COVER PAGE
COVER PAGE - shares | 3 Months Ended | |
Mar. 31, 2020 | May 05, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38889 | |
Entity Registrant Name | SciPlay Corporation | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 83-2692460 | |
Entity Address, Address Line One | 6601 Bermuda Road | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89119 | |
City Area Code | 702 | |
Local Phone Number | 897-7150 | |
Title of 12(b) Security | Class A Common Stock, $.001 par value | |
Trading Symbol | SCPL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Amendment Flag | false | |
Entity Central Index Key | 0001760717 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Class A common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 22,720,000 | |
Class B common stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 103,547,021 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Income Statement [Abstract] | |||
Revenue | $ 118.3 | $ 118.4 | |
Operating expenses: | |||
Cost of revenue | [1] | 37.9 | 45.7 |
Sales and marketing | [1] | 28.2 | 34.3 |
General and administrative | [1] | 10.2 | 10.3 |
Research and development | [1] | 7.3 | 5.8 |
Depreciation and amortization | 2 | 1.7 | |
Restructuring and other | 0.5 | 0.6 | |
Operating income | 32.2 | 20 | |
Other income (expense), net | 0.5 | (1.6) | |
Net income before income taxes | 32.7 | 18.4 | |
Income tax expense (benefit) | 1.6 | 4.7 | |
Net income | 31.1 | 13.7 | |
Less: Net income attributable to the noncontrolling interest | 26.7 | 0 | |
Net income attributable to SciPlay | $ 4.4 | $ 13.7 | |
Basic and diluted net income attributable to SciPlay per share: | |||
Basic (in dollars per share) | $ 0.19 | ||
Diluted (in dollars per share) | $ 0.19 | ||
Weighted average number of shares of Class A common stock used in per share calculation: | |||
Basic shares (in shares) | 22.7 | ||
Diluted shares (in shares) | 23.7 | ||
[1] | (1) Excludes depreciation and amortization. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 31.1 | $ 13.7 |
Other comprehensive income: | ||
Foreign currency translation (loss) gain, net of tax | (0.8) | 1.9 |
Total comprehensive income | 30.3 | 15.6 |
Less: comprehensive income attributable to the noncontrolling interest | 26.1 | 0 |
Comprehensive income attributable to SciPlay | $ 4.2 | $ 15.6 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 132.6 | $ 110.6 |
Accounts receivable, net | 42.4 | 32.1 |
Prepaid expenses and other current assets | 3.3 | 4.3 |
Total current assets | 178.3 | 147 |
Property and equipment, net | 4.4 | 4.6 |
Operating lease right-of-use assets | 5.4 | 6 |
Goodwill | 120.7 | 120.7 |
Intangible assets and software, net | 16.5 | 17 |
Deferred income taxes and other assets | 87.7 | 89.3 |
Total assets | 413 | 384.6 |
Current liabilities: | ||
Accounts payable | 16.3 | 12.8 |
Accrued liabilities | 9.6 | 13.7 |
Due to affiliate | 2 | 2.7 |
Total current liabilities | 27.9 | 29.2 |
Operating lease liabilities | 4.5 | 5.2 |
Liabilities under TRA | 72.7 | 72.7 |
Total liabilities | 105.1 | 107.1 |
Commitments and contingencies (see Note 8) | ||
Stockholders’ equity: | ||
Additional paid-in capital | 41.9 | 41.7 |
Retained earnings | 16.4 | 12 |
Accumulated other comprehensive income | 0.3 | |
Total SciPlay stockholders’ equity | 58.5 | 54.1 |
Noncontrolling interest | 223.4 | |
Total stockholders’ equity | 307.9 | 277.5 |
Total liabilities and stockholders’ equity | 413 | 384.6 |
Class A common stock, par value $0.001 per share - 625.0 shares authorized, 22.7 issued and outstanding as of March 31, 2020 and December 31, 2019 | ||
Stockholders’ equity: | ||
Common stock | 0 | 0 |
Class B common stock, par value $0.001 per share - 130.0 shares authorized, 103.5 issued and outstanding as of March 31, 2020 and December 31, 2019 | ||
Stockholders’ equity: | ||
Common stock | $ 0.1 | $ 0.1 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class A common stock, par value $0.001 per share - 625.0 shares authorized, 22.7 issued and outstanding as of March 31, 2020 and December 31, 2019 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 625,000,000 | 625,000,000 |
Common stock, shares issued (in shares) | 22,700,000 | 22,700,000 |
Common stock, shares outstanding (in shares) | 22,700,000 | 22,700,000 |
Class B common stock, par value $0.001 per share - 130.0 shares authorized, 103.5 issued and outstanding as of March 31, 2020 and December 31, 2019 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 130,000,000 | 130,000,000 |
Common stock, shares issued (in shares) | 103,500,000 | 103,500,000 |
Common stock, shares outstanding (in shares) | 103,500,000 | 103,500,000 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY/ACCUMULATED NET PARENT INVESTMENT - USD ($) shares in Millions, $ in Millions | Total | Accumulated net parent investment | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interest | Class A common stockCommon Stock | Class B common stockCommon Stock |
Stockholders' equity, beginning balance at Dec. 31, 2018 | $ 138.6 | $ 140.8 | $ 0 | $ 0 | $ (2.2) | $ 0 | $ 0 | $ 0 |
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2018 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 13.7 | |||||||
Net income | 13.7 | 13.7 | ||||||
Transactions with Parent and affiliates, net | (6.2) | (6.2) | ||||||
