I want to leave you with some key messages. The Investor Relations website contains information about International Game Technology's business for stockholders, potential investors, and financial analysts. Assuming a sustained relaxing of restrictions and no second wave of outbreaks, we expect trends to improve progressively in the second half of the year, with lottery recovering faster than gaming. Moving on to costs, where our efforts are focused on better aligning our expenses with lower revenues. 1 Marco Sala, CEO. For those of you who cannot work from home, we implemented stringent policies and protocols to help keep them safe. What were the other two questions? This includes the temporary reduction of salaries, the cancellation of 2020 salary increases and furloughs. Good morning. 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. Beginning in March, widespread stay-at-home order significantly affected lottery sales, lower LMA revenue is the primary driver of the segment's 15% decline in revenue. A free inside look at company reviews and salaries posted anonymously by employees. As a result, same-store revenue trends vary greatly across jurisdictions. But that, I mean, -- it's usual it can come as a part of a decree that has not been issued yet, but overall it's something we can deal with. Look, I do not have much visibility. You mentioned regarding Pennsylvania, the bid for the FM contracts were submitted last June, and the best and final offers were submitted in April, and we are waiting to hear back. The areas in other was where we have more flexibility to reviewing our programs. Domenico, let's start from the last one. "The safety and well-being of our people, customers, and communities have been our highest priority since day one. Having said that, I want to make a point, consider that the gaming machines in Italy represent, in terms of revenues, about 12% of our '19 figures for the company, and in terms of EBITDA, is less than 5%. That, by the way, are very consistent with our strategies. But if the question is if I have more visibility, yes or no, [Phonetic] no, I do not have more visibility. The North America Lottery segment is involved in the development and delivery of lottery solutions, performing research and development for all lottery-related products globally. And the third -- the last was on the replacement unit business. Marco Sala became the CEO of International Game Technology PLC in 2015.This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. Our execution priorities are now shifting to structural cost reduction initiatives to maintain company's fitness as business restarts. Marco Sala. 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. Lottery service revenue was only modestly below the prior year. We moved from a peak of minus, I would say, something around, I'm not precise but around, minus 25% to minus 2%, resulting positive in the first two weeks of May. John, I think when, in any industry, you are facing reduced demand and an increased commercial pressure, there is always the possibility for consolidation. The decline in service revenue reflects casino closures and a contribution from a multi-year poker contract executed in the prior year. Mr. Sala graduated from Bocconi University in Milan, majoring in Business and Economics. I think, we have to learn by this crisis, as everybody has to learn when facing difficult times. Good to hear everyone's voices. Thank you. I would now like to hand the conference over to your first speaker today, Jim Hurley, Senior Vice President, Investor Relations. 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. IGT plans to use the proceeds to pay down net debt, it said. April has been a month, where we increased week after week. In fact, we proactively increased engagement with customers to help them navigate the crisis. As always, the most unpredictable part of the Italian portfolio is the gaming machine part. International Game Technology PLC ("IGT" or the "Company") (NYSE: IGT) today announced a new organizational structure focused primarily on two business segments: Global Gaming and Global Lottery. And then, anything else that is kind of on the horizon, New York or any other big contracts, should we expect that maybe the RFPs or the timing of the renewals gets pushed back or are there opportunities for you to, I guess, renew these just given the uncertainty of the tax revenues and how governments might be thinking about this? I show our first question comes from Carlo Santarelli from Deutsche Bank. 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. Domenico Ghilotti -- Equita SIM SpA -- Analyst. I show our next question comes from Barry Jonas from SunTrust. First, we defer all non-essential capital projects, refocusing our capex investments on the highest return initiatives that offer the shortest payback period. During the month of April, the Italian government suspended all games under the Lotto license, which represent about half of our Italian lottery wagers. So, we should expect some negative EBITDA, given the very, very poor top line? You commented on it a little bit in terms of what you're seeing. As Marco mentioned, we are focused on reducing our cash costs to adapt to lower market demand trends. Phase 2, a period of gradual reopening is just beginning in some jurisdictions. Thank you. Prior to Buffetti, Mr. Sala served as Head of the Italian Business Directories Division for SEAT Pagine Gialle. Cuts were deepest for gaming activities as most our lottery capex is contractual in nature. 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. Guys, thank you very much for all the color in the opening remarks and good to hear from both of you. While there is still a good deal of uncertainty around the trajectory of the pandemic, including the potential for a second wave, we see three phases impacting activities in our main markets. Marco Sala has served on the IGT PLC board of directors and as Chief Executive Officer of IGT PLC since April 2015. What is the sustainable level of leverage in 2021 or 2022? I would like to understand what is your view on the opportunity for a recovery also on the replacement units in North America and international markets? Returning capital to shareholders remain a key medium-term focus, but it ought to be managed in sync with a gradual strengthening of our credit profile. He was later promoted to Head of Business Directories with responsibility for a number of international companies, such as Thomson (Great Britain), Euredit (France), and Kompass (Italy). 