Inspired Entertainment, Inc 10-K for FY2020

Inspired Entertainment, Inc. (INSE)

10-K 2021-03-29 For: 2020-12-31

Added on April 07, 2026

About this 10-K

Inspired Entertainment, Inc filed this 10-K on March 29, 2021, covering the fiscal year ended December 31, 2020 (FY2020).

Headline figures

Fiscal year ended December 31, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $199.8M; up 30.2% from $153.4M a year earlier
Net loss: $29.2M; compared with a net loss of $37M a year earlier

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Delaware		47-1025534
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		INSE		The Nasdaq Stock Market LLC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

		Page
	PART I
ITEM 1.	Business	1
ITEM 1A.	Risk Factors	16
ITEM 1B.	Unresolved Staff Comments	35
ITEM 2.	Properties	36
ITEM 3.	Legal Proceedings	36
ITEM 4.	Mine Safety Disclosures	36

	PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	37
ITEM 6.	Selected Financial Data	37
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	62
ITEM 8.	Financial Statements and Supplementary Data	63
ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	63
ITEM 9A.	Controls and Procedures	63
ITEM 9B.	Other Information	64

	PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	65
ITEM 11.	Executive Compensation	65
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	65
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	65
ITEM 14.	Principal Accounting Fees and Services	65

	PART IV
ITEM 15.	Exhibits, Financial Statement Schedules	66
ITEM 16.	Form 10-K Summary	70

SIGNATURES		71

	For the Twelve-Month Period ended						Variance			Variance
	Dec 31, 2020			Dec 31, 2019			2020 vs 2019			Organic Variance %			Total Functional Currency %			Total Variance %
(In millions)

Revenue:
Service	$	178.7		$	134.5		$	44.2			(0.6	)%		31.5	%		32.9	%
Product		21.1			18.9			2.1			(35.3	)%		10.9	%		11.3	%
Total revenue		199.8			153.4			46.4			(4.8	)%		29.0	%		30.2	%
Cost of sales, excluding depreciation and amortization:
Cost of service		(30.1	)		(25.4	)		(4.7	)		(17.8	)%		17.0	%		18.3	%
Cost of product		(14.4	)		(12.9	)		(1.5	)		(42.5	)%		11.3	%		11.7	%
Selling, general and administrative expenses		(84.8	)		(70.4	)		(14.4	)		(25.4	)%		19.6	%		20.5	%
Stock-based compensation		(4.8	)		(9.0	)		4.2			(48.6	)%		(47.9	)%		(47.0	)%
Acquisition and integration related transaction expenses		(7.0	)		(6.7	)		(0.3	)		(0.2	)%		(0.2	)%		4.1	%
Depreciation and amortization		(52.3	)		(42.0	)		(10.4	)		(16.6	)%		24.5	%		24.7	%
Net operating Income (Loss)		6.4			(13.0	)		19.4			(237	)%		(141	)%		(149	)%
Other income (expense)
Interest income		0.6			0.1			0.5						824	%		823	%
Interest expense		(30.6	)		(27.8	)		(2.8	)					9.9	%		9.9	%
Change in fair value of earnout liability		-			(2.3	)		2.3						(100	)%		(100	)%
Change in fair value of derivative liability		-			3.0			(3.0	)					(100	)%		(100	)%
Other finance income (expense)		(4.7	)		3.2			(7.9	)					(256	)%		(247	)%
Loss from equity method investee		(0.5	)		(0.1	)		(0.5	)					967	%		900	%
Total other income (expense), net		(35.2	)		(23.9	)		(11.3	)					48.9	%		47.3	%
Net loss from continuing operations before income taxes		(28.8	)		(36.9	)		8.1						(19.7	)%		(21.9	)%
Income tax expense		(0.4	)		(0.1	)		(0.3	)					198	%		354	%

Net loss	$	(29.2	)	$	(37.0	)	$	7.8						(19.1	)%		(21.0	)%

Exchange Rate - $ to £		1.29			1.28

(1)	Includes all Gaming terminals in which the company takes a participation revenue share across all territories
(2)	Includes all days of the year, including the days during which the Gaming terminals were not operating due to COVID-19 closures.

