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    Matthew Ryan • Barrenjoey

    Matthew Ryan's questions to Light & Wonder Inc (LNW) leadership

    Matthew Ryan's questions to Light & Wonder Inc (LNW) leadership • Q1 2025

    Question

    Matthew Ryan of Barrenjoey asked for clarification on the U.S. gaming operations yield in Q1, seeking to understand the relative impacts from macroeconomic factors versus portfolio mix.

    Answer

    CEO Matt Wilson attributed the Q1 yield performance primarily to adverse weather in the Northeast affecting WAP products, rather than macro weakness. He stated this was a "onetime isolated event" and confirmed that promotional discounting from Q4 had been reversed, returning the business to a normalized base.

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    Matthew Ryan's questions to Light & Wonder Inc (LNW) leadership • Q4 2024

    Question

    Matthew Ryan inquired about the outlook for the Gaming operations installed base in Q1, considering new game releases and cabinet conversions.

    Answer

    CEO Matt Wilson stated he expects the fee per day degradation seen in Q4, related to the Dragon Train impact, to reverse in Q1 and continue improving throughout the year. He highlighted a 'completely stacked' 2025 product lineup and strong brand extensions that will drive sequential momentum. CFO Oliver Chow added that scaling R&D will support sustained growth beyond 2025.

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