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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): August 8, 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
August 8, 2024, Inspired Entertainment, Inc. issued a press release announcing results for the three-month
period ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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.
August
8, 2024 |
Inspired
Entertainment, Inc. |
|
|
|
|
By: |
/s/
Simona Camilleri |
|
Name: |
Simona Camilleri |
|
Title: |
General Counsel |
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/1615063/000149315224030660/ex99-1_001.jpg)
INSPIRED
REPORTS SECOND QUARTER 2024 RESULTS
● |
Second
Quarter Revenue of $75.6 million, driven primarily by Interactive results, up 40% year-over-year |
● |
Second
Quarter Net Income of $2.0 million |
● |
Second
Quarter Adjusted EBITDA of $25.5 million, driven primarily by Interactive results, up 69% year-over-year |
● |
Signed
new six-year contract with William Hill, pursuant to which we will supply 5,000 new Vantage® terminals within their UK LBO estate |
● |
Announced
agreement with AGLC to purchase 150 new Valor™ Terminals |
● |
Launched
Hybrid Dealer™ with BetMGM in a second state, Michigan |
New
York, New York, August 8, 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 June 30, 2024.
“We
delivered solid second quarter 2024 results led by strength in our interactive business and a stable performance in gaming,” said
Lorne Weil, Executive Chairman of Inspired. “Our Interactive segment had a record-breaking performance, achieving quarterly all-time
highs in both revenue and Adjusted EBITDA, up 40% and 69%, respectively, compared to the same period last year. These results were achieved
with only a modest contribution from our Hybrid Dealer product, which was live with just one product—the MGM Bonus City game show
wheel—with a single customer and in a single market during the quarter.”
“Looking
ahead, the expansion of our Hybrid Dealer offering remains a top priority. We’re pleased to announce that in July, we successfully
launched the Hybrid Dealer game show wheel with BetMGM in Michigan, marking an important milestone in our growth strategy. We anticipate
onboarding our second customer with a bespoke version of the game show wheel in the third quarter. Following that launch, we plan to
roll out roulette for both customers. This is a particularly exciting development as roulette represents, by a significant margin, the
largest category in the live dealer sector and one of the largest in the online gaming industry overall. The potential for growth in
this area is substantial, and we’re incredibly excited to continue expanding our Hybrid Dealer presence.”
Weil
added, “Within our digital business, we continue to experience a mix shift, with an increased contribution from Interactive relative
to Virtual Sports. We anticipate the current period of sequential quarterly fluctuations in Virtual Sports revenue will begin to change,
as we are in process of expanding geographies and continuing to roll out our latest content, including our NFL and NBA-themed games and
virtual esports games such as CS:GO. Given our initiatives, we anticipate revenue and Adjusted EBITDA during the second half of the year
from Virtual Sports will exceed the revenues and Adjusted EBITDA from the first half of 2024.
“The
gaming and leisure segments continue to provide a core foundation to our earnings and cash flow. The segment is poised for a solid second
half with several recent agreements that we’ve announced. A significant highlight of the quarter was the extension of our long-term
partnership agreement with William Hill, covering approximately 1,300 betting shops in the United Kingdom. This extended agreement cements
our position as the leading supplier for fully integrated managed services for William Hill’s entire UK estate of gaming terminals.
As part of this partnership, William Hill is set to add 5,000 of our new Vantage® cabinets, a move designed to significantly enhance
the offering within their licensed betting offices and drive growth.
“The
deployment of these new cabinets is scheduled to begin during the fourth quarter of 2024, with expected completion in the first half
of 2025. Based on our extensive experience with the Vantage cabinet in the UK LBO market and the consistent double-digit growth we’ve
observed, we’re confident that these upgraded terminals will empower William Hill to deliver an enhanced gaming experience to their
players, ultimately boosting their results and ours in parallel.”
Weil
concluded, “Overall, we’re encouraged by the overall trajectory of our business, including the success of our Interactive
segment, coupled with the promising expansion of our Hybrid Dealer product our strategic partnership with William Hill, and a range of
initiatives in Virtual Sports. As we continue to innovate and adapt to market dynamics, we remain committed to delivering long-term value
for our shareholders.”
