Light & Wonder, Inc., a leading content aggregator and entertainment provider, announced its financial results for the first quarter of 2023. The company reported 17% consolidated revenue growth compared to prior year’s quarter, as well as record revenues for its SciPlay and iGaming businesses, and the approval for listing on the Australian Securities Exchange (ASX) as the main achievements in Q1 2023.
Light & Wonder also reported that the continuous revenue growth was the consequence of the extensive operational activities across all company’s businesses. Therefore its gaming revenue grew by 18% to $419 million with the 53% stronger gaming machine sales as the main driver for the growth additionally supported by stable operations.
SciPlay and iGaming Records:
SciPlay sector hit a record $186 million revenue in the first quarter of 2023 which also stands for an 18% increase on the year-over-year basis. The sector’s revenue was mainly due to the social casino performance which state-of-the-art features made the difference in the market which was reflected in record revenue figures. Likewise, iGaming sector performed strongly in the US market to achieve the record revenue of $65 million which represents a 10% increase compared to the same period last year.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, commented: “We’re off to a strong start in 2023, delivering on all key metrics and once again driving double-digit revenue growth across all three of our businesses. Our strategy and disciplined investments are driving enhanced returns as we continue to develop and execute on our robust product roadmap, building off the strong momentum that we saw in 2022.”
Wilson added: ”The teams executed several notable wins and key launches in the quarter, and we have a full pipeline of games that support progress toward our long-term targets. With leading talent, technology and products, we continue to strengthen our position as the leading cross-platform global games company.”
Connie James, Chief Financial Officer of Light & Wonder, also said: “We continue to capitalize on the strong growth opportunities that we see in our markets, and drive margin enhancement across the business as we remain focused on operational excellence. This quarter demonstrates Light & Wonder’s favorable financial profile with strong topline growth flowing to the bottom line, and importantly strong cash conversion, enabling us to invest in future sustainable growth.”
”We continue to focus on generating significant cash flow while maintaining our balanced and opportunistic approach to capital management and a healthy balance sheet to enhance value for our shareholders,” James continued.
The company also kept the net debt leverage ratio within the targeted range and returned $437 million of capital to shareholders through the share repurchasing program. The operator repurchased 7.6 million of company’s shares from the common stock to arrive at 58% of the total program authorization.
Also, its Board of Directors approved the company’s pursuit for the secondary listing at Australian Securities Exchange. The Board reportedly recognized the benefits of the ASX listing for the company’s image in one of the leading market for its gaming operations. It also recognized that the secondary ASX listing will provide Light & Wonder with the opportunity to access Australian institutional investors.