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23.07.2013 22:15:00
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International Game Technology Reports Third Quarter Fiscal Year 2013 Results
LAS VEGAS, July 23, 2013 /PRNewswire/ -- International Game Technology (NYSE: IGT) today reported operating results for the third quarter ended June 30, 2013.
(Logo: http://photos.prnewswire.com/prnh/20130130/LA50769LOGO)
"We are pleased to report another quarter of strong financial performance demonstrated by growth in revenue, operating income and EPS," said Patti Hart, CEO of IGT. "Our momentum continues and is bolstered by our focused attention on the execution of our business strategy and positive leverage from the broad distribution of our best-in-class content."
Consolidated Results | ||||||||||||
($ in millions, except per share amounts) | Quarters Ended | Nine Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||
GAAP Measures | ||||||||||||
Revenue | $ 579.0 | $ 532.8 | 9% | $ 1,709.2 | $ 1,519.6 | 12% | ||||||
Operating income | $ 123.0 | $ 95.5 | 29% | $ 370.7 | $ 313.5 | 18% | ||||||
Income from continuing operations | $ 65.7 | $ 46.9 | 40% | $ 209.2 | $ 159.6 | 31% | ||||||
Earnings per share from continuing operations | $ 0.25 | $ 0.16 | 56% | $ 0.79 | $ 0.54 | 46% | ||||||
Net operating cash flows | $ 335.2 | $ 327.0 | 3% | |||||||||
Non-GAAP Measures | ||||||||||||
Adjusted operating income | $ 154.1 | $ 129.3 | 19% | $ 455.2 | $ 375.3 | 21% | ||||||
Adjusted income from continuing operations | $ 86.4 | $ 68.5 | 26% | $ 258.1 | $ 199.2 | 30% | ||||||
Adjusted earnings per share from continuing operations | $ 0.33 | $ 0.23 | 43% | $ 0.97 | $ 0.67 | 45% | ||||||
Free cash flow (after dividends) | $ 182.6 | $ 102.7 | 78% | |||||||||
Adjusted operating income, adjusted income from continuing operations, adjusted earnings per share from continuing operations and free cash flow are non-GAAP financial measures. Reconciliations between GAAP and non-GAAP measures are provided at the end of this release. | ||||||||||||
- Revenues increased 9% to $579 million, primarily driven by growth in North America machine sales and social gaming.
- Adjusted earnings per share from continuing operations increased 43% to $0.33.
- Non-GAAP adjusted financial measures for the quarter ended June 30, 2013 exclude acquisition-related charges for DoubleDown, proxy contest-related fees and building impairment.
Gaming Operations | ||||||||||||
($ in millions, unless otherwise noted) | Quarters Ended | Nine Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||
Revenue | $ 247.3 | $ 258.2 | -4% | $ 744.3 | $ 776.4 | -4% | ||||||
Gross profit | $ 151.7 | $ 155.7 | -3% | $ 461.6 | $ 472.9 | -2% | ||||||
Gross margin | 61% | 60% | 2% | 62% | 61% | 2% | ||||||
Installed base | 56,700 | 56,900 | - | 56,700 | 56,900 | - | ||||||
Average revenue per unit per day (0.00) | $ 47.96 | $ 50.20 | -4% | $ 47.91 | $ 51.31 | -7% | ||||||
- Revenues decreased 4% to $247 million primarily due to lower MegaJackpots® revenue.
- Gross margin increased to 61% from 60% compared to the prior year quarter, primarily due to lower jackpot expenses and depreciation.
- Average revenue per unit per day in the quarter was $47.96, down 4% over the prior year quarter and down 3% sequentially, both primarily due to lower yields, most significantly in MegaJackpots®.
Product Sales | ||||||||||||
($ in millions, unless otherwise noted) | Quarters Ended | Nine Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||
Revenue | $ 259.2 | $ 231.6 | 12% | $ 772.9 | $ 653.4 | 18% | ||||||
Gross profit | $ 139.9 | $ 124.4 | 12% | $ 409.2 | $ 348.0 | 18% | ||||||
Gross margin | 54% | 54% | - | 53% | 53% | - | ||||||
Units recognized ('000) | 13.4 | 11.6 | 16% | 38.4 | 29.1 | 32% | ||||||
Average machine sales price ('000) | $ 13.3 | $ 13.7 | -3% | $ 14.0 | $ 15.0 | -7% | ||||||
- Revenues increased 12% to $259 million and units recognized increased 16% to 13,400, primarily due to increased North America machines related to Canadian VLT customers and non-machine sales.
