Company: LAWIL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000750004-25-000072
Chunk: 124

Company: Light & Wonder, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 124
---
 a decline in average monthly payers primarily attributable to JACKPOT PARTY® Casino, partially offset by an increase in average monthly revenue per paying user, which increased 11% and 8% for the three and nine months ended September 30, 2025, respectively. Revenue generated via the proprietary direct-to-consumer platform 

34

continues to increase and represented approximately 20% and 17% of total SciPlay revenue for the three and nine months ended September 30, 2025, respectively.

iGaming revenue increased 16% and 10% for the three and nine months ended September 30, 2025, respectively, driven primarily by continued momentum in the North American markets underpinned by first-party content (“1PP”) proliferation and the expansion of our partner network.

Operating Expenses

Three Months Ended September 30,VarianceNine Months Ended September 30,Variance($ in millions)202520242025 vs. 2024202520242025 vs. 2024Operating expenses:  Cost of services$112 $112 $— — %$336 $334 $2 1 %  Cost of products105 134 (29)(22)%311 366 (55)(15)%SG&A219 220 (1)— %644 657 (13)(2)%R&D62 66 (4)(6)%192 194 (2)(1)%D&A108 90 18 20 %298 264 34 13 %Restructuring and other6 36 (30)(83)%43 76 (33)(43)%Total operating expenses$612 $658 $(46)(7)%$1,824 $1,891 $(67)(4)%

Cost of Revenue

Total cost of revenue decreased 12% and 8% for the three and nine months ended September 30, 2025, respectively, primarily as a result of lower cost of products in correlation with lower gaming machine sales revenue.

SG&A

SG&A decreased $13 million for the nine months ended September 30, 2025, as compared to the prior year period. The change was primarily driven by lower SciPlay user acquisition costs of $9 million.

D&A

D&A increased 20% and 13% for the three and nine months ended September 30, 2025, respectively, primarily due to depreciation related to Gaming operations installed base