Light & Wonder, Inc. Reports March 2025 CDI and Common Stock Update

April 8, 2025 — New York, NY — Light & Wonder, Inc. (ASX: LNW; NASDAQ: LNW) has filed its monthly Appendix 4A with the Australian Securities Exchange (ASX), reporting updated figures on its CHESS Depositary Interests (CDIs) and common stock holdings for the month ending March 31, 2025.

Key Highlights:
CDIs Quoted on ASX
• Total CDIs (end of March 2025): 26,457,647
• Change from February 2025: Net increase of 72,681 CDIs
• Reason for Change: Net transfers between CDIs and common stock listed on NASDAQ

Common Stock (Not Represented by CDIs)
• Total Common Shares (end of March 2025): 58,626,583
• Change from February 2025: Net increase of 629,422 shares
• Reason for Change:

Conversion between CDIs and common stock

Decrease due to the company’s ongoing share repurchase program

Increase due to vesting of restricted stock units (RSUs) and exercise of stock options

This filing fulfills Light & Wonder’s monthly reporting obligation under ASX Listing Rule 4.11. The company maintains a 1:1 CDI-to-common stock ratio, providing flexibility for shareholders across both ASX and NASDAQ listings.

Light & Wonder, Inc. reported strong financial results for the fourth quarter and full year 2024, achieving record consolidated revenue of $3.2 billion, a 10% year-over-year increase. The company experienced growth across all its business segments, with gaming revenue rising 12% to $2.1 billion, driven by a 22% increase in gaming machine sales and a 13% increase in gaming systems revenue. SciPlay revenue grew 6% to $821 million, while iGaming revenue increased 9% to $299 million, reflecting momentum in the U.S. and international markets.

Operating income increased 29%, while consolidated AEBITDA grew 11%, and adjusted NPATA rose 24%. Light & Wonder returned $462 million to shareholders through share repurchases, completing its initial $750 million buyback program and making progress on a new $1 billion program authorized in June 2024.

CEO Matt Wilson highlighted strong gaming machine sales in North America and Australia, attributing gains to research and development investments and a robust product lineup. CFO Oliver Chow emphasized the company’s financial strength, which supports strategic acquisitions, including the recently announced $850 million purchase of Grover Gaming’s charitable gaming business. The deal is expected to enhance recurring revenue and expand market presence in regulated land-based gaming.

The company also amended its credit agreement, increasing revolving commitments to $1 billion and extending the maturity date. Additionally, Light & Wonder reached a $72.5 million settlement to resolve antitrust claims related to its automatic card shuffler business.

Fourth-quarter revenue rose 4% to $797 million, with net income increasing to $107 million from $67 million a year earlier. Adjusted NPATA grew 17% to $127 million, and free cash flow improved to $74 million. The gaming segment saw a 4% revenue increase, SciPlay remained flat, and iGaming grew 11%.

Looking ahead, the company expects continued growth, with first-quarter 2025 consolidated AEBITDA projected to rise in the low double-digits. Light & Wonder is also evaluating a potential shift to a dual primary or sole listing on the Australian Securities Exchange, where approximately 30% of its ownership is now based.

Light & Wonder, Inc. has entered into an asset purchase agreement to acquire Grover Gaming’s charitable gaming business for $850 million in cash at closing, with up to an additional $200 million in potential earn-out payments over four years based on revenue and business expansion milestones. The transaction is subject to regulatory approvals and customary closing conditions.

The agreement includes standard provisions for maintaining business operations during the transition and outlines related agreements such as intellectual property licenses, transitional services, and commercial supply agreements. If the deal is not closed by February 17, 2026, either party can terminate, with Light & Wonder responsible for a $42.5 million termination fee under certain conditions.

The company has also released a press statement and investor presentation detailing the acquisition. Light & Wonder sees this move as a strategic expansion into the charitable gaming segment, aiming to strengthen its market position and growth prospects.