Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 26

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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Item 1. Condensed Consolidated Financial Statements (unaudited)

LIGHT & WONDER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

  Three Months Ended March 31, 20252024Revenue:  Services$527 $517 Products247 239 Total revenue774 756 Operating expenses:  Cost of services(1)111 112 Cost of products(1)100 107 Selling, general and administrative217 218 Research and development65 62 Depreciation, amortization and impairments91 86 Restructuring and other 20 6 Operating income170 165 Other (expense) income:  Interest expense(68)(75)Loss on debt financing transactions(1)— Other income, net4 10 Total other expense, net(65)(65)Net income before income taxes105 100 Income tax expense(23)(18)Net income$82 $82 Basic and diluted net income per share:Basic$0.97 $0.91 Diluted$0.94 $0.88 Weighted average number of shares used in per share calculations:  Basic shares85 90 Diluted shares87 92 (1) Excludes D&A.

See accompanying notes to condensed consolidated financial statements.

8

LIGHT & WONDER, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

Three Months Ended March 31,20252024Net income$82 $82 Other comprehensive income (loss)Foreign currency translation gain (loss), net of tax48 (29)Derivative financial instruments unrealized (loss) gain, net of tax(5)6 Total other comprehensive income (loss)43 (23)Total comprehensive income$125 $59 

See accompanying notes to condensed consolidated financial statements.

9

LIGHT & WONDER, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions, except par value)

 As ofMarch 31, 2025December 31, 2024ASSETSCurrent assets: Cash and cash equivalents$134 $196 Restricted cash128 110 Receivables, net of allowance for credit losses of $34 and $35, respectively629 585