NEW YORK, Nov. 11, 2021 /PRNewswire/ --
- Third Quarter Revenue of $77.6
million demonstrates continued momentum in our
Interactive and Virtual Sports segments and strong recovery in our
Gaming and Leisure segments from prior-year levels
- Third Quarter Interactive Revenue increased 73.4%
year-over-year
- Third Quarter Net Income increased to a quarterly record
$25.0 million
- Third Quarter Adjusted EBITDA1 of
$30.1 million, ahead of management's
Third Quarter guidance range of $28
million to $30
million
- Generated $19.8 million in
operating cash flow during Third Quarter
Inspired Entertainment, Inc. ("Inspired" or the "Company")
(NASDAQ: INSE), a leading B2B provider of gaming content, systems
and solutions, today reported financial results for the three-month
period ended September 30, 2021. The
results reflect continued growth in the Interactive and Virtual
Sports segments and strong recovery in the Gaming and Leisure
segments following customers' retail venues reopening following
COVID-19 lockdowns.
- Total Revenue increased 29.0% year-over-year to
$77.6 million in the three months
ended September 30, 2021, on a
reported basis2, compared to $60.1 million in the prior-year period. Total
Revenue increased 52.7% year-over-year excluding the $9.3 million payment from a UK LBO customer
related to our contractual revenue share of the customer's value
added tax (VAT) rebate ("VAT-related revenue") received in third
quarter 2020.
- Net income increased to a quarterly record $25.0 million, or $1.10 per basic share and $0.30 per diluted share, compared to $0.5 million, or $0.02 per basic and diluted share, in the
prior-year period.
- Adjusted EBITDA increased 20.4% year-over-year to
$30.1 million compared to
$25.0 million in the prior-year
period. Adjusted EBITDA increased 88.8% year-over-year excluding
$9.1 million of income received in
third quarter 2020 relating to the VAT-related revenue and
associated third party fees ("VAT-related income").
- Adjusted EBITDA Margin1 was 38.8% in
third quarter 2021 compared to 41.6% in third quarter 2020. Third
quarter 2021 Adjusted EBITDA Margin increased approximately 740
basis points year-over-year when compared to the third quarter 2020
Adjusted EBITDA Margin of 31.4% excluding the VAT-related revenue
and VAT-related income.
- Net Cash Provided by Operating Activities Less Cash from
Investing Activities during the quarter was an inflow of
$13.8 million.
1
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"Adjusted EBITDA" and
"Adjusted EBITDA Margin" are non-GAAP financial measures defined
below under "Non-GAAP Financial Measures" and reconciled to the
most directly comparable GAAP measures in the accompanying
supplemental table. Adjusted EBITDA Margin is calculated as a
percent of Revenue.
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2
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GBP:USD exchange rate
was GBP 1.38: USD 1.00 for the three months ended September 30,
2021 and GBP 1.30: USD 1.00 for the three months ended September
30, 2020.
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"I am very pleased with our third quarter results, as they
reflect that we have emerged from the pandemic a much stronger,
leaner and more efficient Company with significant momentum and
increased growth opportunities," said Lorne
Weil, Executive Chairman of Inspired. "Our evolution
this year, compared to pre-pandemic periods, is being driven by
consistent growth in the operating performance of our capital
efficient Interactive and Virtual Sports segments, demonstrating
the substantial demand that exists for our products as well as an
acceleration in general industry trends."
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Summary of
Consolidated Third Quarter 2021 Financial Results
(unaudited)
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Three
Months
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Functional
|
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Ended
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Currency
|
Currency
|
|
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September
30
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Change
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Movement
|
Growth
|
|
|
|
2021
|
20203,4
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(%)
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2021
|
(%)
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(In $ millions,
except per share figures)
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GAAP
Measures:
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Revenue
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$
77.6
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$
60.1
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29.0%
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$
5.0
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20.6%
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Net operating
income
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$
14.9
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$
8.2
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82.1%
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$
1.1
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68.0%
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Net income
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$
25.0
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$
0.5
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NM2
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$
1.7
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NM2
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Net income per basic
share
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$
1.10
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$
0.02
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NM2
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Net income per
diluted share
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$
0.30
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$
0.02
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NM2
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Non-GAAP
Financial Measures1:
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Adjusted
EBITDA
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$
30.1
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$
25.0
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20.4%
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$
1.8
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13.2%
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1Reconciliation to GAAP shown
below.
2Percentage change is not
meaningful.
3 On April
12, 2021, the Acting Director of the Division of Corporation
Finance and Acting Chief Accountant of
the Securities and Exchange Commission issued a joint statement
regarding the accounting and reporting considerations for
warrants issued by special purpose acquisition companies entitled
"Staff Statement on Accounting and Reporting
Considerations for Warrants Issued by Special Purpose Acquisition
Companies" (the "SEC Staff Statement"). As a result
of the SEC Staff Statement, Inspired restated its financial
statements as of December 31, 2020 and December 31, 2019 and
for
the years ended December 31, 2020 and 2019. For the three months
ended September 30, 2020, the change in fair value of
warrant liability resulting from the SEC Staff Statement was a $0.2
million credit.
4 The
three months ended September 30, 2020 includes $9.3 million of
VAT-related revenue and $9.1 million of VAT-related
income.
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"Our strong third quarter financial results exceeded our
expectations, in the face of changing foreign exchange rates and
delays in COVID-19 restriction removals, supporting our confidence
in the long-term outlook for the Company. Between the strong retail
gaming outlook, robust iGaming trends and the overall improvement
in our cost structure coming out of COVID-19, we were able to
generate $19.8 million in operating
cash flow and increase our cash position by $12.6 million during the quarter. At September 30, 2021, we had a cash balance of
approximately $37.1 million and
undrawn revolver availability of approximately $27.0 million3, leaving us in a better
financial position than ever to deliver on our strategic plan and
maximize shareholder value," said Stewart
Baker, Executive Vice President and Chief Financial Officer
of Inspired.
