Inspired Entertainment, Inc. (NASDAQ:INSE) Q2 2022 Earnings Conference Call August 10, 2022 9:30 AM ET

Company Participants

Lorne Weil – Executive Chairman

Brooks Pierce – President and Chief Operating Officer

Stewart Baker – Executive Vice President and Chief Financial Officer

Conference Call Participants

Barry Jonas – Truist Securities

David Bain – B. Riley Securities

Chad Beynon – Macquarie

Ryan Sigdahl – Craig-Hallum Capital Group

Edward Engel – ROTH Capital

Operator

Good morning, everyone, and welcome to the Inspired Entertainment's Second Quarter 2022 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. 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 second 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 the 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.

Lorne Weil

Thank you, operator. Good morning everyone and thank you for joining us for our second quarter conference call. With me on the call today are Brooks Pierce, Dan Silvers, and Stewart Baker, who certainly picked the right quarter to come back to full strength or maybe it's cause and effect, but either way, it's a very good thing. Brooks and Stewart each have fairly extensive prepared remarks. So I won't go into too much detail beyond the excellent financial performance, which I think speaks for itself.

The highlights of the quarter for me are these. On the capital structure side of things, we have to date repurchased just under three quarters of a million shares at an average price of $9.73 using just over a quarter of our announced $25 million repurchase program. And we are upgraded by Moody's to B2 for the positive outlook. We launched Virtual Sports with our second U.S. lottery customer, the DC Lottery, and the KPI since startup have been very impressive. As we had mentioned previously, we're seeing great interest in Virtual Sports by North American lottery jurisdictions.