Currency translation | 1.9 | 1.9 | ||||||
Stockholders' equity, ending balance at Mar. 31, 2019 | 160.4 | $ 160.7 | 0 | 0 | (0.3) | 0 | $ 0 | $ 0 |
Stockholders' equity, ending balance (in shares) at Mar. 31, 2019 | 0 | 0 | ||||||
Stockholders' equity, beginning balance at Dec. 31, 2019 | 277.5 | 41.7 | 12 | 0.3 | 223.4 | $ 0 | $ 0.1 | |
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2019 | 22.7 | 103.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 4.4 | |||||||
Net income | 31.1 | 4.4 | 26.7 | |||||
Stock-based compensation | 0.1 | 0.2 | (0.1) | |||||
Currency translation | (0.8) | (0.2) | (0.6) | |||||
Stockholders' equity, ending balance at Mar. 31, 2020 | $ 307.9 | $ 41.9 | $ 16.4 | $ 0.1 | $ 249.4 | $ 0 | $ 0.1 | |
Stockholders' equity, ending balance (in shares) at Mar. 31, 2020 | 22.7 | 103.5 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net cash provided by operating activities | $ 23.5 | $ 8.5 |
Cash flows from investing activities: | ||
Capital expenditures | (1.2) | (1.6) |
Net cash used in investing activities | (1.2) | (1.6) |
Cash flows from financing activities: | ||
Payments on license obligations | 0 | (1) |
Payments of debt issuance costs | 0 | (1.6) |
Net cash used in financing activities | 0 | (2.6) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.3) | 0.2 |
Increase in cash, cash equivalents and restricted cash | 22 | 4.5 |
Cash, cash equivalents and restricted cash, beginning of period | 110.6 | 10 |
Cash, cash equivalents and restricted cash, end of period | 132.6 | 14.5 |
Supplemental cash flow information: | ||
Cash paid for income taxes | 0 | 0.4 |
Cash paid for contingent consideration included in operating activities | 4 | 0 |
Noncash Deferred Offering Costs | $ 0 | $ 1.8 |
Description of the Business and
Description of the Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Summary of Significant Accounting Policies | Description of the Business and Summary of Significant Accounting Policies Background and Nature of Operations SciPlay Corporation was formed as a Nevada corporation on November 30, 2018 as a subsidiary of Scientific Games Corporation (“Scientific Games”, “SGC”, and “the Parent”) for the purpose of completing a public offering and related transactions (collectively referred to herein as the “IPO”) in order to carry on the business of SciPlay Parent LLC and its subsidiaries (collectively referred to as “SciPlay”, the “Company”, “we”, “us”, and “our”). The IPO was completed on May 7, 2019. As the managing member of SciPlay Parent LLC, SciPlay operates and controls all of the business affairs of SciPlay Parent LLC and its subsidiaries. We develop, market and operate a portfolio of social games played on various mobile and web platforms, including Jackpot Party Casino®, Quick Hit Slots®, Gold Fish Casino®, Hot Shot Casino®, Bingo Showdown®, MONOPOLY Slots® , and 88 Fortunes Slots® , among others. Our games are available in various formats. We have one operating segment with one business activity, developing and monetizing social games. Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). SG Social Holding Company II, LLC is SciPlay’s predecessor for financial reporting purposes, and accordingly, for all periods presented prior to May 7, 2019, the financial statements represent the financial statements of the predecessor. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, we have made all adjustments necessary to present fairly our condensed consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in stockholders’ equity/accumulated net parent investment, and condensed consolidated statements of cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related Notes included in our 2019 Form 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year. Variable Interest Entities (“VIE”) and Consolidation Subsequent to the IPO, our sole material asset is our member’s interest in SciPlay Parent LLC. In accordance with the Operating Agreement of SciPlay Parent LLC, we have all management powers over the business and affairs of SciPlay Parent LLC and to conduct, direct and exercise full control over the activities of SciPlay Parent LLC. Class A common stock issued in the IPO do not hold majority voting rights but hold 100% of the economic interest in the Company, which results in SciPlay Parent LLC being considered a VIE. Due to our power to control the activities most directly affecting the results of SciPlay Parent LLC, we are considered the primary beneficiary of the VIE. Accordingly, beginning with the IPO, we consolidate the financial results of SciPlay Parent LLC and its subsidiaries. Significant Accounting Policies There have been no changes to our significant accounting policies described within the Notes of our 2019 Form 10-K. New Accounting Guidance In December 2019, the FASB issued ASU No. 2019-12, Income Taxes, a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. We early adopted this standard effective January 1, 2020. The adoption of this guidance did not have a material effect on our consolidated financial statements. We do not expect that any other recently issued accounting guidance will have a significant effect on our consolidated financial statements. Revenue Recognition We generate revenue from the sale