Scientific Games Reports Second Quarter 2017 Results and Announces Intent to Refinance a Portion of its Debt

LAS VEGAS, July 24, 2017

• Second quarter revenue rose 5 percent to $766.3 million, up from $729.2 million a year ago. The growth was driven by revenue increases in the gaming and interactive segments. Foreign exchange had an $8.0 million, or 1 percent, unfavorable impact on revenue.
  
   
• Operating income in the second quarter doubled to $117.3 million from $59.1 million a year ago, reflecting revenue growth, a more effective organizational structure and lower depreciation and amortization. Net loss declined to $39.1 million from $51.7 million in the prior-year period, reflecting the increase in operating income and a $14.1 million decrease in net interest expense, partially offset by a $26.0 million increase in the income tax provision. In addition, the prior year included a $25.2 million gain on early extinguishment of debt.
  
  
• Attributable EBITDA ("AEBITDA"), a non-GAAP financial measure defined below, increased 13 percent to $314.8 million from $279.7 million a year ago driven by higher revenue and a more effective organizational structure, which was partially offset by $7.7 million of lower EBITDA from equity investments.  The AEBITDA margin, a non-GAAP financial measure defined below, improved to 41.1 percent from 38.4 percent in the prior-year period.
  
  
• Net cash flow from operating activities increased $77.7 million to $168.5 million, from $90.8 million a year ago. The primary driver was a $61.4 million increase in net income after adjustments for non-cash items, reflecting operating improvements across the Company.

"Second quarter results represent our seventh quarter of consecutive year-over-year growth, including $169 million of cash flow from operating activities, as a result of ongoing improvements in our gaming, lottery and interactive operations," said Kevin Sheehan, Chief Executive Officer of Scientific Games. "We achieved year-over-year revenue growth in global gaming machine sales, gaming systems, table products and interactive; as well as in U.S. instant games revenue. In addition, as a result of our improving organizational structure, we increased our AEBITDA margin by 270 basis points.

"Across the Company, we are maintaining a laser focus on executing our strategies and capitalizing on our many opportunities," Sheehan added. "I am proud of all of our dedicated team members who daily commit themselves to empower our customers with the best gaming and lottery experiences in the world, while remaining focused on delivering our financial goals."

Michael Quartieri, Chief Financial Officer of Scientific Games, added, "Our focus on innovative new products, continuous process improvement and fiscal discipline have enabled us to grow operating income and cash flow, leading to a reduction in our net debt.  This has resulted in our net debt leverage ratio at June 30, 2017 declining to 6.8 times twelve-month AEBITDA.  With our strengthened performance, we are well positioned to further improve our capital structure and lower our cost of capital."

SUMMARY CONSOLIDATED RESULTS
($ in millions)	Three Months Ended June 30, ARIVA.DE Börsen-Geflüster Kurse Light & Wonder Inc 92,91 $ -0,68%
	2017				2016
Revenue	$	766.3			$	729.2
Operating income	117.3				59.1
Net loss before income taxes	(32.7)				(71.3)
Net loss(2)	(39.1)				(51.7)
Net cash provided by operating activities	168.5				90.8
Capital expenditures	78.9				81.4
Increase (decrease) in cash and cash equivalents	66.3				(44.3)
Non-GAAP Financial Measures:(1)
AEBITDA	$	314.8			$	279.7
AEBITDA margin	41.1%				38.4%
Free cash flow	101.0				15.0
	As of June 30,				As of Dec. 31,
Balance Sheet Measures:	2017				2016
Cash and cash equivalents	$	198.2			$	115.1
Principal face value of debt outstanding	8,179.4				8,235.3
Available liquidity	729.2				631.6

GAMING SEGMENT HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2017

GAMING SEGMENT	Three Months Ended
($ in millions)	June 30,								Increase/(Decrease)
	2017				2016				Amount				%
Revenue(1)
Gaming operations	$	178.4			$	186.0			$	(7.6)			(4.1)%
Gaming machine sales	163.3				154.4				8.9				5.8%
Gaming systems	67.1				59.5				7.6				12.8%
Table products	48.4				42.0				6.4				15.2% Werbung Mehr Nachrichten zur Light & Wonder Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:55 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Wincanton Plc 08:54 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Spirent Communications PLC SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59