News
International Game Technology PLC Reports Fourth Quarter And Full Year 2018 Results
Reading Time: 24 minutes
2018 full year net loss of $21 million includes $120 million of non-cash impairment charges; 2018 Adjusted EBITDA of $1,737 million within expected range when normalized for FX
International Game Technology PLC today reported financial results for the fourth quarter and full year ended December 31, 2018. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the fourth quarter and full year results; access details are provided below.
“Our 2018 results are in line with the improved outlook we provided in October. The year was characterized by strong global Lottery performance, resilience in Italy, and progress in North America Gaming,” said Marco Sala, CEO of IGT. “We’ve established solid foundations to build on – securing large, long-term Lottery contracts in key markets and executing a full refresh of our gaming machine cabinet and content portfolio. These efforts will translate into improved free cash flow beginning in 2019.”
“We achieved 4% Adjusted EBITDA growth on stable revenue at constant currency and scope in 2018,” said Alberto Fornaro, CFO of IGT. “We managed our net debt effectively, while making large upfront payments for a key Lottery license in Italy, investing in long-term North America Lottery contracts, and returning capital to shareholders through dividends. Our outlook for 2019 Adjusted EBITDA of $1.70–$1.76 billion assumes underlying growth for our core Lottery and Gaming businesses.”
Overview of Consolidated Fourth Quarter and Full Year 2018 Results
|
Quarter Ended |
Y/Y |
Constant |
||
|
2018(1) |
2017 |
(%) |
(%) |
|
|
(In $ millions, unless otherwise noted) |
||||
|
Revenue |
1,266 |
1,346 |
-6% |
-4% |
|
Operating income |
41 |
194 |
-79% |
-76% |
|
Net income/(loss) per diluted share |
($0.50) |
$0.39 |
NM |
|
|
Net debt |
7,761 |
7,319 |
6% |
|
|
Adjusted EBITDA |
416 |
452 |
-8% |
-6% |
|
Adjusted operating income |
218 |
268 |
-19% |
-17% |
|
Adjusted net income per diluted share |
$0.24 |
$0.02 |
NM |
|
|
Year Ended |
Y/Y |
Constant |
||
|
2018(1) |
2017 |
(%) |
(%) |
|
|
(In $ millions, unless otherwise noted) |
||||
|
Revenue |
4,831 |
4,939 |
-2% |
-3% |
|
Operating income |
647 |
(51) |
NM |
|
|
Net income per diluted share |
($0.10) |
($5.26) |
NM |
|
|
Net debt |
7,761 |
7,319 |
6% |
|
|
Adjusted EBITDA |
1,737 |
1,676 |
4% |
2% |
|
Adjusted operating income |
990 |
1,028 |
-4% |
-6% |
|
Adjusted net income per diluted share |
$0.98 |
$0.86 |
14% |
|
|
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. |
|
(1) On January 1, 2018, IGT adopted ASU 2014-09 (Topic 606), Revenue from Contracts with Customers (“ASC 606”). This negatively impacted Revenue in the fourth quarter by $14 million and positively impacted Adjusted EBITDA by $8 million. For the full year, Revenue was negatively impacted by $65 million and Adjusted EBITDA was positively impacted by $15 million. Comparative schedules summarizing the impact on the fourth quarter and full year ended December 31, 2018 Consolidated Statements of Operations are included later in this release. |
Overview of Consolidated Fourth Quarter 2018 Results
Consolidated revenue of $1,266 million, down 4% at constant currency
- Stable Gaming and Lottery revenue
- Decline driven by Sports Betting dynamics in the prior year, including exceptionally low payout percentage in Italy and large International product sales
- $14 million negative impact from ASC 606
Adjusted EBITDA of $416 million, down 6% at constant currency
- Lower revenue
- Increased SG&A due to timing differences of certain expense accruals between years
Adjusted operating income was $218 million, a decline of 17% at constant currency
- Higher depreciation associated with recent Lottery contract wins and extensions, upgrading of Gaming installed base
Interest expense was $108 million compared to $114 million in the prior-year quarter
Provision for income taxes was $30 million compared to a benefit of $83 million in the prior-year period
- One-time, non-cash benefit of $104 million related to U.S. tax reform in the prior year
Net loss attributable to IGT was $102 million in the quarter; Adjusted net income attributable to IGT was $48 million
- Includes non-cash, non-tax-deductible impairment charge of $119 million, reducing the carrying value of the International segment
- Underlying International growth outlook unchanged
- Charge has no impact on the Company’s operations, cash flow, ability to service debt, compliance with financial covenants, or underlying liquidity
Net loss per diluted share of $0.50; Adjusted net income per diluted share of $0.24
Overview of Consolidated Full Year 2018 Results
Consolidated revenue was $4,831 million, stable at constant currency and scope
- Constant scope adjusts for the sale of Double Down Interactive, LLC in June 2017
- Underlying improvement in North America for both Gaming and Lottery
- Broad-based strength in Italy
- Lower International revenue
- $73 million negative impact from reclass of jackpot expense to contra-revenue item under ASC 606
Adjusted EBITDA of $1,737 million, up 4% at constant currency and scope
- Stable revenue
- Optimization of R&D
Adjusted operating income was $990 million, a decline of 3% at constant currency and scope
- Higher depreciation associated with recent Lottery contract wins and extensions, upgrading of Gaming installed base
Capital Expenditures of $533 million compared to $698 million in the prior year
Cash from operations was $30 million for the full year
- Includes $878 million (gross) upfront payments for the Italy Scratch & Win license
Cash and cash equivalents were $251 million as of December 31, 2018, compared to $1,057 million as of December 31, 2017
Net debt was $7,761 million as of December 31, 2018, compared to $7,319 million as of December 31, 2017
- Increase driven by Italy Scratch & Win upfront license payments
Operating Segment Review
North America Gaming & Interactive
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
Q4 ’18 |
Q4 ’17 |
FX |
Period Ended December 31 |
Q4’18 |
Q4’17 |
Change |
||||
|
Gaming |
Total Revenue |
273 |
281 |
-1% |
Installed base (end of period) |
||||||
|
Gaming Services |
147 |
167 |
-12% |
Casino |
23,108 |
22,807 |
1.3% |
||||
|
Terminal |
101 |
118 |
-14% |
||||||||
|
Social (DDI) |
0 |
0 |
0% |
Machine units shipped |
|||||||
|
Other |
46 |
49 |
-5% |
New/Expansion |
247 |
805 |
-69.3% |
||||
|
Product Sales |
126 |
113 |
13% |
Replacement |
6,485 |
4,490 |
44.4% |
||||
|
Terminal |
96 |
72 |
34% |
Total machines shipped |
6,732 |
5,295 |
27.1% |
||||
|
Other |
30 |
41 |
-26% |
||||||||
|
Other |
Total Revenue |
2 |
0 |
NM |
|||||||
|
Service Revenue |
2 |
0 |
NM |
||||||||
|
Total |
Revenue |
275 |
281 |
-1% |
|||||||
|
Operating Income |
51 |
69 |
-27% |
||||||||
Revenue down slightly to $275 million compared to $281 million in the prior-year quarter
- Up $9 million, or 3%, after adjusting for $15 million jackpot expense reclass (ASC 606)
- Product sales revenue up 11% to $126 million
- 27% increase in Gaming machine units shipped and higher average selling prices
- Decline in Other product sales primarily driven by higher intellectual property revenue in the prior year
- Gaming service revenue of $147 million compared to $167 million in the prior year
- Terminal service revenue stable after adjusting for jackpot expense reclass
- Installed base increased 301 units on strength of new games and cabinets
- Yields lower on shift in jurisdictional and machine mix
Operating income of $51 million compared to $69 million in the prior-year quarter
- Increased depreciation expense
- Contribution from high-margin intellectual property revenue in the prior year
