Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 69

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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.0 billion of shares of outstanding common stock. During the three months ended March 31, 2025, we repurchased approximately 1.9 million shares of common stock at an aggregate cost of $166 million (excluding excise tax).

On February 10, 2025 we amended the LNWI Credit Agreement. The amendment, among other things, (i) provided for new revolving commitments under the LNWI Revolver in an amount of $1.0 billion, which replaced the existing revolving commitments (which were in an amount of $750 million), (ii) extended the maturity of the revolving commitments and (iii) reduced the applicable margin for the revolving loans by up to 50 basis points. See Note 10 for further details. 

On February 18, 2025, we announced the strategic acquisition of Grover Charitable Gaming for cash consideration of $850 million at closing and up to $200 million in contingent acquisition consideration payments over a four-year period. The transaction will be funded with the combination of existing cash, incremental debt financing and the recently expanded LNWI Revolver, and it is expected to close during the second quarter of 2025, subject to required regulatory and other approvals and customary closing conditions. Our lead arranger has obtained commitments, subject to customary closing conditions, for a three-year, $800 million Term Loan A credit facility at leverage-based pricing expected to be in line with our current LNWI Revolver credit facility, the proceeds of which will be used for the financing of the pending Grover Charitable Gaming acquisition. 

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Cash Flow Summary

Three Months Ended March 31,Variance(in millions)202520242025 vs. 2024Net cash provided by operating activities$185 $171 $14 Net cash used in investing activities(62)(71)9 Net cash used in financing activities(171)(65)(106)Effect of exchange rate changes on cash, cash equivalents and restricted cash3 (3)6 (Decrease) increase in cash, cash equivalents and restricted cash$(45)$32 $(77)

Cash flows from operating activities

Three Months Ended March 31,Variance(in millions)202520242025 vs. 2024Net income$82 $82 $— Adjustments to reconcile net income to cash provided by operating activities 107 83 24 Changes in working capital accounts, excluding the effects of acquisitions(4)6 (10)Net cash provided by operating activities