Light & Wonder (LNW) 4 Aug 182018 Q2 Earnings call transcript

Good day and welcome to the Scientific Games Second Quarter 2018 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today’s event is being recorded. I would now like to turn the conference over to Robert Shore, Senior Director of Corporate Finance and Investor Relations. sir. ahead, go Please

Good Rocco. morning, you, everyone. Thank

Mike call, results and today’s With this Cottle we a will XXXX quarter me and Barry are second our morning operating period. discuss question-and-answer During Quartieri. performance, by followed

Our statements under Reform Private statements include from the to risks certain discussed will and call the XXXX. cause Securities those These differ actual contain results today of that forward-looking statements Act involve Litigation call. uncertainties during that materially

our including and well posted second Form risks the issued XX-Q uncertainties, site the our filed as earnings regarding as to XX-K related call subsequent release yesterday, Form refer filed this the and information reports quarter XXXX morning. on the annual most materials our the For SEC, report filed on with late please Web including our to filings XXXX, on March X, with recent our SEC,

description measure as non-GAAP our will discuss be morning. in certain non-GAAP site. financial measure release, GAAP our the of found Investors Section each the this as Web measures reconciliation can in non-GAAP earnings of A measure directly comparable a press We well each most to on also and

this accompanying Investors Web replay recorded. is call this webcast scientificgames.com. in of at site and reminder, being Section a materials As archived conference be our will A the of

let me Now, turn the Barry. call to over

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maximize focusing of which top upside we’re Spot in taking in bottom value. move our address, sales, smartly to we our into future, us enable for and game-offs second continuing greater shareholder line delever, the we’ve which half for the to operational year and to initiatives on and and make into opportunity excellence, International As strides and XXXX, invest the will

that Before the I same, place businesses. The turn the I made positive on. the want culture everyone call remain great few over provides the past we’ve are years and corporate remind to operational will that operational progress, throughout establishing on build to to Mike, great call us efficiencies platform efficiencies a the which just listening in the

deliver strengths, to Games based across will seamless build player and solution Scientific and in products that players and experiences We uniquely a retail land continue way a can the best deliver. on provide digital, for our

of embarking improvements. a a driving balance path create efficiencies is accelerate sheet team innovation, on while Our simultaneously that to culture market-driven

of second provide quarter Mike his review let Now, results. the

Barry. Good Thanks, morning, everyone.

X%. strength by our noted, four be can our Barry revenue our rose AEBITDA and were driven results and throughout all Consolidated our experienced strong that content The in of leveraged XX% our global offerings. increased We our businesses brands As businesses. was and solid. growth diversified

units. Now, to operating our let me turn

Gaming business. First, our

grew revenue by over million AEBITDA $XX.X quarter million increased Second by $X and prior year. the

XX A continuing the and points the Our $X the to Canada, AEBITDA we year units exhibited basis sales XX.X%. In replacement margin comparison. the strength is are prior million U.S from replacement quarter. tough units. machine second improved first on increased units in X% as seeing from continued in or a quarter, increased the highlight XX% gaming in Revenue

the in would totaled favorable Northeast, JXX in international casino JXX for the included States shipments year-over-year seasonal year's I compared opening throughout Springfield units revenue shipments operations, replacement new which the Gaming X,XXX casino the and our for Rock accounting demand last There million, largely jackpot sequential new our In Shipments mix expected did the TwinStar year, cabinet. to period. quarter strong shipped $XX,XXX, remind particular results are of content City units year-ago. casino in slowdown for the and price selling cabinet. $X.X products, down Atlantic by shipments WAP the demand driven no XXX Massachusetts. from normal new United Canada QX driven expect no of Year-over-year, to a was units were new TwinStar for openings and that this the for a for portfolio in X%, third new to This openings expansions major expense. ongoing casino was result openings. year's the two revenue innovative continue any Hard XXX International include in the QX. We quarter, there reflecting or not for XXXX, the $XX.X of year in was recognition totaled openings up MGM of million average by the Last XX% quarter. corresponding third And casino during and X,XXX everyone and opens quarter

revenue million of sequential average increased as cost a base the purposes, jackpot expense and on our daily no For year. basis, in income, participation the $X.XX Again, this or operating unit. stable, impact by premium of installed $X a flow. has was per change comparison services was On in prior WAP units quarter cash treated while classification AEBITDA and

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vary mentioned As system when we recognize the previously, we've can goes revenue the which of live, quarter-to-quarter. timing

revenue We the we'd throughout be in and expect XXXX than on to contracts course, into XXXX maintenance grow in those and installs with the XXXX. follow-on In QX stronger system expect will normal associated QX.

