Ten Consecutive Quarters of Consolidated
Revenue Growth Delivering Increase of 13% Year-Over-Year
Double-Digit Growth Across all Businesses
Driving Strong Cash Flow Generation
Maintained Healthy Balance Sheet, Strong
Financial Profile and Extended 2025 Debt Maturity to 2031
Returned $112 Million of Capital to
Shareholders Through Share Repurchases During the Quarter
Added to the S&P/ASX 200 Index and
Closed Merger with SciPlay During the Fourth Quarter of
2023
Light & Wonder, Inc. (NASDAQ and ASX: LNW) (“Light &
Wonder,” “L&W,” “we,” or the “Company”) today reported results
for the third quarter ended September 30, 2023.
We maintained strong momentum in the third quarter and delivered
a tenth consecutive quarter of consolidated revenue growth and
fifth consecutive quarter of double-digit growth year-over-year.
Consolidated revenue in the quarter grew 13%, maintaining strong
margins and cash flow generation as we continued advancing toward
our long-term financial targets. The growth was driven by
double-digit growth across all of our businesses, including a fifth
consecutive quarter of record revenues for SciPlay, and iGaming
revenue held at record level:
- Gaming revenue increased 11% compared to the prior year period
to $465 million, primarily due to continued momentum in Gaming
machine sales, which increased 23% driven by growth in North
American and Australian machine sales, coupled with strong
performance in North American Gaming operations and Table
products.
- SciPlay achieved another quarter of record revenue of $196
million, a 15% increase compared to the prior year period, driven
by the core social casino business, maintaining strong payer
metrics and once again outpacing the market and gaining share.
- iGaming revenue held at record quarterly level of $70 million,
a 21% increase from the prior year period, driven by growth both in
the U.S. and international markets.
During the quarter, we returned $112 million of capital to
shareholders through share repurchases, and we successfully
refinanced $550 million of senior unsecured notes, extending their
maturity from 2025 to 2031. On October 23, 2023, we closed the
SciPlay merger transaction and acquired the remaining 17% equity
interest in SciPlay not already owned by L&W, completing
another critical strategic milestone.
Matt Wilson, President and Chief Executive Officer of Light
& Wonder, said, “Our tremendous team at Light & Wonder
continues to deliver exceptional results with double-digit growth
across all three of our businesses for the fourth consecutive
quarter. Additionally, we also reached two significant milestones,
which included closing the SciPlay transaction and inclusion into
the ASX 200 index in Australia. We had successful showings at both
the Australasian and Global Gaming Expos with the strength of our
product portfolio on full display. The positive feedback we
received on our wide range of cabinets and games further validates
our focused investment in R&D and vision for the future of the
Company. We will continue to capitalize on this momentum, as
evidenced by the talent acquisition efforts we’ve recently
accomplished. Coming out of G2E, our conviction has never been
higher that we will reach our full potential as we approach the end
of 2023.”
Oliver Chow, Interim Chief Financial Officer of Light &
Wonder, added, “This quarter demonstrated our commitment to
growing the business and maintaining healthy margins. Our business
segments’ AEBITDA are at their highest levels in 2023 as we
continue to stay intensely focused on executing on our strategy
while driving margin enhancement initiatives. Our commitment to
operational efficiencies coupled with strong top line growth
enabled us to generate significant cash flow. We have a strong
financial profile and capital structure, which positions us well in
our current growth stage, providing us with flexibility to invest
as we advance toward our strategic and financial goals.”
LEVERAGE, CAPITAL RETURN, AND STRATEGY UPDATE
- Principal face value of debt outstanding(1) of $3.9
billion, translating to net debt leverage ratio(2) of 2.8x,
within our targeted net debt leverage ratio(2) range of 2.5x to
3.5x, as of September 30, 2023, a decrease of 0.5x from December
31, 2022, and the lowest level in the Company’s recent
history.
- Extended 2025 debt maturity to 2031 — During the
quarter, we issued $550 million of 7.500% senior unsecured notes
due 2031 and redeemed all $550 million of our outstanding 8.625%
senior unsecured notes due in 2025, resulting in an approximately
$6 million reduction in annualized cash interest costs.
- Returned $112 million of capital to shareholders through
the repurchase of approximately 1.5 million shares of L&W
common stock during the quarter. Since the initiation of the
program, we have returned $550 million of capital to shareholders
through the repurchase of approximately 9.1 million shares of
L&W common stock, representing 73% of total program
authorization.
- Added to the S&P/ASX 200 Index as of October 18, 2023
— The Company’s common stock, which is listed as CHESS
Depositary Interests (CDIs) on the ASX, was added to the
S&P/ASX 200 Index, continuing to enhance the Company’s profile
with Australian investors.
- Closed SciPlay merger transaction on October 23, 2023,
acquiring the remaining approximately 17% equity interest not
already owned by L&W for $496 million (excluding transaction
and advisory fees), resulting in SciPlay becoming a wholly owned
subsidiary of L&W (the “SciPlay Merger”). The Company believes
that this transaction will enable seamless collaboration with
SciPlay that will add further momentum to the Company’s already
robust cross-platform strategy, provide flexibility for use of
SciPlay cash flows for investments across the enterprise, and
facilitate long-term margin enhancement opportunities via
synergies, all of which are expected to increase long-term
shareholder value.
SUMMARY RESULTS
Unless otherwise noted, amounts, percentages and discussion
included below reflect the results of operations and financial
condition of the Company’s continuing operations, which includes
its Gaming, SciPlay and iGaming businesses. We have reflected our
former Lottery business (disposed during the second quarter of
2022) and Sports Betting business (disposed during the third
quarter of 2022) (collectively referred to as the “Divestitures”)
as discontinued operations.
Three Months Ended September
30,
Nine Months Ended September
30,
($ in millions)
2023
2022
2023
2022
Revenue
$
731
$
648
$
2,131
$
1,830
Net income (loss)
80
20
112
(197
)
Net income attributable to L&W(3)
75
328
96
3,645
Net cash provided by (used in) operating
activities(3)
204
(351
)
423
(294
)
Capital expenditures
70
58
182
158
Non-GAAP Financial
Measures
Consolidated AEBITDA(2)
$
286
$
235
$
815
$
648
Adjusted NPATA(2)
99
Np
278
Np
Free cash flow(2)(3)(4)
123
(420
)
221
(526
)
As of
Balance Sheet Measures
September 30, 2023
December 31, 2022
Cash and cash equivalents
$
891
$
914
Total debt
3,877
3,894
Available liquidity(5)
1,780
1,802
Np — Prior periods are not presented due
to materially different debt and tax profile of the Company prior
to the completion of the Divestitures.
