UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of November 2024
 
Commission File Number 001-36906
 
INTERNATIONAL GAME TECHNOLOGY PLC
(Translation of registrant’s name into English)
 
10 Finsbury Square, Third Floor
London, EC2A 1AF
United Kingdom
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-FForm 40-F
 



    



 
Third Quarter 2024 Results of International Game Technology PLC Reflecting Continuing Operations
 
On November 12, 2024, International Game Technology PLC (NYSE:IGT) (the "Company") reported continuing operations results for the quarter ended September 30, 2024. This quarter marks the first reporting period where the results of the Gaming & Digital business are classified as discontinued operations after the announced sale on July 26, 2024.

On November 12, 2024, the Company also announced that the Board of Directors declared a quarterly cash dividend of $0.20 per share on its ordinary shares. The dividend is payable on December 10, 2024 to holders of record as of the close of business on November 26, 2024.

A copy of the news release relating to the above matters is set forth in Exhibit 99.1, which is being furnished herewith. In addition, a slide presentation relating to the results is set forth in Exhibit 99.2, which is being furnished herewith.


 
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EXHIBIT INDEX
 
 
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: November 12, 2024INTERNATIONAL GAME TECHNOLOGY PLC
  
   
 By:/s/ Pierfrancesco Boccia
  Pierfrancesco Boccia
  Corporate Secretary
 
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NEWS RELEASE INTERNATIONAL GAME TECHNOLOGY PLC REPORTS THIRD QUARTER 2024 RESULTS REFLECTING CONTINUING OPERATIONS AFTER ANNOUNCED SALE OF GAMING & DIGITAL • Q3'24 revenue of $587 million reflects sustained momentum in Italy and improved U.S. instant ticket and draw game wagers • Operating income of $110 million includes $38 million restructuring charge associated with proactively optimizing general & administrative and operating activities following transformational actions over the last several years • Adjusted EBITDA of $264 million and Adjusted EBITDA margin of 44.9% highlight attractive profit profile of pure play lottery business • Year-to-date cash from operations of $724 million, with $489 million from continuing operations; continuing operations represents over 85% of year-to-date consolidated free cash flow • Introducing Q4'24 and FY'24 outlook for continuing operations LONDON – November 12, 2024 – International Game Technology PLC (“IGT”) (NYSE:IGT) today reported financial results for the third quarter ended September 30, 2024. This quarter marks the first reporting period where the results of the Gaming & Digital business are classified as discontinued operations. The sale of Gaming & Digital was announced on July 26, 2024, in a transaction expected to close by the end of the third quarter of 2025. Today, at 8:00 a.m. EST, management will host a conference call and webcast to present the results; access details are provided below. “Our third-quarter and year-to-date performance underscores the strength and resilience of our business model marked by our scale, attractive margin structure, and strong cash generation,” said Vince Sadusky, CEO of IGT. “Over the first nine months, we generated $1.9 billion in revenue, led by steady Italy growth and improved third quarter trends in the U.S. We are excited to build upon a solid foundation as we transform into a leaner, more focused global lottery pure play and capitalize on attractive industry dynamics.” “Sustained cash flow generation in the first nine months was predominantly driven by continuing operations,” said Max Chiara, CFO of IGT. “The value of IGT is enhanced on a go-forward basis by a low pro forma leverage profile and by the launch of a cost optimization initiative as we look to right size the organization while supporting long-term growth initiatives.” 1


 
Overview of Consolidated Third Quarter 2024 Results Quarter Ended Y/Y Change Constant Currency Change All amounts from continuing operations September 30, 2024 2023 ($ in millions, except per share data) GAAP Financials: Revenue 587 601 (2)% (3)% Operating income 110 163 (33)% (33)% Operating income margin 18.7% 27.1% Earnings per share - diluted $(0.39) $0.23 NA Net cash provided by operating activities 173 226 (23)% Cash and cash equivalents 501 483 4% Non-GAAP Financial Measures: Adjusted EBITDA 264 279 (6)% (6)% Adjusted EBITDA margin 44.9% 46.4% Adjusted earnings per share - diluted $(0.02) $0.04 NA Free cash flow 144 195 (26)% Net debt 5,156 5,327 (3)% Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this news release 2


 
Key Highlights: • Announced sale of Gaming & Digital business to funds managed by affiliates of Apollo Global Management, Inc. for $4.05 billion in cash • Executed 10-year facilities management contract extension with North Carolina Education Lottery • Awarded three-year primary instant ticket printing contract with Portugal's national lottery, following a competitive procurement process • Strengthened partnership with La Française des Jeux, operator of the French national lottery, with signing of three-year instant ticket printing contract • Successfully issued €500M 4.25% Senior Secured Notes due 2030; subsequent call of $500M 6.50% Notes due 2025 Third Quarter 2024 Financial Highlights: Revenue of $587 million compared to $601 million in the prior-year period • Elevated U.S. multi-state jackpot activity in the prior year • 2.7% Italy same-store sales growth and improvement in U.S. instant ticket and draw game trends, partially offset by customer allowance • Increased other service revenue related to non-wager-based service contracts in Europe • Multi-year central system software license and higher terminal sales in the prior year, partially offset by higher instant ticket printing in the current year Gross profit of $263 million versus $278 million in the prior year • High profit flow-through from U.S. multi-state jackpot activity in the prior year, partially offset by positive geographic mix in the current year • Stronger terminal sales and more favorable product mix in the prior year Selling, general, and administrative expenses of $101 million compared to $106 million in the prior-year period with the improvement primarily related to lower legal costs Research and development of $12 million versus $9 million in the prior year related to increased investment in growth initiatives Operating income of $110 million versus $163 million in the prior year, primarily driven by a $38 million restructuring charge associated with OPtiMa 3.0, a program focused on optimizing general & administrative and operating activities following transformational actions over the last several years (see "Other Developments" section for further details) Adjusted EBITDA of $264 million compared to $279 million in the prior-year period; Adjusted EBITDA margin of 44.9% versus 46.4% in the prior year • High profit flow-through from elevated U.S. multi-state jackpot sales in prior year partially offset by positive geographic mix in the current year • Higher terminal sales and beneficial product mix in prior year • Lower legal costs in the current year • Investment in growth initiatives Net interest expense of $53 million in line with $54 million in the prior year Foreign exchange loss of $39 million, compared to a gain of $36 million in the prior year, primarily due to non-cash impact of fluctuations in the EUR/USD exchange rate on debt and loss on a foreign currency hedge related to issuance of EUR debt Other non-operating expense, net, of $2 million versus $3 million in the prior year 3