	For the Twelve-Month Period ended						Variance
	Dec 31, 2020			Dec 31, 2019			2020 vs 2019			%
(In £ millions)

Gaming Recurring Revenue
Total Gaming Revenue	£	85.1		£	71.4		£	13.7			19.2	%

Gaming Participation Revenue	£	25.1		£	44.8		£	(19.6	)		(43.8	)%
Gaming Other Fixed Fee Recurring Revenue	£	7.5		£	4.2		£	3.3			79.6	%
Gaming Long term License amortization	£	5.1		£	4.0		£	1.1			27.6	%
Total Gaming Recurring Revenue *	£	37.8		£	53.0		£	(15.2	)		(28.6	)%
Gaming Recurring Revenue as a % of Total Gaming Revenue †		44.4	%		74.2	%		(29.8	)%

*	Does not reflect VAT-related revenue
†	Total Gaming Revenue for the twelve-month period ended December 31, 2020 includes the £32.0 million for one time VAT-related revenue, which is not reflected in Gaming Recurring Revenue for that period. Excluding VAT-related revenue, Gaming Recurring Revenue was 71.2% of Total Gaming Revenue for such period.

	For the Twelve-Month Period ended
	Dec 31,			Dec 31,
	2020			2019
(In millions)

Net loss	$	(29.2	)	$	(37.0	)

Items Relating to Legacy Activities:
Pension charges (1)		0.6			0.6

Items outside the normal course of business:
Costs of group restructure (2)		0.8			3.3
Acquisition and integration related transaction expenses (3)		7.0			6.7
Impairment on interest in equity method investee (4)		0.7			-
Italian tax related costs relating to prior years		-			0.4

Stock-based compensation expense		4.8			9.0

Depreciation and amortization		52.3			42.0
Interest Income		(0.6	)		(0.1	)
Interest Expense		30.6			27.8
Change in fair value of earnout liability		-			2.3
Change in fair value of derivative liability		-			(3.0	)
Other finance expenses / (income)		4.7			(3.2	)
Income tax		0.4			0.1
Adjusted EBITDA	$	72.1		$	49.0

Adjusted EBITDA	£	55.5		£	38.2

Exchange Rate - $ to £ (5)		1.30			1.28

	For the Twelve-Month Period ended
	Dec 31, 2020
	Total			Gaming		Virtual Sports		Interactive		Leisure			Corporate
(In millions)
Net Income/(loss)	$	(29.2	)	$	29.5	$	21.0	$	4.9	$	(15.8	)	$	(68.8	)

Items Relating to Legacy Activities:
Pension charges (1)		0.6												0.6

Items outside the normal course of business:
Costs of group restructure (2)		0.8												0.8
Acquisition and integration related transaction expenses (3)		7.0												7.0
Impairment on interest in equity method investee(4)		0.7												0.7
Italian tax related costs relating to prior years (5)		-												-

Stock-based compensation expense		4.8			0.8		0.4		0.3		0.1			3.2

Depreciation and amortization		52.3			27.6		3.7		2.3		16.9			1.8
Interest Income		(0.6	)											(0.6	)
Interest Expense		30.6												30.6
Change in fair value of earnout liability		-												-
Change in fair value of derivative liability		-												-
Other finance expenses / (income)		4.7												4.7
Income tax		0.4												0.4
Adjusted EBITDA	$	72.1		$	57.9	$	25.1	$	7.5	$	1.3		$	(19.7	)

Adjusted EBITDA	£	55.5

Exchange Rate - $ to £ (6)		1.30

	For the Twelve-Month Period ended
	Dec 31, 2019
	Total			Gaming		Virtual Sports		Interactive			Leisure		Corporate
(In millions)
Net Income/(loss)	$	(37.0	)	$	0.3	$	21.6	$	(3.1	)	$	2.3	$	(58.1	)

Items Relating to Legacy Activities:
Pension charges (1)		0.6												0.6

Items outside the normal course of business:
Costs of group restructure (2)		3.3			1.1				0.1					2.1
Acquisition and integration related transaction expenses (3)		6.7												6.7
Impairment on interest in equity method investee(4)		-												-
Italian tax related costs relating to prior years (5)		0.4					0.4							-

