Light & Wonder Reports Fourth Quarter and Full Year 2023 Results

February 28, 2024 | Financial

Light & Wonder | Stand 190 Australasian Gaming Expo

February 27, 2024) — Today, we released our fourth quarter and full year 2023 results and operating performance.

“2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution. We consistently leverage a differentiated product strategy and plan to capitalize on the significant growth opportunities ahead of us. I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory. I want to congratulate our team on a successful year and know the best is yet to come,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.

Key Highlights​:

  • 11 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.
  • Returned $170 Million of Capital to Shareholders Through Share Repurchases During 2023.
  • Gaming revenue increased to $496 million in the quarter, up 13% compared to the prior year period, primarily driven by another quarter of robust Gaming machine sales growth of 31% globally, coupled with continued strong momentum in Gaming operations.
  • SciPlay achieved quarterly record-breaking revenue of $204 million, a 12% 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 13% from the prior year period, reflecting continued growth momentum in the U.S. and international markets.
  • The net debt leverage ratio¹ was 3.1x as of December 31, despite the cash outflow required to complete the SciPlay merger. The number decreased 0.2x from December 31, 2022, remaining within our targeted net debt leverage ratio¹ range of 2.5x to 3.5x.

“We continue to see healthy trends in the business and were able to capitalize on many of the opportunities presented to us in 2023 to deliver strong top- and bottom-line growth, both in the quarter and for the full year. Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders,” said Oliver Chow, Chief Financial Officer of Light & Wonder.

Please review the press release and presentation for more information.

SOURCE: Light & Wonder.

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