secwatch.observer — SEC 8-K summary
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Issuer:     Light & Wonder, Inc. (LNWO)
CIK:        0000750004
Form:       8-K
Filed at:   2025-05-07T23:59:59+00:00
Accession:  0000750004-25-000028
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Light & Wonder Q1 2025: Gaming rev $495M (+4% YoY), SciPlay rev $202M (-2% YoY), $166M buyback
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- Gaming segment revenue $495M (+4% YoY) with AEBITDA +9% and 200bps margin expansion; North American premium installed base grew for 19th consecutive quarter.
- SciPlay revenue $202M (-2% YoY) but AEBITDA +3% with 200bps margin expansion; ARPDAU rose 5% to $1.06.
- iGaming revenue $77M (+4% YoY) and AEBITDA +8% with 100bps margin expansion, driven by US momentum and partner network growth.
- Returned $166M via share repurchases (~1.9M shares); net debt leverage ratio at 3.0x; reaffirmed 2025 consolidated AEBITDA target of $1.4B (pre-Grover).
- Grover Gaming acquisition ($850M upfront) on track for Q2 2025 close; Dragon Train litigation review found no evidence of Aristocrat math values in other hold-and-spin games.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/750004/000075000425000028/0000750004-25-000028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/750004/000075000425000028/lnw-20250507.htm
  HTML page:      https://secwatch.observer/filing/0000750004-25-000028

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer