Light & Wonder, Inc.: Company Profile & Comprehensive Financial

Quick Facts / Company Snapshot

• Company Name: Light & Wonder, Inc.
• Trading Symbol: LNW (Nasdaq & ASX)
• Global Headquarters: 6601 Bermuda Road, Las Vegas, Nevada 89119
• Total Revenue (2024): $3.188 billion
• Operating Income (2024): $668 million
• Net Income (2024): $336 million
• Total Assets (2024): $5.421 billion
• Cash & Cash Equivalents (2024): $196 million
• Primary Industry: Global Games & Digital Content
• Global Employee Count: ~6,800
• Domestic (U.S.) Employees: ~2,800
• Gaming Revenue (2024): $2.068 billion
• SciPlay Revenue (2024): $821 million
• iGaming Revenue (2024): $299 million
• R&D Investment (2024): $262 million
• Active Jurisdictions: ~459
• International Gaming Jurisdictions: ~171
• CEO: Matthew R. Wilson
• Board Chair: Jamie R. Odell

Company Overview

Light & Wonder, Inc. is a leading cross-platform global games company with a singular focus on content and digital markets. Headquartered in Las Vegas, Nevada, the company strives to create “new worlds” for players by integrating land-based gaming with digital and social platforms.

The organization defines itself through a mission to build great content and franchises that are fully cross-platform, enabling a seamless player experience. Light & Wonder has undergone a significant strategic transformation, moving away from a diversified lottery and sports betting portfolio to become a streamlined growth company centered on creating the world’s best games.

The company’s portfolio of revenue-generating activities is diverse yet interconnected. It primarily includes supplying game content and gaming machines, casino management systems (CMS), and table game products to licensed gaming entities. Beyond the casino floor, Light & Wonder provides social casino and other online games, including casual gaming, directly to retail customers. Furthermore, it offers a comprehensive suite of digital gaming content, distribution platforms, and player account management systems for the iGaming sector.

Light & Wonder operates with a strategic roadmap designed to drive long-term value. This roadmap consists of four pillars: growing market share by leveraging a differentiated position, streamlining the organization, driving sustainable growth while maintaining a healthy balance sheet, and executing a disciplined capital allocation strategy.

Business Segments

Light & Wonder reports its results of operations through three distinct business segments: Gaming, SciPlay, and iGaming. These segments represent the different products and services offered to a global customer base.

1. Gaming

• Revenue (2024): $2.068 billion
• Percentage of Total Revenue: 64.87%

The Gaming segment is the largest contributor to Light & Wonder’s financial performance. This sector is characterized by the continuous development of new technologies, products, and game content.

Operational Scope: This segment supplies game content, gaming machines, CMSs, and table game products and services to licensed gaming entities. The products are installed in all major regulated U.S. gaming jurisdictions and approximately 171 international gaming jurisdictions. The growth of this segment is driven by the opening of new casinos, the expansion of existing venues, and the replacement cycle of gaming machines.

Key Offerings:

• Gaming Operations: Providing gaming machines to customers through service or leasing arrangements. Revenue is earned via participation (percentage of net win or daily fees).
• Gaming Machine Sales: Sale of new gaming machines and VLTs (video lottery terminals).
• Gaming Systems: CMS products that help operators manage casino floors.
• Table Products: Sales and leasing of shufflers, proprietary table games (PTG), and electronic table systems.

2. SciPlay

• Revenue (2024): $821 million
• Percentage of Total Revenue: 25.75%

SciPlay represents the company’s social gaming business. It develops and publishes social casino and other casual games for mobile and web platforms.

Operational Scope: SciPlay focuses on providing high-quality digital content to retail customers. The segment operates primarily on a “freemium” model where the base games are free to play, but revenue is generated through the sale of virtual coins, chips, and cards that enhance the gameplay experience.

Key Drivers:

• Direct-to-Consumer: A growing portion of revenue comes from platforms that allow direct interaction with players, bypassing third-party app store fees.
• Data Analytics: SciPlay leverages advanced analytics to optimize player engagement and monetization.
• Cross-Platform Integration: SciPlay utilizes intellectual property from the land-based Gaming segment to create popular social versions of casino games.

3. iGaming

• Revenue (2024): $299 million
• Percentage of Total Revenue: 9.38%

The iGaming segment provides a comprehensive suite of digital gaming content and services to real-money online gaming operators.

