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 September 30, 2024.
“Our third quarter results demonstrate the
resilience of our diversified business model and our ability to
successfully execute across our business segments,” said Lorne
Weil, Executive Chairman of Inspired. “Interactive continues to be
a standout performer with revenue growing 40% year-over-year and
EBITDA increasing 47%, driven by strong growth across key markets
including the UK, North America, and mainland Europe. The segment's
EBITDA margin expanded to 67.6%, reflecting the operating leverage
inherent in our digital business model. We're particularly
encouraged by the substantial progress we’ve made in our Hybrid
Dealer rollout strategy, successfully launching our MGM Bonus City
game with BetMGM in Michigan and achieving a significant milestone
with the commitment to our revolutionary Hybrid Dealer Roulette
game in Canada by Loto-Québec. Moreover, our strategic partnership
with FanDuel to integrate our Hybrid Dealer suite and develop
content that is proprietary to FanDuel represents another major
step forward in our North American expansion strategy.
“In our Gaming segment, we’re seeing positive
momentum from our operational initiatives, with EBITDA increasing
29% year-over-year despite more modest revenue growth, due to an
improvement in our revenue mix for the quarter. We continue to
execute on the opportunities before us in our Gaming segment, as
exemplified by our major contract with Mecca Bingo to supply 170
state-of-the-art gaming machines through a five-year agreement.
This follows our previously announced William Hill partnership,
where we're proceeding with plans to deploy 5,000 new Vantage
cabinets, the installation of which has begun and will be complete
by the end of the first quarter, setting a foundation for growth in
2025 as these next-gen terminals have proven to drive consistent
double-digit growth.
“While Virtual Sports faced continued headwinds
from a key customer, we’re seeing encouraging trends in the broader
business with high single-digit revenue growth in the rest of the
customer base driven by online performance. Despite the near-term
challenges, we remain confident in the long-term growth trajectory
of this high-margin business. The business continues to generate
industry-leading margins of nearly 79% as we invest in strategic
growth initiatives, particularly in Brazil, where we’re dedicating
resources to capitalize on this significant market opportunity.
We’re particularly excited about our new licensing agreement with
the National Hockey League, which enhances our growing portfolio of
major sports partnerships alongside the NFL and NBA. This agreement
allows us to develop innovative interactive Virtual Sports games
featuring NHL branding, further strengthening our offering in the
North American and European markets.
“In our Leisure segment, we delivered 5% revenue
growth and a meaningful improvement in EBITDA margin to 30.6%. Our
holiday park business showed steady growth with new site additions
contributing to performance.
“Lastly, we are thrilled to welcome James
Richardson to the Inspired Entertainment team. James’s extensive
background in financial management and his proven track record of
driving growth and operational excellence make him an ideal fit for
our company as we continue to execute our strategic initiatives and
deliver value to our shareholders.
“Looking ahead, we remain focused on executing
our strategic priorities: expanding our digital businesses,
optimizing our land-based operations, and investing in new market
opportunities. The strong performance of Interactive, improving
profitability in Gaming, and our ongoing investments in Virtual
Sports content and new markets give us confidence in our ability to
drive sustainable growth and shareholder value creation.”
Recent Business Highlights
- Subsequent to
quarter-end, announced a licensing agreement with the National
Hockey League (“NHL”) granting Inspired rights to develop
interactive, fixed odds Virtual Sports games, featuring the NHL
logo and NHL Club jerseys and names.
- Subsequent to
quarter-end, announced revolutionary Hybrid Dealer Roulette game in
Canada with Loto-Québec that is expected to be delivered in the
fourth quarter of 2024.
- Subsequent to
quarter-end, announced a long-term extension of its Virtual Sports
partnership with OPAP, Greece’s leading gaming company, and will
upgrade 4,000 Video Lottery Terminals (“VLTs”).
- Subsequent to
quarter-end, announced a strategic partnership with FanDuel to
integrate Inspired’s innovative Hybrid Dealer suite of content and
develop a bespoke game tailored specifically for FanDuel’s
audience.