of virtual coins, chips and bingo cards (collectively referred to as “coins, chips and cards”), which players can use to play casino-style slot games, table games and bingo games (i.e., spin in the case of slot games, bet in the case of table games and use of bingo cards in the case of bingo games). We distribute our games through various global social web and mobile platforms such as Facebook, Apple, Google, Amazon, with some of our games available on Microsoft and other web and mobile platforms. The games are primarily WMS , Bally , Barcrest ™, and SHFL ® branded games. In addition, we also offer third-party branded games and original content. Disaggregation of Revenue We believe disaggregation of our revenue on the basis of platform and geographical locations of our players is appropriate because the nature and the number of players generating revenue could vary on such basis, which represent different economic risk profiles. The following table presents our revenue disaggregated by type of platform: Three Months Ended March 31, 2020 2019 Mobile $ 101.2 $ 96.9 Web 17.1 21.5 Total revenue $ 118.3 $ 118.4 The following table presents our revenue disaggregated based on the geographical location of our players: Three Months Ended March 31, 2020 (1) 2019 (2) North America $ 108.0 $ 108.4 International 10.3 10.0 Total revenue $ 118.3 $ 118.4 (1) For the three months ended March 31, 2020, North America revenue includes revenue derived from the U.S., Canada and Mexico. As a result of enhancements in the technologies and processes we use to obtain customer data, beginning with the first quarter of 2020, geographical location is now determined based on player location as reported by the platform provider. Contract Assets, Contract Liabilities and Other Disclosures We receive customer payments based on the payment terms established in our contracts. Payment for the purchase of coins, chips and cards is made at purchase, and such payments are non-refundable in accordance with our standard terms of service. Such payments are initially recorded as a contract liability, and revenue is subsequently recognized as we satisfy our performance obligations. The following table summarizes our opening and closing balances in contract assets, contract liabilities and accounts receivable: Accounts Receivable Contract Assets (1) Contract Liabilities (2) Beginning of period balance $ 32.1 $ 0.2 $ 0.6 Balance as of March 31, 2020 42.4 0.2 0.6 (1) Contract assets are included within Prepaid expenses and other current assets in our consolidated balance sheets. During each of the three months ended March 31, 2020 and 2019, we recognized $0.4 million of revenue that was included in the opening contract liability balance. Substantially all of our unsatisfied performance obligations relate to contracts with an original expected length of one year or less. Concentration of Credit Risk Our revenue and accounts receivable are generated via certain platform providers, which subject us to a concentration of credit risk. The following tables summarize the percentage of revenues and accounts receivable generated via our platform providers in excess of 10% of our total revenues and total accounts receivable: Revenue Concentration Accounts Receivable Concentration Three Months Ended March 31, December 31, March 31, 2020 March 31, 2019 2020 2019 Apple 46.0 % 42.7 % 60.9 % 42.7 % Google 36.2 % 35.9 % 26.5 % 33.1 % Facebook 14.5 % 18.1 % 10.1 % 20.9 % |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, net | Intangible Assets and Software, net The following table presents certain information regarding our intangible assets and software: Gross Accumulated Net Balance as of March 31, 2020 Intellectual property $ 34.3 $ (32.5) $ 1.8 Customer relationships 23.2 (18.3) 4.9 Software 17.9 (11.2) 6.7 Licenses 5.1 (2.6) 2.5 Brand names 3.8 (3.2) 0.6 Total intangible assets and software $ 84.3 $ (67.8) $ 16.5 Balance as of December 31, 2019 Intellectual property $ 35.4 $ (33.4) $ 2.0 Customer relationships 23.2 (18.0) 5.2 Software 16.8 (10.3) 6.5 Licenses 5.1 (2.4) 2.7 Brand names 3.9 (3.3) 0.6 Total intangible assets and software $ 84.4 $ (67.4) $ 17.0 The following reflects amortization expense related to intangible assets and software included within depreciation and amortization: Three Months Ended March 31, 2020 2019 Amortization expense $ 1.7 $ 1.6 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Our operating leases primarily consist of real estate leases such as offices. Our leases have remaining terms of 1 year to 5 years. We do not have any finance leases. Our total variable and short term lease payments and operating lease expenses were immaterial for all periods presented. Supplemental balance sheet and cash flow information related to operating leases is as follows: March 31, 2020 December 31, 2019 Operating lease right-of-use assets (1) $ 5.4 $ 6.0 Accrued liabilities 2.0 1.9 Operating lease liabilities 4.5 5.2 Total operating lease liabilities $ 6.5 $ 7.1 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases for the three months ended March 31, 2020 and 2019 $ 0.6 $ 0.5 Weighted average remaining lease term, years 4.0 4.2 Weighted average discount rate 5.0 % 5.0 % (1) Right-of-use assets obtained in exchange for lease obligations for the three months ended March 31, 2020 were immaterial. Lease liability maturities: Operating Leases Remainder of 2020 $ 1.5 2021 1.7 2022 1.7 2023 1.3 2024 0.9 Less: Imputed Interest (0.6) Total $ 6.5 As of March 31, 2020, we did not have material additional operating leases that have not yet commenced. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesWe hold an economic interest of 18% in SciPlay Parent LLC subsequent to the IPO. The 82% economic interest that we do not own represents a noncontrolling interest for financial reporting purposes. SciPlay Parent LLC is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As such, SciPlay Parent LLC is not subject to income tax in most jurisdictions, and SciPlay Parent LLC’s members, of which we are one, are liable for income taxes based on their allocable share of SciPlay Parent LLC’s taxable income. The effective income tax rates for the three months ended March 31, 2020 and March 31, 2019 were 4.9% and 25.5%, respectively. The effective income tax rates were determined using an estimated annual effective tax rate after considering any discrete items for such periods. Our effective tax rate differs from the statutory rate of 21% primarily because we do not record income taxes for the noncontrolling interest portion of pre-tax income. Additionally, the periods prior to the IPO are presented using historical results of operations and cost basis of the assets and liabilities as if we operated on a standalone basis during those periods, and the tax provision is calculated as if we completed separate tax returns apart from our Parent (“Separate-return Method’’). Certain legal entities that are included in these financial statements under the Separate-return Method were included in tax filings of affiliated entities that are not part of these financial statements. U.S. federal, state and local income tax provision of $4.7 million is included in the income tax expense under the Separate-return Method for the three months ended March 31, 2019. The impact of COVID-19 pandemic disruptions on our income taxes was not material for the three months ended March 31, 2020. However, we continue to monitor tax implications resulting from new legislation passed in response to COVID-19 in the federal, state, and foreign jurisdictions where we have an income tax presence. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The following is the summary of expenses paid to Scientific Games and settled in cash: Three Months Ended March 31, 2020 2019 Financial Statement Line Item Royalties for Scientific Games IP $ — $ 7.3 Cost of revenue Royalties to Scientific Games for third-party IP 1.7 2.6 Cost of revenue Parent services 1.4 1.4 General and administrative The following is the summary of balances due to affiliates: March 31, 2020 December 31, 2019 Royalties under intercompany IP License Agreement $ 0.6 $ 0.5 Parent services 0.4 0.8 Reimbursable expenses to Scientific Games and its subsidiaries 1.0 1.4 $ 2.0 $ 2.7 |
Stockholders_ Equity and Noncon
Stockholders’ Equity and Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity and Noncontrolling Interest | Stockholders’ Equity and Noncontrolling Interest Noncontrolling Interest We are a holding company, and our sole material assets are LLC Interests that we purchased from SciPlay Parent LLC and SG Holding I, representing an aggregate 18.0% economic interest in SciPlay Parent LLC. The remaining 82.0% economic interest in SciPlay Parent LLC is owned indirectly by SGC, through the ownership of LLC Interests by the indirect wholly owned subsidiaries of SGC, the SG Members. Stock-Based Compensation The following table summarizes stock-based compensation expense that is included in general and administrative expenses: Three Months Ended March 31, 2020 2019 Related to SciPlay equity awards $ (0.1) $ — Related to the Parent’s equity awards 0.2 2.7 Total $ 0.1 $ 2.7 As of March 31, 2020, we had $8.6 million in unrecognized stock-based compensation expense that is expected to be recognized over a weighted-average expected vesting period of 1.2 years, of which $4.6 million rela te |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The table below sets forth a calculation of basic earnings per share ("EPS") based on net income attributable to SciPlay for the three months ended March 31, 2020, divided by the basic weighted average number of Class A common stock for the three months ended March 31, 2020. Diluted EPS of Class A common stock is computed by dividing net income attributable to SciPlay by the weighted average number of shares of Class A common stock outstanding adjusted to give effect to all potentially dilutive securities, using the treasury stock method. No material number of restricted stock units was excluded from the calculation of diluted weighted-average common shares outstanding for the three months ended March 31, 2020. We excluded Class B common stock from the computation of basic and diluted EPS, as holders of Class B common stock do not have economic interest in us and separate presentation of EPS of Class B common stock under the two-class method has not been presented. The calculation of basic and diluted EPS for the three months ended March 31, 2019 have not been presented as SciPlay had no business