Q1 2024 Light & Wonder Inc Earnings Call Transcript
Key Points
- Light & Wonder Inc reported its 12th consecutive quarter of year-over-year growth and its sixth consecutive quarter of double-digit revenue growth across all lines of business.
- The company achieved a record revenue quarter, up 11% year-over-year, driven by strong performance in its largest games such as Jackpot Party and 88 Fortunes slots.
- Light & Wonder Inc's North American premium installed base has grown for 15 consecutive quarters, now representing 49% of the North American installed base.
- The company successfully launched new gaming products like the Dragon China franchise in the US and the large screen jumbo cabinet Horizon, which are performing well.
- Light & Wonder Inc continues to expand internationally, with significant unit shipment increases in markets like Australia, the Philippines, and South Korea.
- Despite strong growth, there are challenges in international markets with some declines due to fleet optimization.
- The company faces the need to continuously invest heavily in innovation and technology to maintain its competitive edge and market share.
- Operational costs remain a concern as the company scales up, particularly with the expansion of its installed base requiring higher capital expenditures.
- There is a reliance on the continued success and revenue generation from newly launched products, which may introduce volatility if these products do not perform as expected.
- Light & Wonder Inc must navigate complex regulatory environments across different international markets, which can impact growth and operational strategies.
Welcome to the Light & Wonder 2024 first quarter earnings conference call. (Operator Instructions)
I would now turn the call over to Nick Zangari, senior vice president of investor relations.
Thank you, operator, and welcome, everyone, to our first quarter 2024 earnings conference call. With me today are Matt Wilson, our President and CEO, and Oliver Chow, our CFO. During today's call, we will discuss our first quarter results and operating performance, followed by question and answer session. Today's call will contain forward-looking statements that may involve certain risks and uncertainties that could cause actual results to differ materially from those discussed during the call.
For information regarding these risks and uncertainties, please refer to our earnings materials relating to this call posted on our website at ir filings with the SEC. We will also discuss certain non-GAAP financial measures. A description of each non-GAAP measure and a reconciliation of each non-GAAP measure to
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