Inspired Entertainment Inc
For the period ended Dec 31, 2023. Filed Apr 15, 2024.
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FY2023 · Filed Apr 15, 2024
INSE$4.65+17.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income (loss) | $7.6 | $20.6 | $(40.6) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 39.9 | 39.9 | 48.8 |
| Amortization of right of use asset | 3.8 | 3.5 | 4.5 |
| Profit on disposal of trade and assets | (0.9) | — | |
| Stock-based compensation expense | 11.2 | 10.8 | 13.0 |
| Unrealized transactional currency gain/loss on senior secured notes | — | — | (4.7) |
| Change in fair value of warrant liability | — | — | (0.9) |
| Reclassification of loss on hedging instrument to comprehensive income | 0.3 | 0.7 | 1.5 |
| Non-cash interest expense relating to senior debt | 2.0 | 1.8 | 17.2 |
| Contract cost expense | (10.3) | (7.2) | (6.3) |
| Changes in assets and liabilities: | |||
| Accounts receivable | 1.7 | (12.1) | (4.7) |
| Inventory | (0.4) | (16.7) | 3.2 |
| Prepaid expenses and other assets | (8.5) | (4.3) | (12.4) |
| Corporate tax and other current taxes payable | (6.4) | (6.1) | (9.7) |
| Accounts payable and accrued expenses | 4.5 | 5.8 | 3.8 |
| Deferred revenue and customer prepayment | 4.8 | (4.4) | (5.9) |
| Operating lease liabilities | (3.9) | (3.7) | (4.0) |
| Other long-term liabilities | (0.8) | (3.0) | (0.4) |
| Net cash provided by operating activities | 45.5 | 24.7 | 2.4 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (32.8) | (22.2) | (11.3) |
| Acquisition of subsidiary company assets | — | (0.6) | (12.4) |
| Acquisition of third-party company trade and assets | (0.6) | — | — |
| Disposal of trade and assets | — | 1.3 | — |
| Purchases of capital software | (15.0) | (11.1) | (8.7) |
| Net cash used in investing activities | (48.4) | (32.6) | (32.4) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | — | — | 333.1 |
| Proceeds from issuance of revolver | 18.9 | — | — |
| Repurchase of common stock | (1.6) | (10.4) | — |
| Proceeds from exercise of warrants | — | — | 30.5 |
| Repayments of revolver and long-term debt, including exit premium | — | — | (320.6) |
| Payment of debt issuance costs | — | — | (9.1) |
| Cash paid in connection with terminated interest rate swaps | — | — | (2.1) |
| Repayments of finance leases | (1.1) | (0.6) | (0.6) |
| Net cash (used in) provided by financing activities | 16.2 | (11.0) | 31.2 |
| Effect of exchange rate changes on cash | 1.7 | (3.9) | (0.5) |
| Net increase (decrease) in cash | 15.0 | (22.8) | 0.7 |
| Cash, beginning of period | 25.0 | 47.8 | 47.1 |
| Cash, end of period | $40.0 | $25.0 | $47.8 |
| Supplemental cash flow disclosures | |||
| Cash paid during the period for interest | $24.0 | $23.0 | $30.8 |
| Cash paid during the period for income taxes | $5.0 | $— | $1.2 |
| Cash paid during the period for operating leases | $6.6 | $7.8 | $6.6 |
| Supplemental disclosure of noncash investing and financing activities | |||
| Additional paid in capital from net settlement of RSUs | $(2.9) | $(4.1) | $(6.4) |
| Lease liabilities arising from obtaining right of use assets | $(0.9) | $(1.8) | $— |
| Adjustment to customer relationships intangible asset arising from adjustment to fair value of assets acquired | $— | $(0.9) | $— |
| Property and equipment acquired through finance lease | $1.2 | $— | $2.6 |
| Property and equipment transferred to inventory | $— | $0.8 | $1.3 |
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