Light & Wonder has published the financial report of the second quarter of 2022.
The gambling provider Light & Wonder has recently posted its financial analysis for the second quarter of the year. The company reported mixed results.
LNW saw its revenue grow 5% from over 580 million dollars last year, to 610 million dollars. Despite that, the corporation experienced a net loss of 150 million dollars, almost three times higher than the close to 50 million dollar figure from the same period last year. However, the losses are contrasted by the company reducing its debt 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, a reduction of almost 5 billion dollars. In addition, the company also spent over 200 million dollars on stock buybacks.
Furthermore, the firm’s free cash flow went down into the negatives to the tune of 95 million dollars, compared to last year’s positive 130 million dollars. Conversely, LNW managed to increase its available liquidity to 1.8 billion dollars from 1.4 billion. Lastly, their consolidated adjusted EBITDA went down by 20 million dollars from 232 to 212.
Breaking down all the numbers, the corporation saw its revenue growth in its Gaming and SciPlay sectors from 367 million and 154 million to 390 million and 160 million respectively, while the iGaming vertical stayed at the same 60 million dollar figure. The biggest loss in adjusted EBITDA came from Gaming, at 15 million, while SciPlay displayed the highest percentage loss in the same metric at 15%.
In conclusion, the firm has had a mixed, but respectable quarter, thus, they are happy with their performance as they pay down their debts and do their best to satisfy shareholders.