Light & Wonder Q3 results: Net income shoots up to $80m
Net income has risen 300% year-over-year for the company.
Light & Wonder has published its Q3 2023 report, which has revealed a huge improvement in net income, growing year-on-year by 300% to $80m and an even bigger increase from Q2 2023, rising by 1,500%.
This sensational improvement has been attributed to posting higher revenue and operating income, as well as a non-cash foreign currency transaction.
However, net income attributed to Light & Wonder was reported in the third quarter of 2023 as $75m, which represents a decrease of 77.1%.
Net cash provided by (used in) operating activities rose from negative $351m to $204m, but the prior year’s quarter combined cash flows were primarily impacted by $465m in cash taxes paid; related to the divestiture of the lottery business as well as the $25m SciPlay legal settlement payment during the quarter.
Consolidated AEBITDA (adjusted EBITDA) increased 21.7% to $286m. Revenue also saw growth, being valued at $731m, representing an increase of 12.8% year-over-year.
Light & Wonder President & CEO Matt Wilson said: “We had successful showings at both the Australasian and Global Gaming Expos with the strength of our product portfolio on full display. The positive feedback we received on our wide range of cabinets and games further validates our focused investment in R&D and vision for the future of the company.”
Interim Light & Wonder CFO Oliver Chow added: “This quarter demonstrated our commitment to growing the business and maintaining healthy margins. Our business segments’ AEBITDA are at their highest levels in 2023 as we continue to stay intensely focused on executing on our strategy while driving margin enhancement initiatives.”
Back at the end of September, Light & Wonder introduced its Playzido content creation platform in Michigan.
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