"Our North American business remains a key driver of growth as
we continue to expand our footprint, add to our portfolio of games
and improve our speed to market. In addition to introducing our
Virtuals online with BetMGM in New
Jersey in the third quarter, we launched our Interactive
games with DraftKings in Michigan
and signed a multi-year exclusive contract with the Major League
Baseball Players Alumni Association (MLBPAA) to bring the MLBPAA
greats to life in a virtual homerun hitting competition. We
have been actively pursuing online gaming supplier licenses in
several additional jurisdictions and announced Loto-Quebec as our
first iLottery customer, which we believe is an underpenetrated
sector. We continue to see significant opportunities in the
North American gaming landscape, and we believe we are well
positioned based on our content-driven strategy and depth of
relationships," continued Weil.
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3
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Assumes GBP 1.35:USD
1.00 exchange rate on September 30, 2021.
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Business Segment
Highlights for Third Quarter 2021 (unaudited)
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Revenue
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Adjusted
EBITDA1
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Adjusted EBITDA
Margin1
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2021
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20202
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%
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2021
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20202
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%
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2021
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20202
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%
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(In $
millions)
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|
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|
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Segments
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Interactive
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$6.1
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$3.5
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73%
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$3.4
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$2.2
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54%
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56%
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63%
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(11%)
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Virtual
Sports
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10.5
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8.3
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27%
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8.6
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6.8
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28%
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82%
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82%
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--
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Gaming
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27.6
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30.9
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(11%)
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10.9
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16.4
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(33%)
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40%
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53%
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(25%)
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Leisure
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33.4
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17.4
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92%
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13.0
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3.3
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290%
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39%
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19%
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103%
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Corporate
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--
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--
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--
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(5.8)
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(3.7)
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60%
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--
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--
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--
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Total
Company
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$77.6
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$60.1
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29%
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$30.1
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$25.0
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20%
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39%
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42%
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(7%)
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1
"Adjusted EBITDA" and "Adjusted EBITDA Margin" are non-GAAP
financial measures defined below under "Non-GAAP Financial
Measures"
and reconciled to the most directly comparable GAAP measures in the
accompanying supplemental table. Adjusted EBITDA Margin is
calculated
as a percent of Revenue.
2 The
three months ended September 30, 2020 includes $9.3 million of
VAT-related revenue and $9.1 million of VAT-related
income.
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"We believe the third quarter is a good indicator of the
strength of each of our segments coming out of COVID-19.
Looking out to 2022, we see continued growth across each of our
segments, with our Interactive and Virtual Sports segments
increasing their relative contribution to overall results,"
concluded Weil.
Recent Highlights (as of November 11,
2021)
Interactive
- New Customers – Interactive content was launched
with 12 new brands during the third quarter, including DraftKings
in Michigan, four brands with The
Stars Group and Leo Vegas in
Spain.
- New Jurisdictions –In the current quarter, our
Interactive games went live with bet365 in the Netherlands.
- New Content – Eight games were launched during
the third quarter across the estate including Big Piggy Bonusâ„¢,
which has proven popular with players.
- First iLottery Customer – Loto-Quebec has agreed to launch our iLottery games
in addition to our Interactive slots subsequent to the end of the
third quarter. This will be Inspired's first entry into the
iLottery market.
- License Update – In the third quarter, Inspired
received a license from Alberta Gaming, Liquor and Cannabis
("AGLC") to include Interactive games on PlayAlberta.ca, the only
regulated online gaming site in the Province. Subsequent to the end
of the quarter, we were granted an iGaming supplier license in the
newly regulated Connecticut
market, with several games submitted for approval.
Virtual Sports
- Retail and Online Virtual Sports Agreements –
During the third quarter, Inspired signed Virtual Plug & Playâ„¢
(VPP) agreements with Mozzartbet (Serbia), Novibet (Greece), Betshop (Greece) and iBet. Subsequent to the end of the
quarter, the Company signed VPP agreements with FonBet and BetPlay
(Colombia). VPP allows online
players to access multiple Virtual Sports via an intuitive player
interface.
- Online Virtual Plug & Playâ„¢ ("VPP") Launches
– During the third quarter, Inspired launched VPP with BetMGM in
New Jersey.
- New Products – Inspired launched four channels of
its brand-new V-Play Soccer 3.0 with bet365 in the third quarter.
In Greece, our U.S. Basketball
product was deployed into the OPAP retail estate of approximately
3,500 venues. In addition, multiple Italian clients, including
Snaitech, launched with our new Penalty shootout, Matchday Ultra
and Marbles products as well as upgrades to existing products.
Subsequent to the end of the quarter, Inspired signed a multi-year
exclusive contract with the Major League Baseball Players Alumni
Association (MLBPAA) to bring the MLBPAA greats to life, delivering
an experience with 'Home Run Shoot Outâ„¢', a virtual homerun hitting
competition, which can be licensed to all of Inspired's Virtual
Sports customers, both online and in retail.
Gaming
- 60 Valor™ Sales in Illinois – Third quarter sales bring
total Valorâ„¢ terminal sales in North America since launch to 600. The Company
has commitments for 95 additional units in Illinois thus far in the fourth quarter.
- More Units in Greece
–Awarded a further 500 Valor units in Greece during the third quarter. Once
delivered, our total unit count in Greece will be approximately 9,440
terminals.
- Italy Content Strategy – In the third quarter, we
recognized a 944 video lottery terminal (VLT) sale to Sisal in
Italy, completing a 1,624 VLT
hardware sale. Inspired will continue to supply Sisal with
downloadable content.
Leisure
- Record Holiday Parks Demand- We experienced
record revenues from the holiday park sector in the third quarter
driven by prior-year investment in product mix and consumer
demand.
- Cashless Operations – Our new cashless solution
has been successfully implemented in a representative selection of
Leisure Parks.
- Strong Machine Performance - We also saw strong
revenues from MSAs and improving machine performance in Pubs in the
quarter with 97% of Pubs operational.