- Average machine sales price decreased 3% compared to the prior year quarter mainly due to an increased mix of lower-priced VLT sales.
Interactive | ||||||||||||
($ in millions, unless otherwise noted) | Quarters Ended | Nine Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||
Revenue | $ 72.5 | $ 43.0 | 69% | $ 192.0 | $ 89.8 | 114% | ||||||
Social gaming | $ 61.4 | $ 29.9 | 105% | $ 157.1 | $ 51.2 | 207% | ||||||
IGTi | $ 11.1 | $ 13.1 | -15% | $ 34.9 | $ 38.6 | -10% | ||||||
Gross Margin | 63% | 52% | 21% | 61% | 53% | 15% | ||||||
Social gaming | 62% | 61% | 2% | 61% | 61% | - | ||||||
IGTi | 65% | 32% | 103% | 58% | 42% | 38% | ||||||
Double Down Average User Statistics* | ||||||||||||
DAU (Daily active users) ('000) | 1,690 | 1,355 | 25% | 1,613 | 1,351 | 19% | ||||||
MAU (Monthly active users) ('000) | 6,658 | 5,217 | 28% | 5,950 | 5,110 | 16% | ||||||
Bookings per DAU (0.00) | $ 0.40 | $ 0.25 | 60% | $ 0.36 | $ 0.25 | 44% | ||||||
*as a single application with multiple games, active users equal unique users | ||||||||||||
- Social gaming revenues more than doubled compared to the prior year quarter and increased 13% from the prior sequential quarter to $61 million, primarily driven by increased average bookings per DAU.
- Average DAU were 1.7 million, an increase of 25% over the prior year quarter and flat compared to the prior sequential quarter.
- Average MAU were 6.7 million, an increase of 28% compared to the prior year quarter and an increase of 6% compared to the prior sequential quarter.
- Average bookings per DAU increased 60% over the same quarter last year and 8% from the prior sequential quarter to $0.40.
Operating Expenses and Other Income/Expense | ||||||||||||
($ in millions) | Quarters Ended | Nine Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||
Operating Expenses | ||||||||||||
Selling, general & administrative | $ 114.4 | $ 104.9 | 9% | $ 325.0 | $ 303.8 | 7% | ||||||
Research & development | 59.8 | 55.1 | 9% | 172.3 | 157.3 | 10% | ||||||
Depreciation & amortization | 19.3 | 21.1 | -9% | 58.0 | 55.8 | 4% | ||||||
Contingent acquisition related costs | 19.2 | 26.0 | -26% | 58.6 | 37.8 | 55% | ||||||
Impairment | 1.5 | - | * | 3.1 | - | * | ||||||
Total operating expenses | $ 214.2 | $ 207.1 | 3% | $ 617.0 | $ 554.7 | 11% | ||||||
Adjusted Operating Expenses | ||||||||||||
Total | $ 185.4 | $ 175.0 | 6% | $ 534.4 | $ 496.9 | 8% | ||||||
Adjusted operating expenses is a non-GAAP financial measure. Reconciliations between GAAP and non-GAAP measures are provided at the end of this release. | ||||||||||||
- Third quarter operating expenses increased 3% over the prior year quarter primarily due to increased headcount, professional fees including proxy contest-related expenses and advertising expenses related to increased online social gaming revenues, partially offset by decreases in bad debt provisions and acquisition-related charges.
- Adjusted operating expenses were 32% of revenues compared to 33% of revenues in the prior year quarter.
Balance Sheet and Capital Deployment | |||||
($ in millions) | June 30, | September 30, | |||
2013 | 2012 | % Change | |||
Cash and equivalents (including restricted amounts) | $ 302.1 | $ 288.2 | 5% | ||
Working capital | $ (228.8) | $ 633.0 | -136% | ||
Contractual debt obligations | $ 1,650.0 | $ 1,790.0 | -8% | ||
- During the quarter, the company announced its third consecutive quarterly cash dividend increase, an increase of 50% compared to the dividend paid in the same quarter last year.
Other
References to per share amounts in this release are based on diluted shares of common stock, unless otherwise specified.
Outlook
Based on current expectations and the operating results for the third quarter of fiscal 2013, the company is affirming its fiscal year 2013 guidance for adjusted earnings from continuing operations of $1.26 to $1.32 per share.
