Light & Wonder (LNW) 9 Nov 232023 Q3 Earnings call transcript

Good afternoon. Thank you for attending today's Light and Wonder Third Quarter 2023 Earnings Conference Call. My name is Alexis and I'll be your moderator for today's call. [Operator Instructions] I would now like to pass the call over to Nick Zangari, you may proceed.

Thank you, operator, and good afternoon, everyone. quarter conference third our to XXXX call. earnings Welcome Wilson, and CFO. CEO; me today Oliver President Matt are Interim With and our Chow, our .

During by discuss and today's will quarter call, results XXXX our operating question-and-answer a third followed session. performance, we

statements the Today's may risks call. cause results involve could from materially that to call that certain differ uncertainties those certain contain actual will forward-looking and discussed during

our risks to this regarding these and and on our call materials information -- refer uncertainties with For please filings to earnings relating posted the website our and SEC.

as each financial directly We our on each a measure discuss release can non-GAAP in certain will in website. well of GAAP comparable also measures. the non-GAAP A reconciliation Investors found most description of earnings be non-GAAP section measure measure the to our and as

XXXX, Accordingly, have to prior sale completed Partners sports consolidated the the periods. second to of for and operations business in and Endeavor statements businesses the the betting in of our comparable lottery we the Brookfield operations the reflected quarter. sale these Business quarter as discontinued business we In of third

combined are both discontinued our We operations SciPlay to and continuing of in our iGaming. reporting Amounts continuing operations. referring disclosures segments: business and and X results Gaming, include

With to As I A will over webcast website. and section will is be Investors call a accompanying now the Matt. archived being this that, call replay reminder, our of materials conference turn recorded. of this in the

quarter, for and the of us everyone, heels afternoon, both around on Good Nick. morning third Thanks evening operationally. very those you, good joining successful financially a call Thank and for the globe. and on the

consecutive with double-digit again of X our year-over-year to line of across resilient & million. XX% to Wonder Light growth. top continues As growing revenue all a XX capitalize us on bringing growth consolidated $XXX year-over-year quarters gaming once industry, delivering to businesses,

we achieved new performance to which recently. we transformation company's consistently includes that This X with delivered continue we've key I strategy. since pleased the be milestones the announced

the index, First, as fruition. ASX, on on this XXX ASX has have listing Stock part into our with inclusion now index to been the Exchange, the of Australian and our secondary XX. October or on addition we targeting come

the from the investor further to capital in to base the exposure inclusion broader a solidifying expectations, exceed index market. investors. enables our of our feedback As continued Australian position community Australian

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strategic amongst execute we SciPlay Second, closed on the road welcoming on critical to October the SciPlay back family the the cross-platform finalizing our team piece our strategy. collaboration XX, greater fostering transaction a to team of map, and

data-driven the our As efficiencies and social-first Light approach enables highlighted and previously, our improve us rate. and entire expertise brand network, across to platform enhance leverage Wonder AB hit & testing operating our studio to

that who executed And and with strengthen on across continue focus are initiatives of stopping a games our a not as here. accelerating strategic our we to number we're put them great investments in and to a games platform R&D build commitment company. X a channels. We to leader

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record Internationally, the Canada, GGR XX% year quarter in or prior eighth above and sequential we saw grew GGR for period. Europe volumes the

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with on I'll performance. And Oliver hand to over that, provide it . our financial more detail to

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prior content, to user average and reflect game engagement leveraging [ grew to player Our revenue grew performance to strong strategies. continues per the and user a a monetization, paying $X.XX. daily monthly approximately year-over-year active marketing XX% ] engaging average record approaching And XX% per effective LiveOps $XXX. dynamic year, record compared of -- revenue

now approaching XXX,XXX monthly with continue conversion rates We above to trend payer XX%. paying a users

XX greater cash capital months. on and SciPlay's opportunities With the next sheet be expect for to over the capital access company SciPlay working day-to-day The allocation allows synergies transaction balance complete, efficiencies. cost duplicative we realized public to

in thrilled forward. that With the as momentum I'm X we're the all team we seeing be will working strong business, moving together