Recent
Business Highlights
|
● |
Extended
long-term relationship with William Hill by six years to provide fully integrated managed services for William Hill’s entire
UK estate of gaming terminals, which includes 1,300 betting shops in the UK. William Hill has committed to lease 5,000 new Vantage®
terminals. |
|
● |
Announced
agreement with Alberta Gaming, Liquor and Cannabis (“AGLC”) in Canada to deploy 150 new Valor Terminals. |
|
● |
Launched
iGaming content with Fanatics in Michigan and Pennsylvania. |
|
● |
Launched iGaming content with FanDuel in Connecticut, where Inspired is now covering 100% of the market. |
|
● |
Subsequent
to quarter-end, launched the innovative Hybrid Dealer game MGM Bonus City with BetMGM in Michigan. |
|
● |
Subsequent
to quarter-end, announced the expansion of Inspired’s agreement with bet365 to provide premium iGaming content in Pennsylvania. |
|
● |
Subsequent to quarter-end, announced a partnership with Scientific Games as the latest game studio to join the SG Content Hub Partner
Program, the global lottery industry’s premier content delivery platform. |
|
● |
Subsequent
to quarter-end, announced major contract with Mecca Bingo to supply 170 state-of-the-art gaming machines through a five-year agreement
worth approximately $12.7 million. |
Summary of Second Quarter 2024 Segment Financial Results
(unaudited)
| |
Three
Months Ended June
30, | | |
Reported
Variance | | |
Currency
Movement 20242 | | |
Functional
Currency Variance | |
(In
$ millions) | |
2024 | | |
2023 | | |
% | | |
$ | | |
% | |
Total
Revenue | |
| | | |
| | | |
| | | |
| | | |
| | |
Gaming
(excl. Low Margin Hardware Sales) | |
$ | 27.1 | | |
$ | 26.7 | | |
| 1 | % | |
$ | 0.4 | | |
| 0 | % |
Virtual
Sports | |
| 11.7 | | |
| 15.1 | | |
| (23 | )% | |
| 0.1 | | |
| (23 | )% |
Interactive | |
| 9.4 | | |
| 6.7 | | |
| 40 | % | |
| - | | |
| 40 | % |
Leisure | |
| 27.4 | | |
| 26.5 | | |
| 3 | % | |
| 0.3 | | |
| 3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Company Revenue (excl. Low Margin Gaming Hardware Sales) | |
$ | 75.6 | | |
$ | 75.0 | | |
| 1 | % | |
$ | 0.8 | | |
| 0 | % |
Low
Margin Gaming Hardware Sales | |
| - | | |
| 4.4 | | |
| (100 | )% | |
| - | | |
| (100 | )% |
Total
Company Revenue (incl. Low Margin Gaming Hardware Sales) | |
$ | 75.6 | | |
$ | 79.4 | | |
| (5 | )% | |
$ | 0.8 | | |
| (6 | )% |
Net operating income | |
| 9.4 | | |
| 13.8 | | |
| (32 | )% | |
| 0.4 | | |
| (35 | )% |
Net income | |
| 2.0 | | |
| 5.6 | | |
| (64 | )% | |
| 0.2 | | |
| (68 | )% |
Net loss per basic share | |
$ | 0.07 | | |
$ | 0.20 | | |
| (65 | )% | |
| NM3 | | |
| (62 | )% |
Net loss per diluted share | |
$ | 0.07 | | |
$ | 0.19 | | |
| (65 | )% | |
| NM3 | | |
| (62 | )% |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Non-GAAP
Financial Measures | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted
EBITDA1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Gaming | |
$ | 10.3 | | |
$ | 11.2 | | |
| (8 | )% | |
| 0.1 | | |
| (9 | )% |
Virtual
Sports | |
| 9.6 | | |
| 13.1 | | |
| (27 | )% | |
| - | | |
| (27 | )% |
Interactive | |
| 6.1 | | |
| 3.6 | | |
| 69 | % | |
| 0.1 | | |
| 66 | % |
Leisure | |
| 6.1 | | |
| 6.5 | | |
| (6 | )% | |
| (0.2 | ) | |
| (4 | )% |
Corporate | |
| (6.6 | ) | |
| (7.2 | ) | |
| 8 | % | |
| 0.2 | | |
| 6 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Company Adjusted EBITDA1 | |
$ | 25.5 | | |
$ | 27.2 | | |
| (6 | )% | |
$ | 0.2 | | |
| (7 | )% |
Adjusted
EBITDA Margin1 | |
| 34 | % | |
| 34 | % | |
| | | |
| | | |
| | |
