Quarter Ended | Y/Y Change (%) | Constant Currency Change (%) | ||
All amounts from continuing operations | March 31, | |||
2021 | 2020 | |||
(In $ millions, unless otherwise noted) | ||||
GAAP Financials: | ||||
Revenue | ||||
Global Lottery | 749 | 505 | 48% | 42% |
Global Gaming | 266 | 310 | (14)% | (16)% |
Total revenue | 1,015 | 814 | 25% | 20% |
Operating income/(loss) | ||||
Global Lottery | 337 | 144 | 133% | 121% |
Global Gaming | (19) | (6) | (208)% | (177)% |
Corporate support expense | (19) | (13) | (50)% | (32)% |
Other(1)
| (39) | (343) | 89% | 89% |
Total operating income/(loss) | 260 | (218) | NA | NA |
Net cash provided by operating activities | 251 | 26 | NM | |
Cash and cash equivalents | 748 | 1,449 | (48)% | |
Non-GAAP Financial Measures: | ||||
Adjusted EBITDA | ||||
Global Lottery | 447 | 243 | 84% | 74% |
Global Gaming | 19 | 31 | (39)% | (35)% |
Corporate support expense | (16) | (13) | (26)% | (10)% |
Total Adjusted EBITDA | 450 | 261 | 72% | 64% |
Free cash flow | 204 | (60) | ||
Net debt | 7,069 | 7,170 | (1)% | |
Constant | ||||
Q1'21 | Q1'20 | Y/Y Change | Currency | |
GLOBAL LOTTERY | (%) |
Change (%)(1)
| ||
Revenue | ||||
Service | ||||
Operating and facilities management contracts | 695 | 454 | 53% | 47% |
Upfront license fee amortization | (52) | (48) | (9)% | -% |
Operating and facilities management contracts, net | 643 | 406 | 58% | 52% |
Other | 83 | 66 | 24% | 15% |
Total service revenue | 725 | 472 | 54% | 47% |
Product sales | 23 | 32 | (28)% | (30)% |
Total revenue | 749 | 505 | 48% | 42% |
Operating income | 337 | 144 | 133% | 121% |
Adjusted EBITDA(1)
| 447 | 243 | 84% | 74% |
Global same-store sales growth (%) | ||||
Instant ticket & draw games | 27.4% | (4.8) | % | |
Multi-jurisdiction jackpots | 94.7% | (30.0) | % | |
Total | 32.4% | (7.2) | % | |
North America & Rest of world same-store sales growth (%) | ||||
Instant ticket & draw games | 20.9% | 0.3 | % | |
Multi-jurisdiction jackpots | 94.7% | (30.0) | % | |
Total | 27.8% | (3.5) | % | |
Italy same-store sales growth (%) | ||||
Instant ticket & draw games | 52.2% | (19.8) | % | |
(1) Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
|
Constant | ||||
Q1'21 | Q1'20 | Y/Y Change | Currency | |
GLOBAL GAMING | (%) |
Change (%)(1)
| ||
Revenue | ||||
Service | ||||
Terminal | 90 | 106 | (16)% | (16)% |
Systems, software, and other | 86 | 77 | 11% | 8% |
Total service revenue | 175 | 184 | (5)% | (6)% |
Product sales | ||||
Terminal | 62 | 53 | 17% | 14% |
Other | 29 | 73 | (61)% | (62)% |
Total product sales revenue | 91 | 126 | (28)% | (30)% |
Total revenue | 266 | 310 | (14)% | (16)% |
Operating loss | (19) | (6) | (208)% | (177)% |
Adjusted EBITDA(1)
| 19 | 31 | (39)% | (35)% |
Installed base units | ||||
Casino | 48,230 | 48,911 | (1)% | |
Casino - L/T lease (2)
| 1,135 | 917 | 24% | |
Total installed base units | 49,365 | 49,828 | (1)% | |
Installed base units (by geography) | ||||
US & Canada | 34,138 | 35,065 | (3)% | |
Rest of world | 15,227 | 14,763 | 3% | |
Total installed base units | 49,365 | 49,828 | (1)% | |
Yields (by geography)(3), in absolute $
| ||||
US & Canada | $32.27 | $33.72 | (4)% | |
Rest of world (ex-Italy) | $2.58 | $6.55 | (61)% | |
Total yields (ex-Italy) | $22.93 | $25.67 | (11)% | |
Global machine units sold | ||||
New/expansion | 884 | 119 | NM | |
Replacement | 3,521 | 3,563 | (1)% | |
Total machine units sold | 4,405 | 3,682 | 20% | |
