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Light & Wonder(LNW) - 2022 Q1 - Quarterly Report
2022-05-10 20:46
[PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements](index=8&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Light & Wonder reported Q1 2022 revenues of $572 million, a net loss from continuing operations, and $26 million net income attributable to L&W, driven by discontinued operations Consolidated Statements of Operations (Q1 2022 vs Q1 2021) | Metric | Three Months Ended March 31, 2022 (in millions) | Three Months Ended March 31, 2021 (in millions) | | :--- | :--- | :--- | | **Total Revenue** | **$572** | **$453** | | Operating Income | $40 | $4 | | Net Loss from Continuing Operations | $(67) | $(88) | | Net Income from Discontinued Operations | $95 | $79 | | **Net Income (Loss) Attributable to L&W** | **$26** | **$(15)** | | Diluted EPS from Continuing Operations | $(0.72) | $(0.98) | | **Diluted EPS Attributable to L&W** | **$0.26** | **$(0.16)** | Consolidated Balance Sheet Highlights | Metric | As of March 31, 2022 (in millions) | As of December 31, 2021 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $496 | $585 | | Total Assets | $7,952 | $7,883 | | Assets of businesses held for sale | $2,075 | $1,974 | | Long-term debt, excluding current portion | $8,789 | $8,646 | | Total Liabilities | $10,089 | $9,989 | | Total Stockholders' Deficit | $(2,137) | $(2,106) | Condensed Consolidated Statements of Cash Flows | Metric | Three Months Ended March 31, 2022 (in millions) | Three Months Ended March 31, 2021 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $94 | $123 | | Net cash used in investing activities | $(176) | $(61) | | Net cash provided by (used in) financing activities | $52 | $(139) | - Effective April 28, 2022, the company changed its name from Scientific Games Corporation to Light & Wonder, Inc. to align with its new strategic vision[33](index=33&type=chunk) - The company completed the divestiture of its Lottery Business on April 4, 2022, for **$5.6 billion** in gross cash proceeds, with the Sports Betting business sale expected to close in Q3 2022, both reported as discontinued operations[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - In March 2022, the SciPlay segment acquired Alictus, a hyper-casual game studio, for approximately **$106 million** in cash, expanding its presence in the casual gaming market[43](index=43&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's transformation, including divestitures, debt reduction, and revenue growth driven by Gaming, SciPlay, and iGaming segments [Business Overview and Recent Events](index=28&type=section&id=Business%20Overview%20and%20Recent%20Events) The company is transforming into a cross-platform global game company through rebranding, major divestitures, debt reduction, strategic acquisitions, and share repurchases - Completed a major refinancing in April 2022, reducing the face value of debt by **$4,957 million** (from $8,910 million to $3,953 million)[129](index=129&type=chunk)[180](index=180&type=chunk) - Completed the divestiture of the Lottery Business on April 4, 2022, receiving **$5.6 billion** in gross cash proceeds[129](index=129&type=chunk) - Returned **$147 million** to shareholders through share repurchases from the program's initiation on March 3, 2022, through May 9, 2022[129](index=129&type=chunk) - Acquired Alictus (hyper-casual games) in March 2022 and Playzido (iGaming content) in April 2022 to expand digital offerings[129](index=129&type=chunk) [Consolidated Results](index=30&type=section&id=Consolidated%20Results) Consolidated revenue increased 26% to $572 million, with operating income surging 900% to $40 million, driven by Gaming segment recovery and growth in SciPlay and iGaming Consolidated Results Summary (Q1 2022 vs Q1 2021) | Metric (in millions) | 2022 | 2021 | Variance | Variance % | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $572 | $453 | $119 | 26% | | Total operating expenses | $532 | $449 | $83 | 18% | | Operating income | $40 | $4 | $36 | 900% | - Cost of product sales increased by **75%** to **$70 million**, directly related to higher gaming machine sales[137](index=137&type=chunk)[138](index=138&type=chunk) - Restructuring and other costs increased **71%** to **$36 million**, primarily due to professional services and other charges related to the divestitures[137](index=137&type=chunk)[142](index=142&type=chunk) - Discontinued operations revenue increased **4%** to **$288 million**, contributing to a **20%** increase in net income from discontinued operations to **$95 million**[51](index=51&type=chunk)[145](index=145&type=chunk) [Business Segments Results](index=32&type=section&id=Business%20Segments%20Results) All three segments contributed to revenue growth, with Gaming leading at $355 million (45% increase), SciPlay growing 5% to $158 million, and iGaming