North America Lottery
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
Q4 ’18 |
Q4 ’17 |
FX |
Period Ended December 31 |
Q4’18 |
Q4’17 |
Change |
||||
|
Gaming |
Total Revenue |
40 |
42 |
-3% |
Installed base (end of period) |
||||||
|
Gaming Services |
40 |
38 |
8% |
VLT – Government Sponsored |
14,939 |
15,294 |
-2.3% |
||||
|
Terminal |
25 |
24 |
2% |
||||||||
|
Other |
16 |
13 |
18% |
Lottery same-store revenue growth |
|||||||
|
Product Sales |
0 |
4 |
NM |
Instants & draw games |
5.0% |
||||||
|
Multistate Jackpots |
143.1% |
||||||||||
|
Lottery |
Total Revenue |
268 |
262 |
2% |
Total lottery same-store revenue growth |
21.3% |
|||||
|
Lottery Services |
255 |
232 |
10% |
||||||||
|
FMC |
193 |
165 |
17% |
||||||||
|
LMA |
29 |
36 |
-19% |
||||||||
|
Other Services |
33 |
32 |
5% |
||||||||
|
Product Sales |
13 |
30 |
-56% |
||||||||
|
Terminal |
0 |
2 |
NM |
||||||||
|
Systems/Other |
13 |
28 |
-53% |
||||||||
|
Total |
Revenue |
309 |
304 |
2% |
|||||||
|
Operating Income |
79 |
66 |
21% |
||||||||
Revenue increased 2% to $309 million
- Lottery service revenue up 10% to $255 million
- Significant increase in Multistate Jackpots driven by $1.5 billion Mega Millions jackpot
- 5.0% same-store revenue growth for instant tickets and draw-based games
- Lower LMA revenue (reimbursable expenses)
- Lottery product sales of $13 million compared to $30 million in prior year
- Prior year benefitted from higher lottery terminal sales and a large Canadian VLT central system sale
Operating income increased 21% to $79 million
- Significant profit flow-through on robust same-store revenue growth
- Partly offset by higher depreciation related to recent contract wins and extensions
International
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
Q4 ’18 |
Q4 ’17 |
FX |
Period Ended December 31 |
Q4’18 |
Q4’17 |
Change |
||||
|
Gaming |
Total Revenue |
127 |
149 |
-11% |
Installed base (end of period) |
||||||
|
Gaming Services |
34 |
55 |
-33% |
Casino |
10,636 |
12,818 |
-17.0% |
||||
|
Terminal |
13 |
13 |
16% |
VLT – Government Sponsored |
4,269 |
2,725 |
56.7% |
||||
|
Other |
21 |
42 |
-48% |
Total installed base |
14,905 |
15,543 |
-4.1% |
||||
|
Product Sales |
94 |
94 |
2% |
||||||||
|
Terminal |
64 |
73 |
-11% |
Machine units shipped |
|||||||
|
Other |
30 |
21 |
47% |
New/Expansion |
528 |
544 |
-2.9% |
||||
|
Replacement |
4,730 |
5,021 |
-5.8% |
||||||||
|
Lottery |
Total Revenue |
76 |
99 |
-20% |
Total machines shipped |
5,258 |
5,565 |
-5.5% |
|||
|
Lottery Services |
72 |
80 |
-8% |
||||||||
|
FMC |
56 |
55 |
7% |
Lottery same-store revenue growth |
|||||||
|
Other Services |
16 |
25 |
-38% |
Instants & draw games |
4.1% |
||||||
|
Product Sales |
4 |
19 |
-75% |
Multistate Jackpots |
8.6% |
||||||
|
Systems/Other |
4 |
19 |
-75% |
Total lottery same-store revenue growth |
4.4% |
||||||
|
Other |
Total Revenue |
18 |
32 |
-41% |
|||||||
|
Service Revenue |
17 |
20 |
-4% |
||||||||
|
Product Sales |
0 |
12 |
NM |
||||||||
|
Total |
Revenue |
221 |
280 |
-18% |
|||||||
|
Operating Income |
28 |
72 |
-57% |
||||||||
Revenue of $221 million compared to $280 million in the prior-year period
- Comparisons reflect significant contract-specific milestones achieved in prior year
- Lottery service revenue of $72 million compared to $80 million in the prior year
- Same-store revenue growth of 4.4% driven by instant tickets, draw-based games, and jackpot games
- Prior-year benefit from contract milestone-driven revenue
- Lottery product sales reflect higher software sales in the prior year
- Gaming service revenue of $34 million compared to $55 million in the prior year
- Prior-year benefit from contract milestone-driven revenue
- Installed base decline includes 1,484-unit conversion sale, partly offset by an increase in Greece VLTs
- Jackpot expense reclass of $2 million
- Gaming product sales revenue stable at $94 million
- Terminal revenue impacted by lower unit shipments to Latin America and Europe
- Other product sales increased on higher software sales
Operating income of $28 million compared to $72 million in the prior-year period
- Lower revenue with less favorable mix
- Increased SG&A due to timing differences of certain expense accruals between years
Italy
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
Q4 ’18 |
Q4 ’17 |
FX |
Period Ended December 31 |
Q4’18 |
Q4’17 |
Change |
||||
|
Gaming |
Total Revenue |
192 |
193 |
4% |
(In € millions, except machines) |
||||||
|
Gaming Services |
191 |
192 |
4% |
Lottery |
|||||||
|
Terminal |
174 |
176 |
3% |
Lotto wagers |
2,089 |
1,951 |
7.1% |
||||
|
Other |
18 |
16 |
12% |
10eLotto |
1,495 |
1,386 |
7.8% |
||||
|
Product Sales |
0 |
0 |
0% |
Core |
468 |
508 |
-7.9% |
||||
|
Late Numbers |
78 |
57 |
37.0% |
||||||||
|
Lottery |
Total Revenue |
202 |
198 |
6% |
MillionDAY |
49 |
– |
NM |
|||
|
Lottery Services |
202 |
198 |
6% |
||||||||
|
FMC |
248 |
246 |
5% |
Scratch & Win Wagers |
2,383 |
2,344 |
1.7% |
||||
|
Other Services |
(46) |
(48) |
0% |
||||||||
|
Product Sales |
0 |
0 |
0% |
Italy lottery revenue growth |
6.0% |
||||||
|
Other |
Total Revenue |
68 |
90 |
-22% |
Gaming |
||||||
|
Service Revenue |
68 |
90 |
-22% |
Installed base (end of period) |
|||||||
|
Product Sales |
0 |
0 |
0% |
VLT – Operator (B2C) |
10,991 |
10,985 |
0.1% |
||||
|
VLT – Supplier (B2B) |
8,058 |
8,592 |
-6.2% |
||||||||
|
Total |
Revenue |
462 |
481 |
0% |
AWP |
42,928 |
56,590 |
-24.1% |
|||
|
Operating Income |
118 |
115 |
7% |
Total Installed Base |
61,977 |
76,167 |
-18.6% |
||||
|
Wagers |
|||||||||||
|
VLT – Operator (B2C) |
1,564 |
1,428 |
9.5% |
||||||||
|
AWP |
997 |
1,032 |
-3.4% |
||||||||
|
Interactive Wagers (Gaming) |
492 |
461 |
6.8% |
||||||||
|
Other |
|||||||||||
|
Sports Betting Wagers (1) |
273 |
271 |
0.6% |
||||||||
|
Sports Betting Payout (%) (1) |
84.2% |
76.2% |
8.0 pp |
||||||||
|
(1)Includes Virtual Wagers and Pools & Horses |
|||||||||||
Revenue of $462 million compared to $481 million in the prior year, stable at constant currency
- Lottery service revenue up 6% at constant currency
- Lotto wagers rose 7.1% on continued strength in 10eLotto and contribution from MillionDAY
- Scratch & Win wagers rose 1.7% on relaunch of Multiplier tickets
- Gaming service revenue up 4% at constant currency
- Strong improvement in machine productivity
- Increase in wagers helped mitigate state-mandated reductions in AWP units, incremental taxes, and certain regional restrictions
- Sports Betting wagers stable, payout of 84.2% reflects a more normalized level
Operating income increased 7% at constant currency to $118 million
- Broad-based wager growth with strong profit flow-through, especially for Lotteries
- Partly offset by higher Sports Betting payout and increased taxes on gaming machines
Other Developments
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per ordinary share
- Record date of March 21, 2019
- Payment date of April 4, 2019
Outlook
- 2019 Adjusted EBITDA $1.70 – $1.76 billion
- Capital expenditures of $450 – $550 million
- Assumes a EUR/USD exchange rate of 1.15
Conference Call and Webcast
March 7, 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
- US/Canada toll-free dial-in number is +1 844 842 7999
- Outside the US/Canada toll-free number is +1 612 979 9887
- Conference ID/confirmation code is 7055579
- A telephone replay of the call will be available for one week
- US/Canada replay number is +1 855 859 2056
- Outside the US/Canada replay number is +1 404 537 3406
- ID/Confirmation code is 7055579
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 2018 are calculated using the same foreign exchange rates as the corresponding 2017 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.
