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International Game Technology PLC Reports Fourth Quarter And Full Year 2016 Results
[March 09, 2017]

International Game Technology PLC Reports Fourth Quarter And Full Year 2016 Results

LONDON, March 9, 2017 /PRNewswire/ --

  • Fourth quarter net income of $233 million; adjusted EBITDA of $422 million reflects broad-based lottery growth and higher gaming product sales
  • 2016 net income of $211 million; adjusted 2016 EBITDA of $1,755 million on strong North America and Italy performance
  • Net debt of $7,569 million at year end
  • Cash dividend declared of $0.20 per ordinary share

 

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...

International Game Technology PLC ("IGT") (NYSE:IGT) today reported financial results for the fourth quarter and year ended December 31, 2016. Today, at 8:00 a.m. EST / 1:00 p.m. GMT / 2:00 p.m. CET, management will host a conference call and webcast to present the fourth quarter and full year 2016 results; access details are provided below.

"We reached many important milestones in 2016," said Marco Sala, CEO of IGT. "We reinforced our number one position in Lottery globally, achieving robust same-store revenue growth and securing valuable, multi-year contracts. We also made good progress with our Gaming turnaround, developing compelling new titles and hardware, in addition to expanding our International presence.  We operate in growing global market segments and IGT has a long history of investing in innovation to create shareholder value."

"We achieved our financial goals for 2016 and ended the year in strong financial condition," said Alberto Fornaro, CFO of IGT. "Disciplined capital management enabled us to reduce our debt and improve our leverage profile despite the large upfront investment in the Italy Lotto. We expect 2017 to evolve as a year of two halves, with difficult comparisons in the first part of the year easing as we reach the second half."

Summary of Consolidated Fourth Quarter and Full Year Financial Results




Reported









Constant




Quarter Ended December 31,

2016

2015

Change

Currency







(%)

Change

(%)




(In US $ millions, unless otherwise noted)








Revenue

1,321

1,365

-3%

-2%




Operating Income

138

132

5%

5%




Net income per diluted share

1.15

0.37

NM

 NM 




Net debt

7,569

7,707

-2%

-




Adjusted EBITDA

422

449

-6%

-6%




Adjusted Operating Income

281

293

-4%

-4%




Adjusted net income per diluted share

0.88

0.63

40%

 NA 













Reported

Pro forma








Constant

Year Ended December 31,

2016

2015

Change

2016

2015

Change

Currency




(%)



(%)

Change (%)

(In US $ millions, unless otherwise noted)








Revenue

5,154

4,689

10%

5,154

5,088

1%

2%

Operating Income

660

540

22%

660

533

24%

24%

Net income (loss) per diluted share

1.05

(0.39)

NM

1.05

 NA 

NA

 NA 

Net debt

7,569

7,707

-2%

7,569

7,707

-2%

-

Adjusted EBITDA

1,755

1,611

9%

1,755

1,704

3%

3%

Adjusted Operating Income

1,167

1,043

12%

1,167

1,069

9%

9%

Adjusted net income per diluted share

2.33

1.88

24%

2.33

 NA 

NA

 NA 


Note: Pro forma is defined as the combined results of GTECH and legacy IGT for period prior to the second quarter of 2015. Adjusted operating income, 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. 

 

Comparability of Results

All figures presented in this news release are prepared under U.S. GAAP, unless noted otherwise.

As a result of the combination of GTECH S.p.A. ("GTECH") and International Game Technology ("legacy IGT"), which was completed on April 7, 2015, a number of items affect the comparability of reported results.  Reported financial information for the full year 2016 includes the results of operations of IGT PLC for the entire period, while reported financial information for the full year 2015 period includes IGT PLC for the second, third, and fourth quarters and only GTECH operations in the first quarter. Pro forma figures represent the combined results of both companies.

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.

Reported 2016 results were impacted by the strengthening of the U.S. dollar compared to the euro; the daily average Euro to U.S. dollar foreign exchange rate was 1.08 in the fourth quarter of 2016 compared to 1.10 in the fourth quarter of 2015, and was 1.11 for the full year 2016 period compared to 1.11 in 2015. Constant currency changes for 2016 are calculated using the same foreign exchange rates as the corresponding 2015 period.

Management believes that referring to certain pro forma, constant currency, or adjusted measures is a more useful way to evaluate the Company's underlying performance.

Overview of Consolidated Fourth Quarter Results

Consolidated revenue declined 3% to $1,321 million from $1,365 million in the fourth quarter of 2015, which included approximately $20 million of revenue benefits related to the catch-up reclassification of Stability Law taxes on gaming machines in Italy. Lower revenue reflects global lottery growth that was more than offset by lower gaming service revenue, mostly at DoubleDown.

Global lottery same-store revenue, excluding Italy, increased 2% during the fourth quarter while Italy lottery wagers increased 4%. Product sales rose 1% in the quarter on higher North America systems sales and the contribution from a recent intellectual property settlement. The Company shipped 10,320 gaming machines worldwide during the fourth quarter.

Adjusted EBITDA of $422 million was 6% below the fourth quarter of 2015. Operating income was $138 million compared to $132 million in the fourth quarter of 2015, and adjusted operating income was $281 million compared to $293 million in the prior year. The declines in adjusted EBITDA and adjusted operating income primarily reflect an incremental $14 million of Italy value-added tax ("VAT") credit in the prior-year period, in addition to higher selling, general and administrative expenses.

Interest expense was $116 million compared to $119 million in the prior-year period.

Net income attributable to IGT was $233 million in the fourth quarter of 2016, reflecting the impact of $196 million in primarily non-cash foreign exchange gains and the favorable settlement of discrete tax items. On an adjusted basis, net income attributable to IGT was $179 million. The Company reported net income per diluted share of $1.15 and earned $0.88 per diluted share on an adjusted basis.

Cash from operations was $985 million in the full-year period and capital expenditures were $557 million. The Company made two of three upfront installment payments for the new Lotto concession in Italy during the year. 

Cash and cash equivalents were $294 million as of December 31, 2016, compared to $627 million as of December 31, 2015. Net debt was $7,569 million as of December 31, 2016.

