NEW YORK, Aug. 12, 2021 /PRNewswire/ --
- All constraints on betting shops, pubs and holiday parks
in England lifted on July 19th following COVID-19-related
restrictions associated with the staged reopening of operations
during the second quarter 2021
- Company refinanced all of its debt during the second
quarter, issuing £235.0 million ($324.7
million) of 7.875% senior secured notes and establishing a
£20.0 million ($27.6 million) secured
revolving facility
- Company facilitated Landgame Trust's secondary offering
of 6.2 million shares of common stock of the Company, which was
oversubscribed and included allocations to over 40 institutional
investors
- Second Quarter Interactive Revenue increased 69.0%
year-over-year, notwithstanding the staged reopening of retail
customers during the quarter
- Second Quarter Revenue increased 166.4% year-over-year to
$41.5 million
- Second Quarter Net Loss of $43.8
million
- Second Quarter Adjusted EBITDA1 increased
289.3% year-over-year to $8.0
million
- Management affirms third quarter 2021 Adjusted EBITDA
Guidance of $28 million to
$30 million
Inspired Entertainment, Inc. ("Inspired" or the "Company")
(NASDAQ: INSE) today reported financial results for the three-month
period ended June 30, 2021.
The Company generated total revenue of $41.5 million, a net loss of $43.8 million and Adjusted EBITDA of $8.0 million in the three months ended
June 30, 2021 on a reported
basis2. The Company exhibited year-over-year
growth on a reported basis across all segments in the second
quarter 2021. The Interactive business continued to display
strong performance, and sequential growth, in all major markets,
with revenue of $5.8 million, an
increase of 69.0% year-over-year, due to the addition of new
customers and territories and the consistent launch of new
high-quality content. This expansion, as well as the
associated costs to establish new geographies and licensed content,
led to Interactive segment operating income increasing 46.8%
year-over-year to $2.6 million, and
Adjusted EBITDA increasing 45.7% to $3.6
million from $2.4 million in
the prior-year period. The Interactive business generated
record revenues for the Company in July.
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1 "Adjusted EBITDA" is a non-GAAP
financial measure defined and described below under "Non-GAAP
Financial Measures" and reconciled to the most directly comparable
GAAP measures in the accompanying supplemental table.
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2 GBP:USD exchange rate was GBP 1.40:
USD 1.00 for the three months ended June 30, 2021 and GBP 1.24: USD
1.00 for the three months ended June 30, 2020.
|
Summary of
Consolidated Second Quarter 2021 Financial Results
(unaudited)
|
|
|
Three
Months
|
|
|
Functional
|
|
|
Ended
|
|
Currency
|
Currency
|
|
|
June
30
|
Change
|
Movement
|
Growth
|
|
|
2021
|
20203
|
(%)
|
2021
|
(%)
|
(In $ millions,
except per share figures)
|
|
|
|
|
|
|
GAAP
Measures:
|
|
|
|
|
|
|
Revenue
|
|
$
41.5
|
$
15.6
|
166.4%
|
$
4.7
|
136.3%
|
Net operating
(loss)
|
|
$
(9.7)
|
$
(13.9)
|
NM2
|
$
(1.1)
|
NM2
|
Net (loss)
|
|
$
(43.8)
|
$
(26.2)
|
NM2
|
$
(5.1)
|
NM2
|
Net (loss) per
diluted share
|
|
$
(1.94)
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$
(1.17)
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NM2
|
|
|
Non-GAAP
Financial Measures1:
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|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
8.0
|
$
2.1
|
289.3%
|
$
0.9
|
245.2%
|
|
|
|
|
|
|
|
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 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 June 30,
2020, the change in fair value of warrant liability resulting from
the SEC Staff Statement was a $1.7 million charge.
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During the quarter, Inspired's key retail gaming territories,
UK, Italy and Greece, reopened at different stages following
COVID-19-related restrictions. The UK government gradually
removed COVID-19-related operating restrictions throughout the
course of the second quarter 2021, beginning April 12, 2021, with all of the Company's retail
businesses in England not being
able to operate without constraints until July 19, 2021. The Greek Organisation of
Football Prognostics (OPAP) betting shops reopened May 24, 2021, while in Italy, retail venues began reopening in
June 2021.
"We are pleased with our second quarter results as the majority
of our retail businesses steadily reopened throughout the quarter
and our Interactive business built upon its momentum coming into
the quarter to continue its rapid growth trajectory," said
Lorne Weil, Executive Chairman of
Inspired. "From what we have seen in July and so far in August,
this momentum in the Interactive business has continued—leading to
record-level revenues in July, notwithstanding the reopening of
retail customers during the quarter—while our retail businesses
appear to have rebounded quickly to roughly pre-COVID levels, as we
had forecasted. Gross gaming revenue per operational machine in
betting shops is approximately back to pre-COVID levels, the pubs
have been improving steadily week-to-week since constraints were
completely lifted in July 2021 and
revenue from the holiday parks has outperformed our initial
expectations."