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, 2017 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:
Angela Geryak Wiczek, 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
Giuliano Frosini, +39 06 51899584; for Italian media inquiries
|
International Game Technology PLC |
|||
|
Consolidated Statements of Operations |
|||
|
($ and shares in thousands, except per share data) |
|||
|
Unaudited |
|||
|
For the three months ended |
|||
|
December 31, |
|||
|
2018 |
2017 |
||
|
Service revenue |
1,029,031 |
1,073,079 |
|
|
Product sales |
237,101 |
272,591 |
|
|
Total revenue |
1,266,132 |
1,345,670 |
|
|
Cost of services |
638,105 |
686,802 |
|
|
Cost of product sales |
157,965 |
176,375 |
|
|
Selling, general and administrative |
238,654 |
208,522 |
|
|
Research and development |
64,782 |
70,946 |
|
|
Restructuring expense |
6,857 |
9,170 |
|
|
Impairment loss |
118,877 |
– |
|
|
Transaction expense (income), net |
1 |
(58) |
|
|
Total operating expenses |
1,225,241 |
1,151,757 |
|
|
Operating income |
40,891 |
193,913 |
|
|
Interest income |
4,632 |
2,444 |
|
|
Interest expense |
(108,298) |
(114,405) |
|
|
Foreign exchange gain (loss), net |
32,096 |
(59,228) |
|
|
Other expense, net |
(9,040) |
(146) |
|
|
Total non-operating expenses |
(80,610) |
(171,335) |
|
|
(Loss) income before provision for (benefit from) income taxes |
(39,719) |
22,578 |
|
|
Provision for (benefit from) income taxes |
30,337 |
(83,346) |
|
|
Net (loss) income |
(70,056) |
105,924 |
|
|
Less: Net income attributable to non-controlling interests |
31,943 |
26,195 |
|
|
Net (loss) income attributable to IGT PLC |
(101,999) |
79,729 |
|
|
Net (loss) income attributable to IGT PLC per common share – basic |
(0.50) |
0.39 |
|
|
Net (loss) income attributable to IGT PLC per common share – diluted |
(0.50) |
0.39 |
|
|
Weighted-average shares – basic |
204,307 |
203,513 |
|
|
Weighted-average shares – diluted |
204,307 |
204,104 |
|
|
International Game Technology PLC |
|||
|
Consolidated Statements of Operations |
|||
|
($ and shares in thousands, except per share data) |
|||
|
Unaudited |
|||
|
For the year ended |
|||
|
December 31, |
|||
|
2018 |
2017 |
||
|
Service revenue |
4,046,314 |
4,136,556 |
|
|
Product sales |
784,942 |
802,403 |
|
|
Total revenue |
4,831,256 |
4,938,959 |
|
|
Cost of services |
2,450,658 |
2,553,083 |
|
|
Cost of product sales |
491,030 |
579,431 |
|
|
Selling, general and administrative |
844,059 |
816,093 |
|
|
Research and development |
263,279 |
313,088 |
|
|
Restructuring expense |
14,781 |
39,876 |
|
|
Impairment loss |
120,407 |
715,220 |
|
|
Transaction expense (income), net |
51 |
(26,740) |
|
|
Total operating expenses |
4,184,265 |
4,990,051 |
|
|
Operating income (loss) |
646,991 |
(51,092) |
|
|
Interest income |
14,231 |
10,436 |
|
|
Interest expense |
(431,618) |
(458,899) |
|
|
Foreign exchange gain (loss), net |
129,051 |
(443,977) |
|
|
Other expense, net |
(54,607) |
(33,393) |
|
|
Total non-operating expenses |
(342,943) |
(925,833) |
|
|
Income (loss) before provision for (benefit from) income taxes |
304,048 |
(976,925) |
|
|
Provision for (benefit from) income taxes |
189,401 |
(29,414) |
|
|
Net income (loss) |
114,647 |
(947,511) |
|
|
Less: Net income attributable to non-controlling interests |
135,997 |
121,065 |
|
|
Net loss attributable to IGT PLC |
(21,350) |
(1,068,576) |
|
|
Net loss attributable to IGT PLC per common share – basic |
(0.10) |
(5.26) |
|
|
Net loss attributable to IGT PLC per common share – diluted |
(0.10) |
(5.26) |
|
|
Weighted-average shares – basic |
204,083 |
203,130 |
|
|
Weighted-average shares – diluted |
204,083 |
203,130 |
|
|
International Game Technology PLC |
|||
|
Consolidated Balance Sheets |
|||
|
($ thousands) |
|||
|
Unaudited |
|||
|
December 31, |
December 31, |
||
|
2018 |
2017 |
||
|
Assets |
|||
|
Current assets: |
|||
|
Cash and cash equivalents |
250,669 |
1,057,418 |
|
|
Restricted cash and cash equivalents |
261,108 |
248,012 |
|
|
Trade and other receivables, net |
949,085 |
937,854 |
|
|
Inventories |
282,698 |
319,545 |
|
|
Other current assets |
504,061 |
407,520 |
|
|
Income taxes receivable |
39,075 |
94,168 |
|
|
Total current assets |
2,286,696 |
3,064,517 |
|
|
Systems, equipment and other assets related to contracts, net |
1,404,426 |
1,434,194 |
|
|
Property, plant and equipment, net |
185,349 |
193,723 |
|
|
Goodwill |
5,580,227 |
5,723,815 |
|
|
Intangible assets, net |
2,044,723 |
2,273,460 |
|
|
Other non-current assets |
2,108,964 |
2,427,953 |
|
|
Deferred income taxes |
38,117 |
41,546 |
|
|
Total non-current assets |
11,361,806 |
12,094,691 |
|
|
Total assets |
13,648,502 |
15,159,208 |
|
|
Liabilities, redeemable non-controlling interests, and shareholders’ equity |
|||
|
Current liabilities: |
|||
|
Accounts payable |
1,142,371 |
1,240,753 |
|
|
Other current liabilities |
816,722 |
1,780,875 |
|
|
Current portion of long-term debt |
– |
599,114 |
|
|
Short-term borrowings |
34,822 |
– |
|
|
Income taxes payable |
8,209 |
55,935 |
|
|
Total current liabilities |
2,002,124 |
3,676,677 |
|
|
Long-term debt, less current portion |
7,977,267 |
7,777,445 |
|
|
Deferred income taxes |
446,083 |
491,460 |
|
|
Income taxes payable |
25,654 |
55,665 |
|
|
Other non-current liabilities |
445,445 |
446,113 |
|
|
Total non-current liabilities |
8,894,449 |
8,770,683 |
|
|
Total liabilities |
10,896,573 |
12,447,360 |
|
|
Commitments and contingencies |
|||
|
Redeemable non-controlling interests and shareholders’ equity |
2,751,929 |
2,711,848 |
|
|
Total liabilities, redeemable non-controlling interests, and shareholders’ equity |
13,648,502 |
15,159,208 |
|
|
International Game Technology PLC |
||||
|
Consolidated Statements of Cash Flows |
||||
|
($ thousands) |
||||
|
Unaudited |
||||
|
For the year ended |
||||
|
December 31, |
||||
|
2018 |
2017 |
|||
|
Cash flows from operating activities |
||||
|
Net income (loss) |
114,647 |
(947,511) |
||
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||
|
Depreciation |
432,899 |
401,085 |
||
|
Amortization |
272,561 |
401,355 |
||
|
Service revenue amortization |
217,341 |
209,774 |
||
|
Impairment loss |
120,407 |
715,220 |
||
|
Loss on extinguishment of debt |
54,423 |
25,733 |
||
|
Stock-based compensation expense |
33,086 |
4,704 |
||
|
Debt issuance cost amortization |
22,042 |
23,217 |
||
|
Deferred income tax provision |
(34,494) |
(296,265) |
||
|
Foreign exchange (gain) loss, net |
(129,051) |
443,977 |
||
|
Gain on sale of Double Down Interactive LLC |
– |
(51,348) |
||
|
Other non-cash costs, net |
29,550 |
25,768 |
||
|
Changes in operating assets and liabilities: |
||||
|
Trade and other receivables |
(54,356) |
45,465 |
||
|
Inventories |
12,556 |
51,406 |
||
|
Upfront Italian license fees |
(878,055) |
(244,698) |
||
|
Accounts payable |
(51,990) |
(3,031) |
||
|
Other assets and liabilities |
(131,940) |
(141,463) |
||
|
Net cash provided by operating activities |
29,626 |
663,388 |
||
|
Cash flows from investing activities |
||||
|
Capital expenditures |
(533,052) |
(698,010) |
||
|
Proceeds from sale of assets |
19,243 |
167,452 |
||
|
Proceeds from sale of Double Down Interactive LLC, net of cash divested |
– |
823,788 |
||
|
Other |
2,272 |
2,336 |
||
|
Net cash (used in) provided by investing activities |
(511,537) |
295,566 |
||
|
Cash flows from financing activities |
||||
|
Principal payments on long-term debt |
(1,899,888) |
(1,754,259) |
||
|
Dividends paid |
(163,236) |
(162,528) |
||
|
Dividends paid – non-controlling interests |