Operating Segment Review

North America Gaming & Interactive   
Revenue for the North America Gaming & Interactive segment was $368 million compared to $378 million in the fourth quarter of 2015.

Gaming service revenue was $230 million compared to $263 million in the prior-year period, primarily driven by fewer daily active users ("DAU") at DoubleDown and a year-on-year decrease in the installed base.

Product sales rose 20% to $138 million in the quarter primarily driven by large systems sales; the contribution from a recent intellectual property settlement; and, as previously communicated, revenue associated with certain gaming machines shipped in the third quarter of 2016. The segment shipped 5,419 units in the period compared to 6,597 units in the fourth quarter of 2015, which included an additional 1,100 Canada video lottery terminals ("VLT").

Operating income for North America Gaming & Interactive was $101 million compared to $106 million in the fourth quarter of 2015. The decline is primarily due to lower DoubleDown and gaming service revenue, partially offset by higher product sales.

North America Lottery
North America Lottery revenue was $284 million, up 6% from the fourth quarter of 2015.

Service revenue of $267 million increased 5%. Lottery same-store revenue rose 1.5%, supported by the third consecutive year of strong instant tickets performance. Multi-state Jackpot game performance was modestly below the prior year's level after several quarters of above-average results. 

Product sales were $17 million, compared to $14 million in the fourth quarter of 2015, primarily due to increased instant ticket printing activity.

Operating income for North America Lottery increased 54% to $65 million compared to the fourth quarter of 2015. Higher revenues, in addition to lower depreciation and amortization expense associated with recent lottery contract extensions, contributed to the substantial profit growth.

International 
International revenue was $220 million compared to $265 million in the fourth quarter of 2015. On a constant currency basis, International revenue declined 15%.

International lottery same-store revenue increased 2.6% on broad-based geographical strength that was tempered by weakness in the United Kingdom. 

International gaming service revenue rose 6% on a constant currency basis, primarily due to growth in the commercial gaming installed base, and despite approximately 600 units that were converted to product sales. The installed base grew in Eastern Europe, South Africa and Mexico.

Product sales were below the prior-year period, mostly on lottery product sales, which reflect the natural variability of that business. Gaming terminal sales declined slightly on lower unit volume. Systems sales increased double-digits year-over-year. The segment shipped a total of 4,901 gaming machines compared to 4,965 last year.

International operating income was $44 million compared to $55 million in the fourth quarter of 2015, reflecting lower revenue.

Italy
Italy revenue was $449 million compared to $455 million in the fourth quarter of 2015. At constant currency, revenue was in line with the prior year. The fourth quarter comparisons are impacted by an approximately $20 million catch-up Stability Law reclassification booked in the prior-year period, in addition to one month of amortization of the new Lotto upfront concession fee.

Total Lotto wagers in the quarter were €2,141 million, 15% greater than the €1,855 million achieved in the prior-year period. Strong Lotto performance was a result of significant late number activity and high single-digit growth in 10eLotto. Excluding late numbers, Lotto wagers increased 2% over the same period last year. Instant-ticket wagers were €2,289 million versus €2,391 million in the fourth quarter of 2015.

Machine gaming service revenue was down given the prior-year Stability Law reclassification. Sports betting wagers increased 6% on growth in live wagers.  

Operating income for the Italy segment was $130 million compared to $132 million in the fourth quarter of 2015. At constant currency, operating income was stable as strong Lotto growth compensated for the VAT credit in the prior year. 

Overview of Consolidated Full Year 2016 Results

Reported consolidated revenue was $5,154 million compared to $4,689 million in 2015. On a pro forma, constant currency basis, consolidated revenue increased 2%, primarily reflecting growth in lottery service revenue that was partially offset by lower DoubleDown performance and gaming product sales.

During the year, the Company shipped 33,147 gaming machines worldwide and global lottery same-store revenue, excluding Italy, increased 8%. Italy lottery wagers rose 6% in 2016.

On a reported basis, adjusted EBITDA of $1,755 million was 9% greater than the 2015 level. On a pro forma, constant currency basis, adjusted EBITDA increased 3%.     

Reported operating income was $660 million compared to $540 million in 2015. On a pro forma, constant currency basis, adjusted operating income was 9% greater than 2015, primarily reflecting higher lottery service revenue that was partially offset by lower lottery product sales.

Interest expense was $469 million compared to $458 million in the prior-year period.

Net income attributable to IGT was $211 million in 2016. On an adjusted basis, net income was $472 million. The Company reported earnings per diluted share of $1.05 and earned $2.33 per diluted share on an adjusted basis in 2016.

Other Developments

In a separate news release issued today, the Company announced that Heather J. McGregor was appointed as an independent director to its board of directors.

Additionally, the Company's board of directors has declared a quarterly cash dividend of $0.20 per ordinary share. The dividend is payable on April 6, 2017 to all shareholders of record as of the close of business on March 23, 2017.

Outlook

The Company currently expects to achieve adjusted EBITDA of $1,680-$1,760 million for the full year 2017 period, as operational growth compensates for the Powerball and late numbers benefits recorded in 2016, in addition to new Lotto concession impacts in 2017. 

Maintenance capital expenditures are expected to be $525-$575 million, including approximately $100 million related to the timing of the new Florida Lottery contract. Growth capital expenditures will be approximately $100 million.

The Italy Lotto renewal will require an outlay of approximately $320 million ($195 million net, after minority partner contribution), relating to the final upfront concession payment and associated network and infrastructure upgrades. Net debt is expected to be $7,600-$7,800 million at the end of 2017.

The Company's outlook assumes an average euro/dollar exchange rate of 1.10.

Conference Call and Webcast

Today, at 8:00 a.m. EST / 1:00 p.m. GMT / 2:00 p.m. CET, management will host a conference call to present the fourth quarter and full year 2016 results. Listeners may access a live webcast of the conference call along with accompanying slides under "News, Events and Presentations" on IGT's Investor Relations website at www.IGT.com. A replay of the webcast will be available on the website following the live event. To listen by telephone, the dial-in number is +44 (0) 20 3427 1904 for participants in the United Kingdom and +1-646-254-3362 for listeners outside the United Kingdom. The conference ID/confirmation code is 6623346. A telephone replay of the call will be available for one week at +44 (0) 20 3427 0598 or +1-347-366-9565 using the conference ID/confirmation code 6623346.

