- **Revenue & Profit Growth**: 3% revenue growth to $841M, 18% EBITDA rise to $375M, driven by gaming operations and Grover’s $40M contribution.
- **Recurring Revenue Dominance**: 69% of revenue from recurring streams, with North American gaming machine sales up 38% YoY to 6,000 units.
- **Grover Expansion**: 229 new units added in Q3, Indiana launch in early 2026, and Raleigh office expansion.
- **iGaming Momentum**: 16% YoY growth to $86M, first-party content (e.g., Pirates 4) accounts for 70% of OGS revenue, Philippines iGaming launch pending.
- **Cash Return & Debt Management**: $111M share buybacks, $1B debt refinancing reducing interest rate to 6.25%, net leverage at 3.3x target range.

**【CEO Summary Section】**
- **Revenue Growth**: Consolidated revenue increased 3% YoY to $841 million, with Adjusted EBITDA up 18% YoY to $375 million. Recurring revenue accounted for 69% of total revenue, driven by gaming operations and Grover integration.
- **Grover Integration**: Grover contributed $40 million in revenue and added 229 units sequentially, with 830 units added since acquisition. Indiana market launch is expected in early 2026.
- **Capital Allocation**: Returned $111 million to shareholders via share buybacks, with $735 million remaining under the $1.5 billion program. Transitioning to ASX listing by November 14, 2025.
- **Game Performance**: North American gaming machine sales reached 6,000 units, up 38% YoY. Top-performing games include Piggy Bankin’ Breakin’ and Dragon Spin Saga Fire & Water.

**【CFO Financial Commentary】**
- **Profitability**: Net income rose 78% YoY to $420 million, with Adjusted EBITDA up 25% YoY to $375 million. Gaming operations margin expanded due to strong wide-area progressive (WAP) performance.
- **Cash Flow**: Operating cash flow of $184 million and free cash flow of $136 million, up 64% YoY. Cash conversion improved to 89% of Adjusted EBITDA.
- **Debt Management**: Issued $1 billion in 6.25% senior notes due 2033, reducing effective interest rate. Net debt leverage ratio remained at 3.3x, within target range.
- **Tariff Impact**: Mid to high single-digit million-dollar quarterly impact from tariffs, partially offset by pricing and cost mitigation efforts.

**【Q&A Highlights】**
- **Q4 Outlook**: Expect double-digit growth driven by recurring revenue (69% of total), North American outright sales, and iGaming expansion. SSBT orders in the U.K. and Asia will support international growth.
- **Grover Performance**: Grover’s 11,250-unit install base is expected to grow with Light & Wonder game launches in early 2026. Raleigh, NC office soft-opened in October.
- **iGaming Growth**: Record $86 million revenue, up 16% YoY, with first-party content (e.g., Pirates 4) driving 70% of OGS network revenue. Philippines iGaming launch pending regulatory approval.
- **SciPlay Stabilization**: Jackpot Party stabilization efforts include economy adjustments and unregulated sweepstakes gaming. Direct-to-consumer (DTC) revenue mix rose to 20% (vs. 12% YoY), targeting 30% by 2028.
- **International Pipeline**: Australia share normalization expected in 2026 with new hardware launches. Asia demand delayed in Q3 will resume in Q4 with U.K. SSBT orders.

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