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Light & Wonder, a cross-gaming platform and entertainment company, has released its financial outcomes for the third quarter, concluding on Sept. 30, 2023.
In line with previous patterns, this is the tenth time in a row their Q3 has an increase in consolidated revenue and also the fifth consecutive year of double-digit year-on-year growth.
“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,” Matt Wilson, president and chief executive officer of Light & Wonder, said in a press release.
Q3 revenue sees double-digit growth in all segments
Light & Wonder reported $731 million in the third quarter, reflecting a 3% rise compared to last year’s $648 million. The company attributed this 3% to double-digit growth across all its segments.
In the gaming sector, revenue reached $465 million, marking a 13% increase from the previous year’s $419 million. This growth was fueled by elevated sales of gaming machines in North America and Australia, experiencing a 23% year-on-year increase.
Records also indicated that the upswing was propelled by performance in North America’s gaming operations and table products.
SciPlay, a wholly-owned subsidiary of Light & Wonder, generated $195 million in revenue, representing a 15% uptick driven by strong player retention and success in the sweepstakes casino business.
“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,” Wilson added.
For the third quarter, iGaming revenue racked up to $70 million, recording a 21% increase from the previous year, which stood at $58 million. The company also reported that the increase was driven by growth in the US and other international markets.
Light & Wonder’s net income up by $60M yearly in Q3
The net income for this year’s third quarter was $80 million, which is a considerable increase over the $20 million that was reported at the same time as the prior year. Higher revenue and operational income were the main drivers of this rise.
The growing pattern was also aided by a non-cash foreign exchange transaction gain that was recorded in other income. However, it was partially offset by a $15 million loss on certain financing transactions.
Consolidated AEBITDA up 22%
Recording a rise of 22% from the previous year, consolidated AEBITDA, a non-GAAP financial, reached $286 million. This growth was propelled by double-digit expansion and increased margins across all our business sectors.”
Interim Chief Financial Officer of Light & Wonder, Oliver Chow, said:
“This quarter demonstrated our commitment to growing the business and maintaining healthy margins. Our business segments’ AEBITDA are at their highest levels in 2023 as we continue to stay intensely focused on executing on our strategy while driving margin enhancement initiatives.”