(126,926) |
(57,908) |
||
|
Return of capital – non-controlling interests |
(85,121) |
(84,391) |
||
|
Payments in connection with the extinguishment of debt |
(49,976) |
(38,832) |
||
|
Debt issuance costs paid |
(17,033) |
(16,378) |
||
|
Net receipts from (payments of) financial liabilities |
7,123 |
(150) |
||
|
Net proceeds from short-term borrowings |
34,822 |
– |
||
|
Capital increase – non-controlling interests |
321,584 |
148,468 |
||
|
Proceeds from long-term debt |
1,687,761 |
1,762,270 |
||
|
Other |
(20,655) |
(43,264) |
||
|
Net cash used in financing activities |
(311,545) |
(246,972) |
||
|
Net (decrease) increase in cash and cash equivalents, and restricted cash |
(793,456) |
711,982 |
||
|
Effect of exchange rate changes on cash and cash equivalents, and restricted cash |
(197) |
52,132 |
||
|
Cash and cash equivalents, and restricted cash at the beginning of the period |
1,305,430 |
541,316 |
||
|
Cash and cash equivalents, and restricted cash at the end of the period |
511,777 |
1,305,430 |
||
|
Supplemental Cash Flow Information: |
||||
|
Interest paid |
(445,698) |
(417,110) |
||
|
Income taxes paid |
(239,831) |
(296,386) |
||
|
International Game Technology PLC |
||||
|
Net Debt |
||||
|
($ thousands) |
||||
|
Unaudited |
||||
|
December 31, |
December 31, |
|||
|
2018 |
2017 |
|||
|
7.500% Senior Secured Notes due July 2019 |
– |
148,231 |
||
|
4.125% Senior Secured Notes due February 2020 |
499,167 |
833,655 |
||
|
5.625% Senior Secured Notes due February 2020 |
– |
595,767 |
||
|
4.750% Senior Secured Notes due March 2020 |
438,252 |
585,171 |
||
|
5.500% Senior Secured Notes due June 2020 |
27,519 |
125,709 |
||
|
6.250% Senior Secured Notes due February 2022 |
1,469,609 |
1,470,075 |
||
|
4.750% Senior Secured Notes due February 2023 |
964,730 |
1,008,601 |
||
|
5.350% Senior Secured Notes due October 2023 |
60,983 |
61,082 |
||
|
3.500% Senior Secured Notes due July 2024 |
567,179 |
– |
||
|
6.500% Senior Secured Notes due February 2025 |
1,088,385 |
1,086,913 |
||
|
6.250% Senior Secured Notes due January 2027 |
742,667 |
– |
||
|
Senior Secured Notes, long-term |
5,858,491 |
5,915,204 |
||
|
Revolving Credit Facilities due July 2021 |
413,381 |
76,880 |
||
|
Term Loan Facilities due January 2023 |
1,705,395 |
1,785,361 |
||
|
Long-term debt, less current portion |
7,977,267 |
7,777,445 |
||
|
6.625% Senior Secured Notes due February 2018 |
– |
599,114 |
||
|
Current portion of long-term debt |
– |
599,114 |
||
|
Short-term borrowings |
34,822 |
– |
||
|
Total debt |
8,012,089 |
8,376,559 |
||
|
Less: Cash and cash equivalents |
250,669 |
1,057,418 |
||
|
Net debt |
7,761,420 |
7,319,141 |
||
|
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 |
||||
|
December 31, |
||||
|
2018 |
2017 |
|||
|
Net (loss) income |
(70,056) |
105,924 |
||
|
Provision for (benefit from) income taxes |
30,337 |
(83,346) |
||
|
Non-operating expenses |
80,610 |
171,335 |
||
|
Depreciation |
120,696 |
111,997 |
||
|
Impairment loss |
118,877 |
– |
||
|
Amortization |
68,305 |
83,366 |
||
|
Service revenue amortization |
52,389 |
54,456 |
||
|
Stock-based compensation expense |
8,142 |
(398) |
||
|
Restructuring expense |
6,857 |
9,170 |
||
|
Transaction expense (income), net |
1 |
(58) |
||
|
Non-cash purchase accounting (excluding D&A) |
(201) |
(223) |
||
|
Adjusted EBITDA |
415,957 |
452,223 |
||
|
Cash flows from operating activities |
(219,686) |
266,451 |
||
|
Capital expenditures |
(158,739) |
(145,841) |
||
|
Free Cash Flow |
(378,425) |
120,610 |
||
|
International Game Technology PLC |
||||
|
Adjusted EBITDA and Free Cash Flow |
||||
|
Reconciliations of Non-GAAP Financial Measures |
||||
|
($ thousands) |
||||
|
Unaudited |
||||
|
For the year ended |
||||
|
December 31, |
||||
|
2018 |
2017 |
|||
|
Net income (loss) |
114,647 |
(947,511) |
||
|
Provision for (benefit from) income taxes |
189,401 |
(29,414) |
||
|
Non-operating expenses |
342,943 |
925,833 |
||
|
Depreciation |
432,899 |
401,085 |
||
|
Amortization |
272,561 |
401,355 |
||
|
Service revenue amortization |
217,341 |
209,774 |
||
|
Impairment loss |
120,407 |
715,220 |
||
|
Stock-based compensation expense |
33,086 |
4,704 |
||
|
Restructuring expense |
14,781 |
39,876 |
||
|
Transaction expense (income), net |
51 |
(26,740) |
||
|
Non-cash purchase accounting (excluding D&A) |
(867) |
(736) |
||
|
Bad debt recovery |
– |
(17,858) |
||
|
Adjusted EBITDA |
1,737,250 |
1,675,588 |
||
|
Cash flows from operating activities |
29,626 |
663,388 |
||
|
Capital expenditures |
(533,052) |
(698,010) |
||
|
Free Cash Flow |
(503,426) |
(34,622) |
||
|
International Game Technology PLC |
||||||
|
ASC 606 – Revenue Recognition Impact |
||||||
|
Consolidated Statements of Operations |
||||||
|
($ thousands, except per share data) |
||||||
|
Unaudited |
||||||
|
Q4 2018 |
||||||
|
Under Prior |
Revenue |
As Adjusted |
||||
|
Revenue |
1,280,449 |
(14,317) |
1,266,132 |
|||
|
Operating expenses |
(1,247,420) |
22,179 |
(1,225,241) |
|||
|
Provision for income taxes |
(28,703) |
(1,634) |
(30,337) |
|||
|
Net loss attributable to IGT PLC |
(108,227) |
6,228 |
(101,999) |
|||
|
Net loss attributable to IGT PLC per common share – basic |
(0.53) |
0.03 |
(0.50) |
|||
|
Net loss attributable to IGT PLC per common share – diluted |
(0.53) |
0.03 |
(0.50) |
|||
|
Q4 2018 YTD |
||||||
|
Under Prior |
Revenue |
As Adjusted |
||||
|
Revenue |
4,896,300 |
(65,044) |
4,831,256 |
|||
|
Operating expenses |
(4,264,321) |
80,056 |
(4,184,265) |
|||
|
Provision for income taxes |
(187,897) |
(1,504) |
(189,401) |
|||
|
Net loss attributable to IGT PLC |
(34,858) |
13,508 |
(21,350) |
|||
|
Net loss attributable to IGT PLC per common share – basic |
(0.17) |
0.07 |
(0.10) |
|||
|
Net loss attributable to IGT PLC per common share – diluted |
(0.17) |
0.07 |
(0.10) |
|||
|
International Game Technology PLC |
||||||||||||
|
Consolidated Statement of Operations |
||||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
|
($ and shares in thousands, except per share data) |
||||||||||||
|
Unaudited |
||||||||||||
|
Quarter to date |
Adjustments |
Quarter to date |
||||||||||
|
December 2018 |
Impairment/ |
Transaction |
December 2018 |
|||||||||
|
As |
Purchase |
Foreign |
Restructuring |
and Refinancing |
As |
|||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense, net |
Adjusted |
|||||||
|
Total revenue |
1,266,132 |
(183) |
– |
– |
– |
1,265,949 |
||||||
|
Cost of services |
638,105 |
(20,548) |
– |
– |
– |
617,557 |
||||||
|
Cost of product sales |
157,965 |
(3,955) |
– |
– |
– |
154,010 |
||||||
|
Selling, general and administrative |
238,654 |
(27,018) |
– |
– |
– |
211,636 |
||||||
|
Research and development |
64,782 |
(218) |
– |
– |
– |
64,564 |
||||||
|
Restructuring expense |
6,857 |
– |
– |
(6,857) |
– |
– |
||||||
|
Impairment loss |
118,877 |
– |
– |
(118,877) |
– |
– |
||||||
|
Transaction expense, net |
1 |
– |
– |
– |
(1) |
– |
||||||
|
Total operating expenses |
1,225,241 |
(51,739) |
– |
(125,734) |
(1) |
1,047,767 |
||||||
|
Operating income |
40,891 |
51,556 |
– |
125,734 |
1 |
218,182 |
||||||
|
Interest expense, net |
(103,666) |
27 |
– |
– |
– |
(103,639) |
||||||
|
Foreign exchange gain, net |
32,096 |
– |
(32,096) |
– |
– |
– |
||||||
|
Other expense, net |
(9,040) |
(127) |
– |
– |
5,004 |
(4,163) |
||||||
|
Total non-operating expenses |
(80,610) |
(100) |
(32,096) |
– |
5,004 |
(107,802) |
||||||
|
(Loss) income before provision for income taxes |
(39,719) |
51,456 |
(32,096) |
125,734 |
5,005 |
110,380 |
||||||
|
