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Light & Wonder targets $1.4bn adjusted EBITDA by 2025

Light & Wonder says it is aiming for consolidated adjusted EBITDA of $1.4bn by 2025, representing a compound annual growth rate (CAGR) of 15%.

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The announcement was made during the group’s 2022 Investor Day, with the aim of providing an in-depth review of the company’s strategy to “drive sustainable double-digit growth and to drive long-term shareholder value.”

Other financial targets for 2022 through 2025 include significant cash flow generation, reflecting a targeted free cash flow conversion rate of 45% by 2025, and a total of $10bn of available capital to deploy through the group’s balanced and opportunistic capital allocation priorities.

Light & Wonder also aims to bring down its net debt leverage ratio range to between 2.5x and 3.5x.

“Over the last 18 months we have transformed our business and paved the way for significant shareholder value creation,” said Light & Wonder CEO Barry Cottle. “As we look ahead, there is no better time to be in the industry, which is huge, growing, and converging. 

“We have transformed ourselves to take full advantage of our unmatched market position to capitalise on this opportunity. Our unique asset mix and leading market positions provide unparalleled advantages to deliver games fully cross-platform.

“This results in an enviable and durable financial profile, which includes double-digit growth, a high mix of recurring revenues and robust margins, all translating into robust cash flow generation. With a clear roadmap to take market share and drive long-term shareholder value creation, I’m very confident that Light & Wonder will be the one to lead the future of the game industry.”

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