Operational Scope: This segment offers digital gaming content, distribution platforms, and player account management systems. It serves as a bridge between land-based content and the digital real-money gaming (RMG) world.

Key Offerings:

• Content Aggregation: Platforms that allow operators to access a vast library of games from Light & Wonder and third-party studios.
• Remote Gaming Servers: Technology that delivers game content to online casino websites.
• Player Account Management: Systems that handle player data, wallets, and regulatory compliance for online operators.

History and Evolution

Light & Wonder, Inc. has a rich history of transformation, most notably marked by its rebranding and strategic pivot in recent years. Formerly known as Scientific Games Corporation, the company executed a series of bold moves to redefine its identity and business model.

Strategic Transformation (2022): A major milestone in the company’s history occurred in 2022 when it completed the divestiture of its Lottery Business and Sports Betting Business. These sales were pivotal in transforming the company into a cross-platform global games leader and significantly deleveraging its balance sheet. The proceeds from these divestitures allowed the company to retire significant debt and refocus its resources on content creation and digital markets.

Rebranding: The shift to the name “Light & Wonder” reflects the company’s renewed focus on creating great games and evergreen franchises. The transformation was not just cosmetic but structural, aimed at streamlining the organization and aligning all business units under a unified vision of being the leading cross-platform global games company.

SciPlay Acquisition: In 2023, Light & Wonder acquired the remaining non-controlling interest in SciPlay, making it a wholly-owned subsidiary. This move was designed to fully integrate the social gaming business into the broader corporate strategy, enabling better collaboration and IP sharing across segments.

Recent Developments: The company continues to evolve by investing organically and inorganically. For instance, in 2024, the company continued to expand its installed base of gaming machines and grow its digital presence, reinforcing its commitment to the strategic roadmap established during its transformation.

Products and Services

Light & Wonder offers a vast array of products and services across its three business segments. Below is a detailed breakdown sorted by revenue contribution.

1. Gaming Products and Services

Total Segment Revenue: $2.068 billion

• Gaming Machine Sales ($865 million): The company designs, manufactures, and sells a wide variety of gaming machines. These include classic mechanical reel slots, video reel slots, and complex video gaming terminals (VLTs). Sales increased significantly in 2024, driven by a 22% increase in global unit shipments.
  • Revenue Contribution: 41.8% of Gaming Revenue
• Gaming Operations ($690 million): This service involves placing gaming machines in casinos under participation or daily fee arrangements. Light & Wonder retains ownership of the machines and earns a share of the “coin-in” (wagers) or a fixed daily fee. This recurring revenue stream is supported by an installed base of over 54,000 units globally.
  • Revenue Contribution: 33.4% of Gaming Revenue
• Gaming Systems ($302 million): These are comprehensive Casino Management Systems (CMS) that assist operators in managing accounting, player tracking, and marketing on the casino floor.
  • Revenue Contribution: 14.6% of Gaming Revenue
• Table Products ($211 million): This category includes automatic card shufflers, deck checkers, roulette chip sorters, and proprietary table games (PTG). It also covers electronic table systems (ETS) that automate traditional table games.
  • Revenue Contribution: 10.2% of Gaming Revenue

2. SciPlay Products and Services

Total Segment Revenue: $821 million

• Mobile and Web Games: SciPlay develops and operates social casino games that are free to play. Revenue is generated through in-app purchases of virtual currency. Key titles include Jackpot Party Casino, Gold Fish Casino, Quick Hit Slots, and 88 Fortunes Slots.
  • Revenue Contribution: 100% of SciPlay Revenue

3. iGaming Products and Services

Total Segment Revenue: $299 million

• Digital Content and Platforms: This includes the OpenGaming ecosystem, which aggregates content and provides player account management systems. The primary revenue model is participation, where Light & Wonder earns a percentage of the net gaming revenue generated by the operators using their platform and content.
  • Revenue Contribution: 100% of iGaming Revenue

Brand Portfolio

Light & Wonder manages a robust portfolio of proprietary and licensed brands that drive player engagement across all platforms.

