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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 10, 2024
Inspired
Entertainment, Inc.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-36689 |
|
47-1025534 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
250
West 57th Street, Suite 415
New
York, New York |
|
10107 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (646) 565-3861
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| |
|
|
|
|
| Common
stock, par value $0.0001 per share |
|
INSE |
|
The
NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
2.02 |
Results
of Operations and Financial Condition. |
On
May 10, 2024, Inspired Entertainment, Inc. issued a press release announcing results for the three-month period ended March 31, 2024.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The
information contained in this Current Report on Form 8-K, including the exhibit hereto, shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference
in such a filing.
| Item
9.01. |
Financial
Statements and Exhibits. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| May
10, 2024 |
Inspired
Entertainment, Inc. |
| |
|
| |
By: |
/s/
Carys Damon |
| |
Name: |
Carys Damon |
| |
Title: |
General Counsel |
Exhibit
99.1
INSPIRED
REPORTS FIRST QUARTER 2024 RESULTS
| ● | First
Quarter Revenue of $63.1 million versus $64.9 million in the prior year period |
| ● | First
Quarter Net Loss of $(5.7) million |
| ● | First
Quarter Adjusted EBITDA of $16.3 million |
| ● | Expanded
video lottery terminal placements by Western Canada Lottery Corporation with 720 Additional
Valor™ Terminals in Saskatchewan |
| ● | Announced
the exclusive launch of its NBA Re-Play Virtual Sports product with long-time partner OPAP |
New
York, New York, May 10, 2024 - Inspired Entertainment, Inc. (“Inspired” or the “Company”) (NASDAQ: INSE),
a leading B2B provider of gaming content, technology, hardware and services, today reported financial results for the three-month period
ended March 31, 2024.
“As
we begin 2024, we remained focused on our long-term strategy to shift a greater proportion of our earnings to our aggregate digital business,
which includes our Virtual Sports and Interactive segments. In the first quarter, our digital business accounted for 76% of our Adjusted
EBITDA contribution 1 compared to 69% in the prior year. At the same time, our strategy of moving our retail business in
the capital light direction is taking hold as well,” said Lorne Weil, Executive Chairman of Inspired.
“First
quarter results were a combination of continued outperformance in our Interactive segment, offset by the persistence of second half 2023
trends in Virtual Sports where a major customer has optimized their customer base as well as confronting an unusually challenging quarter
in the Gaming segment,” added Weil.
Weil
added, “Our digital business first quarter results were once again led by the Interactive segment, where revenue and Adjusted EBITDA
increased approximately 31% and 38% year-over-year on a constant currency basis, respectively. The performance of our Interactive
segment continues to benefit from the growth of our existing customer base as well as our expansion to new customers as we have broadened
our footprint. In Virtual Sports, we remain encouraged by the strong potential for future growth in the second half of 2024, capitalizing
on our expanded content offerings, such as our NBA and NFL-themed products. We are excited to launch our NBA-themed Virtual Sports games
during the second quarter of 2024, offering basketball fans worldwide the one-of-a-kind experience of a Virtual Sports NBA game. As virtual
sports gaming continues to grow in popularity around the world, this unique offering will continue to set Inspired apart in the growing
market of Virtual Sports.
“Our
land-based business, which includes our Gaming and Leisure segments, experienced lower service revenue in the UK Licensed Betting
Office (LBO) market and in Greece driven by the expiry of historical amortized licensed revenue. We are seeing these
trends reverse as we head into the second quarter especially as our ‘Vantage’ cabinet continues to see low double-digit
year-over-year revenue per machine increases across two of our largest UK LBO customers. In addition, on the cost side we are seeing
higher costs in the currently inflationary environment. In response, during the quarter we initiated a cost improvement initiative
across the business. We have a dedicated team working across all aspects of the business to find efficiencies to drive our Adjusted
EBITDA margins.”
1
Aggregate digital business Adjusted EBITDA contribution is calculated using the sum of the Virtual Sports and Interactive segment-level
Adjusted EBITDA less allocated corporate expense pro-rated by the segment revenue contribution as a percent of Total Revenue. The Company’s
definition may not be comparable to measures of other companies. See supplemental table below.