GAAP earnings per share from continuing operations for fiscal year 2013 will include acquisition-related expenses, primarily related to DoubleDown, proxy contest-related fees, certain tax-related items and impairment charges. The company may also recognize other items that are not currently determinable, but may be significant. For this reason, the company is unable to provide estimates for full-year GAAP earnings per share from continuing operations at this time.
Earnings Conference Call
As previously announced on July 9, 2013, IGT will host a conference call to discuss its Third Quarter 2013 earnings results on Tuesday, July 23, 2013, at 2:00 p.m. PDT (or 5:00 p.m. EDT). The access numbers are as follows:
Domestic callers dial +1 877-601-4716, passcode IGT
International callers dial +1 773-756-4816, passcode IGT
The conference call will also be broadcast live over the Internet. A link to the webcast is available at the IGT website: http://www.IGT.com/investors. The call will be archived until Tuesday, August 6, 2013 at http://www.IGT.com/investors, for those interested parties that are unable to participate during the live webcast.
A taped replay of the conference call will be available after the conference call. This replay will run through Tuesday, August 6, 2013. The access numbers are as follows:
Domestic callers dial +1 866-395-7260
International callers dial +1 203-369-0489
Q3 FY 2013 PDF of this press release
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These statements include our expected future financial and operational performance (including our guidance for fiscal year 2013) and our strategic and operational plans. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the results predicted, and reported results should not be considered an indication of future performance. Among the factors that could cause actual results and outcomes to differ materially from those contained in such forward-looking statements are the following: general economic conditions and changes in economic conditions affecting the gaming industry; new or changing laws or regulations or new interpretations of existing laws or regulations affecting our business; difficulties or delays in obtaining or maintaining necessary licenses or approvals; slow growth in the number of new gaming jurisdictions or new casinos or the rate of replacement of existing gaming machines; changes in operator or player preferences for our products; our ability to compete in the gaming industry with new or existing competitors; our ability to develop and introduce new products and their acceptance by our customers; risks related to our international operations; our ability to protect our intellectual property; adverse results of litigation, including intellectual property infringement claims; risks related to business combinations, investments in intellectual property and the integration of acquisitions; and future developments or changes affecting online gaming or social casino-style gaming, which is a new and evolving industry. A further list and description of these and other risks, uncertainties and other matters can be found in our annual report and other reports filed with the Securities and Exchange Commission, including under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for fiscal 2012 filed with the SEC on November 28, 2012 and our Quarterly Report on Form 10-Q for our fiscal quarter ended March 31, 2013 filed with the SEC on May 8, 2013 and available on the SEC website at www.sec.gov and on the investor relations section of our website at www.IGT.com/investors. Additional information will also be set forth in our Quarterly Report on Form 10-Q for our fiscal quarter ended June 30, 2013, which we expect to file with the SEC in the third quarter of calendar 2013. All information provided in this release is as of July 23, 2013, and IGT does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances.