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the the quarter across maintaining growing all business profitability. this segments performance Our while to team's X reflects commitment

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quarter, cash flow On consolidated we to $XXX in of working business to reported capital. timing free of flow. primarily strong free the performance where cash due million and

of quarter our and time. including annual improve continue to initiatives, strength expect to portion progress attributable DSOs to the cash was we free cash-related over the several timing, in a see While reducing conversion rate in conversion favorable and --

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capital to management. Turning

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value our With cash organization play to greater we accretive deploy SciPlay we'll transaction, access way this the the the the for the and completion across combined capital now generated SciPlay most by have of shareholders. in

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were in weighing quarter, against the to initiatives. dislocations while million other repurchases in Share we the continue value $XXX as opportunistic be market

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enhance to we to invest, we ROI driving As are value. shareholder committed high

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open Operator? to time, At the I would the Q&A like this session. to call

our first Chad line from [Operator slide Beynon Absolutely. Instructions] first -- Macquarie. question the of with Our comes

Matt, for the Oliver, all comments. thanks

under you've $X.X billion little looking EBITDA. generated on XX-month a of So bit trailing now a basis,

milestones the kind billion about path the or to get of to think in XXXX. we the as So $X.X

million about $XXX about XX%. or So that's

XX-month of kind be if if on over as expectations? going expectations, we lot extra about track ahead 'XX? in the importantly, talk still you for come what the growth then behind the more should that, period, you're linear growth Can look if a And of or of will is

to outset, think We've delivered on we Light time. really with thanks the on the billion. us those quarter, any is we've XX% us. in quarter. to listening $X.X being at $X.X When creators what May the of It's a put growth get on Chad, year-to-date. CAGR X From I quarter the we & XX% billion congratulations needed line, delivered this Congratulations. XX% an exceptional done. well growth Wonder for . Yes, 'XX, target.

line. target We the above XX%. trending we're need clearly, So

right us about think the we where need I CAGR get now, to from we're $X.X billion. to XX%

the deliver and a you billion encouraged about refreshed [indiscernible] that? on our to still yes, our at headwinds. above very track potential long-range any built line into and We've that to the also to a $X.X we and of cost optimization feel highly to So want We've against on we're add the trending a deliver target. mitigant we're feel just target plans plan, the anything But program moment, we're $X.X path direction billion, Oliver, but on as travel.

Yes, in you momentum mentioned, got Matt, as business the now. incredible we've right

across of In quarter posted us all just consecutive fact, we revenue business lot units, which of X gives year-over-year our growth fourth a confidence.

us need commitments, things: in X sales both Class for business, that's our across so gaming to XX share modest gaming, one, really In gains game operations. achieve and core our we

and proliferation is adjacencies. second The

about So like II. we've VLT, and markets Class talked Georgia Com, HHR

X R&D investments on us time. engine a then in gains should really And with over share drive talent. our focus is which for continued

drive to grow to share QX continue we at perspective, ARPDAU XX% we've SciPlay over over last scale continue to a the where also and done share, landed couple we in we'll record revenues years. according of like From Eilers and

still player continue retention. base the and UA and effectively seeing we while in will our efficiently We significant market do so also also in made to investments lead stability to and player continue

top perspective, offering we that initiatives. through business all and expanding we healthy on will time From Matt's as portfolio into an scaling to margins to have continue laser-focused on margin enhancement in to be mentioned the quarter opportunities that just over continue then that growth expand to we our post our point, of our the content business time execution future. And core product iGaming and sustainable our drive over

see $X.X really long momentum commitment. quarter our this we we've in to that our us billion performance opportunities it, capture of and and the on short So the gives in deliver the year-to-date the ability confidence and seen but ahead, really also

Thank results. Appreciate you it. Nice . both.