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Summary of Third Quarter 2024 Segment Financial
Results (unaudited) |
|
|
Three Months EndedSeptember
30, |
|
Reported Variance |
|
Currency Movement 20242 |
|
Functional Currency Variance |
(In $ millions) |
|
|
2024 |
|
|
|
2023 |
|
|
% |
|
$ |
|
% |
Total Revenue |
|
|
|
|
|
|
|
|
|
|
Gaming (excl. Low Margin Hardware Sales) |
|
$ |
23.3 |
|
|
$ |
22.4 |
|
|
4 |
% |
|
$ |
0.6 |
|
|
2 |
% |
Virtual Sports |
|
|
11.2 |
|
|
|
13.4 |
|
|
(16 |
%) |
|
|
0.3 |
|
|
(19 |
%) |
Interactive |
|
|
10.2 |
|
|
|
7.3 |
|
|
40 |
% |
|
|
0.2 |
|
|
37 |
% |
Leisure |
|
|
33.3 |
|
|
|
31.7 |
|
|
5 |
% |
|
|
0.9 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total Company Revenue (excl. Low Margin Gaming Hardware
Sales) |
|
$ |
78.0 |
|
|
$ |
74.8 |
|
|
4 |
% |
|
$ |
2.0 |
|
|
2 |
% |
Low
Margin Gaming Hardware Sales |
|
|
- |
|
|
|
22.7 |
|
|
(100 |
%) |
|
|
- |
|
|
(100 |
%) |
Total Company Revenue (incl. Low Margin Gaming Hardware
Sales) |
|
$ |
78.0 |
|
|
$ |
97.5 |
|
|
(20 |
%) |
|
$ |
2.0 |
|
|
(22 |
%) |
Net operating income |
|
|
11.9 |
|
|
|
12.2 |
|
|
(2 |
%) |
|
|
0.1 |
|
|
(3 |
%) |
Net income |
|
|
3.4 |
|
|
|
3.4 |
|
|
0 |
% |
|
|
(0.6 |
) |
|
18 |
% |
Net income per basic
share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
(1 |
%) |
|
NM3 |
|
22 |
% |
Net income per diluted
share |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
(1 |
%) |
|
NM3 |
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
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Non-GAAP Financial Measures |
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Adjusted EBITDA1 |
|
|
|
|
|
|
|
|
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|
Gaming |
|
$ |
10.7 |
|
|
$ |
8.3 |
|
|
29 |
% |
|
|
0.8 |
|
|
19 |
% |
Virtual Sports |
|
|
8.8 |
|
|
|
11.7 |
|
|
(25 |
%) |
|
|
0.2 |
|
|
(26 |
%) |
Interactive |
|
|
6.9 |
|
|
|
4.7 |
|
|
47 |
% |
|
|
0.1 |
|
|
45 |
% |
Leisure |
|
|
10.2 |
|
|
|
8.7 |
|
|
17 |
% |
|
|
0.0 |
|
|
18 |
% |
Corporate |
|
|
(6.5 |
) |
|
|
(6.7 |
) |
|
3 |
% |
|
|
(0.1 |
) |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Total Company Adjusted
EBITDA1 |
|
$ |
30.1 |
|
|
$ |
26.7 |
|
|
13 |
% |
|
$ |
1.0 |
|
|
9 |
% |
Adjusted
EBITDA Margin1 |
|
|
39 |
% |
|
|
27 |
% |
|
|
|
|
|
|
Adjusted
EBITDA Margin (Excl. Low Margin Gaming Hardware Sales |
|
|
39 |
% |
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income1 |
|
$ |
6.0 |
|
|
$ |
4.9 |
|
|
22 |
% |
|
|
0.2 |
|
|
18 |
% |
Adjusted net income
per diluted share |
|
$ |
0.21 |
|
|
$ |
0.17 |
|
|
24 |
% |
|
NM3 |
|
23 |
% |
|
|
|
|
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|
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. |
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Non-GAAP Financial MeasuresWe
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 income
(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 income (loss), as shown
in our Consolidated Statements of Operations and Comprehensive
Loss, to Adjusted EBITDA are shown below.
