Business
INSPIRED REPORTS FIRST QUARTER 2022 RESULTS
First Quarter Revenue increased 166% to $60.6 million from $22.8 million in prior year Full recovery in Gaming and Leisure Revenue, as business returned to
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"First Quarter Revenue increased 166% to $60.6 million from $22.8 million in prior year Full recovery in Gaming and Leisure Revenue, as business returned to pre-COVID-19 levelsVirtual Sports Revenue increased 84% year-over-year for a record quarterFirst Quarter Net Income increased to $1.5 million from a Net Loss of $16.7 million in prior yearFirst Quarter Adjusted EBITDA1 increased 418% to $20.1 million from $3.9 million in prior yearBased on long-term outlook of the Company, board of directors approves $25 million share repurchase programSignificant online market expansion with Interactive launching in Connecticut (first quarter) and both Interactive and Virtual Sports launching in Ontario (second quarter)Secured 720-Unit Valor™ terminal order in CanadaNEW YORK, May 10, 2022 /PRNewswire/ -- Inspired Entertainment, Inc. (\"Inspired\" or the \"Company\") (NASDAQ: INSE), a leading B2B provider of gaming content, systems and solutions, today reported unaudited financial results for the three-month period ended March 31, 2022. The results reflect a strong start to the year, supported by the recovery in the Gaming and Leisure segments and the growth in the Company's aggregate online business.\n\n \n \n \n \n \n \n\n \nTotal Revenue increased 166% to $60.6 million in the three months ended March 31, 2022, on a reported basis2, compared to $22.8 million in the prior-year period when the Company's worldwide land-based businesses were almost entirely closed due to the COVID-19 global pandemic (\"COVID-19 Closures\").Gaming Revenue increased 123% year-over-year to $24.1 million and Leisure Revenue increased to $19.6 million, from $0.5 million in the prior year, as recurring revenues returned to pre-COVID-19 performance levels and Leisure benefited from an extended holiday season.Virtual Sports Revenue increased 84% year-over-year to a record $11.6 million, as retail customers returned for the whole period and Online Virtual Sports delivered a 54% increase.Interactive Revenue growth was impacted in the quarter by a re-deployment of resources to new market launches. Following these launches and new content introductions toward the end of the quarter, growth trends resumed in the second quarter to date.Net Income improved to $1.5 million in first quarter 2022, or $0.06 per basic share and $0.05 per diluted share, from a net loss of $16.7 mil...