Light & Wonder, Inc. Celebrates Strong Start to 2024 with Impressive First Quarter Results

Light & Wonder, Inc., a pioneer in the gaming industry, has unveiled its first-quarter results for 2024, marking the continuation of a remarkable growth trajectory. The company has reported a 13% increase in consolidated revenue, driven by robust sales in gaming machines and record revenues in its SciPlay and iGaming segments, as it continues to execute its comprehensive content and cross-platform strategy effectively.

Sustained Growth Across the Board

The company’s revenue for the first quarter ended March 31, 2024, saw a significant uptick, achieving a 12th consecutive quarter of year-over-year growth. This success is attributed to a 14% increase in gaming revenue, which totaled $476 million. This growth was primarily fueled by a 30% surge in global gaming machine sales, alongside expansions in gaming operations and systems. Additionally, the company’s SciPlay segment reported a quarterly revenue record of $206 million, up 11% from the previous year, while iGaming revenue climbed 14% to another quarterly high of $74 million.

Matt Wilson, President and CEO of Light & Wonder, commented on the results, “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.”

Strategic Financial Management

Oliver Chow, Chief Financial Officer, highlighted the company’s financial health, noting, “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.”

In addition to its operational achievements, Light & Wonder reported a decrease in its net debt leverage ratio, which stood at 0x as of March 31, 2024, down from 0.1x at the end of 2023. This financial stability has allowed the company to return significant capital to its shareholders, with $25 million repurchased in the quarter, contributing to a total of $600 million returned through its ongoing share repurchase program.

Future Outlook and Continued Commitment

As Light & Wonder progresses through 2024, it remains focused on maintaining its growth momentum and enhancing shareholder value through strategic capital allocations and robust operational strategies. The company’s commitment to innovation and its ability to adapt to market dynamics positions it well for sustained success in the competitive gaming landscape.

Source: 

“Light & Wonder, Inc. Reports First Quarter 2024 Results”, explore.lnw.com, May 8, 2024.