Weil
concluded, “While our first quarter had some items that worked against us, we are experiencing improving trends into the second
quarter and are excited for the future, with new markets opening and new Virtual Sports products set to launch. As new markets emerge
and more customers embrace these new, innovative products, opportunities for growth remain promising. We believe that our unmatched content
portfolio positions us well to capitalize on the expanding online betting and gaming markets globally.”
Recent
Business Highlights
| ● | Subsequent
to quarter-end, expanded video lottery terminal (“VLT”) placements by Western
Canada Lottery Corporation (“WCLC”) with award of 720 Additional Valor™
Terminals in Saskatchewan. |
| ● | Subsequent
to quarter-end, announced the exclusive launch of its NBA Re-Play Virtual Sports product
with long-time partner, Greek Organisation of Football Prognostics S.A. (“OPAP”). |
| ● | Launched
the virtual product, End Zone Cash, featuring NFL Alumni players with the Pennsylvania Lottery. |
| ● | Signed
a long-term contract extension as the provider of arcade games and entertainment products
to longtime partner Parkdean Resorts, the UK’s largest holiday park operator. |
Summary of First Quarter 2024 Segment Financial Results
(unaudited)
| | |
Three Months Ended March 31, | | |
Reported Variance | | |
Currency Movement 20242 | | |
Functional Currency Variance | |
| (In $ millions) | |
2024 | | |
2023 | | |
% | | |
$ | | |
% | |
| Total Revenue | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gaming | |
$ | 24.0 | | |
$ | 27.1 | | |
| (11 | )% | |
$ | 1.0 | | |
| (15 | )% |
| Virtual Sports | |
| 12.4 | | |
| 14.8 | | |
| (16 | )% | |
| 0.5 | | |
| (20 | )% |
| Interactive | |
| 8.1 | | |
| 5.9 | | |
| 37 | % | |
| 0.4 | | |
| 31 | % |
| Leisure | |
| 18.6 | | |
| 17.1 | | |
| 9 | % | |
| 0.7 | | |
| 5 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Company Revenue | |
$ | 63.1 | | |
$ | 64.9 | | |
| (3 | )% | |
$ | 2.6 | | |
| (7 | )% |
| Net operating (loss) income | |
| (1.4 | ) | |
| 4.6 | | |
| (130 | )% | |
| (0.3 | ) | |
| (124 | )% |
| Net loss | |
| (5.7 | ) | |
| (1.4 | ) | |
| 307 | % | |
| (3.8 | ) | |
| 271 | % |
| Net loss per basic share | |
$ | (0.20 | ) | |
$ | (0.05 | ) | |
| 296 | % | |
| NM3 | | |
| 281 | % |
| Net loss per diluted share | |
$ | (0.20 | ) | |
$ | (0.05 | ) | |
| 296 | % | |
| NM3 | | |
| 281 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP Financial Measures | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA1 | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gaming | |
$ | 7.3 | | |
$ | 9.7 | | |
| (25 | )% | |
$ | 0.1 | | |
| (26 | )% |
| Virtual Sports | |
| 10.4 | | |
| 12.7 | | |
| (18 | )% | |
| 0.7 | | |
| (23 | )% |
| Interactive | |
| 4.4 | | |
| 3.1 | | |
| 42 | % | |
| 0.1 | | |
| 38 | % |
| Leisure | |
| 1.8 | | |
| 0.9 | | |
| 100 | % | |
| 0.3 | | |
| 61 | % |
| Corporate | |
| (7.6 | ) | |
| (6.3 | ) | |
| (21 | )% | |
| (0.5 | ) | |
| (13 | )% |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Company Adjusted EBITDA1 | |
$ | 16.3 | | |
$ | 20.1 | | |
| (19 | )% | |
$ | 0.7 | | |
| (23 | )% |
| Adjusted EBITDA Margin1 | |
| 26 | % | |
| 31 | % | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted net income (loss)1 | |
$ | (0.4 | ) | |
$ | 2.5 | | |
| (117 | )% | |
| NM3 | | |
| (117 | )% |
| Adjusted net income (loss) per diluted share | |
$ | (0.02 | ) | |
$ | 0.09 | | |
| (117 | )% | |
| NM3 | | |
| (117 | )% |
1 Reconciliation to US GAAP shown below.
2 Currency movement calculated by translating 2024 and 2023 performances at 2023 exchange rates.
3 Percentage/dollar change is not meaningful.
Non-GAAP
Financial Measures
We
use non-GAAP financial measures, including Adjusted EBITDA, to analyze our operating performance. We use these financial measures to
manage our business on a day-to-day basis. We believe that these measures are also commonly used in our industry to measure performance.
For these reasons, we believe that these non-GAAP financial measures provide expanded insight into our business, in addition to standard
U.S. GAAP financial measures. There are no uniform rules for defining and using non-GAAP financial measures, and as a result the measures
we use may not be comparable to measures used by other companies, even if they have similar labels. The presentation of non-GAAP financial
information should not be considered in isolation from, as a substitute for, or superior to, financial information prepared and presented
in accordance with U.S. GAAP. You should consider our non-GAAP financial measures in conjunction with our U.S. GAAP financial statements.
We
define our non-GAAP financial measures as follows:
EBITDA
is defined as net loss excluding depreciation and amortization, interest expense, interest income and income tax expense.
Adjusted
EBITDA is defined as net income (loss) excluding depreciation and amortization, interest expense, interest income and income
tax expense, and other additional exclusions and adjustments (see Adjusted EBITDA reconciliation table). Such additional excluded
amounts include stock-based compensation U.S. GAAP charges where the associated liability is expected to be settled in stock, and changes
in the value of earnout liabilities and income and expenditure in relation to legacy portions of the business (being those portions where
trading no longer occurs) including closed defined benefit pension schemes. Additional adjustments are made for items considered outside
the normal course of business, including (1) restructuring costs, which include charges attributable to employee severance, management
changes, restructuring, dual running costs, costs related to facility closures and integration costs, (2) merger and acquisition costs
and (3) gains or losses not in the ordinary course of business.
We
believe Adjusted EBITDA, when considered along with other performance measures, is a particularly useful performance measure, because
it focuses on certain operating drivers of the business, including sales growth, operating costs, selling and administrative expense
and other operating income and expense. We believe Adjusted EBITDA can provide a more complete understanding of our operating results
and the trends to which we are subject, and an enhanced overall understanding of our financial performance and prospects for the future.
Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income or loss,
because it does not take into account certain aspects of our operating performance (for example, it excludes non-recurring gains and
losses which are not deemed to be a normal part of underlying business activities). Our use of Adjusted EBITDA may not be comparable
to the use by other companies of similarly termed measures. Management compensates for these limitations by using Adjusted EBITDA as
only one of several measures for evaluating our operating performance. In addition, capital expenditures, which affect depreciation and
amortization, interest expense, and income tax benefit (expense), are evaluated separately by management.
Adjusted
Net Income is defined as net income (loss) excluding the effects of certain exclusions and adjustments. Such excluded amounts
include income and expenditure in relation to legacy portions of the business (being those portions where trading no longer occurs) including
closed defined benefit pension schemes. Additional adjustments are made for items considered outside the normal course of business, including
(1) restructuring costs, which include charges attributable to employee severance, management changes, restructuring, dual running costs,
costs related to facility closures and integration costs, (2) merger and acquisition costs and (3) gains or losses not in the ordinary
course of business. These items have been adjusted to reflect the tax impact from excluding them from net income (loss).
Adjusted
Net Income per diluted share is computed by dividing the Adjusted Net Income by the weighted-average number of common shares
outstanding during the period, including the effects of any potentially dilutive securities, including RSUs, using the treasury stock
method, and convertible debt or convertible preferred stock, using the if-converted method, unless the inclusion would be anti-dilutive.
Functional
Currency at Constant rate. Currency impacts shown have been calculated as the current-period average GBP:USD rate less the equivalent
average rate in the prior year quarter, multiplied by the current period amount in our functional currency (GBP). The remaining difference,
referred to as functional currency at constant rate, is calculated as the difference in our functional currency, multiplied by the prior
year quarter average GBP: USD rate, as a proxy for functional currency at constant rate movement.
Currency
Movement represents the difference between the results in our reporting currency (USD) and the results on a functional currency
at constant rate basis.
Reconciliations
from net loss, as shown in our Consolidated Statements of Operations and Comprehensive Loss, to Adjusted EBITDA are shown below.
