Company: LAWIL
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000750004-25-000016
Chunk: 85

Company: Light & Wonder, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 85
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, including block trades, accelerated share repurchases, issuer tender offers or other derivative contracts or instruments, “10b5-1” plan, or other financial or other arrangements, or a combination of the foregoing. The share repurchase program may be suspended or discontinued at any time. During the year ended December 31, 2024, we repurchased 4.8 million shares of common stock at an aggregate cost of $462 million, of which 3.0 million shares with an aggregate cost of $287 million were repurchased under the new June 2024 share repurchase program.

On February 18, 2025, we announced the strategic acquisition of Grover Charitable Gaming for cash consideration of $850 million at closing and up to $200 million in contingent acquisition consideration payments over a four-year period. The transaction will be funded with the combination of existing cash, incremental debt financing and the recently expanded LNWI Revolver, and it is expected to close during the second quarter of 2025, subject to required regulatory and other approvals and customary closing conditions.

In the event we pursue significant acquisitions or other expansion opportunities, or conduct significant repurchases of our outstanding securities, we may need to raise additional capital, either through the public or private issuance of equity or debt securities or through additional borrowings under our existing or additional financing arrangements, which sources of funds may not necessarily be available on terms acceptable to us, or at all. If we do not have adequate liquidity to support these activities, we may be unable to obtain financing for these cash needs on favorable terms or at all. For additional information regarding our cash needs and related risks, see “Risk Factors” under Part I, Item 1A.

Cash Flow Summary

Year Ended December 31,Variance(in millions)202420232024 vs. 2023Net cash provided by operating activities$632 $590 $42 Net cash used in investing activities(1)(258)(251)(7)Net cash used in financing activities(577)(788)211 Effect of exchange rate changes on cash, cash equivalents and restricted cash(6)3 (9)Decrease in cash, cash equivalents and restricted cash$(209)$(446)$237 (1) The year ended December 31, 2023 includes $3 million in cash used related to discontinued operations.

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Cash flows from operating activities

Year Ended December 31,Variance(in millions)202420232024 vs. 2023Net income$336