Overview of Third Quarter 2021 Results Versus Third Quarter
2020 on a Reported Basis
Total Revenue increased 29.0% year-over-year to
$77.6 million in the three months
ended September 30, 2021, on a
reported basis, compared to $60.1
million in the prior-year period. Excluding the VAT-related
revenue, Total Revenue increased 52.7% year-over-year reflecting
the continued growth in the Interactive and Virtual Sports segments
and strong recovery in the Gaming and Leisure segments following
customers' retail venues reopening following COVID-19
lockdowns.
Interactive Revenue grew 73.4% year-over-year to a record
$6.1 million from $3.5 million, due to the consistent launch of new
content across the estate, growth in the customer base in new,
emerging and core markets and increased promotional activity
through exclusive deals with tier-one customers. This performance
led to Interactive segment operating income increasing 44.9%
year-over-year to $2.3 million,
primarily due to the increase in revenue and partly offset by an
increase in cost of sales and third-party platform provider costs
in line with the revenue increase as well as an increase in
SG&A expenses driven by the investment in the segment to help
drive the increasing revenues. Interactive Adjusted
EBITDA increased 53.9% year-over-year to $3.4 million from $2.2
million in the prior-year period.
Virtual Sports Revenue increased to a record $10.5 million in third quarter 2021 from
$8.3 million in the prior-year period
primarily due to a $2.8 million
increase in Online Virtuals driven by the migration of customers to
online, partially offset by a decline in recurring Retail Virtuals
of $0.5 million. Some retailers
are reporting revenues ahead of pre-Covid levels, but others remain
modestly behind with an improving picture week-on-week as
recreational players return to shops. In addition, the Italian
government introduced a proof of vaccination requirement during
August which has slowed recovery. Virtual Sports Segment
Operating Income was $7.6
million, which compares favorably to $5.7 million in the third quarter 2020 primarily
due to the increase in revenue. Virtual Sports Adjusted
EBITDA increased to $8.6 million
from $6.8 million in the third
quarter 2020.
Gaming Service Revenue (excluding VAT-related revenue)
increased year-over-year by $1.8
million as Inspired's retail customers returned to pre-COVID
performance levels in third quarter 2021. Total Gaming Customer
Gross Win per unit per day (in our functional currency, GBP) for
the three-month period increased by £6.08, or 8.6%, as retail
venues in the UK LBO estate showed year-over-year growth.
Revenues returned to prior-year levels in Greece and Italy. Gaming Product Revenue increased
by $3.7 million driven by product
sales of $2.0 million in the UK
markets, $1.1 million in sales to
Italy and $0.8 million of VALORâ„¢ terminal sales in
North America. Gaming Segment
Operating Income for third quarter 2021 was $5.1 million. Excluding VAT-related income,
Gaming Operating Income increased by $4.6
million year-over-year due to an increase in product revenue
and a decrease in depreciation and amortization, partly offset by
an increase in SG&A as all staff returned from furlough.
Gaming Adjusted EBITDA was $10.9 million. Excluding VAT-related
income, Gaming Adjusted EBITDA increased by $3.6 million year-over-year.
Leisure Revenue increased $16.0
million to $33.4 million in third quarter 2021 from
$17.4 million in third quarter 2020
driven by record incomes in leisure parks with the removal of all
COVID-19 restrictions for the majority of the period. COVID-19
restrictions resulted in frequent amendments to overseas travel
policies in the UK, resulting in a record summer season for our
Leisure Parks business despite initial restrictions in Wales and Scotland. During the
prior-year period, many sectors of the Leisure segment (Pubs,
Holiday Parks, Motorway Service Areas and Bingo) were impacted due
to the COVID-19 lockdown in the UK. Motorway Service Areas have
delivered strong performance in the quarter with revenue ahead of
pre-pandemic levels on a like-for-like basis. Pubs have been slower
to recover following reopening, however, machine performance has
improved during the quarter. Digitization of the pub estate has
continued with further digital machines placed in the quarter
taking digital penetration to 78%. Leisure Segment Operating
Income improved to $9.0 million
from a loss of $2.1 million.
Leisure Adjusted EBITDA improved to $13.0 million from $3.3
million in the third quarter 2020. Leisure Adjusted
EBITDA Margin nearly doubled year-over-year to 38.9% from
19.1%, exhibiting the strength of the business and the results of
the integration efforts.
Total Company Selling, General and Administrative
expenses increased to $29.2
million from $21.5 million in
the prior-year period. This $7.7
million increase was driven by all staff returning from
furlough for the whole period ($3.6
million), additional other employee costs ($0.4 million), additional IT costs due to
returning staff ($0.3 million) and
lower labor capitalization ($0.3
million). Currency movements accounted for $1.8 million of the increase.
Net Income during the quarter increased to $25.0 million compared to $0.5 million in the prior-year period primarily
due to the increase in net operating income ($6.7 million), the increase in credit of the
change in fair value of warrant liability ($17.1 million) and a decrease in net interest
expense ($1.0 million).
Total Company Net Cash Provided by Operating Activities Less
Capital Expenditures during the quarter was an inflow of
$13.8 million.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, including EBITDA and
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 specific rules or regulations 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, or 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 measures.
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 loss excluding
depreciation and amortization, interest expense, interest income
and income tax expense, and other additional exclusions and
adjustments. 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. This does not include any adjustments related
to COVID-19.
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 EBITDA Margin is defined as Adjusted
EBITDA divided by revenue.
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 period,
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-period 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 9:00 a.m. ET /
2:00 p.m. UK on Thursday, November 11, 2021 to discuss the
financial results and general business trends.