Conference
Call and Webcast
Inspired
management will host a conference call and simultaneous webcast at 8:30 a.m. ET / 1:30 p.m. UK on Friday, May 10, 2024 to discuss the
financial results and general business trends.
Telephone:
The dial-in number to access the call live is 1-800-715-9871 (US) or 1-646-307-1963 (International). Participants should ask
to be joined into the Inspired Entertainment call.
Webcast:
A live audio-only webcast of the call can be accessed through the “Events and Presentations” page of the Company’s
website at www.inseinc.com under the Investors link. Please follow the registration prompts.
Replay:
A replay of the webcast will be available on the Company’s website at www.inseinc.com.
About
Inspired Entertainment, Inc.
Inspired
offers an expanding portfolio of content, technology, hardware and services for regulated gaming, betting, lottery, social and leisure
operators across retail and mobile channels around the world. The Company’s gaming, virtual sports, interactive and leisure products
appeal to a wide variety of players, creating new opportunities for operators to grow their revenue. The Company operates in approximately
35 jurisdictions worldwide, supplying gaming systems with associated terminals and content for approximately 50,000 gaming machines located
in betting shops, pubs, gaming halls and other route operations; virtual sports products through more than 32,000 retail venues and various
online websites; interactive games for 170+ websites; and a variety of amusement entertainment solutions with a total installed base
of more than 16,000 terminals. Additional information can be found at www.inseinc.com.
Forward-Looking
Statements
This
press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the
U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our ability to bring certain
of our products to customers in the various markets in which we operate and execute on our strategic plan, statements regarding expectations
with respect to potential new customers and statements regarding our anticipated financial performance. Forward-looking statements may
be identified by the use of words such as “anticipate,” “believe,” “continue,” “expect,”
“estimate,” “plan,” “will,” “would” and “project” and other similar expressions
that indicate future events or trends or are not statements of historical matters. These statements are based on Inspired management’s
current expectations and beliefs, as well as a number of assumptions concerning future events.
Forward-looking
statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside
of Inspired’s control and all of which could cause actual results to differ materially from the results discussed in the forward-looking
statements. Accordingly, forward-looking statements should not be relied upon as representing Inspired’s views as of any subsequent
date. You are advised to review carefully the “Risk Factors” section of Inspired’s annual report on Form 10-K for the
fiscal year ended December 31, 2023, and subsequent quarterly reports on Form 10-Q, which are available, free of charge, on the U.S.
Securities and Exchange Commission’s website at www.sec.gov. Inspired does not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or
otherwise, except as required by law.
Contact:
For
Investors
IR@inseinc.com
+1
(646) 277-1285
For
Press and Sales
inspiredsales@inseinc.com
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in
millions, except share data)
(Unaudited)
| | |
Three Months Ended March 31, | |
| | |
2024 | | |
2023 | |
| Revenue: | |
| | | |
| | |
| Service | |
$ | 57.1 | | |
$ | 57.5 | |
| Product sales | |
| 6.0 | | |
| 7.4 | |
| Total revenue | |
| 63.1 | | |
| 64.9 | |
| | |
| | | |
| | |
| Cost of sales: | |
| | | |
| | |
| Cost of service (1) | |
| (15.9 | ) | |
| (15.0 | ) |
