Light & Wonder, Inc. (ASX: $LNW) has announced the approval of a new share repurchase program, authorizing the repurchase of up to $1 billion of its outstanding common stock through June 12, 2027. The prior share repurchase program, which allowed the repurchase of up to $750 million of common shares, has been fully exhausted as of June 13, 2024.
Matt Wilson, Chief Executive Officer of Light & Wonder, expressed his pleasure at the approval of the new share repurchase program, highlighting the company's successful execution of its growth strategy and commitment to returning capital to shareholders. Oliver Chow, Chief Financial Officer, emphasized the company's strong operating performance and significant optionality in capital allocation, indicating the new program's potential to deliver further value to shareholders and drive profitable growth beyond 2025.
The approval of Light & Wonder's new $1 billion share repurchase program reflects the company's commitment to returning capital to shareholders and its confidence in its growth strategy. With the prior program fully exhausted, the new program aims to continue delivering value to shareholders while supporting the company's profitable growth and future investments. The company's ambitions to achieve its $1.4 billion Consolidated AEBITDA target for 2025 and maintain a strong net debt leverage ratio further underpin its commitment to long-term value creation.