Light & Wonder Earnings Call Transcripts
Fiscal Year 2026
-
The meeting highlighted a successful transformation to a sole ASX listing, strong financial performance with reduced leverage and significant buybacks, and a focused strategy on gaming and technology. Key proposals included board elections, executive compensation, and auditor ratification.
-
Revenue and EBITDA grew year-over-year with margin expansion, driven by recurring revenue and strong Gaming and iGaming performance. Despite legal and macro headwinds, cash flow and share buybacks increased, and guidance remains for mid-to-high single-digit AEBITDA growth in 2026.
Fiscal Year 2025
-
Strong 2025 results with double-digit revenue and EBITDA growth, driven by gaming and iGaming, and enhanced by the Grover acquisition. Outlook for 2026 remains robust, with continued margin expansion, recurring revenue focus, and reaffirmed 2028 targets.
-
Earnings and cash flow grew strongly, led by recurring revenue and successful Grover integration. Gaming and iGaming segments posted record results, with margin expansion and robust cash generation. Guidance for double-digit growth and strong momentum into Q4 and 2026 was reiterated.
-
Q2 2025 saw strong earnings growth, record iGaming revenue, and successful Grover Gaming integration. Fiscal 2025 guidance was raised, with continued investments in content, studios, and a transition to a sole ASX listing by November 2025.
-
The company has transformed into a focused, content-driven games leader, delivering industry-leading revenue and EBITDA growth, reducing leverage, and setting ambitious 2028 targets of $2 billion EBITDA and over $10.55 EPSA. Strategic investments in R&D, technology, and the Grover acquisition underpin growth across gaming, digital, and charitable segments.
-
Revenue grew 2% to $774M with double-digit AEBITDA growth and margin expansion, driven by strong gaming and iGaming performance. Guidance for $1.4B AEBITDA in 2025 is reiterated, with growth expected to accelerate in the second half and the Grover acquisition providing additional upside.
-
Litigation with Aristocrat has expanded, prompting a voluntary halt and replacement of Jewel of the Dragon, but this is not expected to materially impact revenue or guidance. Independent audits found no evidence of broader issues, and enhanced governance protocols are in place. Customer support remains strong and the product pipeline is robust.
-
The acquisition of Grover Gaming's charitable gaming assets for $850M upfront plus up to $200M in earnouts expands the buyer's cross-platform strategy into a high-growth, regulated market. The deal is expected to be accretive, leveraging R&D and content to drive synergies and organic growth, with closing targeted for Q2 2025.
Fiscal Year 2024
-
Double-digit revenue and EBITDA growth were achieved in 2024, with record results across all segments and a strong outlook for 2025. The Grover Gaming acquisition, strategic divestiture of live casino, and robust capital allocation support continued growth and margin expansion.
-
Consolidated revenue grew 12% year-over-year, with strong results across gaming, SciPlay, and iGaming. The company mitigated the Dragon Train injunction impact, maintained robust margins, and remains on track for its 2025 $1.4B EBITDA target.
-
Q2 revenue grew 12% year-over-year to $818M, with double-digit AEBITDA growth across all segments. Strong global execution, a new $1B buyback, and robust product momentum support confidence in reaching the $1.4B 2025 AEBITDA target, with continued growth expected beyond.