Weil continued, "Our North American business remains a key
driver of growth opportunities as we continue to build momentum and
expand our footprint. Early results from our installed base
of Valor™ terminals with Western Canada Lottery Corporation (WCLC)
have been very encouraging. We believe this bodes well not
only for future placements with WCLC, but also for our video
lottery terminal business in the Canadian lottery market, which has
approximately 33,000 machines in total. We see the North
American online gaming and betting markets as significant
opportunities, and we believe we are well positioned in these
markets. We launched our first games into Michigan in the second quarter and
North America has now become our
second largest Interactive market, with further opportunities as we
continue to reach full deployment across Michigan and New
Jersey and seek to benefit from opportunities with several
additional states. We have also started to work with BetMGM
in New Jersey on promoting our
Virtual Plug & Play™, which allows their online players to
access multiple virtual sports via an intuitive player interface,
and we are very excited about the prospects for this product."
"During the second quarter, we refinanced all of our borrowings,
which extended our maturity profile and provided us increased
operating flexibility, while lowering our expected interest expense
(excluding the amortization of debt fees) for 2022 by approximately
$3.6 million," said Stewart Baker, Executive Vice President and
Chief Financial Officer of Inspired. "Between the strong
retail gaming recovery outlook, robust iGaming trends, refinancing
and the overall improvement in our cost structure coming out of
COVID-19, we believe we are in a better position than ever to
deliver on our strategic plan and maximize shareholder value."
Management Guidance for Third Quarter 2021
Management is maintaining its third quarter 2021 Adjusted EBITDA
guidance of $28.0 million to
$30.0 million based on current
exchange rates and the assumption that current expectations for
operations in the various geographies in which Inspired's customers
operate are not impacted by additional COVID-related
measures. The Company is not able to forecast net income on a
forward-looking basis without unreasonable efforts due to the high
variability and difficulty in predicting certain items that affect
net income, including change in warrant liability, income tax
expense and stock-based compensation expense. Management does not
currently intend to provide such guidance for future periods.
"With the third quarter ramping up as we had expected, we are
maintaining our third quarter guidance. We are looking
forward to demonstrating that we are emerging from COVID-19 as a
stronger and leaner company with a higher revenue base, more
efficient cost structure and increased growth opportunities,"
concluded Weil.
Recent Highlights (as of August 11,
2021)
Financial
- Debt Refinancing – During the second quarter, the
Company issued £235.0 million ($324.7
million) aggregate principal amount of its 7.875% senior
secured notes due 2026 and arranged a secured revolving facility
loan in a principal amount of £20.0 million ($27.6 million). Proceeds from the offering of the
senior secured notes were primarily used to repay the Company's
previous £145.8 million ($201.5
million) senior secured term loan facility and €93.1 million
($110.4 million) senior secured term
loan facility. The debt refinancing resulted in a reduction in the
Company's annual interest expense.
- Landgame Public Offering – During the second
quarter, the Company facilitated Landgame Trust's secondary
offering of its entire holdings in the Company's common stock. In
the offering, which was highly oversubscribed, Landgame sold 6.2
million shares to over 40 institutional investors. As a result of
the completion of this sale, Landgame is no longer a stockholder of
Inspired and the Company believes it has a more diverse
distribution of holders of its common stock than it did
previously.
Gaming
- 71 Valor™ Sales in Illinois during the Second
Quarter – These sales bring total Valor™
terminal sales in North America
since launch to 540. The Company has commitments for 36 additional
units in Illinois thus far in the
third quarter.
Virtual Sports
- Retail and Online Virtual Sports Agreements –
During the second quarter, Inspired signed an extension with Entain
enabling BetMGM, Borgata and Party Casino to launch Virtual Plug
& Play™ into multiple states in the U.S. In addition, the
Company signed a contract extension with Boylesports for the
provision of Virtual Sports across retail betting shops in the UK
and Ireland.
- Online Virtual Plug & Play™ ("VPP") Launches
– Subsequent to the end of the quarter, Inspired launched its VPP
product, which allows online players to access multiple Virtual
Sports via an intuitive player interface, with BetMGM, Borgata and
Party Casino in New Jersey and
plans to launch with several other operators in the third and
fourth quarters. Inspired also launched three channels of V-Play
Soccer 3.0™ with Stoiximan, the largest online operator in
Greece, as well as a number of new
features with Misli, Turkey's
fastest growing betting site.
- New Retail Territories –Following certification
by the Gaming Inspection and Coordination Bureau for Macau ("DICJ"), V-Play Horses was launched
with LT Game in Macau on
self-service betting terminals in the second quarter.
- New Products - Updates to V-Play Soccer 3.0 and
V-Play Matchday Soccer were launched in OPAP venues in Greece along with a new Euro soccer tournament
product which was launched alongside the European Soccer tournament
in the second quarter 2021. In Italy, the Company launched new Virtual
products (Marbles, Penalties and Matchday Ultra™) with its online
and retail customers subsequent to the end of the quarter.
Interactive
- New Customers – Interactive content was launched
with seven new customers, including BetMGM and Golden Nugget in
Michigan during the second
quarter.
- New Jurisdictions – The Company launched
Interactive games in Michigan
during the second quarter.
- New Content – Seven games were launched during
the second quarter across the estate including Big Spin Bonus™ and
Cops and Robbers Megaways™. Big Spin Bonus is the biggest launch in
Inspired's history and the first game to hit 20 million plays in a
week.
- New Contract – Inspired signed a contract to
launch Interactive games with Wynn Resorts during the second
quarter.
- New License – Subsequent to the end of the
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.
Leisure
- Contract Extension – Inspired signed a contract
extension with Marstons during the second quarter.