Truist . Jonas from comes the The next of with line Barry question

operators macro to I'd We're softness. base. about of about their visibility. specifically player hear starting ask parts say these wanted to I talk gaming,

as that, game budgets about So with CapEx of . for hear any year? or you today are seeing ops in you next

Yes. Thanks, Barry.

with level think I that be macro daily a proving as point the does, we think is and the different of very to resilient. our number consumer vantage in But healthy the at windows balance, from We've we live paranoia point, to industry everyone industry any into behaviors. I look on a of got metrics softness.

I up up premium think you example, off sequentially. as they're in if look RPDs year-on-year, at gaming an they're

I at these manifestation think if kind SciPlay's in lot monetization, of year-on-year, the sequentially, look you which willingness a kind Domestically, is up markets. in you're consumers' really of kind again, think, growth newer of iGaming. of pay, I up in mid-XXs seeing a of to market

So control building and we for to put energy. for but years moment, growth very signs yes, arrived things games that's in our X lots to softness, that of play acid hasn't We've we that's recession use any gaming a hand you the is are within at we a it. keep to the been lot the parlance see We not yet. our and It macro that's waiting where be healthy of coming. supposed And dealt, better the say looking are always of shoe. effort the for and hand the

and pipeline beyond. we've importantly, a think see the QX got into I good We for solid visibility pipeline.

on So again, with balance. with the our quarters, think very consistent or I healthy from industry the looks prior vantage -- prior still point,

Yes.

see on with our is continue trends. points point, data Matt, encouraging coin thing we to build do in X Just your to

the high-performing by backed USL such Monster Journey our even really franchises. Moolah titles or as Planet to Frankenstein So

encouraged healthy are and only performance, the the that seeing to our in we're consumer GGR not levels resilient we So point, gaming but by the overall. trends Matt's

point, is providing great our monitor best, which what services to to continue do this we'll closely, to Matt's So, products, customers. while experiences and we

comes of question Sigdahl next The from Ryan the Craig-Hallum. line with

compare Oliver. following in year that. year spend. unveil. big next Maybe context as up are thinking But was also about how this just they conversations the on people Squid spend current Games of to GXE curious Matt,

see game. and you're game pretty it and FAD and game excited the there's potential curious you about hearing been that putting from you of content has Ted I specifically so think floor? quick historically, that this from guess, what you guys how what turnover Curious and the on buyers type in

question. Great Yes.

than I what's think was product points I'll I think, attended industry. are People which coming GXE very year, from the outset, they've the the in well ever been. this again, terms to in resiliency more say of interested of

think was really at focused we around a core showed are franchises growing portfolio, and really player. that targeted GXE focused brands at I what that

So coupled it's interesting brands like IP to in bringing we life some back about have Game. that investments Squid these yes, really with, in the portfolio

unveil. different. that I think It's So was yes, a something big

I think what consumers told or that customers us about specific brand.

building I show It the to great gamification lends was thing just that a that drew the us brand slot the itself to think elements to itself. product.

Dead was in market. characteristics terms mean, the He called game successful very brand. of Walking Game life, in which I a of a Year, has Yes. So type to built of brands a prior a product Ted has a The history bringing similar these of of GGB the types

a brands, be think a want what you're different those players, in different of Yes, target, I franchises. to all segments. games is So portfolio us seeing at different We from player of

sign Wonder and roundtable, I chose virtual panelists the and of at best the for after onereally the week our asked positive had showing think out show a X [indiscernible] as Light best show. the the X GXE GXE. who panel in and in of was

light of it's the operators things . with So in that output, momentum of reflection happy said that X a out of pretty the think I X seeing really building. we're [indiscernible] we're [indiscernible] X

Thanks, Great. Nice . job guys.

next comes Atlantic. The question from the line Tam Andrew Redburn with of

on is allocation. a savings anything was then just just the of capital from a terms internalization corporate as on in wondering, you and there benefits material to that just have, mainly out the in cost and the call bit mentioned talk through I should . collaboration, just internalization, So synergies given think you cost of perspective, SciPlay. is access I some aware -- to question cash the of well? will can we detail But of that be

question. Great Yes.

