Posting an $82 million profit for the second quarter, Light & Wonder grew revenue 12 percent to $818 million. This reversed a prior-year loss of $1 million.
The company also closed out its initial share-purchase program, spending the last of a $750 million allocation to buy back LNW stock at an average of $66.72 per share. The company’s board green-lit a second three-year buyback regime, with a maximum of $1 billion allocated.
Cash flow for the quarter was $330 million, up from $281 million. LNW stood to save an additional $11 million this year from the repricing of a Term B loan and was added to the Russell 100 stock exchange, which company executives described as a significant honor.
LNW reported $3.9 billion in debt against $321 million cash on hand. It had additional liquidity of approximately $700 million.
Stated CFO Oliver Chow, “Our thirteenth consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile. We continue to see improved earnings quality with consistent growth and healthy margins, all while investing back into the business to scale for the future.”
Added CEO Matt Wilson, “We saw strong progress in the gaming business as the expansion of units in the North American installed base reached an inflection point. Our global presence enables further product refinement and market penetration with our suite of games and casino solutions.”
He resumed, “We continue to develop our catalog of proven evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social, and igaming platforms. The uplift that we have continued to see across the business is a testament to the quality of the talent and culture in our organization.”
Concluded Wilson, “I am pleased with the continued momentum that we are seeing and know that the best is yet to come.”