Adjusted
EBITDA Margin (Excl. Low Margin Gaming Hardware Sales | |
| 34 | % | |
| 36 | % | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted net income1 | |
$ | 5.7 | | |
$ | 6.5 | | |
| (12 | )% | |
| 0.1 | | |
| (13 | )% |
Adjusted
net income per diluted share | |
$ | 0.20 | | |
$ | 0.22 | | |
| (12 | )% | |
| NM3 | | |
| (11 | )% |
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 8:00 a.m. ET / 1:00 p.m. UK on Thursday, August 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
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 June 30, | | |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Service | |
$ | 65.8 | | |
$ | 67.5 | | |
$ | 122.9 | | |
$ | 125.0 | |
Product sales | |
| 9.8 | | |
| 11.9 | | |
| 15.8 | | |
| 19.3 | |
Total revenue | |
| 75.6 | | |
| 79.4 | | |
| 138.7 | | |
| 144.3 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales: | |
| | | |
| | | |
| | | |
| | |
Cost of service (1) | |
| (19.0 | ) | |
| (20.5 | ) | |
| (34.9 | ) | |
| (35.5 | ) |
Cost of product sales (1) | |
| (5.8 | ) | |
| (8.4 | ) | |
| (10.3 | ) | |
| (15.1 | ) |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| (30.8 | ) | |
| (26.6 | ) | |
| (65.0 | ) | |
| (55.8 | ) |
Depreciation and amortization | |
| (10.6 | ) | |
| (10.1 | ) | |
| (20.5 | ) | |
| (19.5 | ) |
Net operating income | |
| 9.4 | | |
| 13.8 | | |
| 8.0 | | |
| 18.4 | |
| |
| | | |
| | | |
| | | |
| | |
Other expense | |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (6.7 | ) | |
| (7.3 | ) | |
| (13.3 | ) | |
| (13.6 | ) |
Other finance income | |
| 0.1 | | |
| 0.1 | | |
| 0.2 | | |
| 0.2 | |
| |
| | | |
| | | |
| | | |
| | |
Total other expense, net | |
| (6.6 | ) | |
| (7.2 | ) | |
| (13.1 | ) | |
| (13.4 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) before income taxes | |
| 2.8 | | |
| 6.6 | | |
| (5.1 | ) | |
| 5.0 | |
Income tax (expense) benefit | |
| (0.8 | ) | |
| (1.0 | ) | |
| 1.4 | | |
| (0.8 | ) |
Net income (loss) | |
| 2.0 | | |
| 5.6 | | |
| (3.7 | ) | |
| 4.2 | |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income: | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation (loss) gain | |
| (0.2 | ) | |
| (2.7 | ) | |
| 0.8 | | |
| (5.6 | ) |
Reclassification of loss on hedging instrument to comprehensive income | |
| — | | |
| 0.1 | | |
| — | | |
| 0.3 | |
Actuarial gains on pension plan | |
| 0.3 | | |
| 0.3 | | |
| 0.6 | | |
| 0.5 | |
Other comprehensive income (loss) | |
| 0.1 | | |
| (2.3 | ) | |
| 1.4 | | |
| (4.8 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive income (loss) | |
$ | 2.1 | | |
$ | 3.3 | | |
$ | (2.3 | ) | |
$ | (0.6 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per common share – basic | |
$ | 0.07 | | |
$ | 0.20 | | |
$ | (0.13 | ) | |
$ | 0.15 | |
Net income (loss) per common share - diluted | |
$ | 0.07 | | |
$ | 0.19 | | |
$ | (0.13 | ) | |
$ | 0.14 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding during the period – basic | |
| 28,474,059 | | |
| 28,186,725 | | |
| 28,538,897 | | |
| 28,081,041 | |
Weighted average number of shares outstanding during the period – diluted | |
| 29,046,281 | | |
| 29,073,078 | | |
| 28,538,897 | | |
| 29,023,288 | |
| |
| | | |
| | | |
| | | |
| | |
Supplemental disclosure of stock-based compensation expense | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation included in: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
$ | (1.6 | ) | |
$ | (3.1 | ) | |
$ | (3.9 | ) | |
$ | (6.0 | ) |
(1) |
Excluding
depreciation and amortization |
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
