Business
INSPIRED REPORTS THIRD QUARTER 2022 RESULTS
Increases in Revenue and Adjusted EBITDA on a functional currency basis highlight strength in operating resultsTotal Revenue of $74.9 million and Net Income
About this update from Inspired Entertainment, Inc.
[{"type":"text","content":"Increases in Revenue and Adjusted EBITDA on a functional currency basis highlight strength in operating resultsTotal Revenue of $74.9 million and Net Income of $10.2 million, or $0.39 per basic share and $0.35 per diluted shareRecord Virtual Sports Revenue of $14.6 million (39% increase over prior-year period) and record Virtual Sports Adjusted EBITDA of $12.6 million (46% increase over prior-year period) Adjusted EBITDA1 of $27.8 million; Adjusted EBITDA contribution2 from the aggregate online business (Virtual Sports and Interactive) increased to 50% from 36% in prior-year periodContract with Betfred for the sale of terminals and provision of fully integrated managed services for its entire estate signed subsequent to the end of the quarterSince announcing its share repurchase program, Inspired has repurchased 1,067,340 shares of common stock for $10.4 million (average price of $9.79 per share3) as of November 9, 2022NEW YORK, Nov. 9, 2022 /PRNewswire/ -- Inspired Entertainment, Inc. (\"Inspired\" or the \"Company\") (NASDAQ: INSE), a leading B2B provider of gaming content, technology, hardware and services, today reported unaudited financial results for the three-month period ended September 30, 2022. Third quarter underlying results reflect growth in the Company's aggregate online business, which includes the Virtual Sports and Interactive segments, and ongoing strength in the Gaming and Leisure segments. Total Revenue and Adjusted EBITDA improved year-over-year in functional currency, however, reported results reflect significant strengthening of the USD (versus GBP) on a year-over-year basis.\n\n \n \n \n \n \n \n\n \nTotal Revenue of $74.9 million for the three months ended September 30, 2022, compared to $77.6 million for the three months ended September 30, 2021, declined 3% on a reported basis4 and increased 13% on a functional currency basis, which is an indicator of the strength of the underlying operating results.Virtual Sports Revenue of a record $14.6 million increased 39% year-over-year on a reported basis (63% on a functional currency basis). Online Virtual Sports Revenue more than doubled year-over-year on a functional currency basis. Interactive Revenue of $5.7 million decreased 6% year-over-year on a reported basis (increased 10% on a functional currency basis), with growth in business volumes primarily drive...