Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 59

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 successfully executed meaningful operational efficiencies. While we expect recent tariffs and trade policies to create incremental cost pressures in the near term, our realized and ongoing operational efficiency initiatives coupled with other measures are expected to mitigate these effects. The full impact of the tariffs on our financial results will depend on several factors, including the duration of the trade measures, potential further retaliatory actions, our ability to successfully execute our mitigation strategies, and overall market conditions.

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CONSOLIDATED RESULTS

Three Months Ended March 31,Variance($ in millions)202520242025 vs. 2024Total revenue$774 $756 $18 2 %Total operating expenses604 591 13 2 %Operating income170 165 5 3 %Net income before income taxes105 100 5 5 %Net income82 82 — — %

Revenue

Consolidated Revenue by Reportable Business Segment(in millions)Three Months Ended March 31, 2025 and 2024

Gaming revenue growth of $19 million, or 4%, for the three months ended March 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.

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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 %