 
Income tax provision of $61 million, compared to $65 million in the prior year, primarily related to non- deductible foreign exchange losses and restructuring costs Net income of $43 million versus $123 million in the prior-year period Diluted loss per share from continuing operations of $0.39 compared to diluted earnings per share from continuing operations of $0.23 in the prior year primarily driven by the after-tax impact of foreign currency losses versus foreign currency gains in the prior year ($0.42 per share) and restructuring costs ($0.13 per share); adjusted diluted loss per share from continuing operations of $0.02 compared to adjusted diluted earnings per share from continuing operations of $0.04 in the prior year driven by lower operating income, partially offset by a higher effective tax rate Nine Months Ended September 30, 2024 Financial Highlights: Revenue of $1.86 billion compared to $1.85 billion in the prior year • Elevated U.S. multi-state jackpot activity in the prior year • 3.1% Italy same-store sales growth • Increased other service revenue related to non-wager-based service contracts in Europe • Higher instant ticket printing services in the current year Operating income of $507 million versus $555 million in the prior year, primarily driven by a $38 million restructuring charge associated with OPtiMa 3.0, a program focused on optimizing general & administrative and operating activities following transformational actions over the last several years (see "Other Developments" section for further details) Adjusted EBITDA of $880 million compared to $898 million in the prior-year period; Adjusted EBITDA margin of 47.3% versus 48.6% in the prior year • High profit flow-through from elevated U.S. multi-state jackpot sales in prior year • Higher-margin product sales mix in prior year • Continued cost management discipline and lower legal costs in the current year • Investment in growth initiatives Diluted earnings per share from continuing operations of $0.17 compared to $0.38 in the prior-year period, primarily driven by the after-tax impact of foreign currency losses versus foreign currency gains in the prior year ($0.16 per share) and restructuring costs ($0.12 per share); adjusted diluted earnings per share from continuing operations of $0.46 compared to $0.41 in the prior year driven by a reduced effective tax rate Year-to-date cash from operations of $724 million, $489 million from continuing operations; free cash flow from continuing operations of $385 million Net debt of $5.2 billion in line with balance at December 31, 2023; pro forma net debt leverage of 2.6x aligns Adjusted EBITDA from continuing operations with the committed $2 billion debt reduction upon closing the sale of the Gaming & Digital business Cash and Liquidity Update Total liquidity of $1.9 billion as of September 30, 2024; $0.5 billion in unrestricted cash and $1.4 billion in additional borrowing capacity from undrawn credit facilities Other Developments Initiated OPtiMa 3.0, a multi-year program aimed at optimizing the Company's general & administrative and operating activities following transformational actions over the last several years, and to position the Company for success as a global lottery pure play 4


 
• Immediately addresses stranded corporate costs associated with the sale of Gaming & Digital business • $40 million of annualized cost savings expected by the end of 2026; approximately 50% of those savings expected to be realized by the end of 2025 • $38 million restructuring charge, $27 million after tax, incurred in the third quarter of 2024, primarily related to the planned reduction of approximately 3% of the Company's global workforce The Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share • Record date of November 26, 2024 • Payment date of December 10, 2024 Introducing Fourth Quarter and Full Year 2024 Outlook Fourth Quarter • Revenue of $640 - $690 million • Adjusted EBITDA of $280 - $300 million Full Year • Revenue of $2.50 - $2.55 billion • Adjusted EBITDA of $1.16 - $1.18 billion The Company has provided select recast historical income statement, cash flow, and KPI data (both on a U.S. GAAP and non-GAAP basis) in the body of this news release to show the impact of Gaming & Digital as discontinued operations. Earnings Conference Call and Webcast November 12, 2024, at 8:00 a.m. EST To register to participate in the conference call, or to listen to the live audio webcast, please visit the "Events Calendar" on IGT’s Investor Relations website at www.IGT.com. A replay will be available on the website following the live event. 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 2024 are calculated using the same foreign exchange rates as the corresponding 2023 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. Amounts reported in millions are computed based on amounts in thousands. As a result, the sum of the components may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying unrounded amounts. About IGT IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver 5


 
unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 jurisdictions around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.IGT.com. Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the “Company”) and other matters, including with respect to the proposed sale of the Gaming & Digital business to funds managed by affiliates of Apollo Global Management, Inc. (the "Buyer"). These statements may discuss goals, intentions, and expectations as to future plans and strategies, transactions, including the sale of Gaming & Digital to the Buyer, trends, events, dividends, results of operations, and/or financial condition or measures, including our expectations on the future release of revenue, Adjusted EBITDA, and any other future financial performance guidance for continuing operations, 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,” "outlook," “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, 2023 and other documents filed or furnished 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 may affect the Company’s business, including management's discussion and analysis of potential or actual impacts to operations and financial performance. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of International Game Technology PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance of International Game Technology PLC, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement. Non-GAAP Financial Measures Management supplements the reporting of financial information, determined under GAAP, with certain non-GAAP financial information. Management believes the non-GAAP information presented provides investors with additional useful information, but it is not intended to, nor should it be considered in isolation or as a substitute for the related GAAP measures. Moreover, other companies may define non- GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. The Company encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Adjusted EBITDA represents net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, net, foreign exchange gain (loss), net, other non-operating expenses (e.g., gains/losses on extinguishment and modifications of debt, etc.), net, depreciation, impairment losses, amortization (service revenue, purchase accounting, and non-purchase accounting), restructuring 6


 
expenses, stock-based compensation, litigation expense (income), and certain other non-recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding the effects of foreign exchange, impairments, amortization from purchase accounting, discrete tax items, and other significant non-recurring adjustments that are not reflective of on-going operational activities (e.g., gains/losses on sale of business, gains/losses on extinguishment and modifications of debt, etc.). Adjusted EPS is calculated using diluted weighted-average number of shares outstanding, including the impact of any potentially dilutive common stock equivalents that are anti-dilutive to GAAP net income (loss) per share but dilutive to Adjusted EPS. Management believes that Adjusted EPS is useful in providing period-to- period comparisons of the results of the Company's ongoing operational performance. Net debt is a non-GAAP financial measure that represents debt (a GAAP measure, calculated as long- term obligations plus short-term borrowings) minus capitalized debt issuance costs and cash and cash equivalents, including cash and cash equivalents classified as held for sale. Cash and cash equivalents, including cash and cash equivalents held for sale, are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. Management believes that net debt is a useful measure to monitor leverage and evaluate the balance sheet. Net debt leverage is a non-GAAP financial measure that represents the ratio of Net debt as of a particular balance sheet date to Adjusted EBITDA for the last twelve months (“LTM”) prior to such date. Management believes that net debt leverage is a useful measure to assess IGT's financial strength and ability to incur incremental indebtedness when making key investment decisions. Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing IGT’s ability to fund its activities, including debt service and distribution of earnings to shareholders. Constant currency is a non-GAAP financial measure that expresses current financial data using the prior- year/period exchange rate (i.e., the exchange rate used in preparing the financial statements for the prior year). Management believes that constant currency is a useful measure to compare period-to-period results without regard to the impact of fluctuating foreign currency exchange rates. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Outlook for Fiscal 2024 and Guidance Policy The Company's updated guidance for fiscal 2024 is: • Total revenue of approximately $2.50 - $2.55 billion • Adjusted EBITDA of $1.16 - $1.18 billion The Company provides guidance of select information related to its financial and operating performance, and such measures may differ from year to year. The guidance is only an estimate of what the Company believes is realizable as of the date of this release. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law. A reconciliation of the Company's forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared, for example, the provision for income taxes or net 7


 
foreign exchange gain/loss, as such items have not yet occurred, are out of the Company's control, or cannot be reasonably predicted. Contact: Phil O’Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./ Canada +1 (401) 392-7452 Matteo Selva, Italian media inquiries, +39 366 6803635 James Hurley, Investor Relations, +1 (401) 392-7190 8


