Please welcome Senior Vice President, Investor Relations and Treasury, Nick Zangari. Welcome, everyone. Thank you all for being here today at the Light & Wonder 2025 Investor Day. Whether you've traveled to be with us in person or joining us remotely, we truly appreciate your time and interest in our company. With me today are Jamie Odell, our Board Chairman, Tony Corsanos, our Vice Chair, Matt Wilson, our President and CEO, and Oliver Chow, our CFO, along with many other leaders within our company. Additionally, Todd Eilers from Eilers & Krejcik will join us for a presentation and panel discussion. During today's event, we will give you an in-depth look at our performance, our strategy, including our acquisition of Grover Charitable Gaming, and our goals for the future, followed by a question-and-answer session. There are QR codes at all of your tables and a Q&A portal on the micro site, and you can begin submitting your questions at any time. The Wi-Fi access instructions are on your tables as well. Before we get started, I'd like to remind everyone that today's event will contain forward-looking statements that may involve certain risks and uncertainties that could cause actual results to differ materially from those discussed during the call. For information regarding these risks and uncertainties, please refer to our materials relating to this event posted on our website and our filings with the SEC. We will also discuss certain non-GAAP financial measures, a description of each non-GAAP measure, and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our earnings release and earnings presentation located in the Investors section of our website. We will also discuss certain combined financial information calculated as a historical result of the company, plus the preliminary unaudited historical results of Grover Charitable Gaming for the period stated, as well as run rate financial information. This information is for informational purposes only and does not purport to represent what the company's financial position and results of operations would have been if the transactions had occurred at specified dates or maybe in the future after giving effect to the acquisition. As a reminder, this event is being recorded. A replay of this event and accompanying materials will be archived in the Investors section of our website. With that, I'd like to introduce our President and CEO, Matt Wilson. Good afternoon, everyone, and good morning to those on the line in Australia, to the investors in the room that have been on this journey with us since we last met here in 2022 at the Altman Center. We want to say thank you very much for your support. It's genuinely appreciated. For the potential investors in the room and on the line, we hope you find the presentation informative and gives you something to think about when you leave the presentation today. My name is Matt Wilson. I'm the President and CEO of Light & Wonder. Light & Wonder is a content-driven games company with a global presence and scale. We operate across six continents globally. We're headquartered out of Las Vegas, Nevada. We trade under the ticker LNW right here on the NASDAQ and have for many years. Importantly, we're a dual-listed company with a presence on the ASX also. We have nearly 40% of our market cap now residing on the ASX. We have 6,500 employees globally. That number is ticking up with the approval of the Grover acquisition just on Friday. Since we last met here at the Altman Center in 2022, we've been able to grow our consolidated revenue to just under $3.22 billion. That's a 13% CAGR over that period. From an EBITDA perspective, we've grown at 17% to $1.24 billion at the end of 2024. That's an industry-leading growth number. From an MPATA perspective, we've grown it to $480 million at a 24% CAGR year on year. Outstanding financial results since we all met here back in 2022. That's not where the story started. I joined this organization back in 2020, and the business was a vastly different business then than it is today. It's virtually unrecognizable. We were essentially a Frankenstein collection of gaming assets, everything from a lottery business to a sports platform business to a content business and everything in between. Really titans of industries, companies like Bally, WMS, SciPlay, NYX. Great assets, but not very well integrated, and the business was not in the greatest position from a financial standpoint. Upon joining the organization, we very quickly, the board and management team, went about refocusing the business and did a strategic review. That first phase, or chapter one, we like to call it, was really about reevaluating the business, resetting it, and refocusing it. As a consequence of that, we invested in leadership, in talent, and focused on the fundamentals, really focusing the business around being a content-led organization. With that came the divestiture of lottery and sports. We were able to get peak valuation for both of those assets and really use that cash to repair the balance sheet to where you see it today at three times. We also issued the first-ever company share repurchase program with $750 million, and we quickly executed on that, delivering great shareholder value. The third chapter of our strategy was really a transformation strategy, was really about continuing that foundational work, investing in the core engine of the business, which is R&D, which has delivered fantastic share gains in all of our core markets across the gaming business, iGaming, and SciPlay. We also listed on the ASX secondarily, which is an important milestone for us, addressing a very large investor base in Australia. We also acquired back the remaining portion of SciPlay, which wasn't owned by the company. That was really about streamlining the operations of the business so we could focus on execution. Where we are today is really in what we call chapter four. It is about executing, delivering against our promise that we made right here at the Altman Center back in 2022, about executing against our $1.4 billion target. We have also acquired Grover, which is a fantastic asset. You will hear a lot about that today. We are really excited about the growth prospects for that business. Really sets us up for future success. We are partway through, or 50% of the way through, the second tranche of share repo of $1 billion, which was authorized by the board, again, finding ways to create shareholder value again and again. We have been included in the ASX 100 very quickly and also the Russell 1000. We are proud about that. Today's about the future. We want to talk about where does this business go beyond 2025, how to think about the growth pathways for Light & Wonder. We're going to share with you some new financial targets, which are exciting, and the team's signed up and excited to go on and pursue. You're going to hear a lot about the focusing of the business around our core R&D engine, the streamlining of our operating model, which will really fuel this future growth. You'll also hear about our ambitions to be included in the ASX 50. We see that happening in short order. That's our intention. We see that happening in the very near future. This is the best way to think about Light & Wonder today. Again, we were a Frankenstein collection of assets, everything from lottery and sports and everything in between when we were Scientific Games. Today, Light & Wonder is a games-obsessed organization. We put R&D and our R&D engine at the center of everything we do. That R&D engine really produces two things: technology and, importantly, content. Those technology and content, they really build these great franchises you see on the board here, things like Huff N' Puff, Dancing Drums, Quick Hits, Ultimate Fire Link, to name a few. Traditionally, these franchises would really fuel the growth of our three operating businesses, Gaming, iGaming, and Social Casino. We're proud to say as of Friday, that R&D engine will now fuel charitable gaming as well. Great games are built by great people, and we've got an amazing lineup of R&D talent, both team members that have been with us on the journey, and many of them have been here before we started, actually. People like Kim Kohn and Sean Sung, Michael Mastropietro, who's in the room, Jack Chesworth, Quinn Yu, have been with the organization a long time. They have really benefited from our approach to portfolio management and segmentation, making sure the designers are taking the right shots on goal and producing the best possible games. You will see that is reflected in the stats that I am going to share with you today. They are performing at all-time levels. That success has allowed us to reinvest back into the business, and we have invested in new talent, people like Ted Harsey, Yana Sombonides, who brought you Frankenstein, Kelsey Foster. We have recruited from IGT. We are standing that studio up around her. In Reno, you will see games from her at the G2E show upcoming. The latest person to join the roster is Nate McGregor, a great young game designer who's migrated to Australia, and we're standing up a studio around him. These are investments that we're making for the future that will power our growth over the long term. Proud to say we've set some pretty impressive growth rates from a financial perspective, but we've also found capacity to reinvest back into the business. This is the thing that's going to fuel our future growth. We've increased our internal rate of investment in R&D and CapEx by 28% since we last met here in 2022. These are the things that fuel our growth going forward. We've received some fantastic accolades. This is the Eilers & Krejcik Gaming Awards for 2024. We've won a number of awards there. Eilers is the preeminent analyst in the industry. I say that because it's true, but also because he's in the room somewhere. When Todd Eilers speaks, the industry listens. These types of accolades really mean a lot to us as an organization. What is more important than accolades is game performance. Game performance drives financial results. These two charts here are the two biggest profit pools in the industry, the North American for sale market and the North American Gaming Ops Market. These are stats straight out of Todd Eilers' monthly report. You can see this is the percentage of top-performing games. Back in the third quarter of 2023, Light & Wonder held 13% of the top new core-performing games in the marketplace. Just last month, we published the report. It's 28% now, industry-leading position in one of the largest profit pools in the industry. The same is true for North American premium-leased and WAP games. Back in the third quarter of 2023, we were 30% of the top-performing new core games. We're number one in the first quarter with 40%. Again, these are the lead indicators that drive future financial performance. This is Todd's information. You can get this on a quarterly basis. We're fascinated by this. We look at it every quarter. It really drives the team to produce top-performing games. If you zoom out and look at the Financial KPIs of our business, this reflects a disciplined execution of an effective strategy. Like I mentioned earlier, we've grown revenue at 13% across that period since 2022 when we last met here at the Altman Center. That's against a peer set of 5%, so outpacing the broader market. If you look at it from an EBITDA perspective, we've grown 17% CAGR over that same period. The industry's grown at 6%, so really leading the market when it comes to financial performance. Importantly, we're also finding ways to reinvest back into the business, like I mentioned earlier, increasing our R&D investment in both R&D and CapEx by 28%. This is the fuel that's going to drive our future growth. We've been able to get our debt under control, like I said, by divesting non-core assets and operating the business at a much higher level. We've taken leverage down from 10.5 times in 2020 down to 3 times at the moment. In a much better position from a financial perspective, we have the capacity to reinvest behind the business to drive our future growth. Importantly, between the two tranches of share repo, we've returned to shareholders $1.2 billion in value through those share repos. Excited about that. We continue to have that as a key strategic initiative. This is all underpinned by great performance from our operating businesses. Gaming driving 19 consecutive quarters of premium install-based growth, number one globally in chip share across the for sale markets. SciPlay driving 13 consecutive quarters of outperformance to the market, growing direct-to-consumer from 0% back in 2022 to 11% today. iGaming taking $91 billion in wagers through the OGS and 1,000 games launched in 2024. Great performance from the businesses delivering on fantastic results. Whilst today is about the future, it's important for us to make sure we deliver on the commitments we've made previously. This is the pathway to $1.4 billion. This is our stated target for the year. I mention this on every earnings call and every investor interaction. We have a clear pathway to deliver on this plan. These are some of the building blocks across gaming, SciPlay, and iGaming. There's a lot of detail here. This will be produced on the website for your edification. This was the pathway. When we met here in 2022, the business was generating $913 million in EBITDA. We have our line of sight to $1.4 billion with an incremental contribution from Grover, which we'll share with you at the upcoming quarterly earnings call. Today, like I said, is about the future and about setting new financial targets. Take your pens out. I'm about to give you the number. This business, through over the coming years out to 2028, will deliver the following. Let Huff N'Puff blow it up for the first time. $2 billion in EBITDA is what we're targeting by 2028. This is a business that's delivered on its commitments time after time. Back in 2022, many thought we couldn't get to where we are today. We believe in this number. The team is signed up and excited to deliver it. Importantly, when you look at that at a per share level, we're going to grow NPATA per share or EPSA from $5.27, let the pig do his thing, to over $10.55, a doubling of EPSA, which we think is a great metric and one that lines up very favorably to our peer set across the board. We are excited about that. We think this is the future of the business. We believe in these numbers. You are going to hear from our business leaders today about what they are going to contribute towards these goals and why they should be believable. I won't steal all of their thunder, but I'll give you a quick flyover of some of what you're going to hear today. From Siobhan Lane, you're going to hear about continued gaming ops install-based growth and continued RPD growth over this time horizon. We will show you some products that will contribute to that, and you should be excited about it. Like I said, we've grown to the number one chip share provider globally across the for sale market. We're going to continue to extend our leadership position in this market and address further adjacencies over time. We're also investing in our systems business and our tables business, including a big investment in ETGs to make sure that's a strong contributor to our growth profile going forward. What you'll hear from Josh Wilson at SciPlay is continuing above-category growth when it comes to existing core games, developing some new IAA games, which will complement our IAP games. You'll hear about that directly from Josh. We're also going to scale direct-to-consumer sustainably, and Josh will give you some key metrics that you can expect from that part of our business. From an iGaming perspective, continued growth in our 1PP share numbers. We saw that tick up in the first quarter when we brought Huff N'Puff to market. There's a lot more opportunity here in a growing market. We see iGaming being a big contributor to our growth going forward. Finally, we'll expand on this pretty dramatically in terms of charitable, but charitable is going to continue to expand in the five markets it's already approved in and then address the other legalized markets in the marketplace. We're going to get into Indiana and take our fair share, which is a very exciting expansion opportunity. Importantly, fire that LNW cannon of content directly at the charitable gaming segment. It's exciting, and these are the reasons that you should believe in the numbers that we just put before you: $2 billion in EBITDA and doubling of EPSA. This is all underpinned by an enhanced cross-platform engine. You'll hear from Nathan today about that, what we're doing to make sure our games continue to be the best in the industry. Speaking of the best in the industry, we've got a great leadership team that's signed up for these numbers, that believe in them and are excited to be on this next chapter of the journey with us. We are supported by a fantastic board who are the best in the industry at what they do as well, very seasoned and have been around the space for a long time. They are a great partner to us to enable this success. In summary, we are a streamlined business focused around content, vastly different to where we were back in the Scientific Games day. We are obsessed with building the world's greatest content, and that's evidenced by the investments we're making in R&D. We have a high-performance culture. We've attracted and retained the best people in the industry, and we continue to attract great talent that are signed up for these numbers that want to be on the journey, that are excited to deliver. We have an attractive financial profile and a disciplined approach to capital allocation. We've proven that over the years. Finally, we're unique. No one has what we have in the industry: a large-scale land-based business, a fast-growing social casino business, a mature and scaled iGaming business, and then an exciting growth vehicle in charitable gaming. That's unique to us. It's a simple strategy, and it's focused around building great games. All of this will ladder up to us continuing to be the leading cross-platform global games company. With that, I'd like to introduce Roxane Lukas, our Chief People Capability Officer, and Jim Sottile, our CLO, with a short video. Hi. I'm Roxane Luk as, the Chief People Capability Officer here at Light & Wonder. It's been an amazing three years here. Having spent my entire career in human resources, I know that having a high-performance culture can have a tremendous impact on our business priorities and our outcomes, both now and across the next many years. I believe that we have the best of all worlds here: an experienced team with depth and breadth and an entrepreneurial spirit that really dreams big. The results we have achieved over the last few years are directly attributable to the top talent we are able to attract and retain. Our team continues to thrive in an environment enabled by our five core values, which define how we show up, collaborate, and deliver world-class gaming experiences. Our first value, Celebrate Perspectives, defines our desire for a range and breadth of different studio cultures, game designers, creatives, and mathematicians. Having a better understanding of each other's uniqueness does not just make for a more gratifying workplace. It fuels creativity, drives ingenuity, and it elevates the gaming experiences we bring to life. Our second value is Win as a Team. We are keenly aware that high performers love to work with other high performers. We often say, "A problem shared is a problem solved." When one of us succeeds, we all succeed. That is how we win as a team. Third, we uphold integrity in all that we do. We compete