Light & Wonder has published its Q1 financials, reporting a strong start to 2024. The supplier was able to deliver a 12th quarter of year-over-year consolidated revenue growth in a row and generated strong cash flow.
The company’s revenue increased 13% to $756 million, underpinned by growth across all segments. The company’s gaming revenue increased to $476 million, up 14% year on year. The segment’s growth was attributed to the company’s gaming machine sales growth. The iGaming vertical, on the other hand, ended the quarter with revenue of $74 million.
SciPlay, on the other hand, experienced a quarterly revenue record of $206 million, up 11% from the prior year period. The segment’s growth was driven by the core social casino business, Light & Wonder reported.
Light & Wonder’s also reported consolidated adjusted EBITDA of $281 million, up from $249 million in Q1 2023. The company concluded the quarter with $450 million in cash and cash equivalents, marking a quarter-on-quarter increase of $25 million.
Light & Wonder’s outstanding debt remains unchanged from Q4 2023 at $3.9 billion, translating to a net debt leverage ratio of 3.0x.
The Company’s Results Are Very Healthy
Matt Wilson, Light & Wonder’s president and chief executive officer, commented on the results, praising Light & Wonder’s continued growth. He said that his team recorded growth across multiple key markets such as North America, Australia and Asia. In addition, Wilson lauded the record-breaking revenue levels of the SciPlay and iGaming segments.
The performance in the quarter validates our execution plan and we expect growth to be further enhanced by key hardware and content launches in both our land-based and digital markets throughout the year.
Matt Wilson, president & CEO, L&W
Wilson concluded that his team will continue to execute a variety of growth-oriented initiatives and noted that his team’s differentiated product roadmap will allow Light & Wonder to explore new growth opportunities.
Oliver Chow, Light & Wonder’s chief financial officer, was likewise excited about the results. He said that Light & Wonder remains on a healthy growth trajectory with six consecutive quarters of double-digit revenue growth, attesting to the power of the R&D engine.
Given our strong growth and the highly cash generative nature of our business, we plan to further enhance value through our share repurchase program, while maintaining the rigor of our strategic capital allocation plan.
Oliver Chow, CFO, Light & Wonder
In other news, Light & Wonder continues to be embroiled in an intellectual property lawsuit filed by Aristocrat.
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