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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | We report our operations in three business segments—Gaming, SciPlay and iGaming—representing our different products and services. Our Gaming business segment generally sells game content and gaming machines, VGTs and VLTs (including conversion kits and parts), and leases or otherwise provides gaming content, gaming machines and server-based systems. It also sells and supports CMS-based software and hardware, licenses PTG content and supplies Shufflers and other table products utilities to commercial, tribal and governmental gaming operators. Our SciPlay business segment develops, markets and operates a portfolio of social games played on various online platforms. Our iGaming business segment provides a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. See Note 3 for the products and services from which each reportable segment derives its revenues. In evaluating financial performance, our CODM (defined as our Chief Executive Officer) focuses on adjusted earnings before interest, taxes, depreciation and amortization (“AEBITDA”) as management’s primary segment measure of profit or loss, which is described in footnote (5) to the below table. Our CODM uses business segment AEBITDA to evaluate the performance of each business segment and allocate resources. Additionally, AEBITDA is one of the key metrics used in our incentive compensation program. The accounting policies for our business segments are the same as those described in these Notes. The following tables present our segment information:
| Year Ended December 31, 2024
| Gaming |  | SciPlay |  | iGaming |  | Total Reportable Segments |  | Unallocated and Reconciling Items(1) |  | Total
Total revenue | $ | 2,068 |  |  | $ | 821 |  |  | $ | 299 |  |  | $ | 3,188 |  |  | $ | — |  |  | $ | 3,188 |
Cost of revenue(2) | (603) |  |  | (231) |  |  | (97) |  |  | (931) |  |  | — |  |  | (931) |
Payroll and related(3) | (321) |  |  | (102) |  |  | (70) |  |  | (493) |  |  | — |  |  | (493) |
Other segment reconciling items(4) | (117) |  |  | (216) |  |  | (34) |  |  | (367) |  |  | (153) |  |  | (520) |
AEBITDA(5) | 1,027 |  |  | 272 |  |  | 98 |  |  | 1,397 |  |  | (153) |  |  | 1,244 |
Reconciling items to net income from continuing operations before income taxes:
Restructuring and other | (2) |  |  | (1) |  |  | (4) |  |  | (7) |  |  | (87) |  |  | (94) |
D&A |  |  |  |  |  |  |  |  | (361) |  |  | (361) |
Interest expense |  |  |  |  |  |  |  |  | (293) |  |  | (293) |
Loss on debt refinancing transactions |  |  |  |  |  |  |  |  | (2) |  |  | (2) |
Other income, net |  |  |  |  |  |  |  |  | 37 |  |  | 37 |
Stock-based compensation |  |  |  |  |  |  |  |  | (110) |  |  | (110) |
Net income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 421 |
Assets as of December 31, 2024 | $ | 3,964 |  |  | $ | 444 |  |  | $ | 735 |  |  | $ | 5,143 |  |  | $ | 278 |  |  | $ | 5,421 |
Capital expenditures for the year ended December 31, 2024 | $ | 238 |  |  | $ | 18 |  |  | $ | 24 |  |  | $ | 280 |  |  | $ | 14 |  |  | $ | 294 |
(1) Includes amounts not allocated to the business segments (including corporate costs) and items to reconcile the total reportable business segments AEBITDA to our consolidated net income from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is reconciled to net income (loss) from continuing operations before income taxes with the following adjustments: (1) depreciation and amortization expense and impairment charges (including goodwill impairments); (2) restructuring and other, which includes charges or expenses attributable to: (i) employee severance; (ii) management restructuring and related costs; (iii) restructuring and integration; (iv) cost savings initiatives; (v) major litigation; and (vi) acquisition- and disposition-related costs and other unusual items; (3) interest expense; (4) loss on debt refinancing transactions; (5) change in fair value of investments and remeasurement of debt and other; (6) other income (expense), net, including foreign currency gains or losses and earnings (loss) from equity investments; and (7) stock-based compensation. AEBITDA is presented as our primary segment measure of profit or loss.
