Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 30

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 Ended March 31,20252024GamingGaming operations$173 $164 Gaming machine sales208 205 Gaming systems63 60 Table products51 47 Total$495 $476 SciPlayThird-party platforms and other(1)$175 $194 Direct-to-consumer platforms27 12 Total$202 $206 iGaming$77 $74 (1) Other primarily represents advertising revenue, which was not material for the periods presented.The amount of rental income revenue included in services revenue within the consolidated statement of operations that is outside the scope of ASC 606 was $138 million and $127 million for the three months ended March 31, 2025 and 2024, respectively.Contract Liabilities and Other DisclosuresThe following table summarizes the activity in our contract liabilities for the reporting period:Three Months Ended March 31, 2025Contract liability balance, beginning of period(1)$21 Liabilities recognized during the period10 Amounts recognized in revenue from beginning balance(8)Contract liability balance, end of period(1)$23 (1) Contract liabilities are included within Accrued liabilities and Other long-term liabilities in our consolidated balance sheets.The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on our consolidated balance sheets. Other than contracts with customers with financing arrangements exceeding 12 months, revenue recognition is generally proximal to conversion to cash. The following table summarizes our balances in these accounts for the periods indicated (other than contract liabilities disclosed above):ReceivablesContract Assets(1)Beginning of period balance$682 $43 End of period balance, March 31, 2025722 45 (1) Contract assets are included primarily within Prepaid expenses, deposits and other current assets in our consolidated balance sheets.As of March 31, 2025, we did not have material unsatisfied performance obligations for contracts expected to be long-term or contracts for which we recognize revenue at an amount other than that for which we have the right to invoice for goods or services delivered or performed.

(3) Reportable Segments

We report our operations in three reportable business segments—Gaming, SciPlay and iGaming—representing our different products and services. A detailed discussion regarding the products and services from which each reportable business segment derives its revenue is included in