Matthew Wilson : Yes. I think this is really our company at its best. Like I said earlier, we chose the strategy of being a content company and then having three businesses in the portfolio that all set off that same idea of building great franchises and taking it across these three channels. DRAGON TRAIN is a fantastic example. Started in Australia. It’s moved to premium gaming offs in the U.S. You’ll see it in the social casino space in June, and you’ll see it shortly after that in the iGaming space. So really trying to cut down the lag time between building the game the first time and then deploying it across these three channels. We have our CTO, Victor Blanco, who is working on a platform, a GDK platform called Carbon, which will allow us to build a game one time and take that game very efficiently and effectively across all three channels.
That’s an investment that we’re making. It’s been worked on at the moment. It’s not all the way to production. But when we get it there, we’ll update the investment community. But yes, this is the key to our thesis that we build great games. We take them across these franchises. We also have for the first time some games coming back the other way. They’re coming from the social casino space onto a land-based gaming floor, which is very exciting. And then also, we have the data going all different ways across the ecosystem. So AB testing games, rapid asset testing. So yes, we’re really starting to mature in the way we’re leaning into those cross-platform opportunities. And you’ll start to see a shorter and shorter lag time between a game being built in one channel and being deployed in another.
Paul Mason : Great. Thank you.
Operator: The next question is from the line of Allan Franklin with Canaccord Genuity. You may proceed.
Allan Franklin: Yes. Hi, guys. Afternoon, good morning depending where you’re at. But just wanted to touch on the margin dynamics, please. Appreciate there’s some steady performance in that quarter for each of the business groups. And also, you are just noting that first quarter can be seasonally low, just how to think about the margin progress over the course of the year, please?
Oliver Chow : Allan, great to hear from you. Yes, I was very pleased with the results here in Q1. We continue to post very healthy margins, benefiting from our continued focus on efficiencies and the team could really — continues to execute really well here. In gaming, our supply chain and cost initiatives have really helped maintain our strong margins. And going forward, as we further scale our gaming operations installed base, we should continue to see margin scale with that over time. At SciPlay, there will be UA opportunities that will be available to us as we continue to take a prudent approach as we have this quarter through the campaigns that you all may have seen. But we are laser-focused on long-term sustainable top and bottom line growth.
And as we mentioned earlier, DTC will be a key factor for us in margin expansion within SciPlay. And then in terms of iGaming, margins, we expect them to be fairly steady as we continue to expand on original content, while we continue to invest in live casino. Over time, we do expect margins to expand in that business as we scale with more jurisdictions coming online. So we’ll have a multitude of opportunities to expand margins over time. And we’re staying laser-focused on our margin enhancement initiatives and lead management rollout. We’re now just under test robotic automation processes here in shared services, and it really is starting to scale our offerings overall. So yes, we continue to see opportunities to grow margins while still investing back into the business.
Allan Franklin: Helpful. Thanks.
Matthew Wilson: Okay.
Operator: There are no additional questions waiting at this time. I would now like to pass the conference over to Matt for concluding remarks.
Matthew Wilson: Great. Thank you. About two years ago, we transformed from a constrained company as Scientific Games into Light & Wonder with a bold new vision and differentiated strategy. As we approach the one-year anniversary of our secondary listing on the ASX, we are getting recognized as one of the fastest-growing companies in our industry, backed by a world-class people-first culture. To each and every one of you who happen to be a part of this journey, I want to thank you for your dedication as we continue to build upon the solid foundation we have here. I’m incredibly proud to be part of this process, and I look forward to further accomplish this with all of you along the way. Thank you again for joining us.
Operator: That concludes the Light & Wonder 2024 first quarter earnings conference call. Thank you for your participation, and enjoy the rest of your day.