Provision for income taxes (a) |
30,337 |
7,082 |
(10,124) |
1,764 |
1,095 |
30,154 |
||||||
|
Net (loss) income |
(70,056) |
44,374 |
(21,972) |
123,970 |
3,910 |
80,226 |
||||||
|
Less: Net income attributable to non-controlling interests |
31,943 |
25 |
– |
– |
– |
31,968 |
||||||
|
Net (loss) income attributable to IGT PLC |
(101,999) |
44,349 |
(21,972) |
123,970 |
3,910 |
48,258 |
||||||
|
Net (loss) income per common share – diluted |
(0.50) |
0.24 |
||||||||||
|
Weighted-average shares – diluted (b) |
204,307 |
204,328 |
||||||||||
|
(a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
||||||||||
|
(b) Weighted-average shares – diluted, as adjusted, include shares that were excluded from the as reported computation, due to the net loss as reported. |
||||||||||
|
International Game Technology PLC |
||||||||||||
|
Consolidated Statement of Operations |
||||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
|
($ and shares in thousands, except per share data) |
||||||||||||
|
Unaudited |
||||||||||||
|
Year to date |
Adjustments |
Year to date |
||||||||||
|
December 2018 |
Impairment/ |
Transaction |
December 2018 |
|||||||||
|
As |
Purchase |
Foreign |
Restructuring |
and Refinancing |
As |
|||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense, net |
Adjusted |
|||||||
|
Total revenue |
4,831,256 |
(723) |
– |
– |
– |
4,830,533 |
||||||
|
Cost of services |
2,450,658 |
(84,005) |
– |
– |
– |
2,366,653 |
||||||
|
Cost of product sales |
491,030 |
(15,690) |
– |
– |
– |
475,340 |
||||||
|
Selling, general and administrative |
844,059 |
(107,620) |
– |
– |
– |
736,439 |
||||||
|
Research and development |
263,279 |
(904) |
– |
– |
– |
262,375 |
||||||
|
Restructuring expense |
14,781 |
– |
– |
(14,781) |
– |
– |
||||||
|
Impairment loss |
120,407 |
– |
– |
(120,407) |
– |
– |
||||||
|
Transaction expense, net |
51 |
– |
– |
– |
(51) |
– |
||||||
|
Total operating expenses |
4,184,265 |
(208,219) |
– |
(135,188) |
(51) |
3,840,807 |
||||||
|
Operating income |
646,991 |
207,496 |
– |
135,188 |
51 |
989,726 |
||||||
|
Interest expense, net |
(417,387) |
1,563 |
– |
– |
– |
(415,824) |
||||||
|
Foreign exchange gain, net |
129,051 |
– |
(129,051) |
– |
– |
– |
||||||
|
Other expense, net |
(54,607) |
(2,311) |
– |
– |
54,463 |
(2,455) |
||||||
|
Total non-operating expenses |
(342,943) |
(748) |
(129,051) |
– |
54,463 |
(418,279) |
||||||
|
Income before provision for income taxes |
304,048 |
206,748 |
(129,051) |
135,188 |
54,514 |
571,447 |
||||||
|
Provision for income taxes (a) |
189,401 |
44,183 |
(3,494) |
3,593 |
1,097 |
234,780 |
||||||
|
Net income |
114,647 |
162,565 |
(125,557) |
131,595 |
53,417 |
336,667 |
||||||
|
Less: Net income attributable to non-controlling interests |
135,997 |
102 |
– |
– |
– |
136,099 |
||||||
|
Net (loss) income attributable to IGT PLC |
(21,350) |
162,463 |
(125,557) |
131,595 |
53,417 |
200,568 |
||||||
|
Net (loss) income per common share – diluted |
(0.10) |
0.98 |
||||||||||
|
Weighted-average shares – diluted (b) |
204,083 |
204,363 |
||||||||||
|
(a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
||||||||||
|
(b) Weighted-average shares – diluted, as adjusted, include shares that were excluded from the as reported computation, due to the net loss as reported. |
||||||||||
|
International Game Technology PLC |
||||||||||||
|
Consolidated Statement of Operations |
||||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
|
($ and shares in thousands, except per share data) |
||||||||||||
|
Unaudited |
||||||||||||
|
Quarter to date |
Adjustments |
Quarter to date |
||||||||||
|
December 2017 |
December 2017 |
|||||||||||
|
As |
Purchase |
Foreign |
Restructuring |
Transaction |
As |
|||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense, net |
Adjusted |
|||||||
|
Total revenue |
1,345,670 |
(182) |
– |
– |
– |
1,345,488 |
||||||
|
Cost of services |
686,802 |
(27,563) |
– |
– |
– |
659,239 |
||||||
|
Cost of product sales |
176,375 |
(10,454) |
– |
– |
– |
165,921 |
||||||
|
Selling, general and administrative |
208,522 |
(27,183) |
– |
– |
– |
181,339 |
||||||
|
Research and development |
70,946 |
(230) |
– |
– |
– |
70,716 |
||||||
|
Restructuring expense |
9,170 |
– |
– |
(9,170) |
– |
– |
||||||
|
Transaction income, net |
(58) |
– |
– |
– |
58 |
– |
||||||
|
Total operating expenses |
1,151,757 |
(65,430) |
– |
(9,170) |
58 |
1,077,215 |
||||||
|
Operating income |
193,913 |
65,248 |
– |
9,170 |
(58) |
268,273 |
||||||
|
Interest expense, net |
(111,961) |
513 |
– |
– |
– |
(111,448) |
||||||
|
Foreign exchange loss, net |
(59,228) |
– |
59,228 |
– |
– |
– |
||||||
|
Other expense, net |
(146) |
1 |
– |
– |
(8) |
(153) |
||||||
|
Total non-operating expenses |
(171,335) |
514 |
59,228 |
– |
(8) |
(111,601) |
||||||
|
Income before (benefit from) provision for income taxes |
22,578 |
65,762 |
59,228 |
9,170 |
(66) |
156,672 |
||||||
|
(Benefit from) provision for income taxes (a) (b) (c) |
(83,346) |
267,714 |
(60,593) |
2,887 |
(2) |
126,660 |
||||||
|
Net income |
105,924 |
(201,952) |
119,821 |
6,283 |
(64) |
30,012 |
||||||
|
Less: Net income attributable to non-controlling interests |
26,195 |
25 |
– |
– |
– |
26,220 |
||||||
|
Net income attributable to IGT PLC |
79,729 |
(201,977) |
119,821 |
6,283 |
(64) |
3,792 |
||||||
|
Net income per common share – diluted |
0.39 |
0.02 |
||||||||||
|
Weighted-average shares – diluted |
204,104 |
204,104 |
||||||||||
|
(a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
||||||||||||
|
(b) As Reported includes a net $103.6 million one-time, non-cash income tax benefit related to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) composed of (i) a $64.4 million non-cash income tax expense for the restatement of deferred tax assets and a $239.2 million non-cash income tax benefit for the restatement of deferred tax liabilities related to Purchase Accounting, both driven by the decrease in the income tax rate from 35% to 21% and (ii) a $71.2 million non-cash income tax expense in 2017 associated with unremitted foreign earnings. Separate from the Tax Act, As Reported includes a $73.3 million one-time, non-cash tax expense for the write-off of a deferred tax asset related primarily to unrealized foreign exchange losses. |
||||||||||||
|
(c) As Adjusted excludes the $239.2 million non-cash income tax benefit for the restatement of deferred tax liabilities related to Purchase Accounting and the $73.3 million one-time, non-cash tax expense for the write-of of a deferred tax asset related primarily to unrealized foreign exchange losses. |
||||||||||||
|
International Game Technology PLC |
||||||||||||
|
Consolidated Statement of Operations |
||||||||||||
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||
|
($ and shares in thousands, except per share data) |
||||||||||||
|
Unaudited |
||||||||||||
|
Year to date |
Adjustments |
Year to date |
||||||||||
|
December 2017 |
Impairment/ |
Transaction |
December 2017 |
|||||||||
|
As |
Purchase |
Foreign |
Restructuring |
and Refinancing |
As |
|||||||
|
Reported |
Accounting |
Exchange |
Expense |
Expense, net |
Adjusted |
|||||||
|
Total revenue |
4,938,959 |
(722) |
– |
– |
– |
4,938,237 |
||||||
|
Cost of services |
2,553,083 |
(145,221) |
– |
– |
– |
2,407,862 |
||||||
|
Cost of product sales |
579,431 |
(87,715) |
– |
– |
– |
491,716 |
||||||
|
Selling, general and administrative |
816,093 |
(117,460) |
– |
– |
– |
698,633 |
||||||
|
Research and development |
313,088 |
(656) |
– |
– |
– |
312,432 |
||||||
|
Restructuring expense |
