Light & Wonder Reports Third Quarter 2023 Results

November 12, 2023 | Financial

Today, we released our third quarter 2023 results and operating performance.

Key Highlights:

Ten Consecutive Quarters of Consolidated Revenue Growth Delivering Increase of 13% Year-Over-Year
Double-Digit Growth Across all Businesses Driving Strong Cash Flow Generation
Maintained Healthy Balance Sheet, Strong Financial Profile and Extended 2025 Debt Maturity to 2031
Returned $112 Million of Capital to Shareholders Through Share Repurchases During the Quarter

“Our tremendous team at Light & Wonder continues to deliver exceptional results with double-digit growth across all three of our businesses for the fourth consecutive quarter. Additionally, we also reached two significant milestones, which included closing the SciPlay transaction and inclusion into the ASX 200 index in Australia,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.

Q3 Results Highlights:

Gaming revenue increased to $465 million in the quarter, up 11% compared to the prior year period, primarily driven by robust Gaming machine sales growth of 23% in North America and International and continued momentum in Gaming Operations and Table products.
SciPlay achieved another record revenue of $196 million, an 15% increase from the prior year period, driven by the core social casino business, maintaining strong payer metrics and once again outpacing the market and gaining share.
iGaming revenue increased 21% from the prior year period, reflecting continued growth momentum in the U.S. and international markets.

The net debt leverage ratio¹ was 2.8x as of September 30, the lowest in the Company’s recent history. The number decreased 0.5x from December 31, 2022, remaining within our targeted net debt leverage ratio¹ range of 2.5x to 3.5x.

“This quarter demonstrated our commitment to growing the business and maintaining healthy margins. Our business segments’ AEBITDA are at their highest levels in 2023 as we continue to stay intensely focused on executing on our strategy while driving margin enhancement initiatives,” said Oliver Chow, interim Chief Financial Officer of Light & Wonder.