Light & Wonder, Inc.: Initiation of Coverage – Does It Have A Sustainable Competitive Advantage?

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous
growth across its multiple segments. The company reported consolidated revenue growth of 12% year-over-year,
reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the
quarter. Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million. These figures
underscore a positive trend in financial performance, supported by strategic initiatives and a diversified portfolio.
On the operational front, Light & Wonder has seen robust performance in its gaming segment, where the
revenues were up by 14% to $539 million. This uplift is attributable to a 32% surge in global gaming machine
sales and a steady rise in gaming systems growth by 14%.