X the business the of critical it's areas operating fastest-growing kind has -- another the social around. never focus momentum we question in industry. record SciPlay foremost, I'll out this them teased first should casino you've in think I the and been They're stronger, amazing. for say where

And about so quarter. feel Josh and the the performance whole encouraged this team, should SciPlay very you

top in the records. underpinned X of in That's SciPlay been So yes, by kind really games made engine set the UA. SciPlay we've also investments target and our

yes, reintegration going It's So gone they have never really It we as could is well expected. left. like feels the well. as

seamlessly. very yes, gone So it's

thanks to SciPlay So the entire team.

this on, elements might details are But that standpoint, touched Yes, the of potential down strategic with full more the that R&D. think precise led about the cost. into surveying. us is X I think around initiative of there It totality. dig to the lot drivers reintegrating one It's BXC social broader the a context be of some business in Oliver, allows of collaboration in from us really the I AB unlocking key you this SciPlay testing, those the

is really of it's dream of we from working guess that. designers we to had that. of workshop up land-based best the all iGaming industry-leading from gaming the can We yes, So demonstration I our thing fully so point games back about a unlock bringing can team them week one wave had this great together content. in Florida, our next SciPlay, and to where we in from

better Light and we breathes when I content, the is ecosystem but And up entire & lives games. does of the of kind the think build quality business now better this Wonder

really to the to starting coming see So fruition. collaboration

going just realize over next be XX the cost synergies, duplicative a to costs. high we public corporate primarily some months, And company level, the will around Yes. and it's at

us a time. with hit then have, But, highly that access strategic side-based to sheet. to fuel And it, they couple cash more importantly, initiatives you other just think I that gives able cash-generative be on business we'll balance it is the over

So back Yes, term, grow about yes, we ability we're have and feel in core capabilities. to Light SciPlay's And great invest to Wonder. our to home long to & thrilled with we're continue going them

Susquehanna. The with next Joe of from question the comes Stauff line

the of Oliver. turnaround. I game to wanted Matt, the of kind ask ops American about status North

the get to right of in is the of, Matt, say, the coming I an balance some into of out, near be is that had you'll right saying the commentary term. to think there end the whatever the you base switch that terms installed in premium terminology mix, kind

was to I right to? It's for per to revenue power pricing per way that point how of What you guess and day upside day? about the again, what's wondering for say, much wanted I could it kind what can hit possibly as I revenue ask sort But tough the as the estimate. is mean of get think to like that inflection what unit.

a There's there. Yes. to Great question. things unpack few

as you and business the I international gaming think, ops base level the at think then our about business. U.S. macro most the installed there's if

And largest in then parts world. the specifically, you York the Lottery of if gaming market, really the the markets, Delaware in lottery anywhere kind that. pool is gaming there's double-click business on is the which premium U.S. profit So installed these of which have then base, There's you the industry X ops market. component the New public

market. new that So entrants in shift entered the in that been public a markets, there some has there

had knew was a naturally about eroded. We some was that. when we've RFP some So time It installed allotment via in awarded. moment the of base

our factored long-range So plan. that's all into

a we're terms our biggest excited now. had net in is row just for grown We the operations of gaming thing premium about installed quarters We've in QX pickup guess in a consecutive I base. nice it little most adds. XX

things, that but up. installed the RPD after RPD sequentially think great units premium I are gaming seeing better premium So through also business those driving into seeing games. economics RPDs adding year-over-year, And X it -- that base then and more you're I are the locations. in great drive locations, think -- those operations

yes, as we over should go better games and well. more quarters. the introduce as we the up games, add more we yield And can coming continue So to think

distorted powerful momentum. underlying business. large a I and gaming of combination it's that is some know business in ways it's the of that driving of because we in roll base But collectively. operating these installed things a up So lot at numbers kind premium

base So globally. also we're our to installed -- about good we feeling And that. . Yes. we optimize continue

us our some . fleet driving units, term. we ROI in as the that the longevity long fine-tune legacy will on these floor scale of for for So

expect removals point, relates also gaming we your the really to America. to removals both approximately here we X,XXX the in the European The we do to removals and in quarter. and Europe units, Latin the And then coming here did wind fourth to in customer X internationally, months. the in specific have down removals America, LatAm of wind So expect down North public

share moving So part expect content. in forward, success continued to of our grow RPDs we just the and do due to and great our titles

