Company: LAWIL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000750004-25-000031
Chunk: 67

Company: Light & Wonder, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 67
---
Current Year Update

We continue to expand our customer base and capitalize on growth in the North American and International markets, including emerging markets, such as Brazil, by leveraging our industry leading platforms, content and solutions, as well as investing in our ability to scale our own original U.S. land-based content offering. 

During the first quarter of 2025, the Company commenced the process of discontinuing its Live Casino operations. This decision reflects our commitment to reallocate resources to maximize our return on investments, and we do not expect that this decision will have a material impact on our iGaming business’s long-term growth prospects.

Results of Operations

Three Months Ended March 31, 2025 and 2024

The increase in iGaming revenue for the three months ended March 31, 2025 was $3 million, or 4%, as compared to the prior year period, primarily driven by continuing momentum in the North American market and expansion of our partner network. Wagers processed through our Open Gaming System for current year period increased to $25.2 billion.

Operating expenses increased slightly in correlation with the increase in revenue and primarily due to $7 million in restructuring costs, primarily related to the discontinuation of our Live Casino operations. AEBITDA increased 8%, and AEBITDA margin increased to 35% compared to the prior year period primarily due to lower operating expenses (excluding R&O).

RECENTLY ISSUED ACCOUNTING GUIDANCE

We do not expect that any recently issued accounting guidance will have a significant effect on our consolidated financial statements.

CRITICAL ACCOUNTING ESTIMATES

For a description of our policies regarding our critical accounting estimates, see “Critical Accounting Estimates” in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 10-K.

There have been no significant changes in our critical accounting estimate policies or the application of those policies to our condensed consolidated financial statements from those presented in Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 10-K.

LIQUIDITY, CAPITAL RESOURCES AND WORKING CAPITAL

Cash and Available Liquidity

As of March 31, 2025, our principal sources of liquidity, other than cash flows provided by operating activities, were cash and cash equivalents as well as amounts available under the LNWI Revolver.

37

Cash and Available Revolver Capacity

 As of(in millions)March 31, 202