39,876 |
– |
– |
(39,876) |
– |
– |
||||||
|
Impairment loss |
715,220 |
– |
– |
(715,220) |
– |
– |
||||||
|
Transaction income, net |
(26,740) |
– |
– |
– |
26,740 |
– |
||||||
|
Total operating expenses |
4,990,051 |
(351,052) |
– |
(755,096) |
26,740 |
3,910,643 |
||||||
|
Operating (loss) income |
(51,092) |
350,330 |
– |
755,096 |
(26,740) |
1,027,594 |
||||||
|
Interest expense, net |
(448,463) |
2,928 |
– |
– |
– |
(445,535) |
||||||
|
Foreign exchange loss, net |
(443,977) |
– |
443,977 |
– |
– |
– |
||||||
|
Other (expense) income, net |
(33,393) |
1,568 |
– |
– |
35,420 |
3,595 |
||||||
|
Total non-operating expenses |
(925,833) |
4,496 |
443,977 |
– |
35,420 |
(441,940) |
||||||
|
(Loss) income before (benefit from) provision for income taxes |
(976,925) |
354,826 |
443,977 |
755,096 |
8,680 |
585,654 |
||||||
|
(Benefit from) provision for income taxes (a) (b) (c) |
(29,414) |
368,780 |
26,559 |
12,019 |
(88,161) |
289,783 |
||||||
|
Net (loss) income |
(947,511) |
(13,954) |
417,418 |
743,077 |
96,841 |
295,871 |
||||||
|
Less: Net income attributable to non-controlling interests |
121,065 |
102 |
– |
– |
– |
121,167 |
||||||
|
Net (loss) income attributable to IGT PLC |
(1,068,576) |
(14,056) |
417,418 |
743,077 |
96,841 |
174,704 |
||||||
|
Net (loss) income per common share – diluted |
(5.26) |
0.86 |
||||||||||
|
Weighted-average shares – diluted (d) |
203,130 |
203,504 |
||||||||||
|
(a) Adjustments for income taxes are determined based on the statutory tax rate in effect in the respective jurisdiction where the adjustment originated. |
||||||||||||
|
(b) As Reported includes a net $103.6 million one-time, non-cash income tax benefit related to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) composed of (i) a $64.4 million non-cash income tax expense for the restatement of deferred tax assets and a $239.2 million non-cash income tax benefit for the restatement of deferred tax liabilities related to Purchase Accounting, both driven by the decrease in the income tax rate from 35% to 21% and (ii) a $71.2 million non-cash income tax expense in 2017 associated with unremitted foreign earnings. Separate from the Tax Act, As Reported includes a $73.3 million one-time, non-cash tax expense for the write-off of a deferred tax asset related primarily to unrealized foreign exchange losses. |
||||||||||||
|
(c) As Adjusted excludes the $239.2 million non-cash income tax benefit for the restatement of deferred tax liabilities related to Purchase Accounting and the $73.3 million one-time, non-cash tax expense for the write-of of a deferred tax asset related primarily to unrealized foreign exchange losses. |
||||||||||||
|
(d) Weighted-average shares – diluted, as adjusted, include shares that were excluded from the as reported computation, due to the net loss as reported. |
||||||||||||
|
INTERNATIONAL GAME TECHNOLOGY PLC |
|||||||||||
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
Q4 ’18 |
Q4 ’17 |
FX |
Period Ended December 31 |
Q4’18 |
Q4’17 |
Change |
||||
|
Gaming |
Total Revenue |
632 |
664 |
-2% |
Installed base (end of period) |
||||||
|
Gaming Services |
413 |
452 |
-6% |
Casino |
33,744 |
35,625 |
-5.3% |
||||
|
Terminal |
312 |
331 |
-3% |
VLT – Government Sponsored (ex-Italy) |
19,208 |
18,019 |
6.6% |
||||
|
Social (DDI) |
0 |
0 |
0% |
VLT – Italy Supplier (B2B) |
8,058 |
8,592 |
-6.2% |
||||
|
Other |
100 |
121 |
-15% |
Total installed base |
61,010 |
62,236 |
-2.0% |
||||
|
Product Sales |
220 |
212 |
6% |
Yield |
$26.90 |
$27.49 |
-2.1% |
||||
|
Terminal |
159 |
146 |
12% |
(average revenue per unit per day) |
|||||||
|
Other |
60 |
66 |
-7% |
||||||||
|
Additional Italian Network Details: |
|||||||||||
|
Lottery |
Total Revenue |
547 |
559 |
0% |
VLT – Operator (B2C) |
10,991 |
10,985 |
0.1% |
|||
|
Lottery Services |
530 |
511 |
6% |
AWP |
42,928 |
56,590 |
-24.1% |
||||
|
FMC |
497 |
466 |
9% |
||||||||
|
LMA |
29 |
36 |
-19% |
Machine units shipped |
|||||||
|
Other Services |
3 |
9 |
-79% |
New/Expansion |
775 |
1,349 |
-42.6% |
||||
|
Product Sales |
17 |
48 |
-63% |
Replacement |
11,215 |
9,511 |
17.9% |
||||
|
Terminal |
(0) |
2 |
NM |
Total machines shipped |
11,990 |
10,860 |
10.4% |
||||
|
Systems/Other |
17 |
47 |
-62% |
||||||||
|
Global lottery same-store revenue growth |
|||||||||||
|
Other |
Total Revenue |
87 |
122 |
-26% |
Instants & draw games |
4.7% |
|||||
|
Service Revenue |
87 |
110 |
-18% |
Multistate Jackpots |
122.7% |
||||||
|
Product Sales |
0 |
12 |
NM |
Total lottery same-store revenue growth (ex-Italy) |
16.9% |
||||||
|
Italy lottery revenue growth |
6.0% |
||||||||||
|
Consolidated |
Revenue |
1,266 |
1,346 |
-4% |
|||||||
|
Operating Income: |
|||||||||||
|
Segment Total |
277 |
322 |
-12% |
||||||||
|
Purchase Accounting |
(170) |
(65) |
-160% |
||||||||
|
Corporate Support |
(67) |
(63) |
-10% |
||||||||
|
Total |
41 |
194 |
-76% |
||||||||
Full Year Comparisons by Segment:
|
NORTH AMERICA GAMING & INTERACTIVE |
|||||||||||
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
2018 |
2017 |
FX |
Period Ended December 31 |
2018 |
2017 |
Change |
||||
|
Gaming |
Total Revenue |
1,001 |
1,158 |
-13% |
Installed base (end of period) |
||||||
|
Gaming Services |
622 |
781 |
-20% |
Casino |
23,108 |
22,807 |
1.3% |
||||
|
Terminal |
420 |
488 |
-14% |
||||||||
|
Social (DDI) |
0 |
111 |
-100% |
Machine units shipped |
|||||||
|
Other |
202 |
181 |
11% |
New/Expansion |
3,917 |
4,099 |
-4.4% |
||||
|
Product Sales |
379 |
377 |
1% |
Replacement |
14,922 |
14,030 |
6.4% |
||||
|
Terminal |
262 |
244 |
8% |
Total machines shipped |
18,839 |
18,129 |
3.9% |
||||
|
Other |
117 |
133 |
-12% |
||||||||
|
Other |
Total Revenue |
2 |
(0) |
NM |
|||||||
|
Service Revenue |
2 |
(0) |
NM |
||||||||
|
Total |
Revenue |
1,003 |
1,158 |
-13% |
|||||||
|
Operating Income |
219 |
279 |
-21% |
||||||||
|
NORTH AMERICA LOTTERY |
|||||||||||
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
2018 |
2017 |
FX |
Period Ended December 31 |
2018 |
2017 |
Change |
||||
|
Gaming |
Total Revenue |
154 |
162 |
-5% |
Installed base (end of period) |
||||||
|
Gaming Services |
153 |
150 |
2% |
VLT – Government Sponsored |
14,939 |
15,294 |
-2.3% |
||||
|
Terminal |
100 |
99 |
0% |
||||||||
|
Other |
54 |
50 |
7% |
Lottery same-store revenue growth |
|||||||
|
Product Sales |
0 |
13 |
-97% |
Instants & draw games |
5.0% |
||||||
|
Multistate Jackpots |
34.0% |
||||||||||
|
Lottery |
Total Revenue |
1,038 |
1,023 |
1% |
Total lottery same-store revenue growth |
8.9% |
|||||
|
Lottery Services |
958 |
943 |
2% |
||||||||
|
FMC |
697 |
660 |
6% |
||||||||
|
LMA |
129 |
157 |
-18% |
||||||||
|
Other Services |
131 |
126 |
4% |
||||||||
|
Product Sales |
80 |
80 |
1% |
||||||||
|
Terminal |
24 |
4 |
NM |
||||||||
|
Systems/Other |
57 |
76 |
-25% |
||||||||
|
Total |
Revenue |
1,192 |
1,185 |
1% |
|||||||
|
Operating Income |
297 |
289 |
3% |
||||||||
|
INTERNATIONAL |
|||||||||||
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
2018 |
2017 |
FX |
Period Ended December 31 |
2018 |
2017 |
Change |
||||
|
Gaming |
Total Revenue |
417 |
472 |
-10% |
Installed base (end of period) |
||||||
|
Gaming Services |
140 |
197 |
-27% |
Casino |
10,636 |
12,818 |
-17.0% |
||||
|
Terminal |
54 |
51 |
11% |
VLT – Government Sponsored |
4,269 |
2,725 |
56.7% |
||||
|
Other |
86 |
146 |
-41% |
Total installed base |
14,905 |
15,543 |
-4.1% |
||||
|
Product Sales |
277 |
275 |
2% |
||||||||
|
Terminal |
193 |
200 |
-2% |
Machine units shipped |
|||||||
|
Other |
84 |
75 |
12% |
New/Expansion |
