Light & Wonder reports 12th consecutive quarter of revenue growth
Supplier’s SciPlay and igaming divisions both set quarterly revenue records of $206m and $74m, respectively, as adjusted EBITDA also jumps
Light & Wonder reported a 12th consecutive quarter of year-on-year (YOY) growth in Q1 2024, with total revenue standing at $756m due to global gaming machine sales growth of 30%.
In its financial update for the period, the Las Vegas-headquartered firm saw revenue rise 13% YOY from $670m the year prior.
Adjusted EBITDA jumped 13% from the same period last year to $281m which the firm said was driven by its revenue growth and a “sustained margin.”
Breaking revenue down into segments, Light & Wonder’s gaming division led the supplier with a 14% rise YOY from $419m to $476m, with EBITDA rising 13% to $232m.
SciPlay saw an 11% YOY increase in revenue to $206m, a quarterly record, with EBITDA standing at $62m, while igaming set its own quarterly revenue record of $74m – a 14% jump from the same period last year with EBITDA of $25m.
Bosses said SciPlay growth was driven by an increase in the core social casino businesses which delivered “record player engagement.”
In terms of igaming, Light & Wonder pointed to continued momentum in the US and international markets with “strong first-party content launches.”
Net income for the quarter was $82m, up from $27m the year prior due to higher revenue and strong margins, while net cash was down from $185m to $171m. Cash flow rose from $74m in Q1 2023 to $93m this quarter.
Matt Wilson, Light & Wonder president and CEO, said: “Our strong momentum continued into 2024 across the business with our compelling global product offerings driving game sales growth in North American adjacent markets and in international markets led by Australia and Asia.
“SciPlay and igaming both reached record revenue levels yet again with consistent double-digit year-over-year growth. 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.”
He added: “Our differentiated product roadmap and targeted commercial strategy enable us to capitalize on growth opportunities beyond our solidified core businesses.
“We will continue to execute on our initiatives to deliver sustainable growth underpinned by our robust product portfolio and world-class talent.”