X the strong we're Game which IPs extensions capitalize. GXE. not Studio well to going and just new But and new example. there, Horizon, received going on at from such to as as continue to like we're franchise as really Squid cabinets Frankenstein interest So definitely as stop an

and really our we've made really offensive all, operations great us an view in on increased R&D to progress Soover optimizing go from perspective. investment in and opportunity the gaming our base a as talent we some for installed

The comes Jess question line of -- Stifel. next the Stantial from with Jeff

out recall on headline I XX% was you long-term closer off if conversion. I here, working if cash capital, wanted like free about were XXXX, targets quarter, the the Starting flow correctly, to during to strip hit looks for XX%. XX% impact of

So you rapidly. approaching be that target do seem to quite

has I those of from impacts expect mid-XX% should my incrementally cash is or to see approaches positively here changed whether XXXX question to flow Or to low And negatively? free that we type kind of targets, on guess levels anything conversion prior . out continue

DSO conversion and in cash iGaming cash and gaming million that incredible there, To flow you tremendous job in for in you out strong free free at was Thank very strong, point, Yes. mean businesses. XX%, your we I managing listen, yielded that a QX The our delivered question. the in team quarter. results did flow. called $XX rate

continue ours have forward. capital we some benefits will to broadly. addition, did going of a this timing That working be more to related said, focus In

key moved in trend and is over XX% flow QX, believers over of we're that strategic free and cash that flow Now just cash here firm doubt time. are scale that that There shareholder flow we've to executing drivers our our of And X priorities. we'll is we cash expect then generating no here, transactions, past absolutely free free the do value. conversion remains X of we key the

balance So flow-through benefits sheet, solid the see. we strong but that any benefit continue growth . of then also to our profile and efficiency we'll operational from

But think give to I you it's growth, the these that cash miss team and chance it's expansion, I free you if Yes, flow. see you said margin to well. plug. results, another it look won't at the flowing through

they the the . of both mean, I margins the quarter, were this So cash flow. of some highlights and

could if That's just Matt. question squeeze more you, one in great. for And I

off otherwise to just you've how around and technology kind a sort bit share the Dealer of us caught feeding kind walk more or progressing, you head as now had as you ramp? that the that whether higher of that help ramp kind . kind getting any in on for at that Yes, the through can bringing customers rate you So thoughts see ramp gains? then of of time ground, to the GGR Just continues of would your you of higher welcome anything of launch, well. by that My little Any product done it. your And insights, other surprise,

of know Yes, TAM going to I think it's time. over get segment. it's iGaming a XX% the exciting We very to

a us. we in. So this that opportunity segment is belong It's for a multiyear

can sector, the about ShuffleMaster in space. ability that you to execute this If things our the bring yes, to IP, our think we that

the So yes, innings. early in very, just very we're

excited we're to will the time take future, it So ramp. about but

state. most I to in line thing time get this think compliance the that first probably us was the surprised

anything get regulators to time, we I think that than anyone approval, have you when it little the look doing full longer anticipate for takes now. but a first at

so a We way. think that fact efficient we're capital want into to states gives it us I do that confidence move the over other live the we can that time. And in U.S., very in

Michigan other before plans. a to scale huge running in markets. want not We we're get move into we our and So up hurry to at accelerate

I a it's and that's opportunity yes, we're at said, But of with multiyear in us. comfortable plan, front the but we're like where