IGT Resources:
- Like us on Facebook
- Play DoubleDown Casino Games
- Like DoubleDown Casino on Facebook
- Follow us on Twitter
- View IGT's YouTube Channel
- Check out our other Games and Gaming Systems
About IGT
International Game Technology (NYSE: IGT) is a global leader in casino gaming entertainment and continues to transform the industry by translating casino player experiences to social, mobile and interactive environments for markets around the world. IGT's acquisition of DoubleDown Interactive provides engaging social casino style entertainment to more than 6 million players monthly. More information about IGT is available at IGT.com or connect with IGT at @IGTNews or facebook.com/IGT. Anyone can play at the DoubleDown Casino by visiting http://apps.facebook.com/doubledowncasino or doubledowncasino.com
CONSOLIDATED STATEMENTS OF INCOME (Unaudited and Condensed) | |||||
Periods Ended June 30, | |||||
Third Quarters | Nine Months | ||||
2013 | 2012 | 2013 | 2012 | ||
(In millions, except per share amounts) | |||||
Revenues | |||||
Gaming operations | $ 247.3 | $ 258.2 | $ 744.3 | $ 776.4 | |
Product sales | 259.2 | 231.6 | 772.9 | 653.4 | |
Interactive | 72.5 | 43.0 | 192.0 | 89.8 | |
Total revenues | 579.0 | 532.8 | 1,709.2 | 1,519.6 | |
Costs and operating expenses | |||||
Cost of gaming operations | 95.6 | 102.5 | 282.7 | 303.5 | |
Cost of product sales | 119.3 | 107.2 | 363.7 | 305.4 | |
Cost of interactive | 26.9 | 20.5 | 75.1 | 42.5 | |
Selling, general and administrative | 114.4 | 104.9 | 325.0 | 303.8 | |
Research and development | 59.8 | 55.1 | 172.3 | 157.3 | |
Depreciation and amortization | 19.3 | 21.1 | 58.0 | 55.8 | |
Contingent acquisition-related costs | 19.2 | 26.0 | 58.6 | 37.8 | |
Impairment | 1.5 | - | 3.1 | - | |
Total costs and operating expenses | 456.0 | 437.3 | 1,338.5 | 1,206.1 | |
Operating income | 123.0 | 95.5 | 370.7 | 313.5 | |
Other income (expense) | |||||
Interest income | 11.5 | 11.0 | 34.0 | 33.9 | |
Interest expense | (30.5) | (30.8) | (92.4) | (90.9) | |
Other | (6.7) | (1.6) | (9.6) | (6.4) | |
Total other income (expense) | (25.7) | (21.4) | (68.0) | (63.4) | |
Income from continuing operations before tax | 97.3 | 74.1 | 302.7 | 250.1 | |
Income tax provision | 31.6 | 27.2 | 93.5 | 90.5 | |
Income from continuing operations | 65.7 | 46.9 | 209.2 | 159.6 | |
Loss from discontinued operations, net of tax | - | (0.3) | - | (1.8) | |
Net income | $ 65.7 | $ 46.6 | $ 209.2 | $ 157.8 | |
Basic earnings (loss) per share | |||||
Continuing operations | $ 0.25 | $ 0.16 | $ 0.79 | $ 0.54 | |
Discontinued operations | - | - | - | (0.01) | |
Net income | $ 0.25 | $ 0.16 | $ 0.79 | $ 0.53 | |
Diluted earnings (loss) per share | |||||
Continuing operations | $ 0.25 | $ 0.16 | $ 0.79 | $ 0.54 | |
Discontinued operations | - | - | - | (0.01) | |
Net income | $ 0.25 | $ 0.16 | $ 0.79 | $ 0.53 | |
Weighted average shares outstanding | |||||
Basic | 260.6 | 292.7 | 263.4 | 295.6 | |
Diluted | 263.2 | 294.3 | 265.6 | 297.2 | |
CONSOLIDATED BALANCE SHEET (Unaudited and Condensed) | |||
June 30, | September 30, | ||
2013 | 2012 | ||
(In millions) | |||
Assets | |||
Current assets | |||
