Company: LAWIL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000750004-25-000048
Chunk: 145

Company: Light & Wonder, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 145
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 in the purchase agreement, and up to $200 million in cash in the aggregate in the form of contingent acquisition consideration payments over a four-year period based on achievement of certain revenue metrics. Grover is a leading provider of electronic pull-tabs currently distributed over five U.S. states: North Dakota, Ohio, Virginia, Kentucky and New Hampshire. The Grover operating segment was aggregated with our Gaming reportable business segment.

On May 15, 2025, LNWI borrowed an aggregate principal amount of $800 million in term loans under its LNWI Term Loan A facility maturing in May 2028, the proceeds of which were used to complete the Grover acquisition and pay fees and expenses related thereto.

We delivered earnings growth and margin expansion across all three of our reportable business segments in the second quarter on continued strong game performance and disciplined investments, while advancing our robust content roadmap and cross-platform strategy. Consolidated revenue for the three months ended June 30, 2025 decreased slightly by 1% to $809 million, and it remained in line at $1.6 billion for the six months ended June 30, 2025, as compared to the prior year. The impact of macroeconomic uncertainty during the quarter led to more cautious purchasing behavior and delayed capital expenditure among some of our customers, which impacted the timing of game sales.

For the first half of 2025, we returned $266 million to shareholders through share repurchases. As of June 30, 2025, we have completed approximately 55% of the new $1.0 billion share repurchase plan authorized in June 2024. On July 31, 2025, our Board of Directors approved an additional aggregate amount of up to $500 million of shares of outstanding common stock as authorized to be repurchased under the share repurchase program. 

Following a comprehensive review, on July 31, 2025, the L&W Board of Directors has approved moving from its current dual listing on Nasdaq and ASX to a sole primary listing on the ASX. We expect to delist from the Nasdaq by end of November 2025, subject to receipt of necessary regulatory approvals and processes.

In April of 2025, the U.S. government and many foreign countries imposed a series of new trade tariffs and other changes in trade policy. In addition, in response to these tariffs, other countries have implemented retaliatory tariffs and other measures impacting U.S. goods. These tariffs place additional duties on imports, and we currently