Light & Wonder announces Q2 results and remaining acquisition of Sci바카라
In a significant financial update, Light & Wonder has posted robust Q2 2023 revenue of US $731 million, marking a remarkable 20 percent year-over-year growth. CEO Matt Wilson shared insights into the company’s progress, discussing synergies with Sci바카라, achievements on the ASX, and the ongoing search for a new CFO.
Notable revenue growth
Light & Wonder’s consistent growth trajectory continues with this quarter, achieving its ninth consecutive quarter of impressive revenue results. The company witnessed a double-digit expansion across all segments, including gaming, Sci바카라, and iGaming.
Gaming revenue surged by an impressive 21 percent to US $471 million compared to the previous year, attributed to surging momentum in gaming machine sales, which saw an increase of 41 percent.
Sci바카라, the company’s social 바카라 division, achieved a record revenue of US $190 million, reflecting 19 percent increase year-on-year.
The iGaming segment exhibited outstanding performance as well, achieving another record quarterly figure of US $70 million, representing a steady upturn of 17 percent year-on-year, primarily propelled by continued expansion in the US market.
Financial Performance Highlights for H1 2023
In the first half of 2023, Light & Wonder’s revenue reached an impressive US $1.4 billion, indicating an 18 percent surge from the previous year’s figure of US $1.2 billion.
Gaming revenue experienced a strong 19 percent increase, boosted by substantial growth in gaming machine sales, which exhibited a year-over-year increase of 46 percent. Both Sci바카라 and iGaming segments achieved record revenues.
Net income demonstrated a significant improvement, standing at US $32 million, compared to a net loss of US $217 million year-on-year.
Adjusted EBITDA experienced a 28 percent year-over-year increase, amounting to US $529 million for first half of 2023.
Strategic Acquisition of Sci바카라
Apart from the financial results, Light & Wonder announced its intention to acquire the remaining 17 percent equity interest in Sci바카라 for US $22.95 per share in an all-cash deal. The transaction has received approval from both companies’ boards and is slated to close in Q4 2023. The move aims to further consolidate Sci바카라 within Light & Wonder’s portfolio and enhance the company’s cross-platform strategy.
Search for CFO
CEO Matt Wilson (pictured above), discussed the ongoing search for a new permanent CFO following the departure of Connie James. While Oliver Chow currently serves as interim CFO, Wilson spoke of the company’s commitment to finding the best candidate to ensure shareholder interests. Wilson stated, “We’ve partnered with a leading search firm, and we’ll run the process. In the meantime, it’s business as usual.”
ASX Success and Future Outlook
Regarding the company’s Australian listing strategy, Wilson expressed satisfaction with the outcome, which he noted had exceeded expectations. The Australian Non-Deal Roadshow in May raised substantial interest from potential investors, resulting in over A$1 billion worth of Chess Depositary Interests (CDIs) of Light & Wonder stock traded on the Australian Securities Exchange (ASX). Wilson highlighted that they are well-positioned for potential inclusion in the ASX 300, which could further broaden their investor base in Australia.
In conclusion, Light & Wonder’s steady growth, disciplined financial management and strategic approach have yielded positive outcomes across its diverse business segments. The company continues to leverage its unique strengths to enhance its presence in the sector.
Light & Wonder, Inc. (LNW) is currently trading at $73.83 (+0.44 percent).