(1) Principal face value of debt
outstanding represents outstanding principal value of debt balances
that conforms to the presentation found in Note 11 to the Condensed
Consolidated Financial Statements in our September 30, 2023 Form
10-Q.
(2) Represents a non-GAAP financial
measure. Additional information on non-GAAP financial measures
presented herein is available at the end of this release.
(3) For the three and nine months ended
September 30, 2022, these financial measures represent combined
results inclusive of discontinued operations.
(4) For the three and nine months ended
September 30, 2022, free cash flow was impacted by $465 million in
cash taxes paid related to the Divestitures, $25 million paid by
SciPlay for a legal matter settlement and $8 million in costs
supporting strategic review and related transactions (including the
Lottery business closing expenses). For the nine months ended
September 30, 2023, free cash flow was impacted by $32 million in
cash taxes paid related to the Divestitures and $10 million in
costs supporting strategic review and related transactions
(including the ASX listing and SciPlay Merger).
(5) Available liquidity is calculated as
cash and cash equivalents plus remaining revolver capacity,
including the SciPlay Revolver. As a result of the completion of
the SciPlay Merger on October 23, 2023, we terminated the SciPlay
Revolver, which resulted in a $150 million reduction of our
available liquidity.
Third Quarter 2023 Financial Highlights
- Third quarter consolidated revenue was $731 million
compared to $648 million, up 13% compared to the prior year period
driven by double-digit growth across all of our businesses,
representing a tenth consecutive quarter of growth. Gaming revenue
increased 11%, driven by another quarter of robust growth in Gaming
machine sales, which grew 23% year-over-year, while SciPlay reached
another quarterly record and iGaming revenue held at record
quarterly level.
- Net income was $80 million compared to $20 million in
the prior year period. The current year period increased primarily
due to higher revenue and operating income as well as a non-cash
foreign currency transaction gain included in other income, net,
partially offset by $15 million loss on financing transactions
associated with the issuance of 2031 unsecured notes and redemption
of 2025 unsecured notes in August of 2023.
- Consolidated AEBITDA, a non-GAAP financial measure
defined below, was $286 million, an increase of 22% compared to the
prior year period, driven by double-digit growth and margin
expansion across all of our businesses.
- Adjusted NPATA, a non-GAAP financial measure defined
below, was $99 million.
- Net cash provided by operating activities was $204
million compared to combined net cash used in operating activities
of $(351) million in the prior year period. The prior year period
combined cash flows were primarily impacted by $465 million in cash
taxes paid related to the divestiture of the Lottery business,
coupled with a $25 million SciPlay legal settlement payment during
the quarter.
- Free cash flow, a non-GAAP financial measure defined
below, was $123 million compared to combined free cash flow(1) of
$(420) million in the prior year period. The prior year period
combined free cash flow was primarily impacted by $465 million in
cash taxes paid related to the divestiture of the Lottery business,
coupled with a $25 million SciPlay legal settlement payment during
the quarter.
- Net debt leverage ratio, a non-GAAP financial measure
defined below, was 2.8x as of September 30, 2023 compared to 3.3x
as of December 31, 2022, remaining in our targeted net debt
leverage ratio(1) range of 2.5x to 3.5x.
BUSINESS SEGMENT
HIGHLIGHTS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2023
($ in millions)
Revenue
AEBITDA
AEBITDA Margin(2)(3)
2023
2022
$
%
2023
2022
$
%
2023
2022
PP Change(3)
Gaming
$
465
$
419
$
46
11
%
$
235
$
202
$
33
16
%
51
%
48
%
3
SciPlay
196
171
25
15
%
61
43
18
42
%
31
%
25
%
6
iGaming
70
58
12
21
%
25
20
5
25
%
36
%
34
%
2
Corporate and other(4)
—
—
—
—
%
(35
)
(30
)
(5
)
(17
)%
n/a
n/a
n/a
Total
$
731
$
648
$
83
13
%
$
286
$
235
$
51
22
%
39
%
36
%
3
PP — percentage points.
n/a — not applicable.
(1) Represents a non-GAAP financial
measure. Additional information on non-GAAP financial measures
presented herein is available at the end of this release.
(2) Segment AEBITDA Margin is calculated
as segment AEBITDA as a percentage of segment revenue.
(3) As calculations are made using whole
dollar numbers, actual results may vary compared to calculations
presented in this table.
(4) Includes amounts not allocated to the
business segments (including corporate costs) and other
non-operating expenses (income).
Third Quarter 2023 Business Segments Key Highlights
- Gaming revenue increased 11% to $465 million compared to
the prior year period, led by continued momentum in Gaming machine
sales, growing 23%. Gaming operations maintained elevated average
daily revenue per unit, while Table products continued strong
momentum increasing 17% compared to the prior year period. Gaming
AEBITDA was $235 million, up 16% compared to the prior year period
with AEBITDA margin improving three percentage points, primarily
driven by favorable revenue mix as well as margin enhancement
initiatives.
- Gaming operations revenue continues to benefit
from year-over-year growth in our North American installed base
placements and average daily revenue per unit, as a result of
strong content performance and the continued success of our COSMIC™
and MURAL® cabinets, validating our continued investment in our
R&D engine to drive long-term growth. Our North American
premium installed base has grown for the 13th consecutive quarter,
representing 47% of our total installed base mix, while revenue per
day remained at elevated levels.
- SciPlay revenue increased 15% to $196 million compared
to the prior year period, breaking another record. SciPlay AEBITDA
was $61 million, up 42% compared to the prior year period with
AEBITDA margin improving six percentage points, reflective of
continuing revenue growth and lower marketing spend. Growth was
primarily driven by the core social casino business, which
delivered strong payer metrics and once again outpaced the market
and gained share. Payer conversion rates increased year-over-year
to 10.6%, while ARPDAU(1) grew 20% to a record $0.96 and AMRPPU(2)
grew 12%, reaching a record $106.61. The third quarter performance
continues to demonstrate strong player engagement and monetization
leveraging game content, dynamic Live Ops and effective marketing
strategies.