• Proprietary Franchises:
  • 88 Fortunes: An Asian-themed progressive slot game that is a top performer in both land-based and digital formats.
  • Quick Hit: A classic mechanical and video reel franchise known for its high-frequency jackpots.
  • Golden Fire Link / Ultimate Fire Link: A popular series of “hold and spin” style games.
  • Huff N’ Puff: A highly successful franchise that has spawned sequels like Huff N’ More Puff.
  • Dancing Drums: A fan-favorite widely installed in casinos globally.
• Licensed Intellectual Property:
  • MONOPOLY: Through a long-standing license with Hasbro, Light & Wonder creates numerous games featuring the iconic MONOPOLY brand, including the board, characters, and distinct design elements.
  • Licensed Themes: The company utilizes third-party intellectual property to create branded games that resonate with pop culture and recognizable themes.
• Hardware Brands:
  • Kascada: A leading cabinet hardware line for slot machines.
  • Cosmic: A newer generation of immersive gaming cabinets.
  • Mural: A large-format cabinet designed for premium gaming experiences.
  • Shufflers: Various models of automatic card shufflers and utility products for table games.

Geographical Presence

Light & Wonder is a truly global enterprise with operations and customers spanning six continents. The company is authorized to do business in approximately 459 jurisdictions worldwide.

Employee Footprint:

• Total Global Employees: ~6,800
• United States Employees: ~2,800
• International Employees: ~4,000

Revenue Breakdown by Region (2024):

• United States: The U.S. is the primary market for Light & Wonder, particularly for its Gaming and iGaming segments. The company has a significant installed base of premium and daily fee units in the U.S. and Canada.
  • Revenue: $2.054 billion
  • Percentage of Total Revenue: 64.4%
• International: International operations are diverse, with significant contributions from Australia, the United Kingdom, and Europe.
  • Revenue: $1.134 billion
  • Percentage of Total Revenue: 35.6%

Detailed Geographical Revenue Metrics:

• Gaming Machine Sales:
  • U.S. and Canada Shipments: 22,320 units
  • International Shipments: 21,338 units
• Installed Base (Gaming Operations):
  • U.S. and Canada: 34,004 units
  • International: 20,165 units
• Average Daily Revenue per Unit:
  • U.S. and Canada: $48.65
  • International: $15.82

Operational Hubs:

• Headquarters: Las Vegas, Nevada (Principal executive offices).
• SciPlay: Significant personnel presence in Tel Aviv, Israel, along with offices in the U.S., Turkey, and Ukraine.
• Manufacturing & R&D: The company maintains manufacturing and research facilities globally to support its widespread operations.

Financial Performance Analysis

Light & Wonder has demonstrated strong financial momentum following its strategic transformation. The fiscal year ended December 31, 2024, marked a year of double-digit revenue growth and significant profitability improvements.

Multi-Year Trend Analysis (Consolidated):

• Total Revenue:
  • 2024: $3.188 billion
  • 2023: $2.902 billion
  • 2022: $2.512 billion
  • Trend: Consistent upward trajectory, with a 10% increase from 2023 to 2024.
• Operating Income:
  • 2024: $668 million
  • 2023: $518 million
  • 2022: $273 million
  • Trend: Rapid expansion in operating income, growing 29% in the last year alone, reflecting operational leverage and efficiency.
• Net Income (Attributable to L&W):
  • 2024: $336 million
  • 2023: $163 million
  • 2022: $3.697 billion (Inflated by discontinued operations gain)
  • Trend: Excluding the one-time gain from divestitures in 2022, net income from continuing operations has more than doubled from 2023 to 2024.

Profit and Loss Analysis

Fiscal Year 2024 Performance:

• Total Revenue:$3.188 billion
  • Service Revenue: $2.105 billion (66% of total)
  • Product Sales Revenue: $1.083 billion (34% of total)
• Operating Expenses:
  • Cost of Services: $448 million
  • Cost of Products: $483 million
  • Selling, General, and Administrative (SG&A): $872 million
  • Research and Development (R&D): $262 million
  • Depreciation, Amortization, and Impairments (D&A): $361 million
  • Restructuring and Other: $94 million
• Profitability Metrics:
  • Operating Income: $668 million
  • Operating Margin: 21.0%
  • Net Income Before Taxes: $421 million
  • Income Tax Expense: $85 million (Effective tax rate: 20.3%)
  • Net Income: $336 million
  • Net Margin: 10.5%
• Key Ratios & Drivers:
  • AEBITDA (Adjusted EBITDA): $1.397 billion (Total Reportable Segments)
  • R&D as % of Revenue: 8.2% (Highlighting commitment to innovation)
  • SG&A as % of Revenue: 27.4%

