16th Consecutive Quarter of Year-Over-Year Consolidated Revenue Growth with Expanded Margins Driving Strong Cash Flow Generation
Added 2,900+ North American Gaming Operations Units Year-Over-Year and ~500 Units Sequentially
Returned $166 million of Capital to Shareholders through Share Repurchases during the Quarter
Strategic Acquisition of Grover Gaming’s Charitable Gaming Business on Schedule
LAS VEGAS — May 7, 2025 — 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, 2025.
We delivered another solid quarter, achieving a 16th consecutive quarter of year-over-year consolidated revenue growth, expanding margins across all three of our businesses and generating strong cash flow, while continuing to execute on our robust content roadmap and cross-platform strategy, and remain committed to $1.4 billion 2025 Consolidated AEBITDA target(1) (pre-Grover transaction). We also repurchased approximately 1.9 million shares of common stock at an aggregate cost of $166 million during the three months ended March 31, 2025.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “Our R&D investment, vast array of product offerings and comprehensive content strategy continue to deliver success in game deployment and franchise expansions. We continue to see our omni-channel strategy prosper with enhanced game development and performance fueling our existing businesses, and further opportunity to extend this strategy with the pending Grover Charitable Gaming Acquisition. We remain confident in the various avenues of growth that we see for 2025 with continued execution on our robust product roadmap driving performance across the business. We are committed to executing off the strong foundation of world class talent and game portfolio that we have built for long-term success.”
Oliver Chow, Chief Financial Officer of Light & Wonder, added, “This quarter is a further testament to our commitment to value creation as we generated strong cash flow coupled with another meaningful quarter of share buyback. Our solid performance continues to be underpinned by a focus on streamlining and optimizing our business to enhance margins as reflected in the quarter across the three business units and corporate functions. The initiatives and processes that we have in place enable us to remain nimble and adaptable to a dynamic environment and positions us well to be a sustainable compounder of growth well into the future.”
LEVERAGE, CAPITAL ALLOCATION AND BUSINESS UPDATE
(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, 2025 Form 10-Q. |
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(2) Represents a non-GAAP financial measure. Additional information on non-GAAP financial measures presented herein is available at the end of this release. |
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(3) Consolidated AEBITDA target and Adjusted NPATA targeted range are forward-looking non-GAAP financial measures presented on a supplemental basis and do not reflect Company guidance. 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 6,500+ 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 lnw.com.
Media Inquiries: media@lnw.com
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 our filings with the Securities and Exchange Commission (the “SEC”), including Light & Wonder’s 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 25, 2025 (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: 05/07/2025
Category: Corporate
Type: Release