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International Game Technology Q4 Earnings
Friday November 7,2014 : I.G.T. FY AND FISCAL Q4 RESULTS POSTED
Interactive division continues to flourish with social gaming revenue up 28 percent.
International Game Technology has posted what will be its last FY report before being acquired by GTech, with total revenues declining but the interactive division maintaining growth.
Fiscal 2014 results (compared to last year) show:
* Total revenue fell 12 percent to $2.1 billion due to declines in product sales and gaming operations, partially offset by an increase in social gaming revenue;
* Social gaming revenue was up 28 percent to $281 million, with average bookings per daily active user growing 16 percent to $0.43;
* Free cash flow for the year decreased 67 percent to $111 million due to investment to extend land-based licensing rights for popular land games, along with rights to include social gaming and online real-money wagering in the U.S;
* Debt obligations decreased by $325 million due to the maturity of the company's $800 million convertible notes on May 1, 2014;
* Outstanding borrowings under IGT's revolving credit facility were $525 million as of September 30, 2014.
* Adjusted EPS down 14 percent over the year to $1.09;
* The company returned $319 million to shareholders in the form of share repurchases and dividends;
For its fourth quarter, the company reported:
* Revenues down 15 percent to $537 million;
* Social gaming revenue rose 22 percent to $75 million, with average bookings per daily active user up 15 percent to $0.46;
* Fourth quarter operating expenses reduced by 13 percent to $204 million compared to the prior year quarter due to lower selling, general and administrative, research and development, and acquisition-related expenses;
* Operating cash flow was $138 million in the fourth quarter on net income of $71 million;
* Adjusted EPS up 23 percent to $0.37;
CEO Patti Hart said in a statement:
"Our focus on profitability resulted in significant improvements in our gross margins for the year, and in our gross and operating margins for the fourth quarter, in large part due to cost saving actions we took earlier this year.
"While we continue to see muted demand in our core business, our DoubleDown Casino business drove 28 percent revenue growth for the full year while maintaining industry- leading player monetization rates and growing daily active users."
IGT's interactive division operations continued to perform well in Q4:
* Social gaming revenue increased 22 percent to $75 million compared to the prior year quarter, driven by increases in both average DAU and bookings per DAU;
* Mobile revenue comprised 36 percent of total bookings in the fourth quarter and increased 62 percent compared to the prior year period;
* Average DAU were 1.8 million, an increase of 7 percent over the prior year quarter;
* Average MAU over Q4 were 5.7 million, a fall of 15 percent compared to the prior year quarter, primarily due to increased marketing efforts to procure higher-quality players;
* Average bookings per DAU in the fourth quarter were $0.46, an increase of 15 percent over the same quarter last year.
Hart commented that IGT will not provide financial guidance for fiscal year 2015. The company has entered into a definitive merger agreement with GTech S.p.A. for the acquisition of IGT for $6.4 billion, comprised of $4.7 billion in cash and stock and the assumption of $1.7 billion in net debt. The transaction is currently expected to be completed in the first half of calendar 2015.
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