US & Canada machine units sold | ||||
New/expansion | 620 | 36 | NM | |
Replacement | 2,276 | 2,036 | 12% | |
Total machine units sold | 2,896 | 2,072 | 40% | |
(1) Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
| ||||
(2) Excluded from yield calculations due to treatment as sales-type leases
| ||||
(3) Excludes Casino L/T lease units due to treatment as sales-type leases
| ||||
Constant | ||||
Q1'21 | Q1'20 | Y/Y Change | Currency | |
GLOBAL GAMING (Continued) | (%) |
Change (%)(1)
| ||
Rest of world machine units sold | ||||
New/expansion | 264 | 83 | 218% | |
Replacement | 1,245 | 1,527 | (18)% | |
Total machine units sold | 1,509 | 1,610 | (6)% | |
Average Selling Price (ASP), in absolute $ | ||||
US & Canada | $13,900 | $14,300 | (3)% | |
Rest of world | $13,700 | $13,600 | 1% | |
Total ASP | $13,800 | $14,000 | (1)% | |
Gaming Systems Revenue | 30 | 44 | (32)% | |
CONSOLIDATED | ||||
Revenue (by geography) | ||||
US & Canada | 542 | 447 | 21% | 21% |
Italy | 348 | 202 | 72% | 58% |
Rest of world | 124 | 166 | (25)% | (29)% |
Total revenue | 1,015 | 814 | 25% | 20% |
Digital & Betting Revenue (2)
| 58 | 32 | 85% | 78% |
(1) Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
| ||||
(2) Included within consolidated revenue
| ||||
International Game Technology PLC | ||
Consolidated Statements of Operations | ||
($ in millions and shares in thousands, except per share amounts) | ||
Unaudited | ||
For the three months ended | ||
March 31, | ||
2021 | 2020 | |
Service revenue | 901 | 656 |
Product sales | 114 | 158 |
Total revenue | 1,015 | 814 |
Cost of services | 441 | 415 |
Cost of product sales | 73 | 92 |
Selling, general and administrative | 186 | 164 |
Research and development | 55 | 61 |
Goodwill impairment | - | 296 |
Restructuring | - | 4 |
Total operating expenses | 755 | 1,032 |
Operating income (loss) | 260 | (218) |
Interest expense, net | 94 | 100 |
Foreign exchange gain, net | (145) | (70) |
Other expense, net | 25 | - |
Total non-operating (income) expenses | (27) | 30 |
Income (loss) from continuing operations before provision for (benefit from) income taxes | 287 | (248) |
Provision for (benefit from) income taxes | 148 | (1) |
Income (loss) from continuing operations | 138 | (247) |
Income from discontinued operations, net of tax | 11 | 13 |
Net income (loss) | 149 | (234) |
Less: Net income attributable to non-controlling interests from continuing operations | 59 | 15 |
Less: Net loss attributable to non-controlling interests from discontinued operations | (2) | (1) |
Net income (loss) attributable to IGT PLC | 92 | (248) |
Net income (loss) from continuing operations attributable to IGT PLC per common share - basic | 0.39 | (1.28) |
Net income (loss) from continuing operations attributable to IGT PLC per common share - diluted | 0.38 | (1.28) |
Net income (loss) attributable to IGT PLC per common share - basic | 0.45 | (1.21) |
Net income (loss) attributable to IGT PLC per common share - diluted | 0.44 | (1.21) |
Weighted-average shares - basic | 204,857 | 204,435 |
Weighted-average shares - diluted | 206,504 | 204,435 |
International Game Technology PLC | ||
Consolidated Balance Sheets | ||
($ in millions) | ||
Unaudited | ||
March 31, | December 31, | |
2021 | 2020 | |
Assets | ||
Current assets: | ||
Cash and cash equivalents | 748 | 907 |
Restricted cash and cash equivalents | 184 | 199 |
Trade and other receivables, net | 912 | 846 |
