During the month of April, the Italian government suspended all games under the Lotto license, which represent about half of our Italian lottery wagers. Heavy Rain sounds for Relaxing, Sleep, Study, insomnia, reduce Stress - Duration: 10:00:35. Now, I will turn the call over to Marco Sala. This target is also aligned with our goal to strengthen our credit profile. Obviously, the COVID-19 pandemic has provided a lot of uncertainties and the expectation is for probably the leverage to go up toward the end of this year and then start to decrease thereafter. Regarding our fixed operating expenses, the biggest savings are the employee-related cost actions that Marco mentioned before. And I think this is visible in the gaming part of our sector, especially if you have to keep on investing to keep your pipeline of products and solutions. Beginning with Gaming, in March, casinos and gaming halls around the world were shut down and most remain closed to date. Total product sales were slightly above the prior year on strong non-terminal product sales, which more than offset lower unit shipments of gaming machines. Regarding Brazil, we do not have anything to change. Marco Sala, CEO at IGT, commented: “This enables IGT to monetise its leadership positions in the Italian B2C gaming machine, sports betting and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility. On slide 16, you have the results from the North America Lottery segment. Marco Sala, CEO of IGT, said: “The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility. What's your view on the leverage in the new normal? Marco Sala is Chief Executive Officer of International Game Technology PLC (IGT), and serves on its Board of Directors. "The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility," said Marco Sala, CEO of IGT. And I truly hope that will happen in June. Good work culture, other benefits. Marco Sala. Having said that, our view is that with a sustained relaxing of restriction, reopening of businesses and hopefully no second wave of outbreaks, we expect the trends to progressively improve in the second half, ultimately returning to positive cash flow. So, it becomes very important to work with the customers to identify the most performing among our machines, to remain operational during the reopening of the casinos. Marco Sala. When coupled with our ample liquidity and enhanced financial flexibility, we have the resources we need to navigate the impact COVID-19 is having on our business. We also must consider that the likely impact of a broader macroeconomic slowdown on consumer spending and player behavior. James Francis McCann III., is Non-Executive Lead Independent Vice Chairperson of the Board of the company. And last is on the Q2 outlook that you gave before. And when it comes to R&D, supply chain and capex, it's clear that all these costs need to be aligned with market realities. HEAVY RAIN at Night 10 Hours. S&P. Marco Sala is Chief Executive Officer & Director at International Game Technology Plc. The lower unit shipments were partially offset by non-terminal sales related to a multi-year strategic agreement, which includes guaranteed revenue on leased units over the contract period. International Game Technology PLC operates as a subsidiary of De Agostini S.p.A. Corporate governance It's clear that as we said in our prepared remarks, the Q2 is the most challenging one for revenues, profit and cash flow. Groups with dedicated work streams meet daily to ensure we are executing on our priorities. Combined with the resilient nature of many aspects of our business and innovative solutions we have in our portfolio, these actions put us in a good position for the recovery. Let me pick up from here the leverage question. “There’s only three companies in the world that do what they do, and one of them’s a local company,” Raimondo said. We have strong liquidity and are absolutely focused on cash preservation. System product sales were essentially in line with the prior year. Modifications to financial covenants include a temporary covenant holiday through the second quarter of 2021, with revised covenant levels thereafter. Marco Sala has served on the IGT PLC board of directors and as Chief Executive Officer of IGT PLC since April 2015. Second, we have significantly reduced costs. The widespread closure of casinos and gaming halls, in addition to reduced traffic to lottery points of sale, significantly impacted global service revenue. And then, just briefly, if you could touch a little bit on kind of the upcoming renewals for -- on the gaming side there and how you guys are currently thinking about that? First, let me say that I hope you and your loved ones are staying safe and keeping healthy in these uncertain times. Discretionary expenses such as travel, marketing and outside service fees have been dramatically curtailed and we are investigating the applicability of government-sponsored relief programs that have been activated around the world. And it's an another important indicator. A free inside look at company reviews and salaries posted anonymously by employees. There are no executives at International Game Technology PLC getting paid more. While digital still represents a small portion of the total Italy wagers, iLottery and Interactive Casino games wagers are increasing over 40% since the coronavirus outbreak. Moving on to costs, where our efforts are focused on better aligning our expenses with lower revenues. Marco Sala . Net proceeds from the sale, which is expected to close in the first half of next year, will be used primarily to reduce debt, IGT said. Marco Sala is Chief Executive Officer at International Game Technology PLC. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. We are currently seeing in Italy, in Europe and in most part of the United States. Having said that, when it comes to IGT, I think that we have already broadened the portfolio of compelling solutions across all aspects of regulated gaming. Local and tribal casinos account for about 85% of the North American Gaming & Interactive segment's revenue. Prior to Buffetti, Mr. Sala served as Head of the Italian Business Directories Division for SEAT Pagine Gialle. And we achieved a major milestone regarding our bank facilities last week, securing a period of relief and additional flexibility on our financial covenants. Protecting the health and safety of our people, our customers and the communities we operate in has guided all our actions. The opportunity extends beyond the digital world. Today, 90% of our staff is working remotely. Dr. Marco Salas is Chief Executive Officer, Director of the Company. “The transaction enables IGT to monetise its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility,” IGT chief Marco Sala said. Please go ahead. The first is a very, very preliminary thoughts on 2021. See Marco Sala's compensation, career history, education, & memberships. See you at the top! He is responsible for overseeing the strategic direction of the Company, which is publicly traded on the New York Stock Exchange (NYSE:IGT). And just a follow-up on the cash flow. Facing stay-at-home mandates and social distancing measures, we are managing the business with many channels in lockdown or operating with stringent restrictions. Let's start with lottery because in Italy, the trend improved very much. According to our data, International Game Technology PLC has a market capitalization of US$2.9b, and paid its CEO total annual compensation worth US$13m over the year to December 2018. These safety measures should impact of the pace of recovery. Good morning. Finally, the team. Sorry to interrupt you. Just one for me, Marco. With the $2.2 billion in liquidity at the end of Q1, we are confident we have sufficient flexibility to weather the pandemic. How realistic is this and what sort of timing, would you expect? We are all extremely motivated and dedicated to executing our action plans to navigate through the crisis. I mean, you have to consider that I'm saying that you are burning cash and so that is the answer that I'm providing. Thanks, Marco. At this time, I'd like to turn the call over to Marco Sala, CEO for closing remarks. That also will influence obviously the net debt in Q2. While some jurisdictions are preparing to reopen, we expect the process to be gradual. That’s a notable decrease of 66% on last year. Wagers were down; beyond 80% in April, and the last week were down 42% as lotto games restarted in early May, and we expect these trends to continue today. And I do not see this changing in terms of the possibility to innovate in scratch-and-win and to innovate on the lotto family. Marco Sala, chief executive of IGT, said the quarter was dominated by the effects of Covid-19. Negligible yearly increases. Notably, Interactive wagers grew 20% during Q1, although from a low share of total business, as players gravitated to our full suite of digital games confirming the high performance of our offering there. 1 Marco Sala, CEO. I think, we have to learn by this crisis, as everybody has to learn when facing difficult times. As a reminder, a large portion of the commercial service revenue is pass-through in nature. We have solutions, where you can play in casinos with your mobile, slot games, sports betting games, table games. Should we expect payments to minority this year or you're also refraining from --. Chad Beynon -- Macquarie Capital (USA) Inc. -- Analyst. But in the U.S., you had mentioned, U.S. lottery in particular, you had mentioned that May is up mid-single digits, kind of, thus far on a same-store basis. For the time being, the activity of gaming halls and sport betting shops is suspended. The oldest executive at International Game Technology PLC is Marco Drago, 74, who is the Non-Executive Director. No, I understand. So, it has been a real visible progression. 1,112 IGT reviews. So, they might be inclined to look at this business differently going forward, because this is an important source for the Italian government and I think they know it. So, please bear with us if we encounter any technical difficulties. April has been a month, where we increased week after week. Pros. The unfolding of COVID-19 pandemic and the correlated government lockdowns to contain the spread of the virus have impacted our performance starting with the last month of the quarter. International Game Technology PLC (NYSE:IGT)Q1 2020 Earnings CallMay 18, 2020, 8:00 a.m. Apart from this near-term cuts, we're also working on longer term structural cost savings initiatives to make our organization even more agile and competitive in the new normal. As in gaming, we need to consider out broader macroeconomic backdrop and change in player behaviors might affect the lottery wagers. While we always look at total compensation first, we note that the salary component is less, at US$923k. International Game Technology Plc engages in the designing, manufacturing, and marketing of electronic gaming equipment, software, and network systems. Machine gaming reflects the impact of gaming hall closures and higher gaming machine taxes. Chief Executive Officer, International Game Technology PLC. So, working capital expectations that we mentioned is for the full year. Find contact's direct phone number, email address, work history, and more. Over the years, we have invested in our digital and systems capabilities, investments that prove particularly well suited to the current environment. So, is it driven by the working capital or do you really see also at the EBITDA level some negative contribution? Thank you. Can you kind of help us think about the roll-out of that, if that's still in place? And I was wondering in your Italian business, the tobacco shops or at least the large proportion of tobacco shops have largely remained open throughout the entire quarantine pandemic. And again, as we said that during the call, we set up a control tower task force that is managing the three components of the working capital on a regular basis. On today's call are Marco Sala, our Chief Executive Officer, and Max Chiara, our newly appointed