| Cost of product sales (1) | |
| (4.5 | ) | |
| (6.7 | ) |
| Selling, general and administrative expenses | |
| (34.2 | ) | |
| (29.2 | ) |
| Depreciation and amortization | |
| (9.9 | ) | |
| (9.4 | ) |
| Net operating (loss) income | |
| (1.4 | ) | |
| 4.6 | |
| | |
| | | |
| | |
| Other expense | |
| | | |
| | |
| Interest expense, net | |
| (6.6 | ) | |
| (6.3 | ) |
| Other finance income | |
| 0.1 | | |
| 0.1 | |
| Total other expense, net | |
| (6.5 | ) | |
| (6.2 | ) |
| | |
| | | |
| | |
| (Loss) income before income taxes | |
| (7.9 | ) | |
| (1.6 | ) |
| Income tax benefit | |
| 2.2 | | |
| 0.2 | |
| Net loss | |
| (5.7 | ) | |
| (1.4 | ) |
| | |
| | | |
| | |
| Other comprehensive (loss)/income: | |
| | | |
| | |
| Foreign currency translation gain (loss) | |
| 1.0 | | |
| (2.9 | ) |
| Reclassification of loss on hedging instrument to comprehensive income | |
| — | | |
| 0.2 | |
| Actuarial gains on pension plan | |
| 0.3 | | |
| 0.2 | |
| Other comprehensive income (loss) | |
| 1.3 | | |
| (2.5 | ) |
| | |
| | | |
| | |
| Comprehensive loss | |
$ | (4.4 | ) | |
$ | (3.9 | ) |
| | |
| | | |
| | |
| Net loss per common share – basic and diluted | |
$ | (0.20 | ) | |
$ | (0.05 | ) |
| | |
| | | |
| | |
| Weighted average number of shares outstanding during the period – basic and diluted | |
| 28,603,734 | | |
| 27,974,182 | |
| | |
| | | |
| | |
| Supplemental disclosure of stock-based compensation expense | |
| | | |
| | |
| Stock-based compensation included in: | |
| | | |
| | |
| Selling, general and administrative expenses | |
$ | (2.3 | ) | |
$ | (2.9 | ) |
| (1) |
Excluding depreciation
and amortization |
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
millions, except share data)
| | |
March
31, 2024 | | |
December
31, 2023 | |
| | |
(Unaudited) | | |
| |
| Assets | |
| | | |
| | |
| Cash | |
$ | 35.3 | | |
$ | 40.0 | |
| Accounts receivable, net | |
| 37.5 | | |
| 40.6 | |
| Inventory | |
| 31.7 | | |
| 32.3 | |
| Prepaid expenses and other current assets | |
| 39.6 | | |
| 39.6 | |
| Total current assets | |
| 144.1 | | |
| 152.5 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 63.2 | | |
| 62.8 | |
| Software development costs, net | |
| 21.9 | | |
| 21.8 | |
| Other acquired intangible assets subject to amortization, net | |
| 12.9 | | |
| 13.4 | |
| Goodwill | |
| 58.3 | | |
| 58.8 | |
| Operating lease right of use asset | |
| 15.2 | | |
| 14.2 | |
| Costs of obtaining and fulfilling customer contracts, net | |
| 9.7 | | |
| 9.4 | |
| Other assets | |
| 5.8 | | |
| 8.0 | |
| Total assets | |
$ | 331.1 | | |
$ | 340.9 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Deficit | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and accrued expenses | |
$ | 57.6 | | |
$ | 60.8 | |
| Corporate tax and other current taxes payable | |
| 3.2 | | |
| 6.3 | |
| Deferred revenue, current | |
| 4.9 | | |
| 5.6 | |
| Operating lease liabilities | |
| 5.1 | | |
| 4.7 | |
| Current portion of long-term debt | |
| 18.9 | | |
| 19.1 | |
| Other current liabilities | |
| 4.4 | | |
| 4.2 | |
| Total current liabilities | |
| 94.1 | | |
| 100.7 | |
| | |
| | | |
| | |
| Long-term debt | |
| 293.3 | | |
| 295.6 | |
| Finance lease liabilities, net of current portion | |
| 2.5 | | |
| 1.6 | |
| Deferred revenue, net of current portion | |
| 8.0 | | |
| 7.1 | |
| Operating lease liabilities | |
| 10.5 | | |
| 9.8 | |
| Other long-term liabilities | |
| 3.9 | | |
| 4.1 | |
| Total liabilities | |
| 412.3 | | |
| 418.9 | |
| | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| Stockholders’ deficit | |
| | | |
| | |
| Preferred stock; $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively. | |
| — | | |
| — | |
| Common stock; $0.0001 par value; 49,000,000 shares authorized; 26,559,756 shares and 26,219,021 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | |
| — | | |
| — | |
| Additional paid in capital | |
| 387.3 | | |
| 386.1 | |
| Accumulated other comprehensive income | |
| 45.8 | | |
| 44.5 | |
| Accumulated deficit | |
| (514.3 | ) | |
| (508.6 | ) |
| Total stockholders’ deficit | |
| (81.2 | ) | |
| (78.0 | ) |
| Total liabilities and stockholders’ deficit | |
$ | 331.1 | | |
$ | 340.9 | |
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
millions)
(Unaudited)
| | |
Three Months Ended March 31, | |
| | |
2024 | | |
2023 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net loss | |
$ | (5.7 | ) | |
$ | (1.4 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 9.9 | | |
| 9.4 | |
| Amortization of right of use asset | |
| 1.1 | | |
| 0.8 | |
| Stock-based compensation expense | |
| 2.3 | | |
| 2.9 | |
| Contract cost expense | |
| (2.4 | ) | |
| (2.6 | ) |
| Reclassification of loss on hedging instrument to comprehensive income | |
| — | | |
| 0.2 | |
| Non-cash interest expense relating to senior debt | |
| 0.2 | | |
| 0.3 | |
| Changes in assets and liabilities: | |
| | | |
| | |
| Accounts receivable | |
| 2.7 | | |
| 8.3 | |
| Inventory | |
| 0.4 | | |
| (3.5 | ) |
| Prepaid expenses and other assets | |
| 4.3 | | |
| 1.0 | |
| Corporate tax and other current taxes payable | |
| (6.3 | ) | |
| (6.2 | ) |
| Accounts payable and accrued expenses | |
| (2.6 | ) | |
| 3.5 | |
| Deferred revenues and customer prepayment | |
| 0.6 | | |
| (0.2 | ) |
| Operating lease liabilities | |
| (1.0 | ) | |
| (0.9 | ) |
| Other long-term liabilities | |
| 0.1 | | |
| — | |
| Net cash provided by operating activities | |
| 3.6 | | |
| 11.6 | |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Purchases of property and equipment | |
| (4.4 | ) | |
| (5.5 | ) |
| Acquisition of third-party company trade and assets | |
| — | | |
| (0.6 | ) |
| Purchases of capital software | |
| (3.3 | ) | |
| (2.8 | ) |
| Net cash used in investing activities | |
| (7.7 | ) | |
| (8.9 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Repayments of finance leases | |
| (0.2 | ) | |
| (0.5 | ) |
| Net cash used in financing activities | |
| (0.2 | ) | |
| (0.5 | ) |
| | |
| | | |
| | |
| Effect of exchange rate changes on cash | |
| (0.4 | ) | |
| 0.6 | |
| Net (decrease) increase in cash | |
| (4.7 | ) | |
| 2.8 | |
| Cash, beginning of period | |
| 40.0 | | |
| 25.0 | |
| Cash, end of period | |
$ | 35.3 | | |
$ | 27.8 | |
| | |
| | | |
| | |
| Supplemental cash flow disclosures | |
| | | |
| | |
| Cash paid during the period for interest | |
$ | 0.1 | | |
$ | 0.1 | |
| Cash paid during the period for income taxes | |
$ | — | | |
$ | 0.1 | |
| Cash paid during the period for operating leases | |
$ | 2.1 | | |
$ | 2.1 | |
| | |
| | | |
| | |
| Supplemental disclosure of noncash investing and financing activities | |
| | | |
| | |
| Additional paid in capital from net settlement of RSUs | |
$ | (0.8 | ) | |
$ | — | |
| Lease liabilities arising from obtaining right of use assets | |
$ | (2.2 | ) | |
$ | (0.1 | ) |
| Property and equipment acquired through finance lease | |
$ | 1.3 | | |
$ | — | |
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
ADJUSTED
EBITDA RECONCILIATION BY SEGMENT
(in
millions)
(Unaudited)
Three
Months Ended March 31, 2024
| | |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
| Net income (loss) | |
$ | 2.8 | | |
$ | 9.4 | | |
$ | 3.1 | | |
$ | (1.3 | ) | |
$ | (19.7 | ) | |
$ | (5.7 | ) |
| Items Relating to Legacy Activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Pension charges | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.3 | | |
| 0.3 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Items outside the normal course of business: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Costs of group restructure | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.2 | | |
