Business Context and Reporting Period
This Form 6-K filing by International Game Technology PLC (not Brightstar Lottery PLC) covers the period ending November 14, 2017. The filing primarily serves to disseminate the Company's Third Quarter 2017 financial results for the period ended September 30, 2017, and to announce corporate governance updates and regulatory matters.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are referenced as being contained in the attached news release (Exhibit 99.1) and slide presentation (Exhibit 99.2), which are not included in the provided text.
Dividend Declaration: The Board declared an interim cash dividend of $0.20 per ordinary share, payable on December 12, 2017, to holders of record as of November 28, 2017.
Material Changes and Corporate Actions
- Board Appointment: Alberto Dessy was appointed to the Nominating and Corporate Governance Committee, effective November 10, 2017. He also serves on the Board of Directors and Compensation Committee.
- SEC Comment Letter: The Company received a comment letter from the SEC on July 27, 2017, regarding its 2016 Form 20-F and a May 2017 Form 6-K.
Outlook, Risks, and Contingencies
SEC Regulatory Matter: There is one unresolved comment concerning the classification of an upfront payment made to the Italian governmental authority for the Italian Lotto Concession within the Consolidated Statements of Cash Flows.
Impact Assessment: The Company does not currently anticipate any impact on previously provided GAAP and non-GAAP measures, including Net Income, Adjusted EBITDA, net change in cash and cash equivalents, Free Cash Flow, and Net Debt. However, the timing of the resolution with the SEC remains unpredictable.
Investor Verification Checklist
- Verify the specific Q3 2017 revenue, net income, and Adjusted EBITDA figures in the attached news release (Exhibit 99.1).
- Confirm the details of the Italian Lotto Concession payment classification and the status of discussions with the SEC.
- Review the full slide presentation (Exhibit 99.2) for segment performance and forward-looking guidance.
- Confirm the record date and payment date for the $0.20 interim dividend.