transactions or activities prior to the completion of the IPO on May 7, 2019 and had no assets or liabilities during the three months ended March 31, 2019. The accompanying unaudited condensed consolidated financial statements for the three months ended March 31, 2019 have been derived from the consolidated financial statements and accounting records of SG Social Holding Company II, LLC, the predecessor of SciPlay for financial reporting purposes. Three Months Ended March 31, 2020 Numerator: Net income $ 31.1 Less: net income attributable to the noncontrolling interest 26.7 Net income attributable to SciPlay $ 4.4 Denominator: Weighted average shares of Class A common stock for basic EPS 22.7 Effect of dilutive securities: Stock-based compensation grants 1.0 Weighted average shares of Class A common stock for diluted EPS 23.7 Net income attributable to SciPlay per share of Class A common stock - basic $ 0.19 Net income attributable to SciPlay per share of Class A common stock - diluted $ 0.19 |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation From time to time, we are subject to various claims, complaints and legal actions in the normal course of business, including the Washington State Matter described in Note 11 within our 2019 Form 10-K. There have been no material changes to these matters since our 2019 Form 10-K was filed with the SEC, except as described below. In addition, we may receive notifications alleging infringement of patent or other intellectual property rights. SciPlay IPO Matter (New York) On or about October 14, 2019, the Police Retirement System of St. Louis filed a putative class action complaint in New York state court against SciPlay, certain of its executives and directors, and SciPlay’s underwriters with respect to its initial public offering (the “PRS Action”). The complaint was amended on November 18, 2019. The plaintiff seeks to represent a class of all persons or entities who acquired Class A common stock of SciPlay pursuant and/or traceable to the Registration Statement filed and issued in connection with SciPlay’s initial public offering, which commenced on or about May 3, 2019. The complaint asserts claims for alleged violations of Sections 11 and 15 of the Securities Act, 15 U.S.C. § 77, and seeks certification of the putative class; compensatory damages of at least $146.0 million, and the award of the plaintiff’s and the class’s reasonable costs and expenses incurred in the action. On or about December 9, 2019, Hongwei Li filed a putative class action complaint in New York state court asserting substantively similar causes of action under the Securities Act of 1933 and substantially similar factual allegations as those alleged in the PRS Action (the “Li Action”). On December 18, 2019, the New York state court entered a stipulated order consolidating the PRS Action and the Li Action into a single lawsuit. On December 23, 2019, the defendants moved to dismiss the consolidated action. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible loss, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. SciPlay IPO Matter (Nevada) On or about November 4, 2019, plaintiff John Good filed a putative class action complaint in Nevada state court against SciPlay, certain of its executives and directors, SGC, and SciPlay’s underwriters with respect to SciPlay’s initial public offering. The plaintiff seeks to represent a class of all persons who purchased Class A common stock of SciPlay in or traceable to SciPlay’s initial public offering that it completed on or about May 7, 2019. The complaint asserts claims for alleged violations of Sections 11 and 15 of the Securities Act, 15 U.S.C. § 77, and seeks certification of the putative class; compensatory damages, and the award of the plaintiff’s and the class’s reasonable costs and expenses incurred in the action. On February 27, 2020, the trial court entered a stipulated order that, among other things, stayed the lawsuit pending entry of an order resolving the motion to dismiss that is pending in the SciPlay IPO matter in New York state court. We are currently unable to determine the likelihood of an outcome or estimate a range of reasonably possible losses, if any. We believe that the claims in the lawsuit are without merit, and intend to vigorously defend against them. |
Description of the Business a_2
Description of the Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). SG Social Holding Company II, LLC is SciPlay’s predecessor for financial reporting purposes, and accordingly, for all periods presented prior to May 7, 2019, the financial statements represent the financial statements of the predecessor. All intercompany balances and transactions have been eliminated in consolidation. |
Principles of Consolidation | In the opinion of management, we have made all adjustments necessary to present fairly our condensed consolidated balance sheets, consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in stockholders’ equity/accumulated net parent investment, and condensed consolidated statements of cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related Notes included in our 2019 Form 10-K. Interim results of operations are not necessarily indicative of results of operations to be expected for a full year. |