millions, except share data)
|
|
June
30 2024 |
|
|
December
31,2023 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
23.5 |
|
|
$ |
40.0 |
|
Accounts
receivable, net |
|
|
41.9 |
|
|
|
40.6 |
|
Inventory |
|
|
30.4 |
|
|
|
32.3 |
|
Prepaid
expenses and other current assets |
|
|
39.7 |
|
|
|
39.6 |
|
Total
current assets |
|
|
135.5 |
|
|
|
152.5 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
61.4 |
|
|
|
62.8 |
|
Software
development costs, net |
|
|
23.1 |
|
|
|
21.8 |
|
Other
acquired intangible assets subject to amortization, net |
|
|
16.7 |
|
|
|
13.4 |
|
Goodwill |
|
|
58.3 |
|
|
|
58.8 |
|
Operating
lease right of use asset |
|
|
15.3 |
|
|
|
14.2 |
|
Costs
of obtaining and fulfilling customer contracts, net |
|
|
10.3 |
|
|
|
9.4 |
|
Other
assets |
|
|
6.0 |
|
|
|
8.0 |
|
Total
assets |
|
$ |
326.6 |
|
|
$ |
340.9 |
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders’ Deficit |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
47.7 |
|
|
$ |
60.8 |
|
Corporate
tax and other current taxes payable |
|
|
4.5 |
|
|
|
6.3 |
|
Deferred
revenue, current |
|
|
4.9 |
|
|
|
5.6 |
|
Operating
lease liabilities |
|
|
5.2 |
|
|
|
4.7 |
|
Current
portion of long-term debt |
|
|
19.0 |
|
|
|
19.1 |
|
Other
current liabilities |
|
|
6.4 |
|
|
|
4.2 |
|
Total
current liabilities |
|
|
87.7 |
|
|
|
100.7 |
|
|
|
|
|
|
|
|
|
|
Long-term
debt |
|
|
294.0 |
|
|
|
295.6 |
|
Finance
lease liabilities, net of current portion |
|
|
2.0 |
|
|
|
1.6 |
|
Deferred
revenue, net of current portion |
|
|
7.2 |
|
|
|
7.1 |
|
Operating
lease liabilities |
|
|
10.3 |
|
|
|
9.8 |
|
Other
long-term liabilities |
|
|
2.8 |
|
|
|
4.1 |
|
Total
liabilities |
|
|
404.0 |
|
|
|
418.9 |
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
deficit |
|
|
|
|
|
|
|
|
Preferred
stock; $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively. |
|
|
— |
|
|
|
— |
|
Common
stock; $0.0001 par value; 49,000,000 shares authorized; 26,571,308 shares and 26,219,021 shares issued and outstanding at June 30,
2024 and December 31, 2023, respectively |
|
|
— |
|
|
|
— |
|
Additional
paid in capital |
|
|
389.0 |
|
|
|
386.1 |
|
Accumulated
other comprehensive income |
|
|
45.9 |
|
|
|
44.5 |
|
Accumulated
deficit |
|
|
(512.3 |
) |
|
|
(508.6 |
) |
Total
stockholders’ deficit |
|
|
(77.4 |
) |
|
|
(78.0 |
) |
Total
liabilities and stockholders’ deficit |
|
$ |
326.6 |
|
|
$ |
340.9 |
|
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
millions)
(Unaudited)
| |
Six Months Ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net (loss) / income | |
$ | (3.7 | ) | |
$ | 4.2 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 20.5 | | |
| 19.5 | |
Amortization of right of use asset | |
| 2.0 | | |
| 1.9 | |
Stock-based compensation expense | |
| 3.9 | | |
| 6.0 | |
Contract cost expense | |
| (5.7 | ) | |
| (5.2 | ) |
Reclassification of loss on hedging instrument to comprehensive income | |
| — | | |
| 0.3 | |
Non-cash interest expense relating to senior debt | |
| 0.6 | | |
| 1.0 | |
Changes in assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (1.6 | ) | |
| 3.2 | |
Inventory | |
| 1.7 | | |
| (14.6 | ) |
Prepaid expenses and other assets | |
| 5.0 | | |
| 2.5 | |
Corporate tax and other current taxes payable | |
| (6.1 | ) | |
| (1.5 | ) |
Accounts payable and accrued expenses | |
| (17.6 | ) | |
| (7.6 | ) |
Deferred revenues and customer prepayment | |
| 1.7 | | |
| 24.7 | |
Operating lease liabilities | |
| (2.1 | ) | |
| (1.8 | ) |
Other long-term liabilities | |