Conference Call and
WebcastInspired management will host a conference call and
simultaneous webcast at 8:00 a.m. ET / 1:00 p.m. UK on Friday,
November 8, 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 StatementsThis
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
InvestorsIR@inseinc.com +1 (646) 277-1285
For Press and Salesinspiredsales@inseinc.com
|
INSPIRED ENTERTAINMENT, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS) INCOME(in
millions, except share and per share
data)(Unaudited) |
|
|
|
Three Months EndedSeptember
30, |
|
|
Nine Months EndedSeptember
30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service |
|
$ |
73.8 |
|
|
$ |
70.7 |
|
|
$ |
196.7 |
|
|
$ |
195.7 |
|
Product sales |
|
|
4.2 |
|
|
|
26.8 |
|
|
|
20.0 |
|
|
|
46.1 |
|
Total revenue |
|
|
78.0 |
|
|
|
97.5 |
|
|
|
216.7 |
|
|
|
241.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of service (1) |
|
|
(20.7 |
) |
|
|
(21.4 |
) |
|
|
(55.6 |
) |
|
|
(56.9 |
) |
Cost of product sales (1) |
|
|
(2.7 |
) |
|
|
(26.7 |
) |
|
|
(13.0 |
) |
|
|
(41.8 |
) |
Selling, general and
administrative expenses |
|
|
(31.4 |
) |
|
|
(26.9 |
) |
|
|
(96.4 |
) |
|
|
(82.7 |
) |
Depreciation and
amortization |
|
|
(11.3 |
) |
|
|
(10.3 |
) |
|
|
(31.8 |
) |
|
|
(29.8 |
) |
Net operating income |
|
|
11.9 |
|
|
|
12.2 |
|
|
|
19.9 |
|
|
|
30.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(7.6 |
) |
|
|
(6.9 |
) |
|
|
(20.9 |
) |
|
|
(20.5 |
) |
Other finance income |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Total other expense, net |
|
|
(7.5 |
) |
|
|
(6.8 |
) |
|
|
(20.6 |
) |
|
|
(20.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) before income taxes |
|
|
4.4 |
|
|
|
5.4 |
|
|
|
(0.7 |
) |
|
|
10.4 |
|
Income tax (expense) benefit |
|
|
(1.0 |
) |
|
|
(2.0 |
) |
|
|
0.4 |
|
|
|
(2.8 |
) |
Net income (loss) |
|
|
3.4 |
|
|
|
3.4 |
|
|
|
(0.3 |
) |
|
|
7.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
(loss) gain |
|
|
(6.3 |
) |
|
|
3.6 |
|
|
|
(5.5 |
) |
|
|
(2.0 |
) |
Reclassification of loss on
hedging instrument to comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
Actuarial gains on pension
plan |
|
|
0.3 |
|
|
|
0.2 |
|
|
|
0.9 |
|
|
|
0.7 |
|
Other comprehensive
(loss) income |
|
|
(6.0 |
) |
|
|
3.8 |
|
|
|
(4.6 |
) |
|
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income |
|
$ |
(2.6 |
) |
|
$ |
7.2 |
|
|
$ |
(4.9 |
) |
|
$ |
6.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share – basic |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
0.27 |
|
Net income per common
share – diluted |
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
(0.01 |
) |
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding during the period –
basic |
|
|
28,496,801 |
|
|
|
28,104,365 |
|
|
|
28,524,762 |
|
|
|
28,088,901 |
|
Weighted average
number of shares outstanding during the period –
diluted |
|
|
29,188,787 |
|
|
|
29,105,267 |
|
|
|
28,524,762 |
|
|
|
29,149,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
$ |
(1.8 |
) |
|
$ |
(3.3 |
) |
|
$ |
(5.7 |
) |
|
$ |
(9.3 |
) |
(1) |
Excluding depreciation and amortization |
|
INSPIRED ENTERTAINMENT, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(in millions, except share
data) |
|
|
|
September 30,2024 |
|
|
