Light & Wonder Reports Fourth Quarter and Full Year 2022 Results
LAS VEGAS, NV (March 1, 2023) — Today, we released our fourth quarter and full year 2022 results and operating performance.
“2022 was a pivotal year for Light & Wonder. We delivered on an ambitious and transformative plan while driving operational success and double-digit growth in our business. For the full year, our consolidated revenue grew 17% and the momentum continued in the fourth quarter,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.
- Gaming revenue increased to $438 million in the quarter, up 18% compared to the prior year period, primarily driven by robust Gaming machine sales growth of 41% and continued momentum in Gaming Operations, Systems and Tables.
- SciPlay revenue rose to $182 million in the fourth quarter, an 18% increase from the prior year period, and the highest quarterly revenue ever.
- iGaming revenue increased 15% from the prior year period in Q4, reflecting continued growth momentum in the U.S. market.
- Maintained net debt leverage ratio¹ of 3.3x as of December 31, 2022, within our targeted net debt leverage ratio¹ range of 2.5x to 3.5x.
- Returned $413 million of capital to shareholders through the repurchase of approximately 7.2 million shares of L&W common stock since initiating the program on March 3, 2022, and through February 24, 2023, representing 55% of total program authorization.
“We are proud of the tremendous and rapid progress we have made over the past 18 months. Our transformed company and robust product portfolio enabled us to deliver the quality earnings we are seeing today and set the foundation for sustainable growth going forward,” said Connie James, Chief Financial Officer of Light & Wonder. “We now have a strong balance sheet and a clear roadmap to advance with discipline on our balanced and opportunistic capital allocation strategy and elevate Light & Wonder’s value proposition.”
Please review the press release and presentation for more information.
SOURCE: Light & Wonder.Light & Wonder, Financial