Chief Financial Officer. I show our first question comes from Carlo Santarelli from Deutsche Bank. We expect customer and players' mindset and behavior to be different in each phase. Thank you. With that, we'd like to open the line for your questions. There is a new minimum liquidity covenant for the interim period. Obviously, in the short-term, we see a little -- some tensions on the payments, on the collection of our receivables. Latest Stock Picks Investing Basics Premium Services. In the U.S., we have seen a progressive recovery during the month of April. But we expect, then, in the second half of the year to turn back to positive cash flow generation. As always, we will -- we focus our attention on some processes, assessing the possibility to automating some of them and assessing also the span of control of our organization. Leverage of 4.47 times increased from 4.31 times at the end of the prior year, primarily driven by the impact COVID-19 had on EBITDA in the first quarter of 2020, but is below the corresponding period last year. Jim Hurley – Senior Vice President of Investor Relations. At this point, we are targeting receivables and payables to balance out during the course of the year. Dr. Marco Salas is Chief Executive Officer, Director of the Company. Based on this perspective, we are using a thorough, zero-based cost assessment to identify structural and contingent cost reductions. And therefore, we expect the lottery part to grow over the next weeks. Fabio Cairoli . The company was founded in 2014 and is headquartered in London, the United Kingdom. Close. Prior to the COVID-19 crisis, our average monthly fixed cost and maintenance capex were approximately $235 million, combined. Please go ahead. That is helpful. I worked at IGT full-time for more than 3 years. A reduction in LMA reflects accruals for penalties due to lower jackpot activity over the past three quarters, and overall, reduced lottery activity due to COVID-19. With that, I will turn the call over to Max. So, that is the situation regarding the various contracts. The important point I want to raise is that we expect that we will have the recovery of the business going forward mainly on lotteries that will provide us a good outlook, if, again, no second wave of outbreaks for the second half of the year. Max has a stronger background in corporate finance, operations and capital markets as well as a history of building and leading high-performing teams. Hi, good morning everyone. Thank you. Given the exceptional circumstances created by the COVID-19 outbreak, we are presenting the results from multiple locations. As we expect, lotto will improve progressively over the next weeks. 1,112 IGT reviews. What I can tell you is that lotto -- the overall lotteries in the last week was minus 42% with lottery opened at the beginning of May. Market data powered by FactSet and Web Financial Group. The issue here is that we don't have a specific time frame to give you right now for when we achieve this target. Since joining GTECH S.p.A. as Co-General Manager in 2003, Mr. Sala has been a member of the board of directors. This results in approximately $500 million in cost savings or capital spending avoidance compared to the original 2020 plan for the full year. Isn’t It Ironic: Steve Wynn Highest-Paid Nevada Casino Exec in 2017, Former CEO Made $34.5M. In her new role, Ms Costa will report directly to the group’s chief executive Marco Sala, stated the company in a written announcement on Tuesday. We offer one of the most comprehensive digital content portfolios in the world with more than 180 teams that serve operators and players in nearly 30 countries. Please go ahead. I know that there are more debates, various states are looking into it, but I cannot anticipate how it will evolve going forward. What are you hearing or what can we reasonably expect in terms of behavior or disposition from the Italian government, as it relates to your Italian business at this point? Marco Sala became the CEO of International Game Technology PLC (NYSE:IGT) in 2015. Marco Sala-- Chief Executive Officer. Those are a set of solutions that we have been investing on, that it would have been helpful in any moment but at this point in time they are very important for casinos, helping them in reopening their activities in a safe way. There are 6 executives at International Game Technology PLC getting paid more, with Marco Sala having the highest compensation of $6,845,280. And mainly for this reason, we expect to burn cash in Q2. Speaking of the team, I'm very happy to welcome Max Chiara to IGT as our new CFO and member of the Board of Directors. Thank you very much, Marco. Thank you and thank you all for joining us on IGT's First Quarter 2020 Conference Call. So, if you see.. [Speech Overlap]. And if we look at last week, scratch-and-win was minus 35%, but considering that scratch-and-win is distributed also through bars that were closed. Great. So, Marco. This provides us with ample resources to cover a modest amount of debt maturities through 2021. IGT says its average Rhode Island salary is about $100,000. I think that they can be optimized for the new normal and we feel there are opportunities to streamline our product offer [Phonetic] and we will be working on it in the preparation of our budget for next year. Thank you. "After a solid start in the first two months of the year, we quickly shifted our focus to the global COVID-19 health crisis in March," said Marco Sala, CEO of IGT. Okay, thank you. Clearly, Italy has had a pretty dramatic kind of closure of some of your key businesses in that market, going back to March. 231 Ratings. Can you just, kind of, help us think about some of your options that are a little bit more social distant or sanitary-friendly that you're offering? For the first quarter, lottery wagers declined 20% due to mobility restrictions implemented in March. Walter Bugno . Turning to the balance sheet, our debt and leverage profile are included on Slide 20. My plan today is to give you an overview of our financial results for the first quarter, provide an update on our balance sheet and highlight the framework we would like to adopt going forward in our financial priorities. Thank you, Carlo. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Finally, we see a recovery phase, a new normal, requiring agility on our path, but we also see plenty of opportunity at that stage for us to leverage our investments in innovative system solutions and digital capabilities. We have solutions to take out the cash from casinos. Let's start with people. Marco Sala has been the CEO of International Game Technology PLC since 2015, and this article will examine the executive's compensation with respect to the overall performance of the company.This analysis will also evaluate the appropriateness of CEO compensation when taking into account the earnings and shareholder returns of the company. This solution is called PlaySpot. Mr. Sala graduated from Bocconi University in Milan, majoring in Business and Economics. We will focus more on our marketing investments and we will review very carefully the outside services. Turning to Slide 21, we ended the quarter with approximately $2.2 billion in liquidity, comprised of about a $1.5 billion in unrestricted cash and $743 million in additional borrowing capacity under our credit facilities. IGT and FanDuel Expand Sports Betting and iGaming Agreement to Entire U.S. Why Casino Supplier Stocks Popped by Double Digits on Wednesday, Copyright, Trademark and Patent Information. And regarding the capex, I mean we tried to postpone part of our capex. At constant currency, total revenue was in line and operating profit more than doubled. All our actions are focused on providing the flexibility to manage through and be well prepared for operating in this new normal. Marco Sala became the CEO of International Game Technology PLC (NYSE:IGT) in 2015. But we also know that our portfolio is quite strong and there are very good games that are performing very well. I show our next question comes from Domenico Ghilotti from Equita. Thank you, Jim, and good day to everyone on the call. Finally, we are emphasizing our innovative solutions that are particularly well suited to the current environment. Now, they could move of course respecting the health protocol that are common on throughout the world, but we expect that the trend, considering these, will improve over the weeks. So, we have seen a peak, then a constant recovery in the moth of April, and in the last two weeks of May, we are over up to mid-single digit. Operating income reflects the LMA dynamics and the closures of VLT venues, partly offset by lower operating costs. In a period, where many are of stepping back, IGT is stepping up for our customers, helping them contain with the current environment and prepare for their business to reopen. Prior to that, the business was trending well. IGT is selling its Italian business to Apollo for $1.15 billion. According to my colleagues, they feel that everybody should realize the opportunity coming from the digital offering in this period of time and I think all the government should look into it, more with them paying more attention going forward. As the Non-Executive Lead Independent Vice Chairperson of the Board of International Game Technology Plc, the total compensation of James McCann at International Game Technology Plc is $296,119. Thank you, Chad. I think also that sports betting in Italy, at least, for the digital distribution as soon as the live sports events, we love to start. Liquidity is our third main area of focus. Other revenue was lower due to the sale of the Poland commercial services business in prior period. At the management level, many of us has steered this business through difficult times, including the global financial crisis and have adopted to many changes coming from the new regulations, political instability and changes in player tastes and preferences. Yes. Ladies and gentlemen, thank you for standing by and welcome to the IGT First Quarter 2020 Results Conference Call. The average maturity of our debt is four years. The first thing we did was create a cross-functional global COVID-19 crisis management team, comprised of senior leaders throughout the organization. The pandemic is forcing our customers like us to focus on cash preservation, reducing operating costs and cutting capital expenditures. But I'm also providing you the sense of where this situation is coming from. IGT has brought together a team of proven leaders to create a powerful gaming and lottery enterprise, providing expertise and value to all of our customers around the globe. Marco Sala, IGT CEO said: “We are excited to have Max join the IGT team, both as a member of my senior leadership team and as a board member. Please go ahead. John, I think when, in any industry, you are facing reduced demand and an increased commercial pressure, there is always the possibility for consolidation. IGT sells Italian gaming machine, sports betting unit for $1.27B IGT will look more like a lottery company than a gaming company after a $1.27 billion transaction announced Monday. Our actions are broad in scope. Guys, thank you very much for all the color in the opening remarks and good to hear from both of you. Lottomatica Holding S.r.l., the wholly-owned subsidiary of International Game Technology PLC (IGT), has signed a definitive agreement to sell one hundred percent (100%) of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l. And then, you have have to consider that we save some money on the capex of the installed base, because the market is down in this period of time and we started reviewing the priority in terms of keep on investing in some specific product categories. The company was founded on July 11, 2014 and is headquartered in London, the United Kingdom. Historically, they have been highly resilient to economic cycles. I provided the overall outlook I have for the Q2, as you mentioned, and for the remainder of the year.
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