 
Select Performance and KPI data: ($ in millions, unless otherwise noted) Constant Q3'24 Q3'23 Currency Revenue Y/Y Change Change(1) Service Instant ticket & draw wager-based revenue 477 472 1% —% U.S. multi-state jackpot wager-based revenue 21 47 (56)% (56)% Upfront license fee amortization (48) (47) (2)% —% Other 116 105 11% 11% Total service revenue 566 576 (2)% (2)% Product sales 20 25 (17)% (19)% Total revenue 587 601 (2)% (3)% Operating income 110 163 (33)% (33)% Adjusted EBITDA(1) 264 279 (6)% (6)% Same-store sales growth (%) at constant currency (wager-based growth) (2) Global Instant ticket & draw games 1.0% (0.8%) U.S. multi-state jackpots (55.2%) 43.6% Total (5.8%) 3.1% U.S. & Canada Instant ticket & draw games 0.2% (1.0%) U.S. multi-state jackpots (55.2%) 43.6% Total (9.8%) 4.9% Italy Instant ticket & draw games 2.7% 4.7% Rest of world Instant ticket & draw games 1.9% (6.9%) Revenue (by geography) U.S. & Canada 284 306 (7)% (7)% Italy 228 218 5% 3% Rest of world 75 77 (3)% (3)% Total revenue 587 601 (2)% (3)% (1) Non-GAAP measure; see disclaimer on page 6 and reconciliations to the most directly comparable GAAP measure in Appendix for further details (2) Same-store sales represents the change in wagers recorded in lottery jurisdictions where IGT is the operator or facilities management supplier, using the same lottery jurisdictions and perimeter for comparisons between periods 9


 
International Game Technology PLC Consolidated Statements of Operations ($ and shares in millions, except per share amounts) Unaudited For the three months ended For the nine months ended September 30, September 30, 2024 2023 2024 2023 Service revenue 566 576 1,771 1,767 Product sales 20 25 89 82 Total revenue 587 601 1,861 1,849 Cost of services 300 301 907 894 Cost of product sales 24 22 71 59 Selling, general and administrative 101 106 300 312 Research and development 12 9 34 27 Restructuring 38 — 39 2 Other operating expense, net 2 — 3 — Total operating expenses 477 438 1,354 1,294 Operating income 110 163 507 555 Interest expense, net 53 54 160 154 Foreign exchange loss (gain), net 39 (36) 23 (9) Other non-operating expense, net 2 3 9 9 Total non-operating expenses 94 21 192 155 Income from continuing operations before provision for income taxes 15 142 315 400 Provision for income taxes 61 65 161 209 (Loss) income from continuing operations (46) 77 154 192 Income from discontinued operations, net of tax 88 46 101 88 Net income 43 123 256 280 Less: Net income attributable to non-controlling interests from continuing operations 34 31 120 115 Less: Net income (loss) attributable to non-controlling interests from discontinued operations 1 (2) 5 2 Net income attributable to IGT PLC 7 94 130 164 Net (loss) income from continuing operations attributable to IGT PLC per common share - basic (0.39) 0.23 0.17 0.39 Net (loss) income from continuing operations attributable to IGT PLC per common share - diluted (0.39) 0.23 0.17 0.38 Net income attributable to IGT PLC per common share - basic 0.04 0.47 0.65 0.82 Net income attributable to IGT PLC per common share - diluted 0.04 0.46 0.64 0.81 Weighted-average shares - basic 202 200 201 200 Weighted-average shares - diluted 202 203 203 202 10


 
International Game Technology PLC Consolidated Balance Sheets ($ in millions) Unaudited September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents 501 508 Restricted cash and cash equivalents 102 146 Trade and other receivables, net 394 403 Inventories, net 123 110 Other current assets 152 141 Assets held for sale 4,783 816 Total current assets 6,056 2,123 Systems, equipment and other assets related to contracts, net 578 622 Property, plant and equipment, net 78 74 Operating lease right-of-use assets 102 103 Goodwill 2,684 2,678 Intangible assets, net 77 87 Other non-current assets 677 835 Assets held for sale — 3,943 Total non-current assets 4,196 8,342 Total assets 10,252 10,465 Liabilities and shareholders' equity Current liabilities: Accounts payable 662 643 Current portion of long-term debt 224 — Short-term borrowings 27 16 Other current liabilities 481 561 Liabilities held for sale 1,169 472 Total current liabilities 2,563 1,691 Long-term debt, less current portion 5,406 5,655 Deferred income taxes 178 178 Operating lease liabilities 84 88 Other non-current liabilities 127 129 Liabilities held for sale — 771 Total non-current liabilities 5,795 6,821 Total liabilities 8,358 8,513 Commitments and contingencies IGT PLC’s shareholders’ equity 1,482 1,443 Non-controlling interests 412 510 Shareholders’ equity 1,894 1,952 Total liabilities and shareholders’ equity 10,252 10,465 11


 
International Game Technology PLC Consolidated Statements of Cash Flows ($ in millions) Unaudited For the three months ended For the nine months ended September 30, September 30, 2024 2023 2024 2023 Cash flows from operating activities Net income 43 123 256 280 Less: Income from discontinued operations, net of tax 88 46 101 88 Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: Amortization of upfront license fees 51 50 150 149 Depreciation 42 45 127 134 Foreign exchange loss (gain), net 39 (36) 23 (9) Stock-based compensation 12 11 31 29 Amortization 8 9 24 30 Deferred income taxes (21) 14 (11) 29 Other non-cash items, net 1 6 8 11 Changes in operating assets and liabilities, excluding the effects of dispositions: Trade and other receivables (8) 11 11 (23) Inventories (6) (12) (12) (37) Accounts payable 87 20 18 11 Accrued interest payable (34) (27) (44) (33) Accrued income taxes (6) (14) 3 99 Other assets and liabilities 52 72 7 39 Net cash provided by operating activities from continuing operations 173 226 489 620 Net cash provided by operating activities from discontinued operations 87 70 235 20 Net cash provided by operating activities 260 296 724 641 Cash flows from investing activities Capital expenditures (30) (31) (104) (104) Other 2 1 1 — Net cash used in investing activities from continuing operations (27) (29) (103) (104) Net cash used in investing activities from discontinued operations (62) (69) (166) (185) Net cash used in investing activities (90) (98) (270) (289) Cash flows from financing activities Net proceeds from short-term borrowings 27 55 11 56 Net receipts from (payments on) financial liabilities 12 (61) (52) (66) Principal payments on long-term debt (500) — (500) (462) Proceeds from long-term debt 556 — 556 — Net (repayments of) proceeds from Revolving Credit Facilities (82) 5 (119) 478 Dividends paid (40) (40) (121) (120) Dividends paid - non-controlling interests — — (159) (151) Return of capital - non-controlling interests (10) (10) (55) (55) Other (16) (8) (28) (24) Net cash used in financing activities from continuing operations (54) (58) (467) (346) Net cash used in financing activities from discontinued operations (19) (9) (39) (25) Net cash used in financing activities (73) (67) (505) (371) Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 98 130 (51) (19) Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 17 (32) (14) (24) Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period 559 599 739 740 Cash and cash equivalents and restricted cash and cash equivalents at the end of the period 674 697 674 697 Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations 71 107 71 107 Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations 604 590 604 590 Supplemental disclosures of cash flow information for continuing operations: Interest paid 87 81 204 188 Income taxes paid 87 65 169 81 12