fiercely, but just as important, we compete fairly. We hold ourselves accountable by thinking and acting like owners every day. Fourth, we dare to be bold. We have a culture that always looks for the best ideas in how we approach our business, for example, our listing on the ASX, and in the way we ensure we're innovating to drive our cross-platform strategy, like with our best games workshops. Importantly, our top talent expects to shape our business. They know that what got us here won't get us there, and we trust them to take us forward. Lastly, we never settle. Whatever we achieve, no matter how significant, we are always looking at how to improve upon it and go beyond what our original goal was. You can see this in the lofty financial target we set for ourselves in 2022, as well as the 2028 target that we will highlight today. Our values are not just talking points or signage in our offices. They truly inform how we hire, who we reward, how we reward, and the reason we retain and attract so many top performers. In short, they represent just who we intrinsically are as an organization. As much as it's about our talent, it's also about our responsibility to our customers, shareholders, and employees to be good corporate citizens and operate in a way that is responsible, ethical, and good for all our stakeholders. ESG is central to how we manage risks and opportunities. Our ESG Council reports into the Nominating and Governance Committee of our Board of Directors as the governing body for oversight of ESG, monitoring enterprise value creation, regulatory requirements, and risk mitigation. Our five-year ESG roadmap is shaped by insights from our biannual materiality assessment focused on key material topics as discussed in our annual CSR report. We've made notable progress in each focus area over the last year. We've invested significantly in responsible gaming programs that promote education, awareness, and advocacy for our players and consumers. We also support more than 20 responsible gaming industry organizations and fund research with the International Center for Responsible Gaming. Philanthropically, we invest $2 million a year across 250 organizations and programs that support local communities with the greatest needs, such as food insecurity, homelessness, STEAM education, literacy, and professional development. We've reclaimed almost $13 million worth of materials from decommissioned gaming machines over the last year for reuse and refurbishment by manufacturers. We also increased recycling programs globally by 10%, diverting valuable materials from landfills, and we launched a full-scale global greenhouse gas emissions study to assess our Scope 1 and Scope 2 emissions. Lastly, we aligned to 12 of the 17 United Nations Sustainable Development Goals, and we became an official signatory to the UN Global Compact, one of the few signatories from the gaming sector. Adoption of our ESG priorities is at the heart of our culture and our operations, contributing to our competitive edge, optimizing operating costs, and helping drive revenue. Okay, let's shift gears and talk about Grover Charitable Gaming. An acquisition that's been a long time in the making. It's taken us a few years to get this over the finish line, but it did happen on Friday. Really excited about that. I think this slide really sums it up best. It's Light & Wonder plus Grover. And we say that because Light & Wonder's core capability about building great games plus Grover's core capability of customer service is a marriage that's completely made in heaven. This is a deal that just had to be done. The businesses belong together. Why Grover? Grover's a leader in fast-growing adjacencies. These are slot machines on slot cabinets. You'll see them in the showroom here. This is what we do. This is Light & Wonder's lane. This is what we're the industry's best at. It was a fast-growing adjacency really hiding in plain sight. Not many people have heard about charitable gaming, but we're going to give you a bit of a download on that today. It's certainly on people's radars now, and it's a great fit for us as an organization. There's an obvious value creation here. Like I said earlier, it's taking that R&D engine and the flywheel of that and directing it directly at the charitable gaming segment. There's no core Class 3 content in this space. When you see the games side by side, we love the Grover games because they make a lot of money. However, when you compare them to the quality and caliber of Light & Wonder games, there's a massive deficit there. When you start to see Huff N' Puff and Dancing Drums and Frankenstein, these types of games in the charitable gaming segment, the value creation there is evident. It will show up in RPDs. There's a loyal customer base. These customers depend on Grover to run their operations. Really, this is the economic engine that fuels these clubs. They are loyal and they are sticky. It's an important part of the value proposition that Grover brings to us. Importantly, the mission, vision, and values lined up almost directly. Grover believes in the same things that we believe in at Light & Wonder. We like to give credit, not take credit. We like to win as a team. These are things that show up in Grover's values and culture as well, which is important when you think about integrating companies like this. Finally, and probably most important to all of you, is the attractive financial profile. This is a fast-growing segment, growing very fast at the top line, over 20%, which translates to incredible margins and even better free cash flow. An incredible contribution to our business going forward and lots of tailwinds in this space. Like I mentioned earlier, Indiana was a state that came online between us signing the deal and getting the deal approved. Lots of tailwinds here, lots of opportunity, and we've taken out the leading market position with Grover. We acquired it at a very fair price and a very attractive price in our minds at 7.1 times adjusted 2024 EBITDA. A great asset that we feel like we can turbocharge. Just a quick education on charitable gaming. What is it? How does it work? This is the value chain of the sector. On the left-hand side of this slide, you have suppliers like us and Grover. This is really about building slot content and slot cabinets and then deploying them to market. There are really two ways they go to market: through internal distribution and the sales channel, but also through third parties that have distribution across the broad array of customers. When you think about customers, it is really these retail operators. Think Bingo halls, Fraternal Organizations, bars, and taverns. Really, the end user plays those games in the bars and taverns, and then the proceeds are split between the suppliers and the charities. They have been able to generate a huge amount of charitable donations over the lifetime of Grover and will continue to do that as Light & Wonder. It is a feel-good segment. It is a segment that is really driving a clear mission, vision, and values. How will we enact this value creation opportunity that is Light & Wonder content into the Grover 10,500 games across the network? The first thing is we acquired all of the proven game mechanics that Grover has built over the years. These are game mechanics that work in the sector. We are able to leverage those going forward. The obvious thing is really about bringing those games that I mentioned. Expect Huff N' Puff, everyone's favorite game, to show up in the charitable gaming segment in very short order. We're excited about that. Again, we're going to fire that entire charitable segment up with great games from Light & Wonder. Importantly, we're going to maximize efficiencies and drive returns. This is pretty simple. Our competitors in this space are vertically integrated suppliers. They have to build every game from the ground up. What Grover gets the benefit of is every game that Nathan builds, be it Huff N'Puff, Dancing Drums, Frankenstein, Kong, anything you see in the showroom, we can very slightly tweak that and add in some R&D investment and take that to charitable gaming. This is a competitive advantage for us. We can very effectively monetize our existing game catalog into this catalog, into this fleet. Finally, this is a business that's been at it for a long time. They've got 11 cabinets in their offering. They're also going to tap into Light & Wonder's deep library of hardware. They can get fully depreciated games off our Gaming Ops fleet, deploy those into the charitable gaming segment as another kind of tailwind to drive margins. They've got over 100 titles today, but we have many thousands in our portfolio we can bring to bear on the charitable gaming segment. We're live in five states today, but there's 11 states that have legalized e-pull tabs. We're going to get into those markets very quickly, and you'll hear the leader speak about that in a moment. There's over 10,000 devices that we quickly bring into our gaming operations route, which has great unit economics. It's over 1,500 locations. From an integration perspective and for modeling purposes, expect this to report into the gaming segment when we report our Q2 earnings. You will see that roll up into the units and to the RPD. It will be headquartered out of Raleigh, North Carolina, and it will plug into all of our shared services across Light & Wonder. A seamless integration will effectively become our fourth business. For a further deep dive into the charitable gaming segment and Grover Gaming, I would like to introduce Brian Brown, formerly the COO of Grover. He has come across to lead the business, reporting directly to me. He will be the CEO of Grover Gaming. Ladies and gentlemen, Brian Brown. Thank you, Matt, and thank you, everyone, for being here today. My name is Brian Brown, and for the past several years, I have been serving as the Chief Operating Officer for Grover Gaming. I have the distinct honor of standing before you today as the first CEO of charitable gaming under Light & Wonder. This is not a role that I take lightly, and this goes well beyond what the obvious reasons might be. It is about supporting the more than 100 Grover teammates and the countless charities who, since the day that we announced this acquisition in early February, have not only shown up with enthusiasm but have recommitted and planted even deeper roots of loyalty to our Grover Gaming family and the future ahead. We are ready to elevate our mission-driven, high-growth, customer-first organization with relentless execution and an unwavering focus on our core culture. Today, I want to walk you through what charitable gaming is and the important mission-driven factors that make this gaming segment so special. I want to cover the charitable gaming market size, as well as the positive tailwinds that we anticipate will continue to propel this segment. Of course, I want to introduce you to Grover Gaming and our customer-centric business model and provide a glimpse into the incredible people behind our success. To round things out, I want to walk you through the growth levers we believe will help us meaningfully contribute to the 2028 target that Matt just announced. Let's get into it. What is charitable gaming? The charitable gaming market conducts gaming-like activities where a portion of the proceeds are used to fund vital charitable missions for nonprofit organizations. When thinking about what types of organizations charitable gaming takes place in, think about veterans organizations like VFWs, American Legions. Think about fraternal organizations like Moose Lodges and Eagles Clubs. Think about other social clubs, as well as, in some jurisdictions, even bars and restaurants where charitable gaming is conducted by an approved charity. There are several forms of charitable gaming that take place inside these organizations: raffles, where players purchase tickets that are numbered for a chance to win a specific prize; traditional bingo, where players mark numbers in an effort to create a winning pattern; paper pull tabs, where players purchase a ticket-style game with perforated tabs that allow for exciting fast play with predetermined outcomes. Then there's the segment that Grover Gaming primarily plays in, the electronic pull tab segment. Electronic pull tabs were born from the very same mechanics of paper pull tabs. Electronic pull tabs offer players a more exciting gaming experience where the gameplay is conducted on an electronic gaming device similar to what you'll find in traditional land-based casinos. The broader charitable gaming market that I just discussed has a market size of $4.4 billion, with nearly a quarter, $1.1 billion, of the market allocated to electronic pull tabs. We do not expect to see any stagnation in the market. In fact, we see favorable tailwinds that will only help propel the space to new heights. The first of these tailwinds surround positive consumer trends. Players want a hyper-localized gaming experience where they also have the ability to support vital charitable missions. Second is an incredibly loyal customer base. Players who frequent these charitable organizations are committed to spending their dollars to support the charities they love while also sharing in a larger sense of community. Third is the ever-evolving improvements to both hardware and content of the charitable gaming space. These improvements only advance player engagement and further player desires. Lastly are the positive legislative and regulatory advancements that are being made across the nation. We believe that this trend will only continue, and we will see additional expansion of electronic pull tabs nationally. This is where we see a significant greenfield opportunity for Grover Gaming. Looking at this map, Grover Gaming currently only operates in five of the currently 11 regulated electronic pull tab markets across the U.S. You can see from the states on this map represented here in dark blue. These five states only represent 8% of the total U.S. adult population. The remaining six states represented here in light blue provide Grover with an additional opportunity to put our products in front of more players. These states would also provide us with access to a total of 18% of the U.S. adult population. Lastly, the states represented in blue and white outline all markets where paper pull tabs are currently legal, but electronic pull tabs are not. These states all combined represent 80% of the total U.S. adult population. As you can imagine, any material expansion in these markets with electronic pull tabs would drive segment TAM to multiples of what it is today. We are already starting to see this with the legalization of states like Indiana. Let's take a zoom in into Indiana. This historic legislation that is set to become law on July 1 of this year is a $100 million revenue opportunity powered by an estimated 4,000 devices dispersed across approximately 1,000 eligible locations. As we stand here today, we anticipate a go-live date sometime later in the fall of this year. Our teams have been on the ground for months building strong relationships to ensure we have an incredible foundation for success when we're actually able to launch. One important factor that will help ensure this success is our ability to lean on the bench strength of our team and elevate long-term leaders from other markets to lead both our sales and our field service operations inside of Indiana. This will only help us to retain our culture and deliver upon our commitment of excellence. We do not just hope that we're going to win Indiana. We're engineered to win in Indiana. For the past 20 years, Grover Gaming has been hyper-focused on customer service. It's an obsession that each one of our team members lives and breathes. It's what we think about before we go to bed. It's what we wake up excited about every single morning. This mindset has been our biggest growth driver. In fact, the name Grover stands for grow over and over. We do this in a few specific ways. First is our revenue share model. When we win, our charitable partners win and vice versa. Next, we tailor our games for each specific jurisdiction, ensuring the best player experience possible within the regulatory framework. Next, we have the ability, through our deployment operations team, to remotely deploy gaming content to all of our locations. This is a powerful tool that provides a frictionless opportunity and also reduces downtime and creates an overall better player experience. The backbone of our customer-first experience is our 24x7 customer support team. Whether it's 12:00 noon or 12:00 midnight, when our charitable partners call, they'll be greeted by a live person who will access their devices remotely, oftentimes being able to repair any issue without even having to deploy one of our talented field service techs. Finally, we understand that our charitable gaming partners are not experts at owning and running slot-style machines. This is where our team of talented business development reps and relationship managers step in and assist with personalized guidance that helps to optimize revenue. Now, this is where the rubber meets the road. Once Grover installs an electronic pull tab device inside a charitable location, that charity gets to share in a portion of the revenue that's created by that device. This revenue is then used to fund vital missions. To date, this revenue-sharing structure has resulted in over $815 million for our charitable partners. These contributions have helped to fund missions like Moose International's Moose Heart, which is a residential facility for children and teens located outside of Chicago. Do not just take my word for it, though. On the screen is a quote from one of our charitable partners in Kentucky that further demonstrates the importance of electronic pull tabs for these charities. We could not do any of this without the amazing team that makes up Grover Gaming. I do not think there is any better way to demonstrate their commitment than actually through their own words. I want to play you a short video that gives you a glimpse into our DNA. Grover is selling an entertaining experience. It is very unique for what we do. We are producing gambling games from scratch. We are here in North Carolina, but we branch out across our nation. Every department in our company touches our customer at some point, and we like that. We're going to take you on a journey with this. We're going to make sure that your customers are happy with the product and it's making as much money for your organization as possible because that's why you are partnering with Grover Gaming. We all know that none of that happens without our people. That makes this place electric. We can't grow this company without these foundational experts who show up every day, fired up with passion, believe in our mission, vision, values, believe in taking care of our customers, and believe in putting out the best product possible. That's what they do each and every day. Yes, we make games. Yes, we have fantastic people. We have a heart of service. And not just in our customers, with each other. If you do right by your people, your people are going to do right by you. When you feel celebrated, when you feel loved, when you feel like a real individual at our company, you want to work for that company. The culture is contagious. That transfers to our customers in the field and ultimately the people that play the Grover games. We want the Grover experience to be a good one. We want them to like it and have a big time with it. Our growth has been massive. We are not even close to where we're going to end up. We have new markets coming on board every day. We're growing in different