Company: LAWIL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000750004-25-000072
Chunk: 155

Company: Light & Wonder, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 155
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 units was offset by the inclusion of lower-yielding Grover units. Average daily revenue per unit for International units increased by $1.08 and $0.93 for the three and nine months ended September 30, 2025, respectively. International ending installed base units decreased by 1,932 units from September 30, 2024 to September 30, 2025, primarily due to the expected closure of certain LBOs in the U.K. and the reduction of certain low-yielding units in Latin America.

Gaming Machine Sales

Gaming machine sales revenue for both periods decreased primarily due to the timing of international game sales, including overall more cautious purchasing behavior and delayed capital expenditure among some of our customers.

The following table summarizes Gaming machine sales changes:

Three Months Ended September 30,VarianceNine Months Ended September 30,Variance202520242025 vs. 2024202520242025 vs. 2024U.S. and Canada unit shipments:Replacement units5,481 5,476 5 — %16,110 15,237 873 6 %Casino opening and expansion units540 618 (78)(13)%1,134 1,103 31 3 %   Total unit shipments6,021 6,094 (73)(1)%17,244 16,340 904 6 %International unit shipments:Replacement units2,550 6,827 (4,277)(63)%9,059 15,924 (6,865)(43)%Casino opening and expansion units37 142 (105)(74)%1,114 1,805 (691)(38)%   Total unit shipments2,587 6,969 (4,382)(63)%10,173 17,729 (7,556)(43)%

Operating Expenses and AEBITDA

Operating expenses increased by $8 million and $23 million for the three and nine months ended September 30, 2025, respectively, as compared to the corresponding prior year periods, primarily due to $22 million and $44 million, respectively, in higher D&A, of which $15 million and $25 million, respectively, is related to Grover, and the remainder of which is related to increased Gaming operations investment, coupled with $5 million and $24 million, respectively, in higher salaries and benefits (including stock-based compensation), partially offset by lower cost