 
International Game Technology PLC Net Debt ($ in millions) Unaudited September 30, December 31, 2024 2023 6.500% Senior Secured U.S. Dollar Notes due February 2025 — 499 4.125% Senior Secured U.S. Dollar Notes due April 2026 748 747 3.500% Senior Secured Euro Notes due June 2026 838 826 6.250% Senior Secured U.S. Dollar Notes due January 2027 748 747 2.375% Senior Secured Euro Notes due April 2028 557 550 5.250% Senior Secured U.S. Dollar Notes due January 2029 746 745 4.250% Senior Secured Euro Notes due March 2030 553 — Senior Secured Notes 4,190 4,113 Euro Term Loan Facilities due January 2027 666 876 Revolving Credit Facility A due July 2027 212 207 Revolving Credit Facility B due July 2027 338 458 Long-term debt, less current portion 5,406 5,655 Euro Term Loan Facilities due January 2027 224 — Current portion of long-term debt 224 — Short-term borrowings 27 16 Total debt 5,657 5,671 Less: Cash and cash equivalents 501 508 Net debt 5,156 5,163 Note: Net debt is a non-GAAP financial measure 13


 
International Game Technology PLC Reconciliation of Non-GAAP Financial Measures (Unaudited, $ in millions) For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 (Loss) income from continuing operations (46) 77 154 192 Provision for income taxes 61 65 161 209 Interest expense, net 53 54 160 154 Foreign exchange loss (gain), net 39 (36) 23 (9) Other non-operating expense, net 2 3 9 9 Operating income 110 163 507 555 Depreciation 42 45 127 134 Amortization - service revenue (1) 51 50 150 149 Amortization - non-purchase accounting 6 6 17 17 Amortization - purchase accounting 2 4 7 13 Restructuring 38 — 39 2 Stock-based compensation 12 11 31 29 Other 2 — 3 — Adjusted EBITDA 264 279 880 898 (1) Includes amortization of upfront license fees Cash flows from operating activities - continuing operations 173 226 489 620 Capital expenditures (30) (31) (104) (104) Free Cash Flow 144 195 385 516 14


 
International Game Technology PLC Reconciliation of Non-GAAP Financial Measures (Unaudited) For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Pre- Tax Impact Tax Impact (1) Net Impact Pre- Tax Impact Tax Impact (1) Net Impact Pre- Tax Impact Tax Impact (1) Net Impact Pre- Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted (0.39) 0.23 0.17 0.38 Adjustments: Foreign exchange loss (gain), net 0.19 (0.03) 0.22 (0.18) 0.02 (0.20) 0.11 — 0.11 (0.04) 0.01 (0.05) Amortization - purchase accounting 0.01 — 0.01 0.02 — 0.01 0.03 0.01 0.03 0.06 0.01 0.05 Restructuring 0.19 0.06 0.13 — — — 0.19 0.06 0.13 0.01 — 0.01 Other (non-recurring adjustments) 0.01 — 0.01 — — — 0.02 — 0.02 0.02 — 0.02 Net adjustments 0.38 (0.18) 0.29 0.03 Adjusted EPS from continuing operations attributable to IGT PLC - diluted (0.02) 0.04 0.46 0.41 Reported effective tax rate 394.3 % 45.7 % 51.0 % 52.1 % Adjusted effective tax rate 68.9 % 63.6 % 45.1 % 51.8 % Adjusted EPS weighted average shares outstanding (in millions) 202 (2) 203 (3) 203 (3) 202 (3) (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Excludes the anti-dilutive impact of share-based payment awards (3) Includes the dilutive impact of share-based payment awards 15


 
Recast Historical Financial Information Recast data reflects the treatment of IGT's Gaming & Digital businesses as discontinued operations and revised revenue and KPI components. 16


 
International Game Technology PLC Consolidated Statements of Operations (Unaudited, $ and shares in millions, except per share amounts) For the three months ended For the three months ended For the year ended 2024 2023 2022 June 30, March 31, December 31, September 30, June 30, March 31, December 31, Service revenue 586 619 592 576 588 602 2,440 Product sales 27 42 89 25 35 22 157 Total revenue 613 661 681 601 623 624 2,597 Cost of services 304 304 313 301 298 296 1,280 Cost of product sales 22 26 53 22 21 15 120 Selling, general and administrative 96 102 95 106 104 102 400 Research and development 11 11 10 9 9 9 45 Other operating expense, net 1 — 12 — 2 — 9 Total operating expenses 434 443 483 438 434 422 1,854 Operating income 179 219 197 163 190 202 743 Interest expense, net 53 53 54 54 50 50 216 Foreign exchange (gain) loss, net (4) (11) 52 (36) 3 25 17 Gain on sale of business — — — — — — (278) Other non-operating expense, net 3 4 4 3 — 6 15 Total non-operating expense (income), net 52 46 110 21 53 80 (29) Income from continuing operations before provision for income taxes 127 173 88 142 137 122 772 Provision for income taxes 43 57 15 65 67 76 212 Income from continuing operations 84 116 73 77 69 46 560 Income (loss) from discontinued operations, net of tax — 13 (46) 46 21 22 (146) Net income 85 128 27 123 90 67 414 Less: Net income attributable to non- controlling interests from continuing operations 41 45 35 31 42 42 139 Less: Net income (loss) attributable to non-controlling interests from discontinued operations 2 2 — (2) 2 2 — Net income (loss) attributable to IGT PLC 42 82 (7) 94 46 23 275 Net income from continuing operations attributable to IGT PLC per common share - basic 0.21 0.35 0.19 0.23 0.14 0.02 2.08 Net income from continuing operations attributable to IGT PLC per common share - diluted 0.21 0.35 0.19 0.23 0.14 0.02 2.07 Net income (loss) attributable to IGT PLC per common share - basic 0.21 0.41 (0.04) 0.47 0.23 0.11 1.36 Net income (loss) attributable to IGT PLC per common share - diluted 0.21 0.40 (0.04) 0.46 0.23 0.11 1.35 Weighted-average shares - basic 201 200 200 200 200 200 202 Weighted-average shares - diluted 203 203 200 203 203 202 203 17


 
Select Performance and KPI data: ($ in millions, unless otherwise noted) For the three months ended For the three months ended For the year ended 2024 2023 2022 June 30, March 31, December 31, September 30, June 30, March 31, December 31, Revenue Service Instant ticket & draw wager-based revenue 487 514 500 472 485 501 1,846 U.S. multi-state jackpot wager-based revenue 23 31 33 47 18 31 115 Upfront license fee amortization (47) (47) (47) (47) (47) (47) (183) Other 124 121 107 105 131 117 662 Total service revenue 586 619 592 576 588 602 2,440 Product Sales 27 42 89 25 35 22 157 Total revenue 613 661 681 601 623 624 2,597 Same-store sales growth (%) at constant currency (wager-based growth) (1) Global Instant ticket & draw games (0.2) % (0.2) % (0.1) % (0.8) % 2.0 % 5.0 % (3.7) % U.S. multi-state jackpots 22.5 % (0.8) % (28.7) % 43.6 % (2.1) % 62.3 % 21.0 % Total 0.9 % (0.3) % (3.5) % 3.1 % 1.8 % 8.0 % (2.2) % U.S. & Canada Instant ticket & draw games (1.9) % (2.6) % (0.9) % (1.0) % 0.4 % 3.4 % (3.0) % U.S. multi-state jackpots 22.5 % (0.8) % (28.7) % 43.6 % (2.1) % 62.3 % 21.0 % Total — % (2.4) % (5.8) % 4.9 % 0.2 % 8.3 % (0.7) % Italy Instant ticket & draw games 2.3 % 4.4 % 2.9 % 4.7 % 8.0 % 10.3 % (8.5) % Rest of world Instant ticket & draw games 3.0 % 2.6 % (1.1) % (6.9) % 0.3 % 3.6 % 0.6 % (1) Same-store sales represents the change in wagers recorded in lottery jurisdictions where IGT is the operator or facilities management supplier, using the same lottery jurisdictions and perimeter for comparisons between periods 18


