Light & Wonder has revealed its Q1 financial statement, announcing a solid start to 2024. The distributor managed twelfth consecutive quarter of consolidated revenue growth YoY and saw impressive cash flow.
The firm’s revenue observed a 13% growth, reaching $756 million, fuelled by growth across all domains. The revenue from gaming increased to $476 million, marking a 14% YoY growth. The growth of the segment has been credited to an increase in sales of gaming machines. The iGaming division, on the contrary, concluded the quarter with revenue of $74 million.
In contrast, SciPlay recorded a quarterly revenue record of $206 million, a rise of 11% from the same period in the previous year. This segment’s expansion was led by the core social casino business, as noted in the reports of Light & Wonder.
Light & Wonder also disclosed a consolidated adjusted EBITDA of $281 million, an increase from $249 million in Q1 2023. The firm ended the quarter with $450 million in cash and cash equivalents, representing a quarter-on-quarter increase of $25 million.
The outstanding debt of Light & Wonder remains consistent from Q4 2023 at $3.9 billion, leading to a net debt leverage ratio of 3.0x.
Highly Robust Performances by the Company
Matt Wilson, Light & Wonder’s president and CEO, applauded Light & Wonder’s persistent growth. He highlighted that his team achieved growth in multiple important markets such as North America, Australia, and Asia. Wilson also praised the record-breaking revenue levels in the SciPlay and iGaming segments.
The performance this quarter validates our business strategy and we anticipate further growth propelled by vital hardware and content introductions in both our physical and digital markets throughout the year.
Matt Wilson, President & CEO, L&W
Wilson concluded saying that his team will persist in executing numerous growth-centric initiatives and mentioned that his team’s unique product roadmap will enable Light & Wonder to venture into new growth opportunities.
Oliver Chow, Light & Wonder’s CFO, was equally enthusiastic about the outcomes. He mentioned that Light & Wonder maintains a robust growth pattern with six straight quarters of double-digit revenue growth, attesting to the potency of the R&D engine.
Given our impressive growth and the high cash generative characteristics of our business, we plan to deliver greater value through our share buyback program, whilst sustaining the precision of our strategic capital allocation plan.
Oliver Chow, CFO, Light & Wonder
In unrelated news, Light & Wonder continues to phase an intellectual property lawsuit filed by Aristocrat.