December 31,2023 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
35.7 |
|
|
$ |
40.0 |
|
Restricted cash |
|
|
0.8 |
|
|
|
— |
|
Accounts receivable, net |
|
|
47.2 |
|
|
|
40.6 |
|
Inventory |
|
|
31.6 |
|
|
|
32.3 |
|
Prepaid expenses and other
current assets |
|
|
50.1 |
|
|
|
39.6 |
|
Total current assets |
|
|
165.4 |
|
|
|
152.5 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
64.4 |
|
|
|
62.8 |
|
Software development costs,
net |
|
|
24.2 |
|
|
|
21.8 |
|
Other acquired intangible
assets subject to amortization, net |
|
|
17.2 |
|
|
|
13.4 |
|
Goodwill |
|
|
61.9 |
|
|
|
58.8 |
|
Operating lease right of use
asset |
|
|
18.2 |
|
|
|
14.2 |
|
Costs of obtaining and
fulfilling customer contracts, net |
|
|
11.7 |
|
|
|
9.4 |
|
Other assets |
|
|
25.6 |
|
|
|
8.0 |
|
Total assets |
|
$ |
388.6 |
|
|
$ |
340.9 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Deficit |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
60.4 |
|
|
$ |
60.8 |
|
Corporate tax and other
current taxes payable |
|
|
7.0 |
|
|
|
6.3 |
|
Deferred revenue, current |
|
|
5.6 |
|
|
|
5.6 |
|
Operating lease
liabilities |
|
|
5.3 |
|
|
|
4.7 |
|
Current portion of long-term
debt |
|
|
20.1 |
|
|
|
19.1 |
|
Current portion of finance
liabilities |
|
|
7.8 |
|
|
|
0.7 |
|
Other current liabilities |
|
|
3.1 |
|
|
|
3.5 |
|
Total current liabilities |
|
|
109.3 |
|
|
|
100.7 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
312.4 |
|
|
|
295.6 |
|
Finance lease liabilities, net
of current portion |
|
|
16.6 |
|
|
|
1.6 |
|
Deferred revenue, net of
current portion |
|
|
12.0 |
|
|
|
7.1 |
|
Operating lease
liabilities |
|
|
13.4 |
|
|
|
9.8 |
|
Other long-term
liabilities |
|
|
3.2 |
|
|
|
4.1 |
|
Total liabilities |
|
|
466.9 |
|
|
|
418.9 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
deficit |
|
|
|
|
|
|
|
|
Preferred stock; $0.0001 par
value; 1,000,000 shares authorized, no shares issued and
outstanding at September 30, 2024 and December 31, 2023,
respectively. |
|
|
— |
|
|
|
— |
|
Common stock; $0.0001 par
value; 49,000,000 shares authorized; 26,574,804 shares and
26,219,021 shares issued and outstanding at September 30, 2024 and
December 31, 2023, respectively |
|
|
— |
|
|
|
— |
|
Additional paid in
capital |
|
|
390.7 |
|
|
|
386.1 |
|
Accumulated other
comprehensive income |
|
|
39.9 |
|
|
|
44.5 |
|
Accumulated deficit |
|
|
(508.9 |
) |
|
|
(508.6 |
) |
Total stockholders’ deficit |
|
|
(78.3 |
) |
|
|
(78.0 |
) |
Total liabilities and stockholders’ deficit |
|
$ |
388.6 |
|
|
$ |
340.9 |
|
|
INSPIRED ENTERTAINMENT, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in
millions)(Unaudited) |
|
|
|
Nine Months EndedSeptember
30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(0.3 |
) |
|
$ |
7.6 |
|
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
31.8 |
|
|
|
29.8 |
|
Amortization of right of use asset |
|
|
3.3 |
|
|
|
2.8 |
|
Stock-based compensation expense |
|
|
5.7 |
|
|
|
9.3 |
|
Reclassification of loss on hedging instrument to comprehensive
income |
|
|
— |
|
|
|
0.5 |
|
Non-cash interest expense relating to senior debt |
|
|
0.7 |
|
|
|
1.0 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(4.4 |
) |
|
|
11.7 |
|
Inventory |
|
|
2.3 |
|
|
|
(9.4 |
) |
Prepaid expenses and other assets |
|
|
(3.0 |
) |
|
|
(5.0 |