Balance Sheet Analysis

Assets:

• Total Assets: $5.421 billion
• Cash and Cash Equivalents: $196 million
• Restricted Cash: $116 million (Total Current & Non-current)
• Accounts Receivable: $682 million (Net of allowances)
• Inventories: $158 million
• Goodwill: $2.890 billion (Represents 53% of total assets, highlighting significant acquisition history)
• Intangible Assets: $454 million
• Property and Equipment: $286 million

Liabilities:

• Total Liabilities: $4.785 billion
• Long-Term Debt: $3.847 billion
• Current Portion of Long-Term Debt: $23 million
• Accounts Payable: $216 million
• Accrued Liabilities: $447 million

Equity:

• Total Stockholders’ Equity: $636 million
• Retained Earnings: $1.016 billion
• Treasury Stock: $(1.216) billion
• Additional Paid-in Capital: $1.200 billion

Liquidity Position:

• Current Ratio: 1.61 (Current Assets $1.183 billion / Current Liabilities $735 million)
• Leverage: The company maintains a significant debt load relative to equity, a result of historical acquisitions and recent share repurchases.

Cash Flow Analysis

Operating Activities:

• Net Cash Provided by Operating Activities:$632 million
  • This strong generation of cash is driven by net income and non-cash adjustments like depreciation and amortization ($361 million).
  • Changes in working capital included a $148 million increase in receivables due to revenue growth.

Investing Activities:

• Net Cash Used in Investing Activities:$(286) million
  • Capital Expenditures: $(280) million (Investments in gaming equipment, systems, and facilities).
  • Acquisitions: $(15) million.

Financing Activities:

• Net Cash Used in Financing Activities:$(577) million
  • Share Repurchases: $(462) million (Highlighting a strong return of capital to shareholders).
  • Payments on Long-Term Debt: $(11) million.

Free Cash Flow Insight: The company generates robust operating cash flow which fully funds its capital expenditures ($280 million), leaving significant surplus cash that has been directed largely toward share repurchases in 2024.

Board of Directors and Leadership Team

Executive Officers:

• Matthew R. Wilson: President and Chief Executive Officer. Leads the overall strategic direction of the company.
• Oliver Chow: Executive Vice President, Chief Financial Officer, and Treasurer. Responsible for financial management and strategy.
• Vanja Kalabic: Senior Vice President and Chief Accounting Officer.
• Siobhan Lane: Executive Vice President and Chief Executive Officer, Gaming. Leads the core Gaming business segment.
• Antonia Korsanos: Consultant and former executive, engaged in strategic consulting.

Board of Directors:

• Jamie R. Odell: Chair of the Board of Directors.
• The Board oversees the company’s strategic roadmap, capital allocation, and governance frameworks, including the ESG Council.

Governance Structure: The leadership team focuses on creating a “high-performance talent and culture.” The Board has authorized significant share repurchase programs, reflecting confidence in the management team’s execution.

Subsidiaries, Associates, Joint Ventures

Light & Wonder operates through a network of wholly-owned subsidiaries. Key entities include:

• Light and Wonder International, Inc. (LNWI): A primary operating subsidiary and the borrower under key credit agreements.
• SciPlay Corporation: A wholly-owned subsidiary focusing on social gaming.
• LNW Gaming, Inc.: A key entity for U.S. gaming operations.
• LNW Holding Company Limited: Based in Guernsey.
• Bally Gaming and Systems S.A.: Uruguay-based subsidiary.
• SHFL entertainment (Australasia) Holdings Pty Limited: Australia-based entity.
• Authentic Gaming Limited: Malta-based entity.
• Playzido Limited: UK-based entity.
• ELK Studios Malta Ltd: Malta-based studio.
• Lightning Box Games Pty Limited: Australia-based studio.

Ownership Structure: All listed major subsidiaries, including SciPlay and LNW Gaming, are effectively 100% owned by Light & Wonder, Inc.

Physical Properties

Light & Wonder occupies approximately 1.4 million square feet of real estate worldwide.

