Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 104

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 increase in restructuring and other for the three months ended March 31, 2025 was primarily due to $7 million in iGaming charges, primarily related to the discontinuation of our iGaming Live Casino operations, and $5 million in costs related to the legal and professional services primarily associated with the acquisition of Grover Charitable Gaming.

Other Factors Affecting Net Income

Three Months Ended March 31,Factors Affecting Net Income(in millions)202520242025 vs. 2024Other income, net$4 $10 The change in other income was primarily due to the impact of changes in foreign currency exchange rates.Income tax expense(1)(23)(18)The increase in income tax expense was primarily due to the increase in worldwide income.(1) For additional information regarding the changes in our effective tax rates and the variance in our income tax expense, see Note 13.

Foreign Currency Exchange (F/X)

Our results are impacted by changes in foreign currency exchange rates used in the translation of foreign functional currencies into USD and the re-measurement of foreign currency transactions or balances. The impact of foreign currency 

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exchange rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. Our exposure to foreign currency volatility on revenue is as follows:

Three Months Ended March 31,20252024($ in millions)Revenue% Consolidated RevenueRevenue% Consolidated RevenueForeign Currency:British Pound Sterling$23 3 %$28 4 %Euro54 7 %48 6 %Australian Dollar24 3 %33 4 %

REPORTABLE BUSINESS SEGMENT RESULTS (for the three months ended March 31, 2025 compared to the three months ended March 31, 2024)

GAMING

Our Gaming business segment designs, develops, manufactures, markets and distributes a comprehensive portfolio of gaming content, products and services. We provide our Gaming portfolio of products and services to commercial casinos, Native American casinos, wide-area gaming operators such as LBOs, arcade and bingo operators in the U.K. and continental Europe, and government agencies and their affiliated operators.

We generate Gaming revenue from both services and product sales. Our services revenue includes revenue earned from Participation gaming machines, other leased gaming machines (including VLTs and electronic table games), supplied table products and services (including Shufflers), casino management technology solutions and systems, and other services revenues. Our product sales revenue includes the sale of new and used gaming machines,