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

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and 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 International Game Technology PLC 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 are subject to various risks and uncertainties, many of which are outside International Game Technology PLC'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 the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the possibility that the businesses of International Game Technology (Nevada) and GTECH S.p.A. will not be integrated successfully, or that the combined companies will not realize estimated cost savings, synergies, growth or other anticipated benefits or that such benefits may take longer to realize than expected; unanticipated costs of integration of International Game Technology (Nevada) and GTECH S.p.A.; the possibility that International Game Technology PLC will be unable to pay future dividends to shareholders or that the amount of such dividends may be less than anticipated; the possibility that International Game Technology PLC may not obtain its anticipated financial results in one or more future periods; reductions in customer spending; a slowdown in customer payments and changes in customer demand for products and services as a result of changing economic conditions or otherwise; unanticipated changes relating to competitive factors in the industries in which International Game Technology PLC operates; International Game Technology PLC's ability to hire and retain key personnel; the impact of the consummation of the business combination on relationships with third parties, including customers, employees and competitors; International Game Technology PLC's ability to attract new customers and retain existing customers in the manner anticipated; reliance on and integration of information technology systems; changes in legislation or governmental regulations affecting International Game Technology PLC, including as a consequence of the announced withdrawal of the U.K. from the EU; international, national or local economic, social or political conditions that could adversely affect International Game Technology PLC or its customers; conditions in the credit markets; changes in the top management team; risks associated with assumptions International Game Technology PLC makes in connection with its critical accounting estimates; the resolution of pending and potential future legal, regulatory or tax proceedings and investigations; and International Game Technology PLC's international operations, which are subject to the risks of currency fluctuations and foreign exchange controls. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect International Game Technology PLC's business, including those described in International Game Technology PLC's annual report on Form 20-F for the financial year ended December 31, 2015 and other documents filed from time to time with the Securities and Exchange Commission (the "SEC"), which are available on the SEC website at www.sec.gov and on the investor relations section of International Game Technology PLC's website at www.IGT.com. Except as required under applicable law, International Game Technology PLC does not assume any obligation to update the forward-looking statements. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that earnings per International Game Technology PLC share for the current or any future financial years will necessarily match or exceed the historical published earnings per International Game Technology PLC share, 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:
Robert K. Vincent, Corporate Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
James Hurley, Investor Relations, +1 (401) 392-7190 
Simone Cantagallo, +39 06 51899030; for Italian media inquiries

 

International Game Technology PLC

Condensed Consolidated Statements of Operations

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

Unaudited








 For the three months ended  



 December 31, 



2016


2015






Service revenue


1,061,669


1,109,029

Product sales


259,547


255,928

Total revenue


1,321,216


1,364,957






Cost of services


641,649


674,302

Cost of sales


179,240


180,021

Selling, general and administrative


236,547


242,997

Research and development


87,182


84,552

Restructuring expense


6,420


35,326

Impairment loss


31,162


12,497

Transaction expense, net


1,030


3,701

Total operating expenses


1,183,230


1,233,396






Operating income


137,986


131,561






Interest income


2,553


4,765

Other income (expense), net


23,359


(2,074)

Foreign exchange gain, net


195,587


91,105

Interest expense


(115,520)


(119,334)

Total non-operating income (expenses)


105,979


(25,538)






Income before provision for income taxes


243,965


106,023






(Benefit from) provision for income taxes


(5,387)


22,990






Net income


249,352


83,033






Less: Net income attributable to non-controlling interests


16,034


9,533






Net income attributable to IGT PLC


233,318


73,500











Net income attributable to IGT PLC per common share - basic


1.15


0.37

Net income attributable to IGT PLC per common share - diluted

1.15


0.37






Weighted-average shares - basic


202,324


199,862

Weighted-average shares - diluted


203,146


200,731

 

International Game Technology PLC

Condensed Consolidated Statements of Operations

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

Unaudited








 For the year ended 



 December 31, 



2016


2015






Service revenue


4,375,586


3,977,693

Product sales


778,310


711,363

Total revenue


5,153,896


4,689,056






Cost of services


2,553,479


2,417,315

Cost of sales


582,358


520,343

Selling, general and administrative


945,824


795,252

Research and development


343,531


277,401

Restructuring expense


27,934


76,896

Impairment loss


37,744


12,497

Transaction expense, net


2,590


49,396

Total operating expenses


4,493,460


4,149,100






Operating income


660,436


539,956






Interest income


12,840


17,681

Other income (expense), net


18,365


(122,295)

Foreign exchange gain, net


101,040


5,611

Interest expense


(469,268)


(457,984)

Total non-operating expenses


(337,023)


(556,987)






Income (loss) before provision for income taxes


323,413


(17,031)






Provision for income taxes


59,206


38,896






Net income (loss)


264,207


(55,927)






Less: Net income attributable to non-controlling interests


52,870


19,647






Net income (loss) attributable to IGT PLC


211,337


(75,574)











Net income (loss) attributable to IGT PLC per common share - basic


1.05


(0.39)

Net income (loss) attributable to IGT PLC per common share - diluted

1.05


(0.39)






Weighted-average shares - basic


201,511


192,398

Weighted-average shares - diluted


202,214


192,398

 

International Game Technology PLC

Condensed Consolidated Balance Sheets

($ thousands)

Unaudited






 December 31, 


2016


2015

ASSETS




Current assets:




