Light & Wonder Reports First Quarter 2024 Results

LAS VEGAS — May 8, 2024 – Today, we released our first quarter 2024 results and operating performance.

“Our strong momentum continued into 2024 across the business with our compelling global product offerings driving Game Sales growth in North American adjacent markets and in international markets led by Australia and Asia. SciPlay and iGaming both reached record revenue levels yet again with consistent double-digit year-over-year growth.

The performance in the quarter validates our execution plan, and we expect growth to be further enhanced by key hardware and content launches in both our land-based and digital markets throughout the year. Our differentiated product roadmap and targeted commercial strategy enable us to capitalize on growth opportunities beyond our solidified core businesses. We will continue to execute on our initiatives to deliver sustainable growth underpinned by our robust product portfolio and world-class talent,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder.

Key Highlights​:

• 12 Consecutive Quarters of Consolidated Revenue Growth Delivering Increase of 13% Year-Over-Year.
• Continued Double-Digit Growth Across all Businesses Driving Strong Cash Flow Generation.
• Returned $600 Million of Capital to Shareholders Through Share Repurchases Since Program Inception.
• Gaming revenue increased to $476 million in the quarter, up 14% compared to the prior year period, primarily driven by another quarter of robust Gaming machine sales growth of 30% globally, coupled with continued strong momentum in Gaming operations and systems.
• SciPlay achieved quarterly record-breaking revenue of $206 million, an 11% increase from the prior year period, driven by the core social casino business, which continues to outpace the market and gain share on strong payer metrics.
• iGaming revenue increased 14% to a quarterly record of $74 million in the current year period, reflecting continued growth momentum in the U.S. and international markets.
• Net debt leverage ratio¹ was 3.0x as of March 31, remaining within our targeted net debt leverage ratio¹ range of 2.5x to 3.5x.
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“We remain on a healthy growth trajectory with six consecutive quarters of double-digit revenue growth across Gaming, SciPlay and iGaming, a testament to the power of our R&D engine, as we continue to deploy engaging content enjoyed by players across all of our platforms.

​We will continue to reinvest back into the business to further scale revenue and profitability. Given our strong growth and the highly cash generative nature of our business, we plan to further enhance value through our share repurchase program, while maintaining the rigor of our strategic capital allocation plan,” said Oliver Chow, Chief Financial Officer of Light & Wonder.

Please review the press release and presentation for more information.

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SOURCE: Light & Wonder.