- iGaming revenue increased 21% to $70 million and held at
record quarterly revenue, and AEBITDA was $25 million compared to
$20 million in the prior year period. The revenue and AEBITDA
increases were driven by growth in the U.S. and international
markets and benefited from $3 million in certain termination fees.
The U.S. market delivered 25% year-over-year revenue growth, driven
in part by our continued strength in our land-based original
content launches and scaling third party aggregation on our
platform. In October 2023, we launched our live casino operations
in Michigan, reaching a strategic market expansion milestone for
our iGaming business.
- Consolidated capital expenditures were $70 million in
the third quarter of 2023.
(1) Average Revenue Per Daily Active
User.
(2) Average Monthly Revenue Per Paying
User.
Earnings Conference Call
As previously announced, Light & Wonder executive leadership
will host a conference call on Thursday, November 9, 2023, at 4:30
p.m. EDT to review the Company’s third quarter results. To access
the call live via a listen-only webcast and presentation, please
visit explore.investors.lnw.com and
click on the webcast link under the Events and Presentations
section. To access the call by telephone, please dial: +1 (833)
470-1428 for U.S., +61 2 7908-3093 for Australia or +1 (646)
904-5544 for International and ask to join the Light & Wonder
call using conference ID: 449920. A replay of the webcast will be
archived in the Investors section on www.lnw.com.
About Light & Wonder
Light & Wonder, Inc. is a global leader in cross-platform
games and entertainment. The Company brings together approximately
6,000 employees from six continents to connect content between
land-based and digital channels with unmatched technology and
distribution. Guided by a culture that values daring teamwork and
creativity, the Company builds new worlds of play, developing game
experiences loved by players around the globe. Its OPENGAMING®
platform powers the largest digital-gaming network in the industry.
The Company is committed to the highest standards of integrity,
from promoting player responsibility to implementing sustainable
practices. To learn more, visit www.lnw.com.
You can access our filings with the Securities Exchange
Commission (“SEC”) through the SEC website at www.sec.gov, with the Australian Stock Exchange
(“ASX”) through the ASX website at www.asx.com.au or through our website, and we
strongly encourage you to do so. We routinely post information that
may be important to investors on our website at explore.investors.lnw.com, and we use our website
as a means of disclosing material information to the public in a
broad, non-exclusionary manner for purposes of the SEC’s Regulation
Fair Disclosure (“Reg FD”).
The information contained on, or that may be accessed through,
our website is not incorporated by reference into, and is not a
part of, this document, and shall not be deemed “filed” under the
Securities Exchange Act of 1934, as amended.
All ® notices signify marks registered in the United States. ©
2023 Light & Wonder, Inc. and/or their respective affiliates.
All Rights Reserved.
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 describe
future expectations, plans, results or strategies and can often be
identified by the use of terminology such as “may,” “will,”
“estimate,” “intend,” “plan,” “continue,” “believe,” “expect,”
“anticipate,” “target,” “should,” “could,” “potential,”
“opportunity,” “goal,” or similar terminology. 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 and uncertainties and other
factors, including, among other things:
- our inability to successfully execute our strategy and
rebranding initiative;
- slow growth of new gaming jurisdictions, slow addition of
casinos in existing jurisdictions and declines in the replacement
cycle of gaming machines;
- risks relating to foreign operations, including anti-corruption
laws, fluctuations in currency rates, restrictions on the payment
of dividends from earnings, restrictions on the import of products
and financial instability;
- difficulty predicting what impact, if any, new tariffs imposed
by and other trade actions taken by the U.S. and foreign
jurisdictions could have on our business;
- U.S. and international economic and industry conditions,
including increases in benchmark interest rates and the effects of
inflation;
- public perception of our response to environmental, social and
governance issues;
- changes in, or the elimination of, our share repurchase
program;
- resulting pricing variations and other impacts of our common
stock being listed to trade on more than one stock exchange;
- level of our indebtedness, higher interest rates, availability
or adequacy of cash flows and liquidity to satisfy indebtedness,
other obligations or future cash needs;
- inability to further reduce or refinance our indebtedness;
- restrictions and covenants in debt agreements, including those
that could result in acceleration of the maturity of our
indebtedness;
- competition;
- inability to win, retain or renew, or unfavorable revisions of,
existing contracts, and the inability to enter into new
contracts;
- risks and uncertainties of potential changes in U.K. gaming
legislation, including any new or revised licensing and taxation
regimes, responsible gambling requirements and/or sanctions on
unlicensed providers;
- inability to adapt to, and offer products that keep pace with,
evolving technology, including any failure of our investment of
significant resources in our R&D efforts;
- the possibility that we may be unable to achieve expected
operational, strategic and financial benefits of the SciPlay
Merger;
- the outcome of any legal proceedings that may be instituted
following completion of the SciPlay Merger;
- failure to retain key management and employees of SciPlay;
- unpredictability and severity of catastrophic events, including
but not limited to acts of terrorism, war, armed conflicts or
hostilities or the COVID-19 pandemic, the impact such events may
have on our customers, suppliers, employees, consultants, business
partners or operations, as well as management’s response to any of
the aforementioned factors;
- changes in demand for our products and services;
- dependence on suppliers and manufacturers;
- SciPlay’s dependence on certain key providers;
- ownership changes and consolidation in the gaming
industry;
- fluctuations in our results due to seasonality and other
factors;
- security and integrity of our products and systems, including
the impact of any security breaches or cyber-attacks;
- protection of our intellectual property, inability to license
third-party intellectual property and the intellectual property
rights of others;
- reliance on or failures in information technology and other
systems;
- litigation and other liabilities relating to our business,
including litigation and liabilities relating to our contracts and
licenses, our products and systems, our employees (including labor
disputes), intellectual property, environmental laws and our
strategic relationships;
- reliance on technological blocking systems;
- challenges or disruptions relating to the completion of the
domestic migration to our enterprise resource planning system;
- laws and government regulations, both foreign and domestic,
including those relating to gaming, data privacy and security,
including with respect to the collection, storage, use,
transmission and protection of personal information and other
consumer data, and environmental laws, and those laws and
regulations that affect companies conducting business on the
internet, including online gambling;
- legislative interpretation and enforcement, regulatory
perception and regulatory risks with respect to gaming, especially
internet wagering, social gaming and sports wagering;
- changes in tax laws or tax rulings, or the examination of our
tax positions;
- opposition to legalized gaming or the expansion thereof and
potential restrictions on internet wagering;
- significant opposition in some jurisdictions to interactive
social gaming, including social casino gaming and how such
opposition could lead these jurisdictions to adopt legislation or
impose a regulatory framework to govern interactive social gaming
or social casino gaming specifically, and how this could result in
a prohibition on interactive social gaming or social casino gaming
altogether, restrict our ability to advertise our games, or
substantially increase our costs to comply with these
regulations;
- expectations of shift to regulated digital gaming or sports
wagering;
- inability to develop successful products and services and
capitalize on trends and changes in our industries, including the
expansion of internet and other forms of digital gaming;
- the continuing evolution of the scope of data privacy and
security regulations, and our belief that the adoption of
increasingly restrictive regulations in this area is likely within
the U.S. and other jurisdictions;
- incurrence of restructuring costs;
- goodwill impairment charges including changes in estimates or
judgments related to our impairment analysis of goodwill or other
intangible assets;
- stock price volatility;
- failure to maintain adequate internal control over financial
reporting;
- dependence on key executives;
- natural events that disrupt our operations, or those of our
customers, suppliers or regulators; and
- expectations of growth in total consumer spending on social
casino gaming.