states. I'm excited to see where Grover's going. There's no telling where it can go. Are you ready? At a high level, 2024 was an inflection point for Grover, with both revenue and adjusted EBITDA scaling meaningfully. The past two years represented a 29% CAGR in revenue to $135 million and a 31% CAGR of adjusted EBITDA to $111 million with very healthy margins. Most importantly, we will continue to see strong cash generation that will allow us to continue to enhance our investment in our products and help us to continue to efficiently grow this business at scale. Now, this is where the fun really happens. We get to combine this service obsession with LNW's games obsession and leverage this powerful R&D engine to turbocharge our product and our business with better quality products that will ultimately impact and enhance the overall charitable gaming market. We are so excited to bring LNW's renowned catalog of hit titles like Quick Hits and Dancing Drums to the charitable gaming space. We anticipate the same success and competitive advantage that hit titles like this have brought and demonstrated in gaming, iGaming, and Side Play. Finally, we have three distinct growth levers that we will use to ensure Grover provides meaningful contribution towards the 2028 target. First is continued organic growth through the expansion of our install base within existing markets by leveraging the access we now have to the improved content and hardware from Light & Wonder. We will also continue to leverage the best sales team in charitable gaming to partner with new charities that will help us grow our footprint. Secondly, we will expand device profitability by enhancing the player experience through implementing improved game mechanics, things like wide area progressives and perceived persistence. Third, we will pursue entrance into existing jurisdictions like Minnesota and Maryland, which we plan to enter in 2026. Finally, over the long term, we believe that we will be able to see continued legislative tailwinds allowing all of the opening of electronic pull tab markets across the country, just like we have recently seen in Indiana. I want to thank you for your time today, your interest in Grover Gaming, and I could not be more excited to join this talented team and to continue to build on the incredible foundation that is Grover Gaming. With that, I will pass it to our Chief Product Officer, Nathan Drane, to discuss our R&D function and cross-platform initiative. Thank you, Brian, and welcome to the Light & Wonder team. Good afternoon. I am Nathan Drane. I am the CPO here at Light & Wonder. Today, I want to demystify the R&D engine. I want to bring it to life. I want to talk about the investments that we've made over the last few years, not only those investments that will deliver the 2025 results, but how they will continue to scale this business in 2026 through 2028. My role has recently expanded from running the land content teams over the last couple of years to now the LNW content universe, including iGaming and social. It is my privilege to represent 23 content studios and the thousand-plus creators that make our great games. This structural shift with content now being centrally managed, this allows us to leverage the talent, the tools, and the technology built in each business for the LNW universe. We can bring games to each market at a faster pace. We can make more informed decisions leveraging the cross-platform data. We can also leverage our talent for the highest purpose, taking their brands, their franchises to more channels. How are we building the R&D engine? We have been investing in this engine for four years. You have seen some of these results leading across many performance categories that Matt mentioned. We also continue to invest in the engine, planting seeds today that will reap benefits in 2026 through 2028. A prime example of these investments is the studio expansion. If you look at our land-based studios, we have expanded from 12 studios three years ago to 16 land studios today. We have also added eight new designers in the last 12 months, all into this R&D engine. This will serve to not only expand our studio footprint, it will expand our highest-performing studios with additional design talent. We are also incredibly proud of scaling our internal talent. We've taken three designers from quality assurance, from our math teams, and grown them into ILO's charting talents just in the last year. This talent scaling and acquiring of talent will expand our engine. A key part of our R&D engine, though, is focus. When we decide to play in a new market, Matt mentioned adjacencies, we set out to win. That means we do the product segmentation, the commercial strategy, we build dedicated studios, and we invest behind dedicated talent that specializes in those markets. A great illustration of this, we are going to enter the European dynamic multigame market in 2026. This is going to take a new technology that we've been building, a new multigame technology. It's going to take a new studio that we've built in Europe to support it. We have acquired a proven Serbian game designer to lead our new studio, investing behind the talent. This structure ensures that our existing studios, who are best in class, are not distracted by a new market. Rather, it is providing another channel for them and their hit games. This dedicated resource strategy has also been a pillar of our engine's success in historical horse racing, class two, VLT, Georgia CoAM, and more. We have dedicated teams that live and breathe the market. They know our players. They know our customers. This is important because we are about to go do this again with Grover. We are going to take that model, build the Grover studio close to market in Raleigh, North Carolina, and we will have central determined or pull tab specific expertise leading that. We now have 23 studios and growing, of which we have attracted new top talent like Kelsey Foster and her three design leaders, while also being able to retain the industry's best franchise builders. The question may be, why do great designers want to join Light & Wonder? When we have them, why do they want to stay? Ultimately, my role is talent management. We need to ensure our studios are provided with the best game design environment to make great games. That environment could mean anything from culture to compensation to adequate resourcing for the teams, down to the enabling tools and technology to support them making those games. If we have a studio infrastructure that makes it more streamlined to make hit games, then more studios will want to onboard with Light & Wonder, and they will all want to stay when they're here. How are we creating the best game designer environment in gaming? It starts with the people. First, we're investing in our people. Then we're investing in the tools and the tech to support them. Our events, like Best Games Workshop, are industry-leading in collaboration. We share ideation. We share concepts. We share tools, brands, knowledge. Don't trust me on our design environment. Why don't we hear from some of the designers themselves? I started as a mathematician. Now I lead a global team. I was told not to go against the norm, and now I never settle. I've taken on many roles, but I never imagined I'd be here. We've built brand recognition through successes like Huff N'Puff and the timeless Landmark Stepper. Light & Wonder takes pride in carrying over those intricate elements from land-based to digital, expanding our cross-platform portfolio, giving players the opportunity to play anywhere, anytime. Looking back at some of the games I've overseen from land-based to digital, our portfolio has grown immensely with titles like Rich Little Piggies and Ultimate Fire Link. We are now positioned to expand our iGaming team further by reaching new markets around the globe. We are becoming a well-oiled machine that is determined to contribute to Light & Wonder's growth. I always saw growth potential here, but never imagined it would be where it is today. With multiple teams expanding worldwide, we have been able to build a foundation that allows us to invest in our people and push boundaries across all verticals. Now that we have the industry's best talent, let's talk about enabling these teams. How can we help them get their hit games to the highest level of production faster and make better design decisions? This is the investment we are making in tools. Tools like Unity. This is broadly used in the video game world, a real-time 3D content engine. We're now mature in this. We've been using this for three plus years. All our land and social studios use it. When you walk into the showroom today, I hope you see the highest level of production in the industry off the back of investment in tools such as this. We're investing in the plumbing, Carbon. This is going to help us take games across all of our verticals more seamlessly. We're also unlocking the data capability of LNW. If you look at what we can access in iGaming, session-based data, we can look at how the mechanics impact player experience. We can look at rounds per player. This level of data is something land designers could only dream of. Now we can take that and let it inform better design decisions. We've also been investing in A/B testing. We've spoken to you about this before. We now have a team set up which allows us to do A/B testing every month. This A/B testing shows up in a few ways. With AI, we can now do rapid art prototyping, find out if there's a player affinity for it, test it before we move to production. We're also testing different math models in this A/B social test environment. Every license we now acquire at LNW goes through this process. Lastly, we launch games first in social. We understand how players respond to them. We understand how they benchmark against our other brands. If they succeed, we bring them to land. The last three games we built in social first and brought to land have all gone ILO's top 25. For the land designers, you walk in this room today into the showroom, you're going to see some of the best hardware in the industry. I believe we have the best canvas makers in gaming. This is the hardware engineering teams that b uilt J43 and Wave, industry-changing hardware configurations. They've had seven number one cabinets in the last four years. On display today, the most ambitious cabinet in Light & Wonder history, Light Wave. This is our latest in hardware innovation. It's going to be a 150-inch game-controlled canvas, the largest game design canvas ever created. We'll debut that to you guys today. These enabling tools, however, are managed at the group level. We invest in these across all studios. We also invest within each studio. Each one of our 23 studios is an incubator for tools. With our collaborative approach and culture, we then share those. A great example of that is our prize-first methodology. We created this prize-first tool and game production asset out of Las Vegas. We then opened that up to all studios. All of our land-based studios now use this tool. Not only use it, they have innovated on it. They have created their own tool sets. When we look at the success of this, Quick Hit Link, top five core game out of Vegas, was built on this. Huff N'Puff Money Mansion leveraged this tool. Lion Link leveraged this tool out of Reno. Big Hot Flaming Pots out of Australia. Four of our key design centers have ILO's hits built on that tool that originally came out of Las Vegas. In summary, our R&D engine is focused, and it's primed for scaling with existing studios resourced, and they have new designers coming online to support them. We also have new studios continuing to be added. We have the three under Kelsey coming online after G2E. Plus, with this cross-platform initiative, we can leverage the strengths of each one of our businesses, strengths such as franchises coming from the land-based business, innovative game mechanics coming from iGaming. Just look at Elk. Plus, the data unlock across social. All of this will result in an increase in content volume at a higher hit rate for Light & Wonder. That's all from me. I'm now going to pass off to a video from our Chief Technology Officer, Victor Blanco, and our President of Systems, Jon Wolfe. Thank you. Hi. I'm Victor Blanco, Chief Technology Officer at Light & Wonder. We're making some exciting investments in technologies aimed at making our work more efficient, cost-effective, and innovative across all of our gaming products. One major initiative is Carbon, a game development platform that greatly simplifies the process of moving games between our land, mobile, and web devices, saving us both time and resources. We're creating generative AI solutions that are unique to our industry. These tools allow us to quickly develop and refine concepts in real time, enhancing the overall experience across all of our gaming products. We're exploring the use of augmented reality, which helps us cut down on the number of physical prototypes we need to build before a new cabinet design. By using AR, we're reducing costs and speeding up how quickly we can get our products to market. We're introducing new gaming systems into our cabinets so studios can build richer, more immersive experiences into our top-tier cabinets. For product categories that don't require as much power, we're beginning to roll out our first high-performance ARM-based systems, which lowers both our product costs and energy consumption. Finally, we're pushing innovation further with our advanced AI technologies designed to deliver deeper insights into our player behaviors. One example is our smart felt table with an integrated vision system that captures hundreds of data points every game round, helping us optimize product performance and boost our customer entertainment. Thank you, and I'm looking forward to the possibilities these innovations will bring to Light & Wonder. Hi there. My name is Jon Wolfe. I am the President of Global Systems and Services here at Light & Wonder. I joined the company back in 2022 as part of the acquisition of my former company, House Advantage. We've been on an exciting transformation of the entire systems business. 2024 culminated in the radical transformation of our entire product suite. All of our products were rewritten last year. They were completely brought up, modernized, a new user experience, and a lot of new capabilities that have our entire customer base very, very excited. A lot of these new capabilities have to do not just within the land-based gaming business, but also are being elevated and being used as part of our cross-platform strategy. The cross-platform strategy originally started out as building game content, but now is about an extensive customer journey, making sure that they have a cohesive, exciting experience across any of our verticals, be it iGaming, Land-based Gaming, or even the Side Play Business. One of the other exciting things that we've been working on are in-game hardware. We've got lower cost, really new ways of engaging our customer, providing more opportunity for loyalty. We are very excited about this new aspect of our product suites as well. Hi everyone. My name is Siobhan Lane, and I'm the CEO of our land-based gaming business here at Light & Wonder. I'm very pleased to be with all of you today, and I couldn't be more proud to stand on this stage today and share the set of results that our over 4,300 creators in our land-based gaming business have been delivering over the last three years, and to share with you the opportunities that I see on the horizon to help us continue that growth profile within land-based gaming. The LNW land-based gaming business has proven that by taking a disciplined and differentiated approach, our team is driving results that outpace the industry growth and growing faster than any of our peers by acquiring share in all of the segments that we choose to compete in. Land-based gaming remains a highly resilient industry, with gross gaming revenues steadily growing throughout the years and projected to continue to grow in the years ahead. LNW has a long history in this regulated industry, with the right investment and infrastructure in place, positioning ourselves as a top supplier and a key partner to casino operators. We here at Light & Wonder have assembled a team of talented people and leaders that are focused on our customers, developing great products, executing on our commitments, and all with a passion to win. As you have heard from Nathan and Matt and others, we always prioritize R&D as our number one investment, fueling the growth of our business through that R&D engine and making sure that we can deliver sustainable growth in every market segment that we choose to play in. LNW is a scaled business, and we operate in every regulated land-based market across the globe, participating in an $8 billion total addressable market. We invest in and execute across four lines of business in this division: gaming operations, game sales, systems, and tables. Gaming operations are games that are leased to casino operators, owned and managed by LNW, generating a daily revenue per day. This segment represents the largest TAM at $3.5 billion, but more importantly, the largest profit segment for land-based gaming suppliers within the North American premium segment specifically that represents the highest profit pool. Since 2022, LNW has steadily grown our revenue share in North America in the premium segment, sitting at 19% at the end of 2024, with plenty of more headroom for growth. Our mix of premium units within our install base has grown 600 basis points from 45% in 2022 to 51% in 2024, and we've delivered 19 consecutive quarters of premium install-based growth. In the $3.1 billion global game sales segment, we've grown ship share 400 basis points, including executing on a notable turnaround strategy in the Australian market, growing ship share 1,500 basis points year on year. Our execution and results extend far beyond the core class three segment. We've also expanded into critical adjacencies. While we've held the number one share position for casino management systems for some time, we've proven our ability to grow and strengthen that share position over the last few years, with revenue share extending to 45% off the back of increased investment, a clear turnaround strategy, and increased focus on profit expansion and execution. In tables, we hold a number one market position, growing utility sales 40% since 2022 and steadily increasing our vault subscribers over that same period. Let's take a closer look at each of these segments. Our gaming operations install base in North America has grown steadily, rising 10% since 2022, adding almost 3,400 units. At the same time, our revenue per day has grown to over $48, reinforcing our focus on quality growth, not just quantity. This growth is fueled by several factors: intentional investment behind a diverse lineup of hardware that outperforms the competition, including our Cosmic Family, Mural, and our Landmark Stepper. Our constant investment behind great-performing content and brands, driven by our talented team of game designers you just heard from Nathan. As our game performance improves over time, you should expect the unit economics to scale accordingly. Our deep-rooted knowledge in managing a gaming operations fleet enables us to balance capital investment and asset optimization to yield the very best results. In our global game segment, share has grown by 800 basis points since 2022, now commanding 27% of the market while maintaining strong average selling prices. We have a strong presence in every regulated Class 3 game sales market across the globe, with