| (0.7 | ) | |
| (0.1 | ) |
Net cash (used in) provided by operating activities | |
| (2.1 | ) | |
| 32.5 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchases of property and equipment | |
| (7.3 | ) | |
| (8.7 | ) |
Acquisition of third-party company trade and assets | |
| — | | |
| (0.6 | ) |
Purchases of capital software and internally developed costs | |
| (6.2 | ) | |
| (6.7 | ) |
Net cash used in investing activities | |
| (13.5 | ) | |
| (16.0 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Repurchase of common stock | |
| — | | |
| (0.1 | ) |
Repayments of finance leases | |
| (0.5 | ) | |
| (0.7 | ) |
Net cash used in financing activities | |
| (0.5 | ) | |
| (0.8 | ) |
| |
| | | |
| | |
Effect of exchange rate changes on cash | |
| (0.4 | ) | |
| 1.4 | |
Net (decrease) increase in cash | |
| (16.5 | ) | |
| 17.1 | |
Cash, beginning of period | |
| 40.0 | | |
| 25.0 | |
Cash, end of period | |
$ | 23.5 | | |
$ | 42.1 | |
| |
| | | |
| | |
Supplemental cash flow disclosures | |
| | | |
| | |
Cash paid during the period for interest | |
$ | 12.8 | | |
$ | 11.9 | |
Cash paid during the period for income taxes | |
$ | 1.4 | | |
$ | 4.5 | |
Cash paid during the period for operating leases | |
$ | 5.0 | | |
$ | 3.9 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities | |
| | | |
| | |
Lease liabilities arising from obtaining right of use assets | |
$ | (3.1 | ) | |
$ | (0.2 | ) |
Additional paid in capital from settlement of RSUs | |
$ | (0.8 | ) | |
$ | (0.2 | ) |
Property and equipment acquired through finance lease | |
$ | 1.3 | | |
$ | 1.2 | |
ARO assets arising during the period | |
$ | 0.1 | | |
$ | — | |
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
ADJUSTED
EBITDA RECONCILIATION BY SEGMENT
(in
millions)
(Unaudited)
Three
Months Ended June 30, 2024
| |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Net income (loss) | |
$ | 6.4 | | |
$ | 7.0 | | |
$ | 4.8 | | |
$ | 3.0 | | |
$ | (19.2 | ) | |
$ | 2.0 | |
Items Relating to Legacy Activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Pension charges | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.3 | | |
| 0.3 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Items outside the normal course of business: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Costs of group restructure | |
| 0.3 | | |
| — | | |
| — | | |
| — | | |
| 0.5 | | |
| 0.8 | |
Costs of group restatement | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2.8 | | |
| 2.8 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation expense | |
| 0.2 | | |
| 0.1 | | |
| 0.1 | | |
| 0.1 | | |
| 1.1 | | |
| 1.6 | |
Depreciation and amortization | |
| 3.4 | | |
| 2.5 | | |
| 1.2 | | |
| 3.0 | | |
| 0.5 | | |
| 10.6 | |
Interest expense, net | |
| — | | |
| — | | |
| — | | |
| — | | |
| 6.7 | | |
| 6.7 | |
Other finance income | |
| — | | |
| — | | |
| — | | |
| — | | |
| (0.1 | ) | |
| (0.1 | ) |
Income tax | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.8 | | |
| 0.8 | |
Adjusted EBITDA | |
$ | 10.3 | | |
$ | 9.6 | | |
$ | 6.1 | | |
$ | 6.1 | | |
$ | (6.6 | ) | |
$ | 25.5 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
£ | 8.1 | | |
£ | 7.7 | | |
£ | 4.8 | | |
£ | 4.9 | | |
£ | (5.3 | ) | |
£ | 20.2 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exchange rate - $ to £ | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1.26 | |
Three
Months Ended June 30, 2023
|
|
Gaming |
|
|
Virtual
Sports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
6.2 |
|
|
$ |
12.1 |
|
|
$ |
2.5 |
|
|
$ |
3.1 |
|
|