X% quarter from or quarter Turning X% Lottery, the $X was the $X million second to for quarter. up Lottery our revenue million increased and on was This AEBITDA year-ago group. a or AEBITDA record

the for we New Mexico. During contract instant were the primary the State quarter, awarded of

increased revenues was growth revenue growth domestically. by services million Lottery XX% driven the services Within our $X in business, or year-over-year. organic The largely

of with to at went well. announce the we Kansas that technology systems as in live pleased end are our current We July

on to back RFP It near-term. Just technical the our wrap state like Pennsylvania. provide for rerelease I'd The existing segment, to in changes. some the understanding update RFP Lottery will an up is the pulled was the

We commented supporting introducing are in on. of the -- proud previously our lottery enrolled in including new launching partnership with Barry products, Keno, which iLottery and

compared Facebook. our were implemented We are and apps these the resume believe data we negatively Turning up Revenue privacy increased continued expect social X.X% as grow and to strongly. second X% a to increased sequential million. On changes growth to by first to the us our by Social quarter XX% quarter, to impacted revenue to million segment, trend. issues their basis, $XXX $XX revenue was year-over-year AEBITDA quarter our behind policy

slot library in features play We second $XX successfully new continue quarter, drive building. revenue globally. unique growth. In player million that casino integration of reflects with the NYX million $XX Slots The to features existing to to content launched our to have play, of AEBITDA. we and driven we The several results exceeded combine social have is on innovative continuing gaming the in device expectations. city styles generated Digital, In time and leverage revenue game MONOPOLY our progress. The

QX. In to content platform new our Caesars, partnership we across signed on sites customers new seven client with and launched our addition gaming our during eight OGS exciting successfully

was capital of million, use $XX cash Turning timing million refinancing. to the to of from in Working resulting reported $XXX.X operations. payments, principally interest related February a cash the XXXX from flow, we

opportunity become callable due in December the we’ve notes, and the Additionally, interest later to XX% further costs maturities reduce year on extend XXXX, the X. when

to million. Coral, with and the planned to The interest manufacture we’ve perspective, participation in sports our We’re the monitoring around our Maryland investments capital CapEx continuously iLottery future increase cabinets to and and new On the including order important within cabinet savings. $XXX of cash betting, From from million installations expecting year to note prior with planned the of completely now [indiscernible] best XXXX of of the a ongoing the in Lottery acceleration our are We X-year in the $XXX range associated be markets generate base for we relates opportunity full-year installed games, to in that terminals with investments it's U.S Ladbrokes system an contract Kansas, Pennsylvania. Digital additional until don’t it's addition variable. Keno place operator.

costs includes expect year refinancing to concession higher related usage XXXX we our While firmly this cash past our summary, focused LNS beyond. remains In free commitment spend, payments, in and strong like CapEx that and Operator? flow grow the cash on would continuous that smart sheet. opportunities business capitalizing we , to on our our strengthen improvement, generating free And with and flow questions. for to balance line open-up

first today’s ahead. Instructions] go question Gaming. [Operator comes And DeCree you. John Please Thank of Union from

call as your Barry, on Good CEO. morning, first and congratulations everyone

Thank you.

here? a evolution to was cost and forward and several think what talked kind you control. remarks as Scientific prepared Games we you and of your talk vision management maybe background about bit the of was going the background over bureau your Gavin bit kind little about about style and from your When Games, see in of focus last Wanted start about your you the years, high-level. the little think your being for a you your Scientific gaming could Kevin Barry,

Absolutely.