results from North America, Asia, Australia, Latin America, and Europe contributing to this strong market position. Simultaneously, we've been investing in further adjacent segments with growth in Class 2, VLT, HHR, and Georgia CoAM, further strengthening our position. As we look to the future, we see opportunities to expand into further adjacencies, such as the dynamic multi-game segment in Eastern Europe, the Nebraska skill market, where we can leverage our early mover advantage in regulated skill markets for potential new market legalizations, and further growth in the Canadian VLT markets. Here are just some of the great products driving these results. We have one of the very best hardware engineering teams in the industry, always pushing the boundaries of our hardware lineup to ensure the canvas in which our game designers design upon compete for the player's attention. Cabinets like Cosmic, Horizon, and Landmark have occupied number one positions on the Eilers chart as have many others before them. Our hardware is paired with the very best content and brands in the industry, with our game designers from all around the world contributing to chart-topping hits, some of which you see here, like Kong, the Huff N'Puff franchise, or Super Hot Flaming Pots, just to name a few. We boast an impressive 40% share on the new premium and wide area progressive games chart and a 28% share on the new core games chart, all of which inform operator buying and investment decisions. As we look ahead, we have a strong lineup of product that will both sustain and grow our market positions. We have a robust product planning process in place at Light & Wonder, allowing us to define the next three years of investment to ensure we have the product portfolio we need to both sustain and grow market share. Here is just some of the hardware we will release in the next 12 months. The dual screen segment drives the largest percentage of hardware mix around the globe, with markets like North America, Asia, and Australia purchasing large volumes of dual screen. The Cosmic dual screen will leverage the best design elements from our Cosmic lineup of hardware while targeting this highly lucrative segment of the market, which will allow us to drive a churn cycle beginning in early 2026. The Cosmic Sky cabinet is specifically targeted at our North America gaming operations premium segment, demonstrating continued investment in this lucrative profit pool, optimizing both footprint and performance. This just isn't about bringing the next generation of hardware to the market. This is about upping our game each time, like you'll see here with LightWave. The development of the LightWave technology and hardware was part of a three-year content innovation plan, starting with our first proof of concept of LightWave technology in our Horizon cabinet in 2024. LightWave delivers a floor-to-ceiling experience of content, seamlessly integrating the machine LCD with the integrated micro-LED signage surround. This technology extends a canvas on which our game designers can create a next-level player experience, enhancing that experience with capabilities for extended event-driven celebrations, animations, attracts, and features that extend far beyond the single slot machine display. LightWave is specifically targeted at our North America gaming operations portfolio with dedicated content support in both wide area progressive and premium. LightWave will go live in September ahead of G2E, where we'll showcase launch titles such as Frankenstein Returns, Dancing Drums Revolution, Jackpot Party VIP, and Visitors from the Planet Moolah. We have proven that with a focused and intentional investment profile, a player-centric approach to developing our games portfolio, and creating strong partnerships with our customers, we can drive impact in a market. Let's take a look at our notable turnaround strategy in Australia. Australia caters to some of the most discerning slot players, and our team stays very close to what players like and then builds upon market trends. This player-centric approach and market-driven approach to variations in game math and adding feature sets such as repeat wins, persistence, or triple pot has significantly increased the number of games on the top 50 by market segment in New South Wales and Queensland for Light & Wonder. As a result, our ship share has grown by 2,400 basis points since 2022, including a number one ship share position in Q1 of 2025 at over 30%. While we have delivered some of the strong games and growth in our game segment, one of our points of differentiation is our strength across the several verticals in which we operate in, including our casino management systems business. We've consistently held the number one market position for systems for some time now, yet we've proven our ability to further strengthen that position by growing share to 45% of connected units globally since 2022. We drive growth in systems in several ways. By increasing hardware capability at better margins, we drive hardware sales across the global market. As we expand that footprint of next-gen hardware, we enable software sales on a recurring revenue model, efficiently targeting customers with products that are meant to drive operator efficiency, data-driven decisions, and also making their player experience a more effective one and helping them to optimize marketing dollar investments. We also offer managed services to enable our customers' success, and we have developed a line of products within systems that are system-agnostic, expanding our addressable market far beyond our current system customer set. We also apply the same strategic tenets within systems as we do in games. We make intentional investments targeted at the right market opportunities. We drive a customer-driven portfolio approach to make sure our R&D teams are developing products that are solving customer problems. We identify internal opportunities to drive efficiency and expand margins, and we ensure execution and customer service are driving the right outcomes for our customers. Lastly, we continue to hold a lead position within the live tables and shuffler segments. However, tables is a very diverse segment, and we see opportunity to grow in the electronic table game subsegment, as well as opportunities to leverage technology, data, and our ecosystem of tables products to innovate in this space. Our tables play-to-win strategy defines our plan to invest behind these growth opportunities, as well as further defend our number one positions in the market by leveraging accelerated investment in talent and products, employing best practices, and creating a differentiated service experience in this space. We are operating in a very dynamic environment with the tariff landscape shifting constantly. This is not a new challenge for us to navigate. Several years ago, the pandemic created significant supply chain headwinds that became a catalyst for our supply chain diversification and optimization program. Since then, our team of talented leaders have worked hard to ensure we are well-positioned in sourcing, supplier partnerships, and inventory management, and our global scale with operations in Mexico, Spain, Australia, and North America creates options for us to deliver on customer commitments while mitigating cost impacts. We will remain agile and diligent in this space to ensure we minimize any potential headwinds. In summary, we'll continue to execute on our strategy and grow the land-based gaming business sustainably. Our investments in R&D and game performance enable us to continue the momentum you saw in our North American premium gaming ops install base and global game sales. We expect to further expand our market share in both categories by 400 basis points as we work towards our next target. We have aspirations to enter new markets with an equivalent market share to existing markets. Importantly, we will maintain our lead positions in systems and tables through further investment in product capabilities and innovations. Above all, we have a strategy that works. With our ability to invest, drive efficient operations, and enable our team of talented creators to do what they do best, we will always focus on our customers and will continue to grow and capitalize on the opportunities on the horizon. Thank you for your time today, and I'm happy to introduce Josh Wilson, the CEO of our SciPlay business. Good job. Hello, everyone. How are you guys doing today? Yay. I'm Josh Wilson. I am the CEO of SciPlay, the social gaming unit here at LNW. When we talk about the content, how we're taking it to all the different channels, our particular division takes it across mobile video games, primarily free-to-play, but mobile video games as a whole. When we talk about mobile video games, you're talking about a $93 billion TAM. Inside of that $93 billion is $35 billion that is casual. And inside of that $35 billion is another $7 billion, which is social casino. This is primarily where the majority of our games are as we utilize the LNW content in order to get in front of millions and millions of people. When you talk about free-to-play games, you monetize them in basically one of two ways. First, IAP. This means in-app purchase. What does that mean? As a person is running out of time, they go make a purchase. That purchase gets them more virtual currency. It gives them more time. We have multiple games that fall into this, games like Jackpot Party, Quick Hit, Gold Fish, and 88 Fortunes. There's a monetization called In-App Advertising. What is In-App advertising? It means I sit down, I watch a 15-second, 30-second video. At the end of this video, you also receive currency that gives you more time. We have games such as Dancing Drums and our Daily Break set of games that do just this. Now, across our games, we have about 2.1 million DAO, our daily active users. Those daily active users give us $1.04 per user. When you take a step back and you look at it as a monthly, we have about 5.5 million users, and over 10% of them pay us on a monthly basis. Now, all of these customers are taken care of by our 900 SciPlayers that are worldwide across five different locations in four countries. When you start looking at our evergreen games, such as Jackpot Party, Quick Hit, Gold Fish, 88 Fortunes, and you look over the last 10 years, we've been able to double the CAGR of the actual market itself. We're able to do this by really focusing on evergreen games. What does evergreen games mean? What it means is you acquire a customer and you keep them for years and years and years. We still have people in Jackpot Party from 2012 who spend more money with us today than they did the year they install. These are long-term relationships that we keep with our customers that allow us to grow over years. Over the past three years, we've been able to increase our monetization by 33%. Earlier, we talked about a $1.04 ARPDA. We are 33% higher to that $1.04 than we were in 2022. We've also released our direct-to-consumer platform. This allows us to have a closer relationship with our customer on a day-to-day basis. We are going to talk about how to accelerate that even more. Only releasing at the back half of 2023, we've been able to scale to already 11% of all of our revenue. All of these things together have put us in a position where Eilers & Krejcik, for three consecutive years, has named us the social casino company of the year. How do we actually do it? When you start looking and you start drilling in, we start talking about what we call the SciPlay engine. The SciPlay engine comes to about four different pillars, but there are different ways that we manage the customer. First, marketing and ad tech. We have spent a lot of time creating our own unique way of looking at every user that comes into our games. By looking at them and understanding exactly where they come from, we're able to make very accurate predictions on not only what ROI is, but more important, we're able to remove fraudulent installs from the calculation, which allows us to be extremely more proficient with all of our marketing spend. It also allows us to go to other countries, such as Australia, which we have started to scale over the last year and a half. We've also taken this method of measurement to TV, which over the last few years, we've become one of the number one mobile video game companies on advertising in this new reach that has tens of millions of players that we're able to access. Advertising is only part of it, though. You get them in the game. Here is where you got to take care of them, because at the end of the day, we're an entertainment company. When you pick up your phone and you decide what you want to do, you can pick up Facebook, you can pick up Instagram, you can go to Netflix, or you can play Jackpot Party. Unless we create the experience for the customer where we are the choice that they go to, we're not their entertainment for that day. How do we do this? We do this through a mixture of meta games. Okay, what is a meta? Meta is the stuff that you put around the actual slot machine. You come in, you spin a slot, you get a win, you get a loss, not sure. Every spin gives you progress to something else. It is that progress to something else which you become hooked on over time. This is the reason you come in seven days a week. This is the reason you come in for years and years, because you earn progress to something else that is yours and yours alone. How do you know what to focus on in any given day? This is live ops. This is where you come in. We look at who you are as an individual, and we say, based on who you are and what you're doing, this should be your focus today. We will put advertisements, banners. We will put special missions for you that say, "Go play Party Guards. Go play Mega Blast. Go play what is the most important to you at that given moment." All of this is held together by numbers. It's always the most boring, but it's also the most exciting. Numbers are what make it fun. If you make the numbers too hard, people don't get enough time, and they hate life. They quit. If you make it too easy, they spend too long, and they never get to the point where they need to buy more time. It's the unsung hero of what we do, but it is how we do the balance of maintaining DAO, but also increasing monetization over time. You do this by segmentation. Here's a place where I believe we use data better than almost anyone else. We have a group of people that come into our game that play one to two days a week. They spend about $500-$600 times. On the flip side of it, we've got a group of people that come into our game seven days a week and spend $3,000 times a day. I can't give them the same experience. If I give them the same experience, either the person at the low end is going to go, "This is way too hard," or the person at the top end is going to go, "This is way too easy." We actually have to use what we've built out as our own machine learning and AI to tailor the numbers for the individual to ensure that they get the maximum out of the time they want to play. Our goal is always to say, "How can I give you 20% more?" That 20% more is what they purchase over time. Now, the fourth pillar is content. We have the embarrassment of riches of the fact that LNW makes the best content in the world. This content goes beyond just inside of the game. It goes into all of our marketing channels. It goes into all of our TV campaigns. We're able to get cheaper cost per install than what anyone else does because it's recognizable branding. When they get into the game, it is also best-in-class math. Once again, it comes down to the numbers. Everyone puts in virtual currency, and virtual currency comes back out. The rate or the excitement of what you do is how you, as the player, decide whether or not you want to do it again or you want to go spend your entertainment time somewhere else. This is multiple ways of how we got here today. We're here to talk about the future. To talk about the future and to talk about how we get to our 2028 goals, we have to understand that we've got to continue elevating our relationship with the player. We've got a goal of taking our DTC from 11% all the way to 30% by 2028. How do we do this? We do this by not only making it a store, but making it an actual destination for the player. We create our own VIP hub. What is a VIP hub? A VIP hub is a mixture of game updates. It's a mixture of news. It's a mixture of special events. It's a mixture of different features that only exist here. It's also the place you go to talk to your VIP host. We then take it and we wrap it with your game experience. If you're someone who likes to collect things, we put collectibles that sit on the side of this hub. If you're someone who likes challenges and tournaments, we give you extra points for visiting. Why do we do this? This creates the behavior of coming here every day, not just when you want to purchase, but every day. Now, we have the link of being able to cross the everyday experience with where our DTC sits, giving us the best chance of creating that one-on-one relationship outside of what Apple and Google have provided for us. Now that we've created and we're taking care of all the existing users, we have to start thinking about who comes in next. Because at the end of the day, in order to continue growing, it is about who can you market and bring into the game. You've got to find new DAU. For any of you that have spent time in the mobile games, you understand this is challenging. Everyone is trying to advertise to customers. Apple, over time, is making it more difficult. Google is taking it more and more in-house. All of these things are making it even more challenging over time and making the ROIs more difficult to be able to achieve what our goals are. We had to think of a way as how can we bring in as many customers as possible, as cheap as we possibly could, but maintain our ROIs? IAA games. IAA games have about one-sixth the cost per install as a normal IAP game. Now, they normally come with a lower LTV because they're watching videos in order to get their value. When they come in, they tell you who they are. By their behavior, they tell you how they will behave. They also tell us what they like. If we can start analyzing—I think that's a word—the way they actually behave, we can start linking them with our other games in their portfolio and passing them to our IAP games. Why do we want to do that? Our IAP games, on average, have 2x-3x the LTV, but the CPI is still the cost of when I brought them in on the IAA game. This allows us to bring in mass reaches of people but gives us the opportunity to increase ROI or ROAS significantly for every person we bring in over time. 2028 is not that far away. We know we got to get moving. We know we got to continue to beat the market to get to what our goals are. We're going to do this through three major pillars. First, we're going to continue increasing our monetization over time by increasing the experience of the entertainment. Our goal is to increase the ARPDA, but not significantly decrease the DAU. The more players you have, the more opportunity you have to continue growing. Next, the VIP hub and getting that relationship with our customer, giving us the chance to go to a 30% revenue through that platform, making us significantly more profitable as a business unit. Last but not least, continuing to evolve how we measure every new customer that comes in so we can continue finding new platforms, new channels, and new expansions to bring us more customers over time. All of this wrapped around with the industry-leading content. We feel very confident about the future. With that, I want to say thank