Light & Wonder has reported revenue of $610m for the second quarter of 2022, a 5% increase from the prior-year period
Light & Wonder has reported revenue of $610m for the arcsecond billet of 2022, a 5% increment from the prior-year period.
Gaming operations represented the legal age of add together revenue, climbing 6% year-on-year to $390m. This was followed by SciPlay at $160m and iGaming at $60m, with the former growing 4% year-on-year and the latter remaining flat.
“We made great strides inward the sec canton as we continued to put to death on our vision and the transformation of our company,” said Light & Wonder President and CEO Barry Cottle. “We closed on the sale of our Lottery business for $5.7bn in revenue cash proceeds, which we used to significantly de-lever our balance sheet of paper as we preserve to deliver on our promises.
“With the Lottery business organization sales event and anticipated closing on the cut-rate sale of our Sports Betting byplay past the death of the third quarter, we get achieved a significant milepost in the translation of our organisation.
Cottle added: “This quarter we made tangible progression against our strategies as we delivered strong operating impulse and topline ontogeny inwards the quarter. The success we are seeing this quarter is the result of the fundamental frequency changes we hold made throughout the business. “Adding it all up, we couldn’t follow to a greater extent excited about the advancement we are making and our course forward as the leading cross-platform planetary gamy company.”
Net loss from continuing trading operations for the period was $150m, compared to a sack red ink of $51m inward the prior-year period. Consolidated AEBITDA from continuing operations was $212m, a 9% go down from the prior-year period.
Again, Gaming trading operations represented the majority of amount AEBITDA at $179m, but this was a year-on-year wane of 8%. SciPlay strike down 15% year-on-year to $41m, with iGaming climbing by 5% to $21m.
Light & Wonder CFO Connie King James commented: “The stride and surmount of the business and financial transformation o'er the past year has been incredible. This billet was no more exception as our teams successfully closed on the Lottery stage business sale and refinancing transactions.
“With our strong financial profile, including a high mixing of recurring and digital revenues, sustainable double-digit growth, and a warm cash rate of flow profile, we will bring forth important excessiveness capital.”
As noted by both Cottle and James, Light & Wonder is satisfied with the 5% year-on-year revenue climb. The results come after International Game Technology (IGT) posted a unsatisfying 2% come in revenue for Q2 2022, while Evolution reported a 34% rise. Aristocrat Leisure Limited meanwhile, for the six months ended 31 March 2022, reported a 23% year-on-year come up in operating revenue.