Telephone: The dial-in number to access
the call live is 1-844-746-0725 (US) or 1-412-317-5264
(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 of the call: A telephone replay of the
call will be available one hour after the conclusion of the call
until November 18, 2021 by dialing
1-877-344-7529 (US) or 1-412-317-0088 (International), via replay
access code 10161414. A replay of the webcast will also 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 news release may contain "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, 2020, and in Inspired's
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
Aimee Remey
aimee.remey@inseinc.com
+1 646 565-6938
For Press and Sales
inspiredsales@inseinc.com
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS
(in millions,
except share data)
|
|
|
|
September
30,
2021
|
|
|
December
31,
2020
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
37.1
|
|
|
$
|
47.1
|
|
Accounts receivable,
net
|
|
|
33.3
|
|
|
|
27.5
|
|
Inventory,
net
|
|
|
14.6
|
|
|
|
17.6
|
|
Prepaid expenses and
other current assets
|
|
|
26.0
|
|
|
|
16.8
|
|
Total current
assets
|
|
|
111.0
|
|
|
|
109.0
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
52.6
|
|
|
|
65.5
|
|
Software development
costs, net
|
|
|
36.2
|
|
|
|
42.4
|
|
Other acquired
intangible assets subject to amortization, net
|
|
|
6.9
|
|
|
|
7.7
|
|
Goodwill
|
|
|
82.7
|
|
|
|
83.7
|
|
Right of use
asset
|
|
|
9.9
|
|
|
|
12.5
|
|
Other
assets
|
|
|
4.5
|
|
|
|
3.3
|
|
Total
assets
|
|
$
|
303.8
|
|
|
$
|
324.1
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Deficit
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
16.3
|
|
|
$
|
17.9
|
|
Accrued
expenses
|
|
|
43.5
|
|
|
|
31.4
|
|
Corporate tax and
other current taxes payable
|
|
|
10.3
|
|
|
|
14.4
|
|
Deferred revenue,
current
|
|
|
28.5
|
|
|
|
11.5
|
|
Operating lease
liabilities
|
|
|
3.2
|
|
|
|
3.6
|
|
Other current
liabilities
|
|
|
4.6
|
|
|
|
2.5
|
|
Warrant
liability
|
|
|
9.0
|
|
|
|
13.0
|
|
Current portion of
finance lease liabilities
|
|
|
0.9
|
|
|
|
0.6
|
|
Total current
liabilities
|
|
|
96.3
|
|
|
|
94.9
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
308.7
|
|
|
|
297.5
|
|
Finance lease
liabilities, net of current portion
|
|
|
0.9
|
|
|
|
0.2
|
|
Deferred revenue, net
of current portion
|
|
|
7.6
|
|
|
|
11.4
|
|
Derivative
liability
|
|
|
—
|
|
|
|
1.7
|
|
Operating lease
liabilities
|
|
|
7.4
|
|
|
|
9.2
|
|
Other long-term
liabilities
|
|
|
3.8
|
|
|
|
10.9
|
|
Total
liabilities
|
|
|
424.7
|
|
|
|
425.8
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
deficit
|
|
|
|
|
|
|
|
|
Preferred stock;
$0.0001 par value; 1,000,000 shares authorized
|
|
|
—
|
|
|
|
—
|
|
Common stock; $0.0001
par value; 49,000,000 shares authorized; 22,754,597 shares and
22,430,475 shares issued and outstanding at September 30, 2021 and
December 31, 2020,
respectively
|
|
|
—
|
|
|
|
—
|
|
Additional paid in
capital
|
|
|
331.2
|
|
|
|
324.6
|
|
Accumulated other
comprehensive income
|
|
|
40.8
|
|
|
|
31.1
|
|
Accumulated
deficit
|
|
|
(492.9)
|
|
|
|
(457.4)
|
|
Total
stockholders' deficit
|
|
|
(120.9)
|
|
|
|
(101.7)
|
|
Total liabilities
and stockholders' deficit
|
|
$
|
303.8
|
|
|
$
|
324.1
|
|
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS (in millions, except share
data) (Unaudited)
|
|
|
|
Three Months
Ended
September
30,
|
|
|
Nine Months
Ended
September
30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
68.7
|
|
|
$
|
55.6
|
|
|
$
|
123.3
|
|
|
$
|
113.7
|
|
Product
sales
|
|
|
8.9
|
|
|
|
4.5
|
|
|
|
18.6
|
|
|
|
14.3
|
|
Total
revenue
|
|
|
77.6
|
|
|
|
60.1
|
|
|
|
141.9
|
|
|
|
128.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(13.8)
|
|
|
|
(10.8)
|
|
|
|
(23.9)
|
|
|
|
(21.8)
|
|
Cost of product
sales
|
|
|
(4.7)
|
|
|
|
(3.3)
|
|
|
|
(10.6)
|
|
|
|
(9.8)
|
|
Selling, general and
administrative expenses
|
|
|
(33.0)
|
|
|
|
(22.6)
|
|
|
|
(76.7)
|
|
|
|
(63.8)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
(1.2)
|
|
|
|
(1.5)
|
|
|
|
(5.6)
|
|
Depreciation and
amortization
|
|
|
(11.2)
|
|
|
|
(14.0)
|
|
|
|
(36.2)
|
|
|
|
(39.9)
|
|
Net operating
income (loss)
|
|
|
14.9
|
|
|
|
8.2
|
|
|
|
(7.0)
|
|
|
|
(12.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.5
|
|
Interest
expense
|
|
|
(7.3)
|
|
|
|
(8.3)
|
|
|
|
(38.1)
|
|
|
|
(22.5)
|
|
Change in fair value
of warrant liability
|
|
|
17.3
|
|
|
|
0.2
|
|
|
|
3.8
|
|
|
|
6.1
|
|
Loss from equity
method investee
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.5)
|
|
Other finance income
(expense)
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
5.5
|
|
|
|
(5.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
(expense), net
|
|
|
10.4
|
|
|
|
(7.7)
|
|
|
|
(28.6)
|
|
|
|
(22.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes
|
|
|
25.3
|
|
|
|