you, everyone, and I'm going to announce Simon. Come on, Simon. Thank you. Thank you, Josh. Good afternoon, folks. My name is Simon Johnson, and I'm accountable for our iGaming business unit. I joined the team in January, and prior to that, I was the Managing Director for our international gaming business. I think that the strong commercial experience, the wide geographic spread, the market breadth, and a lot of the key customer relationships developed then partly very neatly into my current role. I'm very excited to speak with you today about Light & Wonder's leadership in the iGaming ecosystem, where we combine scale, innovation, and strategic clarity to deliver a truly differentiated value proposition. Our content is best in class as we possess market-leading first-party content and are building an expansive library of digital-first content, including market-leading brands such as Elk and Lightning Box and a fast-growing portfolio of third-party titles. This content pipeline is amplified in scale through our strong and growing partner studio ecosystem, and the content offering is bolstered by our cross-platform strategy. This is not limited to content, but by leveraging our land-based relationships, we can unlock a range of omnichannel opportunities, reflecting and, in many cases, leading the evolution of that market. Our differentiated capabilities include monetized value-added services through offerings such as our Elevate suite, which I'll talk a bit more about in a minute. Infinity, the new name for our open gaming system or OGS, provides customers and partners access to data and player and game insights that helps them evolve their business. Lastly, global scale, global capability—these are key pillars of our business. In the first quarter of 2025, we saw growth in all our markets, led by market GGR increases of 30% and 11%, respectively, in the U.S. and Canada year over year. With the North American market expected to grow at a double-digit rate without assuming any new market legalization, we're positioned at the very center of that opportunity, and we benefit from stable and scalable revenue streams and strong established customer relationships in our mature established Europe and U.K. markets. As a global leader, we're well positioned for further markets to open up, and we can be a first mover. Our fast-growth market allows for ample opportunity, and our plan is simple: bring top-performing content to the players, support our customers, increase our knowledge through our partners, deepen our service offering, and continue innovating our platform. Light & Wonder operates across the highest return segments of the iGaming value chain, and our ecosystem is best in class and expansive. As you can see here, we operate across regulated markets, positioned for success by leveraging our position as early entrants with deep and effective customer partnerships and an effective playbook for entering markets as they open or they evolve, for example, Canada, various Latin American countries, Brazil being a great example. We are present in all regulated European markets and are in the initial phases of working with South Africa, building on well-established relationships and deep reputation held and inherited from the land-based sector. Experience is a really important ingredient here. It takes considerable time and expertise to operate and grow a business at this scale. Our team has been executing and developing institutional knowledge across our ecosystem for over a decade now, establishing expertise, credibility, track record, and building trust with operators and partners and, of course, players. Over the past 12 months, we've connected with over 26 million players across 45 regulated markets. On the other side of that interaction, we maintain a global web of operator and partner connections, all supported by a portfolio of over 7,750 network games. This level of integration across content, platforms, and data allows us to operate as a full-service partner to the industry, providing flexibility, reliability, and reach. Our scale, our user base, has crossed those barriers that are challenging for many to pass over. We've met the test of time and scale, speed to market, and proved an effective partner. This is a clear competitive advantage. For 2025 and beyond, we're not resting on our 2024 achievements. We're building on them as we drive for growth. I'm proud to say that last year was a record-setting one. We reached an all-time high GGR on the Infinity platform, processing $91 billion in wagers. Wagers processed during the first quarter of 2025 totaled $25 billion, a new record for Light & Wonder, and we expect to go higher with great game performance in key markets, effective entry into new markets, expanding feature sets, and increased game volumes, deeper partner integrations, driving to set a new standard for 2025. It's our robust portfolio of games that drives our momentum. In 2024, over 1,000 games were released onto the OGS system, a combination of first, second, and third-party content, bringing a wide range of the best content to our operator partners and creating compelling value for their players and in our services. We're doubling down on this momentum by expanding our licensed content deals and continuing to convert beloved and well-known land-based IP into high-performing digital titles. We're seeing some real success here with the Huff N'Puff series, which is performing very well in its first runs in North America, the U.K., and Europe. Frankly, it probably took us too long to bring Huff N'Puff online. Its success has taught us the power of bringing these games to market, and this is an area that Nathan and I will be accelerating going forward. Partnerships have been another key driver of our performance. Our collaboration with Loto-Québec is an excellent example of local execution and partnership growth, and we anticipate even more acceleration this year. We have also released various WAP and LAP jackpots through our partnerships, and we have marketing jackpots live in New Jersey, Michigan, Canada. These platform-level engagement and application tools have, in some cases, boosted our game performance by 180%, providing players with an experience they love and our partners with performance that they love. Lastly, one of our key initiatives is with our digital-first content. We saw record launches during 2024 and, looking forward, believe that this specific area is a key opportunity to fuel our growth, leveraging the work being done by Nathan's new central team to upgrade outcomes and velocity. Speaking of Nathan and his team, content is, of course, king in all Light & Wonder businesses, and digital is no exception, where content is at the heart of our business. We have a deep pool of first-party content. We've launched digital-first hits such as the Pirate series, latest game coming soon, Tinkerbot, Cygnus, Nitropolis. We've leveraged the cross-platform ecosystem, bringing online key land-based titles such as The Wizard of Oz, Wonka, Rainbow Riches, 88 Fortunes, Ultimate Fire link, and, of course, our most recent key success story, our hit series, Huff N'Puff. We undertook a very diligent process importing this title online, launching earlier this year, and it certainly paid off as it set numerous launch records. The CEO of Flutter, where Huff N'Puff had an exclusive launch, said on their most recent earnings call, he spoke to the tremendous success of this record launch, a testament to the validity of our cross-platform thesis and to the strength of our relationship with a leading operator in this fast-growing market. The follow-up title has recently been launched with fans in the U.S. and is looking very promising in early data, and the net worldwide release of the first game hits screens and hopefully the charts in June. These games prove the portability of great titles and show that in key markets, players love to find and play games online, the games that they love to play on LAN, and this spreads the word to players engaging and falling in love with the game for the first time online. As we continue bridging the land-based and the digital worlds, we anticipate an even stronger growth from this cross-pollination of content. We're proud that Light & Wonder is one of the leading global iGaming ecosystems. For years now, our customers have been able to depend on the quality of service that we can provide, as well as our breadth of content, supporting our customers as they seek to provide a curated and compelling game offering to their players. At Light & Wonder, we continue to innovate on our market-leading aggregator platform, now, as I said, known as Infinity, formerly OGS, the go-to solution for delivering the best games, driving next-level player engagement, and offering unmatched choice and variety. We're proud to collaborate with the industry's top game studios, giving our operators access to more diverse and exciting content than any other platform, helping our studio partners bring their content to market at a scale and breadth of exposure that helps them build businesses all the time, benefiting ourselves from a ringside seat to understand trends, innovation, player preferences, and differentiated performance in a way that supports us as we build our business. Notably, we've seen tremendous value creation through the in-house integration of Elk and Lightning Box to market-leading digital native studios, following their initial launch as third-party content providers on our platform. Bringing these studios in-house strengthened our capabilities, introduced innovative new concepts and practices, and added new dimensions to our digital content strategy. The latest turn of this strategy is our recent investment in Bang Bang Studios, and we see additional opportunities ahead to deepen these sorts of investments and reinforce our content leadership. This investment is a key example of our commitment to finding and investing in studios that create great content. We bring a unique breadth to this Infinity market, standing out with best-in-market performance across second and third parties. We're obsessively focused on creating the best player experience possible at Light & Wonder and delivering our partners new and innovative ways to attract and retain players, amplify their experience, and increase the value of each interaction. With that focus, we've taken the next steps in expanding our offering by introducing Elevate, our world-class services suite. Elevate sits at the platform level around the games, designed to enhance player engagement by introducing various features, including free rounds, tournaments, and an extensive range of jackpots. In other words, it captivates players. It provides additional incentives to their ongoing and amplified engagement and keeps them coming back for more, extending and expanding the commercialization window. The Elevate suite is a very exciting opportunity and is a critical part of what's coming next for us as a business as we differentiate our offering to go beyond the game and enable our operator partners to create a wider engagement with their players. Self-service tools are another important component in our offering and provide valuable capabilities, including third-party bonusing, our Infinity Gateway, the various data and configuration tools. Beyond this, we also offer custom games that further diversify the gaming environment and offer our partners an opportunity to stand out from their competition. Importantly, this diverse portfolio enables us to build deep, multifaceted relationships with customers. We aim to be a one-stop shop, offering both front-end and back-end solutions. This foundation allows us to maintain and gain our position in established markets and makes us an obvious choice in new markets. Customers can get everything they need from us and ramp up quickly. Our approach to partnerships is centered on efficiency and scale, and with the introduction of Spark, we enable partner studios to build their games direct onto our Light & Wonder platform, and Power enables studios to seamlessly integrate into Infinity. This flexibility means we can very quickly bring partner studio content into our ecosystem smoothly and efficiently. All this is underpinned by our market-leading player account management system, which has already proven itself in a very competitive field as being a system of choice for customers operating at scale in complex environments who need a highly effective and customizable system. It is the power of this solution that recently led to our being selected by Veikkaus, the Finnish operator, as both their aggregator and their PAM of choice, adding another blue chip operator to our world of customers in this space. Looking forward, our initiatives for the coming years are simple yet powerful. We want to continue to bring the best in-house first-party content in the world to users in higher quantities, but more importantly, at an unmatched level of quality. We want to build on our current success in North America by driving harder a playbook that is already playing well, and we want to drive harder and more effectively into our core U.K. and EMEA markets, building on the successes of Elk to revitalize and refresh our offering here. Our recent record, Wonka, Wizard of Oz, and Huff N'Puff launches are great examples of what the deep Light & Wonder catalog can do with a focused strategy, leveraging our market-leading platform and expanded service offerings. This is a winning formula that we believe will allow us to increase our global first-party content share by 300 basis points to over 10% by 2028. This is highly achievable. We're just scratching the surface of our ability to bring the best of our content to digital, and with Nathan's leadership, this process will evolve rapidly over the coming years to allow us to drive out performance in this market. We will accelerate and continue to scale our partner content, both 2PP and 3PP, providing choice and value to our operators, routes to market for our studio partners, and hugely valuable insight and understanding into our own operations in this space. We remain focused on expansion, and as new markets open, we will remain nimble and enter them at launch with market-attuned content and service offerings, working actively across all locations, but looking with great excitement at developments in Asia. We'll look to achieve at least equivalent market share in these nascent markets as compared to our existing markets. As we build our story, the U.S. will be upside, a welcome upside for our intended growth plans. We are expanding our suite of services, driving innovation and a wider opportunity to monetize across the sector, driven by data, player insight, the access to omnichannel customers, and the demand that we're able to track, understand, and realize from our existing operations online and on land. Finally, on the player account management portion of our business, we'll continue to build out the customer base and the service offering, looking at these expanding global markets as a key path to grow our PAM client roster. I'm very excited. We are in a great position for 2025, but it is even more compelling in our fantastic opportunity to drive the business harder and faster in first-party content, leveraging our scale and our established business to build more, faster, and drive an outstanding performance through 2028. There you have it. Thank you for your time. I look forward to answering questions during Q&A. We're now going to have a short break followed by a brief presentation from Todd Eilers. Thank you very much. Our event will resume in five minutes. Please begin to find your seats. Our event will resume in five minutes. Thank you. Our event will resume in one minute. Please find your seats as our event will resume in one minute. Thank you. Welcome back to the Light & Wonder Investor Day. As a courtesy to your speakers, please silence all electronic devices. Thank you. Please welcome Principal and Head of the Gaming Equipment Vertical from Eilers & Krejcik Gaming, Todd Eilers. All right. Can you hear me? All right. Perfect. Thank you, everyone. Thanks to Matt, Savan, and the rest of the Light & Wonder team for having me at the Investor Day. Really appreciate it. My name is Todd Eilers, and I'm the Principal and Head of the Gaming Equipment Vertical at Eilers & Krejcik Gaming. You've heard a lot about Light & Wonder today, the products and their various business units. They brought me in today to talk a little bit about the market, market share trends, and other key data points in terms of game performance that are worth analyzing in the industry. During break, Matt Wilson also slipped me a hundred, told me to talk up Light & Wonder really well, so I'm going to try to sprinkle a little bit of that in there as well. Let's go ahead and get started. Okay. That's an ugly picture of me. Brief overview of our business. The only thing I'll highlight there, we've been around since 2012, 45 employees globally, headquartered in Newport Beach, California, rough, rough area of the country. Key customers there, I guess Light & Wonder up there in the top left-hand corner is a nice one to look at, but we work with pretty much every vendor in the gaming industry. Quick overview here. I'll talk about the gaming market, drive down into game sales and gaming ops, show you some game performance metrics, and then touch briefly on the charity market before wrapping it up. All right. At a very high level, we estimate that U.S. consumers spent $172 billion on gambling activities in 2024. That was up 3.3% year over year. This is kind of the big picture. This includes a lot of activities in here, includes lottery, sports betting, iGaming, also includes charity gaming, which has become more important now with Light & Wonder and the acquisition of Grover Gaming. I guess the big takeaway here, obviously a big number, but the other thing is that land-based gaming is still the largest component of the pie. All right. Just drilling down into the casino gaming portion of the market, that increased 5% to $127 billion with a three-year CAGR of 8%. This includes both land-based and online. Online, obviously, being a key contributor to growth, but the land-based market continues to grow as well, which we'll highlight here next. If we're just looking at land-based, the land-based market, the retail slot, GGR, kind of B2C market, still very healthy, roughly $88 billion. That grew 2% this past year. We do look for that to grow again going forward. As you can see in the pie chart on the right, you have commercial, tribal representing the large components, but the US route market continues to expand. Overall, very, very healthy market. A couple of key trends in the slot space or the slot and stall base that are worth highlighting. No surprise here, but video reels continue to increase as a percentage of the floor, growing from roughly 60% of the floor to 77% of the floor over the last 10 years or so. We look for that trend to continue. Chart on the bottom right, this is really interesting, and we'll touch on this a little bit in the next panel, but the premium leased market continues to grow as a percentage of the floor. It's essentially doubled almost over the last four years, growing from around 8% to 15%. That in the most recent quarter was a peak number, and we look for that to most likely continue going forward. Okay. We've talked about the B2C market. Now let's drive into the B2B market for the gaming equipment space. I would just remind everyone, Light & Wonder was putting out some global numbers. This is just U.S. and Canada, and other charts will just be U.S. focused. Roughly looking at 4% 10-year CAGR for the land-based