Cash and equivalents | $ 229.3 | $ 206.3 | |
Restricted cash and investments | 72.8 | 81.9 | |
Jackpot annuity investments | 57.4 | 60.2 | |
Receivables, net | 560.1 | 564.8 | |
Inventories | 95.4 | 92.9 | |
Other assets and deferred costs | 254.3 | 257.2 | |
Total current assets | 1,269.3 | 1,263.3 | |
Property, plant and equipment, net | 499.2 | 555.7 | |
Jackpot annuity investments | 272.7 | 295.7 | |
Contracts and notes receivable, net | 123.5 | 139.3 | |
Goodwill and other intangibles, net | 1,610.6 | 1,663.1 | |
Other assets and deferred costs | 339.1 | 368.0 | |
Total Assets | $ 4,114.4 | $ 4,285.1 | |
Liabilities and Shareholders' Equity | |||
Current liabilities | |||
Short-term debt | $ 850.0 | $ - | |
Accounts payable | 98.7 | 87.5 | |
Jackpot liabilities, current portion | 139.3 | 152.4 | |
Dividends payable | 23.5 | 16.0 | |
Other accrued liabilities | 386.6 | 374.4 | |
Total current liabilities | 1,498.1 | 630.3 | |
Long-term debt | 835.2 | 1,846.4 | |
Jackpot liabilities | 296.5 | 328.6 | |
Other liabilities | 197.1 | 282.0 | |
Total Liabilities | 2,826.9 | 3,087.3 | |
Total Equity | 1,287.5 | 1,197.8 | |
Total Liabilities and Shareholders' Equity | $ 4,114.4 | $ 4,285.1 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and Condensed) | |||
Nine Months Ended | |||
June 30, | |||
2013 | 2012 | ||
(In millions) | |||
Operating | |||
Net income | $ 209.2 | $ 157.8 | |
Adjustments: | |||
Depreciation and amortization | 175.6 | 179.3 | |
Acquisition-related contingent earn-out costs | 28.0 | 11.1 | |
Other non-cash items | 74.6 | 64.4 | |
Changes in operating assets and liabilities, excluding acquisitions: | |||
Receivables | (20.7) | (24.6) | |
Inventories | 3.7 | (14.4) | |
Accounts payable and accrued liabilities | (58.7) | 14.5 | |
Jackpot liabilities | (58.2) | (38.5) | |
Income taxes, net of employee stock plans | (25.5) | (6.5) | |
Other assets and deferred costs | 7.2 | (16.1) | |
Net operating cash flows | 335.2 | 327.0 | |
Investing | |||
Capital expenditures | (97.1) | (170.8) | |
Jackpot annuity investments, net | 39.3 | 36.7 | |
Changes in restricted cash | 8.8 | 6.7 | |
Loans receivable, net | 22.6 | 21.5 | |
Business acquisitions, net of cash acquired | - | (233.9) | |
Other | 15.3 | 29.6 | |
Net investing cash flows | (11.1) | (310.2) | |
Financing | |||
Debt-related proceeds (payments), net | (143.2) | 280.0 | |
Employee stock plan proceeds | 13.7 | 15.1 | |
Share repurchases | (81.0) | (475.1) | |
Noncontrolling interest acquired | - | (2.5) | |
Dividends paid | (55.5) | (53.5) | |
Acquisition-related contingent consideration | (27.9) | - | |
Net financing cash flows | (293.9) | (236.0) | |
Foreign exchange rates effect on cash | (7.2) | 0.5 | |
Net change in cash and equivalents | 23.0 | (218.7) | |
Beginning cash and equivalents | 206.3 | 460.0 | |
Ending cash and equivalents | $ 229.3 | $ 241.3 | |
SUPPLEMENTAL DATA (Unaudited) | |||||
Periods Ended June 30, | |||||
Revenue Metrics | Third Quarters | Nine Months | |||
2013 | 2012 | 2013 | 2012 | ||
In millions, unless otherwise noted | |||||
Gaming Operations | |||||
Revenues | $ 247.3 | $ 258.2 | $ 744.3 | $ 776.4 | |
North America | 214.1 | 225.6 | 643.0 | 678.2 | |
International | 33.2 | 32.6 | 101.3 | 98.2 | |
Gross margin | 61% | 60% | 62% | 61% | |
North America | 60% | 60% | 61% | 60% | |
International | 69% | 62% | 69% | 70% | |
Installed base ('000) | 56.7 | 56.9 | 56.7 | 56.9 | |
North America | 42.5 | 43.4 | 42.5 | 43.4 | |
International | 14.2 | 13.5 | 14.2 | 13.5 | |
Average revenue per unit per day (0.00) | $47.96 | $50.20 | $47.91 | $51.31 | |