0.5
|
|
|
|
(35.6)
|
|
|
|
(35.2)
|
|
Income tax (expense)
benefit
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
(0.3)
|
|
Net income
(loss)
|
|
|
25.0
|
|
|
|
0.5
|
|
|
|
(35.5)
|
|
|
|
(35.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
3.2
|
|
|
|
(4.2)
|
|
|
|
2.2
|
|
|
|
(0.7)
|
|
Change in fair value
of hedging instrument
|
|
|
—
|
|
|
|
(0.4)
|
|
|
|
0.3
|
|
|
|
(2.7)
|
|
Reclassification of
loss on hedging instrument to comprehensive income
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
1.3
|
|
|
|
1.0
|
|
Actuarial gains
(losses) on pension plan
|
|
|
0.4
|
|
|
|
(0.3)
|
|
|
|
5.9
|
|
|
|
(4.6)
|
|
Other
comprehensive income (loss)
|
|
|
3.9
|
|
|
|
(4.6)
|
|
|
|
9.7
|
|
|
|
(7.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income (loss)
|
|
$
|
28.9
|
|
|
$
|
(4.1)
|
|
|
$
|
(25.8)
|
|
|
$
|
(42.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per common share – basic
|
|
$
|
1.10
|
|
|
$
|
0.02
|
|
|
$
|
(1.57)
|
|
|
$
|
(1.59)
|
|
Net income (loss)
per common share – diluted
|
|
$
|
0.30
|
|
|
$
|
0.02
|
|
|
$
|
(1.57)
|
|
|
$
|
(1.59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding during the period –
basic
|
|
|
22,744,022
|
|
|
|
22,405,376
|
|
|
|
22,641,188
|
|
|
|
22,396,652
|
|
Weighted average
number of shares outstanding during the period –
diluted
|
|
|
25,763,351
|
|
|
|
23,344,402
|
|
|
|
22,641,188
|
|
|
|
22,396,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$
|
(3.8)
|
|
|
$
|
(1.1)
|
|
|
$
|
(8.6)
|
|
|
$
|
(3.1)
|
|
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
(Unaudited)
|
|
|
|
Nine Months
Ended
September
30,
|
|
|
|
2021
|
|
|
2020
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(35.5)
|
|
|
$
|
(35.5)
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
36.2
|
|
|
|
39.9
|
|
Amortization of right
of use asset
|
|
|
2.5
|
|
|
|
2.7
|
|
Stock-based
compensation expense
|
|
|
8.6
|
|
|
|
3.1
|
|
Change in fair value
of warrant liability
|
|
|
(3.8)
|
|
|
|
(6.1)
|
|
Impairment of
investment in equity method investee
|
|
|
—
|
|
|
|
0.7
|
|
Foreign currency
translation on senior bank debt
|
|
|
(4.6)
|
|
|
|
6.6
|
|
Reclassification of
loss on hedging instrument to comprehensive income
|
|
|
1.3
|
|
|
|
0.7
|
|
Non-cash interest
expense relating to senior debt
|
|
|
16.7
|
|
|
|
2.2
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(7.0)
|
|
|
|
(5.8)
|
|
Inventory
|
|
|
4.1
|
|
|
|
1.1
|
|
Prepaid expenses and
other assets
|
|
|
(10.2)
|
|
|
|
2.8
|
|
Corporate tax and
other current taxes payable
|
|
|
(5.4)
|
|
|
|
5.2
|
|
Accounts
payable
|
|
|
(1.4)
|
|
|
|
4.1
|
|
Deferred revenues and
customer prepayment
|
|
|
(3.8)
|
|
|
|
(4.7)
|
|
Accrued
expenses
|
|
|
12.6
|
|
|
|
16.3
|
|
Operating lease
liabilities
|
|
|
(2.0)
|
|
|
|
(2.3)
|
|
Other long-term
liabilities
|
|
|
(1.3)
|
|
|
|
0.5
|
|
Net cash provided
by operating activities
|
|
|
7.0
|
|
|
|
31.5
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(8.5)
|
|
|
|
(11.9)
|
|
Purchases of capital
software
|
|
|
(9.7)
|
|
|
|
(10.1)
|
|
Net cash used in
investing activities
|
|
|
(18.2)
|
|
|
|
(22.0)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of long-term debt
|
|
|
333.1
|
|
|
|
—
|
|
Proceeds from
issuance of revolver
|
|
|
—
|
|
|
|
9.2
|
|
Repayments of
long-term debt
|
|
|
(320.6)
|
|
|
|
—
|
|
Cash paid in
connection with terminated interest rate swaps
|
|
|
(2.1)
|
|
|
|
—
|
|
Debt fees
incurred
|
|
|
(9.1)
|
|
|
|
(3.1)
|
|
Repayments of finance
leases
|
|
|
(0.4)
|
|
|
|
(0.7)
|
|
Net cash provided
by financing activities
|
|
|
0.9
|
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
|
0.3
|
|
|
|
(0.1)
|
|
Net (decrease)
increase in cash
|
|
|
(10.0)
|
|
|
|
14.8
|
|
Cash, beginning of
period
|
|
|
47.1
|
|
|
|
29.1
|
|
Cash, end of
period
|
|
$
|
37.1
|
|
|
$
|
43.9
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow disclosures
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
|
17.6
|
|
|
$
|
0.6
|
|
Cash paid during the
period for income taxes
|
|
$
|
1.2
|
|
|
$
|
0.1
|
|
Cash paid during the
period for operating leases
|
|
$
|
3.1
|
|
|
$
|
2.4
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities
|
|
|
|
|
|
|
|
|
Property and
equipment acquired through finance lease
|
|
$
|
1.3
|
|
|
$
|
1.5
|
|
Property and
equipment transferred to inventory
|
|
$
|
1.3
|
|
|
|
—
|
|
Additional paid in
capital from net settlement of RSUs
|
|
$
|
(1.6)
|
|
|
$
|
—
|
|
Lease liabilities
arising from obtaining right of use assets
|
|
$
|
—
|
|
|
$
|
(6.1)
|
|
Adjustment to
goodwill arising from adjustment to fair value of assets
acquired
|
|
$
|
—
|
|
|
$
|
(0.2)
|
|
Capitalized interest
payments
|
|
$
|
—
|
|
|
$
|
10.6
|
|
Assets arising from
asset retirement obligations
|
|
$
|
—
|
|
|
$
|
0.8
|
|
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
|
|
|
|