$ |
(18.3 |
) |
|
$ |
5.6 |
|
Items
Relating to Legacy Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items
outside the normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
of group restructure |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense |
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
2.0 |
|
|
|
3.1 |
|
Depreciation
and amortization |
|
|
4.6 |
|
|
|
0.8 |
|
|
|
1.0 |
|
|
|
3.0 |
|
|
|
0.7 |
|
|
|
10.1 |
|
Interest
expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.3 |
|
|
|
7.3 |
|
Other
finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Income
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
1.0 |
|
Adjusted
EBITDA |
|
$ |
11.2 |
|
|
$ |
13.1 |
|
|
$ |
3.6 |
|
|
$ |
6.5 |
|
|
$ |
(7.2 |
) |
|
$ |
27.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
8.9 |
|
|
£ |
10.5 |
|
|
£ |
2.9 |
|
|
£ |
5.1 |
|
|
£ |
(5.6 |
) |
|
£ |
21.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.24 |
|
Six
Months Ended June 30, 2024
|
|
Gaming |
|
|
Virtual
Sports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
9.2 |
|
|
$ |
16.4 |
|
|
$ |
7.9 |
|
|
$ |
1.7 |
|
|
$ |
(38.9 |
) |
|
$ |
(3.7 |
)
|
Items
Relating to Legacy Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items
outside the normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
of group restructure |
|
|
0.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
0.9 |
|
Costs
of group restatement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.8 |
|
|
|
7.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense |
|
|
0.4 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.2 |
|
|
|
2.9 |
|
|
|
3.9 |
|
Depreciation
and amortization |
|
|
7.7 |
|
|
|
3.4 |
|
|
|
2.4 |
|
|
|
6.0 |
|
|
|
1.0 |
|
|
|
20.5 |
|
Interest
expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.3 |
|
|
|
13.3 |
|
Other
finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Income
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.4 |
) |
|
|
(1.4 |
) |
Adjusted
EBITDA |
|
$ |
17.6 |
|
|
$ |
20.0 |
|
|
$ |
10.5 |
|
|
$ |
7.9 |
|
|
$ |
(14.3 |
) |
|
$ |
41.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
14.0 |
|
|
£ |
15.6 |
|
|
£ |
8.2 |
|
|
£ |
6.3 |
|
|
£ |
(11.3 |
) |
|
£ |
32.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.27 |
|
Six
Months Ended June 30, 2023
|
|
Gaming |
|
|
Virtual
Sports |
|
|
Interactive |
|
|
Leisure |
|
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
$ |
11.1 |
|
|
$ |
23.8 |
|
|
$ |
4.8 |
|
|
$ |
0.8 |
|
|
$ |
(36.3 |
) |
|
$ |
4.2 |
|
Items
Relating to Legacy Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items
outside the normal course of business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
of group restructure |
|
|
— |
|
|
|
— |
— |
|
|
— |
|
|
|
— |
|
|
|
3.0 |
|
|
|
3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense |
|
|
0.7 |
|
|
|
0.4 |
|
|
|
0.3 |
|
|
|
0.5 |
|
|
|
4.1 |
|
|
|
6.0 |
|
Depreciation
and amortization |
|
|
9.1 |
|
|
|
1.6 |
|
|
|
1.6 |
|
|
|
6.1 |
|
|
|
1.1 |
|
|
|
19.5 |
|
Interest
expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.6 |
|
|
|
13.6 |
|
Other
finance income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.2 |
) |
|
|
(0.2 |
) |
Income
tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.8 |
|
|
|
0.8 |
|
Adjusted
EBITDA |
|
$ |
20.9 |
|
|
$ |
25.8 |
|
|
$ |
6.7 |
|
|
$ |
7.4 |
|
|
$ |
(13.5 |
) |
|
$ |
47.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
£ |
16.9 |
|
|
£ |
20.9 |
|
|
£ |
5.4 |
|
|
£ |
5.9 |
|
|
£ |
(10.7 |
) |
|
£ |
38.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
