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    David Bain • B. Riley Securities

    David Bain's questions to Inspired Entertainment Inc (INSE) leadership

    David Bain's questions to Inspired Entertainment Inc (INSE) leadership • Q3 2024

    Question

    David Bain from B. Riley Securities inquired about the 2025 outlook, noting that consensus estimates seem low given numerous growth drivers like the William Hill contract, Interactive growth, and Hybrid Dealer. He also asked about the company's capital allocation priorities between M&A and potential share repurchases.

    Answer

    Executive A. Weil acknowledged the positive catalysts but stated that while the company is comfortable with the current 2025 consensus, he would not provide more explicit guidance at this time. Regarding capital allocation, Weil explained that potential acquisitions could be debt-financed, meaning M&A and share buybacks are not necessarily in conflict with one another.

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    David Bain's questions to Golden Entertainment Inc (GDEN) leadership

    David Bain's questions to Golden Entertainment Inc (GDEN) leadership • Q3 2024

    Question

    David Bain from B. Riley Securities sought clarification on the drivers behind the expected Q4 margin stability, asked about the impact of comparing against last year's F1 and Super Bowl events, and later followed up on potential tavern expansion outside Nevada.

    Answer

    Charles Protell, President and CFO, explained that most assets are expected to see stabilization in revenues and costs, with the STRAT being the main exception due to its new culinary union contract. Blake Sartini, Founder, Chairman and CEO, noted that the company is better positioned for F1 this year from a cost perspective but acknowledged the Super Bowl presents a tough Q1 comp. On tavern expansion, Sartini confirmed it is a potential opportunity and that there is a path for the company to operate brick-and-mortar taverns in other states, though nothing is imminent.

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