• Average Selling Price (ASP)

    Average selling price of a gaming machine unit in a given time frame.

  • Gross Gaming Revenue (GGR)

    Amount wagered (also called handle or stakes), less prizes paid out.

  • Installed Base

    Total number of IGT owned gaming machines that are deployed to casino customers under lease agreements. Machines under an operating lease generate recurring revenue for IGT under three primary models: % of coin in, fixed fee, or revenue share (% of net win).

  • Multi-Level Progressive (MLP)

    Gaming machines linked within a single casino property, offering players an opportunity to win awards at multiple jackpot levels.

  • Net Gaming Revenue (NGR)

    Gross Gaming Revenue, less bonuses and free credits awarded to players, and less statutory gaming taxes. This is an important metric for our iLottery, iGaming, and sports betting activities, where we are generally remunerated as a percentage of NGR.

  • New & Expansion Units

    Gaming machine sales driven by the establishment of new commercial gaming jurisdictions, the opening of new casinos and gaming halls in existing jurisdictions, and the expansion of existing casinos and gaming halls.

  • Replacement Units

    Gaming machine sales driven by the replacement of casino-owned units in existing casinos and gaming halls.

  • Video Lottery Terminal (VLT)

    A gaming machine offered by lotteries and connected to a central gaming system, on which the player may play a variety of casino-style games.

  • Wide Area Progressive (WAP)

    Gaming machines linked across multiple casino properties; a jackpot increases progressively with every wager across all machines until a player wins the top award.

  • Yield

    Average daily amount earned by IGT from leased gaming machines. Yields are a direct driver of revenue.


  • Draw Games

    A lottery game where the winning numbers are drawn randomly by mechanical or electronic means.

  • Facilities Management Contract (FMC)

    Lottery contract for the design, installment, and operation of a lottery system and retail terminal network. Typically, the technology supplier maintains ownership of the technology and equipment, and is responsible for capital investments throughout the duration of the contract. Revenue is typically generated as a percentage of wagers of draw-based and/or instant ticket games.

  • Instant Ticket

    A lottery game offered on preprinted tickets; when certain areas of a protective coating are scratched or scraped away, it reveals symbols and words that indicate whether the player has won.

  • Lottery Management Agreement (LMA)

    A type of Operator contract that generates revenue and/or penalties based on the achievement of contractual metrics.

  • Multi-State Jackpot game

    Lottery games (e.g. Powerball, Mega Millions, EuroMillions) offered in more than one jurisdiction, allowing lotteries to generate larger jackpots than they could individually.

  • Operator Contracts

    Contract for management of core lottery functions, including facilities management and the majority of the day-to-day activities along the lottery value chain, within parameters determined by the customer.

  • Same-Store Sales (SSS) Growth

    Growth in wagers recorded in lottery jurisdictions where we are the operator or facilities management supplier, using the same lotteries and perimeter for comparison between periods. Same-store sales growth is a useful operating metric because the majority of IGT’s lottery service revenue is based on a percentage of wagers.


  • Adjusted EBITDA

    Net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, foreign exchange gain (loss), other non-operating expenses, depreciation, impairment losses, amortization (service revenue, purchase accounting and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income), and certain other non-recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. Management believes Adjusted EBITDA is useful in providing period-to-period comparisons of the results of the Company’s ongoing operational performance.

  • Constant Currency

    A non-GAAP financial measure that expresses the current financial data using the prior-year/period exchange rate (i.e., the exchange rates used in preparing the financial statements for the prior year). Management believes that constant currency is a useful measure to compare period-to-period results without regard to the impact of fluctuating foreign currency exchange rates.

  • Free Cash Flow

    A non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing IGT’s ability to fund its activities, including debt service and distribution of earnings to shareholders.

  • Generally Accepted Accounting Principles (GAAP)

    A common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the United States are required to release financial statements that follow GAAP guidelines.

  • Leverage

    Amount of debt a firm uses to finance assets. Our leverage ratio is defined as Net debt divided by trailing 12-month Adjusted EBITDA.

  • Net Debt

    A non-GAAP financial measure that represents debt (a GAAP measure, calculated as long-term obligations plus short-term borrowings) minus capitalized debt issuance costs and cash and cash and equivalents. Cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. Management believes that net debt is a useful measure to monitor leverage and evaluate the balance sheet.

  • Non-controlling interests

    These primary consist of the minority partners in our two large Italy lottery contacts. They are remunerated in the cash flow statement as dividends and return of capital to non-controlling interests.

  • Upfront License Fee Amortization

    We periodically make long-term investments in contracts with customers and obtains licenses to supply products and services to the customers. As consideration, we pay license fees, which are classified as “Other non-current assets” in the consolidated balance sheets. We recognize the amortization of the license fees as a reduction of service revenue over the estimated economic life of the license term.