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Revenues Up at IGT
REVENUES UP BUT LOSSES CONTINUE AT I.G.T.
Merged group reports strong interactive growth in North America.
International Game Technology plc has reported its Q1-2016 financial results, highlighting:
* North America Gaming and Interactive division recorded revenues of $339 million (Q1 2015: $30 million);
*Adjusted EBITDA of $460 million, up year-on-year by 43 percent;
* Strong global lottery growth, especially in North America and Italy, and resilient global gaming revenues;
* The award of a cash dividend of $0.20 per ordinary share;
* Net loss attributable to IGT was $93 million in the first quarter of 2016, reflecting the impact of $162 million in primarily non-cash foreign exchange losses. On an adjusted basis, net income attributable to IGT was $116 million;
* Reported consolidated revenue up 51 percent to $1,282 million from $848 million in the first quarter of 2015, reflecting GTechs acquisition of legacy IGT. On a pro forma, constant currency basis, consolidated revenue rose 4 percent;
* Global lottery same-store revenue, excluding Italy, increased 18 percent during the first quarter, reflecting the benefit of the record Powerball jackpot in the United States. Revenue from gaming was slightly below the prior-year period. On a pro forma, constant currency basis, adjusted EBITDA was 12 percent greater than in the prior-year period;
* Operating income rose to $188 million compared to $163 million in the first quarter of 2015. On a pro forma, constant currency basis, adjusted operating income was 35 percent up on the prior year, which included significant bad debt expense. Revenue growth, overall sales mix, and synergy savings all contributed to the increase in adjusted operating income;
* Interest expense was $118 million compared to $94 million in the prior-year period;
* Cash from operations was $206 million in the first quarter and capital expenditures were $98 million;
* Cash and cash equivalents stood at $506 million as at March 31, 2016, compared to $627 million as of December 31, 2015;
* Net debt was $7.722 billion as at March 31, 2016.
Group chief executive Marco Sala reported to shareholders:
"We begin 2016 with a solid first quarter, evidenced by good revenue growth with all operating segments contributing to an improvement in profitability.
"Continuing growth across all regions, especially North America and Italy, propelled our lottery revenues. Gaming revenues were resilient despite challenging market conditions in North America, our largest gaming market. We remain focused on reenergizing gaming operations and strengthening our global leadership in lotteries. We were successful in securing the Italian Lotto concession, one of our largest contracts and a cornerstone of our Italian operations."
Alberto Fornaro, CFO, said that even after large interest payments during the period, IGT generated significant free cash flow, enabling it to reduce debt in constant currency terms.
The CFO also noted that in the first quarter of 2016, the company recorded a $15 million reserve related to the anticipated cost of settling certain tax matters in Italy covering the years 2006-2014 and involving the structuring of the original leveraged buyout of GTech Holdings Corporation by Lottomatica S.p.A.
He revealed that on May 26, 2016, the Company agreed to pay Euro 11 million to the Italian Tax Agency (Agenzia delle Entrate) to settle the tax claim.
Management says the outlook for the full year 2016 remains positive, and expects adjusted EBITDA to reach $1,740-$1,790 million, supported by growth in core operations and using an average euro/dollar exchange rate of 1.10 versus 1.11 last year. A modest headwind is expected from other currencies, notably the British pound, the South African rand, and certain Latin American currencies.
Capital expenditures are expected to be $575-$625 million. Lotto-related capital expenditures are estimated at $695 million, including $660 million in upfront payments and approximately $35 million for infrastructure upgrades. Net debt is still expected to be $7.7-$7,9 billion at the end of 2016.
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