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☐
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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
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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.
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International Game Technology PLC
Consolidated Statements of Operations
(Unaudited, $ and shares in millions, except per share amounts)

For the three months endedFor the three months endedFor the year ended
202420232022
June 30,March 31,December 31,September 30,June 30,March 31,December 31,
Service revenue586 619 592 576 588 602 2,440 
Product sales27 42 89 25 35 22 157 
Total revenue613 661 681 601 623 624 2,597 
Cost of services304 304 313 301 298 296 1,280 
Cost of product sales22 26 53 22 21 15 120 
Selling, general and administrative96 102 95 106 104 102 400 
Research and development11 11 10 9 9 9 45 
Other operating expense, net1 — 12 — 2 — 9 
Total operating expenses434 443 483 438 434 422 1,854 
Operating income179 219 197 163 190 202 743 
Interest expense, net53 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, net3 4 4 3 — 6 15 
Total non-operating expense (income), net52 46 110 21 53 80 (29)
Income from continuing operations before provision for income taxes127 173 88 142 137 122 772 
Provision for income taxes43 57 15 65 67 76 212 
Income from continuing operations84 116 73 77 69 46 560 
Income (loss) from discontinued operations, net of tax— 13 (46)46 21 22 (146)
Net income85 128 27 123 90 67 414 
Less: Net income attributable to non-controlling interests from continuing operations41 45 35 31 42 42 139 
Less: Net income (loss) attributable to non-controlling interests from discontinued operations2 2 — (2)2 2 — 
Net income (loss) attributable to IGT PLC42 82 (7)94 46 23 275 
Net income from continuing operations attributable to IGT PLC per common share - basic0.21 0.35 0.19 0.23 0.14 0.02 2.08 
Net income from continuing operations attributable to IGT PLC per common share - diluted0.21 0.35 0.19 0.23 0.14 0.02 2.07 
Net income (loss) attributable to IGT PLC per common share - basic0.21 0.41 (0.04)0.47 0.23 0.11 1.36 
Net income (loss) attributable to IGT PLC per common share - diluted0.21 0.40 (0.04)0.46 0.23 0.11 1.35 
Weighted-average shares - basic201 200 200 200 200 200 202 
Weighted-average shares - diluted203 203 200 203 203 202 203 
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International Game Technology PLC
Consolidated Balance Sheets
(Unaudited, $ and shares in millions)
 
 June 30, 2024December 31, 2023
Assets  
Current assets:  
Cash and cash equivalents374 508 
Restricted cash and cash equivalents99 146 
Trade and other receivables, net374 403 
Inventories, net115 110 
Other current assets204 141 
Assets held for sale797 816 
Total current assets1,963 2,123 
Systems, equipment and other assets related to contracts, net588 622 
Property, plant and equipment, net75 74 
Operating lease right-of-use assets97 103 
Goodwill2,664 2,678 
Intangible assets, net78 87 
Other non-current assets707 835 
Assets held for sale3,870 3,943 
Total non-current assets8,080 8,342 
Total assets10,042 10,465 
Liabilities and shareholders' equity
Current liabilities:
Accounts payable544 643 
Current portion of long-term debt713 — 
Short-term borrowings— 16 
Other current liabilities536 561 
Liabilities held for sale538 472 
Total current liabilities2,331 1,691 
Long-term debt, less current portion4,833 5,655 
Deferred income taxes195 178 
Operating lease liabilities81 88 
Other non-current liabilities118 129 
Liabilities held for sale607 771 
Total non-current liabilities5,835 6,821 
Total liabilities8,166 8,513 
Commitments and contingencies
IGT PLC's shareholders' equity1,503 1,443 
Non-controlling interests374 510 
Shareholders' equity1,877 1,952 
Total liabilities and shareholders' equity10,042 10,465 
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International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
(Unaudited, $ in millions)
For the three months endedFor the three months endedFor the year ended
202420232022
June 30,March 31,December 31,September 30,June 30,March 31,December 31,
Income from continuing operations84 116 73 77 69 46 560 
Provision for income taxes43 57 15 65 67 76 212 
Interest expense, net53 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, net3 4 4 3 — 6 15 
Operating income179 219 197 163 190 202 743 
Depreciation43 41 42 45 45 44 181 
Amortization - service revenue (1)
49 50 50 50 50 49 193 
Amortization - non-purchase accounting6 6 6 6 6 6 27 
Amortization - purchase accounting2 3 3 4 4 4 18 
Stock-based compensation9 9 5 11 10 8 34 
Other 1 — 12 — 2 — 9 
Adjusted EBITDA290 327 316 279 305 314 1,205 
(1) Includes amortization of upfront license fees

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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
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