A month has gone by since the last earnings report for Light & Wonder (LNW) . Shares have added about 9.1% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Light & Wonder due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Light & Wonder Q1 Earnings Top on Solid Revenue ...

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Light & Wonder, Inc. (LNW) reported strong first-quarter 2024 results, wherein both the top and bottom lines beat the respective Zacks Consensus Estimate. The Las Vegas-based cross-platform games and entertainment company reported double-digit revenue growth year over year in each of the segments for six consecutive quarters, which exemplified its portfolio strength and resilient business model.Bottom LineNet income for the reported quarter increased to $82 million or 88 cents per share from $22 million or ...

Financial Data and Key Metrics Changes - Consolidated revenue increased 13% year-over-year to $756 million, with operating income rising 62% to $165 million, primarily due to higher revenue and healthy margins [45][46] - Adjusted NPATA increased 22% year-over-year to $105 million, reflecting strong revenue growth across all businesses [46] - Consolidated AEBITDA grew 13% to $281 million, resulting in a consolidated AEBITDA margin of 37% for the quarter [63][64] Business Line Data and Key Metrics Changes - Gaming revenue grew 14% year-over-year to $476 million, driven by strong global gaming machine sales and gains across gaming operations and systems [65] - SciPlay delivered record revenue, up 11% year-over-year to $206 million, supported by robust player engagement and monetization [69] - iGaming revenue increased 14% year-over-year to a record $74 million, driven by strong content launches and market expansion [85] Market Data and Key Metrics Changes - North American premium installed base grew for 15 consecutive quarters, now representing 49% of the North American in-store base [32] - Average monthly revenue per paying user in SciPlay reached nearly $114, an increase of 17% compared to the prior year [73] - Wagers processed through the iGaming OGS platform increased 10% year-over-year to a record $22.4 billion [86] Company Strategy and Development Direction - The company aims to continue executing its capital allocation strategy, focusing on share buybacks and organic investments [8][19] - The strategy emphasizes building great franchises across three channels, with a focus on cross-platform opportunities [11][12] - The company is committed to enhancing its direct-to-consumer platform, which generated approximately 6% of revenues in the first quarter [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $1.4 billion revenue target, citing strong operating momentum and a solid pipeline of opportunities [151][152] - The company remains focused on maintaining strong margins while investing in growth initiatives and R&D [162] - Management noted that the gaming industry is resilient, with healthy consumer demand fueling impressive growth [51] Other Important Information - The company repurchased $25 million of shares during the quarter, totaling approximately $600 million or 80% of the $750 million authorized program [89] - The company had approximately $1.2 billion of available liquidity at the end of the quarter, including $450 million in cash [87] Q&A Session Summary Question: What is the growth trajectory for SciPlay and the DTC platform? - Management highlighted SciPlay's consistent market share gains and expects the DTC platform to ramp up significantly, aiming for higher revenue contributions over time [91][105] Question: Can you elaborate on unit sales and adjacent market opportunities? - Management discussed strong year-over-year growth in unit sales and the potential for significant contributions from adjacent markets in 2024 [95][111] Question: How is slot demand globally and what is the forward order visibility? - Management indicated improving game quality and a solid order book, with discrete opportunities in adjacent markets providing stability [134] Question: What are the expectations for free cash flow conversion? - Management expects annual conversion rates to trend favorably, despite some seasonality in cash flow levels [139] Question: What is the company's approach to M&A? - Management stated that while they are open to M&A opportunities that align with their core business, they are not in a hurry to complicate the portfolio [142]

Light & Wonder (LNW) reported $756 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 12.8%. EPS of $0.93 for the same period compares to $0.23 a year ago.The reported revenue represents a surprise of +3.28% over the Zacks Consensus Estimate of $732.01 million. With the consensus EPS estimate being $0.70, the EPS surprise was +32.86%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

Light & Wonder (LNW) came out with quarterly earnings of $0.93 per share, beating the Zacks Consensus Estimate of $0.70 per share. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 32.86%. A quarter ago, it was expected that this instant-win lottery ticket maker would post earnings of $0.76 per share when it actually produced earnings of $0.73, delivering a surprise of -3.95%.Over the last four ...

[PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (unaudited)](index=8&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The unaudited financial statements for Q1 2024 show significant revenue and net income growth, with total assets at **$5.59 billion** [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) Q1 2024 income statements show total revenue of **$756 million** and net income of **$82 million**, reflecting strong growth Consolidated Statements of Income (Three Months Ended March 31) | Metric | 2024 (in millions) | 2023 (in millions) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $756 | $670 | +13% | | **Operating Income** | $165 | $102 | +62% | | **Net Income Attributable to L&W** | $82 | $22 | +273% | | **Diluted EPS Attributable to L&W** | $0.88 | $0.23 | +283% | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets reached **$5.588 billion**, with liabilities at **$4.753 billion** and equity at **$835 million** Consolidated Balance Sheet Highlights | Metric | March 31, 2024 (in millions) | December 31, 2023 (in millions) | | :--- | :--- | :--- | | **Total Assets** | $5,588 | $5,552 | | Cash and cash equivalents | $450 | $425 | | Goodwill | $2,925 | $2,945 | | **Total Liabilities** | $4,753 | $4,787 | | Long-term debt, excluding current portion | $3,852 | $3,852 | | **Total Stockholders' Equity** | $835 | $765 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 cash flow shows **$171 million** from operations, **$71 million** used in investing, and **$65 million** in financing Cash Flow Summary (Three Months Ended March 31) | Cash Flow Activity | 2024 (in millions) | 2023 (in millions) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $171 | $185 | | **Net cash used in investing activities** | $(71) | $(57) | | **Net cash used in financing activities** | $(65) | $(65) | | Increase in cash, cash equivalents and restricted cash | $32 | $63 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, **$3.9 billion** debt, and legal contingencies with potential losses up to **$13 million** - The company operates in three business segments: Gaming, SciPlay, and iGaming. The primary measure of profit for these segments is **Adjusted EBITDA (AEBITDA)**[32](index=32&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) Revenue by Business Segment (Three Months Ended March 31) | Segment | 2024 Revenue (in millions) | 2023 Revenue (in millions) | | :--- | :--- | :--- | | Gaming | $476 | $419 | | SciPlay | $206 | $186 | | iGaming | $74 | $65 | | **Total** | **$756** | **$670** | - As of March 31, 2024, the company had total outstanding debt with a face value of **$3.9 billion**, primarily consisting of a **$2.2 billion** variable-rate Term Loan B and various senior unsecured notes[67](index=67&type=chunk) - The company estimates a range of possible loss for certain legal contingencies up to approximately **$13 million** in excess of accrued liabilities[91](index=91&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024's **13%** revenue growth across all segments, **62%** operating income increase, and strong **$1.19 billion** liquidity [Consolidated Results](index=29&type=section&id=Consolidated%20Results) Q1 2024 consolidated revenue grew **13%** to **$756 million**, with operating income up **62%** to **$165 million** Consolidated Results Summary (Q1 2024 vs Q1 2023) | Metric (in millions) | Q1 2024 | Q1 2023 | Variance ($) | Variance (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $756 | $670 | $86 | 13% | | **Operating Income** | $165 | $102 | $63 | 62% | | **Net Income** | $82 | $27 | $55 | 204% | - The increase in operating expenses was driven by higher SG&A (**$26M**) and R&D (**$8M**), partially offset by lower D&A (**-$15M**) and Restructuring costs (**-$13M**)[127](index=127&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) [Business Segment Results](index=31&type=section&id=Business%20Segment%20Results) All segments showed strong revenue growth, with Gaming up **14%** to **$476 million**, SciPlay **11%** to **$206 million**, and iGaming **14%** to **$74 million** Segment Revenue and AEBITDA (Q1 2024) | Segment | Revenue (in millions) | AEBITDA (in millions) | AEBITDA Margin | | :--- | :--- | :--- | :--- | | Gaming | $476 | $232 | 49% | | SciPlay | $206 | $62 | 30% | | iGaming | $74 | $25 | 34% | - Gaming growth was driven by a **26%** increase in total new unit shipments, with