "This confirms the inflection we expected to achieve this year. We are well positioned to achieve our 2019 strategic and financial goals."

Overview of Consolidated Third Quarter 2019 Results





Constant


Quarter Ended

 Y/Y

Currency


 September 30,

 Change

Change


2019

2018

(%)

(%)

(In $ millions, unless otherwise noted)





Revenue

1,153

1,156

0%

3%

Operating income

154

200

-23%

-19%

Net income/(loss) per diluted share

$0.51

$0.11

NM


Adjusted EBITDA

407

443

- 8%

-5%

Adjusted operating income

221

257

-14%

-11%

Adjusted net income per diluted share

$0.21

$0.31

-32%


Net debt

7,354

7,570

-3%



Note: Adjusted EBITDA, adjusted operating income, and adjusted net income per diluted share are non-GAAP financial measures. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this news release.

Consolidated revenue of $1.15 billion, up 3% at constant currency

At constant currency, operating income down 19% to $154 million; adjusted operating income down 11% to $221 million

Adjusted EBITDA declined 5% at constant currency to $407 million

Interest expense, net was $103 million, down 1% from the prior-year quarter

Income taxes of $45 million; adjusted taxes of $51 million, down from $60 million on lower pre-tax income

Net income attributable to IGT was $104 million; adjusted net income attributable to IGT was $43 million, down from $64 million in the prior year

Net income per diluted share of $0.51; adjusted net income per diluted share of $0.21 versus $0.31 in the prior year

Net debt of $7.35 billion, down 5% from $7.76 billion at December 31, 2018

Operating Segment Review

North America Gaming & Interactive

Select Financial Data



Constant


Key Performance Indicators



%

Period Ended September 30

Q3 '19

Q3 '18

FX


Period Ended September 30

Q3 '19

Q3 '18

Change 

Gaming


Total revenue

253

231

10%


Installed base units (end of period) 





Gaming services

146

152

-4%


    Casino

21,071

23,357

-9.8%



Terminal 

103

106

-2%








Other

43

46

-7%


Machine units shipped





Product sales

107

79

36%


   New/expansion

791

843

-6.2%



Terminal 

74

54

37%


   Replacement 

4,150

2,998

38.4%



Other

33

25

34%


   Total machines shipped

4,941

3,841

28.6%













Other


Total revenue

4

0

NM







Service revenue

4

0

NM











Note:  Oklahoma agreement executed in Q2'19 reduces installed base by 2,223 units; no impact to units shipped

Total


Revenue

257

231

12%







Operating income

62

45

34%






Revenue of $257 million, up 11%

Operating income of $62 million, up 38% compared to the prior year

North America Lottery

Select Financial Data



Constant


Key Performance Indicators



%

Period Ended September 30

Q3 '19

Q3 '18

FX


Period Ended September 30

Q3 '19

Q3 '18

Change 

Gaming


Total revenue

38

37

1%


Installed base units (end of period)





Gaming services

37

37

1%


    VLT - Government sponsored

14,294

14,965

-4.5%



Terminal 

24

25

-4%








Other

13

12

11%


Lottery same-store revenue growth





Product sales

0

0

0%


   Instant ticket & draw games



3.9%









   Multistate jackpots



-28.2%

Lottery


Total revenue

242

242

0%


   Total lottery same-store revenue growth



0.0%


Lottery services

215

225

-4%








FMC

193

200

-4%








  Instant ticket & draw games

157

164

-4%








  Other services

36

36

0%








LMA

23

25

-10%







Product sales

26

17

54%


















Other


Total revenue

1

0

NM







Service revenue

1

0

NM


















Total


Revenue

281

279

1%







Operating income

51

60

-15%






Revenue of $281 million, essentially in line with the prior year

Operating income of $51 million, down from $60 million

International

Select Financial Data



Constant


Key Performance Indicators



%

Period Ended September 30

Q3 '19

Q3 '18

FX


Period Ended September 30

Q3 '19

Q3 '18

Change 

Gaming


Total revenue

118

98

27%


Installed base units (end of period)





