Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 113

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 113
---
 Revolver, and it is expected to close during the second quarter of 2025, subject to required regulatory and other approvals and customary closing conditions. Our lead arranger has obtained commitments, subject to customary closing conditions, for a three-year, $800 million Term Loan A credit facility at leverage-based pricing expected to be in line with our current LNWI Revolver credit facility, the proceeds of which will be used for the financing of the pending Grover Charitable Gaming acquisition. 

38

Cash Flow Summary

Three Months Ended March 31,Variance(in millions)202520242025 vs. 2024Net cash provided by operating activities$185 $171 $14 Net cash used in investing activities(62)(71)9 Net cash used in financing activities(171)(65)(106)Effect of exchange rate changes on cash, cash equivalents and restricted cash3 (3)6 (Decrease) increase in cash, cash equivalents and restricted cash$(45)$32 $(77)

Cash flows from operating activities

Three Months Ended March 31,Variance(in millions)202520242025 vs. 2024Net income$82 $82 $— Adjustments to reconcile net income to cash provided by operating activities 107 83 24 Changes in working capital accounts, excluding the effects of acquisitions(4)6 (10)Net cash provided by operating activities$185 $171 $14 

Net cash provided by operating activities increased primarily due to a $24 million increase in earnings (drivers of which are described above), partially offset by changes in working capital accounts. Changes in working capital accounts for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 were negatively impacted by the timing of collections of receivables, increased inventory and an increase in cash paid for income taxes, partially offset by changes in accounts payable, which were due to the timing of payments.

Cash flows from investing activities

Net cash used in investing activities decreased primarily due to lower capital expenditures related to the timing of investments in Gaming operations. Capital expenditures are composed of investments in systems, equipment and other assets related to contracts, property and equipment, intangible assets and software. Additionally, the prior year period included an investment of $4 million in the acquisition of a business asset.

Cash flows from financing activities

Net cash used in financing activities increased, as higher purchases of our outstanding common stock under our share repurchase programs and increases