Cash and cash equivalents

294,094


627,484

Restricted cash and investments

247,222


169,101

Trade and other receivables, net

947,237


959,592

Inventories

347,494


269,982

Other current assets

424,727


423,701

Income taxes receivable

28,792


35,514

Total current assets

2,289,566


2,485,374





Systems, equipment and other assets related to contracts, net

1,199,674


1,127,518

Property, plant and equipment, net

357,841


349,677

Goodwill, net

6,810,012


6,830,499

Intangible assets, net

2,874,031


3,335,633

Other non-current assets

1,497,662


937,917

Deferred income taxes

31,376


48,074

Total non-current assets

12,770,596


12,629,318





  Total Assets

15,060,162


15,114,692





LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

1,216,079


1,057,860

Other current liabilities

1,097,045


922,586

Current portion of long-term debt

77


160

Income taxes payable

28,590


30,020

Total current liabilities

2,341,791


2,010,626





Long-term debt, less current portion

7,863,085


8,334,013

Deferred income taxes

761,924


941,418

Other non-current liabilities

444,556


462,493

Total non-current liabilities

9,069,565


9,737,924





Total Liabilities

11,411,356


11,748,550





Commitments and contingencies

-


-





Shareholders' and mezzanine equity

3,648,806


3,366,142





Total liabilities and shareholders' equity

15,060,162


15,114,692

 

International Game Technology PLC

Consolidated Statements of Cash Flows

($ thousands)

Unaudited
















  For the year ended December 31, 



2016


2015

Operating activities





Net income (loss)


264,207


(55,927)

Adjustments for:





Amortization 


492,021


410,264

Depreciation 


390,448


369,564

Amortization of upfront payments to customers


116,980


107,812

Impairment loss


37,744


12,497

Stock-based compensation expense


26,346


36,067

Debt issuance cost amortization


18,347


40,366

Foreign exchange gain, net


(101,040)


(5,611)

Loss on extinguishment of debt


-


73,806

Other, net


(142)


50,626

Cash flows before changes in operating assets and liabilities


1,244,911


1,039,464

Changes in operating assets and liabilities:





Trade and other receivables


(23,758)


83,218

Inventories


(61,026)


72

Accounts payable


(27,123)


(53,762)

Other assets and liabilities


(147,661)


(282,995)

Net cash flows from operating activities


985,343


785,997






Investing activities





Upfront payments to customers


(665,260)


-

Capital expenditures


(557,238)


(402,634)

Purchases of jackpot annuity investments


(2,596)


(6,799)

Proceeds from jackpot annuity investments


16,565


36,215

Proceeds from sale of assets


185,798


230,587

Acquisition of IGT, net of cash acquired


-


(3,241,415)

Other


2,735


22,523

Net cash flows used in investing activities


(1,019,996)


(3,361,523)






Financing activities





Principal payments on long-term debt


(357,513)


(2,714,867)

Dividends paid 


(161,179)


(209,589)

Return of capital - non-controlling interest


(35,407)


(30,568)

Dividends paid - non-controlling interest 


(32,717)


(29,156)

Debt issuance costs paid


(10,825)


(84,859)

Payments for accelerated stock awards


(3,489)


(14,867)

Proceeds from stock options


12,699


10,672

Net receipts from (payments of) financial liabilities


30,595


(21,539)

Capital increase - non-controlling interest


256,455


9,049

Payments in connection with note consents


-


(29,022)

Payments on bridge facility


-


(51,409)

Payments in connection with the early extinguishment of debt


-


(79,526)

Payments to withdrawing shareholders


-


(407,759)

Proceeds from interest rate swaps


-


67,773

Proceeds from issuance of long-term debt


-


6,521,991

Other


(10,758)


(16,158)

Net cash flows (used in) provided by financing activities


(312,139)


2,920,166






Net (decrease) increase in cash and cash equivalents


(346,792)


344,640

Effect of exchange rate changes on cash


13,402


(34,262)

Cash and cash equivalents at the beginning of the period


627,484


317,106

Cash and cash equivalents at the end of the period


294,094


627,484











Supplemental Cash Flow Information:





Interest paid


(450,655)


(365,479)

Income taxes paid


(183,278)


(199,195)

 

International Game Technology PLC

Net Debt

($ thousands)










December 31,


2016


2015

Long-term debt, less current portion




6.250% Senior Secured Notes due 2022

1,472,150


1,468,875

6.500% Senior Secured Notes due 2025

1,085,537


1,084,249

4.750% Senior Secured Notes due 2023

884,917


912,418

4.125% Senior Secured Notes due 2020

730,465


752,212

5.625% Senior Secured Notes due 2020

593,954


592,245

7.500% Senior Secured Notes due 2019

521,894


530,009

6.625% Senior Secured Notes due 2018

521,556


533,915

4.750% Senior Secured Notes due 2020

509,050


520,649

5.500% Senior Secured Notes due 2020

126,294


126,833

5.350% Senior Secured Notes due 2023

61,187


61,303

Senior Secured Notes

6,507,004


6,582,708





Term Loan Facilities due 2019

839,552


866,785

Revolving Credit Facilities due 2021

516,529


834,968

Capital Securities

-


49,472

Other

-


80

Long-term debt, less current portion

7,863,085


8,334,013





Current portion of long-term debt 

77


160

Total debt

7,863,162


8,334,173





Cash and cash equivalents

294,094


627,484





Net debt

7,569,068


7,706,689

 

International Game Technology PLC

Adjusted EBITDA and Free Cash Flow

Reconciliations of Non-GAAP Financial Measures

($ thousands)













For the three months ended



December 31,



2016


2015






Net income


249,352


83,033

(Benefit from) provision for income taxes


(5,387)


22,990

Non-operating (income) expenses


(105,979)


25,538

Amortization


114,858


124,000

Depreciation 


97,164


109,888

Amortization of upfront payments to customers


31,820


26,634

Impairment loss


31,162


12,497

Restructuring expense


6,420


35,326

Stock-based compensation expense


1,844


3,335

Transaction expense, net


1,030


3,701

Non-cash purchase accounting (excluding D&A)


(126)


1,865

Adjusted EBITDA


422,158


448,807
















Cash flows from operating activities


364,346


315,003

Capital expenditures


(185,741)


(113,891)

Upfront payments to customers


(274,870)


-

Free Cash Flow


(96,265)


201,112

 

International Game Technology PLC

Adjusted EBITDA and Free Cash Flow

Reconciliations of Non-GAAP Financial Measures

($ thousands)





















For the year ended



December 31, 2016


December 31, 2015





As Reported


Legacy IGT


Pro Forma










Net income (loss)


264,207


(55,927)


(13,085)


(69,012)

Provision for (benefit from) income taxes


59,206


38,896


(4,126)


