Business
Inspired Reports Second Quarter 2023 Results
Revenue of $80.4 million, grew 13% on both a reported and functional currency basis vs. prior yearAdjusted Revenue1, which excludes Low Margin Gaming Hardware
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"Revenue of $80.4 million, grew 13% on both a reported and functional currency basis vs. prior yearAdjusted Revenue1, which excludes Low Margin Gaming Hardware Sales, was $76.0 million, up 7% on both a reported and functional currency basis vs. prior yearSegment revenue growth in all segments, highlighted by increases of 24% in Gaming (6% in Adjusted Revenue), 8% in Virtual Sports and 28% in Interactive, as measured in functional currency vs. prior year quarterNet Income of $4.1 million, or $0.14 per diluted share Adjusted Net Income1 of $5.3 million, or $0.18 per diluted share, vs $0.24 per diluted share in prior year quarterAdjusted EBITDA1 of $26.2 million, constant on a reported basis and up 1% in functional currency vs. prior year quarter, which includes impact of timing related to certain equipment sales and certain expenses shifting approximately $2 million of Adjusted EBITDA from the second quarter to the second half of the year NEW YORK, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Inspired Entertainment, Inc. (“Inspired” or the “Company”) (NASDAQ: INSE), a leading B2B provider of gaming content, technology, hardware and services, today reported financial results for the three-month period ended June 30, 2023. The second quarter 2023 results reflect continued double-digit revenue growth in the Company’s aggregate digital businesses, which comprise the Virtual Sports and Interactive segments, as well as ongoing growth in the Gaming segment and the return to revenue growth in the Leisure segment. Reported results reflect the relative stability of the GBP versus the USD on a year-over-year basis (GBP 1.25: USD 1.00 for the three months ended June 30, 2023 as compared to GBP 1.26: USD 1.00 for the three months ended June 30, 2022). “Revenue grew in each of our business lines during the second quarter reflecting solid underlying fundamentals. The digital businesses once again generated record reported quarterly revenue and are steadily contributing a greater proportion of our earnings and cash flow,” said Lorne Weil, Executive Chairman of Inspired. “Interactive revenue increased 28% year-over-year on a functional currency basis, posting a quarterly record as we increased our footprint through new customer launches as well as revenue growth from existing customers. Virtual Sports produced record reported quarterly revenue of $15.0 millio...