rate - $ to £ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.23 |
|
ADJUSTED
NET INCOME RECONCILIATION
(in
millions, except share data)
(Unaudited)
| |
For the Three-Month Period ended | | |
For the Six-Month Period ended | |
| |
Unaudited | | |
Unaudited | | |
Unaudited | | |
Unaudited | |
| |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
(In millions) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income (loss) | |
$ | 2.0 | | |
$ | 5.6 | | |
$ | (3.7 | ) | |
$ | 4.2 | |
Items Relating to Legacy Activities: | |
| | | |
| | | |
| | | |
| | |
Pension charges | |
| 0.3 | | |
| 0.2 | | |
| 0.6 | | |
| 0.4 | |
| |
| | | |
| | | |
| | | |
| | |
Items outside the normal course of business: | |
| | | |
| | | |
| | | |
| | |
Cost of group restructure | |
| 0.8 | | |
| — | | |
| 0.9 | | |
| 3.0 | |
Cost of group restatement | |
| 2.8 | | |
| — | | |
| 7.8 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Effect of exchange rates on cash | |
| — | | |
| 1.0 | | |
| (0.4 | ) | |
| 1.0 | |
Mark to market movement on currency deals | |
| (0.1 | ) | |
| (0.2 | ) | |
| 0.2 | | |
| (0.1 | ) |
Other finance income | |
| (0.1 | ) | |
| (0.1 | ) | |
| (0.2 | ) | |
| (0.2 | ) |
Tax Impact | |
| — | | |
| — | | |
| 0.1 | | |
| — | |
Adjusted Net Income | |
$ | 5.7 | | |
$ | 6.5 | | |
$ | 5.3 | | |
$ | 8.3 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted Net Income | |
£ | 4.5 | | |
£ | 5.2 | | |
£ | 4.2 | | |
£ | 6.8 | |
| |
| | | |
| | | |
| | | |
| | |
Exchange Rate - $ to £ | |
| 1.26 | | |
| 1.25 | | |
| 1.27 | | |
| 1.23 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares outstanding– diluted | |
| 29,046,281 | | |
| 29,073,078 | | |
| 29,021,756 | | |
| 29,023,288 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted Net Income per diluted share | |
$ | 0.20 | | |
$ | 0.22 | | |
$ | 0.18 | | |
$ | 0.29 | |
PRO-RATED
SEGMENT ADJUSTED EBITDA CONTRIBUTION
(in
millions)
(Unaudited)
Three
Months Ended June 30, 2024
| |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate Functions | | |
Total | |
| |
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
Total Revenue | |
$ | 27.1 | | |
$ | 11.7 | | |
$ | 9.4 | | |
$ | 27.4 | | |
$ | — | | |
$ | 75.6 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment % of Total Revenue | |
| 35.9 | % | |
| 15.5 | % | |
| 12.4 | % | |
| 36.2 | % | |
| | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 10.3 | | |
$ | 9.6 | | |
$ | 6.1 | | |
$ | 6.1 | | |
$ | (6.6 | ) | |
$ | 25.5 | |
Corporate allocation(1) | |
| (2.4 | ) | |
| (1.0 | ) | |
| (0.8 | ) | |
| (2.4 | ) | |
| 6.6 | | |
| — | |
Segment-level Adjusted EBITDA including pro-rated corporate allocation | |
$ | 7.9 | | |
$ | 8.6 | | |
$ | 5.3 | | |
$ | 3.7 | | |
$ | — | | |
$ | 25.5 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment Contribution to Adjusted EBITDA | |
| 31.0 | % | |
| 33.7 | % | |
| 20.8 | % | |
| 14.5 | % | |
| | | |
| 100.0 | % |
(1)
Corporate allocation pro-rated by segment % of total revenue contribution
Three
Months Ended June 30, 2023
| |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate Functions | | |
Total | |
| |
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
Total Adjusted Revenue | |
$ | 26.7 | | |
$ | 15.1 | | |
$ | 6.7 | | |
$ | 26.5 | | |
$ | — | | |
$ | 75.0 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment % of Total Adjusted Revenue | |
| 35.6 | % | |
| 20.1 | % | |
| 9.0 | % | |
| 35.3 | % | |
| | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 11.2 | | |
$ | 13.1 | | |