34,770

Non-operating expenses


337,023


556,987


10,057


567,044

Amortization


492,021


410,264


6,107


416,371

Depreciation 


390,448


369,564


28,960


398,524

Amortization of upfront payments to customers


116,980


107,812


3,556


111,368

Impairment loss


37,744


12,497


6,100


18,597

Restructuring expense


27,934


76,896


-


76,896

Stock-based compensation expense


26,346


36,067


5,951


42,018

Transaction expense, net


2,590


34,529


18,782


53,311

Non-cash purchase accounting (excluding D&A)


795


23,099


-


23,099

Other


-


-


30,956


30,956

Adjusted EBITDA


1,755,294


1,610,684


93,258


1,703,942




























Cash flows from operating activities


985,343


785,997


82,698


868,695

Capital expenditures


(557,238)


(402,634)


(26,096)


(428,730)

Upfront payments to customers


(665,260)


-


-


-

Free Cash Flow


(237,155)


383,363


56,602


439,965

 

 International Game Technology PLC 

 Condensed Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

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































Adjustments





Q4 2016






Impairment/


Transaction


Q4 2016



As


Purchase


Foreign


Restructuring


(Income)


As



Reported


Accounting


Exchange


Expense


Expense


Adjusted














 Total revenue 


1,321,216


244


-


-


-


1,321,460














 Cost of services 


641,649


(44,186)


-


-


-


597,463

 Cost of sales 


179,240


(29,845)


-


-


-


149,395

 Selling, general and administrative 


236,547


(29,468)


-


-


-


207,079

 Research and development 


87,182


(277)


-


-


-


86,905

 Restructuring expense 


6,420


-


-


(6,420)


-


-

 Impairment loss 


31,162


(30,000)


-


(1,162)


-


-

 Transaction expense, net 


1,030


-


-


-


(1,030)


-

 Total operating expenses 


1,183,230


(133,776)


-


(7,582)


(1,030)


1,040,842














 Operating income 


137,986


134,020


-


7,582


1,030


280,618














 Foreign exchange gain, net 


195,587


-


(195,587)


-


-


-

 Other income, net 


23,359


11,672


-


-


-


35,031

 Interest expense, net 


(112,967)


2,084


-


-


-


(110,883)

 Total non-operating income (expenses) 


105,979


13,756


(195,587)


-


-


(75,852)














 Income before provision for income taxes 


243,965


147,776


(195,587)


7,582


1,030


204,766














 (Benefit from) provision for income taxes (a) 


(5,387)


51,662


(50,323)


13,230


356


9,538














 Net income 


249,352


96,114


(145,264)


(5,648)


674


195,228














 Less: Net income attributable to non-controlling interests 


16,034


26


-


-


-


16,060














 Net income attributable to IGT PLC 


233,318


96,088


(145,264)


(5,648)


674


179,168














 Net income per common share - diluted 


1.15










0.88

 Weighted-average shares - diluted 


203,146










203,146



























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

 

International Game Technology PLC

Condensed Consolidated Statement of Operations

Reconciliation of Non-GAAP Financial Measures

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

































Adjustments






Q4 2015






Impairment/


Transaction


Q4 2015




As


Purchase


Foreign


Restructuring


and Refinancing


As




Reported


Accounting


Exchange


Expense


Expense


Adjusted
















 Total revenue 


1,364,957


1,622


-


-


-


1,366,579
















 Cost of services 


674,302


(44,064)


-


-


-


630,238


 Cost of sales 


180,021


(29,897)


-


-


-


150,124


 Selling, general and administrative 


242,997


(34,295)


-


-


-


208,702


 Research and development 


84,552


(466)


-


-


-


84,086


 Restructuring expense 


35,326


-


-


(35,326)


-


-


 Impairment loss 


12,497


-


-


(12,497)


-


-


 Transaction expense, net 


3,701


-


-


-


(3,701)


-


 Total operating expenses 


1,233,396


(108,722)


-


(47,823)


(3,701)


1,073,150
















 Operating income 


131,561


110,344


-


47,823


3,701


293,429
















 Interest expense, net 


(114,569)


3,531


-


-


-


(111,038)


 Other (expense) income, net 


(2,074)


13,540


-


-


-


11,466


 Foreign exchange gain, net 


91,105


-


(91,105)


-


-


-


 Total non-operating expenses 


(25,538)


17,071


(91,105)


-


-


(99,572)
















 Income before provision for income taxes 


106,023


127,415


(91,105)


47,823


3,701


193,857
















 Provision for income taxes (a) 


22,990


40,283


(22,895)


16,165


414


56,957
















 Net income 


83,033


87,132


(68,210)


31,658


3,287


136,900
















 Less: Net income attributable to non-controlling interests 


9,533


25


-


-


-


9,558
















 Net income attributable to IGT PLC 


73,500


87,107


(68,210)


31,658


3,287


127,342
















 Net income per common share - diluted 


0.37










0.63


 Weighted-average shares - diluted 


200,731










200,731












































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

 

 International Game Technology PLC 

 Condensed Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

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





























 Year to date 


Adjustments


 Year to date 



December 2016






Impairment/




December 2016



As


Purchase


Foreign


Restructuring


Transaction


As



Reported


Accounting


Exchange


Expense


Expense


Adjusted














 Total revenue 


5,153,896


1,576


-


-


-


5,155,472














 Cost of services 


2,553,479


(181,552)


-


-


-


2,371,927

 Cost of sales 


582,358


(118,936)


-


-


-


463,422

 Selling, general and administrative 


945,824


(134,325)


-


-


-


811,499

 Research and development 


343,531


(1,736)


-


-


-


341,795

 Restructuring expense 


27,934


-


-


(27,934)


-


-

 Impairment loss 


37,744


(30,000)


-


(7,744)


-


-

 Transaction expense, net 


2,590


-


-


-


(2,590)


-

 Total operating expenses 


4,493,460


(466,549)


-


(35,678)


(2,590)


3,988,643














 Operating income 


660,436


468,125


-


35,678


2,590


1,166,829














 Foreign exchange gain, net 


101,040


-


(101,040)


-


-


-

 Other income, net 


18,365


15,553


-


-


-


33,918

 Interest expense, net 


(456,428)