Stock-based compensation expense		9.0			1.0		0.6		0.2			0.1		7.1

Depreciation and amortization		42.0			30.4		2.6		2.9			3.8		2.3
Interest Income		(0.1	)											(0.1	)
Interest Expense		27.8												27.8
Change in fair value of earnout liability		2.3												2.3
Change in fair value of derivative liability		(3.0	)											(3.0	)
Other finance expenses / (income)		(3.2	)											(3.2	)
Income tax		0.1												0.1
Adjusted EBITDA	$	49.0		$	32.8	$	25.2	$	0.1		$	6.2	$	(15.3	)

Adjusted EBITDA	£	38.2

Exchange Rate - $ to £ (5)		1.28

(5)	“Italian tax related costs relating to prior years invoicing” relate to VAT charges and associated costs, relating to prior years, imposed on our Virtual Sports segment following changes in interpretation of legislation and an ongoing VAT audit in line with prior years disclosure.
(6)	Exchange rate in the table is calculated by dividing the USD Adjusted EBITDA by the GBP Adjusted EBITDA, therefore this could be slightly different from the average rate during the period depending on timing of transactions.

	12 Months ended						Variance
	Dec 31, 2020			Dec 31, 2019			2020 to 2019
(in millions)

Net loss	$	(29.2	)	$	(37.0	)	$	7.8

Amortization of debt fees		3.4			9.0			(5.6	)

Change in fair value of derivative and earnout liabilities and stock-based compensation expense		5.7			8.3			(2.6	)
Impairment expense		0.7			0.0			0.7
Foreign currency translation on senior bank debt and cross currency swaps		5.6			(1.3	)		6.9
Depreciation and amortization (incl RoU assets)		55.9			43.0			12.9
Other net cash generated by operating activities		10.8			8.7			2.1
Net cash provided by operating activities		52.9			30.7			22.2

Net cash used in investing activities		(29.9	)		(133.4	)		103.5
Net cash (used)/generated by financing activities		(8.2	)		113.5			(121.7	)
Effect of exchange rates on cash		3.2			2.3			0.9
Net increase in cash and cash equivalents	$	18.0		$	13.1		$	4.9

	December 31, 2020						December 31, 2019
(In millions)

Cash held	£	34.5		$	47.1		£	22.0		$	29.1
Revolver drawn		0.0			0.0			(2.0	)		(2.6	)
Original principal senior debt		(229.6	)		(313.3	)		(216.5	)		(286.0	)
Cash interest accrued		(4.9	)		(6.8	)		(4.2	)		(5.5	)
Finance lease creditors		(0.6	)		(0.8	)		(0.1	)		(0.1	)
Total	£	(200.6	)	$	(273.8	)	£	(200.8	)	$	(265.2	)

Contractual Obligations (in millions)	Total		Less than 1 yr		1-3 years		3-5 years		More than 5 yrs
Operating activities
Interest on long term debt	$	108.5	$	31.8	$	51.0	$	25.7	$	-

Financing activities
Senior bank debt - principal repayment		313.3		-		-		313.3		-
Finance lease payments		0.8		0.6		0.2		-		-
Operating lease payments		12.8		3.6		4.4		2.4		2.4
Interest on non-utilisation fees		2.1		0.5		1.1		0.5		-
Total	$	437.5	$	36.5	$	56.7	$	341.9	$	2.4

		Page

Report of Independent Registered Public Accounting Firm		F-2

Consolidated Balance Sheets		F-4

Consolidated Statements of Operations and Comprehensive (Loss) Income		F-5

Consolidated Statements of Stockholders’ Deficit		F-6

Consolidated Statements of Cash Flows		F-7

Notes to the Consolidated Financial Statements		F-8

	December 31, 2020			December 31, 2019
Assets
Cash	$	47.1		$	29.1
Accounts receivable, net		27.5			24.2
Inventory, net		17.6			18.8
Prepaid expenses and other current assets		16.8			23.2
Total current assets		109.0			95.3

Property and equipment, net		65.5			79.3
Software development costs, net		42.4			46.9
Other acquired intangible assets subject to amortization, net		7.7			9.9
Goodwill		83.7			80.9
Right of use asset		12.5			9.4
Investment		—			0.6
Other assets		3.3			5.1
Total assets	$	324.1		$	327.4

Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable	$	17.9		$	22.2
Accrued expenses		31.4			31.2
Corporate tax and other current taxes payable		14.4			6.6
Deferred revenue, current		11.5			10.1
Operating lease liabilities		3.6			3.6
Other current liabilities		2.5			1.9
Current portion of long-term debt		—			2.6
Current portion of finance lease liabilities		0.6			0.1
Total current liabilities		81.9			78.3

Long-term debt		297.5			270.5
Finance lease liabilities, net of current portion		0.2			—
Deferred revenue, net of current portion		11.4			17.7
Derivative liability		1.7			—
Operating lease liabilities		9.2			5.2
Other long-term liabilities		10.9			5.2
Total liabilities		412.8			376.9

Commitments and contingencies

Stockholders’ deficit
Preferred stock; $0.0001 par value; 1,000,000 shares authorized		—			—
Series A Junior Participating Preferred stock; $0.0001 par value; 1,000,000 shares authorized; 49,000 shares designated; no shares issued and outstanding at December 31, 2020 and December 31, 2019		—			—
Common stock; $0.0001 par value; 49,000,000 shares authorized; 22,430,475 shares and 22,230,768 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively		—			—
Additional paid in capital		350.6			346.6
Accumulated other comprehensive income		31.1			45.1
Accumulated deficit		(470.4	)		(441.2	)
Total stockholders’ deficit		(88.7	)		(49.5	)
Total liabilities and stockholders’ deficit	$	324.1		$	327.4

	Year Ended December 31, 2020			Year Ended December 31, 2019
Revenue:
Service	$	178.7		$	134.5
Product sales		21.1			18.9
Total revenue		199.8			153.4

Cost of sales, excluding depreciation and amortization:
Cost of service		(30.1	)		(25.4	)
Cost of product sales		(14.4	)		(12.9	)
Selling, general and administrative expenses		(89.6	)		(79.4	)
Acquisition and integration related transaction expenses		(7.0	)		(6.7	)
Depreciation and amortization		(52.3	)		(42.0	)
Net operating income (loss)		6.4			(13.0	)

Other expense
Interest income		0.6			0.1
Interest expense		(30.6	)		(27.8	)
Change in fair value of earnout liability		—			(2.3	)
Change in fair value of derivative liability		—			3.0
Loss from equity method investee		(0.5	)		(0.1	)
Other finance (expense) income		(4.7	)		3.2

Total other expense, net		(35.2	)		(23.9	)

Loss before income taxes		(28.8	)		(36.9	)
Income tax expense		(0.4	)		(0.1	)
Net loss		(29.2	)		(37.0	)

Other comprehensive loss:
Foreign currency translation loss		(5.4	)		(2.4	)
Change in fair value of hedging instrument		(2.9	)		2.9
Reclassification of loss (gain) on hedging instrument to comprehensive income		1.5			(4.4	)
Actuarial losses on pension plan		(7.2	)		(6.9	)
Other comprehensive loss		(14.0	)		(10.8	)

Comprehensive loss	$	(43.2	)	$	(47.8	)

Net loss per common share – basic and diluted	$	(1.30	)	$	(1.69	)

Weighted average number of shares outstanding during the year – basic and diluted		22,399,333			21,892,964

Supplemental disclosure of stock-based compensation expense
Stock-based compensation included in:
Selling, general and administrative expenses	$	(4.8	)	$	(9.0	)

	Common stock				Additional paid in			Accumulated other comprehensive			Accumulated			Total stockholders’
	Shares		Amount		capital			income			deficit			deficit
Balance as of January 1, 2019		20,870,397	$	—	$	329.9		$	55.9		$	(404.2	)	$	(18.4	)
Foreign currency translation adjustments		—		—		—			(2.4	)		—			(2.4	)
Actuarial losses on pension plan		—		—		—			(6.9	)		—			(6.9	)
Change in fair value of hedging instrument		—		—		—			2.9			—			2.9
Reclassification of gain on hedging instrument to comprehensive income		—		—		—			(4.4	)		—			(4.4	)
Conversion of awards previously classified as derivatives		—		—		0.8			—			—			0.8
Shares issued in earnout		1,323,558		—		8.6			—			—			8.6
Shares issued upon net settlement of RSUs		36,813		—		(0.9	)		—			—			(0.9	)
Stock-based compensation expense		—		—		8.2			—			—			8.2
Net loss		—		—		—			—			(37.0	)		(37.0	)

