Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 101

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be read in conjunction with the disclosures and information contained and referenced under “Forward-Looking Statements” and “Risk Factors” included in this Quarterly Report on Form 10-Q and “Risk Factors” included in our 2024 10-K. As used in this MD&A, the terms “we,” “us,” “our” and the “Company” mean L&W together with its consolidated subsidiaries.

BUSINESS OVERVIEW

We are a leading cross-platform global games company with a focus on content and digital markets. Our portfolio of revenue-generating activities primarily includes supplying game content and gaming machines, CMSs and table game products and services to licensed gaming entities; providing social casino and other online games, including casual gaming, to retail customers; and providing a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. 

As more fully described in Part I, Item 1 “Business” in our 2024 10-K, we are executing on our strategy to become a leading cross-platform global games company with a focus on content and digital markets. We report our results of operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. See “Business Segments Results” below and Note 3 for additional reportable segment information.

We delivered another solid quarter, representing a 16th consecutive quarter of year-over-year consolidated revenue growth, which grew 2%, expanded segment AEBITDA margins across all of our businesses and generated strong operating cash flows. We also repurchased approximately 1.9 million shares of common stock at an aggregate cost of $167 million (including excise tax) during the three months ended March 31, 2025.

On February 10, 2025, we entered into an amendment to the LNWI Credit Agreement which, among other things, (i) provided for new revolving commitments in an amount of $1.0 billion, replacing the existing revolving commitments of $750 million, (ii) extended the maturity of the revolving commitments, and (iii) reduced the applicable margin for the revolving loans by up to 50 basis points.

On February 18, 2025, we announced the strategic acquisition of Grover Charitable Gaming for an upfront consideration of $850 million, which will be funded with the combination of existing cash, incremental debt financing