Inspired Entertainment, Inc. (NASDAQ:INSE) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET
Company Participants
A. Lorne Weil - Executive Chairman
Brooks Pierce - President and Chief Operating Officer
Stewart Baker - Executive Vice President and Chief Financial Officer.
Dan Silvers - Executive Vice President and Chief Strategy Officer
Conference Call Participants
Barry Jonas - Truist Securities
Ryan Sigdahl - Craig-Hallum Capital Group
Chad Beynon - Macquarie
Edward Engel - ROTH Capital
David Bain - B. Riley
Operator
Good morning, everyone, and welcome to the Inspired Entertainment Third Quarter 2022 Conference Call. [Operator Instructions] Please note, today's event is being recorded.
I'll begin today's conference call by referring you to the Company's Safe Harbor statement that appears in the third quarter 2022 earnings press release, which is also available in the Investors section of the company's website at www.inseinc.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 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 Chairman. Mr. Weil, please go ahead.
A. Lorne Weil
Thank you very much, operator, and good morning, everyone, and thank you for joining our call this morning. With me, as usual, are Brooks Pierce, Stewart Baker and Dan Silvers.
Despite the inconvenience of the slide in the pound, and some narrowly focused inflation and supply chain issues, our underlying momentum in the third quarter was very strong, and we're executing well along each of our main strategic vectors. Just to be able to put everything in context, it's worth reviewing our overarching strategic objectives: one, drive high digit -- high double-digit growth in our high-margin capital-efficient digital businesses addressing the gaming, lottery and sports-betting verticals; two, manage our land-based businesses for mid-single-digit growth, while reorienting our business model in a way that significantly reduces its capital intensity; and three, combine these two yield in an overall business that is growing faster, has higher margins and far lower capital requirements.
These three in turn allow us to more than adequately fund our overall growth objectives while at the same time attending to our balance sheet. Our net leverage right now is below 2.5 and as mentioned in the press release, we have repurchased more than 1 million shares so far.