Inventories | 167 | 169 |
Other current assets | 489 | 480 |
Assets held for sale | 808 | 839 |
Total current assets | 3,308 | 3,440 |
Systems, equipment and other assets related to contracts, net | 1,018 | 1,068 |
Property, plant and equipment, net | 128 | 132 |
Operating lease right-of-use assets | 274 | 288 |
Goodwill | 4,679 | 4,713 |
Intangible assets, net | 1,531 | 1,577 |
Other non-current assets | 1,622 | 1,774 |
Total non-current assets | 9,252 | 9,552 |
Total assets | 12,560 | 12,992 |
Liabilities and shareholders' equity | ||
Current liabilities: | ||
Accounts payable | 1,201 | 1,126 |
Current portion of long-term debt | 375 | 393 |
Other current liabilities | 804 | 847 |
Liabilities held for sale | 174 | 250 |
Total current liabilities | 2,554 | 2,615 |
Long-term debt, less current portion | 7,441 | 7,857 |
Deferred income taxes | 430 | 333 |
Operating lease liabilities | 256 | 266 |
Other non-current liabilities | 330 | 360 |
Total non-current liabilities | 8,458 | 8,816 |
Total liabilities | 11,012 | 11,431 |
Commitments and contingencies | ||
IGT PLC's shareholders' equity | 835 | 777 |
Non-controlling interests | 714 | 784 |
Shareholders' equity | 1,548 | 1,561 |
Total liabilities and shareholders' equity | 12,560 | 12,992 |
International Game Technology PLC | ||
Consolidated Statements of Cash Flows | ||
($ in millions) | ||
Unaudited | ||
For the three months ended | ||
March 31, | ||
2021 | 2020 | |
Cash flows from operating activities | ||
Net income (loss) | 149 | (234) |
Less: Income from discontinued operations, net of tax | 11 | 13 |
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations: | ||
Deferred income taxes | 100 | (23) |
Depreciation | 82 | 86 |
Amortization of upfront license fees | 55 | 50 |
Amortization | 49 | 56 |
Loss on extinguishment of debt | 24 | - |
Debt issuance cost amortization | 6 | 5 |
Stock-based compensation | 4 | (13) |
Goodwill impairment | - | 296 |
Foreign exchange gain, net | (145) | (70) |
Other non-cash items, net | - | (5) |
Changes in operating assets and liabilities, excluding the effects of acquisitions: | ||
Trade and other receivables | (86) | 279 |
Inventories | 4 | (15) |
Accounts payable | 115 | (195) |
Other assets and liabilities | (95) | (178) |
Net cash provided by operating activities from continuing operations | 251 | 26 |
Net cash (used in) provided by operating activities from discontinued operations | (36) | 132 |
Net cash provided by operating activities | 215 | 157 |
Cash flows from investing activities | ||
Capital expenditures | (48) | (85) |
Proceeds from sale of assets | 6 | 6 |
Other | - | 11 |
Net cash used in investing activities from continuing operations | (42) | (69) |
Net cash used in investing activities from discontinued operations | (10) | (14) |
Net cash used in investing activities | (51) | (83) |
Cash flows from financing activities | ||
Principal payments on long-term debt | (1,387) | (432) |
Payments in connection with the extinguishment of debt | (22) | - |
Payments of debt issuance costs | (6) | - |
Net proceeds from short-term borrowings | - | 110 |
Net receipts from financial liabilities | 9 | 51 |
Net proceeds from Revolving Credit Facilities | 432 | 988 |
Proceeds from long-term debt | 750 | - |
Dividends paid | - | (41) |
Dividends paid - non-controlling interests | (69) | (16) |
Return of capital - non-controlling interests | (11) | - |
Capital increase - non-controlling interests | 10 | 2 |
