Company: BRSL
Filing Date: 2025-02-25
Form Type: 20-F
Source: 0001619762-25-000007
Chunk: 30

Company: Brightstar Lottery PLC
Filing Date: 2025-02-25
Form: 20-F
Item: Item 5
Chunk 30
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─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Selling, general and administrative                                                                                                                                                  407       400      7       
  Selling, general and administrative expenses increased primarily due to higher payroll and benefit costs, primarily due to inflationary conditions.                                                             

                                                                                                                                   For the year ended December 31,                Change           
  ($ in millions)                                                                                                                                             2023      2022      $           %    
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Research and development                                                                                                                                      37        45      (8)         -17  
  Research and development expenses decreased, mainly due to elevated iLottery investments in the prior corresponding period.                                                                      

                                                                                                                                                                                                    For the year ended December 31,                Change           
  ($ in millions)                                                                                                                                                                                                              2023      2022      $           %    
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Restructuring                                                                                                                                                                                                                  13         7      6           +93  
  Restructuring costs primarily relate to the multi-year plan, initiated in 2021, to eliminate certain redundancies in our Italian workforce following the sale of our Italian B2C businesses.                                                                      

Table of Contents

Operating Margins

                        For the year ended December 31,                Change            
  ($ in millions)                                  2023      2022      $ / bps           
 ─────────────────────────────────────────────────────────────────────────────────────────
  Operating income                                  752       743      10                
  Operating margin                                   30        29      100          bps  

Operating margin increased 100 basis points primarily as a result of increased Operating and facilities management contracts revenue coupled with the increase in higher margin product sales compared with the prior corresponding period as discussed above.

Non-operating expenses

                                                                                                                                                                                                            For the year ended December 31,                 Change            
  ($ in millions)                                                                                                                                                                                                                      2023       2022           $         %  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Interest expense, net                                                                                                                                                                                                                 207        216         (9)        -4  
  Net interest