up 2% to $59 million Revenue by Business Segment (Q1 2022 vs Q1 2021) | Segment (in millions) | 2022 | 2021 | Variance | Variance % | | :--- | :--- | :--- | :--- | :--- | | Gaming | $355 | $244 | $111 | 45% | | SciPlay | $158 | $151 | $7 | 5% | | iGaming | $59 | $58 | $1 | 2% | | **Total** | **$572** | **$453** | **$119** | **26%** | AEBITDA by Business Segment (Q1 2022 vs Q1 2021) | Segment (in millions) | 2022 | 2021 | | :--- | :--- | :--- | | Gaming | $171 | $107 | | SciPlay | $44 | $46 | | iGaming | $21 | $21 | | **Total Segment AEBITDA** | **$236** | **$174** | [Liquidity, Capital Resources and Working Capital](index=38&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Working%20Capital) The company significantly improved its capital structure by reducing debt by nearly $5 billion to $4.0 billion, with total liquidity of $1.21 billion and $94 million in operating cash flow Pro-Forma Debt Reduction from April 2022 Refinancing | Metric (in millions) | Principal Value as of March 31, 2022 | April 14, 2022 Refinancing Impact | Outstanding Principal Value Adjusted | | :--- | :--- | :--- | :--- | | **Total long-term debt** | **$8,910** | **$(4,957)** | **$3,953** | - Net cash used in operating activities from continuing operations was **$(14) million**, primarily due to unfavorable working capital changes, including timing of disbursements for strategic transactions and higher incentive compensation payouts[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - Net cash used in investing activities from continuing operations increased by **$117 million** to **$151 million**, mainly due to the acquisition of Alictus[185](index=185&type=chunk)[189](index=189&type=chunk) - Net cash provided by financing activities was **$54 million**, driven by **$230 million** in borrowings under the SGI revolver, partially offset by **$51 million** in treasury stock purchases[185](index=185&type=chunk)[190](index=190&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rates and foreign currency, with $4.17 billion in variable-rate debt and mitigation through interest rate and cross-currency swaps - As of March 31, 2022, a hypothetical **1%** change in interest rates on the **$4,168 million** of variable-rate debt would change annual interest expense by approximately **$42 million**[196](index=196&type=chunk) - In April 2022, the company entered into new interest rate swap contracts with a notional amount of **$700 million** to hedge a portion of its variable rate debt[198](index=198&type=chunk) - The company settled its cross-currency interest rate swaps in April 2022 as part of the refinancing, receiving approximately **$50 million** in cash proceeds[98](index=98&type=chunk)[201](index=201&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of March 31, 2022[205](index=205&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[206](index=206&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with $27 million in accrued liabilities and an estimated possible loss of up to $13 million in excess of accruals - Accrued liabilities for all legal matters were **$27 million** as of March 31, 2022[116](index=116&type=chunk) - For matters where a loss is reasonably possible and can be estimated, the current estimated range of possible loss is up to approximately **$13 million** in excess of accrued liabilities[117](index=117&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes in the company's risk factors from those disclosed in its 2021 Annual Report on Form 10-K - No material changes in risk factors from those disclosed in the 2021 10-K[209](index=209&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 0.9 million shares for $51 million during Q1 2022, with $699 million remaining available under the share repurchase program Issuer Purchases of Equity Securities (Q1 2022) | Period | Total Number of Shares Purchased (in millions) | Average Price Paid per Share | Total Cost of Repurchase (in millions) | Approximate Dollar Value Remaining in Program (in millions) | | :--- | :--- | :--- | :--- | :--- | | 1/1/22 - 2/28/22 | — | $— | $— | $750 | | 3/1/22 - 3/31/22 | 0.9 | $59.10 | $51 | $699 | | **Total** | **0.9** | **-** | **$51** | **$699** | [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, debt-related indentures, and executive compensation agreements
Light & Wonder(LNW) - 2021 Q4 - Earnings Call Transcript
2022-03-02 04:41
Scientific Games Corporation (SGMS) Q4 2021 Earnings Conference Call March 1, 2022 4:30 PM ET Company Participants Jim Bombassei - Senior Vice President of Investor Relations Jamie Odell - Chairman Antonia Korsanos - Executive Chairman Barry Cottle - President and CEO Connie James - EVP, CFO, Treasurer and Corporate Secretary Conference Call Participants Barry Jonas - Truist Securities Ryan Sigdahl - Craig-Hallum Capital Group David Katz - Jefferies Chad Beynon - Macquarie Zach Silverberg - Berenberg Capita ...