Other | (5) | (2) |
Net cash (used in) provided by financing activities | (301) | 660 |
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (137) | 734 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (36) | (10) |
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period | 1,129 | 894 |
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period | 956 | 1,618 |
Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations | 24 | 18 |
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations | 932 | 1,600 |
Supplemental Cash Flow Information | ||
Interest paid | 166 | 182 |
Income taxes paid | 4 | 11 |
International Game Technology PLC | ||
Net Debt | ||
($ in millions) | ||
Unaudited | ||
March 31, | December 31, | |
2021 | 2020 | |
6.250% Senior Secured U.S. Dollar Notes due February 2022 | - | 1,004 |
4.750% Senior Secured Euro Notes due February 2023 | 992 | 1,038 |
5.350% Senior Secured U.S. Dollar Notes due October 2023 | 61 | 61 |
3.500% Senior Secured Euro Notes due July 2024 | 583 | 610 |
6.500% Senior Secured U.S. Dollar Notes due February 2025 | 1,092 | 1,092 |
4.125% Senior Secured U.S. Dollar Notes due April 2026 | 743 | - |
3.500% Senior Secured Euro Notes due June 2026 | 873 | 913 |
6.250% Senior Secured U.S. Dollar Notes due January 2027 | 744 | 744 |
2.375% Senior Secured Euro Notes due April 2028 | 581 | 608 |
5.250% Senior Secured U.S. Dollar Notes due January 2029 | 743 | 743 |
Senior Secured Notes | 6,413 | 6,813 |
Euro Term Loan Facility due January 2023 | 624 | 1,044 |
Euro Revolving Credit Facility B due July 2024 | 137 | - |
U.S. Dollar Revolving Credit Facility A due July 2024 | 267 | - |
Long-term debt, less current portion | 7,441 | 7,857 |
Euro Term Loan Facility due January 2023 | 375 | 393 |
Current portion of long-term debt | 375 | 393 |
Total debt | 7,817 | 8,250 |
Less: Cash and cash equivalents | 748 | 907 |
Less: Debt issuance costs, net - Revolving Credit Facilities due July 2024 | - | 24 |
Net debt | 7,069 | 7,319 |
Note: Net debt is a non-GAAP financial measure |
International Game Technology PLC | |||||
Reconciliation of Non-GAAP Financial Measures | |||||
($ in millions) | |||||
Unaudited | |||||
For the three months ended March 31, 2021 | |||||
Business | |||||
Global | Global | Segment | Corporate | Total IGT | |
Lottery | Gaming | Total | and Other | PLC | |
Income from continuing operations | 138 | ||||
Provision for income taxes | 148 | ||||
Interest expense, net | 94 | ||||
Foreign exchange gain, net | (145) | ||||
Other non-operating expense, net | 25 | ||||
Operating income (loss) | 337 | (19) | 318 | (58) | 260 |
Depreciation | 47 | 35 | 83 | (1) | 82 |
Amortization - service revenue (1)
| 55 | - | 55 | - | 55 |
Amortization - non-purchase accounting | 8 | 1 | 9 | 1 | 10 |
Amortization - purchase accounting | - | - | - | 39 | 39 |
Stock-based compensation | 1 | 1 | 2 | 2 | 4 |
Adjusted EBITDA | 447 | 19 | 466 | (16) | 450 |
Cash flows from operating activities - continuing operations | 251 | ||||
Capital expenditures | (48) | ||||
Free Cash Flow | 204 | ||||
(1) Includes amortization of upfront license fees
| |||||
International Game Technology PLC | |||||
Reconciliation of Non-GAAP Financial Measures | |||||
($ in millions) | |||||
Unaudited | |||||
For the three months ended March 31, 2020 | |||||
Business | |||||
Global | Global | Segment | Corporate | Total IGT | |
Lottery | Gaming | Total | and Other | PLC | |