New Accounting Guidance | New Accounting Guidance In December 2019, the FASB issued ASU No. 2019-12, Income Taxes, a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. We early adopted this standard effective January 1, 2020. The adoption of this guidance did not have a material effect on our consolidated financial statements. We do not expect that any other recently issued accounting guidance will have a significant effect on our consolidated financial statements. |
Revenue and Contract Related Policies | Revenue Recognition We generate revenue from the sale of virtual coins, chips and bingo cards (collectively referred to as “coins, chips and cards”), which players can use to play casino-style slot games, table games and bingo games (i.e., spin in the case of slot games, bet in the case of table games and use of bingo cards in the case of bingo games). We distribute our games through various global social web and mobile platforms such as Facebook, Apple, Google, Amazon, with some of our games available on Microsoft and other web and mobile platforms. The games are primarily WMS , Bally , Barcrest ™, and SHFL ® branded games. In addition, we also offer third-party branded games and original content. Disaggregation of Revenue We believe disaggregation of our revenue on the basis of platform and geographical locations of our players is appropriate because the nature and the number of players generating revenue could vary on such basis, which represent different economic risk profiles. |
Concentration of Credit Risk | Concentration of Credit Risk Our revenue and accounts receivable are generated via certain platform providers, which subject us to a concentration of credit risk. |
Description of the Business a_3
Description of the Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Disaggregation of Revenue | The following table presents our revenue disaggregated by type of platform: Three Months Ended March 31, 2020 2019 Mobile $ 101.2 $ 96.9 Web 17.1 21.5 Total revenue $ 118.3 $ 118.4 The following table presents our revenue disaggregated based on the geographical location of our players: Three Months Ended March 31, 2020 (1) 2019 (2) North America $ 108.0 $ 108.4 International 10.3 10.0 Total revenue $ 118.3 $ 118.4 (1) For the three months ended March 31, 2020, North America revenue includes revenue derived from the U.S., Canada and Mexico. As a result of enhancements in the technologies and processes we use to obtain customer data, beginning with the first quarter of 2020, geographical location is now determined based on player location as reported by the platform provider. |
Summary of Balances in Receivables and Contract Asset and Liability Accounts | The following table summarizes our opening and closing balances in contract assets, contract liabilities and accounts receivable: Accounts Receivable Contract Assets (1) Contract Liabilities (2) Beginning of period balance $ 32.1 $ 0.2 $ 0.6 Balance as of March 31, 2020 42.4 0.2 0.6 (1) Contract assets are included within Prepaid expenses and other current assets in our consolidated balance sheets. |
Schedules of Concentration of Risk | The following tables summarize the percentage of revenues and accounts receivable generated via our platform providers in excess of 10% of our total revenues and total accounts receivable: Revenue Concentration Accounts Receivable Concentration Three Months Ended March 31, December 31, March 31, 2020 March 31, 2019 2020 2019 Apple 46.0 % 42.7 % 60.9 % 42.7 % Google 36.2 % 35.9 % 26.5 % 33.1 % Facebook 14.5 % 18.1 % 10.1 % 20.9 % |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Information Regarding Intangible Assets | The following table presents certain information regarding our intangible assets and software: Gross Accumulated Net Balance as of March 31, 2020 Intellectual property $ 34.3 $ (32.5) $ 1.8 Customer relationships 23.2 (18.3) 4.9 Software 17.9 (11.2) 6.7 Licenses 5.1 (2.6) 2.5 Brand names 3.8 (3.2) 0.6 Total intangible assets and software $ 84.3 $ (67.8) $ 16.5 Balance as of December 31, 2019 Intellectual property $ 35.4 $ (33.4) $ 2.0 Customer relationships 23.2 (18.0) 5.2 Software 16.8 (10.3) 6.5 Licenses 5.1 (2.4) 2.7 Brand names 3.9 (3.3) 0.6 Total intangible assets and software $ 84.4 $ (67.4) $ 17.0 |
Schedule of Amortization Expense | The following reflects amortization expense related to intangible assets and software included within depreciation and amortization: Three Months Ended March 31, 2020 2019 Amortization expense $ 1.7 $ 1.6 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Supplemental Operating Lease Information | Supplemental balance sheet and cash flow information related to operating leases is as follows: March 31, 2020 December 31, 2019 Operating lease right-of-use assets (1) $ 5.4 $ 6.0 Accrued liabilities 2.0 1.9 Operating lease liabilities 4.5 5.2 Total operating lease liabilities $ 6.5 $ 7.1 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases for the three months ended March 31, 2020 and 2019 $ 0.6 $ 0.5 Weighted average remaining lease term, years 4.0 4.2 Weighted average discount rate 5.0 % 5.0 % (1) Right-of-use assets obtained in exchange for lease obligations for the three months ended March 31, 2020 were immaterial. |