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wanted announced yet. that. one you’ve appreciate and that be of bit could Hopefully we the talk you partnership recently you the question would about the how EBITDA a know of kind I are bit OpenBet with little more taking sports I bring positioning Barry, here market platform, that various for won't has Caesars, partnerships and partner U.S. double about to other Scientific kind little a in And Great, if access which you based up, from casinos land There wonderful, just they a but to partners hold -- to bit can talked platform in detail the wanted when Games about across betting, itself? strategies the been betting. largest of number you a sports of is One look

if you. could helpful. about be a your So from would me. talk That's you bit that positioning strategy all little and Thank

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how that how we where marketplace -- is the in what positioned believe and that we we really So are the others. have that’s against

and again on the congratulations the all questions move. Appreciate for the color. CEO Barry. Thanks Great,

you. you Thank much. very Thank

And Malouf Craig-Hallum comes of ahead. from our go next question today Please Mike Capital.

Great.

Hi.

kind sports I’m more little question. betting on Thanks. up following of a just the it bit

where Europe in but process the much to what then in someone little the take two-step for out, the to a product that solution there permanent more U.S of so pretty bit You rush happening are a those second participation and benefit, market, talking might robust less may being is, talked activity and the really switch rolls in a about get be that betting or a two, perhaps you robust most see not numbers perhaps, a Is certainly perhaps see year amazing. are you robust first. platform about a you and it the perhaps wave see maybe the how here

of CEO that. on perspective the Some Thanks.

Yes, privy think exact the think I question. not a are out deals terms cut seeing again, to a you’re And great I that’s good and perspective. but -- of we the being that’s there,

I think a the there's things lot of -- activity.

You marketplace. I a do see we of operator, people can well long-term you believe touch activity at get wanting themselves extremely that they either in of we solution and up the are or out, an NFL, can we take longer to and term New two, going there fast people to we see open-up in happens and there, able an why are out believe Jersey provide the positioned. bet a various a number a move you in the to make where is to we’re set be products the market see a I Mississippi as is market, incredible out in marketplace that’s get are position said, to going what then in we’ve experience that before again, out the And One, and decisions, but the see think feel kick-off what does particular. once the put out

follow-up Okay, then your on great. quick a And just CapEx.

doing. CapEx You to are raised be guidance going the that you

down in this, from of bit you level peak do just this look or what then more into little think quickly. maybe the is that can of of come the on do sort could again, similar will to drill up you be XXXX, you down think cycle is I you that know just on? just a out here? pretty a increase, you you kind it focused As rattled And

Yes, sure.

then your first question next things. back to I what couple this What’s come driving So, the for year, a about year. increase think we will

year. year, when carryover this this Lottery and in was the So, Maryland finally you in Remember was it back did that we challenged went issued from contract. have systems live

CapEx So days. just you And of Kansas with in couple associated as the the had system just last we launched Maryland.

Lottery. systems for two installs you’ve for year So this

presented was Keno that Pennsylvania. New business opportunity installing the in X,XXX itself terminals

a where the Coral, and will You new have Ladbrokes and equipment our sit the continued with And also leased then new X-year presenting for did agreement, we’re there gaming then machine. we which generate with of betting itself planned this with the that out sign the revenues in and equipment to opportunities making X-years will we’ve iLottery and the We year, to put needed contract next fresh similar we X-year investments there. very refresh that be sports for new us.

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for helpful. taking That’s Okay. a questions. my very Thanks lot

You’re welcome.

[Operator Instructions] Please go Today's Jefferies. ahead. next Katz at from question David comes

Hi, on morning. everybody. Good how is today? for This you Hellquist Erik David, are doing

Good.