Gaming services

27

33

-12%


    Casino

9,877

12,332

-19.9%



Terminal 

11

13

-13%


    VLT - Government sponsored

4,455

3,675

21.2%



Other

16

19

-11%


   Total installed base units

14,332

16,007

-10.5%


Product sales

91

65

46%








Terminal 

65

47

42%


Machine units shipped






Other

26

18

57%


   New/expansion

210

529

-60.3%









   Replacement 

5,034

2,681

87.8%

Lottery


Total revenue

79

100

-19%


   Total machines shipped

5,244

3,210

63.4%


Lottery services

73

69

9%








FMC

73

69

9%


Lottery same-store revenue growth






  Instant ticket & draw games

55

54

7%


   Instant ticket & draw games



5.0%



  Other services

17

15

17%


   Multistate jackpots



29.3%


Product sales

6

31

-80%


   Total lottery same-store revenue growth



6.5%













Other


Total revenue

16

18

0%







Service revenue

16

17

2%







Product sales

0

0

0%


















Total


Revenue

213

216

3%







Operating income

30

56

-40%






Revenue of $213 million, up 3% at constant currency

Operating income of $30 million compared to $56 million in the prior year

Italy

Select Financial Data



Constant


Key Performance Indicators



%

Period Ended September 30

Q3 '19

Q3 '18

FX


Period Ended September 30

Q3 '19

Q3 '18

Change 

Gaming


Total revenue

154

175

-7%


(In ? millions, except machines)





Gaming services

154

175

-7%


Lottery






Terminal 

138

159

-8%


Lotto wagers

1,882

1,913

-1.6%



Other

16

16

1%


   10eLotto

1,341

1,361

-1.5%


Product sales

0

0

0%


   Core

477

434

10.0%









   Late numbers

19

70

-72.3%

Lottery


Total revenue

172

184

-1%


   MillionDAY

44

47

-6.4%


Lottery services

172

184

-1%








FMC

172

184

-1%


Scratch & Win wagers

2,197

2,179

0.8%



  Instant ticket & draw games

219

233

-1%








  Other services

(47)

(49)

1%


Italy lottery revenue growth



-1.1%


Product sales

0

0

0%














Gaming




Other


Total revenue

76

70

14%


Installed base (end of period)





Service revenue

76

70

14%


   VLT - Operator (B2C)

10,984

11,027

-0.4%


Product sales

0

0

0%


   VLT - Supplier (B2B)

7,514

8,094

-7.2%









   AWP

41,129

43,074

-4.5%

Total


Revenue

402

430

-1%


   Total installed base

59,627

62,195

-4.1%


Operating income

127

145

-7%














Wagers












   VLT - Operator (B2C)

1,324

1,426

-7.1%









   AWP

877

879

-0.3%









   Interactive wagers (gaming)

492

447

10.1%





















Other












   Sports betting wagers (1)

227

225

0.8%









   Sports betting payout (%) (1)

83.4%

81.1%

2.3 pp





















(1) Includes virtual wagers and pools & horses

Revenue of $402 million, relatively stable at constant currency

Operating income of $127 million, down 7% at constant currency

Other Developments
The Company's Board of Directors declared a quarterly cash dividend of $0.20 per ordinary share

Issuance of ?500 million 2.375% Notes due 2028, as previously announced

2019 Outlook

Conference Call and Webcast

November 14, 2019, 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 enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Digital and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.IGT.com.

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 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. All forward-looking statements contained in this news release are 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 


 September 30, 


2019


2018





Service revenue

921,712


963,265

Product sales

231,535


192,565

Total revenue

1,153,247


1,155,830





Cost of services

575,594


586,811

Cost of product sales

136,246


107,311

Selling, general and administrative

201,416


194,099

Research and development

68,804


63,277

Impairment

432


1,530

Other operating expense, net

16,873


2,774

Total operating expenses

999,365


955,802





Operating income

153,882


200,028





Interest expense, net

(102,551)


(103,553)

Foreign exchange gain, net

124,068


21,104

Other expense, net

(308)


(17,244)

Total non-operating income (expenses)

21,209


(99,693)





Income before provision for income taxes

175,091


100,335





Provision for income taxes

44,530


46,327





Net income

130,561


54,008





Less: Net income attributable to non-controlling interests

26,998


31,709





Net income attributable to IGT PLC

103,563


22,299









Net income attributable to IGT PLC per common share - basic

0.51


0.11

Net income attributable to IGT PLC per common share - diluted

0.51


0.11





Weighted-average shares - basic

204,435


204,219

Weighted-average shares - diluted

204,528


204,344

 

International Game Technology PLC

Consolidated Statements of Operations

($ and shares in thousands, except per share amounts)

