Renato Ascoli . Will that $185 million potentially goes to in terms of, kind of, burn rate as you bring revenue back online, i.e., the variable components of the costs that are, kind of, more present in a [Phonetic] more subdued environment relative to kind of what you're anticipating in the back half of the year as business does start to pick up a little bit? "The safety and well-being of our people, customers, and communities have been our highest priority since day one. Let's start with people. Good morning, everyone. Sticking with lottery, wanted to talk about, I guess, some of the existing new business wins, such as Brazil. Turning to the International segment on Slide 17. So, you have the feeling of the overall revenues. Overall, product sales revenue grew 25%, as software license sales related to the extension of a long-term lottery contract in the Czech Republic and AWP upgrades in Italy overcame fewer unit shipments of gaming machines. And we have to assess the pace of the recovery, considering the impact of the social distancing measures, the new cleaning protocols and the overall recessionary environment. 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. This target is also aligned with our goal to strengthen our credit profile. Operating income reflects the impact of the casino closures, partially offset by lower operating costs. Over the last 6 years, insiders at International Game Technology PLC have traded over $0 worth of International Game Technology PLC stock. Today, we are mostly still in Phase 1, handling the outbreak and health emergency. In the rest of the world, we are a B2B provider of digital content and platforms [Phonetic]. I am grateful for the front-line workers that are helping us all through this pandemic and for the IGT team who have rallied tremendously over the last several weeks. Our next question comes from David Katz from Jefferies. No, I think the issue of the second quarter is the revenues. Liquidity is our third main area of focus. 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. So, Marco. Thank you so much, Marco. While some jurisdictions are preparing to reopen, we expect the process to be gradual. See Marco Sala's compensation, career history, education, & memberships. And so, we expect scratch-and-win to recover the next weeks. We instituted a hiring freeze and made a difficult decision to implement the short-term furlough programs for employee groups that are not primarily involved in operations and customer support. Walter Bugno . Our approach is grounded in finding equitable ways to share the burden of the current environment with the goal of bringing things as close to normal as soon as possible. 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. IGT is an equal opportunity employer. We are working on additional innovations for the new world we are leaving in. 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. The negative peak has been minus 30%, but I do not remember, if it was in April or the last week of March. The decline in service revenue reflects casino closures and a contribution from a multi-year poker contract executed in the prior year. During this call, we may discuss certain non-GAAP financial measures. And then, on just your -- on the IT side, there's been a lot of talk about cashless options. Close. That is our view at this point in time. 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. So, I'm expecting this fact will bring them to reconsider the approach on this part of the business because a further increase in taxation is even reducing more their net proceeds. 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. So, you were saying that basically, if I understand properly, we should expect some cash burn, a standard [Phonetic] deterioration in the net debt. For the first quarter, lottery wagers declined 20% due to mobility restrictions implemented in March. 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. So, the mobility of the people was very limited. Financial covenants return in Q3 of 2021 with a revised profile through the maturity of the facilities. VP and SVP level -30%, director levels 10%, furlough about 2k people. Marco Sala is 60, he's been the Chief Executive Officer and Director of International Game Technology PLC since 2015. Slot GGR will be an important barometer to monitor business trends across jurisdictions. New York, our New York lottery contract expires in August and we expect the RFP for a new contract to be issued in the second half of the year. International Game Technology (NYSE:IGT) Q4 2017 Results Earnings Conference Call. Looking to the future, we are withdrawing our previous outlook for the year, due to the uncertainty related to COVID-19. That's all for me. Sorry to interrupt you. Over the years, we have invested in our digital and systems capabilities, investments that prove particularly well suited to the current environment. 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). The company was founded on July 11, 2014 and is headquartered in London, the United Kingdom. career progression opportunities are less. I look forward to being a contributor to the future success of an iconic name in the global gaming industry. During today's call, we will be making some forward-looking statements within the meaning of federal securities laws. 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. Let's conquer your financial goals together...faster. The near-term revenue outlook for main activities in our main markets remains depressed, especially for the second quarter of the year, with a gradual recovery expected in the second half. Hi, good morning everyone. Yes. 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. But we expect, then, in the second half of the year to turn back to positive cash flow generation. 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. March 08, 2018 08:00 AM ET. Yes. "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," Marco Sala, CEO of IGT, said in a release. That is the simple statement because you can do everything with your mobile. Marco Sala became the CEO of International Game Technology PLC (NYSE:IGT) in 2015. I think that the approach of the government should be more prudent, but we have always, to keep in mind, that we are talking about less than 5% of the IGT EBITDA base of '19 numbers. 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. Just curious, so that costs that have been removed that may not need to come back, I mean, I guess, ultimately do you believe you will emerge from this more efficient overall? IGT's digital solution extend across lottery, gaming and sports betting. This concludes our Q&A session. The last week of April has been minus 2% -- minus 2%, minus 3%, and first two weeks of May were up mid-single digit. My heart goes out to those who are dealing with COVID-19. As a result, same-store revenue trends vary greatly across jurisdictions. We will focus more on our marketing investments and we will review very carefully the outside services. Recommends. 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. Now, let's move to Slide 22. IGT is selling Lottomatica, its B2C Italian gaming business, to Gamenet in a deal worth €950m. It's clear that as we said in our prepared remarks, the Q2 is the most challenging one for revenues, profit and cash flow. Mr. Sala graduated from Bocconi University in Milan, majoring in Business and Economics. In the U.S., we have seen a progressive recovery during the month of April. Thank you. 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. Look, I do not have much visibility. Thank you. Q1 2020 International Game Technology PLC Earnings Call London Jul 10, 2020 (Thomson StreetEvents) -- Edited Transcript of International Game Technology PLC earnings conference call or presentation Monday, May 18, 2020 at 12:00:00pm GMT TEXT version of Transcript ===== Corporate Participants ===== * James Hurley International Game Technology PLC - SVP of IR * Marco Sala … Thanks. The oldest executive at International Game Technology PLC is Marco Drago, 74, who is the Non-Executive Director. And third is on the leverage. Got it. As in gaming, we need to consider out broader macroeconomic backdrop and change in player behaviors might affect the lottery wagers. Marco Sala. Our execution priorities are now shifting to structural cost reduction initiatives to maintain company's fitness as business restarts. We are on track with that and we still consider, notwithstanding the challenging environment, a great opportunity for our company. The cost reduction measures and the innovative solutions we offer to market put us in a solid position to confront the post-crisis environment. 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. Our business contingency plan have enabled us to maintain high customer service levels around the world. Apart from impairment, revenue mix, particularly lower service revenue was another driver of lower operating income and there was some benefit from initial actions taken to reduce operating costs across the company in the quarter.Adjusted EBITDA of $309 million was also lower, down 25% at constant currency. Is there any update there and kind of what the state is planning for the adjusted timeline? In Italy, the impact has been significant, given the severity of the restrictions. We are approaching how we manage the business differently to be nimbler, leveraging on innovation and flexing our business to adapt to changes in customer and player behaviors. The distribution of scratch-and-win can be enlarged to bars [Phonetic]. Let me pick up from here the leverage question. Chief Executive Officer, International Game Technology PLC. So, that is the situation regarding the various contracts. Joe Stauff -- Susquehanna Financial Group -- Analyst. Chief Executive Officer, Global Lottery . Hey, guys. The closure of VLT venues drove the decline in gaming service revenue.