Light & Wonder Announces Authorization of New $1 Billion Share Repurchase Program
13 Juin 2024 - 11:26PM
Business Wire
Light & Wonder, Inc. (NASDAQ and ASX: LNW) (together with
its subsidiaries, “Light & Wonder,” “L&W” or the “Company”)
today announced that its Board of Directors has approved a new
three-year share repurchase program for the repurchase of up to $1
billion in the Company's outstanding common stock through June 12,
2027.
The prior share repurchase program authorized the Company to
repurchase up to $750 million of its common shares and was set to
expire on February 26, 2025.
As of June 13, 2024, the Company has exhausted the full $750
million share repurchase authorization and purchased 11.2 million
common shares, or 11.5% of shares outstanding at the inception of
the program. The average purchase price of $66.72 per share
represents a 28% discount to today’s closing price of $92.35.
Matt Wilson, Chief Executive Officer of Light &
Wonder, said, “I am pleased to announce that the Board has
approved a new, upsized share repurchase program as we continue to
successfully execute our growth strategy and return meaningful
capital to our shareholders. With strong operating performance
continuing across the business, we remain on track to achieve our
$1.4 billion Consolidated AEBITDA(1) target for 2025 while
continuing to invest for the future.”
Oliver Chow, Chief Financial Officer of Light &
Wonder, said, “Given the continued momentum in the business,
and our March 31, 2024 net debt leverage ratio(1) at the middle of
our target range of 2.5 - 3.5x, we have significant optionality
with regards to capital allocation. Our prior program was an
effective value creation tool and moving forward the new program
will allow us to deliver further value to our shareholders while
underscoring our commitment to driving profitable growth and upside
beyond 2025.”
The timing and amount of repurchases under the Company’s share
repurchase program will be determined by the Company from time to
time at its discretion based on its evaluation of market
conditions, share price, and other factors including potential
accretive opportunities for inorganic growth. Repurchases may be
made in the open market or through private transactions, including
under Rule 10b5-1 plans, subject to market conditions and
applicable legal requirements. Light & Wonder has no obligation
to repurchase shares, and the share repurchase program may be
suspended or discontinued by the Company at any time.
(1) Denotes a non-GAAP financial measure, which is defined and
reconciled to the most directly comparable GAAP measure in our
earnings release furnished to the U.S. Securities and Exchange
Commission on May 8, 2024. We are not providing a forward-looking
quantitative reconciliation of targeted Consolidated AEBITDA or
targeted net debt leverage ratio to the most directly comparable
GAAP measure because we are unable to do so without unreasonable
efforts or to reasonably estimate the projected outcome of certain
significant items. These items are uncertain, depend on various
factors out of our control and could have a material impact on the
corresponding measures calculated in accordance with GAAP.
For more information, visit lnw.com.
About Light & Wonder, Inc.
Light & Wonder, Inc. is the leading cross-platform global
games company. Through our three unique, yet highly complementary
businesses, we deliver unforgettable experiences by combining the
exceptional talents of our 6,000+ member team, with a deep
understanding of our customers and players. We create immersive
content that forges lasting connections with players, wherever they
choose to engage. At Light & Wonder, it’s all about the games.
The Company is committed to the highest standards of integrity,
from promoting player responsibility to implementing sustainable
practices. To learn more visit www.lnw.com.
Forward-Looking Statements
In this press release, Light & Wonder makes "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements describe
future expectations, plans, results or strategies and can often by
identified by the use of terminology such as "will," "may,"
“estimate,” “intend,” “plan,” “continue,” “believe,” “expect,”
“anticipate,” “target,” "should," “could,” “potential,”
“opportunity,” “goal,” or similar terminology. These statements are
based upon current Company management expectations, assumptions and
estimates and are not guarantees of timing, future results, or
performance. Therefore, you should not rely on any of these
forward-looking statements as predictions of future events. Actual
results may differ materially from those contemplated in these
statements due to a variety of risks, uncertainties and other
factors, including those factors described in our filings with the
Securities and Exchange Commission (the “SEC”). Additional
information regarding risks and uncertainties and factors that
could cause 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, 2023 on February 27, 2024 (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240613181003/en/
Company Contacts: Nick Zangari +1 702-301-4378 Senior
Vice President, Investor Relations ir@lnw.com Andy Fouché +1
206-697-3678 Vice President, Corporate Communications
media@lnw.com
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