Company: LAWIL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000750004-25-000072
Chunk: 82

Company: Light & Wonder, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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 full fiscal quarters following the TLA Closing Date, 

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0.625% of the aggregate principal amount of the LNWI Term Loan A funded on the TLA Closing Date and (ii) for each fiscal quarter following the fourth full fiscal quarter following the TLA Closing Date, 1.25% of the aggregate principal amount of such LNWI Term Loan A funded on the TLA Closing Date, with any outstanding balance due and payable at maturity.

On September 24, 2025, we issued $1.0 billion in aggregate principal amount of 6.250% senior unsecured notes due 2033 and received net proceeds of $988 million, which were used to redeem all $700 million of the 2028 Unsecured Notes, pay all outstanding borrowings under the LNWI Revolver and pay accrued and unpaid interest thereon plus related fees and expenses. The 2033 Unsecured Notes bear interest at the rate of 6.250% per annum, which accrues from September 24, 2025 and is payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. See Note 10 for further details on our long-term debt.

Cash Flow Summary

Nine Months Ended September 30,Variance(in millions)202520242025 vs. 2024Net cash provided by operating activities$475 $430 $45 Net cash used in investing activities(1,079)(229)(850)Net cash provided by (used in) financing activities612 (315)927 Effect of exchange rate changes on cash, cash equivalents and restricted cash9 — 9 Increase (decrease) in cash, cash equivalents and restricted cash$17 $(114)$131 

Cash flows from operating activities

Nine Months Ended September 30,Variance(in millions)202520242025 vs. 2024Net income$291 $228 $63 Adjustments to reconcile net income to cash provided by operating activities 410 311 99 Changes in working capital accounts, excluding the effects of acquisitions(226)(109)(117)Net cash provided by operating activities$475 $430 $45 

Net cash provided by operating activities increased primarily due to a $162 million increase in earnings (drivers of which are described above), partially offset by changes in working capital accounts. Changes in working capital accounts for the nine months ended September 30, 2025 as compared to the