Unaudited






 For the nine months ended 


 September 30, 


2019


2018





Service revenue

2,892,774


3,017,283

Product sales

639,642


547,841

Total revenue

3,532,416


3,565,124





Cost of services

1,765,519


1,812,553

Cost of product sales

397,217


333,065

Selling, general and administrative

616,516


605,405

Research and development

200,305


198,497

Impairment

432


1,530

Other operating (income) expense, net

(3,322)


7,974

Total operating expenses

2,976,667


2,959,024





Operating income

555,749


606,100





Interest expense, net

(309,480)


(313,721)

Foreign exchange gain, net

141,609


96,955

Other income (expense), net

22,687


(45,567)

Total non-operating expenses

(145,184)


(262,333)





Income before provision for income taxes

410,565


343,767





Provision for income taxes

160,522


159,064





Net income

250,043


184,703





Less: Net income attributable to non-controlling interests

101,370


104,054





Net income attributable to IGT PLC

148,673


80,649









Net income attributable to IGT PLC per common share - basic

0.73


0.40

Net income attributable to IGT PLC per common share - diluted

0.73


0.39





Weighted-average shares - basic

204,352


204,009

Weighted-average shares - diluted

204,532


204,375

 

International Game Technology PLC

Consolidated Balance Sheets

($ thousands)

Unaudited






September 30,


December 31,


2019


2018

Assets




Current assets:




Cash and cash equivalents

542,425


250,669

Restricted cash and cash equivalents

221,233


261,108

Trade and other receivables, net

899,665


949,085

Inventories

253,949


282,698

Other current assets

471,239


504,061

Income taxes receivable

49,214


39,075

Total current assets

2,437,725


2,286,696

Systems, equipment and other assets related to contracts, net

1,298,394


1,404,426

Property, plant and equipment, net

138,708


185,349

Operating lease right-of-use-assets

344,146


-

Goodwill

5,535,003


5,580,227

Intangible assets, net

1,873,123


2,044,723

Other non-current assets

1,939,337


2,108,964

Deferred income taxes

33,819


38,117

Total non-current assets

11,162,530


11,361,806

Total assets

13,600,255


13,648,502





Liabilities and shareholders' equity




Current liabilities:




Accounts payable

1,069,275


1,142,371

Other current liabilities

790,326


816,722

Current portion of long-term debt

447,678


-

Short-term borrowings

740


34,822

Income taxes payable

53,414


8,209

Total current liabilities

2,361,433


2,002,124

Long-term debt, less current portion

7,468,948


7,977,267

Deferred income taxes

440,903


446,083

Income taxes payable

25,654


25,654

Operating lease liabilities

311,673


-

Other non-current liabilities

374,601


445,445

Total non-current liabilities

8,621,779


8,894,449

Total liabilities

10,983,212


10,896,573

Commitments and contingencies




Shareholders' equity

2,617,043


2,751,929

Total liabilities and shareholders' equity

13,600,255


13,648,502

 

International Game Technology PLC

Consolidated Statements of Cash Flows

($ thousands)

Unaudited




 For the nine months ended 


 September 30, 


2019


2018

Cash flows from operating activities




Net income

250,043


184,703

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation 

315,291


312,203

Amortization 

207,161


204,256

Service revenue amortization

154,630


164,952

Stock-based compensation expense

20,046


24,944

Debt issuance cost amortization

17,004


16,511

Loss on extinguishment of debt

11,964


49,460

Deferred income taxes

2,590


11,815

Impairment

432


1,530

Gain on sale of assets

(65,324)


(5,568)

Foreign exchange gain, net

(141,609)


(96,955)

Other non-cash costs, net

48,299


8,700

Changes in operating assets and liabilities, excluding the effects of acquisitions:




Trade and other receivables

16,546


92,823

Inventories

23,875


(26,682)

Upfront Italian license fee

-


(366,270)

Accounts payable

611


(123,057)

Other assets and liabilities

(72,854)


(204,053)

Net cash provided by operating activities

788,705


249,312





Cash flows from investing activities




Capital expenditures

(332,716)


(374,313)

Proceeds from sale of assets

100,743


8,200

Other

6,126


2,064

Net cash used in investing activities

(225,847)


(364,049)





Cash flows from financing activities




Principal payments on long-term debt

(1,264,647)


(1,658,753)

Dividends paid - non-controlling interests

(135,684)


(126,926)

Dividends paid

(122,616)


(122,394)

Return of capital - non-controlling interests

(80,384)


(64,974)

Net (payments of) proceeds from short-term borrowings

(34,519)


