Q2 2024 Inspired Entertainment Inc Earnings Call Transcript
Key Points
- Inspired Entertainment Inc (INSE) reported a 56.5% sequential growth in EBITDA, surpassing expectations.
- The interactive business segment showed significant growth with revenue and EBITDA increasing by 40% and 69% respectively, year-over-year.
- Virtual Sports maintained high profitability with EBITDA margins exceeding 80%.
- The company achieved a record high market share of 8% for slots in the UK, quadrupling its position from previous years.
- The hybrid dealer initiative is gaining traction, with promising results in New Jersey and Michigan, indicating potential for significant future growth.
- Revenues in Virtual Sports have stagnated due to a lack of product and geographic expansion.
- The core gaming business faced challenges due to nonrecurring events, making it difficult to assess underlying momentum.
- The holiday park business is underperforming, impacting overall profitability.
- The Greek market has been soft, affecting performance in that region.
- The company faces capacity constraints in rolling out the hybrid dealer product, limiting immediate growth potential.
Good morning, everyone, and welcome to the Inspired Entertainment second-quarter 2024 conference call. (Operator Instructions)
Please note that today's event is being recorded. Please refer to the company's safe harbor statement that appears in the second-quarter 2024 earnings press release, which is also available in the Investors section of the company's website at www.inseimc.com.
The safe harbor statement also applies to today's conference call is 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 expectation, our beliefs and are subject to risks, 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 call over to Lorne Weil. The company's Executive
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