Light & Wonder(LNW) - 2021 Q4 - Earnings Call Presentation
2022-03-01 23:43
MARCH 1, 2022 Business Strategy Update Fourth Quarter and Full Year 2021 Earnings Presentation © 2 0 2 2 S C I E N T I F I C G A M E S C O R P O R A T I O N P R O P R I E T A R Y & C O N F I D E N T I A L Forward-Looking Statements In this presentation, Scientific Games Corporation ("Scientific Games," "SGMS" or the "Company") makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, res ...
Light & Wonder(LNW) - 2021 Q4 - Annual Report
2022-03-01 22:02
Business Divestitures - The company plans to divest its Lottery and Sports Betting businesses, with the Lottery business expected to close by the end of March 2022 and the Sports Betting business in the second quarter of 2022, generating total proceeds of approximately $7.05 billion[29]. - The company announced its intention to divest its Lottery and Sports Betting businesses, with a definitive agreement to sell the Sports Betting business for $1 billion in cash and approximately $200 million in Endeavor Class A common stock[127]. - The Lottery business is being sold to Brookfield for a total consideration of $6.05 billion, which includes $5.825 billion in cash and an earn-out of up to $225 million based on certain EBITDA targets in 2022 and 2023[127]. Business Segments and Operations - The company reported that its continuing operations are segmented into Gaming, SciPlay, and iGaming, focusing on cross-platform content and digital markets[30]. - The iGaming segment provides a comprehensive suite of digital gaming content, including revenue from content aggregation platforms and remote gaming servers[44]. - SciPlay, a leading developer of digital games, generates revenue primarily from the sale of virtual coins, chips, or bingo cards, with plans to launch an additional casual game in 2022[42]. - The company has access to a library of over 1,500 iconic casino titles, enhancing its competitive position in the social gaming market[42]. - The company’s gaming products are installed in approximately 182 international gaming jurisdictions, with growth driven by new casino openings and existing casino expansions[35]. Competition and Market Challenges - The company faces intense competition in the gaming machine sector from major players such as IGT, Aristocrat, and Konami[37]. - The company’s SciPlay segment competes with major social casino game developers like Playtika and Zynga, as well as broader social game market competitors such as Activision Blizzard and Electronic Arts[43]. - The instant lottery products market is highly competitive, with principal competitors including IGT and Pollard Banknote Limited[49]. - The lottery systems business faces intense price-based competition, primarily from IGT and Intralot S.A.[50]. - The company competes in a highly competitive gaming industry, facing pressure from both traditional and emerging competitors[164]. Financial Performance and Strategy - The company aims to significantly de-lever its balance sheet post-divestitures, enabling organic and inorganic investments to accelerate growth and return capital to shareholders[39]. - The company recorded $48 million in inventory charges related to the Gaming business segment during the year ended December 31, 2020, due to the impact of COVID-19[124]. - The company has total available liquidity of $903 million as of December 31, 2021, which includes $638 million of undrawn availability under its revolving credit facility[147]. - Approximately 28% of the company's revenue for the year ended December 31, 2021, was derived from sales to customers outside the U.S.[135]. - The company may not have sufficient cash flows from operating activities to service all of its indebtedness and other obligations, which could impact financial stability[117]. Regulatory Environment - The company continues to monitor evolving regulations related to digital gaming, sports betting, and lottery sales, but cannot predict the timing or scope of these regulations[96]. - The 2018 DOJ opinion concluded that the Wire Act applies to all bets and wagers, impacting the company's iGaming, iLottery, and sports betting services[92]. - Regulatory requirements vary, but most jurisdictions require licenses and permits for the company and its key personnel[85]. - The U.K. Government is reviewing the Gambling Act 2005, with potential legislative changes expected in late 2022 or 2023[95]. - The company has developed procedures to comply with evolving gaming laws, but cannot guarantee that its activities will not face legal challenges[80]. COVID-19 Impact - The ongoing COVID-19 pandemic has led to decreased discretionary spending and consumer travel, negatively affecting the