retail slot machine B2B market, again, very, very healthy. Gaming ops representing 60% of the business with game sales contributing 40%. In terms of the competitive dynamic, one of the things we see in the space is we call them the big three, which is essentially Light & Wonder, IGT, and Aristocrat. They typically represent anywhere from 70%-80% of the market, and that's been pretty consistent over the last 10 years. I would note that even recently, within the last two years, that's expanded from 73%-76%. Forgive me, my eyes are not great, so if I miss a number there, I apologize, but definitely has increased a little bit the last two years. Why is it? Why do we have a big three? Really, in our opinion, very structural advantage over mid-tier and even smaller players in the market. Huge R&D budgets, which the teams talked about earlier today. Very broad product portfolio tapping into every component of the market and very large distribution capability. All provide significant advantages over mid and smaller tier players. I would look for that trend to continue going forward. All right. Diving into game sales a little bit deeper. Again, big three, IGT, Light & Wonder, and Aristocrat in terms of ship share in 2024. IGT 25, Light & Wonder 24, Aristocrat 23. The interesting thing here on this slide to me, if you look at the owned current install base of owned games on the floor, which is the second tier down, IGT is at 34%, while Light & Wonder at 22%, Aristocrat at 20%. Light & Wonder and Aristocrat are the only two shipping more games than their current install base, which would indicate further market share gains on the static floor share, while IGT is most likely to lose share of the total footprint on the floor of owned games. If you look at a couple of the key brands, obviously for Light & Wonder, Huff N'Puff franchise, Quick Hits are some key brands. On the very bottom, these are the top cabinets by vendor and what they represent as a% of overall sales. We can drill down with our game performance database and take a look at all of these cabinets, how they perform and what they represent of each vendor's sales. Cosmix is obviously a key driver for Light & Wonder. Okay. Again, looking at ship share, but on a time series here going back about four to five years, what we see here is a very competitive market between the big three players. Shares changed hands several times here. I would say highlighting this for Light & Wonder, three out of the last four quarters, they've been the top ship share vendor in the U.S. market or U.S. and Canada market. Over the last three years, you can see kind of a steady increase in trailing 12-month ship share going from 18%- 20%- 24%. Again, very competitive market, but trending upward for Light & Wonder. Obviously, a lot of the strong cabinets and game content driving that. All right. This is a ranking of the most recent game performance report. Just to talk about the game performance database that we have, where we're pulling this data from, we collect data on roughly 600,000 gaming machines worldwide on a monthly basis. Roughly 450,000 of those machines are in North America. We have really good game performance data at the supplier level, cabinet level, and game theme level for all the vendors in the U.S. and Canadian market. What I want to highlight here, two of the top categories in terms of game sale, Portrait Upright and Portrait Slant. This is Portrait Upright, top performing games. Most recent game performance report, obviously Light & Wonder is at the top of the list there, earning roughly games earning twice the house average and 1.6 times zone average. Really strong introduction of the COSMIC Upright cabinet for Light & Wonder should be a strong driver of sales going forward. Again, the second portion of the larger components of game sales from a cabinet basis is the Portrait Slant that represents about 40% of game sales. Here you see Light & Wonder's new Cosmic introduced that's been out for a few years now. I think the key takeaway here is while the cabinet's been in the market for a few years, it's still a high-performing cabinet ranking third. It's also the top performing cabinet among the big three suppliers. That's really a strong data point. If I could draw your attention to the very bottom right corner, this is games on that platform that perform above one and a half times house average. Cosmic's got the largest number of games there at 11. Really strong content on that platform that should continue to drive sales for the Cosmic going forward. All right. This is looking at, again, a time series of game performance for new core slot machines. These are games that are purchased. Light & Wonder coming in at second in the most recent quarter, first quarter to the far right. I would note was ranked number one in two of the last four quarters and in general has been trending upward in terms of overall performance for new core slot content. Another way that we like to look at the data is let's roll it all up into supplier totals. We compare the% total units in the market to the% of total theo win generated by those vendors. The blue chart or the blue bar is the% of units on the floor. The orange vertical bar is the% of total theo win that those games generate. The key takeaway here is as a supplier, you obviously want the orange bar to be to the right. That implies that your games are outperforming your static share on the floor, which is likely going to lead to incremental market share gains, ship share gains. I would highlight that Aristocrat and Light & Wonder are the only two vendors that show that dynamic where their games are out earning their spot on the floor. All right. Diving into gaming ops real quick. Again, big three vendors here. Aristocrat, no surprise here with some really outlier games of Dragon Link and Lightning Link that have been in the market for a long time at 37%. Unit share, Light & Wonder comes in second at 17%, followed by IGT at 16%. In general, I'd say really great content in the market nowadays. All three vendors are really doing a great job. For Light & Wonder, Ultimate Fire Link, Huff N'Puff, and Invaders from the Planet Moolah are the top game themes as of the time of this presentation. That might change a little bit here going forward, but for now, that's the mix. It is a very competitive market. The next slide, I'm going to show you what it looks like without a couple of the Aristocrat games on there, Lightning Link and Dragon Link. Those games have been in the market for a while now, not really gaining much anymore. If you remove those from the market, it looks a lot different. It is very competitive. I would argue this is kind of the way to look at incremental share gains based on performance going forward. You can also see in this chart, Light & Wonder growing from 22% up to 24% here over the last three or four quarters, kind of an inflection point for their premium gaming ops business and is trending in an upward direction. Again, this is also looking at indexing of premium leased games on a time series basis. I think the thing here to highlight, again, Light & Wonder trending in an upward direction. I think three of the last five quarters, they've been the number one vendor. Really strong performance here, and I think bodes well going forward for future installs. What do future installs look like? How do you determine that? One thing we ask in our slot survey, which we conduct every quarter of slot managers, is what are the most anticipated games out there that you haven't installed yet? So what are you looking forward to installing? 32% of those slot managers voted for Light & Wonder games. That is a really strong number. You can see in the bottom right, the uptick in that share on a most anticipated basis going forward. A list of the games highlighted of what they are looking forward to adding over the coming quarters. All right. Briefly, just want to touch on the charity market. This is another market that we do track and collect data on, and I think is relevant, obviously, with the Grover acquisition. Charitable gaming market, you know how big is it? It is roughly $4.4 billion in GGR as of 2024. It is in almost every state. It is very similar to a route market, a large number of retail locations with a relatively small number of games. The key products, paper pull tab, electronic pull tabs, raffle, bingo, and other e-pull tabs have quickly become a major contributor to the charity market, coming in at 25%. This past year, we would look for that to grow going forward. The e-pull tab market, what does that look like? That's roughly 12 states if you include Indiana, which was talked about before as a state that's recently approved charitable gaming or e-pull tabs within charitable gaming. Represents $1.1 billion, and that's on roughly 35,000 units in the market. It is a fragmented retailer market that does rely heavily on suppliers, distributors. I think that's an important thing to highlight. As a supplier, you can't just make games and toss them into that market. You really got to have the distribution capability. I think that does provide a competitive moat for the suppliers that are in the market. It's largely a lease-only market, which was discussed earlier. We do look for this market to grow going forward. Key states, Minnesota, Ohio, North Dakota, Virginia. Going forward, what does this market look like? From a vendor standpoint, there's really four vendors. Light & Wonder acquired Grover, Arrow, and Pollard are also in the market. Following a ramp up in Indiana, we would expect this market to grow to $1.5 billion in GGR and about 43,000 units total. Again, very healthy market, nice addition for the Light & Wonder family, and look forward to seeing how that progresses going forward. That's all I have. I really appreciate everyone's time, and thanks again to the Light & Wonder team. I believe we have a panel of executives coming up next. Good afternoon, everybody. I'm Andy Fouché. I lead corporate affairs and communications at Light & Wonder. I think from this panel, what we're trying to glean is the industry landscape as well as Light & Wonder's place in it. Matt, Siobhan, Nathan, Victor, you've been at the company for quite a few years now. You've overseen the transformation and rebrand of Light & Wonder. Given all you've seen, given all you know, what has given you the confidence that we're on the path to reach not only our 2025 goals, but also our goal we've set forth today? Yeah, I'll start and let you guys fill in. I think the most meaningful thing was the simplification of the business, like I mentioned earlier. We were trying to be world-class at way too many things, a world-class lottery provider, a world-class sports platform provider, a world-class content provider. Being world-class at building great content is hard to do when it's the only thing you do. Really focusing the business around that. We've got, I think, the best-in-class CPO and Nathan driving that, and it's showing up in the game performance numbers. As I mentioned earlier, that's a precursor to financial performance. I think the simple strategy focused around content is what's really driving a lot of the success we're having. I can jump in next. I think our talent that we have in the business over these last several years, when we talk about investment, it's certainly investment in talent, both key talent we had in the business and then acquiring talent to complement those folks that were more tenured in the business. Making sure that we're investing in them, that we're creating reward programs for them, they share in our success here at Light & Wonder. We have a really great motivated team of high performers that are excited to go on this journey with us and that want to win. We have a great group of people at Light & Wonder, and I'm excited for where we go with them. In R&D, I think we've gone a long way to breaking down the silos that used to exist when we were a company of companies. We're constantly looking across the three businesses to find teams that are doing either complementary or overlapping technology work. We drive to consolidate that, and we tend to then get more with less. About two years ago, we started a quality program. I would say it's already starting to yield great dividends for the quality of the products as they launch. We always spend time with our software and hardware teams looking for areas of efficiency. How do we drive faster performance just so we can get our products out faster at market at less cost? Yeah, excellent. I think the plumbing that Victor's talking about has set us up for the next chapter as well. When I look at our execution muscle that we've built, we have a high say-do ratio. When we say we're going to enter a category, let's take Georgia, our team knows how to approach that. They know how to build a product strategy. They know how to build a commercial strategy, and we can go execute on that. That gives me a lot of confidence knowing that plumbing is in place. Todd, quick sidebar. Thank you for being here. We really appreciate your perspective. Similar to my previous question, what's the biggest takeaway when you talk to operators, which you do on a daily basis, about the transformation that you've seen at this company in particular? Sure. Again, thanks for having me. I would say the biggest takeaway is pretty simple. It's focus. With the divestiture of the lottery business, sports betting business, it's a company now that's solely focused on games. I think operators appreciate that, can see that. Producing better content, it's obviously making their businesses better. I think they're happy from that. I'd say focus is probably the biggest thing that I would hear mostly. Yeah. All of you have referenced today the evolution of the industry over the past few years. For example, post-COVID, we've seen a big uptick in gaming operations on the casino floor. Todd, from your point of view, is this the dynamic you're seeing as well, and what's your take on the reasoning behind it? Yeah, it's really interesting. Probably, in my view, one of the more interesting trends in the industry. Makes sense. Coming out of COVID, you had a lot of casinos due to social distancing, removing some older-owned product on the floor. Coming out of COVID, operator CapEx budgets were somewhat limited. If you wanted new content on the margin, you probably leaned into leased games a little bit more. We did see the percent of leased games grow. I fully expected that to revert back to kind of the traditional 7%-9% of the market. It hasn't stopped. It's continued to grow. I think some of the other components driving that, again, just great games on the market from all vendors, but Light & Wonder also, just truly good games that earn their right on the floor. I also think that suppliers are offering operators just better economic terms on premium games than maybe what was offered, let's say, 10, 15 years ago. I think it's more advantageous for operators to add those games going forward. Yeah, I think it's a great structural tailwind for the industry at large. I think the unit economics on gaming operations are fantastic. It lets you sleep at night as a CEO knowing how many games you have installed, what they're going to earn over the period. That's why Grover was such a great no-regrets decision for us to acquire another 10,000 recurring revenue games. I also think the manufacturers and suppliers are building their best high-performing games for that category. I think operators see constraining artificially the supply of your best games that your best players want to play does not really make sense. I think they are seeing them add those games over time. Yeah, I think it is a great structural tailwind for the industry. We are well placed to take advantage of this opportunity. I mean, we have had more acceleration in our install base kind of in more recent years, and that is because of the time it takes to reinvest in R&D and the product lifecycle. This is where we target our best-performing studios first and make sure that they have a shot at this more lucrative profit pool. As we grow install base and fee-per-day uplift off the back of our product performance, those economics yield great results for us. Todd, I'll go back to you. You release monthly content reports. I think everyone up here has also referenced those. From those reports, we've seen that Light & Wonder has a growing share of top-performing content across key markets. From your perspective, how does that translate to actual success in the market? Yeah, I would say it's—I'm obviously biased—but I would say it's definitely a good leading indicator for sure. Usually, what you want to see is how a new cabinet or game does in that first month. You also want to see how it does in that next month. If you see especially a game two months in a row as a top performer, that's usually a very good indicator that it's going to be a really good game and is a good positive correlation for future sales or lease placements. Yeah, Nathan, I referenced that those reports show an increase in the momentum. From your standpoint, how do you contextualize that data, and how does it inform your product strategy? Yeah, I think Todd knows we hold these reports up with the highest esteem. We actually use them as part of our bonusing program with our studios. Having a third party have those reports and those KPIs is critical. It also helps us review the competition and how we stand compared to them. We're always trying to improve. We're trying to understand the competition. You also shared in your reports in today the profit pools. You show the stepper market. We look at those profit pools and we say, "How should our investment be right-sized using Isla's?" Lastly, the cabinet report. We want to make sure our cabinets are healthy. It will support our fleet for growth. It will support our customers. Those are those key reports that we use to make sure our portfolio is optimized. Let's turn to the newest member of the Light & Wonder family, Grover Gaming. Victor, from your perspective, what has this opportunity created both in the short and in the long term? Yeah, we're running currently two work streams in Grover in parallel. The first being, we're taking Grover's existing technology stack and we're building LNW gaming components into it because it's already regulatory approved in these markets. That allows Nathan's studios to step in and start bringing the great catalog of games we have already in LNW onto Grover's stack as quickly as possible, getting into the market. In parallel, we use Grover as a way to supercharge the funding that we're putting into Carbon, creating a greater investment, accelerating that into market. We will actually use Grover as a conduit for getting games into other businesses. Land-based brings new LNW titles into Grover, puts under Carbon. We deploy that into the charitable market. That same game going into charitable, we can now deploy into SidePlay and to our iGaming businesses. Yeah, I would just say the most obvious opportunity for us is to port our great-performing content straight into that channel. There's no class 3 quality caliber of content in that category today. And when you go into the showroom beside us, just take a look at the Grover Gaming games compared to the Light & Wonder games, not to say anything derogatory about them. It's a fantastic business. They've built incredible customer intimacy. We were obsessed with building the world's greatest game. That combination is powerful. Yeah. Siobhan, how about our systems business? How does it play into our cro ss-platform strategy? What kind of an advantage does it give to Light & Wonder? Yeah, I think when we were here three