Light & Wonder Inc., a cross-platform provider of gaming content and casino gaming products, said its board approved a new three-year share repurchase program through June 12, 2027, acquiring up to $1 billion of the group\'s outstanding common stock. 바카라 필승법
"As of June 13, 2024, we have exhausted our US$750 million share repurchase authorization under the Company\'s previous share repurchase program," Wright & Wonder said in a U.S. filing on Thursday.
That previous plan saw the company acquire 11.2 million shares of common stock, or 11.5% of the outstanding shares, at the start of the program. The median purchase price was $66.72 per share, which Wright & Wonder said was nearly 28% off Thursday\'s close of $92.35.
Matt Wilson, Chief Executive Officer of Light & Wonder, said in an accompanying press release, "We are pleased to announce that as much as we have successfully executed our growth strategy and returned meaningful capital to our shareholders, our Board has approved a new, large-scale share repurchase program."
"With strong operating performance continuing across our business, we remain on track to meet our consolidated AEBITDA [adjusted earnings before interest, taxation, depreciation and amortization] target of $1.4 billion in 2025 while continuing to invest for the future," he added
"Given the continued momentum of the business and the net debt leverage ratio in the middle of the target range of 2.5 to 3.5 times on March 31, 2024, we have significant options regarding capital allocation," Group CFO Oliver Chow was quoted as saying.
The previous share repurchase plan was an "effective value creation tool," he said, adding that the new program would allow the company to "provide additional value" to shareholders, highlighting the group\'s "commitment to drive profitable growth and upside since 2025."
In May, Light & Wonder reported first-quarter revenue growth of 12.8% year-over-year to $756 million, including strong sales in the Asian and Australian athletics markets.
The group had a net debt of just over $3.47 billion as of March 31.
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