8,231


-


-


-


(448,197)

 Total non-operating expenses 


(337,023)


23,784


(101,040)


-


-


(414,279)














 Income before provision for income taxes 


323,413


491,909


(101,040)


35,678


2,590


752,550














 Provision for income taxes (a) 


59,206


174,000


(26,892)


20,948


658


227,920














 Net income 


264,207


317,909


(74,148)


14,730


1,932


524,630














 Less: Net income attributable to non-controlling interests 


52,870


102


-


-


-


52,972














 Net income attributable to IGT PLC 


211,337


317,807


(74,148)


14,730


1,932


471,658














 Net income per common share - diluted 


1.05










2.33

 Weighted-average shares - diluted 


202,214










202,214



























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

 

 International Game Technology PLC 

 Condensed Consolidated Statement of Operations 

 Reconciliation of Non-GAAP Financial Measures 

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





































 Year to date 


Adjustments


 Year to date 




 Year to date 



December 2015






Impairment/


Transaction


December 2015




December 2015



As


Purchase


Foreign


Restructuring


and Refinancing


As


Pro Forma


Pro forma



Reported


Accounting


Exchange


Expense


Expense


Adjusted


Adjustments


and Adjusted


















 Total revenue 


4,689,056


15,541


-


-


-


4,704,597


399,387


5,103,984


















 Cost of services 


2,417,315


(148,750)


-


-


-


2,268,565


113,306


2,381,871

 Cost of sales 


520,343


(96,661)


-


-


-


423,682


63,355


487,037

 Selling, general and administrative 


795,252


(101,319)


-


-


-


693,933


134,166


828,099

 Research and development 


277,401


(2,159)


-


-


-


275,242


62,760


338,002

 Restructuring expense 


76,896


-


-


(76,896)


-


-


-


-

 Impairment loss 


12,497


-


-


(12,497)


-


-


-


-

 Transaction expense, net 


49,396


-


-


-


(49,396)


-


-


-

 Total operating expenses 


4,149,100


(348,889)


-


(89,393)


(49,396)


3,661,422


373,587


4,035,009


















 Operating income 


539,956


364,430


-


89,393


49,396


1,043,175


25,800


1,068,975


















 Interest expense, net 


(440,303)


3,530


-


-


-


(436,773)





 Other (expense) income, net 


(122,295)


19,581


-


-


117,877


15,163





 Foreign exchange gain, net 


5,611


-


(5,611)


-


-


-





 Total non-operating expenses 


(556,987)


23,111


(5,611)


-


117,877


(421,610)






















 (Loss) income before provision for income taxes 


(17,031)


387,541


(5,611)


89,393


167,273


621,565






















 Provision for income taxes (a) 


38,896


132,298


(3,127)


29,165


41,529


238,761






















 Net (loss) income 


(55,927)


255,243


(2,484)


60,228


125,744


382,804






















 Less: Net income attributable to non-controlling interests 


19,647


102


-


-


-


19,749






















 Net (loss) income attributable to IGT PLC 


(75,574)


255,141


(2,484)


60,228


125,744


363,055






















 Net (loss) income per common share - diluted 


(0.39)










1.88





 Weighted-average shares - diluted 


192,398










193,559
























































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

 

International Game Technology PLC Segment Performance (Pro forma)

Revenue Detail 

($ millions)

































INTERNATIONAL GAME TECHNOLOGY PLC



Quarter Change

YTD Change





2015

2016



Percentage

Constant FX

Percentage

Constant FX





Q4 

YTD

Q4 

YTD



Q4

Q4

YTD

YTD

Gaming


Total Revenue

762

2,725

730

2,667



-4.3%

-3.3%

-2.2%

-1.4%















Gaming Services

547

2,036

492

1,976



-9.9%

-8.5%

-3.0%

-1.9%



Terminal 

359

1,343

325

1,282



-9.6%

-8.6%

-4.6%

-3.7%



Social (DDI)

84

317

61

279



-27.6%

-27.4%

-12.0%

-12.0%



Other

104

375

107

415



3.1%

6.8%

10.5%

13.1%















Product Sales

216

690

237

691



10.0%

9.9%

0.2%

0.2%



Terminal 

154

482

157

449



1.9%

1.9%

-6.7%

-6.8%



Other

62

208

81

242



30.0%

29.6%

16.4%

16.5%















Lottery


Total Revenue

521

2,046

514

2,170



-1.3%

-0.8%

6.1%

6.6%















Lottery Services

484

1,930

494

2,086



1.9%

2.5%

8.0%

8.6%



FM/Concessions

430

1,717

444

1,829



3.1%

4.5%

6.5%

7.3%



LMA

35

128

37

174



5.0%

5.0%

36.3%

36.3%



Other Services

19

85

13

82



-30.8%

-49.8%

-3.9%

-6.9%















Product Sales

36

115

20

85



-44.6%

-44.1%

-26.5%

-26.2%



Terminal 

15

41

1

11



-96.5%

-96.5%

-74.4%

-74.1%



Systems/Other

22

74

20

74



-9.2%

-8.3%

0.2%

0.6%















Other


Total Revenue

82

318

78

317



-4.7%

-4.1%

-0.2%

1.1%















Service Revenue

78

312

76

314



-2.8%

-2.7%

0.8%

1.8%


Product Sales

4

5

2

3



-43.5%

-32.1%

-53.2%

-42.2%















Consolidated


Revenue

1,365

5,088

1,321

5,154



-3.2%

-2.4%

1.3%

2.0%




























Operating Income:













Segment Total

336

1,245

340

1,374



1.0%

1.5%

10.4%

10.9%



Purchase Accounting

(110)

(372)

(134)

(468)



21.5%

21.6%

25.9%

26.0%



Corporate Support

(94)

(340)

(68)

(246)



-28.3%

-26.3%

-27.7%

-26.2%



Total

132

533

138

660



4.9%

4.6%

23.9%

23.9%



















































NORTH AMERICA GAMING & INTERACTIVE



Quarter Change

YTD Change





2015

2016



Percentage

Constant FX

Percentage

Constant FX





Q4 

YTD

Q4 

YTD



Q4

Q4

YTD

YTD

Gaming


Total Revenue

378

1,413

368

1,373



-2.5%

-2.6%

-2.8%

-2.7%















Gaming Services

263

1,025

230

975



-12.3%

-12.2%

-4.8%

-4.8%



Terminal 

137

571

126

525



-7.8%

-7.8%

-8.1%

-8.0%



Social (DDI)

