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- **Revenue Beat**: Q3 revenue $629 million (+7% YoY), driven by 8% same-store sales growth and $1.8 billion Powerball jackpot.
- **AI Growth Engine**: 30+ new AI-developed games annually, Viking Gold launch in Rhode Island, and $80 million cost savings by 2028.
- **Shareholder Returns**: $980 million returned YTD, 10% dividend increase, and $1.7 billion capital return program.
- **Risks**: $14 million Q4 U.K. transition headwind, but 20%+ U.S. iLottery growth and Italy B2C expansion to 15% by 2030.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $629 million, up 7% YoY, driven by 8% same-store sales growth across all geographies. U.S. multi-state jackpot sales surged 70% due to a $1.8 billion Powerball jackpot.
- **Profitability**: Adjusted EPS of $0.36, up 20% YoY, with $1.1 billion EBITDA guidance reaffirmed. Italy’s same-store sales grew 5% on strong e-instant and draw game performance.
- **AI Innovation**: Launch of AI-developed games like Viking Gold in Rhode Island, with 30+ new e-instant games planned annually. Game Plan Wizard tool optimizes game launches using historical data.
- **Shareholder Returns**: $980 million returned to shareholders YTD, including a 10% dividend increase to $0.22 per share. $1.7 billion capital return program through 2028.

**【CFO Financial Commentary】**
- **Financial Health**: GAAP net income $420 million, Non-GAAP EPS $1.08 (vs. $0.95 prior year). Free cash flow $700 million (excluding $500 million Italy license fee). Net debt $2.6 billion, targeting 3x leverage post-2028.
- **Cost Efficiency**: $80 million gross cost savings by 2028, with $30 million from AI adoption. Q3 operating expenses down 5% YoY.
- **Growth Drivers**: 5%+ CAGR from core business, 20%+ iLottery growth in U.S., and Italy B2C expansion to 15% penetration by 2030.

**【Q&A Highlights】**
- **U.K. Transition**: $14 million Q4 headwind from contract transition, but 2026+ growth from new iLottery platforms.
- **Share Buybacks**: $250 million ASR completed by end-2025, with $500 million buyback program remaining.
- **Jackpot Strategy**: Mega Millions price increase to $5 in April 2025, with 30%+ sub-jackpot payouts driving player engagement.
- **Italy Expansion**: My Lotteries Play app launched in 9 months, gaining 3% market share without marketing. Cross-selling to iCasino and sports betting expected to boost margins.

Brightstar Lottery PLC (BRSL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BRSL

BRSL fundamentals

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