International Game Technology PLC (IGT) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

If you would like to withdraw your question, again, press star 1. Thank you. I'd now like to turn the call over to James Hurley, Senior Vice President of Investor Relations. You may begin. Thank you, and thank you all for joining us on IGT's Q1 2025 Earnings Conference Call, which is hosted by Vince Sadusky, our Chief Executive Officer, and Max Chiara, our Chief Financial Officer. After some prepared remarks, both Vince and Max will be available for your questions. During today's call, we will be making some forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and our actual results may differ materially from those expressed or implied in the forward-looking statements. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our latest earnings release and in our SEC filings. During this call, we will discuss certain non-GAAP financial measures. You'll find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures in our press release, slides accompanying this webcast, and our findings with the SEC, each of which is posted on our Investor Relations website. And now I'll turn the call over to Vince. Thank you, Jim, and good morning to all. Our Q1 results confirm sustained global player demand for instant and draw games. Reported year-to-year variances reflect elevated U.S. multi-state jackpot activity and associated LMA impacts in the prior year, in addition to calendar shifts that affect comparability. Instant ticket and draw games are the core of our business, representing about 95% of our annual wager-based revenue and nearly 80% of total revenue. Normalizing cal...