Light & Wonder, the global leader in cross-platform games and entertainment, revealed today the company’s results for the 2022 Q4 and fiscal year ending December 31, 2022.
The company bringing together approximately 6,000 employees from six continents has completed its strategic transition. Evolving into a streamlined organization, the developer is now in a position to facilitate the execution of its strategic intent, as well as long-term financial goals. In 2022, Light & Wonder used the continued momentum to deliver growth across the entire range of its operations.
Consolidated revenue growth:
Therefore, the company’s full-year consolidated revenue grew by 17% propelled by the gaming sector recovery to reflect the pre-pandemic levels, while SciPlay and iGaming businesses hit record values particularly supported by the fourth quarter’s figures. Gaming revenue rose to $438 million, 18% up from the previous year with a 41% machine sales growth testifying to the company’s unmatched technology and distribution capabilities and driving the revenues upwards.
Leverage and capital return:
Likewise, SciPlay revenue increased to $182 million, which is an 18% increase on a year-over-year basis and the record quarterly revenue of this business. iGaming revenue increased by 15% to mirror the continued growth tendency of the U.S. market. As of December 31, 2022, Light & Wonder maintained a net debt leverage ratio of 3x within the targeted figures. The company also returned $ 413 million of capital to shareholders through the repurchase of around 7.2 million shares.
Matt Wilson, President, and Chief Executive Officer of Light & Wonder said: “2022 was a pivotal year for Light & Wonder. We delivered on an ambitious and transformative plan while driving operational success and double-digit growth in our business. We are excited about our future and see strong momentum continuing in the business in the year to come. Our industry-leading talent, games, and technology put us in a strong position to deliver on our product roadmap, capitalize on the enormous opportunities ahead, and lead in the convergence of gaming.”
Connie James, Chief Financial Officer of Light & Wonder, continued: “We are proud of the tremendous and rapid progress we have made over the past 18 months. We delivered quality earnings, setting the foundation for sustainable growth going forward as we continue to focus on delivering shareholder value. We also returned significant capital to our shareholders, totaling $413 million since our share repurchase program was announced a year ago.”
She added: ”We now have a strong balance sheet and a clear roadmap to advance with discipline on our balanced and opportunistic capital allocation strategy and elevate Light & Wonder’s value proposition.” The company reported the results of operations and financial condition of its Gaming, SciPlay, and iGaming businesses excluding the discontinued lottery and sports betting operations.