) |
Corporate tax and other current taxes payable |
|
|
(4.0 |
) |
|
|
(9.6 |
) |
Accounts payable and accrued expenses |
|
|
(7.9 |
) |
|
|
4.6 |
|
Deferred revenue and customer prepayment |
|
|
3.9 |
|
|
|
2.9 |
|
Operating lease liabilities |
|
|
(3.1 |
) |
|
|
(2.8 |
) |
Other long-term liabilities |
|
|
(0.2 |
) |
|
|
(0.4 |
) |
Net cash provided by operating activities |
|
|
24.8 |
|
|
|
43.0 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(11.7 |
) |
|
|
(20.1 |
) |
Acquisition of third-party
company trade and assets |
|
|
— |
|
|
|
(0.6 |
) |
Purchases of capital software
and internally developed costs |
|
|
(9.2 |
) |
|
|
(11.0 |
) |
Contract cost expense |
|
|
(8.6 |
) |
|
|
(7.7 |
) |
Net cash used in investing activities |
|
|
(29.5 |
) |
|
|
(39.4 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Repurchase of common
stock |
|
|
— |
|
|
|
(1.6 |
) |
Repayments of finance
leases |
|
|
(0.4 |
) |
|
|
(1.0 |
) |
Net cash used in financing activities |
|
|
(0.4 |
) |
|
|
(2.6 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash |
|
|
1.6 |
|
|
|
0.4 |
|
Net (decrease)
increase in cash |
|
|
(3.5 |
) |
|
|
1.4 |
|
Cash, beginning of period |
|
|
40.0 |
|
|
|
25.0 |
|
Cash and restricted
cash, end of period |
|
$ |
36.5 |
|
|
$ |
26.4 |
|
|
|
|
|
|
|
|
|
|
Components of cash and
restricted cash |
|
|
|
|
|
|
|
|
Cash |
|
|
35.7 |
|
|
|
26.4 |
|
Restricted cash |
|
|
0.8 |
|
|
|
- |
|
Total cash and
restricted cash, end of period |
|
$ |
36.5 |
|
|
$ |
26.4 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosures |
|
|
|
|
|
|
|
|
Cash paid during the period
for interest |
|
$ |
12.8 |
|
|
$ |
12.1 |
|
Cash paid during the period
for income taxes |
|
$ |
2.5 |
|
|
$ |
4.8 |
|
Cash paid during the period
for operating leases |
|
$ |
7.2 |
|
|
$ |
4.9 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
|
|
|
|
Lease liabilities arising from
obtaining right of use assets |
|
$ |
(6.4 |
) |
|
$ |
(0.4 |
) |
Property and equipment
acquired through finance lease |
|
$ |
21.9 |
|
|
$ |
1.2 |
|
Additional paid in capital
from net settlement of RSUs |
|
$ |
(0.8 |
) |
|
$ |
(1.3 |
) |
|
INSPIRED ENTERTAINMENT, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURESADJUSTED EBITDA RECONCILIATION BY
SEGMENT(in
millions)(Unaudited) |
|
Three
Months Ended September 30, 2024 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
4.4 |
|
|
$ |
7.4 |
|
|
$ |
5.5 |
|
|
$ |
6.9 |
|
|
$ |
(20.8 |
) |
|
$ |
3.4 |
|
Items Relating to
Legacy Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group restructure |
|
|
1.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
|
1.9 |
|
Costs of group restatement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
expense |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
1.3 |
|
|
|
1.8 |
|
Depreciation and
amortization |
|
|
5.0 |
|
|
|
1.3 |
|
|
|
1.3 |
|
|
|
3.1 |
|
|
|
0.6 |
|
|
|
11.3 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.6 |
|
|
|
7.6 |
|
Other finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
1.0 |
|
Adjusted
EBITDA |
|
$ |
10.7 |
|
|
$ |
8.8 |
|
|
$ |
6.9 |
|
|
$ |
10.2 |
|
|
$ |
(6.5 |
) |
|
$ |
30.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
8.1 |
|
|
£ |
6.8 |
|
|
£ |
5.3 |
|
|
£ |
7.9 |
|
|
£ |
(5.0 |
) |
|
£ |
