Q2 2024 Light & Wonder Inc Earnings Call Transcript
Key Points
- Light & Wonder Inc (LNW) achieved double-digit consolidated revenue and EBITDA growth, keeping them on track towards their 2025 targets.
- The company completed its first-ever share repurchase program and authorized a new three-year $1 billion buyback program.
- Strong performance in North American premium installed base, growing for 16 consecutive quarters.
- SciPlay segment delivered over $200 million in quarterly revenues for the third consecutive period, outpacing the social casino market.
- iGaming segment saw healthy growth with year-over-year increases of 25% in both the US and Canada.
- Higher restructuring and legal costs impacted the company's EPS.
- The company expects a modest impact on gaming margins in the third quarter related to the announced Entain deal.
- There is an anticipated limited growth in direct-to-consumer revenue in the back half of the year.
- The company faces ongoing legal expenses, which are expected to continue.
- The gaming segment's revenue growth was partially offset by elevated capital expenditures.
Welcome to the Light & Wonder second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)
And I'll now turn the call over to Nick Zangari, Senior Vice President of Investor Relations.
Thank you, operator, and welcome, everyone, to our second 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 second quarter results and operating performance, followed by a 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 and
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