|
For the
Three-Month
Period ended
|
|
For the
Nine-Month
Period ended
|
|
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
Sep
30,
|
|
|
|
Sep
30,
|
|
|
Sep
30,
|
|
|
Sep
30,
|
|
(In
millions)
|
|
|
2021
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net income
(loss)
|
|
|
$
|
25.0
|
|
|
|
$
|
0.5
|
|
|
$
|
(35.5)
|
|
|
$
|
(35.5)
|
|
Items Relating to
Discontinued Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
0.6
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group
restructure
|
|
|
|
—
|
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
0.8
|
|
Acquisition and
integration related transaction expenses
|
|
|
|
—
|
|
|
|
|
1.2
|
|
|
|
1.5
|
|
|
|
5.6
|
|
Refinancing of
Company Debt
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
0.8
|
|
|
|
—
|
|
Italian tax related
costs relating to prior year
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
1.4
|
|
|
|
—
|
|
Impairment on interest in equity method investee
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
Stock-based
compensation expense
|
|
|
|
3.8
|
|
|
|
|
1.1
|
|
|
|
8.6
|
|
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
11.2
|
|
|
|
|
14.0
|
|
|
|
36.2
|
|
|
|
39.9
|
|
Interest Income
Interest
|
|
|
|
(0.1)
|
|
|
|
|
(0.1)
|
|
|
|
(0.2)
|
|
|
|
(0.5)
|
|
Interest
Expense
|
|
|
|
7.3
|
|
|
|
|
8.3
|
|
|
|
38.1
|
|
|
|
22.5
|
|
Change in fair value
of warrant liability
Interest
|
|
|
|
(17.3)
|
|
|
|
|
(0.2)
|
|
|
|
(3.8)
|
|
|
|
(6.1)
|
|
Other finance
expenses / (income)
|
|
|
|
(0.3)
|
|
|
|
|
(0.3)
|
|
|
|
(5.5)
|
|
|
|
5.9
|
|
Income tax
|
|
|
|
0.3
|
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
0.3
|
|
Adjusted
EBITDA
|
|
|
$
|
30.1
|
|
|
|
$
|
25.0
|
|
|
$
|
42.0
|
|
|
$
|
37.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
£
|
21.8
|
|
|
|
£
|
19.3
|
|
|
£
|
30.4
|
|
|
£
|
29.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate - $
to £
|
|
|
|
1.38
|
|
|
|
|
1.30
|
|
|
|
1.38
|
|
|
|
1.28
|
|
|
|
|
1
|
|
As a result of the
SEC Staff Statement, Inspired revised its financial statements as
of December 31, 2020 and December 31, 2019 and for the years ended
December 31, 2020 and 2019. For the three months ended September
30, 2020, the change in fair value of warrant liability resulting
from the SEC Staff Statement was a $0.2 million credit. For the
nine months ended September 30, 2020, the change in fair value of
warrant liability resulting from the SEC Staff Statement was a $6.1
million credit.
|
ADJUSTED EBITDA
RECONCILIATION BY SEGMENT
(Unaudited)
|
|
Three Months Ended
September 30, 2021
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
5.1
|
|
|
$
|
7.6
|
|
|
$
|
2.3
|
|
|
$
|
9.0
|
|
|
$
|
1.0
|
|
|
$
|
25.0
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
0.5
|
|
|
|
0.3
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
2.7
|
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
5.3
|
|
|
|
0.7
|
|
|
|
0.9
|
|
|
|
3.9
|
|
|
|
0.4
|
|
|
|
11.2
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7.3
|
|
|
|
7.3
|
|
Changes in fair
value of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(17.3)
|
|
|
|
(17.3)
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(0.3)
|
|
Income
tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Adjusted
EBITDA
|
|
$
|
10.9
|
|
|
$
|
8.6
|
|
|
$
|
3.4
|
|
|
$
|
13.0
|
|
|
$
|
(5.8)
|
|
|
$
|
30.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
7.9
|
|
|
£
|
6.1
|
|
|
£
|
2.5
|
|
|
£
|
9.4
|
|
|
£
|
(4.1)
|
|
|
£
|
21.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.38
|
|
|
Three Months Ended
September 30, 20201
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
9.6
|
|
|
$
|
5.7
|
|
|
$
|
1.6
|
|
|
$
|
(2.1)
|
|
|
$
|
(14.3)
|
|
|
$
|
0.5
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group
restructure
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
Acquisition
and integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.2
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
6.6
|
|
|
|
1.0
|
|
|
|
0.5
|
|
|
|
5.4
|
|
|
|
0.5
|
|
|
|
14.0
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8.3
|
|
|
|
8.3
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(0.3)
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
16.4
|
|
|
$
|
6.8
|
|
|
$
|
2.2
|
|
|
$
|
3.3
|
|
|
$
|
(3.7)
|
|
|
$
|
25.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
12.6
|
|
|
£
|
5.2
|
|
|
£
|
1.7
|
|
|
£
|
2.6
|
|
|
£
|
(2.8)
|
|
|
£
|
19.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.30
|
|
|
|
|
1
|
|
As a result of the
SEC Staff Statement, Inspired revised its financial statements as
of December 31, 2020 and December 31, 2019 and for the years ended
December 31, 2020 and 2019. For the three months ended September
30, 2020, the change in fair value of warrant liability resulting
from the SEC Staff Statement was a $0.2 million credit.