| 0.2 | |
| Costs of group restatement | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5.0 | | |
| 5.0 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Stock-based compensation expense | |
| 0.2 | | |
| 0.1 | | |
| 0.1 | | |
| 0.1 | | |
| 1.8 | | |
| 2.3 | |
| Depreciation and amortization | |
| 4.3 | | |
| 0.9 | | |
| 1.2 | | |
| 3.0 | | |
| 0.5 | | |
| 9.9 | |
| Interest expense, net | |
| — | | |
| — | | |
| — | | |
| — | | |
| 6.6 | | |
| 6.6 | |
| Other finance income | |
| — | | |
| — | | |
| — | | |
| — | | |
| (0.1 | ) | |
| (0.1 | ) |
| Income tax | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2.2 | ) | |
| (2.2 | ) |
| Adjusted EBITDA | |
$ | 7.3 | | |
$ | 10.4 | | |
$ | 4.4 | | |
$ | 1.8 | | |
$ | (7.6 | ) | |
$ | 16.3 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
£ | 5.9 | | |
£ | 8.0 | | |
£ | 3.5 | | |
£ | 1.3 | | |
£ | (6.0 | ) | |
£ | 12.7 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Exchange rate - $ to £ | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1.27 | |
Three
Months Ended March 31, 2023
| |
Gaming | | |
Virtual Sports | |
|
Interactive | | |
Leisure | | |
Corporate | | |
Total | |
| | |
| | |
| |
|
| | |
| | |
| | |
| |
| Net income (loss) | |
$ | 4.9 | | |
$ | 11.7 | |
|
$ | 2.3 | | |
$ | (2.3 | ) | |
$ | (18.0 | ) | |
$ | (1.4 | ) |
| Items Relating to Legacy Activities: | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
| Pension charges | |
| — | | |
| — | |
|
| — | | |
| — | | |
| 0.2 | | |
| 0.2 | |
| | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
| Items outside the normal course of business: | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
| Costs of group restructure | |
| — | | |
| — | |
|
| — | | |
| — | | |
| 3.0 | | |
| 3.0 | |
| | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
| Stock-based compensation expense | |
| 0.3 | | |
| 0.2 | |
|
| 0.2 | | |
| 0.1 | | |
| 2.1 | | |
| 2.9 | |
| Depreciation and amortization | |
| 4.5 | | |
| 0.8 | |
|
| 0.6 | | |
| 3.1 | | |
| 0.4 | | |
| 9.4 | |
| Interest expense, net | |
| — | | |
| — | |
|
| — | | |
| — | | |
| 6.3 | | |
| 6.3 | |
| Other finance income | |
| — | | |
| — | |
|
| — | | |
| — | | |
| (0.1 | ) | |
| (0.1 | ) |
| Income tax | |
| — | | |
| — | |
|
| — | | |
| — | | |
| (0.2 | ) | |
| (0.2 | ) |
| Adjusted EBITDA | |
$ | 9.7 | | |
$ | 12.7 | |
|
$ | 3.1 | | |
$ | 0.9 | | |
$ | (6.3 | ) | |
$ | 20.1 | |
| | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
£ | 8.0 | | |
£ | 10.4 | |
|
£ | 2.5 | | |
£ | 0.8 | | |
£ | (5.2 | ) | |
£ | 16.5 | |
| | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| | |
| Exchange rate - $ to £ | |
| | | |
| | |
|
| | | |
| | | |
| | | |
| 1.21 | |
ADJUSTED
NET INCOME RECONCILIATION
(in
millions, except share data)
(Unaudited)
| | |
For the Three-Month Period Ended | |
| | |
Unaudited | | |
Unaudited | |
| | |
Mar 31, 2024 | | |
Mar 31, 2023 | |
| Net loss | |
$ | (5.7 | ) | |
$ | (1.4 | ) |
| Items Relating to Legacy Activities: | |
| | | |
| | |
| Pension charges | |
| 0.3 | | |
| 0.2 | |
| | |
| | | |
| | |
| Items outside the normal course of business: | |
| | | |
| | |
| Costs of group restructure | |
| 0.2 | | |
| 3.0 | |
| Costs of group restatement | |
| 5.0 | | |
| — | |
| | |
| | | |
| | |
| Effect of exchange rates on cash | |
| (0.4 | ) | |
| 0.6 | |
| Mark to market movement on currency deals | |
| 0.2 | | |
| 0.1 | |
| Other finance expenses / (income) | |
| (0.1 | ) | |
| (0.1 | ) |
| Tax Impact | |
| 0.1 | | |
| 0.0 | |
| Adjusted Net Income (Loss) | |
$ | (0.4 | ) | |
$ | 2.5 | |
| | |
| | | |
| | |
| Adjusted Net Income (Loss) | |
£ | (0.3 | ) | |
£ | 2.0 | |
| | |
| | | |
| | |
| Exchange Rate - $ to £ | |
| 1.27 | | |
| 1.21 | |
| | |
| | | |
| | |
| Weighted average number of shares outstanding–diluted | |
| 28,603,734 | | |
| 28,851,003 | |
| | |