company's Gaming business, particularly in Participation gaming and iGaming segments[123]. - The company is experiencing supply chain challenges due to COVID-19, but believes it currently has an adequate supply of component parts[67]. - The company has experienced lower work efficiency and productivity due to COVID-19, which may adversely affect service quality and business operations[126]. - The company recorded inventory charges of $48 million in the Gaming business segment for the year ended December 31, 2020, primarily due to COVID-19 disruptions impacting future demand[133]. Human Resources and Diversity - The company employs approximately 5,600 persons worldwide as of December 31, 2021, with 2,500 employed domestically and 3,100 internationally[69]. - The company continues to invest in diversity, equity, and inclusion initiatives, including forming a Diversity, Equity and Inclusion Council[71]. Risks and Challenges - The company faces significant opposition in some jurisdictions to interactive social gaming, which could lead to restrictive legislation or increased compliance costs[87]. - The company may incur integration and optimization expenses to execute its new strategy and facilitate pending divestitures[130]. - The company faces risks related to foreign currency exchange rate fluctuations, particularly with the British Pound Sterling, Australian Dollar, and Euro[136]. - The company is subject to strict government regulations that may limit operations and affect growth potential in the gaming industry[121]. - The company may need to raise additional capital for significant acquisitions or to fulfill contracts, which could be challenging under current economic conditions[162]. Technology and Cybersecurity - The company relies on information technology systems for business operations, and any failures could adversely impact its reputation, results of operations, and financial condition[215]. - Cyber-attacks and data security incidents pose risks that could result in loss of sales, increased costs, and reputational harm, necessitating significant investments in data protection[219][220]. - The company may face challenges in developing new products and services due to potential infringement of intellectual property rights held by others, which could adversely affect its financial condition[221]. - The company relies heavily on third-party suppliers for components, and any disruptions could adversely affect its ability to fulfill customer orders and maintain financial performance[192].
Light & Wonder(LNW) - 2021 Q3 - Earnings Call Transcript
2021-11-10 03:49
Scientific Games Corporation (SGMS) Q3 2021 Earnings Conference Call November 9, 2021 4:30 PM ET Company Participants Jim Bombassei – Senior Vice President of Investor Relations Barry Cottle – President and Chief Executive Officer Connie James – Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary Conference Call Participants Barry Jonas – Truist Securities John Decree – CBRE Ryan Sigdahl – Craig-Hallum Capital Group David Katz – Jefferies Jeff Stantial – Stifel Ted Beynon – ...
Light & Wonder(LNW) - 2021 Q3 - Quarterly Report
2021-11-09 21:59
Financial Performance - Total revenue for the three months ended September 30, 2021, was $539 million, a 25% increase from $432 million in the same period of 2020[22]. - Net income for the three months ended September 30, 2021, was $187 million, compared to a net loss of $111 million in the same period of 2020[26]. - Operating income for the nine months ended September 30, 2021, was $106 million, a significant improvement from an operating loss of $235 million in the same period of 2020[22]. - Total revenue for the nine months ended September 30, 2021, was $1.572 billion, an increase from $1.219 billion for the same period in 2020, reflecting a 29% growth[74]. - Total revenue for the Gaming business segment was $339 million for the three months ended September 30, 2021, compared to $231 million for the same period in 2020, representing a 47% increase[69]. - AEBITDA for the Gaming segment was $172 million for Q3 2021, up from $77 million in Q3 2020, indicating a significant improvement in profitability[69]. - The company reported a net loss from continuing operations before income taxes of $72 million for Q3 2021, compared to a net loss of $184 million for Q3 2020[69]. - The company experienced a $19 million or 7% increase in revenue from discontinued operations for the three months ended September 30, 2021[183]. - The net income from discontinued operations increased by $11 million or 14% for the three months ended September 30, 2021, due to higher revenue from Lottery and Sports Betting[183]. Expenses and Costs - Research and development