Overview of Second Quarter 2021 Results Versus Second Quarter
2020 on a Reported Basis
Gaming Revenue was $16.2
million, an increase of $12.0
million over the prior year period due to Inspired's retail
customers reopening throughout the second quarter 2021 versus being
shut down almost entirely for COVID-19-related closures in the
prior-year period. Second quarter 2021 included the sale of 71
Valor™ terminals in Illinois. Gaming Segment Operating
Loss improved by $4.4
million over the prior-year period to $2.7 million. Gaming Adjusted
EBITDA increased $3.5
million over the prior period to $3.5
million due to the reopening of retail venues.
Virtual Sports Revenue increased to $8.2 million from $7.6
million in the second quarter 2020 primarily due to a
$0.9 million increase in retail
Virtual Sports revenue, as our retail business steadily returned
throughout the second quarter 2021. This was primarily offset
by a $0.8 million decline in one-time
sales driven by the lack of real live sports in the prior-year
period and a $0.4 million decline in
online recurring revenue due to the lack of live sports betting
available in second quarter 2020. Virtual Sports Segment
Operating Income was $4.2
million, a decrease from $5.1
million in the second quarter of 2020 primarily due to an
increase in SG&A for the provision of additional taxes due,
relating to historic periods. Virtual Sports Adjusted
EBITDA increased to $6.4 million
from $6.1 million in the second
quarter 2020.
Interactive Revenue increased 69.0% to $5.8 million from $3.4
million in the second quarter 2020. The revenue growth
was driven by the addition of new customers and territories and the
consistent launch of new high-quality content. Interactive
Segment Operating Income increased to $2.6 million from $1.7
million in the second quarter 2020 and Interactive
Adjusted EBITDA increased to $3.6
million from $2.4 million in
the second quarter 2020 due to associated costs with establishing
new customers, geographies and content.
Leisure Revenue increased $10.9
million to $11.3
million in the second quarter 2021 from $0.4 million in the second quarter 2020.
The Leisure business was able to reopen on May 17, 2021. However, there were continued
social distancing and other restrictions on operations imposed due
to COVID-19. During the prior year period, all major sectors
of the Leisure segment (Pubs, Holiday Parks, Motorway Service Areas
and Bingo) were closed due to the COVID-19 lockdown in the UK.
Leisure Segment Operating Loss improved to a loss of
$4.4 million from a loss of
$7.0 million. Leisure
Adjusted EBITDA improved to a loss of $0.2 million from a loss of $2.6 million in the second quarter 2020.
Total Company Selling, General and Administrative
expenses increased to $25.1
million from $11.2 million in
the prior year period, primarily driven by staff returning from
furlough as venues began to reopen. This $14.0 million increase was driven by the increase
in costs of retail-based operations reopening ($8.3 million from staff returning from furlough,
$0.8 million from additional fleet
costs and $0.7 million of additional
distribution costs), as well as incremental VAT costs of
$1.4 million and refinancing costs of
$0.8 million (both of which are
excluded from Adjusted EBITDA).
Net Loss during the quarter increased to
$43.8 million compared to a net loss
of $26.2 million in the prior year
period primarily due to the $14.4
million charge related to the write-off of previously
capitalized debt fees following the refinancing and the
$10.5 million charge related to the
change in fair value of warrant liability, partly offset by the
decrease in net operating loss of $4.2
million.
Total Company Net Cash Provided by Operating Activities Less
Capital Expenditures during the quarter decreased to an
outflow of $18.2 million from an
outflow of $5.4 million in the second
quarter 2020. Management believes this decrease was primarily
driven by events surrounding COVID-19-related closures and interest
expense timing associated with refinancing and that these matters
are unlikely to repeat in future periods.
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 8:00 a.m. ET /
1:00 p.m. UK on Thursday, August 12, 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 August 19, 2021 by dialing
1-877-344-7529 (US) or 1-412-317-0088 (International), via replay
access code 10159096. 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 gaming
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)
|
|
|
|
June 30,
2021
|
|
|
December 31,
2020
|
|
|
|
(Unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Cash
|
|
$
|
24.5
|
|
|
$
|
47.1
|
|
Accounts receivable,
net
|
|
|
22.3
|
|
|
|
27.5
|
|
Inventory,
net
|
|
|
14.3
|
|
|
|
17.6
|
|
Prepaid expenses and
other current assets
|
|
|
21.8
|
|
|
|
16.8
|
|
Total current
assets
|
|
|
82.9
|
|
|
|
109.0