Great. helpful. That's . really

of Katz Jefferies. . comes question next with The from David the line

do are might choices. I think an some how ongoing the wanted capital different allocate over you tuck-in looking activity basis. in . we alternatives. and the the What to just buybacks can boundaries back allocation Obviously, how expect? of on you about periodically. go terms And forward There's important been

know Oliver probably more kind some pretty that of be wouldn't piece there Yes. from do a say into focus show, amount so to big the coming throw lower out the I'll is we the priority M&A list. out complexity, on industry the a there. through assets for interesting waterfall to a platform of falls let done complexity to of GXE of potential large-scale discussion about for just We've to the walk the huge divest a M&A of I that consolidation. lot of I'll us. just priority was I hurry back huge work would reduce in us platform.

against executing it's us, For vision really now. about the

vision, we we'd if saw our that in think our tuck-in I cross-platform then some prior So But absolutely M&A propel this waterfall. vision do that opportunities it. towards lower falls help accelerate us have, help we

David.

a significant It balance I benefit yes, our speaking, milestone as strategy, well intact. to continue us on sheet. the capital see really management does of So transaction our opportunities they strong remains take position really a And listen, was SciPlay The we for to arise. mean, broadly us business. as value-accretive

X.Xx. our turn an comfortably after range and leverage, In half of SciPlay funding even from transaction. within targeted increase we terms the are X.Xx of approximate

us $XXX And and worth We a it, continued this opportunity saw share in program. active opportunity, But be value the uptick quarter. advantage program shares you feel to may we that of share long we an But the you us. the term, think from repurchased bit given we take in with the conservative a term near important in -- mistake repurchase more for in what repurchase from us SciPlay creation QX. is make significant of through leverage is million no the value absolutely a transaction, about see creation

other advance in priorities very So our capital moving continue will allocation disciplined to forward, we a manner.

provide this investments continue So talent, capacity for we the as for CapEx, we see creates further to you'll believe in returns grow, road. us down excellent business R&D, which will see additional

value-creating a balance most whether And repurchase deploy for that just we then opportunities these debt way earlier, disciplined our sheet, in context capital a that's or then the the have will in in any M&A. I the after investing share additional accretive excess we organic of program shareholders, mentioned reduction healthy

of just significant from have perspective view. flow optionality and a sheet we where we balance given cash So point are

we -- to drive so sustainable yes, are well into positioned future. the So growth

The Mason with Paul line . next E&P from question of the comes

sort think I just results. to performance about row really, quarters could just the wanted like ask you they've attributable the couple specifically well. a gate? Australia, doing like Guys. Like you're or have of well Great that the there? decompose which has doing really actions I to taken out is obviously on how And the much performance you in of wanted bit would how of sort versus been have environment Dragon do . Train, to ask said really you like a just had guys competitive

question, this asked you Paul. Yes. glad I'm

all like -- they think is very the daronestic. -- buy gaming markets, best games. I operators the Australia, market buy

market. And last the quarters, out so -- over in credible some been really to few put Australian titles we've the able

you really show talent product, while know building their showed to vote you the like until August. and that chances caliber of was the which AG the Train, think that and was of latest in they we are dollars with way. way the I players in the Dragon we that given designed, with was game and a voting at with pretty get our the it profound dollars, their never you

Victoria. games We in live markets New in and Queensland, games approval the have X just we're the in X we've in got the that top X Wales South top

be I So Train very Dragon multiyear think is opportunity what early the us. for very, could of in a innings

excited very yes, So about that.

sub-XX% team in now in September. We're a coming. line. We've there been time. shipped a down It's been those a For We the long long on Australian the XX% mid-XXs. for members time player

best the way. just the in we've say, to come always But like So a long market, I yet Australian and come. is performance outstanding

the of comes Rohan with from Next Jarden. line question Gallagher

Typically, guys, outright units XX,XXX about at looking sales. to Oliver. we're demand, share, focus replacement I Matt, gaming, units X,XXX year, I'd XX,XXX XX like you that's on a quarter. for if a may,

all, that of is of scalable Matt, First ratable? and sort

all, adjacency opportunities. of second But

the sort Oregon, potential months, please? you that Canadian is what provinces, got the of opportunity Can for HHR. the You've next Illinois, unpack XX