expenses increased to $47 million for the three months ended September 30, 2021, up from $36 million in the same period of 2020[22]. - The company incurred restructuring costs of $45 million for the three months ended September 30, 2021, compared to $17 million in the same period of 2020[22]. - Total operating expenses for the same period were $505 million, a 9% increase from $462 million in 2020[174]. - Selling, general and administrative expenses rose by 12% to $164 million for the three months ended September 30, 2021, driven by higher stock-based compensation[176]. - The company incurred restructuring and other costs of $45 million for Q3 2021, compared to $17 million for Q3 2020, reflecting ongoing optimization efforts[79]. Income and Gains - The company recognized a $63 million gain related to the SportCast acquisition transaction for the nine months ended September 30, 2021[23]. - The company reported a net income attributable to SGC of $182 million for the three months ended September 30, 2021, compared to a net loss of $117 million in the same period of 2020[22]. - Total comprehensive income attributable to SGC for the three months ended September 30, 2021, was $155 million, compared to a loss of $85 million in the same period of 2020[26]. - Net income for the nine months ended September 30, 2021, was $291 million, a significant improvement compared to a net loss of $464 million for the same period in 2020[31]. Assets and Liabilities - As of September 30, 2021, total assets decreased to $7.85 billion from $7.98 billion as of December 31, 2020, reflecting a decline of approximately 1.6%[29]. - Total liabilities decreased to $10.04 billion as of September 30, 2021, from $10.51 billion as of December 31, 2020, a reduction of approximately 4.4%[29]. - Cash, cash equivalents, and restricted cash at the end of the period were $901 million, down from $1.141 billion at the end of the previous year[31]. - Total assets as of September 30, 2021, were $5.946 billion, a slight decrease from $6.069 billion as of December 31, 2020[69]. - Total assets of businesses held for sale as of September 30, 2021, were $1.904 billion, slightly down from $1.915 billion at the end of 2020[60]. - Total liabilities of businesses held for sale as of September 30, 2021, were $399 million, down from $435 million at the end of 2020[60]. Cash Flow and Liquidity - The company reported net cash provided by operating activities of $459 million for the nine months ended September 30, 2021, compared to $312 million in the prior year, representing an increase of approximately 47.2%[31]. - The company’s total available liquidity was $1.016 billion as of September 30, 2021, which included $503 million of undrawn availability under SGI's revolving credit facility[40]. - Net cash provided by operating activities from continuing operations was $199 million for the nine-month period, a significant increase from $2 million in the previous year[226]. - The company made a voluntary payment of $135 million on SGI's revolving credit facility, leaving the entire facility undrawn and available[224]. Acquisitions and Divestitures - The company announced the divestiture of its Lottery and Sports Betting businesses, with total consideration for the Lottery business at $6.05 billion, including $5.825 billion in cash[33]. - The company expects to complete the divestiture transactions during the first half of 2022, subject to regulatory approvals[33]. - In July 2021, the company proposed to acquire the remaining 19% equity interest in SciPlay, aligning with its strategic review[35]. - The company completed several acquisitions, including Koukoi Games Oy and Lightning Box Games, enhancing its offerings in the mobile and iGaming sectors[44][45]. - Total consideration for acquisitions related to continuing operations was $60 million, with $39 million allocated to goodwill[48]. Legal and Regulatory Matters - A putative class action complaint was filed against Scientific Games Corporation (SGC) in Washington, seeking unspecified damages for alleged violations of gambling laws related to virtual coins in online casino games[140]. - The TCS John Huxley matter involves federal antitrust claims against SGC, alleging an illegal monopoly in the market for automatic card shufflers, with ongoing litigation and no current estimate of possible losses[141]. - The Tonkawa Tribe matter includes federal antitrust claims against SGC for creating an alleged monopoly in card shufflers, with the plaintiffs seeking unspecified damages and costs[142][143]. - Casino Queen filed a putative class action against SGC for alleged antitrust violations related to automatic card shufflers, seeking unspecified damages and