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
58.4
|
|
|
|
65.5
|
|
Software development
costs, net
|
|
|
38.9
|
|
|
|
42.4
|
|
Other acquired
intangible assets subject to amortization, net
|
|
|
7.3
|
|
|
|
7.7
|
|
Goodwill
|
|
|
84.8
|
|
|
|
83.7
|
|
Right of use
asset
|
|
|
11.4
|
|
|
|
12.5
|
|
Other
assets
|
|
|
2.5
|
|
|
|
3.3
|
|
Total
assets
|
|
$
|
286.2
|
|
|
$
|
324.1
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Deficit
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
22.1
|
|
|
$
|
17.9
|
|
Accrued
expenses
|
|
|
28.0
|
|
|
|
31.4
|
|
Corporate tax and
other current taxes payable
|
|
|
7.7
|
|
|
|
14.4
|
|
Deferred revenue,
current
|
|
|
9.7
|
|
|
|
11.5
|
|
Operating lease
liabilities
|
|
|
3.6
|
|
|
|
3.6
|
|
Other current
liabilities
|
|
|
2.1
|
|
|
|
2.5
|
|
Warrant
liability
|
|
|
26.5
|
|
|
|
13.0
|
|
Current portion of
finance lease liabilities
|
|
|
0.9
|
|
|
|
0.6
|
|
Total current
liabilities
|
|
|
100.6
|
|
|
|
94.9
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
316.0
|
|
|
|
297.5
|
|
Finance lease
liabilities, net of current portion
|
|
|
1.0
|
|
|
|
0.2
|
|
Deferred revenue, net
of current portion
|
|
|
7.5
|
|
|
|
11.4
|
|
Derivative
liability
|
|
|
—
|
|
|
|
1.7
|
|
Operating lease
liabilities
|
|
|
8.0
|
|
|
|
9.2
|
|
Other long-term
liabilities
|
|
|
4.8
|
|
|
|
10.9
|
|
Total
liabilities
|
|
|
437.9
|
|
|
|
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; 22,594,207 shares and
22,430,475 shares issued and outstanding at June 30, 2021 and
December 31, 2020, respectively
|
|
|
—
|
|
|
|
—
|
|
Additional paid in
capital
|
|
|
329.3
|
|
|
|
324.6
|
|
Accumulated other
comprehensive income
|
|
|
36.9
|
|
|
|
31.1
|
|
Accumulated
deficit
|
|
|
(517.9)
|
|
|
|
(457.4)
|
|
Total
stockholders' deficit
|
|
|
(151.7)
|
|
|
|
(101.7)
|
|
Total liabilities
and stockholders' deficit
|
|
$
|
286.2
|
|
|
$
|
324.1
|
|
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(in millions, except share data)
(Unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
37.5
|
|
|
$
|
15.3
|
|
|
$
|
54.6
|
|
|
$
|
58.1
|
|
Product
sales
|
|
|
4.0
|
|
|
|
0.3
|
|
|
|
9.7
|
|
|
|
9.8
|
|
Total
revenue
|
|
|
41.5
|
|
|
|
15.6
|
|
|
|
64.3
|
|
|
|
67.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(8.0)
|
|
|
|
(2.5)
|
|
|
|
(10.1)
|
|
|
|
(11.0)
|
|
Cost of product
sales
|
|
|
(2.7)
|
|
|
|
(0.3)
|
|
|
|
(5.9)
|
|
|
|
(6.5)
|
|
Selling, general and
administrative expenses
|
|
|
(28.5)
|
|
|
|
(12.2)
|
|
|
|
(43.7)
|
|
|
|
(41.2)
|
|
Acquisition and
integration related transaction expenses
|
|
|
(0.1)
|
|
|
|
(1.2)
|
|
|
|
(1.5)
|
|
|
|
(4.4)
|
|
Depreciation and
amortization
|
|
|
(11.9)
|
|
|
|
(13.3)
|
|
|
|
(25.0)
|
|
|
|
(25.9)
|
|
Net operating
loss
|
|
|
(9.7)
|
|
|
|
(13.9)
|
|
|
|
(21.9)
|
|
|
|
(21.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.4
|
|
Interest
expense
|
|
|
(22.2)
|
|
|
|
(8.1)
|
|
|
|
(30.8)
|
|
|
|
(14.2)
|
|
Change in fair value
of warrant liability
|
|
|
(10.5)
|
|
|
|
(1.7)
|
|
|
|
(13.5)
|
|
|
|
5.9
|
|
Loss from equity
method investee
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.5)
|
|
Other finance
(expense) income
|
|
|
(1.2)
|
|
|
|
(2.5)
|
|
|
|
5.2
|
|
|
|
(6.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
expense, net
|
|
|
(33.8)
|
|
|
|
(12.2)
|
|
|
|
(39.0)
|
|
|
|
(14.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(43.5)
|
|
|
|
(26.1)
|
|
|
|
(60.9)
|
|
|
|
(35.7)
|
|
Income tax
expense
|
|
|
(0.3)
|
|
|
|
(0.1)
|
|
|
|
0.4
|
|
|
|
(0.3)
|
|
Net
loss
|
|
|
(43.8)
|
|
|
|
(26.2)
|
|
|
|
(60.5)
|
|
|
|
(36.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss)/income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
0.1
|
|
|
|
0.4
|
|
|
|
(1.0)
|
|
|
|
3.5
|
|
Change in fair value
of hedging instrument
|
|
|
(0.3)
|
|
|
|
(0.8)
|
|
|
|
0.3
|
|
|
|
(2.3)
|
|
Reclassification of
loss on hedging instrument to comprehensive income
|
|
|
0.5
|
|
|
|
0.3
|
|
|
|
1.0
|
|
|
|
0.7
|
|
Actuarial gains
(losses) on pension plan
|
|
|
0.9
|
|
|
|
(8.7)
|
|
|
|
5.5
|
|
|
|
(4.3)
|
|
Other
comprehensive income (loss)
|
|
|
1.2
|
|
|
|
(8.8)
|
|
|
|
5.8
|
|
|
|
(2.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss
|
|
$
|
(42.6)
|
|
|
$
|
(35.0)
|
|
|
$
|
(54.7)
|
|
|
$
|
(38.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
common share – basic and diluted
|
|
$
|
(1.94)
|
|
|
$
|
(1.17)
|
|
|
$
|
(2.68)
|
|
|
$
|
(1.61)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding during the period –
basic and diluted
|
|
|
22,594,207
|
|
|
|
22,400,107
|
|
|
|
22,589,461
|
|
|
|
22,392,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$
|
(3.4)
|
|
|
$
|
(1.0)
|
|
|
$
|
(4.8)
|
|
|
$
|
(2.0)
|
|
INSPIRED
ENTERTAINMENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (Unaudited)
|
|
|
|
Six Months
Ended
June
30,
|
|
|
|
2021
|
|
|
2020
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net loss