 
Cash flows from operating activities Net income 85 128 27 123 90 67 414 Less: Income (loss) from discontinued operations, net of tax — 13 (46) 46 21 22 (146) Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: Depreciation 43 41 42 45 45 44 181 Amortization 8 8 10 9 10 10 45 Amortization of upfront license fees 49 50 50 50 50 49 193 Deferred income taxes 5 5 (65) 14 7 7 (42) Stock-based compensation 9 9 5 11 10 8 34 Foreign exchange (gain) loss, net (4) (11) 52 (36) 3 25 17 Gain on sale of business — — — — — — (278) Other non-cash items, net 3 4 3 6 (1) 6 16 Changes in operating assets and liabilities, excluding the effects of dispositions: Trade and other receivables 64 (45) (32) 11 23 (57) 114 Inventories (4) (2) 16 (12) (5) (20) (17) Accounts payable (44) (25) 71 20 (112) 103 (60) Accrued interest payable 27 (37) 34 (27) 28 (35) (15) Accrued income taxes 2 6 12 (14) 50 64 (29) Other assets and liabilities 8 (53) 24 72 — (33) 14 Net cash provided by operating activities from continuing operations 250 65 295 226 176 218 734 Net cash provided by (used in) operating activities from discontinued operations 93 55 104 70 (142) 93 165 Net cash provided by operating activities 343 120 400 296 34 311 899 Cash flows from investing activities Capital expenditures (40) (35) (43) (31) (36) (38) (162) Proceeds from sale of business, net of cash and restricted cash transferred — — — — — — 476 Other 1 (2) (4) 1 1 (2) 13 Net cash (used in) provided by investing activities from continuing operations (39) (37) (47) (29) (35) (39) 328 Net cash used in investing activities from discontinued operations (58) (46) (57) (69) (64) (52) (159) Net cash (used in) provided by investing activities (97) (83) (104) (98) (99) (91) 168 Cash flows from financing activities Net (payments of) proceeds from short-term borrowings (6) (9) (43) 55 (53) 53 (51) Net (payments on) receipts from financial liabilities (1) (63) 67 (61) (14) 8 75 Principal payments on long-term debt — — (339) — — (462) (597) Net proceeds from (repayments of) Revolving Credit Facilities 35 (72) 131 5 81 392 72 International Game Technology PLC Consolidated Statements of Cash Flows ($ in millions) Unaudited For the three months ended For the three months ended For the year ended 2024 2023 2022 June 30, March 31, December 31, September 30, June 30, March 31, December 31, 19


 
Repurchases of treasury shares — — — — — — (115) Dividends paid (80) — (40) (40) (40) (40) (161) Dividends paid - non-controlling interests (59) (100) — — (59) (92) (176) Return of capital - non-controlling interests (35) (10) (18) (10) (36) (10) (75) Other (12) 1 (4) (8) (10) (6) (34) Net cash used in financing activities from continuing operations (159) (253) (246) (58) (130) (157) (1,063) Net cash used in financing activities from discontinued operations (11) (9) (21) (9) (11) (5) (3) Net cash used in financing activities (170) (262) (267) (67) (141) (163) (1,065) Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 76 (225) 29 130 (206) 57 2 Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (14) (18) 13 (32) (1) 8 (70) Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period 497 739 697 599 805 740 808 Cash and cash equivalents and restricted cash and cash equivalents at the end of the period 559 497 739 697 599 805 740 Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations 86 83 86 107 115 104 99 Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations 473 414 653 590 484 701 642 Supplemental disclosures of cash flow information for continuing operations: Interest paid 26 91 20 81 23 84 228 Income taxes paid 36 46 68 65 10 5 283 International Game Technology PLC Consolidated Statements of Cash Flows ($ in millions) Unaudited For the three months ended For the three months ended For the year ended 2024 2023 2022 June 30, March 31, December 31, September 30, June 30, March 31, December 31, 20


 
International Game Technology PLC Reconciliation of Non-GAAP Financial Measures (Unaudited, $ in millions) For the three months ended For the three months ended For the year ended 2024 2023 2022 June 30, March 31, December 31, September 30, June 30, March 31, December 31, Income from continuing operations 84 116 73 77 69 46 560 Provision for income taxes 43 57 15 65 67 76 212 Interest expense, net 53 53 54 54 50 50 216 Foreign exchange (gain) loss, net (4) (11) 52 (36) 3 25 17 Gain on sale of business — — — — — — (278) Other non-operating expense, net 3 4 4 3 — 6 15 Operating income 179 219 197 163 190 202 743 Depreciation 43 41 42 45 45 44 181 Amortization - service revenue (1) 49 50 50 50 50 49 193 Amortization - non-purchase accounting 6 6 6 6 6 6 27 Amortization - purchase accounting 2 3 3 4 4 4 18 Stock-based compensation 9 9 5 11 10 8 34 Other 1 — 12 — 2 — 9 Adjusted EBITDA 290 327 316 279 305 314 1,205 (1) Includes amortization of upfront license fees Cash flows from operating activities - continuing operations 250 65 295 226 176 218 734 Capital expenditures (40) (35) (43) (31) (36) (38) (162) Free Cash Flow 210 30 253 195 140 181 572 21


 
For the three months ended 2024 June 30, March 31, Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted 0.21 0.35 Adjustments: Foreign exchange (gain) loss, net (0.02) 0.01 (0.03) (0.06) 0.02 (0.08) Amortization - purchase accounting 0.01 — 0.01 0.01 — 0.01 Other (non-recurring adjustments) 0.01 — 0.01 — — — Net adjustments (0.01) (0.07) Adjusted EPS from continuing operations attributable to IGT PLC - diluted 0.20 0.28 Reported effective tax rate 33.6 % 33.1 % Adjusted effective tax rate 35.6 % 38.2 % Adjusted EPS weighted average shares outstanding (in millions) 203 (2) 203 (2) (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Includes the dilutive impact of share-based payment awards 22


 
For the three months ended For the year ended 2023 2022 December 31, September 30, June 30, March 31, December 31, Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted 0.19 0.23 0.14 0.02 2.07 Adjustments: Foreign exchange (gain) loss, net 0.26 (0.04) 0.30 (0.18) 0.02 (0.20) 0.01 — 0.01 0.12 (0.02) 0.14 0.08 0.08 0.01 Amortization - purchase accounting 0.02 — 0.01 0.02 — 0.01 0.02 — 0.02 0.02 — 0.02 0.09 0.02 0.07 Restructuring 0.06 0.02 0.04 — — — 0.01 — 0.01 — — — 0.03 0.01 0.02 Other (non-recurring adjustments) — — — — — — — — — 0.02 — 0.02 0.07 0.01 0.07 Net adjustments 0.35 (0.18) 0.03 0.18 0.17 Adjusted EPS from continuing operations attributable to IGT PLC - diluted 0.54 0.04 0.17 0.20 2.24 Reported effective tax rate 17.0 % 45.7 % 49.3 % 62.6 % 27.5 % Adjusted effective tax rate 7.6 % 63.6 % 48.0 % 47.1 % 28.3 % Adjusted EPS weighted average shares outstanding (in millions) 203 (2) 203 (2) 203 (2) 202 (2) 203 (2) (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Includes the dilutive impact of share-based payment awards 23