Balance as of December 31, 2019		22,230,768		—		346.6			45.1			(441.2	)		(49.5	)
Foreign currency translation adjustments		—		—		—			(5.4	)		—			(5.4	)
Actuarial losses on pension plan		—		—		—			(7.2	)		—			(7.2	)
Change in fair value of hedging instrument		—		—		—			(2.9	)		—			(2.9	)
Reclassification of loss on hedging instrument to comprehensive income		—		—		—			1.5			—			1.5
Shares issued upon net settlement of RSUs		192,058		—		(0.7	)		—			—			(0.7	)
Stock-based compensation expense - ESPP		7,649		—		—			—			—			—
Stock-based compensation expense		—		—		4.7			—			—			4.7
Net loss		—		—		—			—			(29.2	)		(29.2	)

Balance as of December 31, 2020		22,430,475	$	—	$	350.6		$	31.1		$	(470.4	)	$	(88.7	)

	Year Ended December 31, 2020			Year Ended December 31, 2019
Cash flows from operating activities:
Net loss	$	(29.2	)	$	(37.0	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		52.3			42.0
Amortization of right of use asset		3.6			1.0
Stock-based compensation expense		4.8			9.0
Change in fair value of derivative liability		—			(3.0	)
Change in fair value of earnout liability		—			2.3
Impairment of investment in equity method investee		0.7			—
Foreign currency translation on senior bank debt		5.6			0.8
Foreign currency translation on cross currency swaps		—			(3.6	)
Reclassification of loss on hedging instrument to comprehensive income		0.9			—
Non-cash interest expense relating to senior debt		3.4			9.0
Changes in assets and liabilities:
Accounts receivable		(2.9	)		3.3
Inventory		1.3			2.0
Prepaid expenses and other assets		8.8			3.3
Corporate tax and other current taxes payable		6.6			(3.6	)
Accounts payable		(4.8	)		6.9
Deferred revenues and customer prepayment		(5.7	)		(9.5	)
Accrued expenses		10.9			7.2
Operating lease liabilities		(2.8	)		(1.3	)
Other long-term liabilities		(0.6	)		1.9
Net cash provided by operating activities		52.9			30.7

Cash flows from investing activities:
Purchases of property and equipment		(15.4	)		(10.5	)
Cash paid for NTG Acquisition		—			(105.9	)
Purchases of capital software		(14.5	)		(17.0	)
Net cash used in investing activities		(29.9	)		(133.4	)

Cash flows from financing activities:
Proceeds from issuance of long-term debt		—			270.6
Proceeds from issuance of revolver		—			2.8
Repayments of revolver and long-term debt, including exit premium		(4.2	)		(144.2	)
Payment of financing costs		—			(15.2	)
Debt fees incurred		(3.1	)		—
Repayments of finance leases		(0.9	)		(0.5	)
Net cash (used in) provided by financing activities		(8.2	)		113.5

Effect of exchange rate changes on cash		3.2			2.3

Net increase in cash		18.0			13.1
Cash, beginning of period		29.1			16.0
Cash, end of period	$	47.1		$	29.1

Supplemental cash flow disclosures
Cash paid during the period for interest	$	13.3		$	12.6
Cash paid during the period for income taxes	$	0.2		$	—
Cash paid during the period for operating leases	$	3.3		$	2.2

Supplemental disclosure of noncash investing and financing activities
Additional paid in capital from net settlement of RSUs	$	(0.7	)	$	(0.9	)
Lease liabilities arising from obtaining right of use assets	$	(6.8	)	$	(9.6	)
Adjustment to goodwill arising from adjustment to fair value of assets acquired	$	(0.2	)	$	—
Property and equipment acquired through finance lease	$	1.5		$	—
Capitalized interest payments	$	10.6		$	—
Assets arising from asset retirement obligations	$	1.0		$	—
Additional paid in capital reclassified from derivative liability	$	—		$	0.8

Leasehold property		Shorter of the useful life or the life of the lease
Server based gaming terminals		2 – 7 years
Motor Vehicles		3 – 5 years
Plant and machinery and fixtures and fittings		3 – 10 years
Computer equipment		3 – 5 years

	a)	Equity if they (i) require physical settlement or net-share settlement, or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement), or

	b)	Assets or liabilities if they (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement).