29,957

Debt issuance costs paid

(24,787)


(10,199)

Payments in connection with extinguishment of debt

(8,598)


(42,148)

Net receipts from (payments of) financial liabilities

753


(36,407)

Capital increase - non-controlling interests

1,369


135,536

Proceeds from long-term debt

1,397,025


1,415,762

Other

(7,798)


(18,051)

Net cash used in financing activities

(279,886)


(498,597)





Net increase (decrease) in cash and cash equivalents, and restricted cash

282,972


(613,334)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash

(31,091)


10,924

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

763,658


703,020









Supplemental Cash Flow Information:




Interest paid

(371,847)


(419,508)

Income taxes paid

(138,009)


(125,388)

 

International Game Technology PLC

Net Debt

($ thousands)

Unaudited






September 30,


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)

1,491,826


1,469,609

4.750% Senior Secured Notes due February 2023 (2)

918,800


964,730

5.350% Senior Secured Notes due October 2023(1)

60,910


60,983

3.500% Senior Secured Notes due July 2024 (2)

540,006


567,179

6.500% Senior Secured Notes due February 2025 (1)

1,089,555


1,088,385

3.500% Senior Secured Notes due June 2026 (2)

809,246


-

6.250% Senior Secured Notes due January 2027(1)

743,203


742,667

2.375% Senior Secured Notes due April 2028 (2)

539,115


-

Senior Secured Notes, long-term

6,192,661


5,858,491





Term Loan Facilities due January 2023 (2)

1,276,287


1,705,395

Revolving Credit Facilities due July 2024 (1) (2)

-


413,381

Long-term debt, less current portion

7,468,948


7,977,267





4.750% Senior Secured Notes due March 2020 (2)

420,273


-

5.500% Senior Secured Notes due June 2020 (1)

27,405


-

Current portion of long-term debt 

447,678


-





Short-term borrowings

740


34,822

Total debt

7,917,366


8,012,089





Less: Cash and cash equivalents

542,425


250,669

Less: Debt issuance costs, net - Revolving Credit Facilities due July 2024

21,311


-





Net debt

7,353,630


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

Adjusted EBITDA and Free Cash Flow

Reconciliations of Non-GAAP Financial Measures

($ thousands)

Unaudited










For the three months ended


September 30,


2019


2018





Net income

130,561


54,008

Provision for income taxes

44,530


46,327

Non-operating (income) expenses

(21,209)


99,693

Depreciation 

106,020


109,755

Amortization

69,960


67,806

Service revenue amortization

50,695


53,837

Stock-based compensation expense

7,544


7,825

Impairment

432


1,530

Other

18,543


2,541

Adjusted EBITDA

407,076


443,322













Cash flows from operating activities

196,984


129,162

Capital expenditures

(101,713)


(115,346)

Free Cash Flow

95,271


13,816

 

International Game Technology PLC

Adjusted EBITDA and Free Cash Flow

Reconciliations of Non-GAAP Financial Measures

($ thousands)

Unaudited










For the nine months ended


September 30,


2019


2018





Net income

250,043


184,703

Provision for income taxes

160,522


159,064

Non-operating expenses

145,184


262,333

Depreciation 

315,291


312,203

Amortization

207,161


204,256

Service revenue amortization

154,630


164,952

Stock-based compensation expense

20,046


24,944

Impairment

432


1,530

Other

24,149


7,308

Adjusted EBITDA

1,277,458


1,321,293













Cash flows from operating activities

788,705


249,312

Capital expenditures

(332,716)


(374,313)

Free Cash Flow

455,989


(125,001)

 

 International Game Technology PLC 

 Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

 ($ and shares in thousands, except per share amounts) 

 Unaudited 


























Quarter to date










Quarter to date


September 2019


Adjustments


September 2019


As


Purchase


Foreign




Refinancing and


As


Reported


Accounting


Exchange


Impairment


Other


Adjusted













 Total revenue 

1,153,247


(181)


-


-


-


1,153,066













 Cost of services 

575,594


(17,947)


-


-


-


557,647

 Cost of product sales 

136,246


(3,955)


-


-


-


132,291

 Selling, general and administrative 

201,416


(26,788)


-


-


-


174,628

 Research and development 

68,804


(1)


-


-


-


68,803

 Impairment 

432


-


-


(432)


-


-

 Other operating expense (income), net 

16,873


-


-


-


(18,615)


(1,742)