Maturities of Lease Liabilities | Lease liability maturities: Operating Leases Remainder of 2020 $ 1.5 2021 1.7 2022 1.7 2023 1.3 2024 0.9 Less: Imputed Interest (0.6) Total $ 6.5 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following is the summary of expenses paid to Scientific Games and settled in cash: Three Months Ended March 31, 2020 2019 Financial Statement Line Item Royalties for Scientific Games IP $ — $ 7.3 Cost of revenue Royalties to Scientific Games for third-party IP 1.7 2.6 Cost of revenue Parent services 1.4 1.4 General and administrative The following is the summary of balances due to affiliates: March 31, 2020 December 31, 2019 Royalties under intercompany IP License Agreement $ 0.6 $ 0.5 Parent services 0.4 0.8 Reimbursable expenses to Scientific Games and its subsidiaries 1.0 1.4 $ 2.0 $ 2.7 |
Stockholders_ Equity and Nonc_2
Stockholders’ Equity and Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Summary of Stock-based Compensation Expense | The following table summarizes stock-based compensation expense that is included in general and administrative expenses: Three Months Ended March 31, 2020 2019 Related to SciPlay equity awards $ (0.1) $ — Related to the Parent’s equity awards 0.2 2.7 Total $ 0.1 $ 2.7 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three Months Ended March 31, 2020 Numerator: Net income $ 31.1 Less: net income attributable to the noncontrolling interest 26.7 Net income attributable to SciPlay $ 4.4 Denominator: Weighted average shares of Class A common stock for basic EPS 22.7 Effect of dilutive securities: Stock-based compensation grants 1.0 Weighted average shares of Class A common stock for diluted EPS 23.7 Net income attributable to SciPlay per share of Class A common stock - basic $ 0.19 Net income attributable to SciPlay per share of Class A common stock - diluted $ 0.19 |
Description of the Business a_4
Description of the Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | May 07, 2019 | Mar. 31, 2020segment | Mar. 31, 2019USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||
Economic interests called by common stock units | 18.00% | ||
Number of operating segments | segment | 1 | ||
Revenue recognized | $ | $ 0.4 | ||
IPO | Class A common stock | |||
Subsidiary, Sale of Stock [Line Items] | |||
Economic interests called by common stock units | 100.00% | ||
SG Holding I | |||
Subsidiary, Sale of Stock [Line Items] | |||
Economic interests called by common stock units | 82.00% |
Description of the Business a_5
Description of the Business and Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 118.3 | $ 118.4 |
Mobile | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 101.2 | 96.9 |
Web | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 17.1 | 21.5 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 108 | 108.4 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 10.3 | $ 10 |
Description of the Business a_6
Description of the Business and Summary of Significant Accounting Policies - Balances in Receivables and Contract Asset and Liability Accounts (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts Receivable | $ 42.4 | $ 32.1 |
Contract Assets | 0.2 | 0.2 |
Contract Liabilities | $ 0.6 | $ 0.6 |
Description of the Business a_7
Description of the Business and Summary of Significant Accounting Policies - Schedule of Concentration Risk (Details) - Customer Concentration Risk | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Apple | Revenue Concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk | 46.00% | 42.70% |
Apple | Accounts Receivable Concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk | 60.90% | 42.70% |
Google | Revenue Concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk | 36.20% | 35.90% |
Google | Accounts Receivable Concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk | 26.50% | 33.10% |
Facebook | Revenue Concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk | 14.50% | 18.10% |
Facebook | Accounts Receivable Concentration | ||
Concentration Risk [Line Items] | ||
Concentration risk | 10.10% | 20.90% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 120.7 | $ 120.7 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net - Schedule of Information Regarding Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, gross carrying amount | $ 84.3 | $ 84.4 |
Amortizable intangible assets, accumulated amortization | (67.8) | (67.4) |
Amortizable intangible assets, net balance | 16.5 | 17 |
Intellectual property | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, gross carrying amount | 34.3 | 35.4 |
Amortizable intangible assets, accumulated amortization | (32.5) | (33.4) |
Amortizable intangible assets, net balance | 1.8 | 2 |
Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, gross carrying amount | 23.2 | 23.2 |
Amortizable intangible assets, accumulated amortization | (18.3) | (18) |
Amortizable intangible assets, net balance | 4.9 | 5.2 |
Software | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, gross carrying amount | 17.9 | 16.8 |
Amortizable intangible assets, accumulated amortization | (11.2) | (10.3) |
Amortizable intangible assets, net balance | 6.7 | 6.5 |
Licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, gross carrying amount | 5.1 | 5.1 |
Amortizable intangible assets, accumulated amortization | (2.6) | (2.4) |