84

317

61

279



-27.6%

-27.4%

-12.0%

-12.0%



Other

42

137

44

171



3.2%

3.2%

25.3%

25.3%















Product Sales

115

388

138

398



19.8%

19.5%

2.7%

2.8%



Terminal 

80

267

85

250



6.4%

6.0%

-6.4%

-6.4%



Other

35

121

53

148



50.2%

50.2%

23.0%

23.2%















Total


Revenue

378

1,413

368

1,373



-2.5%

-2.6%

-2.8%

-2.7%















Operating Income

106

335

101

344



-5.3%

-8.6%

2.8%

-0.7%

































































NORTH AMERICA LOTTERY



Quarter Change

YTD Change





2015

2016



Percentage

Constant FX

Percentage

Constant FX





Q4 

YTD

Q4 

YTD



Q4

Q4

YTD

YTD

Gaming


Total Revenue

37

149

35

146



-7.0%

-6.9%

-1.6%

-1.5%















Gaming Services

37

148

35

146



-5.9%

-5.9%

-1.0%

-0.9%



Terminal 

25

103

24

100



-5.6%

-5.6%

-2.8%

-2.8%



Social (DDI)

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Other

12

45

11

46



-6.6%

-6.4%

3.2%

3.5%















Product Sales

0

1

(0)

0



0.0%

0.0%

-86.9%

-86.6%



Terminal 

(0)

0

0

(0)



0.0%

0.0%

0.0%

0.0%



Other

0

1

(0)

0



0.0%

0.0%

-84.4%

-84.1%















Lottery


Total Revenue

232

916

250

1,047



7.7%

7.7%

14.3%

14.3%















Lottery Services

219

864

232

982



6.3%

6.3%

13.6%

13.6%



FM/Concessions

161

636

159

686



-1.1%

-1.1%

7.9%

7.9%



LMA

35

128

37

174



5.0%

5.0%

36.3%

36.3%



Other Services

22

101

36

122



62.0%

62.0%

21.1%

21.1%















Product Sales

13

52

17

65



31.1%

31.2%

25.7%

25.8%



Terminal 

0

5

0

10



-28.0%

-27.9%

79.0%

79.0%



Systems/Other

13

46

17

55



32.3%

32.4%

19.5%

19.6%















Total


Revenue

269

1,065

284

1,194



5.7%

5.7%

12.1%

12.1%















Operating Income

43

195

65

300



53.8%

53.6%

54.4%

54.0%

































































INTERNATIONAL



Quarter Change

YTD Change





2015

2016



Percentage

Constant FX

Percentage

Constant FX





Q4 

YTD

Q4 

YTD



Q4

Q4

YTD

YTD

Gaming


Total Revenue

148

502

144

473



-3.0%

0.5%

-5.8%

-2.0%















Gaming Services

47

197

44

181



-5.5%

5.5%

-8.4%

1.3%



Terminal 

13

59

12

51



-1.6%

13.0%

-14.5%

2.4%



Social (DDI)

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Other

34

138

32

130



-7.0%

2.8%

-5.8%

0.8%















Product Sales

101

305

99

293



-1.8%

-1.8%

-4.1%

-4.1%



Terminal 

74

214

72

199



-2.7%

-2.5%

-6.9%

-7.0%



Other

27

91

28

93



0.9%

0.0%

2.5%

2.5%















Lottery


Total Revenue

95

342

59

282



-38.2%

-37.5%

-17.4%

-14.4%















Lottery Services

72

279

56

263



-22.2%

-21.5%

-5.6%

-2.1%



FM/Concessions

55

206

51

206



-6.1%

0.4%

0.3%

6.1%



LMA

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Other Services

17

73

4

57



-74.6%

-93.0%

-22.3%

-25.3%















Product Sales

23

63

3

19



-87.6%

-86.8%

-69.3%

-68.7%



Terminal 

15

36

0

1



-97.8%

-97.8%

-97.4%

-97.1%



Systems/Other

9

27

3

18



-70.6%

-68.6%

-32.5%

-31.6%















Other


Total Revenue

22

78

18

72



-20.8%

-21.1%

-8.6%

-3.8%















Service Revenue

18

73

15

69



-15.9%

-18.8%

-5.2%

-0.9%


Product Sales

4

5

2

3



-43.5%

-32.1%

-53.2%

-42.2%















Total


Revenue

265

923

220

827



-17.1%

-14.9%

-10.3%

-6.8%















Operating Income

55

165

44

144



-20.1%

-13.3%

-12.7%

-1.7%































































ITALY



Quarter Change

YTD Change





2015

2016



Percentage

Constant FX

Percentage

Constant FX





Q4 

YTD

Q4 

YTD



Q4

Q4

YTD

YTD

Gaming


Total Revenue

201

678

183

676



-8.8%

-7.6%

-0.3%

-0.1%















Gaming Services

200

676

183

674



-8.8%

-7.6%

-0.2%

0.0%



Terminal 

185

610

162

606



-12.1%

-11.0%

-0.7%

-0.5%



Social (DDI)

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Other

16

66

20

68



29.8%

32.7%

3.8%

4.5%















Product Sales

0

2

0

1



0.0%

0.0%

-30.8%

-30.7%



Terminal 

0

1

0

0



0.0%

0.0%

-98.6%

-98.6%



Other

0

1

0

1



0.0%

0.0%

3.9%

4.1%















Lottery


Total Revenue

194

787

205

840



5.8%

7.0%

6.7%

6.8%















Lottery Services

194

787

205

840



5.8%

7.0%

6.7%

6.8%



FM/Concessions

215

876

233

937



8.5%

9.8%

7.0%

7.1%



LMA

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Other Services

(21)

(89)

(27)

(97)



