Inspired Q2 2020 Earnings Report
Key Takeaways
Inspired Entertainment reported financial results for the second quarter ended June 30, 2020. Total Revenue was $15.6 million and Adjusted EBITDA was $2.1 million. The company's online business showed strength, with revenues increasing by $4.9 million from the second quarter of 2019 on a pro forma basis.
Aggressive cost-savings measures and strong demand in our online business helped to compensate for the retail closures.
Retail venues have re-opened and the company is encouraged by the initial results.
The performance of the online business continues to exhibit resiliency, with July revenues across our online channels increasing by approximately 82% year over year.
The company finalized an agreement with lenders to amend debt covenants without the requirement to raise additional capital.
Inspired
Inspired
Forward Guidance
The company remains confident in the long-term fundamentals of its business and is upbeat on the outlook for the third quarter and beyond, expecting continued growth in the online business.
Positive Outlook
- Return of land-based business
- Continued growth in online business
- Upside from North American penetration
- Accelerated UK Pub and Leisure digitization
- Additional customers coming onboard digitally distributed business lines
Challenges Ahead
- COVID-19 global pandemic will remain challenging
- COVID-19 global pandemic will remain unpredictable