 Total operating expenses 

999,365


(48,691)


-


(432)


(18,615)


931,627













 Operating income 

153,882


48,510


-


432


18,615


221,439













 Interest expense, net 

(102,551)


25


-


-


-


(102,526)

 Foreign exchange gain, net 

124,068


-


(124,068)


-


-


-

 Other (expense) income, net 

(308)


-


-


-


2,336


2,028

 Total non-operating income (expenses) 

21,209


25


(124,068)


-


2,336


(100,498)













 Income before provision for income taxes 

175,091


48,535


(124,068)


432


20,951


120,941













 Provision for income taxes (a) 

44,530


11,666


(10,993)


-


5,368


50,571













 Net income 

130,561


36,869


(113,075)


432


15,583


70,370













 Less: Net income attributable to non-controlling interests 

26,998


25


-


-


-


27,023













 Net income attributable to IGT PLC 

103,563


36,844


(113,075)


432


15,583


43,347













 Net income per common share - diluted 

0.51










0.21

 Weighted-average shares - diluted 

204,528










204,528














 (a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. 

 

 International Game Technology PLC 

 Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

 ($ and shares in thousands, except per share amounts) 

 Unaudited 


























Year to date










Year to date


September 2019


Adjustments


September 2019


As


Purchase


Foreign




Refinancing and


As


Reported


Accounting


Exchange


Impairment


Other


Adjusted













 Total revenue 

3,532,416


(540)


-


-


-


3,531,876













 Cost of services 

1,765,519


(54,491)


-


-


-


1,711,028

 Cost of product sales 

397,217


(11,736)


-


-


-


385,481

 Selling, general and administrative 

616,516


(79,368)


-


-


-


537,148

 Research and development 

200,305


(293)


-


-


-


200,012

 Impairment 

432


-


-


(432)


-


-

 Other operating income, net 

(3,322)


-


-


-


(24,366)


(27,688)

 Total operating expenses 

2,976,667


(145,888)


-


(432)


(24,366)


2,805,981













 Operating income 

555,749


145,348


-


432


24,366


725,895













 Interest expense, net 

(309,480)


76


-


-


-


(309,404)

 Foreign exchange gain, net 

141,609


-


(141,609)


-


-


-

 Other income, net 

22,687


-


-


-


11,964


34,651

 Total non-operating expenses 

(145,184)


76


(141,609)


-


11,964


(274,753)













 Income before provision for income taxes 

410,565


145,424


(141,609)


432


36,330


451,142













 Provision for income taxes (a) 

160,522


34,908


(10,819)


-


6,730


191,341













 Net income 

250,043


110,516


(130,790)


432


29,600


259,801













 Less: Net income attributable to non-controlling interests 

101,370


76


-


-


-


101,446













 Net income attributable to IGT PLC 

148,673


110,440


(130,790)


432


29,600


158,355













 Net income per common share - diluted 

0.73










0.77

 Weighted-average shares - diluted 

204,532










204,532














 (a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. 

 

 International Game Technology PLC 

 Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

 ($ and shares in thousands, except per share amounts) 

 Unaudited 


























Quarter to date










Quarter to date


September 2018


Adjustments


September 2018


As


Purchase


Foreign




Refinancing and


As


Reported


Accounting


Exchange


Impairment


Other


Adjusted













 Total revenue 

1,155,830


(181)


-


-


-


1,155,649













 Cost of services 

586,811


(21,241)


-


-


-


565,570

 Cost of product sales 

107,311


(3,954)


-


-


-


103,357

 Selling, general and administrative 

194,099


(27,017)


-


-


-


167,082

 Research and development 

63,277


(232)


-


-


-


63,045

 Impairment 

1,530


-


-


(1,530)


-


-

 Other operating expense, net 

2,774


-


-


-


(2,774)


-

 Total operating expenses 

955,802


(52,444)


-


(1,530)


(2,774)


899,054













 Operating income 

200,028


52,263


-


1,530


2,774


256,595













 Interest expense, net 

(103,553)


524


-


-


-


(103,029)

 Foreign exchange gain, net 

21,104


-


(21,104)


-


-


-

 Other (expense) income, net 

(17,244)


-


-


-


19,875


2,631

 Total non-operating expenses 

(99,693)


524


(21,104)


-


19,875


(100,398)













 Income before provision for income taxes 

100,335


52,787


(21,104)


1,530


22,649


156,197













 Provision for income taxes (a) 

46,327


12,846


301


-


690


60,164













 Net income 

54,008


39,941


(21,405)


1,530


21,959


96,033













 Less: Net income attributable to non-controlling interests 

31,709


27


-


-


-


31,736













 Net income attributable to IGT PLC 

22,299


39,914


(21,405)


1,530


21,959


64,297













 Net income per common share - diluted 

0.11










0.31

 Weighted-average shares - diluted 

204,344










204,344














 (a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. 