1,880 |
1,756 |
7.1% |
||||
|
Replacement |
11,820 |
12,218 |
-3.3% |
||||||||
|
Lottery |
Total Revenue |
329 |
323 |
1% |
Total machines shipped |
13,700 |
13,974 |
-2.0% |
|||
|
Lottery Services |
283 |
288 |
-2% |
||||||||
|
FMC |
222 |
206 |
7% |
Lottery same-store revenue growth |
|||||||
|
Other Services |
61 |
81 |
-25% |
Instants & draw games |
3.6% |
||||||
|
Product Sales |
46 |
35 |
33% |
Multistate Jackpots |
-1.4% |
||||||
|
Systems/Other |
46 |
35 |
33% |
Total lottery same-store revenue growth |
3.3% |
||||||
|
Other |
Total Revenue |
74 |
94 |
-21% |
|||||||
|
Service Revenue |
73 |
72 |
1% |
||||||||
|
Product Sales |
2 |
22 |
-93% |
||||||||
|
Total |
Revenue |
820 |
889 |
-7% |
|||||||
|
Operating Income |
142 |
164 |
-13% |
||||||||
|
ITALY |
|||||||||||
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
2018 |
2017 |
FX |
Period Ended December 31 |
2018 |
2017 |
Change |
||||
|
Gaming |
Total Revenue |
734 |
707 |
0% |
(In € millions, except machines) |
||||||
|
Gaming Services |
733 |
706 |
0% |
Lottery |
|||||||
|
Terminal |
665 |
644 |
0% |
Lotto wagers |
8,017 |
7,481 |
7.2% |
||||
|
Other |
68 |
62 |
6% |
10eLotto |
5,728 |
5,160 |
11.0% |
||||
|
Product Sales |
1 |
1 |
-21% |
Core |
1,877 |
2,011 |
-6.7% |
||||
|
Late Numbers |
227 |
310 |
-26.9% |
||||||||
|
Lottery |
Total Revenue |
793 |
721 |
6% |
MillionDAY |
185 |
– |
NM |
|||
|
Lottery Services |
793 |
721 |
6% |
||||||||
|
FMC |
991 |
912 |
5% |
Scratch & Win Wagers |
9,207 |
9,065 |
1.6% |
||||
|
Other Services |
(198) |
(191) |
0% |
||||||||
|
Product Sales |
0 |
0 |
0% |
Italy lottery revenue growth |
6.0% |
||||||
|
Other |
Total Revenue |
288 |
277 |
0% |
Gaming |
||||||
|
Service Revenue |
288 |
277 |
0% |
Installed base (end of period) |
|||||||
|
Product Sales |
0 |
0 |
0% |
VLT – Operator (B2C) |
10,991 |
10,985 |
0.1% |
||||
|
VLT – Supplier (B2B) |
8,058 |
8,592 |
-6.2% |
||||||||
|
Total |
Revenue |
1,815 |
1,705 |
3% |
AWP |
42,928 |
56,590 |
-24.1% |
|||
|
Operating Income |
541 |
479 |
8% |
Total Installed Base |
61,977 |
76,167 |
-18.6% |
||||
|
Wagers |
|||||||||||
|
VLT – Operator (B2C) |
5,838 |
5,543 |
5.3% |
||||||||
|
AWP |
3,717 |
3,949 |
-5.9% |
||||||||
|
Interactive Wagers (Gaming) |
1,890 |
1,745 |
8.3% |
||||||||
|
Other |
|||||||||||
|
Sports Betting Wagers (1) |
988 |
959 |
3.1% |
||||||||
|
Sports Betting Payout (%) (1) |
82.4% |
82.7% |
-0.3 pp |
||||||||
|
(1)Includes Virtual Wagers and Pools & Horses |
|||||||||||
|
INTERNATIONAL GAME TECHNOLOGY PLC |
|||||||||||
|
Select Financial Data |
Constant |
Key Performance Indicators |
% |
||||||||
|
Period Ended December 31 |
2018 |
2017 |
FX |
Period Ended December 31 |
2018 |
2017 |
Change |
||||
|
Gaming |
Total Revenue |
2,306 |
2,501 |
-8% |
Installed base (end of period) |
||||||
|
Gaming Services |
1,649 |
1,836 |
-11% |
Casino |
33,744 |
35,625 |
-5.3% |
||||
|
Terminal |
1,239 |
1,284 |
-5% |
VLT – Government Sponsored (ex-Italy) |
19,208 |
18,019 |
6.6% |
||||
|
Social (DDI) |
0 |
111 |
-100% |
VLT – Italy Supplier (B2B) |
8,058 |
8,592 |
-6.2% |
||||
|
Other |
410 |
440 |
-7% |
Total installed base |
61,010 |
62,236 |
-2.0% |
||||
|
Product Sales |
657 |
665 |
-1% |
Yield |
$ 27.72 |
$ 29.26 |
-5.3% |
||||
|
Terminal |
455 |
444 |
3% |
(average revenue per unit per day) |
|||||||
|
Other |
202 |
222 |
-9% |
||||||||
|
Additional Italian Network Details: |
|||||||||||
|
Lottery |
Total Revenue |
2,161 |
2,067 |
3% |
VLT – Operator (B2C) |
10,991 |
10,985 |
0.1% |
|||
|
Lottery Services |
2,034 |
1,952 |
3% |
AWP |
42,928 |
56,590 |
-24.1% |
||||
|
FMC |
1,910 |
1,778 |
5% |
||||||||
|
LMA |
129 |
157 |
-18% |
Machine units shipped |
|||||||
|
Other Services |
(4) |
17 |
-80% |
New/Expansion |
5,797 |
5,855 |
-1.0% |
||||
|
Product Sales |
127 |
115 |
11% |
Replacement |
26,742 |
26,248 |
1.9% |
||||
|
Terminal |
25 |
4 |
NM |
Total machines shipped |
32,539 |
32,103 |
1.4% |
||||
|
Systems/Other |
102 |
111 |
-8% |
||||||||
|
Global lottery same-store revenue growth |
|||||||||||
|
Other |
Total Revenue |
364 |
371 |
-5% |
Instants & draw games |
4.8% |
|||||
|
Service Revenue |
363 |
349 |
1% |
Multistate Jackpots |
28.5% |
||||||
|
Product Sales |
2 |
22 |
-93% |
Total lottery same-store revenue growth (ex-Italy) |
7.6% |
||||||
|
Italy lottery revenue growth |
6.0% |
||||||||||
|
Consolidated |
Revenue |
4,831 |
4,939 |
-3% |
|||||||
|
Operating Income: |
|||||||||||
|
Segment Total |
1,199 |
1,210 |
-3% |
||||||||
|
Purchase Accounting |
(325) |
(1,064) |
69% |
||||||||
|
Corporate Support |
(226) |
(197) |
-14% |
||||||||
|
Total |
647 |
(51) |
|||||||||
SOURCE International Game Technology PLC
Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: International Game Technology PLC Reports Fourth Quarter And Full Year 2018 Results
A partnership between game developer Turbo Games and iGaming solution provider and aggregator Slotegrator began in November 2022 via the APIgrator game integration solution. Since then, the collaboration has been developing successfully — and now it’s time to analyze what made it successful.
Turbo Games has noticed how the new technologies spreading throughout the industry can work for the good of brand transparency and player loyalty: “We can already see how blockchain technology has made it possible to make betting checks more accessible to players. All you need is a blockchain-hash and a decoder service. We think we will continue to move in this direction. Many traditional online casinos do not offer the possibility to check the bet. Sooner or later we all have to come to this. Perhaps the development of artificial intelligence will help here, because we are already seeing its involvement in all spheres of human life.”
Turbo Games specializes in provably fair games. Provable fairness is a concept where players can verify their wins or losses using blockchain technology — the outcome of the game is dictated by a smart contract and is absolutely random, barring the possibility of any human involvement. Using cryptographic hashing algorithms, the gambling site and the player’s device both generate seeds (random strings of numbers). Players receive a key that allows them to check the results; if the results are the same as the game round they witnessed, it proves that there was no foul play.
According to statistics from Turbo Games, the audience for provably fair games is mostly between 18 and 25 years old. However, there are also players aged 35-40 who prefer traditional games but would like to try something new, and have turned their attention to provably fair games.
There are good odds that the technology of provably fair games will become more popular, if not even commonplace, because it gives players a feeling of transparency and proves that the business is trustworthy without the need to search through dozens of reviews. Whereas many innovations in iGaming simply add entertainment, provable fairness addresses security concerns and reassures players that they’re not being exploited, which is invaluable.
Provably fair games are beneficial for both players and online casinos. Vadim Potapenko, Head of Sales at Turbo Games, comments: “It often happens that the users are not satisfied with the result, because gambling is not only about big wins, but also possible losses. By allowing them to check the fairness of a bet, we make life easier for platforms and players. Of course, this allows us to communicate with partners and users that we work honestly and that’s why they should trust our games.”
