Q2 Financial Report Released by Light & Wonder
Light & Wonder, a leading name in the iGaming and gaming sectors, has published its financial report for the second quarter of 2022. The company reported mixed results, with some sectors showing growth and others experiencing losses.
In the iGaming vertical, revenue remained steady at 60 million dollars. However, the Gaming sector saw an increase in revenue, rising from 367 million to 390 million. The company's overall revenue for the second quarter increased by 5%, going from over 580 million dollars last year to 610 million dollars.
Despite the revenue growth, Light & Wonder experienced a net loss of 150 million dollars in the second quarter, which is almost three times higher than the close to 50 million dollar figure from the same period last year. This loss can be attributed to a significant reduction in free cash flow, which decreased to -95 million dollars, compared to last year's +130 million.
The company's debt reduction efforts have been noteworthy. The debt was reduced by over 50% from the 8.7 billion dollar figure recorded at the start of the year to under 4 billion dollars as of June 30th. This reduction amounts to almost 5 billion dollars. Light & Wonder is also pleased with its performance during the second quarter, as it pays down debts and tries to satisfy shareholders. The company spent over 200 million dollars on stock buybacks during the second quarter.
Light & Wonder increased its available liquidity to 1.8 billion dollars, up from 1.4 billion. However, the largest loss in adjusted EBITDA came from the Gaming sector, at 15 million, and the SciPlay sector displayed the highest percentage loss in adjusted EBITDA, at 15%.
In the SciPlay sector, revenue increased from 154 million to 160 million. Despite these increases, the company did not disclose any specific institutions involved in share purchases and participation during the second quarter.
In summary, while Light & Wonder reported a net loss in the second quarter, the company is making significant strides in debt reduction and share buybacks. The Gaming and SciPlay sectors showed varying results, with the Gaming sector experiencing growth and the SciPlay sector experiencing a loss in adjusted EBITDA.
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