Additional information regarding risks and uncertainties and
other factors that could cause actual results to differ materially
from those contemplated in forward-looking statements is included
from time to time in our filings with the SEC, including the
Company’s current reports on Form 8-K, quarterly reports on Form
10-Q and its latest Annual Report on Form 10-K filed with the SEC
for the year ended December 31, 2022 on March 1, 2023 (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 our ongoing obligations under the
U.S. federal securities laws, we undertake no and expressly
disclaim any obligation to publicly update any forward-looking
statements whether as a result of new information, future events or
otherwise.
You should also note that this press release may contain
references to industry market data and certain industry forecasts.
Industry market data and industry forecasts are obtained from
publicly available information and industry publications. Industry
publications generally state that the information contained therein
has been obtained from sources believed to be reliable, but that
the accuracy and completeness of that information is not
guaranteed. Although we believe industry information to be
accurate, it is not independently verified by us and we do not make
any representation as to the accuracy of that information. In
general, we believe there is less publicly available information
concerning the international gaming, social and digital gaming
industries than the same industries in the U.S.
Due to rounding, certain numbers presented herein may not
precisely recalculate.
LIGHT & WONDER, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited, in millions,
except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
Revenue:
Services
$
503
$
453
$
1,476
$
1,329
Products
228
195
655
501
Total revenue
731
648
2,131
1,830
Operating expenses:
Cost of services(1)
113
101
331
283
Cost of products(1)
105
92
307
251
Selling, general and administrative
204
181
599
535
Research and development
55
56
168
163
Depreciation, amortization and
impairments
90
102
298
317
Restructuring and other
17
27
66
106
Total operating expenses
584
559
1,769
1,655
Operating income
147
89
362
175
Other (expense) income:
Interest expense
(78
)
(68
)
(231
)
(254
)
Loss on debt financing transactions
(15
)
—
(15
)
(147
)
Gain on remeasurement of debt and
other
—
—
—
27
Other income, net
40
3
23
10
Total other expense, net
(53
)
(65
)
(223
)
(364
)
Net income (loss) from continuing
operations before income taxes
94
24
139
(189
)
Income tax expense
(14
)
(4
)
(27
)
(8
)
Net income (loss) from continuing
operations
80
20
112
(197
)
Net income from discontinued operations,
net of tax(2)
—
315
—
3,855
Net income
80
335
112
3,658
Less: Net income attributable to
noncontrolling interest
5
7
16
13
Net income attributable to L&W
$
75
$
328
$
96
$
3,645
Per Share - Basic:
Net income (loss) from continuing
operations
$
0.83
$
0.14
$
1.05
$
(2.20
)
Net income from discontinued
operations
—
3.33
—
40.43
Net income attributable to L&W
$
0.83
$
3.47
$
1.05
$
38.23
Per Share - Diluted:
Net income (loss) from continuing
operations
$
0.81
$
0.14
$
1.03
$
(2.20
)
Net income from discontinued
operations
—
3.28
—
40.43
Net income attributable to L&W
$
0.81
$
3.42
$
1.03
$
38.23
Weighted average number of shares used in
per share calculations:
Basic shares
91
94
91
95
Diluted shares
92
96
93
95
(1) Excludes depreciation, amortization
and impairments.
(2) The three months ended September 30,
2022 include a pre-tax gain of $362 million on the sale of the
Sports Betting business, and the nine months ended September 30,
2022 include a total pre-tax gain of $4,930 million on the sales of
the Lottery and Sports Betting businesses.
LIGHT & WONDER, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited, in millions except
for common shares outstanding)
September 30,
December 31,
2023
2022
Assets:
Cash and cash equivalents
$
891
$
914
Restricted cash
50
47
Receivables, net of allowance for credit
losses of $40 and $38, respectively
477
455
Inventories
183
161
Prepaid expenses, deposits and other
current assets
119
117
Total current assets
1,720
1,694
Restricted cash
6
6
Receivables, net of allowance for credit
losses of $1 and $2, respectively
11
14
Property and equipment, net
229
204
Operating lease right-of-use assets
43
49
Goodwill
2,903
2,919
Intangible assets, net
638
797
Software, net
151
145
Deferred income taxes
112
114
Other assets
74
67
Total assets
$
5,887
$
6,009
Liabilities and Stockholders’
Equity:
Current portion of long-term debt
$
22
$
24
Accounts payable
162
154
Accrued liabilities
403
380
Income taxes payable
32
64
Total current liabilities
619
622
Deferred income taxes
43
87
Operating lease liabilities
30
37
Other long-term liabilities
194
232
Long-term debt, excluding current
portion
3,855
3,870
Total stockholders’ equity(1)
1,146
1,161
Total liabilities and stockholders’
equity
$
5,887
$
6,009
(1) Includes $187 million and $171 million
in noncontrolling interest as of September 30, 2023 and December
31, 2022, respectively.