|
Nine Months Ended
September 30, 2021
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(1.2)
|
|
|
$
|
15.5
|
|
|
$
|
7.5
|
|
|
$
|
(3.1)
|
|
|
$
|
(54.2)
|
|
|
$
|
(35.5)
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.5
|
|
|
|
1.5
|
|
Refinance of Company Debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.8
|
|
|
|
0.8
|
|
Italian
tax related costs relating to prior years
|
|
|
—
|
|
|
|
1.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
1.1
|
|
|
|
0.5
|
|
|
|
0.4
|
|
|
|
0.3
|
|
|
|
6.3
|
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
17.7
|
|
|
|
2.5
|
|
|
|
2.5
|
|
|
|
12.2
|
|
|
|
1.3
|
|
|
|
36.2
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
38.1
|
|
|
|
38.1
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3.8)
|
|
|
|
(3.8)
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5.5)
|
|
|
|
(5.5)
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
17.6
|
|
|
$
|
19.9
|
|
|
$
|
10.4
|
|
|
$
|
9.4
|
|
|
$
|
(15.2)
|
|
|
$
|
42.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
12.7
|
|
|
£
|
14.4
|
|
|
£
|
7.5
|
|
|
£
|
6.8
|
|
|
£
|
(11.0)
|
|
|
£
|
30.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.38
|
|
|
Nine Months Ended
September 30, 20201
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
1.3
|
|
|
$
|
15.8
|
|
|
$
|
3.4
|
|
|
$
|
(10.1)
|
|
|
$
|
(45.9)
|
|
|
$
|
(35.5)
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.5
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group
restructure
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.8
|
|
|
|
0.8
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5.6
|
|
|
|
5.6
|
|
Impairment on
interest in equity method investee
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
0.4
|
|
|
|
0.3
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
2.2
|
|
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
21.0
|
|
|
|
2.7
|
|
|
|
1.7
|
|
|
|
13.2
|
|
|
|
1.3
|
|
|
|
39.9
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22.5
|
|
|
|
22.5
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6.1)
|
|
|
|
(6.1)
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5.9
|
|
|
|
5.9
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
22.7
|
|
|
$
|
18.8
|
|
|
$
|
5.3
|
|
|
$
|
3.1
|
|
|
$
|
(12.7)
|
|
|
$
|
37.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
17.7
|
|
|
£
|
14.6
|
|
|
£
|
4.1
|
|
|
£
|
2.4
|
|
|
£
|
(9.9)
|
|
|
£
|
29.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.28
|
|
|
|
|
1
|
|
As a result of the
SEC Staff Statement, Inspired revised its financial statements as
of December 31, 2020 and December 31, 2019 and for the years ended
December 31, 2020 and 2019. For the nine months ended September 30,
2020, the change in fair value of warrant liability resulting from
the SEC Staff Statement was a $6.1 million credit.
|
INSPIRED
ENTERTAINMENT, INC. SEGMENT PERFORMANCE
(Unaudited)
|
|
Three Months Ended
September 30, 2021
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
19.7
|
|
|
$
|
10.5
|
|
|
$
|
6.1
|
|
|
$
|
32.4
|
|
|
$
|
—
|
|
|
$
|
68.7
|
|
Product
sales
|
|
|
7.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.0
|
|
|
|
—
|
|
|
|
8.9
|
|
Total
revenue
|
|
|
27.6
|
|
|
|
10.5
|
|
|
|
6.1
|
|
|
|
33.4
|
|
|
|
—
|
|
|
|
77.6
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(4.1)
|
|
|
|
(0.5)
|
|
|
|
(1.0)
|
|
|
|
(8.2)
|
|
|
|
—
|
|
|
|
(13.8)
|
|
Cost of product
sales
|
|
|
(4.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
(4.7)
|
|
Selling, general and
administrative expenses
|
|
|
(8.4)
|
|
|
|
(1.4)
|
|
|
|
(1.7)
|
|
|
|
(11.7)
|
|
|
|
(6.0)
|
|
|
|
(29.2)
|
|
Stock-based
compensation expense
|
|
|
(0.5)
|
|
|
|
(0.3)
|
|
|
|
(0.2)
|
|
|
|
(0.1)
|
|
|
|
(2.7)
|
|
|
|
(3.8)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
(5.3)
|
|
|
|
(0.7)
|
|
|
|
(0.9)
|
|
|
|
(3.9)
|
|
|
|
(0.4)
|
|
|
|
(11.2)
|
|
Segment operating
income (loss)
|
|
|
5.1
|
|
|
|
7.6
|
|
|
|
2.3
|
|
|
|
9.0
|
|
|
|
(9.1)
|
|
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at
September 30, 2021
|
|
$
|
81.2
|
|
|
$
|
61.0
|
|
|
$
|
13.1
|
|
|
$
|
94.0
|
|
|
$
|
54.5
|
|
|
$
|
303.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total goodwill at
September 30, 2021
|
|
$
|
1.4
|
|
|
$
|
47.4
|
|
|
$
|
0.4
|
|
|
$
|
33.5
|
|
|
$
|
—
|
|
|
$
|
82.7
|
|
Total capital
expenditures for the three months ended September 30,
2021
|
|
$
|
2.4
|
|
|
$
|
0.6
|
|
|
$
|
0.9
|
|
|
$
|
1.5
|
|
|
$
|
0.3
|
|
|
$
|
5.7
|
|
|
Three Months Ended
September 30, 2020
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
27.2
|
|
|
$
|
8.3
|
|
|
$
|
3.5
|
|
|
$
|
16.6
|
|
|
$
|
—
|
|
|
$
|
55.6
|
|
Product
sales
|
|
|
3.7
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
4.5
|
|
Total
revenue
|
|
|
30.9
|
|
|
|
8.3
|
|
|
|
3.5
|
|
|
|
17.4
|
|
|
|
—
|
|
|
|
60.1
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(5.8)
|
|
|
|
(0.7)
|
|
|
|
(0.4)
|
|
|
|
(3.9)
|
|
|
|
—
|
|
|
|
(10.8)
|
|
Cost of product
sales
|
|
|