years ago, we started talking about this concept of operators taking players across their different verticals, so land-based, digital in some jurisdictions, lotteries or sports betting. We have really seen that concept advance in the last few years. We are seeing this gain traction with key operators that operate in multiple verticals. They see real tangible value here. If they operate in a way of cultivating that player journey across those verticals, they can actually grow share of wallet with those players. Our back-end casino management system can really enable that for casino operators. We can provide software sets or tools for them to better understand how players are engaging across the verticals, using AI as an example also to predict perhaps how they engage in their play sessions, using tools from our systems business to really optimize their marketing reinvestment across the different verticals or perhaps cross-promote from, say, LandBase to digital. We are seeing an increased interest. I think we are generally still early days, but I think there is real tangible value here that our systems business can enable for operators willing to invest and I think structure their internal operations in a way that can take advantage of this opportunity. Todd, similar question. You again referenced those conversations that you often have with operators. What do you think is the next big thing for systems? How should we think about systems innovations going forward? Yeah, it's a good question. I think artificial intelligence is something that obviously every industry is trying to embrace. I think it makes perfect sense for gaming. Obviously, there's tons of data. The ability to harness that, make sense of it in real time, and to use that to help grow your business and improve customer experience, I think makes perfect sense for the systems business. Yeah. Adding on, I guess the perspectives has come up in a few investor events. Our perspective has evolved into we want to be a great integrator of these products that are made by these amazing companies. We wouldn't bring the capital to bear to create our own OpenAI or Adobe Firefly, but we can absolutely be the best company in the industry that will integrate into tools that will drive both efficiency and better insigh ts. All right. Todd, thank you very much. Team, thank you very much. And we'll bring up our Chief Financial Officer, Oliver Chow. Good job, bud. Oh, get it. Thank you. All right. This is on. Hello, everyone. Good afternoon. I'm Oliver Chow, the Chief Financial Officer here at Light & Wonder. And it's great to be with you today to walk you through our financial journey ahead. As many of you know, Light & Wonder has a four-part value creation framework that fits together seamlessly, unlocking shareholder value as we've demonstrated over the past several years. Our framework continues to evolve as growth accelerates across the business. What remains consistent is our enviable and durable financial profile underpinned by a healthy balance sheet that we continue to strengthen as we drive sustainable growth across the enterprise. This is the foundation that we have built upon over the past three years. We have grown our top line and accelerated key investments while focusing on operational excellence to optimize our business. Importantly, all of this ladders up to meaningful capital creation, which we diligently manage and deploy, leading to sustainable value creation for all of our shareholders. What have we done over the last 12 months? Light & Wonder, at its core, is a combination of a synergistic and a compelling mix of land-based and digital businesses driven by a robust R&D engine, offering a diverse product set, offering sustainability over the long run. Our diverse set of businesses and our omnichannel approach helped us deliver over $3.2 billion in consolidated revenue and approximately $1.3 billion of EBITDA over the last 12 months. Over the years, we have made it our objective to enhance the quality of earnings with a focus on driving our recurring revenue segments. We have a strong recurring revenue base of approximately 64%. In many cases, we have expanded our revenue base well above market growth. In fact, we saw record 2024 digital revenues at both SidePlay and iGaming totaling $1.1 billion and continue to progress in our North American gaming operations base, adding over 2,700 units while we scaled our revenue per day. This recurring revenue growth is key for us to continue to drive higher margins and free cash flow contributions. Our impressive consolidated EBITDA margin of 40% is a testament to our ability to stay agile and continuously improve our business segments, which generated a total of $338 million of free cash flow over the last 12 months. Our net debt leverage ratio at the end of Q1 was at three times, well within our two and a half- to three and a half-times range. Even with our strategic acquisition of Grover Gaming, we expect to stay within that two and a half- to three and a half-times range on a combined basis. Importantly, our global presence and scale allows us greater stability and diversity of revenue streams, making Light & Wonder an attractive opportunity with numerous avenues for growth worldwide. At Light & Wonder, it is ingrained in our DNA to think and act like owners as we drive continuous improvement and efficiencies across the business. You can see that come to life through our margins improvements over the last several years, even as we've increased organic growth investments. A great example of this is several years ago, the supply chain structure was fragmented. We now have a proactive planning and diversification process in place to drive diversification in our supply chain and our operations. Through the great work across our teams around the globe, we are transforming our business with minimal impact and operational disruptions. Yet, with all the great progress we've made, we still see a long runway of growth and opportunities. We apply the same philosophy to our shared services functions to eliminate waste and duplication, to improve enterprise systems and our technology capabilities to be able to support long-term sustainable growth. Since 2022, we have executed on over $100 million of savings and synergies that allow us to continue to invest by 28% growth in our core business while still scaling margins. We will continue to progress on this front with our lean management team as we execute on future initiatives. We do not drive these efficiencies by cutting into the heart of our business, but rather from operational improvements that reduce costs and increase quality and service levels. There is no shortage of companies that demonstrate that investing in building a lean culture can drive multiple decades of efficiency gains and support above market returns. A key output of our unwavering commitment to efficiency is improving our free cash flow generation. One of our key focuses has been scaling free cash flow and increasing conversion rates over time, which translates to meaningful per-share performance amplified by our share repurchase program. In fact, we've just implemented a new cash enhancement program, call it the sister program to the margin enhancement process that we have in place, that will not only educate our creators on how they impact this critical KPI, but how to think and act differently on a day-in and day-out basis. As I said earlier, this is a multi-year journey for us at Light & Wonder. These are just several of the different opportunities that we will focus in on over the coming years to help deliver the quality of earnings and scaling free cash flow. Whether it's working with our sales team on deal terms and ensuring that we are maximizing our partnerships with our great customers, or maximizing inventory positions and CapEx execution in gaming, or working with our APAR collections teams to maximize and enhance our working capital, we'll have multiple opportunities not only at the cash line, but also a wide range of lean management opportunities that we'll be focusing on, whether that's further systems integrations, ride-sharing opportunities to drive further scale. These two programs led by our Chief Strategy Officer, Mike Lorelli, these two programs will be a powerful combination of driving further profitability and shareholder value for many years to come. As we continue to generate increased levels of free cash flow, we have created a capital allocation blueprint that will translate capital to significant shareholder value. We've executed very well over the past several years. Our approach is focused on three fundamental pillars. First, we continue to optimize our capital structure. We have reduced our leverage by seven and a half turns since 2020, significantly reducing our interest expense and enhancing our operational flexibility. Second, we continue to return significant capital to shareholders through our robust share repurchase program. We have undertaken this program and taken advantage of price dislocations over the past couple of years, and we remain disciplined in our approach. Lastly, we will continue to invest for growth with success-based CapEx focused on high-quality returns, driving gaming operations install-based growth, and potentially execute on a highly complementary and accretive M&A with Grover Gaming as a great example. How have we executed over the past several years? Let's just quickly double-click into each one of these pillars. Our capital structure and our debt profile has been a consistent point of focus for us, and we've come a long way over the last couple of years. The figures on this page reflect our issuance of an $800 million TLA to fund the closing of our Grover acquisition last week. At a high level, we have been intentional about evaluating exposure to floating rates, working closely with our banking partners on rate strategies and putting swaps in place where appropriate. As our credit profile has improved, we have been opportunistic in repricing our debt and will do so with our track record of strong performance that drives further demand in our debt capital markets. While we issued the TLA at attractive pricing to fund the Grover acquisition, I expect that our debt mix will trend towards a higher percentage of unsecured debt over time. On the right side of the page, we have our debt maturity schedule and our current available liquidity. Our recently upsized $1 billion revolver, coupled with our ongoing cash generation, provide us with strong liquidity. Additionally, we have a well-laddered debt maturity schedule with no upcoming maturities through 2027. We will continue to monitor the market for potential opportunities to either reprice or refinance to maintain a high-quality debt structure. Since our transformation, we have enacted two share repurchase programs, which have returned strong value to our shareholders. In 2022, we initiated a $750 million buyback program, and last June, we announced a new $1 billion program. We have been opportunistic to date, having finished now approximately 50% of that program as we stand here today. That is less than a year after the initial authorization for a total of 17% of shares outstanding across the two programs. Our capital allocation strategy is deliberate, and our strong balance sheet will allow us to prioritize internal investments first and foremost, with other capital allocation priorities based on expected returns. Over the past several years, we've taken advantage of our financial flexibility to invest in high-return opportunities that have fueled our growth. As mentioned earlier, we will continue to invest in our business that scales long-term sustainable growth. You see that here with increased investments in each of the last four years that drove market outperformance. Every dollar we invest in R&D is highly accretive and efficient as we leverage our games cross-platform. Our CapEx has scaled with the demand of our priming operations fleet. We will continue to be diligent and efficient with deploying success-based CapEx. On a combined basis, we'll continue to invest approximately 17% of our scaling revenues to support R&D and CapEx for years to come. As we know, this is the heart of our organization and a true competitive advantage for suppliers of scale in our space. In terms of M&A, we are extremely selective as targets become available. These opportunities must meet all of our strategic considerations. They must complement our core capabilities, and they must enhance our overall portfolio. These acquisitions also have to exceed our rigorous financial hurdles. Today, you've heard from our leaders across the business, and we've outlined several key aspects of how we will grow in the coming years. Underpinning this will be our focus on not only sustaining top-line growth, but scaling EBITDA faster than revenue, MPATA faster than EBITDA, and free cash flow even faster. This is the quality of earnings that we've executed on over the past several years and will continue to do so with the best team in the industry, high-quality service, and best-in-class games. Although we've made great progress on our transformation, as Matt says and we always say, we're just getting started. We will continue to work every day to execute, invest, optimize, and enhance our broader offerings across the organization. As we're executing towards the goals we've set forward, reaching $2 billion of EBITDA and more than doubling EPSA, we will remain committed to the core principles that guide our decision-making process. Our business will be driving significant free cash flow generation over the next several years that will give us the ultimate flexibility to not only hit our new commitments, but potentially exceeding them. Through our strong capital allocation framework, we will ensure that the right organic investments are being made into our R&D engine. We will continue to monitor and scan for M&A opportunities that are accretive and fit our core strategy. We will have opportunities to further optimize our debt structure and drive our share repurchase program when we see dislocations in the market. We have a strong, proven track record of executing our capital allocation strategy effectively. We are excited to help fuel the next chapter of growth here at Light & Wonder. With that, I will hand this back over to Matt to close things out. In summary, let's recap the journey that we have been on to date. We have onboarded a great team with a proven track record. You have heard from them today. They are the best at what they do. We've divested non-core assets, so we sold lottery and sports, got peak valuations, used those proceeds to pay down debt. Now we have our leverage right where we need it to be, and we're a business that's obsessed and focused around building the world-class games. We did a dual listing. We're always looking for ways to create shareholder value. The ASX initiative is a key example there, and we're pushing that agenda very aggressively over the coming months. We've delivered on our KPIs. We called our shot. We told you what we're going to achieve, and then we went out and achieved it. Finally, we're executing towards our $1.4 billion consolidated EBITDA targets, and we're setting the business up for success in perpetuity. I'll go through each of one of the divisions quickly and recap where we've come from and where we're going. Gaming, when we were here at the Altman Center back in 2022, we told you we're going to continue to grow gaming ops over the foreseeable future. We've done that. Siobhan and the team have delivered 19 consecutive quarters of gaming ops install-based growth. We told you we're going to grow our game sales share in global markets. We've gone to number one. Back then, we were number three in the marketplace. We're now the number one provider of game sales globally with 24% in the US and 39% in Australia. Moving ahead, what the gaming team have committed to is another 400 basis points improvement in share in gaming operations and for sale through the 2028 plan. We're also going to translate that share into increased share gains in the adjacent markets that we operate in. Finally, we're going to invest behind ETGs and tables and systems to deliver increased revenue growth in those markets as well. SciPlay told you back in 2022 that we were going to outpace the social casino market, and we've done that for three consecutive years. Josh has grown his direct-to-consumer business from 0% of revenue back then to 11%, and he's going to grow that exponentially from here. We set record ARPDAs in 2024, so the business is positioned for growth. What you can expect throughout the course of the plan is the team's going to deliver 30% ARPDA growth through 2028. They'll also improve direct-to-consumer from 11% to 30% of revenues by 2028, further expanding our margins. Finally, they're going to increase the efficiency of UA through the Sci Algo program, which Josh spoke so eloquently about. iGaming, we told you we're going to ride the tailwinds of the iGaming expansion across North America. We've done that. In 2024, $91 billion of wagers placed on the OGS. We've established record performance in one PP share. You heard from the Flutter CEO himself about the games that are coming into the marketplace and the quality of those moving forward. We've also launched 1,000 games, 1,000 games in 2024. There's companies out there struggling to bring the games to market in iGaming. We launched 1,000 games in 2024. That shows you the maturity and the professionalism of our iGaming team. What can you expect in 2028 from this team? 300 basis points of improved one PP share. We see line of sight to getting there. The quality of the content that Nathan spoke about, really firing that directly on iGaming, is the fuel that's going to drive that engine. You'll see us enter new markets and translate those share positions to equivalent share positions in these new markets as they come online. Finally, expand our service offerings through incremental PAM deals over the course of this plan. Grover, I hope you're as excited about Grover as we are. It's a clear adjacency for us. It was a segment of the marketplace that we deserved to be in. It was a great acquisition, and it was an opportunity hiding in plain sight. You'll see us go and execute against that. It's akin to some of the best deals that have happened in the marketplace. Jamie and Tony oversaw one in a prior life. Great recurring revenue, great cash generation. That's what we see in Grover and expect that from us over the course of the plan. The way for us to increase this business under our ownership is increase the number of devices in the states that were already legal. Like I have said many times, take that cannon, fire it directly on the Grover Gaming charitable space, seeing Huff N'Puff, Dancing Drums, all of our great games coming to market. You will see that through expanded RPDs over time. Finally, we are only in five of the 11 states that are approved today. Expanding into those other six states, two of the big ones, Minnesota and Maryland, we are going to get into in 2026. This is a tailwind for the business. Also new states, Indiana. Again, that is a market that has come online between signing the deal and closing the deal. A massive opportunity. Todd has it at 4,000 incremental devices. We have 10,500 games in our fleet at the moment. Think about the opportunity there and the incrementality of that. There are also opportunities that sit outside this plan that are not built into this plan in any of our markets. There are no expanded iGaming markets in here. There are no expanded gaming markets in here. There is no further expansion built into the plan. That is all