Light & Wonder reported consolidated revenue of US$797 million in 4Q24, representing a 4% year-on-year increase and a 15th straight quarter of year-over-year growth.
Net income of US$107 million was up from US$67 million while Consolidated Adjusted EBITDA climbed by 4% to AU$315 million.
According to information filed Wednesday morning, the 4Q24 results included a 4% increase in Gaming revenue, primarily led by continued growth in gaming systems and table products, which grew by 24% and 10% year-over-year respectively, as well as 4% growth in Gaming operations revenue. iGaming revenue grew by 11%, while SciPlay revenue remained flat as compared to the prior year period, it said.
Light & Wonder also reported a record performance for FY24, with consolidated revenue reaching an all-time high of US$3.2 billion, up 10% year-on-year. Gaming revenue for the year grew by 12% to US$2.1 billion, with the company pointing to continued momentum in gaming machine sales thanks to market share gains in North America and Australia, coupled with gaming systems growth of 13%.
SciPlay revenue rose to US$821 million in FY24, up 6%, while iGaming revenue increased by 9% to US$299 million.
Consolidated Adjusted EBITDA reached US$1.24 billion – putting it within touching distance of the company’s FY25 EBITDA target of US$1.4 billion.
“We ended a strong 2024 with continued double-digit revenue and earnings growth for the year,” said Light & Wonder’s President and CEO, Matt Wilson.
“The gaming machine sales share gains in North America and Australia this year are a testament to our R&D investment, commercial strategy and robust product roadmap. Furthermore, we have also realigned studio needs, adding more talent and expanding existing studios.
“Our recently announced strategic acquisition of Grover Gaming’s charitable business enhances our cross-platform strategy and presence in regulated land-based markets, giving us a broader distribution base for our vast content library and accelerating our drive for sustainable future growth.”
Oliver Chow, Light & Wonder’s CFO, added, “Our healthy financial foundation gives us flexibility to deploy capital where it best drives long-term value consistent with our capital deployment framework. We expect that the acquisition of Grover Gaming’s charitable business will contribute to our expansive recurring revenue base and is complementary and synergistic to our high margin and cash generative business, enhancing our growth profile and cross-platform strategy.
“We continue to see tremendous value in our shares and have executed a meaningful $462 million in share repurchases in 2024. We believe our healthy earnings growth and further optimization of our capital structure will continue to serve us well and provide stability as we expand the business globally.”
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