The following is a summary of the Light & Wonder, Inc. (LNW) Q1 2024 Earnings Call Transcript:
Financial Performance:
Light & Wonder's Q1 revenue was reported at $756 million, a 13% YoY increase.
The operating income saw a 62% increase over the last year, standing at $165 million.
Adjusted NPATA saw a 22% YoY increase, at $105 million, due to strong revenue growth across all businesses.
A growth of 3% YoY was registered in gaming operations revenue.
The company experienced an increase in global game sales revenue by 30% YoY, with 14% increase in North American and 68% increase in international unit shipments.
SciPlay segment revenue saw an 11% YoY growth, reaching $206 million.
The free cash flow increased by 26% YoY, indicating robust earnings.
Business Progress:
The company registered its 12th consecutive quarter of YoY growth.
The launch of Dragon Train franchise in the U.S. is expected to contribute to growth in gaming operations.
Light & Wonder launched a large screen jumbo cabinet, Horizon, with Dancing Drums, which had a strong start.
SciPlay recorded its highest ever average monthly revenue per paying user and revenue per daily active user.
Light & Wonder plans to focus on Direct-to-consumer (DTC) revenue stream for better returns.
The company's strategic initiatives are aimed at continued investment in recruitments and driving operational excellence.
international gaming category saw a 45% increase in unit sales YoY.
The company achieved a significant milestone by reaching the #1 spot in the Australian market.
Three of their games - Dragon Train, Squid Game and Huff N' Puff, Money Match were among the five most-anticipated games.
The company's expansion in the international market, specifically the Philippines and Macau is progressing and these markets are anticipated to contribute significantly towards the company's performance.
More details: Light & Wonder IR
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