The following is a summary of the Light & Wonder, Inc. (LNW) Q3 2024 Earnings Call Transcript:
Financial Performance:
Light & Wonder reported Q3 consolidated revenue of $817 million, a 12% increase year-over-year.
Operating income reached $159 million, reflecting a $12 million increase from the prior year.
Net income per share was reported at $0.71, down from $0.81 year-over-year due to higher restructuring and other costs.Consolidated AEBITDA grew 12% to $319 million, maintaining an AEBITDA margin of 39%.
Business Progress:
The company showcased over 80 unique game titles at G2E, receiving positive feedback and aligning their R&D resources effectively.
Launched a new gaming studio in Reno and introduced the Best Games Workshop, fostering innovation and collaborative development.
Mentioned strong momentum in the Gaming sector, especially in North America, with a 17 consecutive quarters growth in the premium installed base.
Introduced innovative products like the Cosmic cabinet and the Huff N' Puff Hard Hat edition, while expanding in new markets including the Manitoba VLT market.
Opportunities:
Continued expansion in iGaming, driven by a strong content and services portfolio, with a number one US Slot GGR share reflecting effective market capitalization.
Expansion into new geographic markets and sectors expected to drive future growth, particularly in interactive gaming and social casino platforms.
Risks:
Acknowledged potential impacts from the Dragon Train injunction, although mitigation efforts are underway with a 95% conversion rate of the affected units to new titles.
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