|
|
$
|
(60.5)
|
|
|
$
|
(36.0)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
25.0
|
|
|
|
25.9
|
|
Amortization of right
of use asset
|
|
|
1.2
|
|
|
|
2.0
|
|
Stock-based
compensation expense
|
|
|
4.8
|
|
|
|
2.0
|
|
Change in fair value
of warrant liability
|
|
|
13.5
|
|
|
|
(5.9)
|
|
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
|
|
|
1.0
|
|
|
|
0.5
|
|
Non-cash interest
expense relating to senior debt
|
|
|
16.3
|
|
|
|
1.2
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
5.5
|
|
|
|
3.7
|
|
Inventory
|
|
|
3.5
|
|
|
|
(1.4)
|
|
Prepaid expenses and
other assets
|
|
|
(4.1)
|
|
|
|
5.7
|
|
Corporate tax and
other current taxes payable
|
|
|
(6.7)
|
|
|
|
0.1
|
|
Accounts
payable
|
|
|
3.9
|
|
|
|
0.8
|
|
Deferred revenues and
customer prepayment
|
|
|
(5.7)
|
|
|
|
(3.8)
|
|
Accrued
expenses
|
|
|
(4.0)
|
|
|
|
9.3
|
|
Operating lease
liabilities
|
|
|
(1.2)
|
|
|
|
(1.6)
|
|
Other long-term
liabilities
|
|
|
(0.7)
|
|
|
|
0.4
|
|
Net cash (used in)
provided by operating activities
|
|
|
(12.8)
|
|
|
|
10.2
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(5.4)
|
|
|
|
(8.8)
|
|
Purchases of capital
software
|
|
|
(6.8)
|
|
|
|
(6.7)
|
|
Net cash used in
investing activities
|
|
|
(12.2)
|
|
|
|
(15.5)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of long-term debt
|
|
|
333.1
|
|
|
|
—
|
|
Proceeds from
issuance of revolver
|
|
|
—
|
|
|
|
22.3
|
|
Repayments of
long-term debt
|
|
|
(320.7)
|
|
|
|
—
|
|
Cash paid in
connection with terminated interest rate swaps
|
|
|
(2.1)
|
|
|
|
—
|
|
Debt fees
incurred
|
|
|
(9.1)
|
|
|
|
(3.1)
|
|
Repayments of finance
leases
|
|
|
(0.2)
|
|
|
|
(0.6)
|
|
Net cash provided
by financing activities
|
|
|
1.0
|
|
|
|
18.6
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
|
1.4
|
|
|
|
(2.5)
|
|
Net (decrease)
increase in cash
|
|
|
(22.6)
|
|
|
|
10.8
|
|
Cash, beginning of
period
|
|
|
47.1
|
|
|
|
29.1
|
|
Cash, end of
period
|
|
$
|
24.5
|
|
|
$
|
39.9
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow disclosures
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
|
17.5
|
|
|
$
|
0.4
|
|
Cash paid during the
period for income taxes
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Cash paid during the
period for operating leases
|
|
$
|
1.7
|
|
|
$
|
1.2
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing and financing
activities
|
|
|
|
|
|
|
|
|
Property and
equipment acquired through finance lease
|
|
$
|
1.3
|
|
|
$
|
1.5
|
|
Lease liabilities
arising from obtaining right of use assets
|
|
$
|
—
|
|
|
$
|
(6.1)
|
|
Adjustment to
goodwill arising from adjustment to fair value of assets
acquired
|
|
$
|
—
|
|
|
$
|
(0.3)
|
|
Capitalized interest
payments
|
|
$
|
—
|
|
|
$
|
10.6
|
|
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
Six-Month
Period
ended
|
|
|
|
|
|
|
Unaudited
|
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
|
|
|
|
June
30,
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
(In
millions)
|
|
|
2021
|
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
Net loss
|
|
|
$
|
(43.8)
|
|
|
|
$
|
(26.2)
|
|
|
$
|
(60.5)
|
|
|
$
|
(36.0)
|
|
|
|
Items Relating to
Discontinued Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group
restructure
|
|
|
|
—
|
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
Acquisition and
integration related transaction expenses
|
|
|
|
0.1
|
|
|
|
|
1.2
|
|
|
|
1.5
|
|
|
|
4.4
|
|
|
|
Refinancing of
Company Debt
|
|
|
|
0.8
|
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
Italian tax related
costs relating to prior year
|
|
|
|
1.4
|
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|
—
|
|
|
|
Impairment on interest in equity method investee
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
Stock-based
compensation expense
|
|
|
|
3.4
|
|
|
|
|
1.0
|
|
|
|
4.8
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
|
11.9
|
|
|
|
|
13.3
|
|
|
|
25.0
|
|
|
|
25.9
|
|
|
|
Interest
Income
Interest
|
|
|
|
(0.1)
|
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
25.9
|
|
|
|
Interest
Expense
|
|
|
|
21.4
|
|
|
|
|
8.1
|
|
|
|
30.0
|
|
|
|
14.2
|
|
|
|
Change in fair value
of warrant liability
Interest
|
|
|
|
10.5
|
|
|
|
|
1.7
|
|
|
|
13.5
|
|
|
|
(5.9)
|
|
|
|
Other finance
expenses / (income)
|
|
|
|
2.0
|
|
|
|
|
2.5
|
|
|
|
(4.4)
|
|
|
|
6.2
|
|
|
|
Income tax
|
|
|
|
0.1
|
|
|
|
|
0.1
|
|
|
|
(0.7)
|
|
|
|
0.3
|
|
|
|
Adjusted
EBITDA
|
|
|
$
|
8.0
|
|
|
|
$
|
2.1
|
|
|
$
|
11.9
|
|
|
$
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
£
|
5.7
|
|
|
|
£
|
1.7
|
|
|
£
|
8.5
|
|
|
£
|
9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate - $
to £
|
|
|
|
1.40
|
|
|
|
|
1.24
|
|
|
|
1.39
|
|
|
|
1.27
|
|
|
|
|
1As 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 June 30, 2020, the change in fair value of warrant liability
resulting from the SEC Staff Statement was a $1.7 million charge.