a notable **45%** rise in international shipments[140](index=140&type=chunk) - SciPlay's performance was highlighted by a record ARPDAU of **$1.01**, up **13%** YoY, and a **17%** increase in Average Monthly Revenue Per Paying User (AMRPPU)[125](index=125&type=chunk)[156](index=156&type=chunk)[161](index=161&type=chunk) - iGaming processed **$22 billion** in wagers through its Open Gaming System during the quarter[169](index=169&type=chunk) [Liquidity, Capital Resources and Working Capital](index=37&type=section&id=Liquidity,%20Capital%20Resources%20and%20Working%20Capital) Total liquidity was **$1.19 billion** as of March 31, 2024, with **$171 million** from operations and **$25 million** in share repurchases Cash and Available Revolver Capacity (in millions) | Component | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $450 | $425 | | Available Revolver Capacity | $740 | $740 | | **Total** | **$1,190** | **$1,165** | - Net cash provided by operating activities decreased to **$171 million** from **$185 million** in Q1 2023, primarily due to unfavorable changes in working capital[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - The company repurchased **0.2 million** shares of common stock for an aggregate cost of **$25 million** during the quarter[178](index=178&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on **$2.2 billion** variable-rate debt, mitigated by **$700 million** in interest rate swaps - The company has **$2.2 billion** of variable-rate debt obligations that fluctuate based on SOFR[186](index=186&type=chunk) - A hypothetical **1%** change in interest rates would change annual interest expense by approximately **$22 million**, excluding the impact of hedges[186](index=186&type=chunk) - The company hedges a portion of its variable rate debt with interest rate swap contracts on a total notional amount of **$700 million**, which mature in April 2027[187](index=187&type=chunk)[72](index=72&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of March 31, 2024[189](index=189&type=chunk) - No material changes were made to internal controls over financial reporting during the quarter ended March 31, 2024[190](index=190&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with details available in Note 15 of the financial statements - For a full discussion of legal proceedings, refer to Note 15 in the Notes to Condensed Consolidated Financial Statements[191](index=191&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported compared to the 2023 Annual Report on Form 10-K - No material changes in risk factors were reported compared to those disclosed in the 2023 10-K[192](index=192&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **0.25 million** shares for **$25 million** in Q1 2024, with **$150 million** remaining for future repurchases Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased (millions) | Average Price Paid per Share | Total Cost (in millions) | Approx. Value Remaining for Purchase (in millions) | | :--- | :--- | :--- | :--- | :--- | | Jan 2024 | — | — | — | $175 | | Feb 2024 | — | — | — | $175 | | Mar 2024 | 0.25 | $101.04 | $25 | $150 | | **Total** | **0.25** | **$101.04** | **$25** | **$150** | [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2024 - During the three months ended March 31, 2024, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement[198](index=198&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents and CEO/CFO certifications - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Inline XBRL documents[200](index=200&type=chunk)

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. Light & Wonder, Inc. Reports First Quarter 2024 Results SUMMARY RESULTS | | | | Three Months Ended March 31, | ...

Light & Wonder, Inc. (NASDAQ:LNW) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET Company Participants Nick Zangari - SVP, Investor Relations Matthew Wilson - EVP & Group Chief Executive, Gaming Oliver Chow - CFO Conference Call Participants Barry Jonas - Truist Securities Chad Beynon - Macquarie Securities David Katz - Jefferies Rohan Sundram - MST Marquee Carlo Santarelli - Deutsche Bank Jeffrey Stantial - Stifel Financial Joseph Stauff - Susquehanna Financial Group Rohan Gallagher - Jarden ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-11693 LIGHT & WONDER, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Nevada 8 ...