 
Period ended September 30, 2024


 
2 Cautionary Statement Regarding Forward-Looking Statements This presentation 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, including with respect to the proposed sale of the Gaming & Digital business to funds managed by affiliates of Apollo Global Management, Inc. (the “Buyer”). These statements may discuss goals, intentions, and expectations as to future plans and strategies, transactions, including the sale of Gaming & Digital to the Buyer, trends, events, dividends, results of operations, and/or financial condition and measures, including our expectations on the future release of revenue, Adjusted EBITDA, and any other future financial performance guidance for continuing oeprations, 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,” “outlook,” “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, 2023 and other documents filed or furnished 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 may affect the Company’s business, including management’s discussion and analysis of potential or actual impacts to operations and financial performance. Nothing in this presentation is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of International Game Technology PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance of International Game Technology PLC, as applicable. All forward-looking statements contained in this presentation are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement. Comparability of Results All figures presented in this presentation are prepared under U.S. GAAP, unless noted otherwise. Non-GAAP Financial Measures Management supplements the reporting of financial information, determined under GAAP, with certain non-GAAP financial information. Management believes the non-GAAP information presented provides investors with additional useful information, but it is not intended to, nor should it be considered in isolation or as a substitute for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. The Company encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Adjusted EBITDA represents net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, net, foreign exchange gain (loss), net, other non-operating expenses (e.g., gains/losses on extinguishment and modifications of debt, etc.), net, depreciation, impairment losses, amortization (service revenue, purchase accounting, and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income), and certain other non- recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding the effects of foreign exchange, impairments, amortization from purchase accounting, discrete tax items, and other significant non-recurring adjustments that are not reflective of on-going operational activities (e.g., gains/losses on sale of business, gains/losses on extinguishment and modifications of debt, etc.). Adjusted EPS is calculated using diluted weighted-average number of shares outstanding, including the impact of any potentially dilutive common stock equivalents that are anti-dilutive to GAAP net income (loss) per share but dilutive to Adjusted EPS. Management believes that Adjusted EPS is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance. Net debt is a non-GAAP financial measure that represents debt (a GAAP measure, calculated as long-term obligations plus short-term borrowings) minus capitalized debt issuance costs and cash and cash equivalents, including cash and cash equivalents held for sale. Cash and cash equivalents, including cash and cash equivalents classified as held for sale, are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. Management believes that net debt is a useful measure to monitor leverage and evaluate the balance sheet. Net debt leverage is a non-GAAP financial measure that represents the ratio of Net debt as of a particular balance sheet date to Adjusted EBITDA for the last twelve months (“LTM”) prior to such date. Management believes that net debt leverage is a useful measure to assess IGT's financial strength and ability to incur incremental indebtedness when making key investment decisions. Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing IGT’s ability to fund its activities, including debt service and distribution of earnings to shareholders. Constant currency is a non-GAAP financial measure that expresses the current financial data using the prior-year/period exchange rate (i.e., the exchange rate used in preparing the financial statements for the prior year). Management believes that constant currency is a useful measure to compare period-to-period results without regard to the impact of fluctuating foreign currency exchange rates. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Outlook for Fiscal 2024 and Guidance Policy The Company's updated guidance for fiscal 2024 is: • Total revenue of approximately $2.50 - $2.55 billion; • Adjusted EBITDA of $1.16 - $1.18 billion The Company provides guidance of select information related to its financial and operating performance, and such measures may differ from year to year. The guidance is only an estimate of what the Company believes is realizable as of the date of this release. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law. A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared, for example, the provision for income taxes or net foreign gain/loss, as such items have not yet occurred, are out of our control, or cannot be reasonably predicted.


 
3


 
Improvement in Instant Ticket & Draw Game Trends, Resilient Margins in YTD Period Generated revenue of $1.9B through first nine months Sustained momentum in Italy sales As expected, improved trends for instant ticket & draw games in U.S. Solid YTD profit and margin structure Delivered operating income of $507M with 27.2% margin Generated Adjusted EBITDA* of $880M with 47.3% margin Continuing operations accounts for two-thirds of YTD cash from operations and 85%+ of consolidated free cash flow* Proactively positioning Company for success as global lottery pure play Continued progress on Gaming & Digital sale transaction Launching OPtiMa 3.0 *Non-GAAP measure; see disclaimer on page 2 and reconciliations to the most directly comparable GAAP measures in Appendix for further details 4


 
Innovation Driving Multi-year Expansion of Instant Ticket & Draw Games Sales 5 66,488 79,576 78,903 YTD Q3'19 YTD Q3'23 YTD Q3'24 Gross Wagers by Game Type ($ in millions) Gross wagers represents wagers recorded in lottery jurisdictions where IGT is the operator or facilities management supplier ~$80B of lottery wagers processed under IGT operator and FM contracts YTD 3.5% CAGR in gross wagers over the last five years Total Q3’24 same-store sales reflect contribution from two large U.S. multi-state jackpots in PY Higher revenue from instant ticket & draw games mostly offsets impact of multi-state jackpots in YTD period Global instant ticket & draw game sales improved in Q3’24 Strong Italy performance driven by compelling new games Improved trends in NY, TX, NJ, and MI 21,000 26,860 25,500 Q3'19 Q3'23 Q3'24 U.S. Multi-state Jackpots Draw Games Instant Tickets U.S. Multi-state Jackpots Draw Games Instant Tickets


 
Awarded 10-year contract extension in NC iLottery focus driving continued growth Wagers up 26%+ QTD and YTD, fueled by top-performing games Broadening content distribution with non-platform customers New platform launch in CT Expanding instant ticket printing footprint Secured three-year primary contract with SCML in Portugal Awarded three-year contract with FDJ in France Investing in new, state-of-the-art press, increasing capacity by 50%+ Important Progress on Key Strategic Initiatives 6


 
NASPL & WLS Highlights: “Future Forward, Growth Driven” 7 ConnectCheck TM Retailer-To-Go S2 Digital Menu Board LotteryLinkTM GameFlex 48 Infinity InstantsTMeInstants


 
Strong, Experienced Management Team; OPtiMa 3.0 Focused on Supporting Key Growth Objectives 8 Vince Sadusky CEO Renato Ascoli CEO, Global Lottery Max Chiara EVP, CFO Wendy Montgomery SVP, Marketing, Communications & Sustainability Christopher Spears EVP, General Counsel Robert Vincent Chairperson, IGT Global Solutions Corporation Dorothy Costa SVP, People & Transformation Executive management team to remain largely intact following sale of Gaming & Digital business OPtiMa 3.0 focused on right-sizing organization while supporting long-term growth objectives New lottery leadership structure includes important new roles and reallocation/acquisition of best-in-class industry talent in key areas Fabio Celadon(1) EVP, Strategy & Corporate Development Scott Gunn SVP, Corporate Public Affairs & N.A. Strategic Projects (1) Fabio Celadon to become CFO of the new gaming entity once the transaction closes


 
Continued progress on Gaming & Digital sale transaction 9 A Strong Foundation to Build Upon Well-positioned to capitalize on attractive lottery industry dynamics Commitment to innovation and strategic product initiatives to drive growth Proactively building a leaner, more focused, and stronger organization