LIGHT & WONDER, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, in
millions)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
Cash flows from operating activities:
Net income
$
80
$
335
$
112
$
3,658
Less: Income from discontinued operations,
net of tax
—
(315
)
—
(3,855
)
Adjustments to reconcile net income (loss)
from continuing operations to net cash provided by (used in)
operating activities from continuing operations
116
119
436
488
Changes in working capital accounts,
excluding the effects of acquisitions
16
(496
)
(81
)
(641
)
Changes in deferred income taxes and
other
(8
)
(2
)
(44
)
4
Net cash provided by (used in) operating
activities from continuing operations
204
(359
)
423
(346
)
Net cash provided by operating activities
from discontinued operations
—
8
—
52
Net cash provided by (used in) operating
activities
204
(351
)
423
(294
)
Cash flows from investing activities:
Capital expenditures
(70
)
(58
)
(182
)
(158
)
Acquisitions of businesses, net of cash
acquired
(2
)
(2
)
(4
)
(118
)
Proceeds from settlement of cross-currency
interest rate swaps and other
—
6
(1
)
52
Net cash used in investing activities from
continuing operations
(72
)
(54
)
(187
)
(224
)
Net cash provided by (used in) investing
activities from discontinued operations(1)
—
739
(3
)
6,368
Net cash (used in) provided by investing
activities
(72
)
685
(190
)
6,144
Cash flows from financing activities:
Payments of long-term debt, net (inclusive
of redemption premium)
(18
)
(5
)
(29
)
(4,887
)
Payments of debt issuance and deferred
financing costs
(8
)
—
(8
)
(37
)
Payments on license obligations
(8
)
(6
)
(26
)
(30
)
Purchase of L&W common stock
(112
)
—
(145
)
(203
)
Purchase of SciPlay’s common stock
—
(11
)
(23
)
(18
)
Net redemptions of common stock under
stock-based compensation plans and other
—
(2
)
(20
)
(35
)
Net cash used in financing activities from
continuing operations
(146
)
(24
)
(251
)
(5,210
)
Net cash used in financing activities from
discontinued operations
—
—
—
(3
)
Net cash used in financing activities
(146
)
(24
)
(251
)
(5,213
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(3
)
(6
)
(2
)
(12
)
(Decrease) increase in cash, cash
equivalents and restricted cash
(17
)
304
(20
)
625
Cash, cash equivalents and restricted
cash, beginning of period
964
1,022
967
701
Cash, cash equivalents and restricted
cash, end of period
947
1,326
947
1,326
Less: Cash, cash equivalents and
restricted cash of discontinued operations
—
—
—
—
Cash, Cash equivalents and restricted cash
of continuing operations, end of period
$
947
$
1,326
$
947
$
1,326
Supplemental cash flow information:
Cash paid for interest
$
74
$
52
$
221
$
271
Income taxes paid
23
474
119
497
Distributed earnings from equity
investments
1
—
2
4
Cash paid for contingent consideration
included in operating activities
—
—
9
—
Supplemental non-cash transactions:
Non-cash interest expense
$
3
$
3
$
8
$
12
Fair value of securities received in sale
of discontinued operations
—
46
—
46
(1) The three months ended September 30,
2022 include $750 million in gross cash proceeds from the sale of
the Sports Betting business, and the nine months ended September
30, 2022 include $6,409 million in gross proceeds from the sales of
the Lottery and Sports Betting businesses, both net of cash, cash
equivalents and restricted cash transferred.
LIGHT & WONDER, INC. AND
SUBSIDIARIES
RECONCILIATION OF CONSOLIDATED
AEBITDA, CONSOLIDATED AEBITDA MARGIN AND SUPPLEMENTAL BUSINESS
SEGMENT DATA
(Unaudited, in
millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Reconciliation of
Net Income Attributable to L&W to Consolidated
AEBITDA
Net income attributable to L&W
$
75
$
328
$
96
$
3,645
Net income attributable to noncontrolling
interest
5
7
16
13
Net income from discontinued operations,
net of tax
—
(315
)
—
(3,855
)
Net income (loss) from continuing
operations
80
20
112
(197
)
Restructuring and other(1)
17
27
66
106
Depreciation, amortization and
impairments(2)
90
102
298
317
Other income, net
(39
)
(1
)
(19
)
(7
)
Interest expense
78
68
231
254
Income tax expense
14
4
27
8
Stock-based compensation
31
15
85
47
Loss on debt financing transactions
15
—
15
147
Gain on remeasurement of debt and
other
—
—
—
(27
)
Consolidated AEBITDA
$
286
$
235
$
815
$
648
Supplemental
Business Segment Data
Business segments AEBITDA
Gaming
$
235
$
202
$
673
$
552
SciPlay
61
43
174
128
iGaming
25
20
72
61
Total business segments AEBITDA
321
265
919
741
Corporate and other(3)
(35
)
(30
)
(104
)
(93
)
Consolidated AEBITDA
$
286
$
235
$
815
$
648
Reconciliation to
Consolidated AEBITDA Margin
Consolidated AEBITDA
$
286
$
235
$
815
$
648
Revenue
731
648
2,131
1,830
Net income (loss) margin from continuing
operations
11
%
3
%
5
%
(11
)%
Consolidated AEBITDA margin (Consolidated
AEBITDA/Revenue)
39
%
36
%
38
%
35
%
(1) Refer to the Consolidated AEBITDA
definition below for a description of items included in
restructuring and other.
(2) Includes $34 million and $133 million
in amortization related to acquired intangible assets for the three
and nine months ended September 30, 2023, respectively, and $51
million and $154 million for the three and nine months ended
September 30, 2022, respectively.
(3) Includes amounts not allocated to the
business segments (including corporate costs) and other
non-operating expenses (income).
LIGHT & WONDER, INC. AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
ATTRIBUTABLE TO L&W TO ADJUSTED NPATA
(Unaudited, in
millions)
Three Months Ended
September 30, 2023
Nine Months Ended
September 30, 2023
Reconciliation of
Net Income Attributable to L&W to Adjusted
NPATA(1)
Net income attributable to L&W
$
75
$
96
Net income attributable to noncontrolling
interest
5
16
Net income from discontinued operations,
net of tax
—
—
Net income from continuing operations
80
112
Amortization of acquired intangibles and
impairments(2)
36
140
Restructuring and other(3)
17
66
Other income, net
(39
)
(19
)
Loss on debt financing transactions
15
15
Income tax impact on adjustments
(10
)
(36
)
Adjusted NPATA(1)
$
99
$
278
(1) Represents a non-GAAP financial
measure. Additional information on non-GAAP financial measures
presented herein is available at the end of this release.
