Light & Wonder, Inc. Reports First Quarter 2024 Results

Delivered Consolidated Revenue Growth of 13% Year-Over-Year on Strong Gaming Machine Sales and Record SciPlay and iGaming Revenue

Double-Digit Revenue Growth Across all Businesses Driving Strong Cash Flow Generation

LAS VEGAS — May 8, 2024 — Light & Wonder, Inc. (NASDAQ and ASX: LNW) (“Light & Wonder,” “L&W,” “we” or the “Company”) today reported results for the first quarter ended March 31, 2024.

We started 2024 on a strong note, delivering a 12th consecutive quarter of year-over-year consolidated revenue growth and generating strong cash flow, while continuing to execute on our robust content roadmap and cross-platform strategy. Consolidated revenue grew 13%, driven by continued double-digit revenue growth across all of our businesses, resulting in robust earnings growth as we continue to progress towards our long-term financial targets:

  • Gaming revenue increased to $476 million, up 14% compared to the prior year period, primarily driven by global Gaming machine sales growth, which increased 30%, coupled with growth across Gaming operations and Gaming systems.
  • SciPlay revenue grew to a quarterly revenue record 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 revenue record of $74 million, primarily reflecting continued momentum in the U.S. and international markets.

Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “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.”

Oliver Chow, Chief Financial Officer of Light & Wonder, added, “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. Our financial performance highlights the strength of our team across all of our segments. 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.”


  • Principal face value of debt outstanding(1) was $3.9 billion, translating to a net debt leverage ratio(2) of 0x as of March 31, 2024. Our net debt leverage ratio(2) decreased by 0.1x from December 31, 2023, and remained within our targeted net debt leverage ratio(2) range of 2.5x to 3.5x.
  • Returned $25 million of capital to shareholders through the repurchase of approximately 2 million shares of L&W common stock during the quarter. Since the initiation of the program, we have returned $600 million of capital to shareholders through the repurchase of approximately 9.7 million shares of L&W common stock, representing 80% of total program authorization.

(1) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presentation found in Note 10 to the Condensed Consolidated Financial Statements in our March 31, 2024 Form 10-Q.

(2) Additional information on non-GAAP financial measures presented herein is available at the end of this release.


About Light & Wonder, Inc.
Light & Wonder, Inc. is the leading cross-platform global games company. Through our three unique, yet highly complementary businesses, we deliver unforgettable experiences by combining the exceptional talents of our 6,000+ member team, with a deep understanding of our customers and players. We create immersive content that forges lasting connections with players, wherever they choose to engage. At Light & Wonder, it’s all about the games. The Company is committed to the highest standards of integrity, from promoting player responsibility to implementing sustainable practices. To learn more, visit

Media Inquiries:

Forward-Looking Statements
In this press release, Light & Wonder makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "will," "may," and "should." These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results, or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors, including those factors described in Light & Wonder’s filings with the Securities and Exchange Commission (the “SEC”), including its current reports on Form 8-K, quarterly reports on Form 10-Q and its annual report on Form 10-K that was filed with the SEC on February 27, 2024 (including under the headings "Forward-Looking Statements" and "Risk Factors"). Forward-looking statements speak only as of the date they are made and, except for Light & Wonder’s ongoing obligations under the U.S. federal securities laws, Light & Wonder undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

Date: 05/08/2024

Category: Corporate

Type: Release