Ayvar Gabidullin, Business Development Manager at Slotegrator, adds that “this type of game is now becoming more and more popular and has great potential for both players and game providers in the future. On the part of the player, the advantage is that the player can always be sure that his game is fair and he can independently check any of his bets. And for the game provider, this also simplifies the process of implementing casino games, since now it will not be necessary to obtain the appropriate certificates from independent laboratories before launching new games, they can immediately enter the market with these games and where anyone can check the result and make sure that that there is no cheating with players. Many game providers are starting to look towards this type of game. And as far as I see, many operators are starting to think about adding these games.”
What do players in 2023 need? The iGaming industry is all about reputation and trust. Players have a huge number of platforms to choose from, making them pickier and pickier. There’s an abundance of forums where players leave reviews, so if players view a brand as untrustworthy, there are plenty of places they can share their opinion. Provable fairness not only stops that from happening, it provides evidence to the contrary, giving players something else to talk about.
Slotegrator also recommends investing time and effort into localization and creating an effective and detailed marketing strategy — before trying provably fair technology players need to get to the platform, and there is no acquisition without marketing.
ABOUT SLOTEGRATOR
Since 2012, Slotegrator has been one of the iGaming industry’s leading software and business solution providers for online casino and sportsbook operators.
The company’s main focus is software development and support for online casino platforms, as well as the integration of game content and payment systems.
The company works with licensed game developers and offers a vast portfolio of casino content: slots, live casino games, poker, virtual sports, table games, lotteries, casual games, and data feeds for betting.
Slotegrator also provides consulting services in gambling license acquisition and business incorporation.
More information: https://slotegrator.pro/
ABOUT TURBO GAMES
Turbo Games — a provably fair games provider that belongs to Turbo Stars company — has an ambitious goal to establish widespread recognition throughout the iGaming world. Even though it is young, the company consists of professionals who have been working on the brand for over five years and are even planning to introduce a new brand for a wider audience soon.
Turbo Games also works in Europe, India, and South Africa, where the company sees the most potential and expects the same “hype” as in Brazil.
The portfolio of Turbo Games consists of 21 titles, including well-known games like Mines, Crash X, DoubleRoll, Hi-Lo, and Plinko. The studio releases a game every month. However, not all games are developed from scratch. Wicket Blast and Spin Strike, the last two releases, are based on cricket and the Indian Premier League. Crash X remains the most popular fast game in the Turbo Games portfolio, and the studio reports that crash games enjoy stable levels of popularity. Overall, the main focus of the brand is provably fair games.
More information: https://turbogames.io/
Looking to take your career to the next level in the games industry? Then, Nordic Game Talents is the place to be! Games Factory Talents has teamed up with Nordic Game to bring you Nordic Game Talents.
From Oct 27-29, the online and interactive event is dedicated to recruitment and career building in the creative & games industry within the Nordic region. The event empowers participants to be part of a bigger community and motivates them to explore new paths in achieving their career goals.
Hiring creative & games studios – Supercell, Funcom, Panzerdog, Tactile Games, Gamecan, Fingersoft, Dazzle Rocks, Redhill Games to name a few from the Nordic region will be participating in the event. These studios will share information on their latest projects, work culture and what it takes to be part of their team. The individual games associations from Finland, Denmark, Sweden, Norway and Estonia will share insights through live sessions on the booming games industry in their respective countries. Career development topics pertinent to job seekers like – How to have a successful first interview, Creative Portfolio reviews will also be discussed.
Experienced game industry professionals and individuals beginning their careers from around the world are welcome to join the event. One-to-one interviews with the hiring studios can be scheduled through the event platform. A great opportunity to get to know the studios and network with game professionals from around the world.
Participating in the event
As a job seeker attending Nordic Game Talents, take a few minutes to fill out a simple registration form. After filling the registration form you will receive a link to the online event platform – PINE, to join the event on 27th October. Participants joining Nordic Game Talents will also receive a free-of-charge pass to the Nordic Game Conference.
To view the complete agenda, please click here and to learn more about the event please visit Games Job Fair
About Games Factory Talents
A Helsinki-based talent attraction agency dedicated to the games & creative industry. Our services include direct recruitment, organizing game job fairs and managing a community of game industry professionals through our GameDev Talent Board.
To learn more about Games Factory Talents visit – Games Factory Talents
810 THE SPREAD
Cumulus Media Launches 810 THE SPREAD, the Bay Area’s First Sports Station Focused on Sports Betting
Cumulus Media (NASDAQ: CMLS) announces that it has launched the Bay Area’s first Sports radio station focused on sports betting, 810 THE SPREAD. The new station brings sports and sports betting news, information, and insights to the burgeoning and underserved sports betting audience in San Francisco. 810 THE SPREAD will deliver behind-the-book perspectives from experts in a highly entertaining and engaging format. 810 THE SPREAD goes live today on the legendary 810am frequency that has been the 80-year home of historic Talk Radio KGO-AM. Cumulus San Francisco also launched the station’s new website at www.810thespread.com. Kevin Graham, Program Director of Cumulus’ sister sports stations KNBR 680AM/104.5FM and 1050 KTCT, adds Program Director duties for 810 THE SPREAD.
Larry Blumhagen, Vice President/Market Manager, Cumulus San Francisco, said: “810 THE SPREAD joins our sports brands KNBR 680AM/104.5FM and 1050 KTCT for a trifecta of dynamic sports content across four signals and streaming everywhere. We are excited about this new chapter and look forward to serving the Bay Area’s passionate sports fans in an incomparable way.”
Blumhagen added: “This is a bittersweet day for us, as it’s hard to say goodbye to the legendary KGO, which has been a part of listeners’ lives for so many years. We want to thank all the people who have been a part of KGO’s historic run these many years – and the listeners who loyally tuned in to the station. Times change, and we must change with them.”
Kevin Graham, Program Director, 810 THE SPREAD, said: “810 THE SPREAD will be the Bay Area’s best bet for sports fans and sports betting enthusiasts, and we are pleased to introduce sports-betting radio to our community. The station will feature a lineup of expert personalities that deliver unique sports talk and sports betting insights that entertain, inform, and engage, along with Cal Football and Basketball as well as select professional and college sports play-by-play events. While 810 THE SPREAD will feature specific gambling information, we believe our entertaining presentation will make it a favorite for all Bay area sports fans and a perfect complement to the legendary KNBR and KTCT. With its addition, it truly shows Cumulus’ commitment to the Bay area as ‘The Sports Leader’!”
The weekday programming lineup for 810 THE SPREAD includes:
6am-9am – Bet QL Daily – The must-consume show for sports fans and betting fans alike. Hosted by Joe Ostrowski, Joe Giglio, and Erin Hawksworth.
9am-12pm – Jim Rome - Aggressive, informed sports opinions, rapid-fire dialogue, and plenty of sports smack. As one of the most prolific sports talk hosts in America, Rome draws massive tune-in with legions of fans known as clones, who live for Rome’s take on the day’s largest issues in sports.
12pm-4pm – You Better You Bet – Nick Kostos and Ken Barkley have you covered for the best bets on the biggest matchups, the latest line movement and updates in the futures market. We’ll have up-to-the-minute coverage of backdoor covers and bad beats, and the cheers and tears that come with them. It’s sports betting conversation like you’ve never heard before.
4pm-8pm – Bet MGM Tonight – Live sports betting updates for all the night’s games as they happen – plus live “look-ins” for Major League Baseball games in progress. Get the latest scores, sides, totals, props, parlays, futures, and much more with hosts Quinton Mayo, Trysta Krick, and Ryan Horvat.
8pm-12 Midnight – CBS Sports Radio
BetQL Network programming is provided by Cumulus Media’s Westwood One through a partnership with Audacy.
For more information or to stream 810 THE SPREAD, visit: http://www.810thespread.com.
Week 46/2024 slot games releases
AGREEMENT BETWEEN ZITRO AND GRUPO OSGA TO PROMOTE THE LABOT INTEGRATION OF PEOPLE WITH DISABILITIES
EGT Digital’s iGaming platform X-Nave and successful titles to deliver high-quality experience to BetHub’s customers
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
BetMGM and Vegas Golden Knights Announce Multi-Year Partnership Extension
Spinomenal celebrates Halloween with Book of the Cursed release
QiH Group completes C-suite hiring spree with new CFO appointment
Evoplay enters Czech market with exclusive Fortuna collaboration
Peter & Sons- Maths and Mechanics
MGM Resorts Teams with USO and American Airlines for 14th Annual Salute to the Troops at Mandalay Bay
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Super Bowl LIII: NFL Fans Can Bet on the #1 Sportsbook Review Site Betting-Super-Bowl.com, Providing Free Unbiased and Trusted News, Picks and Predictions
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Rick Meitzler appointed to the Indian Gaming Magazine Advisory Board for 2018
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REVEALED: Top eSports players set to earn $3.2 million in 2019
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Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018