 
10


 
Financial Reporting Changes Due to Announced Sale of Gaming & Digital Income statement Gaming & Digital results reflected as discontinued operations for all periods presented Separation & divestiture costs now reflected in discontinued operations Purchase price amortization related to Gaming intangible assets included in discontinued operations Interest expense attributable to ~$2B of committed debt reduction allocated to discontinued operations Balance sheet Gaming & Digital assets and liabilities classified as held for sale Cash Flow Gaming & Digital cash flows classified as discontinued operations Net debt Cash excludes cash balances classified as held for sale 11


 
Summary of Q3’24 and YTD’24 Financial Results Note: EUR/USD FX daily average 1.10 in Q3’24, 1.09 in Q3’23, 1.09 YTD Q3’24, 1.08 YTD Q3’23 Amounts in millions unless otherwise noted 12


 
3.1% Italy same-store sales U.S. Multi-state Jackpots Instant Ticket & Draw Other Service & Upfront License Fee Amortization Product Sales 694 713 717 Excluding FX 916 YTD Q3’24 Revenue 1,858 1,861 FXYTD Q3’23 Revenue 912 918 243 227 228 1,849 YTD Instant Ticket & Draw Wager Growth Helps Mitigate Timing Impact of U.S. Multi-state Jackpots 13 Amounts in $ millions, unless otherwise noted RoW Italy U.S. & Canada Revenue 16-22 8 8 3 Elevated activity in PY Primarily associated with non-wager- based service contracts in Europe Increased instant ticket printing services -26 1 11 -5 4 QTD Q3’24 Revenue 601 Excluding FX 583 587 QTD Q3’23 Revenue


 
Sustained, Strong Margin Profile in YTD Period 555 507 YTD Q3’23 OI YTD Q3’24 OI YTD Q3’23 Adj. EBITDA Service Gross Margin Product Sales Gross Margin SG&A R&D Excluding FX FX YTD Q3’24 Adj. EBITDA 898 880 880 30.0% 48.6% 47.3%27.4% High flow- through from elevated jackpots in PY and inflationary impact on payroll and benefit costs in CY Higher margin mix in PY Disciplined cost management and lower legal costs Investment in growth initiativesY/Y change primarily driven by $38M in restructuring Adjusted EBITDAOperating Income -24 -6 16 -5 1 Margins Margins -6 QTD Q3’24 OI -52 QTD Q3’23 OI 163 110 7 -2 1 QTD Q3’24 Adj. EBITDAExcluding FX 263 264 QTD Q3’23 Adj. EBITDA -16279 Amounts in $ millions, unless otherwise noted 14


 
Launching OPtiMa 3.0 to Reduce Structural Costs 15 OPtiMa 1.0 Delivered $200M+ in cost savings Mainly focused on reducing Gaming industrial footprint 2020-2021 OPtiMa 3.0 Targeting $40M in cost savings Solely applies to continuing operations 2025-2026 OPtiMa 2.0 Achieved $150M in cost savings Extension of OPtiMa 1.0 initiatives as well as interest & tax savings 2022-2023 Realigning and optimizing costs to position Company for success as global lottery pure play Immediately addresses stranded corporate costs associated with sale of Gaming & Digital business $38M in restructuring expense ($27M after tax) recognized in Q3’24 OPtiMa 1.0 and 2.0 primarily focused on Gaming & Digital; OPtiMa 3.0 addresses continuing operations Targeting $40M in annualized savings by end of 2026; 50% to be realized by end of 2025 ~3% reduction in workforce; started in Q3’24 with completion in next 12-18 months Optimization of real estate footprint Reductions in other indirect costs associated with a leaner business structure


 
16 $489M Year-to-date Cash from Operations (continuing operations) $385M Year-to-date Free Cash Flow (continuing operations) $104M Year-to-date CapEx (continuing operations) Cash Generation Driven by Continuing Operations Q3’24 cash from operations from continuing operations of $173M bolstered by strong working capital performance YTD cash from operations of $724M Tracking nicely to initial outlook of ~$1B for FY’24, with continuing operations accounting for about two-thirds of total Continuing operations accounts for 85%+ of YTD consolidated free cash flow $121M returned to shareholders YTD in the form of cash dividends


 
Net Debt as of September 30, 2024 Note: Amounts in $ in millions, unless otherwise noted *Non-GAAP measure; see disclaimer on page 2 and reconciliations to the most directly comparable GAAP measures in Appendix for further details Pro forma net debt leverage calculated as net debt of $3.16B divided by LTM Adjusted EBITDA from continuing operations of $1.2B No Near-Term Debt Maturities; Significant Portion of Sale Proceeds Committed to Debt Reduction 27 224 224 448 1,590 750 560 750 560 565 500 2024 2025 2026 2027 2028 2029 2030 Refinanced Bond Drawn RCF Bonds Bank Debt Debt Maturity Profile $2B debt reduction from sale proceeds to significantly strengthen balance sheet and further improve debt maturity profile Pro forma net debt leverage*of 2.6x aligns Adjusted EBITDA from continuing operations with committed debt reduction upon closing Completed successful issuance of €500M 4.25% Senior Secured Notes due 2030; subsequent call of $500M 6.50% Notes due 2025 Solid liquidity of $1.9B including $0.5B in unrestricted cash and $1.4B in additional borrowing capacity from undrawn facilities $2B of net proceeds from sale committed to debt reduction upon closing 5,156 3,156 Pro forma for $2B debt repayment As Reported 17


 
Initiating Q4’24 & FY’24 Outlook Note: EUR/USD FX at current rates *A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared, for example, the provision for income taxes or net foreign exchange gain/loss, as such items have not yet occurred, are out of our control, or cannot be reasonably predicted. • Low-single digit increase in same-store sales for instant ticket & draw games, including improved recovery in the U.S. & Canada and continued momentum in Italy, offset by challenging U.S. multi-state jackpot comparisons • Significant product sales volume, but below PY’s very high level • Profit flow-through affected by lower U.S. multi-state jackpot volumes, unfavorable product sales margin mix, and timing of certain operating costs Revenue Adjusted EBITDA* FY’24 OutlookQ4’24 Outlook Revenue Adjusted EBITDA* $2.50 - $2.55B$640 - $690M $280 - $300M $1.16 - $1.18B 18


 
19 Resilient YTD Results; Business Value Enhanced by Low Leverage Profile & Proactive Cost Initiatives Solid Q3’24 and YTD’24 Financial Results Launched OPtiMa 3.0 to Align Costs with New Business Structure Strong Cash Generation Fueled by Free Cash Flow from Continuing Operations Initiating Q4’24 & FY’24 Outlook for Continuing Operations


 
20


 
21


 
41% 95% 5% Service Product Sales 49% 39% 12% U.S. & Canada Italy Rest of world 27% 47% Operating income Adjusted EBITDA Revenue by Type Revenue by Geography Profit Margins YTD’24 Revenue & Profit Profile – Continuing Operations 22 Wager-based Revenue by Game Type 95% 5% Instant Ticket & Draw U.S. Multi-state Jackpots