Loss from continuing operations | (247) | ||||
Benefit from income taxes | (1) | ||||
Interest expense, net | 100 | ||||
Foreign exchange gain, net | (70) | ||||
Operating income (loss) | 144 | (6) | 138 | (356) | (218) |
Goodwill impairment | - | - | - | 296 | 296 |
Depreciation | 46 | 40 | 85 | - | 86 |
Amortization - service revenue (1)
| 50 | - | 50 | - | 50 |
Amortization - non-purchase accounting | 7 | 1 | 8 | 1 | 9 |
Amortization - purchase accounting | - | - | - | 47 | 47 |
Restructuring | - | 1 | 1 | 3 | 4 |
Stock-based compensation | (4) | (5) | (9) | (4) | (13) |
Adjusted EBITDA | 243 | 31 | 274 | (13) | 261 |
Cash flows from operating activities - continuing operations | 26 | ||||
Capital expenditures | (85) | ||||
Free Cash Flow | (60) | ||||
(1) Includes amortization of upfront license fees
| |||||
GLOBAL LOTTERY | Q2'20 | Q3'20 | ||
Revenue | ||||
Service | ||||
Operating and facilities management contracts | 416 | 525 | ||
Upfront license fee amortization | (48) | (52) | ||
Operating and facilities management contracts, net | 367 | 474 | ||
Other | 70 | 76 | ||
Total service revenue | 438 | 549 | ||
Product sales | 22 | 20 | ||
Total revenue | 460 | 570 | ||
Operating income | 107 | 196 | ||
Adjusted EBITDA(1)
| 221 | 309 | ||
Global same-store sales growth (%) | ||||
Instant ticket & draw games | (7.1) | % | 10.6 | % |
Multi-jurisdiction jackpots | (24.2) | % | (14.3) | % |
Total | (8.5) | % | 8.7 | % |
North America and Rest of world same-store sales growth (%) | ||||
Instant ticket & draw games | 3.5 | % | 15.0 | % |
Multi-jurisdiction jackpots | (24.2) | % | (14.3) | % |
Total | 0.6 | % | 12.1 | % |
Italy same-store sales growth (%) | ||||
Instant ticket & draw games | (40.5) | % | (3.5) | % |
(1) Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
| ||||
GLOBAL GAMING | Q2'20 | Q3'20 |
Revenue | ||
Service | ||
Terminal | 25 | 81 |
Systems, software, and other | 59 | 82 |
Total service revenue | 84 | 163 |
Product sales | ||
Terminal | 44 | 49 |
Other | 12 | 34 |
Total product sales revenue | 56 | 83 |
Total revenue | 140 | 247 |
Operating loss | (111) | (50) |
Adjusted EBITDA(1)
| (36) | (8) |
Installed base units | ||
Casino | 48,704 | 48,280 |
Casino - L/T lease (2)
| 930 | 1,102 |
Total installed base units | 49,634 | 49,382 |
Installed base units (by geography) | ||
US & Canada | 34,800 | 34,584 |
Rest of world | 14,834 | 14,798 |
Total installed base units | 49,634 | 49,382 |
Yields (by geography)(3), in absolute $
| ||
US & Canada | $8.69 | $26.79 |
Rest of world | $0.49 | $4.31 |
Total yields | $6.21 | $19.88 |
Global machine units sold | ||
New/expansion | 1,443 | 818 |
Replacement | 1,538 | 2,853 |
Total machine units sold | 2,981 | 3,671 |
US & Canada machine units sold | ||
New/expansion | 1,382 | 667 |
Replacement | 1,330 | 2,007 |
Total machine units sold | 2,712 | 2,674 |
Rest of world machine units sold | ||
New/expansion | 61 | 151 |
Replacement | 208 | 846 |
Total machine units sold | 269 | 997 |
Average selling price (ASP), in absolute $ | ||
US & Canada | $14,700 | $13,800 |
Rest of world | $14,000 | $12,100 |
Total ASP | $14,600 | $13,300 |
Gaming systems revenue | 23 | 31 |
(1) Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
| ||
(2) Excluded from yield calculations due to treatment as sales-type leases
| ||
(3) Excludes Casino L/T lease units due to treatment as sales-type leases
| ||
CONSOLIDATED | Q2'20 | Q3'20 |