Yes, on it partnership as just I touch to OpenBet. Caesars to betting, want the and but with relates so, follow on about to sports sorry

meaningful that a is Just of you or of rollout generate earn I for cash from guys expect either you guess standpoint, wanted are sort you do partnership viewing are of what particularly, to -- to of in and see sports betting there like to properties partnerships think how others? And kind representative could profitability these the flow? you many how

are partner for kind Jersey excited what -- in in and and disclosing think properties call us. their that that we’re them, partnering deals all, an Yes, We’ve we’re the that, the access Caesars or lot partner so a New disclosed. we to Mississippi -- great it economics and massive of we the obviously them Caesars of is but with with amazing of a here. an we already that believe, betting with scheduled and like in are and a has launched haven't player brand, resources first upcoming not I two first to date player the they’ve of marketplace a -- marketplace, the market base obviously, in They’re we of are financials terms win already properties. with they’ve sports due again, demand pent-up numerous believe And for of huge with in the in

any about kind So particular, we’re excited disclosed economics. of this but forward financials haven't particular of we contract, looking or kind about the in possibilities,

Okay. to then. Yes, and more going high-level just back

of So kind lot can -- a just these forward as of tell of about relates you we’ve how to how the kind investors market? of it partnerships. partnerships me to Can sorts seen going these think

Yes, this is I think Mike. --

the operators best deal, the look look some revenue you think to ramp is, at it way of you’re I to at of going take time gaming when the for the business. structures the to just the overall side up

a of revenues. will our that up, be on structure As percentage ramps based fee

Texas, states states larger when they operational year, you’re holistic at the When the a quickly have this the in early, it this becomes still it you at at look six going legislative five about looking and So, markets up. basis, focus point. only like by to can how the on really ramp a or something a end of California to you’re on stage of a are some early

to ramp some going time take up. So, I it for it's think to

just to the to indicator think to the come starts. states tell-tale not also are time, going online. NFL be season able in is popularity, track as when a that’s the actual People only be to everyone, that going states but the going future point think daily I with be within that clear and for they for at activities I sign

color Okay, quarter. great. Thanks on the for all the Congrats guys.

Thank you.

Thank you.

next our from McGill And Advisory. go Brian ahead. comes question Telsey Please of

Thanks Yes. my a couple. just for questions. taking have I

know liquidity? but OpenBet, what I competitors it traded just is on generate longer So even spinning it, of out XXx maybe wondering or I some was you European to you would your And of EBITDA. term, XX think bought

maximizing and is the being time. No, shareholders. focus at value of that’s point to that for on growing it contemplated not our we business want this do What in

Okay. want like companies you of say should about do after a or And three four it size or or when you contracts operators would additional Caesars mean, say think major Tribal we the I could properties how additional contracts, the number with you then go you you properties, about think do to or on that? only when

We up set the are actually flexibility. and have

range We partners are to wide and the and we approaches can a of marketplace. structured accommodate such that sizes

we in operators with now, right of all So casino are sizes. discussions

WAP yield, see mean turning the the does just like Bond, here. then start new that finally basis And games on guess stabilize? coming WAP good. Okay, we I on subjects I to do James out participation with yield

Yes.

my XX on If I as you at in commented as in look it, New Gamefield was Jersey the of their new and end We’ve is early about Bond went Friday only games prepared we it X.X the launched remarks, the stages. cabinet. that James of live period, literally in

So, early play indications strong. level of are is the that

But tell. of it's Bond that, still games impact but start licensed have impact. in the we'd really with true to It We seeing early an will QX. are pleased

on which of, same openings, I kind should And kind I the guess new kind major a -- without in guess, low-XXXXs that one, you forward, new right is Okay, about then we should good. of openings? last international, rate the range on run shipments quarter, of without think just referenced, of going

would Yes, I agree.

be going the is mid to range it's to low think about X,XXXs, I shipped. units for right

Thank Okay. Awesome. you.

Thank you.

for remarks. I'd Instructions] [Operator team to any concludes back turn final over This conference session. like today's the management to the question-and-answer

much. Thanks for everyone. joining today Thank very you us

Look continued you quarter, That our and continued momentum said, products see, Thanks second to much. the exciting about and from services. number we’re quarter is growth with hopefully success forward innovation strong As lot with very of a complacent opportunities next excited October. continuing. our not you you to speaking segment, are and every are in business and can GXE but sooner drive at to seeing early of results

conference you Today’s today’s now all concluded sir. for you, Thank we has and presentation. thank attending

have day. and lines now may a disconnect your wonderful You