CEO, opportunity for Lane, We're like, Siobhan our haven't a out did it's think adjacencies I been to GXE long back us. what this the and time. looks very markets going we into gaming just at relation in of that Roan, a for these significant really kind laying fantastic in presentation

by unit in every incremental adjacent we sell that these markets incremental definition, is share. So

want So off of touch with we've the But with on kind . a Oliver, don't categories. just one that kicked adjacent you really significant to makeup is biggest there. those OSL order the of

for point, sign did XX just months. the next your To we over those OSL with over will be units that Yes. contract X,XXX units and distributed

announcement on distributor, the -- we the our addition, entrance our In in Betsson. Georgia recent Coen through market

in that XXXX. We to market enter also expect

we'll -- such and Class share HHR So markets II as expansion have other in adjacent Canada opportunities VLT, markets.

space. Class just . support has I'd team very customers. done core received but map strong the the incredible critical into which critical what adjacent then only adjacent will growth, very dollars we're Lastly, to our our support by booth the proliferations targeted section job our R&D the product creating -- continue to of gaming to you III to say And a a in would that seen well you road an markets. have this is dedicated if And invest was markets, not at to you going were

just And I'm gaming. operating -- your leverage at looking on

typically the lower some in revenues fact nice you that a in outright is despite margin expansion which had had You've disproportionate increase sales, margin.

operating shed good consideration could into et effects? . of of forward, some work behind Oliver, you taking leverage operating see terms terms being around cetera. scenes done supply of going So light mix chain, sort some in efficiencies, in clearly, can there's what the we

exceptional Yes, to do demonstrated benefit margin in some we business. we post Yes. quarter, as and time Thank We over really did . initiatives the continue to expand you, our opportunities in here enhancement also the healthy but across quarter. as work numbers mix Rohan. from we revenue we we the delivered margins through margins have

that the maintaining to profitability. have margins growing some implemented quarter initiatives then initiatives supply the were several gaming. executed year, see there across sourcing while reflects we team's examples all but you of and segments and performance And over really the chain Our commitment healthy implemented support course business this the optimization in the X previously cost

from see efficiency UA efficient expense within we're integration management be going the But Even at play level, driving also side corporate marketing and the a the you organization. to expenses of and further perspective.

all to this I So pleased long-term systems quarter. incredibly profitability. considered, execution -- while team's sustainable with the continue we things driving improve process said we'll said earlier, and are I as And

SPX Yes.

recognition. public in [indiscernible] deserves I think

through in through kind driving most showing I COVID in think out supply specifically in efficiency numbers. the this the of gaming, chaos manage come were side, were that to team gaming of and years as coming The some an margins then exceptional and the press the programs the chain . up hard really quarter. other that's industry,

Congratulations.

question. your will concludes for remarks. turn back the additional Matt question-and-answer closing any session. That for Thank now to I the or line you

In their resounding Thank conclusion, express for I'd like you. at unwavering to Wonder my all to success. making employees gratitude & commitment to each a day Light

teams dedicated experiences. Our game our exceptional expanding our performance technology, library, our deliver games unparalleled to and work passionately, continue that enhancing ensuring

success to expand fully one. we amplifying The in our SciPlay our look now team to is the content further forward and the just hitting its business continue portfolio. social fold as and together as iGaming casino stride we strong are

by supported and solid We engine, positioned robust sheet are balance cross-platform increasing our flow. uniquely cash approach, businesses our X complementary with R&D through a integrated

Wonder excitement ahead the milestones stretch of entire desire limits in innovation, Wonder XXth and industry. the to that promising I'm through some I can our the and We've new Light gaming for Light with As my what year reach the heights. industry, the team's now improve is reflect continuously very on significant achieved for thrilled future & and lies &

everyone call the Thank today. who's joined for you us to

extend greatly of is season. support Your the enter wishes and you our we all to holiday as appreciated, we best

That for Quarter Call. Thank concludes Earnings you your XXXX Conference Wander the Third & Light participation.

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