Good morning, everyone, and welcome to the Inspired Entertainment Fiscal 2018 Third Quarter Conference Call. All participants will be in 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.
(Forward-Looking Cautionary Statements)
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 over to Lorne Weil, the company's Executive Chairman. Mr. Weil, please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining our fiscal third quarter 2018 earnings call. As it happens, we're in the United Kingdom this morning, where I'm joined by President and CEO Brooks Pierce; CFO Stewart Baker; and our CSO, Dan Silvers.
I'll first make some comments. I apologize that they may be a little less brief than on previous calls. We have a lot of things to talk about before turning things over to Stewart to discuss our financial results and the refi that we've announced this morning in more detail. After that, we should have plenty of time for Q&A.
We were pleased with our results for the third quarter. Revenue was up 14% year-over-year to $36.9 million, and our adjusted EBITDA was $15.5 million, up 61% over the $9.7 million recorded in last year's Q3. Sequentially, as importantly, adjusted EBITDA was 25% above this year's second quarter adjusted EBITDA of $12.4 million. And that in turn sequentially was 25% ahead of the $9.8 million that we reported in the first quarter.
Because we still do not have clarity on the timing of the implementation of the outcome of the triennial review, there is really nothing we can add today to what we had said in our last conference call on this particular subject. But I should mention that, in the last 12 months, our quarterly adjusted EBITDA annualized has grown from a little under $40 million in the third quarter a year ago to a little over $60 million at present. Importantly, none of this increase has come from the UK FOBT segment of our business. And the increase itself of about $20 million is about double the amount that we had previously discussed as the potential negative impact of the triennial review.
Trailing 12-month adjusted EBITDA through June 2018 was $51.7 million, up from $45.8 million in the second quarter and $42.1 million in the first quarter. Trailing 12-month adjusted EBITDA margin was 36.7% of revenue, which is the highest it's been since the acquisition of Inspired about 18 months ago.
At least as important as the financial performance in the quarter were the collection of very important strategic milestones. Not necessarily in order of importance, these include the following. Number one, the refinancing of our debt, extending our maturity by five years. And after accounting for our swap from dollars into a combination of pounds and euros, where at least
EVP and CFO
COO and President
We are pleased that you like our content! Sign Up now to access premium content for free, a very limited time offer.
Welcome! Create your account
You are successfully registered!
An activation link has been sent to your mail. Please activate and login.