Product Sales | |||||
Revenues | $ 259.2 | $ 231.6 | $ 772.9 | $ 653.4 | |
North America | 184.7 | 160.1 | 544.2 | 424.0 | |
International | 74.5 | 71.5 | 228.7 | 229.4 | |
Machines | $ 177.9 | $ 159.2 | $ 537.8 | $ 436.0 | |
North America | 123.5 | 107.8 | 374.1 | 268.3 | |
International | 54.4 | 51.4 | 163.7 | 167.7 | |
Non-machine | $ 81.3 | $ 72.4 | $ 235.1 | $ 217.4 | |
North America | 61.2 | 52.3 | 170.1 | 155.7 | |
International | 20.1 | 20.1 | 65.0 | 61.7 | |
Gross margin | 54% | 54% | 53% | 53% | |
North America | 56% | 56% | 55% | 56% | |
International | 50% | 49% | 49% | 49% | |
Units recognized ('000) | 13.4 | 11.6 | 38.4 | 29.1 | |
North America | 10.0 | 8.2 | 28.3 | 18.8 | |
International | 3.4 | 3.4 | 10.1 | 10.3 | |
Units shipped ('000) [includes units where revenues deferred] | 13.6 | 12.6 | 37.2 | 29.6 | |
North America | 10.3 | 8.7 | 28.3 | 18.9 | |
New | 2.5 | 3.1 | 6.9 | 5.4 | |
Replacement | 7.8 | 5.6 | 21.4 | 13.5 | |
International | 3.3 | 3.9 | 8.9 | 10.7 | |
New | 0.9 | 1.1 | 2.7 | 4.4 | |
Replacement | 2.4 | 2.8 | 6.2 | 6.3 | |
Average machine sales price ('000) | $ 13.3 | $ 13.7 | $ 14.0 | $ 15.0 | |
North America | 12.4 | 13.1 | 13.2 | 14.3 | |
International | 16.1 | 15.1 | 16.2 | 16.3 | |
Interactive | |||||
Revenues | $ 72.5 | $ 43.0 | $ 192.0 | $ 89.8 | |
North America | 62.2 | 30.3 | 158.8 | 52.0 | |
International | 10.3 | 12.7 | 33.2 | 37.8 | |
Social | 61.4 | 29.9 | 157.1 | 51.2 | |
North America | 61.4 | 29.9 | 157.1 | 51.2 | |
International | - | - | - | - | |
IGTi | 11.1 | 13.1 | 34.9 | 38.6 | |
North America | 0.8 | 0.4 | 1.7 | 0.8 | |
International | 10.3 | 12.7 | 33.2 | 37.8 | |
Gross margin | 63% | 52% | 61% | 53% | |
North America | 63% | 62% | 62% | 60% | |
International | 65% | 30% | 58% | 42% | |
DoubleDown Casino®Average User Statistics* | |||||
Daily active users (DAU) ('000) | 1,690 | 1,355 | 1,613 | 1,351 | |
Monthly active users (MAU) ('000) | 6,658 | 5,217 | 5,950 | 5,110 | |
Bookings per DAU (0.00) | $0.40 | $0.25 | $0.36 | $0.25 | |
*as a single application with multiple games, active users equal unique users | |||||
Reconciliations of GAAP to Non-GAAP Adjusted Financial Measures | ||||||
(In millions, except EPS) | ||||||
Third Quarter Ended June 30, 2013 | ||||||
Continuing Operations | ||||||
Product Sales Revenue | Cost of | Operating | Operating | Net | Diluted | |
GAAP measures | $ 259.2 | $ 26.9 | $ 214.2 | $ 123.0 | $ 65.7 | $ 0.25 |
% of revenue | 37% | 21% | ||||
Acquisition-related charges: (b) | ||||||
Contingent retention & earn-out | - | - | (19.2) | 19.2 | 12.8 | 0.05 |
Amortization of intangibles | - | (2.3) | (4.4) | 6.7 | 4.4 | 0.02 |
Proxy fees | - | - | (3.7) | 3.7 | 2.5 | 0.01 |
Building impairment | - | - | (1.5) | 1.5 | 1.0 | - |
Total non-GAAP adjustments | - | (2.3) | (28.8) | 31.1 | 20.7 | 0.08 |
Adjusted measures | $ 259.2 | $ 24.6 | $ 185.4 | $ 154.1 | $ 86.4 | $ 0.33 |
% of revenue | 32% | 27% | ||||
Nine Months Ended June 30, 2013 | ||||||
Continuing Operations | ||||||
Product Sales Revenue | Cost of | Operating | Operating | Net | Diluted | |
GAAP measures | $ 772.9 | $ 75.1 | $ 617.0 | $ 370.7 | $ 209.2 | $ 0.79 |
% of revenue | 36% | 22% | ||||
Acquisition-related charges: (b) | ||||||
Contingent retention & earn-out | - | - | (58.6) | 58.6 | 39.1 | 0.14 |
Amortization of intangibles | - | (6.9) | (13.3) | 20.2 | 13.5 | 0.05 |
Proxy fees | - | - | (7.6) | 7.6 | 5.1 | 0.02 |
Impairment | - | - | (3.1) | 3.1 | 2.1 | 0.01 |
Royalty settlement | (5.0) | - | - | (5.0) | (5.0) | (0.02) |