	1.	identify the contracts with a customer;

	2.	identify the performance obligations within the contract, including whether they are distinct and capable of being distinct in the context of the contract;

	4.	allocate the transaction price to the performance obligations in the contract; and

	5.	recognize revenue when, or as, the Company satisfies each performance obligation.

	a.	Contracts were negotiated as a single commercial package (including whether a contract would be loss-making without taking into account the consideration received under another contract)

	b.	Consideration in one contract depends on the other contract

	c.	Goods or services (or some of the goods or services) are a single performance obligation.

	a.	Each distinct good or service in the series meets the criteria to be a performance obligation satisfied over time.

	b.	The same method would be used to measure progress toward complete satisfaction of the performance obligation to transfer each distinct good or service in the series to the customer.

	a.	The customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs.

	b.	The Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced.

	c.	The Company’s performance does not create an asset with an alternative use to the Company, and the Company has an enforceable right to payment for performance completed to date

Purchase Price	£	94.7
Foreign exchange rate at October 1, 2019		1.23
Adjusted purchase price in US dollars	$	116.6

Allocated to:
Cash	$	8.4
Receivables		20.5
Inventories		14.6
Prepaid expenses and other		1.4
Property and equipment		49.3
Software development costs		7.1
Other assets		1.4
Accounts payable, accrued expenses and other current liabilities		(22.7	)
Income taxes payable		(1.9	)
Long-term debt		(0.1	)
Other long-term liabilities		(1.6	)
Net assets acquired		76.4

Excess of purchase price over net assets acquired before allocation to identifiable intangible assets and goodwill	$	40.2

	Amount		Estimated Useful Life (Years)
Corporate trade names and domains	$	3.7	10
Customer contracts and relationships		4.4	10
Intangible Assets		8.1
Goodwill		32.1
	$	40.2

	Year Ended December 31, 2019
Revenues	$	256.9
Net operating loss	$	(5.8	)
Net loss	$	(33.7	)

Loss per share:
Basic and diluted	$	(1.54	)

Weighted average shares outstanding:
Basic and diluted		21,892,964

Year ending December 31, (in millions)
2021	$	17.0
2022		11.3
2023		8.4
2024		4.2
2025		1.4
Thereafter		0.1
Total	$	42.4

	Accounts Receivable		Unbilled Accounts Receivable		Deferred Income			Customer Prepayments and Deposits
	(in millions)
At December 31, 2020	$	30.4	$	8.2	$	(22.9	)	$	(1.6	)
At December 31, 2019	$	24.5	$	15.3	$	(27.8	)	$	(1.9	)
At December 31, 2018	$	11.5	$	11.0	$	(32.0	)	$	(3.6	)

	Principal			Unamortized deferred financing charge			Book value, December 31, 2020
	(in millions)
Senior bank debt	$	313.3		$	(15.8	)	$	297.5
Finance lease liabilities		0.8			—			0.8
Total long-term debt outstanding		314.1			(15.8	)		298.3
Less: current portion of long-term debt		(0.6	)		—			(0.6	)
Long-term debt, excluding current portion	$	313.5		$	(15.8	)	$	297.7

	Principal			Unamortized deferred financing charge			Book value, December 31, 2019
	(in millions)
Senior bank debt	$	288.6		$	(15.5	)	$	273.1
Finance lease liabilities		0.1			—			0.1
Total long-term debt outstanding		288.7			(15.5	)	$	273.2
Less: current portion of long-term debt		(2.7	)		—			(2.7	)
Long-term debt, excluding current portion	$	286.0		$	(15.5	)	$	270.5

Fiscal period:	Senior bank debt		Finance leases		Total
	(in millions)
2021	$	—	$	0.6	$	0.6
2022		—		0.2		0.2
2023		—		—		—
2024		313.3		—		313.3
Total	$	313.3	$	0.8	$	314.1