| | | |
| | |
| Adjusted Net Income (Loss) per diluted share | |
$ | (0.02 | ) | |
$ | 0.09 | |
PRO-RATED
SEGMENT ADJUSTED EBITDA CONTRIBUTION
(in
millions)
(Unaudited)
Three Months Ended March 31, 2024
| |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate Functions | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Total Revenue | |
$ | 24.0 | | |
$ | 12.4 | | |
$ | 8.1 | | |
$ | 18.6 | | |
$ | — | | |
$ | 63.1 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment % of Total Revenue | |
| 38.0 | % | |
| 19.7 | % | |
| 12.8 | % | |
| 29.5 | % | |
| | | |
| 100.0 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
$ | 7.3 | | |
$ | 10.4 | | |
$ | 4.4 | | |
$ | 1.8 | | |
$ | (7.6 | ) | |
$ | 16.3 | |
| Corporate allocation(1) | |
| (2.9 | ) | |
| (1.5 | ) | |
| (1.0 | ) | |
| (2.2 | ) | |
| 7.6 | | |
| — | |
| Segment-level Adjusted EBITDA including pro-rated corporate allocation | |
$ | 4.4 | | |
$ | 8.9 | | |
$ | 3.4 | | |
$ | (0.4 | ) | |
$ | — | | |
$ | 16.3 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment Contribution to Adjusted EBITDA | |
| 27.0 | % | |
| 54.6 | % | |
| 20.9 | % | |
| (2.5 | )% | |
| | | |
| 100.0 | % |
| (1) | Corporate
allocation pro-rated by segment % of Total Revenue contribution |
Three
Months Ended March 31, 2023
| | |
Gaming | | |
Virtual
Sports | | |
Interactive | | |
Leisure | | |
Corporate Functions | | |
Total | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Total Revenue | |
$ | 27.1 | | |
$ | 14.8 | | |
$ | 5.9 | | |
$ | 17.1 | | |
$ | — | | |
$ | 64.9 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment % of Total Revenue | |
| 41.8 | % | |
| 22.8 | % | |
| 9.1 | % | |
| 26.3 | % | |
| | | |
| 100.0 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
$ | 9.7 | | |
$ | 12.7 | | |
$ | 3.1 | | |
$ | 0.9 | | |
$ | (6.3 | ) | |
$ | 20.1 | |
| Corporate allocation(1) | |
| (2.6 | ) | |
| (1.4 | ) | |
| (0.6 | ) | |
| (1.7 | ) | |
| 6.3 | | |
| — | |
| Segment-level Adjusted EBITDA including pro-rated corporate allocation | |
$ | 7.1 | | |
$ | 11.3 | | |
$ | 2.5 | | |
$ | (0.8 | ) | |
$ | — | | |
$ | 20.1 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment Contribution to Adjusted EBITDA | |
| 35.3 | % | |
| 56.2 | % | |
| 12.5 | % | |
| (4.0 | )% | |
| | | |
| 100.0 | % |
| (1) | Corporate
allocation pro-rated by segment % of Total Revenue contribution |
v3.24.1.1.u2
Cover
|
May 10, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
May 10, 2024
|
| Entity File Number |
001-36689
|
| Entity Registrant Name |
Inspired
Entertainment, Inc.
|
| Entity Central Index Key |
0001615063
|
| Entity Tax Identification Number |
47-1025534
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
250
West 57th Street
|
| Entity Address, Address Line Two |
Suite 415
|
| Entity Address, City or Town |
New
York
|
| Entity Address, State or Province |
NY
|
| Entity Address, Postal Zip Code |
10107
|
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(646)
|
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565-3861
|
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false
|
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false
|
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false
|
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false
|
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Common
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|
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INSE
|
| Security Exchange Name |
NASDAQ
|
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-Subsection d1-1
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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- DefinitionTrading symbol of an instrument as listed on an exchange.
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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