$ | 3.6 | | |
$ | 6.5 | | |
$ | (7.2 | ) | |
$ | 27.2 | |
Corporate allocation(1) | |
| (2.6 | ) | |
| (1.4 | ) | |
| (0.7 | ) | |
| (2.5 | ) | |
| 7.2 | | |
| — | |
Segment-level Adjusted EBITDA including pro-rated corporate allocation | |
$ | 8.6 | | |
$ | 11.7 | | |
$ | 2.9 | | |
$ | 4.0 | | |
$ | — | | |
$ | 27.2 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment Contribution to Adjusted EBITDA | |
| 31.6 | % | |
| 43.0 | % | |
| 10.7 | % | |
| 14.7 | % | |
| | | |
| 100.0 | % |
(1)
Corporate allocation pro-rated by segment % of total Adjusted Revenue contribution
Six
Months Ended June 30, 2024
| |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate Functions | | |
Total | |
| |
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
Total Revenue | |
$ | 51.1 | | |
$ | 24.1 | | |
$ | 17.5 | | |
$ | 46.0 | | |
$ | — | | |
$ | 138.7 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment % of Total Revenue | |
| 36.8 | % | |
| 17.4 | % | |
| 12.6 | % | |
| 33.2 | % | |
| | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 17.6 | | |
$ | 20.0 | | |
$ | 10.5 | | |
$ | 7.9 | | |
$ | (14.3 | ) | |
$ | 41.7 | |
Corporate allocation(1) | |
| (5.3 | ) | |
| (2.5 | ) | |
| (1.8 | ) | |
| (4.7 | ) | |
| 14.3 | | |
| — | |
Segment-level Adjusted EBITDA including pro-rated corporate allocation | |
$ | 12.3 | | |
$ | 17.5 | | |
$ | 8.7 | | |
$ | 3.2 | | |
$ | — | | |
$ | 41.7 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment Contribution to Adjusted EBITDA | |
| 29.5 | % | |
| 42.0 | % | |
| 20.8 | % | |
| 7.7 | % | |
| | | |
| 100.0 | % |
(1)
Corporate allocation pro-rated by segment % of total revenue contribution
Six
Months Ended June 30, 2023
| |
Gaming | | |
Virtual Sports | | |
Interactive | | |
Leisure | | |
Corporate Functions | | |
Total | |
| |
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
Total Adjusted Revenue | |
$ | 53.8 | | |
$ | 29.9 | | |
$ | 12.6 | | |
$ | 43.6 | | |
$ | — | | |
$ | 139.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment % of Total Adjusted Revenue | |
| 38.4 | % | |
| 21.4 | % | |
| 9.0 | % | |
| 31.2 | % | |
| | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 20.9 | | |
$ | 25.8 | | |
$ | 6.7 | | |
$ | 7.4 | | |
$ | (13.5 | ) | |
$ | 47.3 | |
Corporate allocation(1) | |
| (5.2 | ) | |
| (2.9 | ) | |
| (1.2 | ) | |
| (4.2 | ) | |
| 13.5 | | |
| — | |
Segment-level Adjusted EBITDA including pro-rated corporate allocation | |
$ | 15.7 | | |
$ | 22.9 | | |
$ | 5.5 | | |
$ | 3.2 | | |
$ | — | | |
$ | 47.3 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Segment Contribution to Adjusted EBITDA | |
| 33.2 | % | |
| 48.4 | % | |
| 11.6 | % | |
| 6.8 | % | |
| | | |
| 100.0 | % |
(1)
Corporate allocation pro-rated by segment % of total Adjusted Revenue contribution
v3.24.2.u1
Cover
|
Aug. 08, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 08, 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
|
City Area Code |
(646)
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565-3861
|
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false
|
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|
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false
|
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false
|
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false
|
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Not
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Inspired Entertainment (NASDAQ:INSE)
過去 株価チャート
から 8 2024 まで 9 2024
Inspired Entertainment (NASDAQ:INSE)
過去 株価チャート
から 9 2023 まで 9 2024