23.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.30 |
|
Three
Months Ended September 30, 2023 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
2.8 |
|
|
$ |
10.8 |
|
|
$ |
3.7 |
|
|
$ |
5.5 |
|
|
$ |
(19.4 |
) |
|
$ |
3.4 |
|
Items Relating to
Discontinued Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items Relating to
Discontinued Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group restructure |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
expense |
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
2.4 |
|
|
|
3.3 |
|
Depreciation and
amortization |
|
|
5.1 |
|
|
|
0.7 |
|
|
|
0.9 |
|
|
|
3.0 |
|
|
|
0.6 |
|
|
|
10.3 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.9 |
|
|
|
6.9 |
|
Other finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
2.0 |
|
Adjusted
EBITDA |
|
$ |
8.3 |
|
|
$ |
11.7 |
|
|
$ |
4.7 |
|
|
$ |
8.7 |
|
|
$ |
(6.7 |
) |
|
$ |
26.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
6.8 |
|
|
£ |
9.2 |
|
|
£ |
3.7 |
|
|
£ |
6.7 |
|
|
£ |
(5.3 |
) |
|
£ |
21.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.27 |
|
Nine Months
Ended September 30, 2024 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
13.6 |
|
|
$ |
23.8 |
|
|
$ |
13.4 |
|
|
$ |
8.6 |
|
|
$ |
(59.7 |
) |
|
$ |
(0.3 |
) |
Items Relating to
Legacy Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
0.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group restructure |
|
|
1.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
|
|
2.8 |
|
Costs of group restatement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.7 |
|
|
|
10.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
expense |
|
|
0.5 |
|
|
|
0.3 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
4.2 |
|
|
|
5.7 |
|
Depreciation and
amortization |
|
|
12.7 |
|
|
|
4.7 |
|
|
|
3.7 |
|
|
|
9.1 |
|
|
|
1.6 |
|
|
|
31.8 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20.9 |
|
|
|
20.9 |
|
Other finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.4 |
) |
|
|
(0.4 |
) |
Adjusted
EBITDA |
|
$ |
28.3 |
|
|
$ |
28.8 |
|
|
$ |
17.4 |
|
|
$ |
18.1 |
|
|
$ |
(20.8 |
) |
|
$ |
71.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
21.7 |
|
|
£ |
22.4 |
|
|
£ |
13.4 |
|
|
£ |
14.1 |
|
|
£ |
(15.6 |
) |
|
£ |
56.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.28 |
|
Nine
Months Ended September 30, 2023 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
(In millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
13.9 |
|
|
$ |
34.6 |
|
|
$ |
8.5 |
|
|
$ |
6.3 |
|
|
$ |
(55.7 |
) |
|
$ |
7.6 |
|
Items Relating to
Discontinued Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group restructure |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.7 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
expense |
|
|
1.1 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
6.5 |
|
|
|
9.3 |
|
Depreciation and
amortization |
|
|
14.2 |
|
|
|
2.3 |
|
|
|
2.5 |
|
|
|
9.1 |
|
|
|
1.7 |
|
|
|
29.8 |
|
Interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20.5 |
|
|
|
20.5 |
|
Other finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.8 |
|
|
|
2.8 |
|
Adjusted
EBITDA |
|
$ |
29.2 |
|
|
$ |
37.5 |
|
|
$ |
11.4 |
|
|
$ |
16.1 |
|
|
$ |
(20.2 |
) |
|
$ |
74.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
23.7 |
|
|
£ |