| Year Ended December 31, 2023
| Gaming |  | SciPlay |  | iGaming |  | Total Reportable Segments |  | Unallocated and Reconciling Items(1) |  | Total
Total revenue | $ | 1,850 |  |  | $ | 777 |  |  | $ | 275 |  |  | $ | 2,902 |  |  | $ | — |  |  | $ | 2,902 |
Cost of revenue(2) | (553) |  |  | (235) |  |  | (84) |  |  | (872) |  |  | — |  |  | (872) |
Payroll and related(3) | (274) |  |  | (98) |  |  | (63) |  |  | (435) |  |  | — |  |  | (435) |
Other segment reconciling items(4) | (105) |  |  | (201) |  |  | (33) |  |  | (339) |  |  | (138) |  |  | (477) |
AEBITDA(5) | 918 |  |  | 243 |  |  | 95 |  |  | 1,256 |  |  | (138) |  |  | 1,118 |
Reconciling items to net income from continuing operations before income taxes:
Restructuring and other | (11) |  |  | (10) |  |  | (25) |  |  | (46) |  |  | (46) |  |  | (92) |
D&A |  |  |  |  |  |  |  |  | (384) |  |  | (384) |
Interest expense |  |  |  |  |  |  |  |  | (309) |  |  | (309) |
Loss on debt financing transactions |  |  |  |  |  |  |  |  | (15) |  |  | (15) |
Other income, net |  |  |  |  |  |  |  |  | 5 |  |  | 5 |
Stock-based compensation |  |  |  |  |  |  |  |  | (118) |  |  | (118) |
Net income from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 205 |
Assets as of December 31, 2023 | $ | 4,023 |  |  | $ | 473 |  |  | $ | 712 |  |  | $ | 5,208 |  |  | $ | 344 |  |  | $ | 5,552 |
Capital expenditures for the year ended December 31, 2023 | $ | 181 |  |  | $ | 18 |  |  | $ | 30 |  |  | $ | 229 |  |  | $ | 13 |  |  | $ | 242 |
(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 2.
| Year Ended December 31, 2022
| Gaming |  | SciPlay |  | iGaming |  | Total Reportable Segments |  | Unallocated and Reconciling Items(1) |  | Total
Total revenue | $ | 1,601 |  |  | $ | 671 |  |  | $ | 240 |  |  | $ | 2,512 |  |  | $ | — |  |  | $ | 2,512 |
Cost of revenue(2) | (462) |  |  | (204) |  |  | (72) |  |  | (738) |  |  | — |  |  | (738) |
Payroll and related(3) | (273) |  |  | (80) |  |  | (60) |  |  | (413) |  |  | — |  |  | (413) |
Other segment reconciling items(4) | (99) |  |  | (200) |  |  | (28) |  |  | (327) |  |  | (121) |  |  | (448) |
AEBITDA(5) | 767 |  |  | 187 |  |  | 80 |  |  | 1,034 |  |  | (121) |  |  | 913 |
Reconciling items to consolidated net loss from continuing operations before income taxes:
Restructuring and other | (6) |  |  | (5) |  |  | (23) |  |  | (34) |  |  | (112) |  |  | (146) |
D&A |  |  |  |  |  |  |  |  | (420) |  |  | (420) |
Interest expense |  |  |  |  |  |  |  |  | (327) |  |  | (327) |
Loss on debt financing transactions |  |  |  |  |  |  |  |  | (147) |  |  | (147) |
Gain on remeasurement of debt and other |  |  |  |  |  |  |  |  | 27 |  |  | 27 |
Other income, net |  |  |  |  |  |  |  |  | 6 |  |  | 6 |
Stock-based compensation |  |  |  |  |  |  |  |  | (69) |  |  | (69) |
Net loss from continuing operations before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (163) |
Capital expenditures for the year ended December 31, 2022 | $ | 151 |  |  | $ | 12 |  |  | $ | 32 |  |  | $ | 195 |  |  | $ | 21 |  |  | $ | 216 |
(1) Includes amounts not allocated to the business segments (including corporate costs) and reconciling items to reconcile the total reportable business segments AEBITDA to our consolidated net loss from continuing operations before income taxes.
(2) Excludes D&A.
(3) Excludes stock-based compensation.
(4) Primarily represents various other non-payroll related operating expenses, including but not limited to, professional and legal services, marketing, facilities and operating leases, maintenance, and other operating expenses.
(5) AEBITDA is described in footnote (5) to the first table in this Note 2.
The following tables present revenue by customer location and property and equipment by geographic location:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Revenue: |  |  |  |  |  |
U.S. |  | $ | 2,087 |  |  | $ | 1,948 |  |  | $ | 1,734 |
Other |  | 1,101 |  |  | 954 |  |  | 778 |
Total |  | $ | 3,188 |  |  | $ | 2,902 |  |  | $ | 2,512 |
|  | As of December 31,
|  | 2024 |  | 2023
Property and equipment, net: |  |  |  |
U.S. |  | $ | 238 |  |  | $ | 196 |
Other |  | 48 |  |  | 40 |
Total |  | $ | 286 |  |  | $ | 236 |

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