 
IGT Italy Lottery Sales (€B)U.S. Lottery Industry Sales ($B) 17 19 21 22 2015 2019 2022 2023 Lottery Sales Have Steady Growth Profile and Proven Resilience 23 68 79 99 101 2015 2019 2022 2023 2019 2021 2023 15% 22%15% Market Share (GGR)(1) Successfully consolidating higher play levels March 2001– Sep 2001 March 2008–June 2009 March 2020– June 2020 0 20 40 60 80 100 Instant Other Draw Keno Multi-state Games Recession June 2001 - Dec June 2003 – Sep June 2008 - June Sep 2011- March Dec 2019 - June 0 5 10 15 20 25 Lotto Scratch & Win Recession Sustaining LSD sales growth Italy Lottery Industry Sales ($B) IGT U.S. iLottery Sales ($B)U.S. Lottery Industry Sales ($B) Sourced from 3rd party data (1)GGR = Gross Gaming Revenue defined as amount wagered (also called handle or stakes), less prizes paid out


 
$ in millions except otherwise noted Q3'24 Select Performance and KPI Data Q3'24 Q3'23 Y/Y Change Constant Currency Change Revenue Service Instant ticket & draw wager-based revenue 477 472 1% —% U.S. multi-state jackpot wager-based revenue 21 47 (56)% (56)% Upfront license fee amortization (48) (47) (2)% —% Other 116 105 11% 11% Total service revenue 566 576 (2)% (2)% Product sales 20 25 (17)% (19)% Total revenue 587 601 (2)% (3)% Operating income 110 163 (33)% (33)% Adjusted EBITDA 264 279 (6)% (6)% 24


 
Q3'24 Select Performance and KPI Data Same-store sales (SSS) growth (%) (Wager-based growth) (1) Q3'24 Constant Currency Change Q3'23 Constant Currency Change Global Instant ticket & draw games 1.0% (0.8)% U.S. multi-state jackpots (55.2)% 43.6% Total (5.8)% 3.1% U.S. & Canada Instant ticket & draw games 0.2% (1.0)% U.S. multi-state jackpots (55.2)% 43.6% Total (9.8)% 4.9% Italy Instant ticket & draw games 2.7% 4.7% Rest of world Instant ticket & draw games 1.9% (6.9)% (1) Same-store sales represents the change in wagers recorded in lottery jurisdictions where IGT is the operator or facilities management supplier, using the same lottery jurisdictions and perimeter for comparisons between periods 25 Revenue (by geography) Q3'24 Q3'23 Y/Y Change Constant Currency Change U.S. & Canada 284 306 (7)% (7)% Italy 228 218 5% 3% Rest of world 75 77 (3)% (3)% Total revenue 587 601 (2)% (3)%


 
Q3'24 Summarized Income Statement For the three months ended For the nine months ended September 30, September 30, All amounts from continuing operations 2024 2023 Y/Y Change 2024 2023 Y/Y Change Service revenue 566 576 (2)% 1,771 1,767 —% Product sales 20 25 (17)% 89 82 9% Total revenue 587 601 (2)% 1,861 1,849 1% Total operating expenses 477 438 (9)% 1,354 1,294 (5)% Operating income 110 163 (33)% 507 555 (9)% Interest expense, net 53 54 160 154 Foreign exchange loss (gain), net 39 (36) 23 (9) Other non-operating expense, net 2 3 9 9 Total non-operating expenses 94 21 192 155 Income before provision for income taxes 15 142 315 400 Provision for income taxes 61 65 161 209 Net income 43 123 256 280 Less: Net income attributable to non-controlling interests 34 31 120 115 Net income attributable to IGT PLC 7 94 130 164 Net income attributable to IGT PLC per common share - diluted $(0.39) $0.23 $0.17 $0.38 Adjusted net income attributable to IGT PLC per common share - diluted $(0.02) $0.04 $0.46 $0.41 $ in millions except per share amounts 26


 
Summarized Cash Flow Statement For the three months ended For the nine months ended September 30, September 30, 2024 2023 2024 2023 Net cash provided by operating activities from continuing operations 173 226 489 620 Capital expenditures (30) (31) (104) (104) Free Cash Flow 144 195 385 516 Cash flow provided by discontinued operations 24 1 69 (165) Debt Proceeds / (Repayment), Net 1 60 (52) 71 Shareholder dividends paid (40) (40) (121) (120) Minority distribtions, net (10) (10) (214) (206) Other, Net (2) (67) (80) (90) Other Investing / Financing (27) (56) (397) (510) Net Cash Flow 117 139 (13) 6 Effect of Exchange Rates/Other 17 (32) (14) (24) Net Change in Cash and Restricted Cash 134 108 (26) (18) $ in millions 27


 
For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 (Loss) income from continuing operations (46) 77 154 192 Provision for income taxes 61 65 161 209 Interest expense, net 53 54 160 154 Foreign exchange loss (gain), net 39 (36) 23 (9) Other non-operating expense, net 2 3 9 9 Operating income 110 163 507 555 Depreciation 42 45 127 134 Amortization - service revenue (1) 51 50 150 149 Amortization - non-purchase accounting 6 6 17 17 Amortization - purchase accounting 2 4 7 13 Restructuring 38 — 39 2 Stock-based compensation 12 11 31 29 Other 2 — 3 — Adjusted EBITDA 264 279 880 898 Cash flows from operating activities - continuing operations 173 226 489 620 Capital expenditures (30) (31) (104) (104) Free Cash Flow 144 195 385 516 $ in millions (1) Includes amortization of upfront license fees Reconciliations of Non-GAAP Financial Measures 28


 
For the three months ended September 30, For the three months ended September 30, All amounts from continuing operations 2024 2023 Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted (0.39) 0.23 Adjustments: Foreign exchange loss (gain), net 0.19 (0.03) 0.22 (0.18) 0.02 (0.20) Amortization - purchase accounting 0.01 — 0.01 0.02 — 0.01 Restructuring 0.19 0.06 0.13 — — — Other (non-recurring adjustments) 0.01 — 0.01 — — — Net adjustments 0.38 (0.18) Adjusted EPS attributable to IGT PLC - diluted (0.02) 0.04 Reported effective tax rate 394.3 % 45.7 % Adjusted effective tax rate 68.9 % 63.6 % Adjusted EPS weighted average shares outstanding (in millions) 202 (2) 203 (3) Reconciliations of Non-GAAP Measures - QTD All amounts presented are in $ (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Excludes the anti-dilutive impact of share-based payment awards (3) Includes the dilutive impact of share-based payment awards 29


 
For the nine months ended September 30, For the nine months ended September 30, All amounts from continuing operations 2024 2023 Pre-Tax Impact Tax Impact (1) Net Impact Pre-Tax Impact Tax Impact (1) Net Impact Reported EPS from continuing operations attributable to IGT PLC - diluted 0.17 0.38 Adjustments: Foreign exchange loss (gain), net 0.11 — 0.11 (0.04) 0.01 (0.05) Amortization - purchase accounting 0.03 0.01 0.03 0.06 0.01 0.05 Restructuring 0.19 0.06 0.13 0.01 — 0.01 Other (non-recurring adjustments) 0.02 — 0.02 0.02 — 0.02 Net adjustments 0.29 0.03 Adjusted EPS attributable to IGT PLC - diluted 0.46 0.41 Reported effective tax rate 51.0 % 52.1 % Adjusted effective tax rate 45.1 % 51.8 % Adjusted EPS weighted average shares outstanding (in millions) 203 (2) 202 (3) Reconciliations of Non-GAAP Measures - YTD All amounts presented are in $ (1) Calculated based on nature of item, including any realizable deductions, and statutory tax rate in effect for the relevant jurisdiction (2) Includes the dilutive impact of share-based payment awards (3) Includes the dilutive impact of share-based payment awards 30


 

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