30.1 |
|
|
£ |
9.1 |
|
|
£ |
12.6 |
|
|
£ |
(16.1 |
) |
|
£ |
59.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.24 |
|
|
ADJUSTED NET INCOME RECONCILIATION(in
millions, except share
data)(Unaudited) |
|
|
|
For the Three-MonthPeriod ended |
|
|
For the Nine-MonthPeriod ended |
|
|
Sep 30, |
|
|
Sep 30, |
|
|
Sep 30, |
|
|
Sep 30, |
(In
millions) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Net income (loss) |
|
$ |
3.4 |
|
|
$ |
3.4 |
|
$ |
(0.3 |
) |
|
$ |
7.6 |
|
Items Relating to
Legacy Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension charges |
|
|
0.3 |
|
|
|
0.2 |
|
|
0.9 |
|
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of group restructure |
|
|
1.9 |
|
|
|
0.7 |
|
|
2.8 |
|
|
|
3.7 |
|
Cost of group restatement |
|
|
2.9 |
|
|
|
— |
|
|
10.7 |
|
|
|
— |
|
Stock-based Compensation related to group restructure |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upfront recognition of
Stock-based Compensation expense |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
0.4 |
|
Effect of exchange rates on
cash |
|
|
(2.0 |
) |
|
|
1.0 |
|
|
(1.6 |
) |
|
|
(0.5 |
) |
Mark to market movement on
currency deals |
|
|
(0.4 |
) |
|
|
(0.3 |
) |
|
(0.5 |
) |
|
|
(0.2 |
) |
Other finance income |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
(0.3 |
) |
|
|
(0.3 |
) |
Tax Impact |
|
|
— |
|
|
|
— |
|
|
0.1 |
|
|
|
— |
|
Adjusted Net
Income |
|
$ |
6.0 |
|
|
$ |
4.9 |
|
$ |
11.8 |
|
|
$ |
12.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income |
|
£ |
4.6 |
|
|
£ |
3.9 |
|
£ |
9.2 |
|
|
£ |
9.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate - $ to £ |
|
|
1.30 |
|
|
|
1.27 |
|
|
1.28 |
|
|
|
1.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding– diluted |
|
|
29,188,787 |
|
|
|
29,105,267 |
|
|
29,172,000 |
|
|
|
29,149,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income per diluted share |
|
$ |
0.21 |
|
|
$ |
0.17 |
|
$ |
0.40 |
|
|
$ |
0.41 |
|
|
PRO-RATED SEGMENT ADJUSTED EBITDA
CONTRIBUTION(in
millions)(Unaudited) |
|
Three
Months Ended September 30, 2024 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
CorporateFunctions |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
$ |
23.3 |
|
|
|
$ |
11.2 |
|
|
|
$ |
10.2 |
|
|
|
$ |
33.3 |
|
|
|
$ |
— |
|
|
$ |
78.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment % of Total Revenue |
|
|
29.9% |
|
|
|
|
14.3% |
|
|
|
|
13.1% |
|
|
|
|
42.7% |
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
10.7 |
|
|
|
$ |
8.8 |
|
|
|
$ |
6.9 |
|
|
|
$ |
10.2 |
|
|
|
$ |
(6.5 |
) |
|
$ |
30.1 |
|
Corporate allocation(1) |
|
|
(1.9 |
) |
|
|
(0.9 |
) |
|
|
|
(0.9 |
) |
|
|
|
(2.8 |
) |
|
|
|
6.5 |
|
|
|
— |
|
Segment-level Adjusted
EBITDA including pro-rated corporate allocation |
|
$ |
8.8 |
|
|
|
$ |
7.9 |
|
|
|
$ |
6.0 |
|
|
|
$ |
7.4 |
|
|
|
$ |
— |
|
|
$ |
30.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Contribution to
Adjusted EBITDA |
|
|
29.2% |
|
|
|
|
26.3% |
|
|
|
|
19.9% |
|
|
|
|
24.6% |
|
|
|
|
|
|
|
|
100.0% |
|
(1) Corporate allocation pro-rated by segment % of
total revenue contribution
Three Months
Ended September 30, 2023 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
CorporateFunctions |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Revenue |
|
$ |
22.4 |
|
|
|