33.7%

35.8%

9.5%

9.8%















Product Sales

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Terminal 

0

0

0

0



0.0%

0.0%

0.0%

0.0%



Systems/Other

0

0

0

0



0.0%

0.0%

0.0%

0.0%















Other


Total Revenue

60

239

60

245



1.2%

2.2%

2.6%

2.7%















Service Revenue

60

239

60

245



1.2%

2.2%

2.6%

2.7%


Product Sales

0

0

0

0



0.0%

0.0%

0.0%

0.0%















Total


Revenue

455

1,704

449

1,761



-1.3%

-0.1%

3.4%

3.5%















Operating Income

132

550

130

586



-2.1%

-0.9%

6.5%

6.5%














 

Key Performance Indicators (KPIs)  

Consolidated Key Performance Indicators (KPIs)












Fourth Quarter


Full Year

Periods Ended December 31


2016

2015

% change 


2016

2015

% change 












Installed base (end of period)









   Casino



34,653

34,568

0.2%


34,653

34,568

0.2%

   VLT - Government Sponsored (ex-Italy)


15,150

15,491

-2.2%


15,150

15,491

-2.2%

   VLT - Italy Supplier (B2B)


8,840

8,291

6.6%


8,840

8,291

6.6%

   Total installed base


58,643

58,350

0.5%


58,643

58,350

0.5%

   Yield (average revenue per unit per day - $0.00)


30.27

32.71

-7.5%


31.92

33.74

-5.4%












   Additional Italian Network Details:









   VLT - Operator (B2C)


11,036

11,115

-0.7%


11,036

11,115

-0.7%

   AWP



58,937

58,328

1.0%


58,937

58,328

1.0%












Machine units shipped









   New/Expansion


3,073

2,640

16.4%


7,922

6,821

16.1%

   Replacement 


7,247

8,922

-18.8%


25,225

28,338

-11.0%

   Total machines shipped


10,320

11,562

-10.7%


33,147

35,159

-5.7%












Global lottery same-store revenue growth









   Instants & draw games




2.3%




3.8%

   Multistate Jackpots




-2.9%




40.7%

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



1.8%




8.1%

   Italy lottery revenue growth




7.4%




7.0%













































North America KPIs













Fourth Quarter


Full Year

Periods Ended December 31


2016

2015

% change 


2016

2015

% change 












Installed base (end of period)








    Casino


24,472

25,418

-3.7%


24,472

25,418

-3.7%

    VLT - Government Sponsored


14,878

15,241

-2.4%


14,878

15,241

-2.4%

   Total installed base


39,350

40,659

-3.2%


39,350

40,659

-3.2%












Machine units shipped









   New/Expansion


1,733

2,191

-20.9%


5,929

4,389

35.1%

   Replacement 


3,686

4,406

-16.3%


13,842

16,993

-18.5%

   Total machines shipped


5,419

6,597

-17.9%


19,771

21,382

-7.5%












DoubleDown 









   Revenue ($ Thousands)


61,702

83,598

-26.2%


280,010

316,999

-11.7%

   Mobile penetration


58%

53%

9.4%


55%

48%

15.4%

   DAU (Daily Active Users) 1 


1,406

1,897

-25.9%


1,610

1,879

-14.3%

   MAU (Monthly Active Users) 1


3,369

4,411

-23.6%


3,839

4,526

-15.2%

   Bookings per DAU ($0.00) 1


$   0.48

$   0.47

2.0%


$     0.48

$     0.47

1.4%












Lottery same-store revenue growth









   Instants & draw games




1.9%




3.9%

   Multistate Jackpots




-1.5%




48.7%

   Total lottery same-store revenue growth




1.5%




9.7%












1As a single application with multiple games, active users equal unique users


































International KPIs













Fourth Quarter


Full Year

Periods Ended December 31


2016

2015

% change 


2016

2015

% change 












Installed base (end of period)









    Casino


10,181

9,150

11.3%


10,181

9,150

11.3%

    VLT - Government Sponsored


272

250

8.8%


272

250

8.8%

   Total installed base


10,453

9,400

11.2%


10,453

9,400

11.2%












Machine units shipped









   New/Expansion


1,340

449

198.4%


1,993

2,432

-18.1%

   Replacement 


3,561

4,516

-21.1%


11,383

11,345

0.3%

   Total machines shipped


4,901

4,965

-1.3%


13,376

13,777

-2.9%












Lottery same-store revenue growth









   Instants & draw games




3.5%




3.7%

   Multistate Jackpots




-9.1%




-3.3%

   Total lottery same-store revenue growth




2.6%




3.2%













































Italy KPIs













Fourth Quarter


Full Year

Periods Ended December 31


2016

2015

% change 


2016

2015

% change 

(In € millions, except machines)









Lottery









Lotto wagers


2,141

1,855

15.4%


8,093

7,077

14.4%

   10eLotto


1,239

1,147

7.9%


4,716

4,287

10.0%

   Core


577

638

-9.6%


2,227

2,447

-9.0%

   Late Numbers


326

70

367.0%


1,150

343

235.6%












Scratch & Win Wagers


2,289

2,391

-4.3%


8,935

9,016

-0.9%












Italy lottery revenue growth




7.4%




7.0%












Gaming









Installed base (end of period)









   VLT - Operator (B2C)


11,036

11,115

-0.7%


11,036

11,115

-0.7%

   VLT - Supplier (B2B)


8,840

8,291

6.6%


8,840

8,291

6.6%

   AWP


58,937

58,328

1.0%


58,937

58,328

1.0%

   Total Installed Base


78,813

77,734

1.4%


78,813

77,734

1.4%












Wagers











   VLT - Operator (B2C)


1,428

1,440

-0.8%


5,460

5,433

0.5%

   AWP


1,087

1,159

-6.2%


4,188

4,388

-4.6%

   Interactive Wagers (Gaming)


443

414

7.1%


1,659

1,672

-0.8%












Other









   Sports Betting Wagers1


250

236

5.9%


855

864

-1.1%

   Sports Betting Payout (%)1


85.9%

84.6%

1.3 pp


84.0%

83.7%

0.3 pp












1Includes Virtual Wagers and Pools & Horses

 

     

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/international-game-technology-plc-reports-fourth-quarter-and-full-year-2016-results-300421063.html

SOURCE International Game Technology PLC


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