Inspired Entertainment, Inc. (INSE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

appears in the first quarter 2025 earnings press release, which is also available in the investor section of the company's website at www.insync.com. This safe harbor statement also applies to today's conference call as the company's management will be making certain statements that will be considered forward-looking under securities laws and rules of the SEC. These statements are based on management's current expectations or beliefs and are subject to risk, uncertainties, and changes in circumstances. In addition, please note that the company will discuss both GAAP and non-GAAP financial measures. A reconciliation is included in the earnings press release. With that completed, I would now like to turn the conference over to Lorne Will, the company's Executive Chairman. Mr. Will, please go ahead. Thank you, operator. Good morning, everyone, and thank you for joining our first quarter call. With me here, as usual, are Brooks Pierce, James Richardson, and Eric Carrera. First quarter adjusted EBITDA of about $18.5 million. It was nicely ahead of last year, growing at close to 20% despite some unexpected negatives. As Brooks will discuss in a few minutes, The leisure business was hurt by the slippage of the UK Easter holiday from the first to the second quarter, which is a very important period for the business. So one-time product sales similarly slipped from the first into the second quarter. And there were disturbances in Brazil as new regulations, including new taxes, came into effect. And finally, we lost about a million of EBITDA due to the reclassification of lease revenue as we discussed recently at our year-end call. So in summary then, we were actually very pleased with the underlying progress in the first quarter. Following the close of the quarter, we have su...