$ |
13.4 |
|
|
|
$ |
7.3 |
|
|
|
$ |
31.7 |
|
|
|
$ |
— |
|
|
$ |
74.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment % of Total Adjusted Revenue |
|
|
29.9% |
|
|
|
|
17.9% |
|
|
|
|
9.8% |
|
|
|
|
42.4% |
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
8.3 |
|
|
|
$ |
11.7 |
|
|
|
$ |
4.7 |
|
|
|
$ |
8.7 |
|
|
|
$ |
(6.7 |
) |
|
$ |
26.7 |
|
Corporate allocation(1) |
|
|
(2.0 |
) |
|
|
(1.2 |
) |
|
|
|
(0.6 |
) |
|
|
|
(2.9 |
) |
|
|
|
6.7 |
|
|
|
— |
|
Segment-level Adjusted
EBITDA including pro-rated corporate allocation |
|
$ |
6.3 |
|
|
|
$ |
10.5 |
|
|
|
$ |
4.1 |
|
|
|
$ |
5.8 |
|
|
|
$ |
— |
|
|
$ |
26.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Contribution to
Adjusted EBITDA |
|
|
23.6% |
|
|
|
|
39.3% |
|
|
|
|
15.4% |
|
|
|
|
21.7% |
|
|
|
|
|
|
|
|
100.0% |
|
(1) Corporate allocation pro-rated by segment % of
total Adjusted Revenue contribution
Nine
Months Ended September 30, 2024 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
CorporateFunctions |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
$ |
74.4 |
|
|
|
$ |
35.3 |
|
|
|
$ |
27.7 |
|
|
|
$ |
79.3 |
|
|
|
$ |
— |
|
|
$ |
216.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment % of Total Revenue |
|
|
34.3 |
% |
|
|
|
16.3 |
% |
|
|
|
12.8 |
% |
|
|
|
36.6 |
% |
|
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
28.3 |
|
|
|
$ |
28.8 |
|
|
|
$ |
17.4 |
|
|
|
$ |
18.1 |
|
|
|
$ |
(20.8 |
) |
|
$ |
71.8 |
|
Corporate allocation(1) |
|
|
(7.1 |
) |
|
|
(3.4 |
) |
|
|
|
(2.7 |
) |
|
|
|
(7.6 |
) |
|
|
|
(20.8 |
) |
|
|
— |
|
Segment-level Adjusted
EBITDA including pro-rated corporate allocation |
|
$ |
21.2 |
|
|
|
$ |
25.4 |
|
|
|
$ |
14.7 |
|
|
|
$ |
10.5 |
|
|
|
$ |
— |
|
|
$ |
71.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Contribution to
Adjusted EBITDA |
|
|
29.5 |
% |
|
|
|
35.4 |
% |
|
|
|
20.5 |
% |
|
|
|
14.6 |
% |
|
|
|
|
|
|
|
100.0 |
% |
(1) Corporate allocation pro-rated by segment % of
total revenue contribution
Nine
Months Ended September 30, 2023 |
|
|
Gaming |
|
|
VirtualSports |
|
|
Interactive |
|
|
Leisure |
|
|
CorporateFunctions |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Revenue |
|
$ |
76.2 |
|
|
|
$ |
43.3 |
|
|
|
$ |
19.9 |
|
|
|
$ |
75.3 |
|
|
|
$ |
— |
|
|
$ |
214.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment % of Total Adjusted Revenue |
|
|
35.5% |
|
|
|
|
20.1% |
|
|
|
|
9.3% |
|
|
|
|
35.1% |
|
|
|
|
|
|
|
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
29.2 |
|
|
|
$ |
37.5 |
|
|
|
$ |
11.4 |
|
|
|
$ |
16.1 |
|
|
|
$ |
(20.2 |
) |
|
$ |
74.0 |
|
Corporate allocation(1) |
|
|
(7.2 |
) |
|
|
(4.1 |
) |
|
|
|
(1.8 |
) |
|
|
|
(7.1 |
) |
|
|
|
20.2 |
|
|
|
— |
|
Segment-level Adjusted
EBITDA including pro-rated corporate allocation |
|
$ |
22.0 |
|
|
|
$ |
33.4 |
|
|
|
$ |
9.6 |
|
|
|
$ |
9.0 |
|
|
|
$ |
— |
|
|
$ |
74.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Contribution to
Adjusted EBITDA |
|
|
29.8% |
|
|
|
|
45.1% |
|
|
|
|
12.9% |
|
|
|
|
12.2% |
|
|
|
|
|
|
|
|
100.0% |
|
(1) Corporate allocation pro-rated by segment % of
total Adjusted Revenue contribution
Inspired Entertainment (NASDAQ:INSE)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Inspired Entertainment (NASDAQ:INSE)
Historical Stock Chart
Von Dez 2023 bis Dez 2024