For the six months ended June 30, 2020, the change in fair value of
warrant liability resulting from the SEC Staff Statement was a $5.9
million credit.
|
Scheduled
Online Virtual Sports and Interactive Total Revenue
|
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
30-Jun
|
|
Change
|
|
30-Jun
|
|
Change
|
|
(In millions of
GBP)
|
|
2021
|
|
2020
|
|
%
|
|
2021
|
|
2020
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue £'m -
Scheduled Online Virtuals
|
|
£4.3
|
|
£5.2
|
|
(16.1%)
|
|
£8.3
|
|
£7.8
|
|
6.5%
|
|
Total Revenue £'m –
Interactive
|
|
£4.2
|
|
£2.8
|
|
50.0%
|
|
£7.9
|
|
£4.4
|
|
78.2%
|
|
Total Revenue £'m
- Scheduled Online Virtuals
and Interactive
|
|
£8.5
|
|
£7.9
|
|
7.0%
|
|
£16.2
|
|
£12.2
|
|
32.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of
USD
|
|
$11.9
|
|
$
9.8
|
|
10.8%
|
|
$22.6
|
|
$15.3
|
|
45.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Rate - $
to £
|
|
1.40
|
|
1.24
|
|
|
|
1.39
|
|
1.27
|
|
|
|
ADJUSTED EBITDA
RECONCILIATION BY SEGMENT
(Unaudited)
|
Three Months Ended
June 30, 2021
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(2.7)
|
|
|
$
|
4.2
|
|
|
$
|
2.6
|
|
|
$
|
(4.4)
|
|
|
$
|
(43.5)
|
|
|
$
|
(43.8)
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration related transaction
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
0.1
|
|
Refinancing of
Company Debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.8
|
|
|
|
0.8
|
|
Italian tax related costs relating to prior years
|
|
|
—
|
|
|
|
1.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.4
|
|
Stock-based
compensation expense
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
2.7
|
|
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
5.8
|
|
|
|
0.7
|
|
|
|
0.9
|
|
|
|
4.1
|
|
|
|
0.4
|
|
|
|
11.9
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22.2
|
|
|
|
22.2
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10.5
|
|
|
|
10.5
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.2
|
|
|
|
1.2
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Adjusted
EBITDA
|
|
$
|
3.5
|
|
|
$
|
6.4
|
|
|
$
|
3.6
|
|
|
$
|
(0.2)
|
|
|
$
|
(5.3)
|
|
|
$
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
2.5
|
|
|
£
|
4.5
|
|
|
£
|
2.5
|
|
|
£
|
(0.1)
|
|
|
£
|
(3.8)
|
|
|
£
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.40
|
|
|
Three Months Ended
June 30, 20201
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(7.1)
|
|
|
$
|
5.1
|
|
|
$
|
1.7
|
|
|
$
|
(7.0)
|
|
|
$
|
(18.9)
|
|
|
$
|
(26.2)
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group
restructure
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.3
|
|
Acquisition and
integration related transaction
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.2
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.7
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
7.0
|
|
|
|
0.9
|
|
|
|
0.6
|
|
|
|
4.4
|
|
|
|
0.4
|
|
|
|
13.3
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8.1
|
|
|
|
8.1
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.7
|
|
|
|
1.7
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.5
|
|
|
|
2.5
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.1
|
|
|
|
0.1
|
|
Adjusted
EBITDA
|
|
$
|
—
|
|
|
$
|
6.1
|
|
|
$
|
2.4
|
|
|
$
|
(2.6)
|
|
|
$
|
(3.8)
|
|
|
$
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
—
|
|
|
£
|
4.8
|
|
|
£
|
1.9
|
|
|
£
|
(2.1)
|
|
|
£
|
(3.0)
|
|
|
£
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.26
|
|
|
1As 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 June 30, 2020, the change in fair value of warrant liability
resulting from the SEC Staff Statement was a $1.7 million
charge.