(2) Includes $2 million and $7 million in
impairment charges for the three and nine months ended September
30, 2023, respectively.
(3) Refer to the Adjusted NPATA definition
below for a description of items included in restructuring and
other.
LIGHT & WONDER, INC. AND
SUBSIDIARIES
SUPPLEMENTAL INFORMATION -
SEGMENT KEY PERFORMANCE INDICATORS AND SUPPLEMENTAL FINANCIAL
DATA
(Unaudited, in millions,
except unit and per unit data or as otherwise noted)
Three Months Ended
September 30, 2023
September 30, 2022
June 30, 2023
Gaming Business
Segment Supplemental Financial Data:
Revenue by Line of
Business:
Gaming operations
$
166
$
161
$
167
Gaming machine sales
172
140
173
Gaming systems
71
70
72
Table products
56
48
59
Total revenue
$
465
$
419
$
471
Gaming
Operations:
U.S. and Canada:
Installed base at period end
31,035
30,536
30,550
Average daily revenue per unit
$
47.57
$
45.68
$
47.54
International:(1)
Installed base at period end
22,442
28,100
25,329
Average daily revenue per unit
$
14.01
$
12.39
$
15.03
Gaming Machine
Sales:
U.S. and Canada new unit shipments
4,640
4,400
5,020
International new unit shipments
4,045
2,859
4,130
Total new unit shipments
8,685
7,259
9,150
Average sales price per new unit
$
18,104
$
17,359
$
17,445
Gaming Machine Unit
Sales Components:
U.S. and Canada unit
shipments:
Replacement units
4,542
3,688
4,598
Casino opening and expansion units
98
712
422
Total unit shipments
4,640
4,400
5,020
International unit
shipments:
Replacement units
3,262
2,725
3,899
Casino opening and expansion units
783
134
231
Total unit shipments
4,045
2,859
4,130
SciPlay Business
Segment Supplemental Financial Data:
Revenue by
Platform:
Mobile in-app purchases
$
173
$
149
$
170
Web in-app purchases and other(2)
23
22
20
Total revenue
$
196
$
171
$
190
In-App
Purchases:
Mobile penetration(3)
90
%
90
%
91
%
Average MAU(4)
5.7
5.9
5.8
Average DAU(5)
2.2
2.2
2.2
ARPDAU(6)
$
0.96
$
0.80
$
0.93
Average MPU(7) (in thousands)
602
577
609
AMRPPU(8)
$
106.61
$
95.45
$
102.04
Payer Conversion Rate(9)
10.6
%
9.7
%
10.5
%
iGaming Business Segment Supplemental
Data:
Wagers processed through Open Gaming
System (in billions)
$
20.2
$
17.5
$
20.7
(1) Units exclude those related to game
content licensing.
(2) Other primarily consists of
advertising revenue which was not material for the periods
presented.
(3) Mobile penetration is defined as the
percentage of SciPlay revenue generated from mobile platforms.
(4) MAU = Monthly Active Users is a count
of visitors to our sites during a month. An individual who plays
multiple games or from multiple devices may, in certain
circumstances, be counted more than once. However, we use
third-party data to limit the occurrence of multiple counting.
(5) DAU = Daily Active Users is a count of
visitors to our sites during a day. An individual who plays
multiple games or from multiple devices may, in certain
circumstances, be counted more than once. However, we use
third-party data to limit the occurrence of multiple counting.
(6) ARPDAU = Average Revenue Per DAU is
calculated by dividing revenue for a period by the DAU for the
period by the number of days for the period.
(7) MPU = Monthly Paying Users is the
number of individual users who made an in-game purchase during a
particular month.
(8) AMRPPU = Average Monthly Revenue Per
Paying User is calculated by dividing average monthly revenue by
average MPUs for the applicable time period.
(9) Payer conversion rate is calculated by
dividing average MPU for the period by the average MAU for the same
period.
LIGHT & WONDER, INC. AND
SUBSIDIARIES
(Unaudited, in millions,
except for ratios)
RECONCILIATION OF NET INCOME
ATTRIBUTABLE TO L&W TO CONSOLIDATED AEBITDA
Twelve Months Ended
September 30, 2023
December 31, 2022
Net income attributable to L&W
$
126
$
3,675
Net income attributable to noncontrolling
interest
25
22
Net income from discontinued operations,
net of tax
(18
)
(3,873
)
Net income (loss) from continuing
operations
133
(176
)
Restructuring and other
106
146
Depreciation, amortization and
impairments
401
420
Other income, net
(19
)
(6
)
Interest expense
304
327
Income tax expense
32
13
Stock-based compensation
108
69
Loss on debt financing transactions
15
147
Gain on remeasurement of debt and
other
—
(27
)
Consolidated AEBITDA
$
1,080
$
913
RECONCILIATION OF PRINCIPAL
FACE VALUE OF DEBT OUTSTANDING TO NET DEBT AND NET DEBT LEVERAGE
RATIO
As of
September 30, 2023
December 31, 2022
Consolidated AEBITDA
$
1,080
$
913
Total debt
$
3,877
$
3,894
Add: Unamortized debt discount/premium and
deferred financing costs, net
46
47
Less: Debt not requiring cash repayment
and other
—
(2
)
Principal face value of debt
outstanding
3,923
3,939
Less: Cash and cash equivalents
891
914
Net debt
$
3,032
$
3,025
Net debt leverage ratio
2.8
3.3
LIGHT & WONDER, INC. AND
SUBSIDIARIES
(Unaudited, in
millions)
RECONCILIATION OF NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW AND
COMBINED FREE CASH FLOW
Three Months Ended September
30,
2023
2022
Consolidated
Continuing
Operations
Discontinued
Operations(1)
Combined(2)
Net cash provided by (used in) operating
activities
$
204
$
(359
)
$
8
$
(351
)
Less: Capital expenditures
(70
)
(58
)
(7
)
(65
)
Less: Payments on license obligations
(8
)
(6
)
—
(6
)
(Less) add: Change in restricted cash
impacting working capital
(3
)
2
—
2
Free cash flow
$
123
$
(421
)
$
1
$
(420
)
Supplemental cash flow information -
Strategic Review and Related Costs Impacting Free Cash Flow:
Professional fees and services supporting
Strategic review and related activities (including ASX listing and
SciPlay Merger)
$
3
$
8
Income tax payments related to the
Divestitures
—
465
SciPlay legal settlement payment
—
25
Nine Months Ended September
30,
2023
2022
Consolidated
Continuing
Operations
Discontinued
Operations(1)
Combined(2)
Net cash provided by (used in) operating
activities
$
423
$
(346
)
$
52
$
(294
)
Less: Capital expenditures
(182
)
(158
)
(37
)
(195
)
Add: Payments on contingent acquisition
considerations
9
—
—
—
Less: Payments on license obligations
(26
)
(30
)
(2
)
(32
)
(Less) add: Change in restricted cash
impacting working capital
(3
)
1
(6
)
(5
)
Free cash flow
$
221
$
(533
)
$
7
$
(526
)
Supplemental cash flow information -
Strategic Review and Related Costs Impacting Free Cash Flow:
Disposition and other closing expenses
$
—
$
80
Payments related to April 2022
refinancing
—
5
Professional fees and services supporting
Strategic review and related activities (including ASX listing and
SciPlay Merger)
10
72
Income tax payments related to the
Divestitures
32
465
SciPlay legal settlement payment
—
25
(1) Free cash flow from discontinued
operations, a non-GAAP measure, is derived based on the historical
records and includes only those direct cash flows that are
allocated to discontinued operations. See below for further
description and disclaimers associated with this non-GAAP
measure.
