Global gaming giant Light & Wonder reported a 20% year-on-year increase in income from continuing operations to US$648 million in 3Q22, also slightly improved from the US$610 million in revenues reported in the June 2022 quarter.
The improvement was driven by a 24% increase in revenue from gaming to US$419 million, including 47% growth in gaming machines sales.
SciPlay and iGaming also enjoyed year-on-year increases – SciPlay up 17% to US$171 million and iGaming by 9% to US$58 million.
However, net income fell to US$20 million from US$100 million a year earlier due to the prior year period enjoying a US$181 million income tax benefit.
Consolidated Adjusted EBITDA grew 16% year-on-year to US$235 million primarily due to the gaming segment.
Light & Wonder also revealed that its net debt leverage ratio has fallen 70% to 3.1x from a peak of 10.5x at 31 December 2020. Total debt currently stands at US$3.90 billion compared with debt of US$8.69 billion at the end of 2021.
“With the sale of Sports Betting business, we have rapidly delivered on our promise to transform our business and streamline our organization,” said Light & Wonder’s President and CEO, Matt Wilson.
“We have a unique collection of assets that are powered by games, technology, and our amazing teams. Our strengthened balance sheet puts us in a great position to build on our momentum and capture the incredible opportunities in front of us. With a sharpened focus and clear roadmap to win, we are executing on our growth strategy to drive share gains.
“The results this quarter reflect the tangible progress we are making strategically, operationally, and financially as we delivered strong double-digit topline growth and saw clear momentum across all of our businesses. At the center of our Company are a robust R&D engine and world-class teams, and I want to congratulate our teams on their continued energy and focus.
“With our strategy in place and with operational momentum building, we have an unrivaled ability to leverage our leading industry positions, evergreen franchises, and unmatched platforms to drive sustainable growth and significant shareholder value.”
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