 

 International Game Technology PLC 

 Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

 ($ and shares in thousands, except per share amounts) 

 Unaudited 


























Year to date










Year to date


September 2018


Adjustments


September 2018


As


Purchase


Foreign




Refinancing and


As


Reported


Accounting


Exchange


Impairment


Other


Adjusted













 Total revenue 

3,565,124


(540)


-


-


-


3,564,584













 Cost of services 

1,812,553


(63,457)


-


-


-


1,749,096

 Cost of product sales 

333,065


(11,735)


-


-


-


321,330

 Selling, general and administrative 

605,405


(80,602)


-


-


-


524,803

 Research and development 

198,497


(686)


-


-


-


197,811

 Impairment 

1,530


-


-


(1,530)


-


-

 Other operating expense, net 

7,974


-


-


-


(7,974)


-

 Total operating expenses 

2,959,024


(156,480)


-


(1,530)


(7,974)


2,793,040













 Operating income 

606,100


155,940


-


1,530


7,974


771,544













 Interest expense, net 

(313,721)


1,536


-


-


-


(312,185)

 Foreign exchange gain, net 

96,955


-


(96,955)


-


-


-

 Other (expense) income, net 

(45,567)


(2,184)


-


-


49,459


1,708

 Total non-operating expenses 

(262,333)


(648)


(96,955)


-


49,459


(310,477)













 Income before provision for income taxes 

343,767


155,292


(96,955)


1,530


57,433


461,067













 Provision for income taxes (a) 

159,064


37,101


6,630


-


1,831


204,626













 Net income 

184,703


118,191


(103,585)


1,530


55,602


256,441













 Less: Net income attributable to non-controlling interests 

104,054


77


-


-


-


104,131













 Net income attributable to IGT PLC 

80,649


118,114


(103,585)


1,530


55,602


152,310













 Net income per common share - diluted 

0.39










0.75

 Weighted-average shares - diluted 

204,375










204,375














 (a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. 

 

INTERNATIONAL GAME TECHNOLOGY PLC

Select Financial Data



Constant


Key Performance Indicators



%

Period Ended September 30

Q3 '19

Q3 '18

FX


Period Ended September 30

Q3 '19

Q3 '18

Change 

Gaming


Total revenue

563

541

7%


Installed base units (end of period)





Gaming services

364

397

-5%


   Casino

30,948

35,689

-13.3%



Terminal 

276

303

-6%


   VLT - Government sponsored (ex-Italy)

18,749

18,640

0.6%



Other

88

94

-4%


   VLT - Italy supplier (B2B)

7,514

8,094

-7.2%


Product sales

199

144

41%


   Total installed base units

57,211

62,423

-8.3%



Terminal 

139

101

39%


   Yield (average gross revenue per unit per day)

$ 28.46

$ 27.84

2.2%



Other

60

43

44%














   Additional Italian network details:




Lottery


Total revenue

493

527

-4%


   VLT - Operator (B2C)

10,984

11,027

-0.4%


Lottery services

460

479

-1%


   AWP

41,129

43,074

-4.5%



FMC

438

454

-1%








  Instant ticket & draw games

431

452

-1%


Machine units shipped






  Other services

6

2

113%


   New/expansion

1,001

1,372

-27.0%



LMA

23

25

-10%


   Replacement 

9,184

5,679

61.7%


Product sales

33

48

-32%


   Total machines shipped

10,185

7,051

44.4%













Other


Total revenue

97

88

17%


Global lottery same-store revenue growth





Service revenue

97

88

17%


   Instant ticket & draw games



4.2%


Product sales

0

0

0%


   Multistate jackpots



-19.5%









   Total lottery same-store revenue growth (ex-Italy)


1.7%

Consolidated


Revenue

1,153

1,156

3%


   Italy lottery revenue growth



-1.1%


Operating Income:











Segment total

270

306

-9%








Purchase accounting

(49)

(52)

7%








Corporate support

(67)

(54)

-28%








Total

154

200

-19%






 

SOURCE International Game Technology PLC


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