(2) Combined free cash flow consists of
Free cash flow (representing Free cash flow from continuing
operations) and Free cash flow from discontinued operations. Refer
to non-GAAP financial measure definitions below for further
details.
Discontinued Operations
We sold our former Lottery business to Brookfield Business
Partners L.P. during the second quarter of 2022. We sold our former
Sports Betting business to Endeavor Operating Company, LLC, a
subsidiary of Endeavor Group Holdings, Inc., in a cash and stock
transaction completed during the third quarter of 2022.
Accordingly, the prior period financial results for these divested
businesses are presented as discontinued operations in accordance
with Accounting Standard Codification 205-20, Presentation of
Financial Statements - Discontinued Operations. We report our
continuing operations in three business segments—Gaming, SciPlay
and iGaming—representing our different products and services.
Non-GAAP Financial Measures
The Company’s management (“Management”) uses the following
non-GAAP financial measures in conjunction with GAAP financial
measures: Consolidated AEBITDA (representing continuing
operations), Consolidated AEBITDA margin, Free cash flow
(representing continuing operations), Free cash flow from
discontinued operations, Combined free cash flow, Net debt, Net
debt leverage ratio, and Adjusted NPATA (each, as described more
fully below). These non-GAAP financial measures are presented as
supplemental disclosures. They should not be considered in
isolation of, as a substitute for, or superior to, the financial
information prepared in accordance with GAAP, and should be read in
conjunction with the Company’s financial statements filed with the
SEC. The non-GAAP financial measures used by the Company may differ
from similarly titled measures presented by other companies.
Specifically, Management uses Consolidated AEBITDA to, among
other things: (i) monitor and evaluate the performance of the
Company’s continuing operations; (ii) facilitate Management’s
internal and external comparisons of the Company’s consolidated
historical operating performance; and (iii) analyze and evaluate
financial and strategic planning decisions regarding future
operating investments and operating budgets.
In addition, Management uses Consolidated AEBITDA and
Consolidated AEBITDA margin to facilitate its external comparisons
of the Company’s consolidated results to the historical operating
performance of other companies that may have different capital
structures and debt levels.
Management uses Net debt and Net debt leverage ratio in
monitoring and evaluating the Company’s overall liquidity,
financial flexibility and leverage.
Following our ASX listing, Management introduced usage of
Adjusted NPATA, a non-GAAP financial measure, which is widely used
to measure the performance as well as a principal basis for
valuation of gaming and other companies listed on the ASX, and
which we now present on a supplemental basis.
As described in this earning release, the Company sold its
former Lottery business and Sports Betting business and as such,
historical financial information for these divested businesses is
classified as discontinued operations, as described above.
Management believes that Combined free cash flow is useful during
the period until the disposition occurred as it provided Management
and investors with information regarding the Company’s combined
financial condition under the structure at the time, including for
prior period comparisons, as the Company transformed its strategy
subsequent to the Divestitures.
Additionally, Combined free cash flow provided greater
visibility into cash available for the Company to use in investing
and financing decisions as that cash flow was available for such
decisions.
Management believes that these non-GAAP financial measures are
useful as they provide Management and investors with information
regarding the Company’s financial condition and operating
performance that is an integral part of Management’s reporting and
planning processes. In particular, Management believes that
Consolidated AEBITDA is helpful because this non-GAAP financial
measure eliminates the effects of restructuring, transaction,
integration or other items that Management believes are less
indicative of the ongoing underlying performance of continuing
operations (as more fully described below) and are better evaluated
separately. Management believes that Free cash flow and Combined
free cash flow provide useful information regarding the Company’s
liquidity and its ability to service debt and fund investments.
Management also believes that Free cash flow and Combined free
cash flow are useful for investors because they provide investors
with important perspectives on the cash available for debt
repayment and other strategic measures, after making necessary
capital investments in property and equipment, necessary license
payments to support the ongoing business operations and adjustments
for changes in restricted cash impacting working capital.
Additionally, Management believes that Free cash flow from
discontinued operations provides useful information regarding the
Company’s operations as well as the impact of the discontinued
businesses on the overall financial results for the prior periods
presented as they remained under the structure of the Company for
those periods. This non-GAAP measure is derived based on the
historical records and includes only those direct costs that are
allocated to discontinued operations and as such does not include
all of the expenses that would have been incurred by these
businesses as a standalone company or other Corporate and shared
allocations and such differences might be material.
Management believes Adjusted NPATA is useful for investors
because it provides investors with additional perspective on
performance, as the measure eliminates the effects of amortization
of acquired intangible assets, restructuring, transaction,
integration, certain other items, and the income tax impact on such
adjustments, which Management believes are less indicative of the
ongoing underlying performance of continuing operations and are
better evaluated separately. Adjusted NPATA is widely used to
measure performance of gaming and other companies listed on the
ASX.
