Business
Inspired Reports First Quarter 2020 Results
NEW YORK, May 18, 2020 /PRNewswire/ -- First Quarter Revenue Increased 55.4% Year-Over-Year, to $52.3 Million, Despite Disruption from the Ongoing COVID-19
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"NEW YORK, May 18, 2020 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \nFirst Quarter Revenue Increased 55.4% Year-Over-Year, to $52.3 Million, Despite Disruption from the Ongoing COVID-19 Global Pandemic That Has Impacted the Company's Land-Based Business First Quarter Adjusted EBITDA1 of $10.1 Million Declined Year-Over-Year Primarily Due to the Abrupt Nature of the Customer Closures Related to COVID-19 and the Delay in Realizing Effects from Associated Expense Reductions 161 Valor™ Terminals Sold in North America During the First Quarter Strong Demand in Interactive Business with April Recurring Revenues from Interactive Increasing 30% and 100% over March and February, Respectively Virtuals in Greek Retail Shops Re-Launched May 11thInspired Entertainment, Inc. (\"Inspired\") (NASDAQ: INSE) today reported financial results for the first quarter ended March 31, 2020. \nFinancial results comparison for the first quarter 2020 versus first quarter 2019 on a reported basis:2\nTotal Revenue increased to $52.3 million, from $33.7 million during the first quarter of 2019, primarily driven by $27.4 million in revenue from the recently acquired Novomatic Gaming Technology Group (\"Acquired Businesses\"). However, this increase was significantly offset by the lag in sales and temporary suspension of the Company's land-based business due to the ongoing COVID-19 global pandemic (\"COVID-19 Closures\") and the decrease in revenue in the UK Licensed Betting Office (\"LBO\") market primarily caused by the reduction in maximum B2 stakes to £2 implemented on April 1, 2019 (the \"Triennial Implementation\"). \nAdjusted EBITDA1 decreased to $10.1 million, from $13.7 million during the first quarter of 2019. First quarter 2020 results included $2.8 million from the Acquired Businesses (in its seasonally weakest quarter as leisure parks are closed in the winter months throughout the UK estate). The impact of the COVID-19 global pandemic was greater on Adjusted EBITDA than it was on Revenue due to the abrupt nature of the closures, which caused the Company to incur significant costs which had no associated revenues. \n\"The year got off to a strong start, building on the momentum from outstanding organic growth, increased profitability across our businesses and better-than-expected initial results from our transformative acquisition which we realized in t...