|
|
Six Months Ended
June 30, 2021
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(6.3)
|
|
|
$
|
7.9
|
|
|
$
|
5.2
|
|
|
$
|
(12.1)
|
|
|
$
|
(55.2)
|
|
|
$
|
(60.5)
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
0.6
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
3.6
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
12.4
|
|
|
|
1.8
|
|
|
|
1.6
|
|
|
|
8.3
|
|
|
|
0.9
|
|
|
|
25.0
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.8
|
|
|
|
30.8
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13.5
|
|
|
|
13.5
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4.4)
|
|
|
|
(4.4)
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
6.7
|
|
|
$
|
11.3
|
|
|
$
|
7.0
|
|
|
$
|
(3.6)
|
|
|
$
|
(9.5)
|
|
|
$
|
11.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
4.8
|
|
|
£
|
8.1
|
|
|
£
|
5.0
|
|
|
£
|
(2.6)
|
|
|
£
|
(6.9)
|
|
|
£
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.39
|
|
|
Six Months Ended
June 30, 20201
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate
|
|
|
Total
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(8.3)
|
|
|
$
|
10.1
|
|
|
$
|
1.8
|
|
|
$
|
(8.0)
|
|
|
$
|
(31.6)
|
|
|
$
|
(36.0)
|
|
Items Relating to
Discontinued Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension
charges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items outside the
normal course of business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of group
restructure
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4.4
|
|
|
|
4.4
|
|
Impairment on
interest in equity method investee
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
1.5
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
14.4
|
|
|
|
1.7
|
|
|
|
1.2
|
|
|
|
7.8
|
|
|
|
0.8
|
|
|
|
25.9
|
|
Interest
Income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.4)
|
|
|
|
(0.4)
|
|
Interest
Expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14.2
|
|
|
|
14.2
|
|
Changes in fair value
of warrant liability
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5.9)
|
|
|
|
(5.9)
|
|
Other finance
expense/income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6.2
|
|
|
|
6.2
|
|
Income tax
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
6.3
|
|
|
$
|
12.0
|
|
|
$
|
3.1
|
|
|
$
|
(0.2)
|
|
|
$
|
(9.1)
|
|
|
$
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
£
|
5.0
|
|
|
£
|
9.4
|
|
|
£
|
2.4
|
|
|
£
|
(0.2)
|
|
|
£
|
(7.1)
|
|
|
£
|
9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate - $
to £
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.27
|
|
1As 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 six months
ended June 30, 2020, the change in fair value of warrant liability
resulting from the SEC Staff Statement was a $5.9 million
credit.
|
INSPIRED
ENTERTAINMENT, INC. SEGMENT PERFORMANCE
(Unaudited)
|
Three Months Ended
June 30, 2021
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
12.8
|
|
|
$
|
8.2
|
|
|
$
|
5.8
|
|
|
$
|
10.7
|
|
|
$
|
—
|
|
|
$
|
37.5
|
|
Product
sales
|
|
|
3.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.6
|
|
|
|
—
|
|
|
|
4.0
|
|
Total
revenue
|
|
|
16.2
|
|
|
|
8.2
|
|
|
|
5.8
|
|
|
|
11.3
|
|
|
|
—
|
|
|
|
41.5
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(3.6)
|
|
|
|
(0.5)
|
|
|
|
(0.9)
|
|
|
|
(3.0)
|
|
|
|
—
|
|
|
|
(8.0)
|
|
Cost of product
sales
|
|
|
(2.4)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
(2.7)
|
|
Selling, general and
administrative expenses
|
|
|
(6.7)
|
|
|
|
(2.7)
|
|
|
|
(1.3)
|
|
|
|
(8.2)
|
|
|
|
(6.2)
|
|
|
|
(25.1)
|
|
Stock-based
compensation expense
|
|
|
(0.4)
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
(2.7)
|
|
|
|
(3.4)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Depreciation and
amortization
|
|
|
(5.8)
|
|
|
|
(0.7)
|
|
|
|
(0.9)
|
|
|
|
(4.1)
|
|
|
|
(0.4)
|
|
|
|
(11.9)
|
|
Segment operating
income (loss)
|
|
|
(2.7)
|
|
|
|
4.2
|
|
|
|
2.6
|
|
|
|
(4.4)
|
|
|
|
(9.4)
|
|
|
|
(9.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(9.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets at
June 30, 2021
|
|
$
|
78.6
|
|
|
$
|
61.9
|
|
|
$
|
13.8
|
|
|
$
|
90.0
|
|
|
$
|
41.9
|
|
|
$
|
286.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total goodwill at
June 30, 2021
|
|
$
|
1.4
|
|
|
$
|
48.6
|
|
|
$
|
0.4
|
|
|
$
|
34.4
|
|
|
$
|
—
|
|
|
$
|
84.8
|
|
Total capital
expenditures for the three months ended
June 30, 2021
|
|
$
|
3.0
|
|
|
$
|
1.1
|
|
|
$
|
0.9
|
|
|
$
|
1.7
|
|
|
$
|
0.6
|
|
|
$
|
7.3
|
|
|
Three Months Ended
June 30, 2020