• Principal Executive Offices: Located at 6601 Bermuda Road, Las Vegas, Nevada. This facility serves as the global headquarters.
• International Presence:
  • United Kingdom: Significant operations supporting the Gaming and iGaming segments.
  • Australia: Major hub for game development and the Asia-Pacific market.
  • Israel: Key location for SciPlay personnel and operations.
  • Canada: Operations supporting North American gaming.
• Real Estate Portfolio: The portfolio includes offices, warehouses, manufacturing plants, and research and development facilities. The company leases the majority of these properties, with operating lease right-of-use assets valued at $44 million.

Segment-wise Performance

1. Gaming Segment Performance (2024 vs. 2023):

• Total Revenue Growth: +12% (Increased by $218 million)
• Machine Sales Growth: +22% (Driven by strong global demand)
• Gaming Operations Growth: +4% (Benefited from higher average daily revenue per unit)
• AEBITDA: $1.027 billion (+12% YoY)
• Key Insight: The segment saw record levels in the U.S. and Canada premium installed base, fueled by hit franchises.

2. SciPlay Segment Performance (2024 vs. 2023):

• Total Revenue Growth: +6% (Increased by $44 million)
• Key Metric (ARPDAU): Average Revenue Per Daily Active User grew 11% to $1.04.
• AEBITDA: $272 million (+12% YoY)
• Key Insight: Revenue growth was driven by core games like Quick Hit Slots and Jackpot Party Casino, despite a slight decrease in average monthly paying users.

3. iGaming Segment Performance (2024 vs. 2023):

• Total Revenue Growth: +9% (Increased by $24 million)
• AEBITDA: $98 million (+3% YoY)
• Key Insight: Growth continues in North American and European markets. The company went live in Rhode Island in 2024, expanding its U.S. iGaming presence to seven states.

Founders

Light & Wonder, Inc. is the result of a complex evolution of multiple legacy companies, primarily Scientific Games Corporation, Bally Technologies, WMS Industries, and Shuffle Master.

• Entity Lineage: The registrant was originally incorporated in Delaware and transformed through mergers and acquisitions.
• Scientific Games: The predecessor entity.
• Transformation: The current “Light & Wonder” identity was adopted in 2022 to reflect the company’s new strategic focus on cross-platform games, moving away from the lottery heritage associated with the Scientific Games name.
• Current Stewardship: The company is currently led by President and CEO Matthew R. Wilson, who has been instrumental in the company’s strategic pivot and operational streamlining.

Shareholding Pattern

• Common Stock Outstanding: 84,466,317 shares (as of February 18, 2025).
• Listing: Dual-listed on The Nasdaq Stock Market (Ticker: LNW) and the Australian Securities Exchange (Ticker: LNW).
• Share Repurchase Program: The Board of Directors has authorized a share repurchase program of up to $1.0 billion.
  • Execution: In 2024, the company repurchased $462 million of common stock.
  • Remaining Authorization: The program is authorized through June 12, 2027.
• Dividend Policy: The company does not currently pay cash dividends and intends to retain future earnings to finance growth and repurchase shares.

Parent

Light & Wonder, Inc. is the ultimate parent company. It has no parent entity. It serves as the holding company for all operating subsidiaries, including LNW Gaming, Inc., SciPlay Corporation, and Light & Wonder International, Inc.

Investments and Capital Expenditure Plans

Light & Wonder creates value through disciplined investment in its business and technology.

Capital Expenditures (Capex):

• 2024 Capex:$280 million
  • Gaming Segment: $238 million (Primary recipient of investment for gaming machines and hardware).
  • SciPlay Segment: $18 million.
  • iGaming Segment: $24 million.
• Focus: Investments are primarily directed toward gaming equipment, systems hardware, and facility improvements to support growth.

Research and Development (R&D):

• 2024 Investment: $262 million
• Percentage of Revenue: 8.2%
• Strategic Priority: R&D is focused on creating great content and franchises. The company invests heavily in game design, mathematics, and hardware engineering to maintain a competitive edge.

Inorganic Growth:

• Acquisitions: The company invests in strategic adjacencies. In 2024, cash used for acquisitions was $15 million.
• SciPlay Integration: A major capital allocation event was the acquisition of the remaining interest in SciPlay in 2023 for $496 million, fully consolidating the high-growth social gaming business.

