After reflecting on 2022, President and CEO Matt Wilson said that Light & Wonder was “excited about the future” and that it sees strong momentum continuing.
The quarter saw the revenue rise 18% to $682m (from $580m in 2021), with double-digit growth across all reporting segments.
Gaming operations held the largest share thanks to a 18% increase in revenue to $438m (2021 was $372m). This growth was driven by strong content and year-on–year growth in North American locations.
SciPlay’s quarterly revenue record was $182m. (2021: $154m). The acquisition of Alictus and the strong performance of the core social casino business were also praised.
The igaming Division saw a 15% increase to $62m (2005: $54m). However, the $4m loss due to foreign-currency translations due to strengthening US Dollar was offset by sustained US momentum and ongoing investments that support continued growth.
L&W, however, reported that net income fell to $21m (2021, $62m). This was due to an income tax benefit, which was partially offset with higher revenue, operating income, lower interest expenses, and restructuring.
Consolidated AEBITDA saw a 23% increase from $216m in 2022 (2021: $265m), which can be attributed to the expansion of the gaming segment.
“We executed an ambitious and transformative strategy while achieving operational success.”
Matt Wilson, President & Chief Executive Officer at Light & Wonder.
“We are proud to have made such rapid and significant progress over the last 18 months. “We delivered quality earnings and set the foundation for sustainable development going forward as we focus on delivering shareholder benefit,” said Connie James Chief Financial Officer at Light & Wonder.
“We also returned substantial capital to our shareholders, totaling 413m since the announcement of our share repurchase programme a year back.
“We now have a solid balance sheet and a clear roadmap to move with discipline on our balanced, opportunistic and capital allocation strategy and raise Light & Wonder’s value proposition.”
Group-wide revenue rose 17 percent to $2.51bn for the full year (2021: 2.15bn). This was driven by a strong recovery and continued momentum that is said be approaching pre-COVID levels. 21 per cent of gaming increased to $1.6n (2021; $1.32bn).
SciPlay saw an 11 percent increase to $671m (from $606m in 2021). A “strong core business” was reported to have “exceeding growth.” Meanwhile, igaming, which was boosted by US shows and new content, reached $240m. This is six percentage points higher than its previous record of $226m. Both companies also had record-breaking full-year performances.
Net loss closed at $176m following the trend above. This is compared to $24m the previous year. AEBITDA rose 15 percentage points to $913m (2021 to $793m).
Matt Wilson is the President and Chief Executive Officer at Light & Wonder. He said that 2022 was a pivotal years for Light & Wonder. While delivering on an ambitious, transformative plan, we achieved operational success and double-digit business growth.
“We are optimistic about the future of the business and expect strong momentum to continue in the coming year. We are able to deliver on our product roadmap and take advantage of the huge opportunities ahead thanks to our industry-leading talent, games, and technology.