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. On comparing similar companies from the same industry with market caps ranging from US$2.0b to US$6.4b, we found that the median CEO total compensation was US$6.7m. “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,” Sala explained. 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. 239 Ratings. We are all extremely motivated and dedicated to executing our action plans to navigate through the crisis. IGT has approximately 12,000 employees. The cost reduction measures and the innovative solutions we offer to market put us in a solid position to confront the post-crisis environment. The company was founded in 2014 and is headquartered in London, the United Kingdom. Hi, good morning, thanks for the remarks, and Max, welcome. ... more than average salary, great friendly environment, remote working flexibility. Now, let me jump right into the financial review of our first quarter, starting on Slide 14. Just one for me, Marco. Stock Advisor launched in February of 2002. Yes. Thank you very much, Marco. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. Marco Sala-- Chief Executive Officer. And then, on just your -- on the IT side, there's been a lot of talk about cashless options. In the past, we've seen tax increases or accelerated tenders, requiring cash outlays quicker. These impact sales of gaming machines and systems, which account for most of the remaining 35% of our global gaming revenue. Dr. Marco Salas is Chief Executive Officer, Director of the Company. While this analysis focuses on total compensation, it’s worth acknowledging that the salary portion is lower, valued at US$1.3m. Return. Our actions are broad in scope. And our last question comes from Joe Stauff with Susquehanna. We can maintain hiring, and over time, freeze. Isn’t It Ironic: Steve Wynn Highest-Paid Nevada Casino Exec in 2017, Former CEO Made $34.5M. As always, we appreciate your interest in IGT and I wish you all a good day and please stay safe. Protecting the health and safety of our people, our customers and the communities we operate in has guided all our actions. As you know, most of casinos and gaming halls remain closed around the world and we are just now seeing some jurisdiction reopen, by the way, adopting strict social distancing guidelines. 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. During this call, we may discuss certain non-GAAP financial measures. That is helpful. And probably, I mean, there is a minor taxation that will be added. IGT - International Game Technology plc published this content on 02 April 2020 and is solely responsible for the information contained therein. Turning to the International segment on Slide 17. 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. Cons. 1,062 IGT reviews. 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. Are you assuming a higher bad debt provision associated with that? The lottery business accounts for 38 percent of the new company’s revenue, Sala said. And then, secondarily, when we look at the Italian business from the perspective of the U.S. market, there is really two ways that we've seen indications from the Italian government to drive revenue, one is obviously expansion and the other is raising gaming taxes or increasing their take of what exists. 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. Chief Executive Officer, International Game Technology PLC. So, that regard the second quarter. The pandemic is forcing our customers like us to focus on cash preservation, reducing operating costs and cutting capital expenditures. 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. The most recent stock trade was executed by Philip G Satre on 10 March 2015, trading 15,984 units of IGT stock currently worth $285,954. As the Chief Executive Officer and Director of International Game Technology PLC, the total compensation of Marco Sala at International Game Technology PLC is $6,845,280. So it looks like International Game Technology … 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. Good work culture, other benefits. IGT said that it would use net proceeds from the sale to reduce debt. Social distancing protocols remain largely in place. Executives. And so, we expect scratch-and-win to recover the next weeks. I think that after this experience globally, we will travel less. In addition, we are reprioritizing our capital investment decisions and the team is focused on disciplined working capital management. Now, let's move to Slide 22. The entire organization is focused on cash flow generation and cash preservation. In total, we identified approximately $500 million in cost savings and capital spending avoidance in 2020 to help mitigate the near-term impact of lower revenues. 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. 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. The most difficult had been decisions related to employees. We have strong liquidity and are absolutely focused on cash preservation. This concludes our Q&A session. Prior to the merger, IGT employed more than 4,400 people. So, I mean let me start from the gaming part of the business. Operating income primarily reflects COVID-19 restrictions, partially offset by lower operating costs. If you look across the various businesses, you realize, that as I said, most of the casinos and gaming hall remain closed. Barry Jonas -- SunTrust Robinson Humphrey -- Analyst. And so, I think this is the outlook I can provide you for Italy; positive on lottery, waiting for the opening; the retailers are doing well in general for the digital distribution. We continue to pay for health benefits for all furloughed employees and look forward to welcoming them back to work soon.We also made drastic cuts in discretionary spending and deferred all non-essential capital expenditures. According to its trading update, IGT has identified $500m in cost savings to mitigate the effects of casino closures and reduced trade. Joe Stauff -- Susquehanna Financial Group -- Analyst. Marco Sala. The negative peak has been minus 30%, but I do not remember, if it was in April or the last week of March. “There’s only three companies in the world that do what they do, and one of them’s a local company,” Raimondo said. 1,170 IGT reviews. 