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
4.1
|
|
|
$
|
7.6
|
|
|
$
|
3.4
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
15.3
|
|
Product
sales
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
0.3
|
|
Total
revenue
|
|
|
4.2
|
|
|
|
7.6
|
|
|
|
3.4
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
15.6
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(1.0)
|
|
|
|
(0.8)
|
|
|
|
(0.4)
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
(2.5)
|
|
Cost of product
sales
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(0.3)
|
|
Selling, general and
administrative expenses
|
|
|
(3.0)
|
|
|
|
(0.7)
|
|
|
|
(0.6)
|
|
|
|
(2.6)
|
|
|
|
(4.3)
|
|
|
|
(11.2)
|
|
Stock-based
compensation expense
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(0.7)
|
|
|
|
(1.0)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.2)
|
|
|
|
(1.2)
|
|
Depreciation and
amortization
|
|
|
(7.0)
|
|
|
|
(0.9)
|
|
|
|
(0.6)
|
|
|
|
(4.4)
|
|
|
|
(0.4)
|
|
|
|
(13.3)
|
|
Segment operating
income (loss)
|
|
|
(7.1)
|
|
|
|
5.1
|
|
|
|
1.7
|
|
|
|
(7.0)
|
|
|
|
(6.6)
|
|
|
|
(13.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(13.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
June 30, 2020
|
|
$
|
0.6
|
|
|
$
|
1.4
|
|
|
$
|
0.6
|
|
|
$
|
0.3
|
|
|
$
|
0.7
|
|
|
$
|
3.6
|
|
|
Six Months Ended
June 30, 2021
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
18.4
|
|
|
$
|
14.5
|
|
|
$
|
11.0
|
|
|
$
|
10.7
|
|
|
$
|
—
|
|
|
$
|
54.6
|
|
Product
sales
|
|
|
8.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.1
|
|
|
|
—
|
|
|
|
9.7
|
|
Total
revenue
|
|
|
27.0
|
|
|
|
14.5
|
|
|
|
11.0
|
|
|
|
11.8
|
|
|
|
—
|
|
|
|
64.3
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(4.2)
|
|
|
|
(0.8)
|
|
|
|
(1.7)
|
|
|
|
(3.4)
|
|
|
|
—
|
|
|
|
(10.1)
|
|
Cost of product
sales
|
|
|
(5.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.6)
|
|
|
|
—
|
|
|
|
(5.9)
|
|
Selling, general and
administrative expenses
|
|
|
(10.8)
|
|
|
|
(3.8)
|
|
|
|
(2.3)
|
|
|
|
(11.4)
|
|
|
|
(10.6)
|
|
|
|
(38.9)
|
|
Stock-based
compensation expense
|
|
|
(0.6)
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
|
|
(3.6)
|
|
|
|
(4.8)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.5)
|
|
|
|
(1.5)
|
|
Depreciation and
amortization
|
|
|
(12.4)
|
|
|
|
(1.8)
|
|
|
|
(1.6)
|
|
|
|
(8.3)
|
|
|
|
(0.9)
|
|
|
|
(25.0)
|
|
Segment operating
income (loss)
|
|
|
(6.3)
|
|
|
|
7.9
|
|
|
|
5.2
|
|
|
|
(12.1)
|
|
|
|
(16.6)
|
|
|
|
(21.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(21.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital
expenditures for the six months ended
June 30, 2021
|
|
$
|
4.2
|
|
|
$
|
1.9
|
|
|
$
|
1.8
|
|
|
$
|
4.8
|
|
|
$
|
0.8
|
|
|
$
|
13.5
|
|
|
Six Months Ended
June 30, 2020
|
|
|
|
Gaming
|
|
|
Virtual Sports
|
|
|
Interactive
|
|
|
Leisure
|
|
|
Corporate Functions
|
|
|
Total
|
|
|
|
(in
millions)
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
|
|
$
|
20.7
|
|
|
$
|
15.4
|
|
|
$
|
5.5
|
|
|
$
|
16.5
|
|
|
$
|
—
|
|
|
$
|
58.1
|
|
Product
sales
|
|
|
8.4
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.4
|
|
|
|
—
|
|
|
|
9.8
|
|
Total
revenue
|
|
|
29.1
|
|
|
|
15.4
|
|
|
|
5.5
|
|
|
|
17.9
|
|
|
|
—
|
|
|
|
67.9
|
|
Cost of sales,
excluding depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
service
|
|
|
(5.3)
|
|
|
|
(1.5)
|
|
|
|
(0.6)
|
|
|
|
(3.6)
|
|
|
|
—
|
|
|
|
(11.0)
|
|
Cost of product
sales
|
|
|
(5.6)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.9)
|
|
|
|
—
|
|
|
|
(6.5)
|
|
Selling, general and
administrative expenses
|
|
|
(11.9)
|
|
|
|
(1.9)
|
|
|
|
(1.8)
|
|
|
|
(13.6)
|
|
|
|
(10.0)
|
|
|
|
(39.2)
|
|
Stock-based
compensation expense
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
(1.5)
|
|
|
|
(2.0)
|
|
Acquisition and
integration related transaction expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4.4)
|
|
|
|
(4.4)
|
|
Depreciation and
amortization
|
|
|
(14.4)
|
|
|
|
(1.7)
|
|
|
|
(1.2)
|
|
|
|
(7.8)
|
|
|
|
(0.8)
|
|
|
|
(25.9)
|
|
Segment operating
income (loss)
|
|
|
(8.3)
|
|
|
|
10.1
|
|
|
|
1.8
|
|
|
|
(8.0)
|
|
|
|
(16.7)
|
|
|
|
(21.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(21.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total capital
expenditures for the six months ended
June 30, 2020
|
|
$
|
3.3
|
|
|
$
|
2.4
|
|
|
$
|
1.2
|
|
|
$
|
5.5
|
|
|
$
|
3.0
|
|
|
$
|
15.4
|
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/inspired-reports-second-quarter-2021-results-301354238.html
SOURCE Inspired Entertainment, Inc.