Light & Wonder outlines new $1.5b share buyback
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The news: Gaming company Light & Wonder says its board has approved a new three-year share buyback program ahead of the expiry of its ongoing share repurchase plan.
The numbers: The Las Vegas headquartered company said the new program would allow it to buy back shares up to USD1 billion ($1.5 billion) until 12 June 2027.
The company has already exhausted its ongoing USD750 million share buyback that will expire in February 2025.
The context: Chief financial officer Oliver Chow said the continued momentum in the business, and a net debt leverage ratio in the middle of its target range means Light & Wonder had significant options with regards to capital allocation even while driving profitable growth.
The dual-listed company last month reported higher-than-expected earnings for the first quarter with each of its three segments posting double-digit revenue growth.
The company said the timing and amount of repurchases under the new program will be determined at its discretion based on its evaluation of market conditions, share price, and other factors including potential accretive opportunities for inorganic growth.
The source: ASX announcement