Revenue (by geography) | ||
US & Canada | 369 | 443 |
Italy | 150 | 246 |
Rest of world | 80 | 127 |
Total revenue | 600 | 816 |
Digital & Betting Revenue (1)
| 43 | 48 |
(1) Included within consolidated revenue
| ||
International Game Technology PLC | ||
Consolidated Statements of Operations | ||
($ in millions and shares in thousands, except per share amounts) | ||
Unaudited | ||
For the three months ended | ||
June 30, 2020 |
September 30, 2020 | |
Service revenue | 522 | 713 |
Product sales | 78 | 104 |
Total revenue | 600 | 816 |
Cost of services | 361 | 418 |
Cost of product sales | 67 | 83 |
Selling, general and administrative | 168 | 179 |
Research and development | 31 | 48 |
Restructuring | 43 | - |
Other operating expense, net | 1 | 1 |
Total operating expenses | 672 | 730 |
Operating (loss) income | (72) | 87 |
Interest expense, net | 96 | 101 |
Foreign exchange loss, net | 74 | 149 |
Other expense, net | 28 | 6 |
Total non-operating expenses | 198 | 256 |
Loss from continuing operations before benefit from income taxes | (271) | (170) |
Benefit from income taxes | (3) | (41) |
Loss from continuing operations | (268) | (129) |
(Loss) income from discontinued operations, net of tax | (15) | 26 |
Net loss | (282) | (102) |
Less: Net income attributable to non-controlling interests from continuing operations | - | 25 |
Less: Net (loss) income attributable to non-controlling interests from discontinued operations | (3) | 1 |
Net loss attributable to IGT PLC | (280) | (128) |
Net loss from continuing operations attributable to IGT PLC per common share - basic and diluted | (1.31) | (0.75) |
Net loss attributable to IGT PLC per common share - basic and diluted | (1.37) | (0.62) |
Weighted-average shares - basic and diluted | 204,748 | 204,857 |
International Game Technology PLC | ||
Consolidated Statements of Cash Flows | ||
($ in millions) | ||
Unaudited | ||
For the three months ended | ||
June 30, 2020 |
September 30, 2020 | |
Cash flows from operating activities | ||
Net loss | (282) | (102) |
Less: (Loss) income from discontinued operations, net of tax | (15) | 26 |
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations: | ||
Depreciation | 88 | 91 |
Foreign exchange loss, net | 74 | 149 |
Amortization | 52 | 53 |
Amortization of upfront license fees | 51 | 54 |
Loss on extinguishment of debt | 28 | - |
Debt issuance cost amortization | 5 | 5 |
Stock-based compensation | 1 | 1 |
Deferred income taxes | (13) | (70) |
Other non-cash items, net | 4 | 1 |
Changes in operating assets and liabilities, excluding the effects of dispositions and acquisitions: | ||
Trade and other receivables | (192) | 81 |
Inventories | 10 | (3) |
Accounts payable | 175 | (25) |
Other assets and liabilities | 111 | (18) |
Net cash provided by operating activities from continuing operations | 127 | 191 |
Net cash provided by operating activities from discontinued operations | 40 | 95 |
Net cash provided by operating activities | 168 | 285 |
Cash flows from investing activities | ||
Capital expenditures | (54) | (65) |
Proceeds from sale of assets | (1) | 1 |
Other | - | 2 |
Net cash used in investing activities from continuing operations | (55) | (62) |
Net cash used in investing activities from discontinued operations | (6) | (1) |
Net cash used in investing activities | (61) | (63) |
Cash flows from financing activities | ||
Principal payments on long-term debt | (790) | (579) |