Consolidated AEBITDA (representing AEBITDA from continuing
operations)
Consolidated AEBITDA, as used herein, is a non-GAAP financial
measure that is presented as a supplemental disclosure of the
Company’s continuing operations and is reconciled to net income
(loss) from continuing operations as the most directly comparable
GAAP measure, as set forth in the schedule titled “Reconciliation
of Net Income Attributable to L&W to Consolidated AEBITDA.”
Consolidated AEBITDA should not be considered in isolation of, as a
substitute for, or superior to, the consolidated financial
information prepared in accordance with GAAP, and should be read in
conjunction with the Company's financial statements filed with the
SEC. Consolidated AEBITDA may differ from similarly titled measures
presented by other companies.
Consolidated AEBITDA is reconciled to Net income attributable to
L&W and includes the following adjustments: (1) Net income
attributable to noncontrolling interest; (2) Net income from
discontinued operations, net of tax; (3) Restructuring and other,
which includes charges or expenses attributable to: (i) employee
severance; (ii) Management restructuring and related costs; (iii)
restructuring and integration (including costs associated with
strategic review, rebranding, divestitures and ongoing separation
activities and related activities); (iv) cost savings initiatives;
(v) major litigation; and (vi) acquisition- and disposition-related
costs and other unusual items; (4) Depreciation, amortization and
impairment charges and Goodwill impairments; (5) Loss on debt
financing transactions; (6) Change in fair value of investments and
Gain on remeasurement of debt and other; (7) Interest expense; (8)
Income tax expense; (9) Stock-based compensation; and (10) Other
income, net, including foreign currency gains or losses and
earnings from equity investments. AEBITDA is presented exclusively
as our segment measure of profit or loss.
Consolidated AEBITDA Margin
Consolidated AEBITDA margin, as used herein, represents our
Consolidated AEBITDA (as defined above) calculated as a percentage
of consolidated revenue. Consolidated AEBITDA margin is a non-GAAP
financial measure that is presented as a supplemental disclosure
for illustrative purposes only and is reconciled to net income
(loss) from continuing operations, the most directly comparable
GAAP measure, in a schedule above.
Free Cash Flow (representing free cash flow from continuing
operations)
Free cash flow, as used herein, represents net cash provided by
operating activities from continuing operations less total capital
expenditures, less payments on license obligations, plus payments
on contingent acquisition considerations and adjusted for changes
in restricted cash impacting working capital. Free cash flow is a
non-GAAP financial measure that is presented as a supplemental
disclosure for illustrative purposes only and is reconciled to net
cash provided by operating activities, the most directly comparable
GAAP measure, in the schedule above.
Free Cash Flow from Discontinued Operations
Free cash flow from discontinued operations, as used herein,
represents net cash provided by operating activities from
discontinued operations less total capital expenditures, less
payments on license obligations and adjusted for changes in
restricted cash impacting working capital. Free cash flow from
discontinued operations is a non-GAAP financial measure that is
presented as a supplemental disclosure for illustrative purposes
only and is reconciled to net cash provided by operating activities
from discontinued operations, the most directly comparable GAAP
measure, in a schedule above.
Combined Free Cash Flow
Combined free cash flow, as used herein, represents a non-GAAP
financial measure that combines Free cash flow (representing our
continuing operations) and Free cash flow from discontinued
operations and is presented as a supplemental disclosure for
illustrative purposes only.
Net Debt and Net Debt Leverage Ratio
Net debt is defined as total principal face value of debt
outstanding, the most directly comparable GAAP measure, less cash
and cash equivalents. Principal face value of debt outstanding
includes the face value of debt issued under Senior Secured Credit
Facilities and Senior Notes, which are described in Note 15 of the
Company's Annual Report on Form 10-K for the year ended December
31, 2022 and in Note 11 of the Company’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2023, but it does not
include other long term obligations primarily comprised of certain
revenue transactions presented as debt in accordance with ASC 470.
Net debt leverage ratio, as used herein, represents Net debt
divided by Consolidated AEBITDA. The forward-looking non-GAAP
financial measure targeted net debt leverage ratio is presented on
a supplemental basis and does not reflect Company guidance. We are
not providing a forward-looking quantitative reconciliation of
targeted net debt leverage ratio to the most directly comparable
GAAP measure because we are unable to predict with reasonable
certainty the ultimate outcome of certain significant items without
unreasonable effort. These items are uncertain, depend on various
factors, and could have a material impact on GAAP reported results
for the relevant period.
Adjusted NPATA
Adjusted NPATA, as used herein, is a non-GAAP financial measure
that is presented as a supplemental disclosure of the Company’s
continuing operations and is reconciled to net income from
continuing operations as the most directly comparable GAAP measure,
as set forth in the schedule titled “Reconciliation of Net Income
Attributable to L&W to Adjusted NPATA.” Adjusted NPATA should
not be considered in isolation of, as a substitute for, or superior
to, the consolidated financial information prepared in accordance
with GAAP, and should be read in conjunction with the Company's
financial statements filed with the SEC. Adjusted NPATA may differ
from similarly titled measures presented by other companies.
Adjusted NPATA is reconciled to Net income from continuing
operations and includes the following adjustments: (1) Amortization
of acquired intangible assets; (2) non-cash asset and goodwill
impairments; (3) Restructuring and other, which includes charges or
expenses attributable to: (i) employee severance; (ii) Management
restructuring and related costs; (iii) restructuring and
integration (including costs associated with strategic review,
rebranding, divestitures and ongoing separation activities and
related activities); (iv) cost savings initiatives; (v) major
litigation; and (vi) acquisition- and disposition-related costs and
other unusual items; (4) Loss on debt financing transactions; (5)
Change in fair value of investments and Gain on remeasurement of
debt and other; (6) Income tax impact on adjustments; and (7) Other
income, net, including foreign currency gains or losses and
earnings from equity investments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109902911/en/
Media Relations Andy Fouché,
+1 206-697-3678 Vice President, Corporate Communications
media@lnw.com
Investor Relations Nick
Zangari, +1 702-301-4378 Senior Vice President, Investor Relations
ir@lnw.com
Light and Wonder (NASDAQ:LNW)
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Light and Wonder (NASDAQ:LNW)
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