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. Please go ahead. Carlo Santarelli -- Deutsche Bank -- Analyst. IGT also confirmed that Chiara will be joining the firm’s board of directors as an executive director, with the appointment awaiting shareholder approval. Thank you all for joining us today. Hey, guys. Please go ahead. Temporary, company-wide salary reductions and cancellation of 2020 salary increases and incentive comp. I know that there are more debates, various states are looking into it, but I cannot anticipate how it will evolve going forward. 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. Marco, good morning. There are no executives at International Game Technology PLC getting paid more. The amendment demonstrates the strong support that the company has from its RCF and long-term banking group. A free inside look at company reviews and salaries posted anonymously by employees. Raises for promotions are insulting. I should note that much of this growth is driven by an expanding base of new players. 231 Ratings. This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. The International segment specializes in end-to-end solutions and services across all channels to regulated clients in Commercial Gaming and Lottery sectors such as strategic development and operation management. ... -Salary increases are a joke. 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. Dividends and share repurchases are allowed after the covenant holiday, if leverage is less than 5 times. Finally, we are emphasizing our innovative solutions that are particularly well suited to the current environment. On the flip side, is there a potential we could see some relief from the government for gaming or may be opportunities to offer more products? Turning to the balance sheet, our debt and leverage profile are included on Slide 20. The distribution of scratch-and-win can be enlarged to bars [Phonetic]. ET. On slide 16, you have the results from the North America Lottery segment. 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. 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. No, I understand. Thank you and thank you all for joining us on IGT's First Quarter 2020 Conference Call. Diversity & Inclusion at IGT. But since late February, when the virus began to have a serious impact on Italy, the safety and well-being of our people, our customers and communities all over the world became our top priority. Thanks. Let's conquer your financial goals together...faster. And just thinking about how that curve should shape irrespective of the crisis? So, working capital expectations that we mentioned is for the full year. So, all in all, without defining exactly at this point in time, which will be the base of our cost structure, we will be working quite seriously in order to learn from what we are doing that in order to have a more agile organization going forward. Overall product sales revenue declined as a result of fewer terminal unit shipments largely on lower new and expansion activity, and to a lesser extent, delays caused by COVID-19. We also took swift actions on our cost structure and cash preservation, while being careful and not to endanger structural elements supporting long-term value creation. 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. Today, we have introduced temporary base salary reduction ranging from 10% to 50% across the company, canceled 2020 salary increases and short-term incentive compensation programs. We have solutions to take out the cash from casinos. 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. IGT earnings call for the period ending September 30, 2020. And we achieved a major milestone regarding our bank facilities last week, securing a period of relief and additional flexibility on our financial covenants. The national average salary for an International Game Technology employee in the United States is $70,598 per year. Can you kind of help us think about the roll-out of that, if that's still in place? Good morning, everyone. This is a very good question, Chad, because we are not expecting that there is interest, because we are experiencing interest from our customers, because we invested in things that are very relevant in general but specifically in this period of time. IGT, as a business, is relatively evenly split between Lottery and Gaming, and largely concentrated in the United States and Italy, which together account for 80% of our annual revenue. Fabio Cairoli . So, if you see.. [Speech Overlap]. U.S.-listed gaming group IGT said on Monday it had agreed to sell its Italian gaming machine, sports betting and digital gaming businesses to … "The safety and well-being of our people, customers, and communities have been our highest priority since day one. Hi, good morning everyone. I look forward to being a contributor to the future success of an iconic name in the global gaming industry. The first €750m will be payable at closing; IGT will use the funds to pay down debt; The sale is expected to close in the first half of 2021 ; IGT has been reorganizing its business as it has suffered because of the COVID-19 pandemic; Andrew O’Malley. That business is now gradually returning to normal as the games were restored in a phased reopening strategy in early May. Please go ahead. No, I think the issue of the second quarter is the revenues. Please go ahead. Max, you had mentioned working capital for the year to be flattish. Marco Sala, chief executive of IGT, said the quarter was dominated by the effects of Covid-19. Jim Hurley – Senior Vice President of Investor Relations. The widespread closure of casinos and gaming halls, in addition to reduced traffic to lottery points of sale, significantly impacted global service revenue.
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