Core Insights - Brightstar Lottery PLC reported a second quarter revenue of $631 million, reflecting a 3% increase year-over-year, stable at constant currency [4][3] - The company experienced a loss from continuing operations of $60 million compared to an income of $84 million in the prior year, primarily due to foreign exchange losses and restructuring charges [5][9] - Brightstar secured a nine-year Lotto operator license in Italy and completed the sale of its Gaming & Digital business for approximately $4 billion, which will be used for debt reduction and shareholder returns [2][7][20] Financial Performance - Revenue for the second quarter was $631 million, up 3% from $613 million in the same quarter last year [4][3] - Operating income decreased to $139 million, down 22% from $179 million year-over-year, with an operating income margin of 22.0% [3][19] - Adjusted EBITDA was $274 million, a decrease of 5% from $290 million in the prior year, with an adjusted EBITDA margin of 43.5% [8][3] Cash Flow and Liquidity - Net cash provided by operating activities was $265 million, a 6% increase from $250 million in the previous year [3][41] - The company reported total liquidity of $2.9 billion, including $1.3 billion in cash and cash equivalents [15][41] - Free cash flow for the quarter was $167 million, down 21% from $210 million in the prior year [6][42] Shareholder Returns - The Board of Directors declared a special cash dividend of $3.00 per share, payable on July 29, 2025, and announced a $250 million accelerated share repurchase program [20][16] - The company plans to return approximately $1.1 billion to shareholders following the sale of its Gaming & Digital business [20][17] Market Dynamics - Global same-store sales growth for instant ticket and draw games was 2.6%, with product sales revenue increasing by 59% [6][7] - The U.S. multi-state jackpot wager-based revenue decreased by 35%, reflecting elevated jackpot activity in the prior year [38][39] - Instant ticket and draw same-store sales increased across various geographies, with Italy showing a 3.7% increase and the Rest of the World climbing 8.4% [7][39]