Light & Wonder has stressed that the group is “excited about our future and see strong momentum continuing” after reflecting on a 2022 that represented a “pivotal year” for the group, according to President and CEO Matt Wilson.
During the quarter, the group saw revenue increase 18 per cent to $682m (2021: $580m), with double-digit increases tracked across all reporting segments of the business.
Gaming operations occupied the lion’s share, courtesy of a 18 per cent uptick to $438m (2021: $372m), driven by a strong content performance and year-on-year growth in the company’s North American installations.
Elsewhere, SciPlay also saw revenue rise 18 per cent to a quarterly record of $182m (2021: $154m), with an Alictus acquisition and strong performance by the core social casino business praised.
The igaming division recorded 15 per cent growth to reach $62m (2021: $54m), however, a $4m hit due to the impact of foreign-currency translation due to strengthening US Dollar was said to have been offset by maintained US momentum and continued investments supporting ongoing growth.
However, despite the above, L&W reported that net income dropped to $21m (2021: $62m), which was aligned to an income tax benefit that was partially offset by higher revenue and operating income, lower interest expense and restructuring.
Consolidated AEBITDA recorded a 23 per cent uptick from 2022’s $216m (2021: $265m), which is put down to expansion across the gaming segment.
“We delivered on an ambitious and transformative plan while driving operational success”
Matt Wilson, President and Chief Executive Officer of Light & Wonder.
“We are proud of the tremendous and rapid progress we have made over the past 18 months. We delivered quality earnings, setting the foundation for sustainable growth going forward as we continue to focus on delivering shareholder value,” stated Connie James, Chief Financial Officer of Light & Wonder.
“We also returned significant capital to our shareholders, totaling $413m since our share repurchase program was announced a year ago.
“We now have a strong balance sheet and clear roadmap to advance with discipline on our balanced and opportunistic capital allocation strategy and elevate Light & Wonder’s value proposition.”
For the full-year, group-wide revenue increased 17 per cent to $2.51bn (2021: $2.15bn), driven by a robust recovery, continued momentum that is said to be approaching pre-COVID levels and 21 per cent gaming increase to $1.6n (2021: $1.32bn).
SciPlay rose 11 per cent to $671m (2021: $606m) as a “strong core business” is reported as “exceeding market growth,” while igaming, as a result of an enhanced US showing and original content offerings, reached $240m, up six per cent to $226m. Both also achieved record full-year performance.
Net loss followed the above trend by closing at $176m as opposed to the previous year’s $24m, while AEBITDA increased 15 percentage points to $913m (2021: $793m).
Matt Wilson, President and Chief Executive Officer of Light & Wonder, commented: “2022 was a pivotal year for Light & Wonder. We delivered on an ambitious and transformative plan while driving operational success and double-digit growth in our business.
“We are excited about our future and see strong momentum continuing in the business in the year to come. Our industry leading talent, games and technology put us in a strong position to deliver on our product roadmap, capitalise on the enormous opportunities ahead and lead in the convergence of gaming.”