Future Strategy

Light & Wonder has outlined a clear strategic roadmap to drive shareholder value:

• Cross-Platform Content Creation: The singular focus is on creating evergreen franchises that can be deployed seamlessly across land-based casinos, social gaming apps, and iGaming platforms. The goal is to meet players wherever they choose to play.
• Expansion in High-Return Markets: The management intends to invest both organically and inorganically in core markets and strategic adjacencies that offer strong, cash-based returns. This includes expanding the installed base in international jurisdictions and growing digital market share.
• Disciplined Capital Allocation: The company prioritizes returning capital to shareholders through share repurchases ($1.0 billion authorization) while maintaining financial flexibility.
• Operational Streamlining: Continued focus on optimizing the cost structure and improving margins, particularly within the supply chain and manufacturing operations.

Competitive Landscape

Light & Wonder operates in highly competitive industries across all its segments.

Gaming Competitors:

• Aristocrat Leisure Ltd.
• International Game Technology (IGT)
• Konami Digital Entertainment, Inc.
• Everi Games, Inc.
• PlayAGS, Inc. (AGS)
• Ainsworth Game Technology Ltd.
• Inspired Entertainment Inc.
• Interblock Gaming

SciPlay (Social Gaming) Competitors:

• Playtika
• DoubleU Games Co., Ltd / Double Down Interactive
• Aristocrat (Product Madness / Big Fish Games)
• AppLovin Corporation
• Playstudios
• Huuuge Games

iGaming Competitors:

• Evolution Gaming (Implied via Live Casino competition context)
• Various Real-Money Gaming Platforms

Key Strengths

• Diversified Revenue Streams: Light & Wonder generates revenue from three distinct but complementary segments (Gaming, SciPlay, iGaming), reducing reliance on any single market.
• Robust Intellectual Property: The company owns a deep library of proprietary brands (88 Fortunes, Quick Hit, Huff N’ Puff) and holds valuable licenses (MONOPOLY), which act as a competitive moat.
• Large Installed Base: With over 54,000 active gaming units in its operations installed base, the company benefits from significant recurring revenue and strong market presence.
• Strong Cash Generation: Operating cash flow of $632 million in 2024 demonstrates the company’s ability to self-fund growth and return capital to shareholders.
• Cross-Platform Capabilities: The ability to launch a game in a land-based casino and simultaneously release it on social and RMG platforms allows for maximized monetization of IP.

Key Challenges and Risks

• Litigation Risks: The company is currently involved in litigation with Aristocrat Technologies regarding the Dragon Train and Jewel of the Dragon games. Plaintiffs assert claims for trade secret misappropriation and copyright infringement. An adverse outcome could result in significant monetary damages or injunctive relief.
• Debt Levels: Light & Wonder carries a substantial long-term debt load of **$3.847 billion**. While the company has deleveraged significantly since 2022, the debt service obligations ($293 million in interest expense in 2024) remain a material factor in financial planning.
• Geopolitical Instability: SciPlay has significant operations in Israel. Political instability or armed conflict in the region could disrupt business continuity and impact development timelines.
• Regulatory Complexity: Operating in 459 jurisdictions requires adherence to a complex web of gaming laws. Changes in regulations, such as the U.K. Government’s ongoing review of the Gambling Act 2005 or potential stake limits, could impact revenue.
• Cybersecurity: As a digital-focused company, the risk of data breaches or cyber-attacks is constant. The company relies heavily on IT systems, and any failure could disrupt operations and damage reputation.

Conclusion and Strategic Outlook

Light & Wonder, Inc. has successfully repositioned itself as a streamlined, content-driven powerhouse in the global gaming industry. By shedding its lottery and sports betting businesses, the company has sharpened its focus on what it does best: creating immersive games that transcend platforms.

The financial results for 2024 validate this strategy, showing robust double-digit revenue growth, expanding operating margins, and strong cash flow generation. The company’s unique ability to leverage IP across land-based, social, and iGaming channels provides a distinct competitive advantage in an increasingly digital world.

Looking ahead, Light & Wonder is well-positioned to capitalize on the convergence of physical and digital gaming. With a disciplined approach to capital allocation, a commitment to innovation through significant R&D investment, and a growing footprint in high-value international markets, the company is poised for sustainable long-term growth.

Official Site: www.lnw.com

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.