AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(Unaudited) Year EndedDecember 31, 2024 Year EndedDecember 31, 2023 Cash flows from operating activities: Net income $65.8 $5.8 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 42.3 40.7 Amortization of right of use asset 4.4 3.8 Profit on disposal of trade and assets — — Stock-based compensation expense 7.6 11.2 Reclassification of loss on hedging instrument to comprehensive income — 0.3 Non-cash interest expense relating to senior debt 1.1 2.0 Changes in assets and liabilities: Accounts receivable (22.7) 1.1 Inventory 3.8 (0.3)Prepaid expenses and other assets 5.9 (8.0)Corporate tax and other current taxes payable (67.8) (6.4)Accounts payable and accrued expenses (10.5) 4.5 Deferred revenue and customer prepayment 7.2 4.7 Operating lease liabilities (4.0) (3.9)Pension contributions (1.5) (1.4)Other long-term liabilities 0.9 0.6 Net cash provided by operating activities 32.5 54.7 Cash flows from investing activities: Purchases of property and equipment (16.9) (32.0)Acquisition of subsidiary company assets — — Acquisition of third-party company trade and assets — (0.6) Disposal of trade and assets — — Purchases of capital software and internally developed costs (12.8) (14.7)Contract cost expense (11.2) (10.3)Net cash used in investing activities (40.9) (57.6) Cash flows from financing activities: Proceeds from issuance of revolver — 18.9 Repurchase of common stock — (1.6)Repayments of finance leases (1.6) (1.1)Net cash (used in) provided by financing activities (1.6) 16.2 Effect of exchange rate changes on cash (0.7) 1.7 Net (decrease) increase in cash (10.7) 15.0 Cash, beginning of period 40.0 25.0 Cash, end of period $29.3 $40.0 Supplemental cash flow disclosures Cash paid during the period for interest $26.6 $24.0 Cash paid during the period for income taxes $2.5 $5.0 Cash paid during the period for operating leases $9.2 $6.6 Supplemental disclosure of noncash investing and financing activities Additional paid in capital from net settlement of RSUs $(3.0) $(2.9)Lease liabilities arising from obtaining finance lease right of use assets $(16.1) $— Lease liabilities arising from obtaining operating lease right of use assets $(6.5) $(0.9)Adjustment to customer relationships intangible asset arising from adjustment to fair value of assets acquired $— $— Property and equipment acquired through finance lease $21.9 $1.2 Property and equipment transferred to inventory $— $— INSPIRED ENTERTAINMENT, INC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME(in millions, except share and per share data)(Unaudited) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2024 2023 2024 2023 Revenue: Service $64.7 $65.5 $258.6 $257.8 Product sales 18.3 15.7 38.5 65.1 Total revenue 83.0 81.2 297.1 322.9 Cost of sales: Cost of service (1) (14.7) (18.2) (70.3) (75.1)Cost of product sales (1) (9.0) (11.7) (22.0) (53.5)Selling, general and administrative expenses (34.4) (33.2) (130.8) (115.8)Depreciation and amortization (10.9) (10.8) (42.3) (40.7)Net operating income 14.0 7.3 31.7 37.8 Other expense Interest expense, net (8.8) (6.9) (29.4) (27.4)Other finance income 0.2 0.1 0.5 0.4 Total other expense, net (8.6) (6.8) (28.9) (27.0) Net income before income taxes 5.4 0.5 2.7 10.8 Income tax (expense) benefit 62.6 (2.2) 63.0 (5.0)Net (loss) income 68.0 (1.7) 65.8 5.8 Other comprehensive (loss)/income: Foreign currency translation (loss) gain 6.5 (3.9) 1.3 (5.9)Deferred tax on foreign currency translation gain (loss) (1.0) — (1.0) — Reclassification of loss on hedging instrument to comprehensive income — — — 0.3 Actuarial gains on pension plan 3.8 (1.4) 4.7 (0.7)Deferred tax on actuarial gains (losses) on pension plan (1.1) — (1.1) — Other comprehensive (loss) income 8.2 (5.3) 3.9 (6.3) Comprehensive (loss) income $76.2 $(7.0) $69.7 $(0.5) Net income per common share – basic $2.39 $(0.06) $2.31 $0.21 Net income per common share – diluted $2.33 $(0.06) $2.25 $0.20 Weighted average number of shares outstanding during the period – basic 28,509,904 28,027,434 28,521,027 28,073,408 Weighted average number of shares outstanding during the period – diluted 29,197,235 28,027,434 29,199,375 29,214,583 Supplemental disclosure of stock-based compensation expense Stock-based compensation included in: Selling, general and administrative expenses $(1.9) $(1.9) $(7.6) $(11.2) (1) Excluding depreciation and amortization INSPIRED ENTERTAINMENT, INC.
AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except share data) December 31, 2024 December 31, 2023 Assets Cash $29.3 $40.0 Accounts receivable, net 65.4 43.8 Inventory 28.0 32.3 Prepaid expenses and other current assets 36.0 39.6 Corporate tax and other current taxes receivable 1.2 — Total current assets 159.9 155.7 Property and equipment, net 56.4 60.7 Software development costs, net 22.0 19.0 Other acquired intangible assets subject to amortization, net 16.1 13.4 Goodwill 57.8 58.8 Finance lease right of use asset 18.7 — Operating lease right of use asset 16.2 14.2 Costs of obtaining and fulfilling customer contracts, net 11.0 9.4 Deferred tax 67.4 — Other assets 12.5 10.5 Total assets $438.0 $341.7 Liabilities and Stockholders’ Deficit Current liabilities Accounts payable and accrued expenses $53.7 $60.8 Corporate tax and other current taxes payable 12.3 6.3 Deferred revenue, current 5.8 5.6 Operating lease liabilities 5.1 4.7 Current portion of long-term debt 18.8 19.1 Current portion of finance lease liabilities 4.4 0.7 Other current liabilities 3.9 3.5 Total current liabilities 104.0 100.7 Long-term debt 292.2 295.6 Finance lease liabilities, net of current portion 18.6 1.6 Deferred revenue, net of current portion 12.8 7.1 Operating lease liabilities 11.7 9.8 Other long-term liabilities 2.4 4.1 Total liabilities 441.7 418.9 Commitments and contingencies Stockholders’ deficit Preferred stock; $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively — — Common stock; $0.0001 par value; 49,000,000 shares authorized; 26,581,972 shares and 26,219,021 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively — — Additional paid in capital 389.9 386.1 Accumulated other comprehensive income 48.4 44.5 Accumulated deficit (442.0) (507.8)Total stockholders’ deficit (3.7) (77.2)Total liabilities and stockholders’ deficit $438.0 $341.7 INSPIRED ENTERTAINMENT, INC.
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