Certain discrete tax items (benefits) | - | - | - | - | (5.9) | (0.02) |
Total non-GAAP adjustments | (5.0) | (6.9) | (82.6) | 84.5 | 48.9 | 0.18 |
Adjusted measures | $ 767.9 | $ 68.2 | $ 534.4 | $ 455.2 | $ 258.1 | $ 0.97 |
% of revenue | 31% | 27% | ||||
(a)Adjustments tax effected at 33%, except no tax effect on royalty settlement | ||||||
(b)Primarily related to DoubleDown | ||||||
Third Quarter Ended June 30, 2012 | |||||
Continuing Operations | |||||
Cost of | Operating | Operating | Net | Diluted | |
GAAP measures | $ 20.5 | $ 207.1 | $ 95.5 | $ 46.9 | $ 0.16 |
% of revenue | 39% | 18% | |||
Acquisition-related charges: (b) | |||||
Contingent retention & earn-out | - | (26.0) | 26.0 | 16.6 | 0.06 |
Amortization of intangibles | (1.7) | (4.7) | 6.4 | 4.1 | 0.01 |
Professional fees | - | (0.1) | 0.1 | 0.1 | - |
Severance | - | (1.3) | 1.3 | 0.8 | - |
Total non-GAAP adjustments | (1.7) | (32.1) | 33.8 | 21.6 | 0.07 |
Adjusted measures | $ 18.8 | $ 175.0 | $ 129.3 | $ 68.5 | $ 0.23 |
% of revenue | 33% | 24% | |||
Nine Months Ended June 30, 2012 | |||||
Continuing Operations | |||||
Cost of | Operating | Operating | Net | Diluted | |
GAAP measures | $ 42.5 | $ 554.7 | $ 313.5 | $ 159.6 | $ 0.54 |
% of revenue | 37% | 21% | |||
Acquisition-related charges: (b) | |||||
Contingent retention & earn-out | - | (37.8) | 37.8 | 24.2 | 0.08 |
Amortization of intangibles | (4.0) | (8.6) | 12.6 | 8.1 | 0.03 |
Professional fees | - | (5.8) | 5.8 | 3.7 | 0.01 |
Distributor settlement | - | (3.1) | 3.1 | 2.0 | 0.01 |
Severance | - | (2.5) | 2.5 | 1.6 | - |
Total non-GAAP adjustments | (4.0) | (57.8) | 61.8 | 39.6 | 0.13 |
Adjusted measures | $ 38.5 | $ 496.9 | $ 375.3 | $ 199.2 | $ 0.67 |
% of revenue | 33% | 25% | |||
(a) Adjustments tax effected at 36% | |||||
(b) Primarily related to DoubleDown | |||||
Adjusted EBITDA For The Periods Ended June 30, | |||||||
Third Quarters | Nine Months | ||||||
2013 | 2012 | 2013 | 2012 | ||||
GAAP Income from continuing operations | $ 65.7 | $ 46.9 | $ 209.2 | $ 159.6 | |||
Other (income) expense, net | 25.7 | 21.4 | 68.0 | 63.4 | |||
Income tax provision | 31.6 | 27.2 | 93.5 | 90.5 | |||
Depreciation and amortization | 57.8 | 64.1 | 175.6 | 179.3 | |||
Other charges: | |||||||
Share-based compensation | 10.1 | 8.8 | 28.7 | 25.4 | |||
Contingent acquisition-related costs | 19.2 | 26.0 | 58.6 | 37.8 | |||
Impairment | 1.5 | - | 3.1 | - | |||
Adjusted EBITDA | $ 211.6 | $ 194.4 | $ 636.7 | $ 556.0 | |||
Free Cash Flow For The Nine Months Ended June 30, | ||||
2013 | 2012 | |||
GAAP net operating cash flows | $ 335.2 | $ 327.0 | ||
Investment in property, plant and equipment | (18.7) | (35.3) | ||
Investment in gaming operations equipment | (78.1) | (133.2) | ||
Investment in intellectual property | (0.3) | (2.3) | ||
Free Cash Flow (before dividends) | 238.1 | 156.2 | ||
Dividends paid | (55.5) | (53.5) | ||
Free Cash Flow (after dividends) | $ 182.6 | $ 102.7 | ||
We believe that certain non-GAAP financial measures, when presented in conjunction with comparable GAAP (Generally Accepted Accounting Principles) measures, are useful because that information is an appropriate measure for evaluating our operating performance. Non-GAAP information is used to evaluate business performance and management's effectiveness. These measures should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Non-GAAP financial measures may not be calculated in the same manner by all companies and therefore may not be comparable. |
SOURCE International Game Technology
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