Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 103

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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31, 2025 was driven by growth across all lines of business, including 9% growth in Table products and 5% growth in both Gaming systems and Gaming operations, fueled by the success of our diversified portfolio of successful game franchises and gaming solutions.

SciPlay revenue decreased $4 million, or 2%, for the three months ended March 31, 2025, compared to the prior year period, primarily due to a decline in average monthly payers, partially offset by an increase in average monthly revenue per paying user. Average revenue per daily active user grew 5% for the three months ended March 31, 2025, while average monthly revenue per paying user increased 3%.

The increase in iGaming revenue of $3 million, or 4%, for the three months ended March 31, 2025, compared to the prior year period, was driven primarily by continued momentum in the North American markets and expansion of our partner network.

30

Operating Expenses

Three Months Ended March 31,Variance($ in millions)202520242025 vs. 2024Operating expenses:  Cost of services$111 $112 $(1)(1)%  Cost of products100 107 (7)(7)%SG&A217 218 (1)— %R&D65 62 3 5 %D&A91 86 5 6 %Restructuring and other20 6 14 233 %Total operating expenses$604 $591 $13 2 %

Cost of Revenue

Total cost of revenue for the three months ended March 31, 2025 decreased primarily as a result of lower cost of products related to new games and systems.

SG&A

SG&A for the three months ended March 31, 2025 remained relatively flat as compared to the prior year period. The change was driven by a $6 million decrease in expenses, primarily consisting of lower salaries and benefits expense of $2 million and lower marketing expense of $2 million, partially offset by higher stock-based compensation of $5 million.

R&D

R&D increased for the three months ended March 31, 2025 as compared to the prior year period, primarily due to higher salaries and benefits in our Gaming and SciPlay segments.

D&A

D&A for the three months ended March 31, 2025 increased primarily due to higher depreciation related to Gaming operations installed base growth and investments.

Restructuring and Other

The