(2.7)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.6)
|
|
|
|
—
|
|
|
|
(3.3)
|
|
Selling, general and
administrative expenses
|
|
|
(6.0)
|
|
|
|
(0.8)
|
|
|
|
(0.9)
|
|
|
|
(9.6)
|
|
|
|
(4.2)
|
|
|
|
(21.5)
|
|
Stock-based
compensation expense
|
|
|
(0.2)
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(0.7)
|
|
|
|
(1.1)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.2)
|
|
|
|
(1.2)
|
|
Depreciation and
amortization
|
|
|
(6.6)
|
|
|
|
(1.0)
|
|
|
|
(0.5)
|
|
|
|
(5.4)
|
|
|
|
(0.5)
|
|
|
|
(14.0)
|
|
Segment operating
income (loss)
|
|
|
9.6
|
|
|
|
5.7
|
|
|
|
1.6
|
|
|
|
(2.1)
|
|
|
|
(6.6)
|
|
|
|
8.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at
December 31, 2020
|
|
$
|
93.9
|
|
|
$
|
64.4
|
|
|
$
|
8.5
|
|
|
$
|
87.0
|
|
|
$
|
70.3
|
|
|
$
|
324.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total goodwill at
December 31, 2020
|
|
$
|
1.4
|
|
|
$
|
48.0
|
|
|
$
|
0.4
|
|
|
$
|
33.9
|
|
|
$
|
—
|
|
|
$
|
83.7
|
|
Total capital
expenditures for the three months ended September 30,
2020
|
|
$
|
2.1
|
|
|
$
|
1.2
|
|
|
$
|
0.6
|
|
|
$
|
1.1
|
|
|
$
|
1.4
|
|
|
$
|
6.4
|
|
Nine Months Ended
September 30, 2021
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
38.1
|
|
|
$
|
25.0
|
|
|
$
|
17.1
|
|
|
$
|
43.1
|
|
|
$
|
—
|
|
|
$
|
123.3
|
|
Product
sales
|
|
|
16.5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.1
|
|
|
|
—
|
|
|
|
18.6
|
|
Total
revenue
|
|
|
54.6
|
|
|
|
25.0
|
|
|
|
17.1
|
|
|
|
45.2
|
|
|
|
—
|
|
|
|
141.9
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(8.3)
|
|
|
|
(1.3)
|
|
|
|
(2.7)
|
|
|
|
(11.6)
|
|
|
|
—
|
|
|
|
(23.9)
|
|
Cost of product
sales
|
|
|
(9.5)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.1)
|
|
|
|
—
|
|
|
|
(10.6)
|
|
Selling, general and
administrative expenses
|
|
|
(19.2)
|
|
|
|
(5.2)
|
|
|
|
(4.0)
|
|
|
|
(23.1)
|
|
|
|
(16.6)
|
|
|
|
(68.1)
|
|
Stock-based
compensation expense
|
|
|
(1.1)
|
|
|
|
(0.5)
|
|
|
|
(0.4)
|
|
|
|
(0.3)
|
|
|
|
(6.3)
|
|
|
|
(8.6)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.5)
|
|
|
|
(1.5)
|
|
Depreciation and
amortization
|
|
|
(17.7)
|
|
|
|
(2.5)
|
|
|
|
(2.5)
|
|
|
|
(12.2)
|
|
|
|
(1.3)
|
|
|
|
(36.2)
|
|
Segment operating
income (loss)
|
|
|
(1.2)
|
|
|
|
15.5
|
|
|
|
7.5
|
|
|
|
(3.1)
|
|
|
|
(25.7)
|
|
|
|
(7.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(7.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital
expenditures for the nine months ended September 30,
2021
|
|
$
|
6.6
|
|
|
$
|
2.5
|
|
|
$
|
2.7
|
|
|
$
|
6.3
|
|
|
$
|
1.1
|
|
|
$
|
19.2
|
|
|
Nine Months Ended
September 30, 2020
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
47.9
|
|
|
$
|
23.7
|
|
|
$
|
9.0
|
|
|
$
|
33.1
|
|
|
$
|
—
|
|
|
$
|
113.7
|
|
Product
sales
|
|
|
12.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.2
|
|
|
|
—
|
|
|
|
14.3
|
|
Total
revenue
|
|
|
60.0
|
|
|
|
23.7
|
|
|
|
9.0
|
|
|
|
35.3
|
|
|
|
—
|
|
|
|
128.0
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(11.1)
|
|
|
|
(2.2)
|
|
|
|
(1.0)
|
|
|
|
(7.5)
|
|
|
|
—
|
|
|
|
(21.8)
|
|
Cost of product
sales
|
|
|
(8.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.5)
|
|
|
|
—
|
|
|
|
(9.8)
|
|
Selling, general and
administrative expenses
|
|
|
(17.9)
|
|
|
|
(2.7)
|
|
|
|
(2.7)
|
|
|
|
(23.2)
|
|
|
|
(14.2)
|
|
|
|
(60.7)
|
|
Stock-based
compensation expense
|
|
|
(0.4)
|
|
|
|
(0.3)
|
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
(2.2)
|
|
|
|
(3.1)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5.6)
|
|
|
|
(5.6)
|
|
Depreciation and
amortization
|
|
|
(21.0)
|
|
|
|
(2.7)
|
|
|
|
(1.7)
|
|
|
|
(13.2)
|
|
|
|
(1.3)
|
|
|
|
(39.9)
|
|
Segment operating
income (loss)
|
|
|
1.3
|
|
|
|
15.8
|
|
|
|
3.4
|
|
|
|
(10.1)
|
|
|
|
(23.3)
|
|
|
|
(12.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(12.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital
expenditures for the nine months ended September 30,
2020
|
|
$
|
5.4
|
|
|
$
|
3.6
|
|
|
$
|
1.8
|
|
|
$
|
6.6
|
|
|
$
|
4.4
|
|
|
$
|
21.8
|
|
Scheduled Online
Virtual Sports and Interactive Total Revenue
|
|
|
Three Months
Ended
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
30-Sep
|
|
Change
|
|
30-Sep
|
|
Change
|
|
(In millions of
GBP)
|
|
2021
|
|
2020
|
|
%
|
|
2021
|
|
2020
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue £'m -
Online Virtuals
|
|
£5.1
|
|
£3.2
|
|
56.1%
|
|
£13.4
|
|
£11.1
|
|
21.1%
|
|
Total Revenue £'m –
Interactive
|
|
£4.4
|
|
£2.7
|
|
62.7%
|
|
£12.3
|
|
£7.1
|
|
74.3%
|
|
Total Revenue £'m
– Online Virtuals and Interactive
|
|
£9.5
|
|
£6.0
|
|
59.1%
|
|
£25.7
|
|
£18.2
|
|
41.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of
USD
|
|
$13.1
|
|
$
7.7
|
|
68.0%
|
|
$35.6
|
|
$23.0
|
|
54.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate - $
to £
|
|
1.38
|
|
1.29
|
|
|
|
1.38
|
|
1.27
|
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/inspired-reports-third-quarter-2021-results-301422154.html
SOURCE Inspired Entertainment, Inc.