Amortizable intangible assets, net balance | 2.5 | 2.7 |
Brand names | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortizable intangible assets, gross carrying amount | 3.8 | 3.9 |
Amortizable intangible assets, accumulated amortization | (3.2) | (3.3) |
Amortizable intangible assets, net balance | $ 0.6 | $ 0.6 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net - Intangible Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 1.7 | $ 1.6 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Range [Line Items] | |||
Remaining lease terms | 4 years | 4 years 2 months 12 days | |
Minimum | |||
Range [Line Items] | |||
Remaining lease terms | 1 year | ||
Maximum | |||
Range [Line Items] | |||
Remaining lease terms | 5 years |
Leases - Supplemental Operating
Leases - Supplemental Operating Lease Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 5.4 | $ 6 | |
Accrued liabilities | 2 | 1.9 | |
Operating lease liabilities | 4.5 | 5.2 | |
Total operating lease liabilities | 6.5 | $ 7.1 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases for the three months ended March 31, 2020 and 2019 | $ 0.6 | $ 0.5 | |
Weighted average remaining lease term, years | 4 years | 4 years 2 months 12 days | |
Weighted average discount rate | 5.00% | 5.00% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Millions | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
Remainder of 2020 | $ 1.5 |
2020 | 1.7 |
2021 | 1.7 |
2022 | 1.3 |
2023 | 0.9 |
Less: Imputed Interest | (0.6) |
Total | $ 6.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | May 07, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax Disclosure [Line Items] | |||
Economic interests called by common stock units | 18.00% | ||
Effective tax rates | 4.90% | 25.50% | |
Tax provision under separate-return method | $ 4.7 | ||
Scientific Games Corporation | |||
Income Tax Disclosure [Line Items] | |||
Economic interests called by common stock units | 82.00% | ||
SciPlay Parent LLC | |||
Income Tax Disclosure [Line Items] | |||
Economic interests called by common stock units | 18.00% | ||
SciPlay Parent LLC | Scientific Games Corporation | |||
Income Tax Disclosure [Line Items] | |||
Economic interests called by common stock units | 82.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Royalties for IP | $ 2.6 | ||
Parent services | $ 1.4 | 1.4 | |
Total due to (from) related parties | 2 | $ 2.7 | |
Estimated liability under TRA | 72.7 | 72.7 | |
Royalties Under Intercompany IP License Agreement | |||
Related Party Transaction [Line Items] | |||
Total due to (from) related parties | (0.6) | (0.5) | |
Parent Services | |||
Related Party Transaction [Line Items] | |||
Total due to (from) related parties | (0.4) | (0.8) | |
Reimbursable Expenses | |||
Related Party Transaction [Line Items] | |||
Total due to (from) related parties | (1) | $ (1.4) | |
Intellectual property | |||
Related Party Transaction [Line Items] | |||
Royalties for IP | 0 | $ 7.3 | |
Intellectual property, Third-party | |||
Related Party Transaction [Line Items] | |||
Royalties for IP | $ 1.7 |
Stockholders_ Equity and Nonc_3
Stockholders’ Equity and Noncontrolling Interest (Details) - USD ($) shares in Millions, $ in Millions | May 07, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||
Economic interests called by common stock units | 18.00% | |||
Total compensation expense | $ 0.1 | $ 2.7 | ||
Unrecognized stock-based compensation expense | $ 8.6 | |||
Period expected to be recognized | 1 year 2 months 12 days | |||
Class A common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued (in shares) | 22.7 | 22.7 | ||
Common stock, shares outstanding (in shares) | 22.7 | 22.7 | ||
Class B common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued (in shares) | 103.5 | 103.5 | ||
Common stock, shares outstanding (in shares) | 103.5 | 103.5 | ||
Scientific Games Corporation | ||||
Class of Stock [Line Items] | ||||
Economic interests called by common stock units | 82.00% | |||
LTIP | ||||
Class of Stock [Line Items] | ||||
Total compensation expense | $ (0.1) | 0 | ||
Equity Incentive Award Plan, Parent | ||||
Class of Stock [Line Items] | ||||
Total compensation expense | 0.2 | $ 2.7 | ||
Performance-Based Restricted Stock Units (PRSUs) | ||||
Class of Stock [Line Items] | ||||
Unrecognized stock-based compensation expense | $ 4.6 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 31.1 | $ 13.7 |
Less: Net income attributable to the noncontrolling interest | 26.7 | 0 |
Net income attributable to SciPlay | $ 4.4 | $ 13.7 |
Denominator: | ||
Weighted average shares of Class A common stock for basic EPS (in shares) | 22.7 | |
Effect of dilutive securities: | ||
Stock-based compensation grants (in shares) | 1 | |
Weighted average shares of Class A common stock for diluted EPS (in shares) | 23.7 | |
Net income attributable to SciPlay per share of Class A common stock - basic (in dollars per share) | $ 0.19 | |
Net income attributable to SciPlay per share of Class A common stock - diluted (in dollars per share) | $ 0.19 |
Litigation Loss Contingency, Da
Litigation Loss Contingency, Damages Sought, Value (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
SciPlay IPO Matter [Member] | |
Subsequent Event [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 146 |