6-K

Brightstar Lottery PLC (BRSL)

6-K 2024-09-10 For: 2024-09-10
View Original
Added on April 04, 2026

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 September 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-F Form 40-F

IGT Releases Recast Historical Financial Information on a Discontinued Operations Basis

International Game Technology PLC (NYSE:IGT) (“IGT”) today released historical income statements on both a US GAAP and non-GAAP basis for the fiscal year ended December 31, 2022, and the three months ended March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, recast to show the impact of the IGT Gaming & Digital businesses ("IGT Gaming") operations as discontinued (the "Recast Historical Financial Information"). Additionally, IGT released historical balance sheets for the periods ended June 30, 2024 and December 31, 2023, recast to show the impact of classifying the IGT Gaming assets and liabilities as held for sale.

On July 26, 2024, IGT announced that it had entered into definitive agreements to separate and sell IGT Gaming to funds managed by affiliates of Apollo Global Management, Inc. ("Apollo") (the "Proposed Sale").

As a result of this divestment, IGT Gaming operations will be presented as discontinued operations, net of tax, in IGT's third quarter and future earnings releases.The Recast Historical Financial Information is being presented herein to provide further clarity regarding the historical performance of the continuing operations of IGT.

The Recast Historical Financial Information has been derived from IGT's historical financial statements and has been prepared, unless otherwise specified, on a basis that is consistent with generally accepted accounting principles in the U.S.

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 businesses, 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 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 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 IGT Gaming to Apollo. These statements may discuss goals, intentions, and expectations as to future plans, strategies, transactions, including the Proposed Sale of IGT Gaming, trends, events, dividends, results of operations, and/or financial condition or measures, including our expectations on the future release of revenue, operating income, cash, and capital expenditures guidance, 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, Form 6-K furnished on July 30, 2024 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. Nothing in this 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 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 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), net, depreciation, impairment losses, amortization (service revenue, purchase accounting, and non-purchase accounting), 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 on-going operational activities.

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.

Basis of Preparation

Amounts reported in millions are computed based on the 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.

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

International Game Technology PLC

Consolidated Balance Sheets

(Unaudited, $ and shares in millions)

June 30, 2024 December 31, 2023
Assets
Current assets:
Cash and cash equivalents 374 508
Restricted cash and cash equivalents 99 146
Trade and other receivables, net 374 403
Inventories, net 115 110
Other current assets 204 141
Assets held for sale 797 816
Total current assets 1,963 2,123
Systems, equipment and other assets related to contracts, net 588 622
Property, plant and equipment, net 75 74
Operating lease right-of-use assets 97 103
Goodwill 2,664 2,678
Intangible assets, net 78 87
Other non-current assets 707 835
Assets held for sale 3,870 3,943
Total non-current assets 8,080 8,342
Total assets 10,042 10,465
Liabilities and shareholders' equity
Current liabilities:
Accounts payable 544 643
Current portion of long-term debt 713
Short-term borrowings 16
Other current liabilities 536 561
Liabilities held for sale 538 472
Total current liabilities 2,331 1,691
Long-term debt, less current portion 4,833 5,655
Deferred income taxes 195 178
Operating lease liabilities 81 88
Other non-current liabilities 118 129
Liabilities held for sale 607 771
Total non-current liabilities 5,835 6,821
Total liabilities 8,166 8,513
Commitments and contingencies
IGT PLC's shareholders' equity 1,503 1,443
Non-controlling interests 374 510
Shareholders' equity 1,877 1,952
Total liabilities and shareholders' equity 10,042 10,465
International Game Technology PLC
--- --- --- --- --- --- ---
Reconciliation of Non-GAAP Financial Measures
(Unaudited, in millions)
For the three months ended For the year ended
2023 2022
March 31, December 31, September 30, June 30, March 31, December 31,
Income from continuing operations 116 73 77 69 46 560
Provision for income taxes 57 15 65 67 76 212
Interest expense, net 53 54 54 50 50 216
Foreign exchange (gain) loss, net (11) 52 (36) 3 25 17
Gain on sale of business (278)
Other non-operating expense, net 4 4 3 6 15
Operating income 219 197 163 190 202 743
Depreciation 41 42 45 45 44 181
Amortization - service revenue (1) 50 50 50 50 49 193
Amortization - non-purchase accounting 6 6 6 6 6 27
Amortization - purchase accounting 3 3 4 4 4 18
Stock-based compensation 9 5 11 10 8 34
Other 12 2 9
Adjusted EBITDA 327 316 279 305 314 1,205
(1) Includes amortization of upfront license fees

All values are in US Dollars.

SIGNATURE

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.

INTERNATIONAL GAME TECHNOLOGY PLC
By: /s/ Pierfrancesco Boccia
Name: Pierfrancesco Boccia
Title: Corporate Secretary
Date: September 10, 2024

7