Global gaming supplier Light & Wonder reported Consolidated Adjusted EBITDA of US$286 million for the three months to 30 September 2023, up 22% year-and-year and slightly improved from the US$281 million in adjusted earnings reported in Q2.
The strong result, which sees the company gradually closing in on its ambitious target of US$1.4 billion in annualized EBITDA by 2025, comes on the back of a 10th straight quarter of consolidated revenue growth. Revenues for the period grew by 13% year-on-year to US$731 million with Light & Wonder highlighting an 11% increase in Gaming revenue to US$465 million, primarily due to continued momentum in Gaming machine sales in North American and Australia coupled with strong performance in North American Gaming operations and Table products.
The company’s social media arm SciPlay also booked 15% year-on-year growth to a record US$196 million in revenue, while iGaming grew by 21% to US$70 million.
Net income of US$80 million compared to US$20 million in the prior year period and US$5 million in 2Q23.
“Our tremendous team at Light & Wonder continues to deliver exceptional results with double-digit growth across all three of our businesses for the fourth consecutive quarter,” said President and CEO Matt Wilson.
“Additionally, we also reached two significant milestones, which included closing the SciPlay transaction and inclusion into the ASX 200 index in Australia. We had successful showings at both the Australasian and Global Gaming Expos with the strength of our product portfolio on full display. The positive feedback we received on our wide range of cabinets and games further validates our focused investment in R&D and vision for the future of the Company.
“We will continue to capitalize on this momentum, as evidenced by the talent acquisition efforts we’ve recently accomplished. Coming out of G2E, our conviction has never been higher that we will reach our full potential as we approach the end of 2023.”
Oliver Chow, Light & Wonder’s Interim Chief Financial Officer, added, “This quarter demonstrated our commitment to growing the business and maintaining healthy margins. Our business segments’ Adjusted EBITDA are at their highest levels in 2023 as we continue to stay intensely focused on executing on our strategy while driving margin enhancement initiatives.
“Our commitment to operational efficiencies coupled with strong top line growth enabled us to generate significant cash flow. We have a strong financial profile and capital structure, which positions us well in our current growth stage, providing us with flexibility to invest as we advance toward our strategic and financial goals.”
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