Three segments are operational for Light & Wonder Inc, namely Gaming, iGaming, and SciPlay. It has discontinued Lottery and Sports Betting but that has nothing to do with the number that the brand has reported. The fiscal year ended on December 31, 2022, and Light & Wonder has been seen achieving wonders while setting a strong foundation for its long-term goals.
To start with, Light & Wonder has returned 7.2 million shares worth $413 million, returning the capital to shareholders for the program that was kickstarted on March 03, 2022. The repurchase process concluded on February 24, 2023, to give back value to its shareholders.
The target set for the net debt leverage ratio was a range: 2.5x – 3.5x. Light & Wonder has been able to keep the ratio at 3x as of the end of December 2022. Another highlight is consolidated revenue growth for the fourth quarter and the full year for which numbers are 18% and 17% respectively to represent an increase.
With that, Light & Wonder has successfully completed the process to streamline itself and deleverage the balance sheet. The company is now in a position to pursue its long-term financial goals driven by strategic plans.
2022 has been greener for Light & Wonder since the company reported double-digit growth across all businesses. The situation is reaching closer to the pre-pandemic level and assuming the momentum by Light & Wonder continues to go strong, it would have better figures in the next report.
Gaming saw its revenue rise by 18% in comparison to the previous year. The number is now up to $438 million. A major contribution is from the sale of robust Gaming machines where the rise has been 41%. SciPlay’s performance can be measured with an increase of 18% to reach the number of $182 million. iGaming has an AEBITDA of 27% increase and a revenue increase of 15%. The growth is true to the US market for Light & Wonder.
Matt Wilson has called 2022 a pivotal year, saying that the brand delivered on a plan that was ambitious and transformative. The President & Chief Executive Officer of Light & Wonder also said that the venture has been able to drive operational success for double-digital growth.
What really puts Light & Wonder in a strong position is its technology and industry-leading games plus talent. The brand looks to capitalize on the opportunities that come its way.
Connie James has expressed their pride with the progress that Light & Wonder has made in the last 18 years.
The Chief Financial Officer of the brand believes that the venture has been able to deliver quality earnings and maintain a strong balance sheet at the same time. The aim is now to elevate the value proposition of Light & Wonder.Light & Wonder houses over 6,000 employees from different continents, all of them driven by a culture of creativity and teamwork.