costs[144]. - SGI, a subsidiary of SGC, faces claims from Ecosalud in Colombia, with a potential liability of approximately $30.2 million plus interest, although the company believes it has defenses against these claims[148][149]. - The SciPlay IPO matters involve multiple putative class actions in New York and Nevada, with claims for violations of the Securities Act and potential compensatory damages of at least $146 million[150][151]. - SGC recorded approximately $8 million in accrued liabilities related to the SciPlay IPO matters, with no material impact on its financial statements for the periods ended September 30, 2021[152]. Tax and Accounting - The company recognized an income tax benefit of $181 million in the three months ended September 30, 2021, due to the reversal of valuation allowances on U.S. deferred income tax assets[129]. - The effective tax rate for the company in 2021 differed from the U.S. statutory rate of 21% primarily due to the release of certain valuation allowances[132]. - The company adopted new accounting guidance related to leases in the third quarter of 2021, which did not have a material effect on consolidated financial statements[53]. - The company does not expect any other recently issued accounting guidance to have a significant effect on its consolidated financial statements[55]. Market and Operational Insights - iGaming revenues increased due to growth in the U.S. market, with a market share of 27% across five states[172]. - The company continues to face supply chain challenges that may impact the fulfillment of orders and revenue recognition[189]. - Average Daily Active Users (DAU) decreased for both comparable periods, while Average Revenue Per DAU (ARPDAU) increased due to lower average DAU[208]. - The acquisition of Lightning Box in August 2021 expanded the iGaming content portfolio, and the acquisition of Authentic Gaming in November 2021 enhanced premium product offerings[214][215].
Light & Wonder(LNW) - 2021 Q2 - Earnings Call Presentation
2021-08-09 18:27
Financial Performance - Consolidated revenue increased by 63% year-over-year, reaching $880 million[4, 24] - AEBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization) hit a company record of $383 million, a 217% increase year-over-year[4, 24] - The company delivered Free Cash Flow (FCF) of $133 million in Q2 and $213 million year-to-date[5] - Net Debt Leverage Ratio decreased by nearly one-third, from 105x to 72x[5] Business Segment Highlights - North American Gaming operations revenue exceeded 2019 levels, reaching $118 million in Q2 2021 compared to $115 million in Q2 2019[4, 8] - Lottery achieved record revenue and signed major renewals and new deals[4] - SciPlay delivered sequential growth, with payer conversion rate increasing to 85%[4, 14] - iGaming achieved record results and increased its U S market share to 25%, up from 23% in Q1[4] - U S iGaming revenue increased by 106% year-over-year[18] - U S Sports Betting revenue increased by 205% year-over-year[18] Strategic Initiatives - The company paid down $150 million of debt in Q2, with an additional $150 million paid down post-quarter end[5] - U S instant games sales increased by 21% year-over-year and 30% compared to 2019[12]
Light & Wonder(LNW) - 2021 Q2 - Earnings Call Transcript
2021-08-09 15:46
Scientific Games Corporation (SGMS) Q2 2021 Earnings Conference Call August 9, 2021 8:00 AM ET Company Participants Barry Cottle – CEO Jim Bombassei – Senior Vice President of Investor Relations Mike Eklund – CFO Conference Call Participants Jeff Stantial – Stifel Barry Jonas – Truist Securities John DeCree – CBRE Ryan Sigdahl – Craig-Hallum Capital Group David Katz – Jefferies Chad Beynon – Macquarie Operator Hello and welcome to Scientific Games 2021, Second Quarter Investor Conference Call. At this time ...
Light & Wonder(LNW) - 2021 Q2 - Quarterly Report
2021-08-09 12:06
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ 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 SCIENTIFIC GAMES CORPORATION (Exact name of registrant as specified in its charter) Nevada 81-0422894 (State or other jurisdiction of ...
Light & Wonder(LNW) - 2021 Q1 - Earnings Call Transcript
2021-05-10 18:36
Scientific Games Corporation (SGMS) Q1 2021 Earnings Conference Call May 10, 2021 8:00 AM ET Company Participants Jim Bombassei - Senior Vice President, Investor Relations Barry Cottle - President & Chief Executive Officer Mike Eklund - Executive Vice President & Chief Financial Officer Conference Call Participants Barry Jonas - Truist Securities John DeCree - Union Gaming Chad Beynon - Macquarie Ryan Sigdahl - Craig-Hallum Capital Group David Katz - Jefferies Jeff Stantial - Stifel Operator Good afternoon. ...