sitting on our opportunity list. There could be upside to the numbers we have delivered today. What have we delivered from a financial perspective since we were all here together in the Altman Center in 2022? We delivered 13% revenue CAGR over the period, market leading. We delivered 17% CAGR at the EBITDA line, again market leading. We have taken our leverage from 10.5 times in the middle of the pandemic to 3 times. Well positioned. We've got a great balance sheet and the potential to invest behind the business going forward. Not only have we delivered great financial performance, but also reinvested back into the business. We increased our organic investments by 28% across R&D and CapEx. This is the fuel that will drive the plan going forward. We're on track to deliver our $1.4 billion consolidated EBITDA target by the end of 2025. We delivered $1.24 billion in 2024. The only company in the industry that's giving long-term guidance, we call a number, we deliver a number. The goals for 2028, you've heard them a number of times. Number one is grow the business to $2 billion in consolidated EBITDA by 2028. That'll be market-leading growth. Importantly, when you look at it at a per-share level, we will double our MPATA per share or EPSA to over $10.55, with potential for that number to go higher depending on our capital allocation strategy. We are excited about that. You have got a team that is energized for the next chapter of this journey. We are committed to these targets. We have signed up for them. The team is together and ready to deliver it for shareholders. With that, I would like to move to Q&A. As a reminder, there are QR codes on all your tables if you want to submit a question. If you are online, please use the Q&A portal to submit your questions. Our first question is for Matt and Nathan. Do you feel like you have the right leadership and R&D talent in place to lead Light & Wonder through its next phase of growth? Yeah, I'll take the first part of that. I think we have the industry's best CPO in Nathan. He's been in the sector his whole career. I've watched him grow into this role. He has a team that's lined up behind him that want to work for him. He's demonstrated his ability to take this R&D organization to the next level. I mean, leadership and talent starts at the top. I think Nathan has grown into a fantastic CPO, the best in the industry. Over to you, Nathan. I also believe we have the team. I'll give a few tangible examples. Our teams have been scaling over the last couple of years and meaningfully. If you look at every dev center we have, they've all had a top-island game in the last 12 months, multiple top-island games. If you look at Chicago, as a specific example, they've graduated two internal people up to the design level. Both of them had top-island games last year, including Kong, number one WAP game, coming out of those one new designers. They just added another new designer that used to work with us back into the stable. Not only have we grown resource there, we've grown designers. Same in Australia. We just added Nate. Nate's going to come online in June. Reno, we added four new designers to the Reno ecosystem. By the way, they've produced Lion Link, which is a fantastic game. When we moved to Vegas, Vegas has been doubling in size over the last few years. The Ultimate Fire Link Studio, they've just added a new designer, proven designer in the industry. Her titles are going to come online next year as well. Meanwhile, our Huff and Even More Puff studio has added two internal designers. One of them worked on the Monopoly Express product that's featured on Isles right now. They have added an external proven designer as well. We have grown these teams. We have grown the internal capability. We have proven it out with the Isles performance. We have external talent to buttress that as well. I feel very, very confident about the team that we inherited, the success they've driven, and adding to them over time . Thanks, Nathan. Our next question is for Matt and Brian. Charitable gaming is a smaller market than your other businesses. Can you talk about why Grover was a compelling opportunity? Can you also talk about why you're in some of the currently legal states that you're not in, why you're not in some of the currently legal states in charitable? I'll start and then hand to you, Brian. I think this is such an obvious piece of M&A for us. Like I said earlier, it's our lane. It's slot cabinets and slot content. That's what we do. I think a lot of companies in our position who are looking for pathways to growth fool themselves by expanding their circumference of potential M&A targets and get outside of what they do well. This is squarely in the wheelhouse for Light & Wonder. Again, it's slot cabinets and slot content. It's what we do best. Yeah, I think why we're not in the other six jurisdictions is a really fair question. The short answer is really twofold. The first being really disciplined growth. It's not by accident that we've intentionally grown in the five jurisdictions that we currently sit in. The second aspect of it is candidly product capabilities, which again is why we are so excited as a Grover Gaming family to come over to Light & Wonder and to be able to really address any of these product capability gaps that we have. Like I talked about earlier today, we're going to enter into Minnesota and Maryland next year at some point. We are going to continue to explore all of the product requirements in the existing charitable ETAP spaces as well. I'll just jump in for a second because I think it's also important to note that all of these new states and expansions that you guys are talking about, those are incremental for us to our base case. I think for us as an investment case, it makes a lot of sense for us to drive that growth opportunity over time. That's all cream on top. Thank you. The next question's for Oliver. Can you talk through your use of capital preferences across buybacks, strategic M&A, and investment in the business? Yeah, I mean, as I mentioned earlier, we're going to be generating significant levels of free cash flow here over the coming years. It really does give us a bit of flexibility and arms Matt and me on the board with plenty of opportunities. You've seen us be very active in the share purchase program. We've obviously bought Grover, which was a great acquisition for us. I think for us, we'll continue to kind of scan the market, see what opportunities there are for us. I think the good news is, and we kind of talked about this, is given the cash flow generations and the doubling of EPSA, more than doubling EPSA, my share purchase program assumptions right now are pretty conservative. I think it gives us quite a bit of optionality to continue to drive shareholder value for you all. Yeah, we're really excited about being able to play all that cash here in the near future. I'll direct the next question to Matt. Can you talk about the rationale for providing new three-year financial targets? Yeah, a number of reasons for that. I think the first program back in 2022 gave investors a way to think about the business and think about the growth profile of the company. It also had this other hidden effect of really galvanizing the team. Like Light & Wonder, we have 6,500 employees. They can all tell you what our goal is for 2025. In very short order, they'll be able to tell you exactly what our goal is for 2028. It mobilizes the team. It galvanizes them. We have historically been a team that likes to plant a flag on a hill and then mobilize people around it. That was another obvious reason to do it. We had a lot of feedback from investors about, "Okay, we have your growth planned out for 2025, but how do we think about you beyond 2025?" We debated internally and with the board about, "Is a one-year guide, a two-year guide, a three-year guide?" We landed on the guide that we've put forward here today. It gives us time to invest behind that and make it a reality. We see clear line of sight to it. We want to give you some context about how we're thinking about the business so you can model the business going forward. Thanks, Matt. The next question's for Victor. Victor, can you talk about some more tangible examples of how AI is impacting the business? There was an example shown in the video where we're leveraging generative AI and large language models. Our designers can have a more conversational experience when they start the game prototyping process. A more tangible one that's local here, we have a felt table in the room next door. It's using an array of 4K cameras. What it's done is it's our entry into the smart table space. Instead of building incredibly complex hardware-driven smart table solutions, we have a couple of low-cost cameras with an incredibly powerful AI framework behind it that can track every wager, every bet, every card, and every face at the table. We can feed that into a backend that gives our operators some incredible insights on speed of play, operator performance, cheating, collusion, etc. It is an incredible lever for us. Thanks, Victor. Our next question is for Josh. Josh, can you talk a bit more about the Jackpot Party growth? What is the confidence level that you are seeing positive momentum going forward? Yeah, thank you. The good news is proof is in the pudding. We have seen consecutive growth. When you look at the game and when you start thinking about these games as a whole, every game is its own entire ecosystem. Everything that is in there plays with everything else. As you get ready to push things forward, you have to ensure that everything new plays nicely with everything that existed upfront. Over the past three to four months, what we've been doing is really, earlier we said the data or the economy, redoing the entire economy for the game. It went out in mid-March, and we have seen good steady growth over the period of time since then. We do feel very confident that we're heading back the direction or the growth rate that we once saw. Thank you, Josh. The next question's for Siobhan. You mentioned other adjacent markets, including Nebraska Skill. Are there plans to enter additional skill markets in the future? Yes, Nebraska Skill is one of the first regulated skill markets in the U.S. There are other skill markets, but they're currently unregulated, Pennsylvania as an example. We view Nebraska as our chance to enter into an adjacent segment, have our game studios familiarize themselves with developing within a skill market. If and when other skill markets are regulated in the U.S., we would look to enter those, like Pennsylvania as an example. As I mentioned, there are other adjacent opportunities on the horizon that we feel are close to our core skill set. The dynamic multi-game market in Eastern Europe is a material market size that we are developing towards. Nathan mentioned building out a dedicated studio with experience in that market. There is an incumbent there, but we believe we have the talent to be able to enter that market successfully. Further growth in the Canadian VLT markets, this is another area where we're building our talent base and making sure that we have the right product targeted at those market opportunities. Still plenty of opportunities within adjacencies on the horizon, including still growing our share in the adjacencies that we've entered into over the last two to three years. Thanks, Siobhan. The next question's for Simon. Simon, you spoke about first-party share and outlined a target. Can you talk about why that's such a focus? Sure. First-party is absolutely at the heart of what we are as a business. It drives our success. It drives a lot of our margin. The accelerating first-party is an extremely achievable target because in each case, we can build on existing strengths. If you look at our North American business, we've got a really successful playbook bringing the great games from land-based to online, putting more weight behind that, working hard with Nathan and his team to accelerate that process. That's a quick and achievable win and should drive immediate results. If you look at some of the areas where we could do with revitalizing some of our content, again, we know what we need to do. Working with Nathan, the team that Nathan is developing has already shown in land-based that when you start to quarterback these games properly, when you really take the use and advantage of the data, the insights that we can generate through our third-party relationships and the aggregator model, we can tailor these games far more effectively, leaning in both on the playbook that we developed in land and actually also the example we have in Elk and our successful brands. There are some great sort of early advantage markets out there which, as we start to look at some of these opening up, say, for example, in Asia or in South Africa, where we have got a great heritage of land-based games. We are building on an existing player base. We are building on existing relationships. All these things give us a great advantage in driving a material acceleration in what we're doing in that first-party space. That first-party space is absolutely at the heart of who we are, what we are, and what we do as a business. Thank you, Simon. I'll direct the next question to Matt. Can you provide an update on the ASX listing review? Has anything changed since your initial announcement? You can see this happening organically. We just said about 40% of our market cap now resides on the ASX. This is a board-level initiative and one that's been key focus. I might hand to you, Jamie, if that's okay to give a quick overview of the board's position. Thanks, Matt. And thanks, team. Terrific job today. Thank you. Yeah, the ASX is a hot topic for the board. Take this question. We've made great progress since we launched our secondary two years ago. As Matt just said, we got to almost 40% now from zero. We've done that without raising a dollar of capital. We don't believe in raising capital from investors. We believe in giving it back, as you've seen from the team. Going forward, we are—sorry, I also should just say thank you for everybody who supports us to get to that 40%. It's been great support for the investor base. Going forward, look, we're fully committed to achieving a primary listing on the ASX. We want to continue the pace that we've achieved. While I can't be definitive about timing, I can tell you that as a group, we're very impatient. We want to move faster rather than slower. We will make sure we keep the market fully informed about that. Thank you. Thanks, Jamie. Our next question's for Matt. Matt, what are your thoughts on recent industry M&A transactions and the consolidation in the industry? Yeah, it's been an interesting wave of consolidation. It kind of harkens back to that 2014 timeframe when we saw a wave of transformation and consolidation happening in the industry. You're seeing, obviously, every IGT getting taken private by Apollo. You're also seeing AGS come off the public boards by Brightstar. I think it's really a consequence of private equity seeing great value in the supply side of the industry. These are resilient businesses that are highly cash-generative. Private equity is smart money. They see a deal when they see it. They have moved in and taken those companies private. I think that creates a bit of an opportunity for us existing suppliers in the space to capitalize on that. I think you're seeing that in some of the share gains. I don't see a further wave of consolidation happening in the near term. Thank you, Matt. The next question's for Josh. Josh, how could your SciPlay economics benefit from not having to pay Apple a 30% fee? Yeah, I assume what we're talking about here is the court case or the judgment made between Epic and Apple, which is obviously very beneficial for the entire mobile video game world. Today, we give both Apple and Google 30% of all processing. We make basically 70 cents on the dollar. By this case, what we're able to do is, without going around it, bill directly to the user, even on the game itself, through our own platform. Taking that 30% all the way down to the mid-single digits, that is basically more profitability for the same purchase that was already going to happen. Now, with that said, it is only Apple today, so it is not going everywhere over time. Also, we have seen this kind of do this over time, which is why the VIP Hub is still such a very important initiative for us because in that platform, we do not need to worry about Apple or Google. It is our customer on our platform that we are able to build. Yeah, it is an exciting time for us. Thanks, Josh. The next question is for Matt and Jim. Can we please get an update on the pending litigation proceedings? I will quickly address this and hand it to you, Jim. I think we said pretty much everything we could say about this at the Q1 earnings call. We were pretty extensive in that session, but I'll hand it to Jim to give you any further updates. Sure. As Matt mentioned, we recently announced the results of a comprehensive review of all hold-and-spin games released from 2015 right through to the present. What our external experts told us is that they found no evidence of any further use of Aristocrat math in any of the games that they've reviewed. What that tells us is that we don't have any systemic IP issues here. What that means is that we don't foresee any further operational challenges arising from this litigation. It's litigation that's going to be resolved in courts, and that's where it belongs. Now, Aristocrat has recently said on a couple of occasions that they are continuing an investigation into whether there's been any use of their claimed trade secrets in any other games. With the review I've just described behind us, what we're focused on is continuing, as everyone here has said in the course of the day, to build great games, to further extend our market-leading positions across all of our businesses, and to enter new markets. We'll leave the litigation for the courts to deal with. Thank you. Thanks, Jim. Our final questions for Matt and Simon as well. What are your expectations for gaming legalization in the U.S. over the next three to five years? Do you expect the pace of legalization to accelerate with the proliferation of sports betting? We've learned some lessons about this over the years. We've built nothing in terms of market expansion into this 28 number. We don't control that. We believe over time it's like gravity. It's going to happen. You'll see some expansion in charitable or gaming or iGaming or potentially all of them, but we're not confident enough to build that into our plans. What you see in that 28 number is organic growth across the businesses. We have a great opportunity set across VLT markets, across incremental charitable markets, across iGaming states that sit on our opportunity list, but we're not building them into our base plans. Do you have any further? Yeah, I mean, I think there are so many different views on this. Clearly, there's a driver. The tax revenues from the iGaming side do exceed those on the sports betting side. There's a positive driver for states looking for revenues. As Matt says, we've been around this. There are a thousand different opinions. I think we have a playbook that we know works in North America. We've got great operator relationships. We're not going to wait around for it. We're not going to bank on it. We're going to get on and build our business. If it comes through, it's a fantastic upside. Thank you, Simon. That concludes our Investor Day. Thank you all very much for your time. If you're here in person, please do join us for some cocktails in the showroom. Thanks again.