Light & Wonder reports consolidated revenue of $756m in Q1 2024
SciPlay and iGaming both hit quarterly revenue records for the company.
Light & Wonder has reported its financial results for the first quarter of 2024, having ended March 31. The company saw a 13% increase in consolidated revenue from the comparable quarter, reporting $756m in Q1 2024.
Net cash provided by operating activities was $171m compared to $185m in the first quarter of 2023, a decrease the company believes was impacted by unfavorable changes in working capital primarily due to restricted customer deposits. Net cash was the only decrease from Q1 2023 results.
“Our strong momentum continued into 2024 across the business with our compelling global product offerings driving game sales growth in North American adjacent markets and in International markets led by Australia and Asia,” Light & Wonder President and CEO Matt Wilson said.
“The performance in the quarter validates our execution plan and we expect growth to be further enhanced by key hardware and content launches in both our land-based and digital markets throughout the year. Our differentiated product roadmap and targeted commercial strategy enable us to capitalize on growth opportunities beyond our solidified core businesses. We will continue to execute on our initiatives to deliver sustainable growth underpinned by our robust product portfolio and world-class talent.”
SciPlay and iGaming revenue both reached quarterly revenue records in Q1 2024, with the company reporting results of $206m and $74m respectively. Gaming revenue was $476m, a 14% increase from the comparable quarter driven mainly by global machine sales growth which increased 30% as well.
“We remain on a healthy growth trajectory with six consecutive quarters of double-digit revenue growth across Gaming, SciPlay and iGaming, a testament to the power of our R&D engine, as we continue to deploy engaging content enjoyed by players across all of our platforms,” Light & Wonder CFO Oliver Chow said.
“Our financial performance highlights the strength of our team across all of our segments. We will continue to reinvest back into the business to further scale revenue and profitability. Given our strong growth and the highly cash generative nature of our business, we plan to further enhance value through our share repurchase program, while maintaining the rigor of our strategic capital allocation plan.”
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