Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 111

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 111
---
 the increase in revenue and primarily due to $7 million in restructuring costs, primarily related to the discontinuation of our Live Casino operations. AEBITDA increased 8%, and AEBITDA margin increased to 35% compared to the prior year period primarily due to lower operating expenses (excluding R&O).

RECENTLY ISSUED ACCOUNTING GUIDANCE

We do not expect that any recently issued accounting guidance will have a significant effect on our consolidated financial statements.

CRITICAL ACCOUNTING ESTIMATES

For a description of our policies regarding our critical accounting estimates, see “Critical Accounting Estimates” in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 10-K.

There have been no significant changes in our critical accounting estimate policies or the application of those policies to our condensed consolidated financial statements from those presented in Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 10-K.

LIQUIDITY, CAPITAL RESOURCES AND WORKING CAPITAL

Cash and Available Liquidity

As of March 31, 2025, our principal sources of liquidity, other than cash flows provided by operating activities, were cash and cash equivalents as well as amounts available under the LNWI Revolver.

37

Cash and Available Revolver Capacity

 As of(in millions)March 31, 2025December 31, 2024Cash and cash equivalents$134 $196 Revolver capacity1,000 750 Revolver capacity drawn (40)— Letters of credit(10)(10)Total$1,084 $936 

Total cash held by our foreign subsidiaries was $116 million and $127 million as of March 31, 2025 and December 31, 2024, respectively. We believe that substantially all cash held outside the U.S. is free from legal encumbrances or similar restrictions that would prevent it from being available to meet our global liquidity needs.

Our Gaming operations generally require significant upfront capital expenditures, and we may need to incur additional capital expenditures in order to retain or increase market share and continue our product investments. For certain game sales in which control of the units have transferred to a customer, but the title transfer is pending until the final payment is made, we have elected to designate future collections as restricted cash until the resolution of the Aristocrat legal matter (for additional information on our legal proceedings, see Note 15 in this Form 10