Net payments of short-term borrowings | (35) | (83) |
Payments in connection with the extinguishment of debt | (25) | - |
Payments of debt issuance costs | (20) | (2) |
Net (payments of) receipts from financial liabilities | (14) | 59 |
Proceeds from long-term debt | 750 | - |
Dividends paid - non-controlling interests | (76) | (45) |
Capital increase - non-controlling interests | - | 1 |
Other | (4) | (3) |
Net cash used in financing activities | (213) | (650) |
Net decrease in cash and cash equivalents and restricted cash and cash equivalents | (106) | (428) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 18 | 38 |
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period | 1,618 | 1,530 |
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period | 1,530 | 1,140 |
Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations | 19 | 19 |
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations | 1,511 | 1,121 |
Supplemental Cash Flow Information: | ||
Interest paid | 49 | 141 |
Income taxes paid | 7 | 20 |
International Game Technology PLC | |||||
Reconciliation of Non-GAAP Financial Measures | |||||
($ in millions) | |||||
Unaudited | |||||
For the three months ended June 30, 2020 | |||||
Global Lottery | Global Gaming | Business Segment Total | Corporate and Other | Total IGT PLC | |
Loss from continuing operations | (268) | ||||
Benefit from income taxes | (3) | ||||
Interest expense, net | 96 | ||||
Foreign exchange loss, net | 74 | ||||
Other non-operating expense, net | 28 | ||||
Operating income (loss) | 107 | (111) | (4) | (69) | (72) |
Depreciation | 50 | 37 | 87 | - | 88 |
Amortization - service revenue (1) | 51 | - | 51 | - | 51 |
Amortization - non-purchase accounting | 7 | 2 | 9 | 1 | 10 |
Amortization - purchase accounting | - | - | - | 42 | 42 |
Restructuring | 5 | 35 | 40 | 3 | 43 |
Stock-based compensation | - | - | - | 1 | 1 |
Other (2) | - | - | - | 1 | 1 |
Adjusted EBITDA | 221 | (36) | 184 | (20) | 164 |
Cash flows from operating activities - continuing operations | 127 | ||||
Capital expenditures | (54) | ||||
Free Cash Flow | 73 | ||||
(1) Includes amortization of upfront license fees
| |||||
(2) Primarily includes transaction-related costs
|
For the three months ended September 30, 2020 | |||||
Global Lottery | Global Gaming | Business Segment Total | Corporate and Other | Total IGT PLC | |
Loss from continuing operations | (129) | ||||
Benefit from income taxes | (41) | ||||
Interest expense, net | 101 | ||||
Foreign exchange loss, net | 149 | ||||
Other non-operating expense, net | 6 | ||||
Operating income (loss) | 196 | (50) | 146 | (59) | 87 |
Depreciation | 51 | 40 | 91 | - | 91 |
Amortization - service revenue (1) | 54 | - | 54 | - | 54 |
Amortization - non-purchase accounting | 8 | 2 | 10 | 1 | 11 |
Amortization - purchase accounting | - | - | - | 42 | 42 |
Stock-based compensation | - | - | - | 1 | 1 |
Other (2) | - | - | - | 1 | 1 |
Adjusted EBITDA | 309 | (8) | 301 | (13) | 287 |
Cash flows from operating activities - continuing operations | 191 | ||||
Capital expenditures | (65) | ||||
Free Cash Flow | 126 | ||||
(1) Includes amortization of upfront license fees
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(2) Primarily includes transaction-related costs
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IGT - International Game Technology plc published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 13:53:14 UTC.