Business
Inspired Reports Third Quarter 2021 Results
NEW YORK, Nov. 11, 2021 /PRNewswire/ -- Third Quarter Revenue of $77.6 million demonstrates continued momentum in our Interactive and Virtual Sports segments
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"NEW YORK, Nov. 11, 2021 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nThird 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 QuarterInspired 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. \nTotal 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 Cas...