Light & Wonder, Inc., a leader in casino equipment and digital gaming, has announced its financial results for the second quarter ended June 30, 2024, marking another period of strong performance and strategic achievements. The company continued its impressive streak with an 8th consecutive quarter of double-digit revenue growth, reflecting a robust increase of 12% year-over-year. This growth was driven by solid performances across all business segments, including a notable 14% increase in gaming revenue which reached $539 million.
Diverse business achievements:
The substantial revenue growth in the gaming sector was primarily fueled by a 32% increase in global Gaming machine sales and an expansion in the North American installed base. The company also saw growth in its gaming systems, which contributed to a 17% rise in adjusted EBITDA and a 100 basis point expansion in margins. Meanwhile, the SciPlay segment reported an 8% increase in revenue to $205 million, driven by the robust performance of its social casino business and the expansion of its direct-to-consumer platform. The iGaming segment also showed positive momentum with a 6% revenue increase to $74 million.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, expressed optimism about the company’s trajectory, stating in the company’s press release, “Light & Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business.” He highlighted the strategic expansion of units in the North American installed base as a significant milestone.
Oliver Chow, Chief Financial Officer, also commented on the financial health of the company, “Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile.” He emphasized the improved earnings quality and consistent growth with healthy margins, underscoring the company’s strategic investments in scaling for the future.
Capital management and shareholder returns:
The company has demonstrated a strong commitment to returning value to shareholders. During the first half of 2024, Light & Wonder returned $175 million to shareholders through the repurchase of approximately 1.8 million shares of common stock. Additionally, the Board of Directors approved a new three-year share repurchase program of up to $1.0 billion, set to run until June 2027. This move highlights the company’s confidence in its long-term financial targets and its ongoing strategy to enhance shareholder value through significant cash flow generation initiatives.
As Light & Wonder moves forward, the company remains focused on refining its product offerings and penetrating further into global markets with its comprehensive suite of games and casino solutions. The recent repricing of Term Loan B, which reduced annualized interest costs significantly, positions the company for continued financial flexibility and investment in growth initiatives.
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