EVERI HOLDINGS INC., 10-Q filed on 5/10/2022
Quarterly Report
v3.22.1
Cover - shares
 3 Months Ended
Mar. 31, 2022
May 04, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
Document Transition Report false  
Entity File Number 001-32622  
Entity Registrant Name EVERI HOLDINGS INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-0723270  
Entity Address, Address Line One 7250 S. Tenaya Way  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town Las Vegas  
Entity Address, State or Province NV  
Entity Address, Postal Zip Code 89113  
City Area Code 800  
Local Phone Number 833-7110  
Title of 12(b) Security Common Stock, $0.001 par value  
Trading Symbol EVRI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   92,179,652
Entity Central Index Key 0001318568  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
v3.22.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Total revenues $ 175,616 $ 139,113
Costs and expenses    
Operating expenses 49,825 38,043
Research and development 12,519 8,413
Depreciation 15,220 16,177
Amortization 13,633 14,715
Total costs and expenses 123,025 98,919
Operating income 52,591 40,194
Other expenses    
Interest expense, net of interest income 11,348 18,471
Total other expenses 11,348 18,471
Income before income tax 41,243 21,723
Income tax provision 9,721 1,189
Net income 31,522 20,534
Foreign currency translation gain (loss) 580 (221)
Comprehensive income $ 32,102 $ 20,313
Earnings per share    
Basic (in dollars per share) $ 0.34 $ 0.24
Diluted (in dollars per share) $ 0.31 $ 0.21
Weighted average common shares outstanding    
Basic (in shares) 91,408 86,984
Diluted (in shares) 101,471 97,968
Games    
Revenues    
Total revenues $ 98,336 $ 76,151
Costs and expenses    
Cost of revenues [1] 22,777 15,066
Operating expenses 17,346 14,595
Research and development 7,630 5,667
Depreciation 12,981 14,563
Amortization 9,805 10,984
Total costs and expenses 70,539 60,875
Operating income 27,797 15,276
Games | Gaming operations    
Revenues    
Total revenues 70,297 58,141
Costs and expenses    
Cost of revenues [1] 5,995 4,759
Games | Gaming equipment and systems    
Revenues    
Total revenues 27,998 17,988
Costs and expenses    
Cost of revenues [1] 16,782 10,307
Games | Gaming other    
Revenues    
Total revenues 41 22
FinTech    
Revenues    
Total revenues 77,280 62,962
Costs and expenses    
Cost of revenues [1] 9,051 6,505
Operating expenses 32,479 23,448
Research and development 4,889 2,746
Depreciation 2,239 1,614
Amortization 3,828 3,731
Total costs and expenses 52,486 38,044
Operating income 24,794 24,918
FinTech | Financial access services    
Revenues    
Total revenues 49,879 38,712
Costs and expenses    
Cost of revenues [1] 2,175 1,473
FinTech | Software and other    
Revenues    
Total revenues 17,867 17,246
Costs and expenses    
Cost of revenues [1] 935 1,004
FinTech | Hardware    
Revenues    
Total revenues 9,534 7,004
Costs and expenses    
Cost of revenues [1] $ 5,941 $ 4,028
[1] (1) Exclusive of depreciation and amortization.
v3.22.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 269,400 $ 302,009
Settlement receivables 60,348 89,275
Trade and other receivables, net of allowances for credit losses of $5,023 and $5,161 at March 31, 2022 and December 31, 2021, respectively 113,087 104,822
Inventory 45,699 29,233
Prepaid expenses and other current assets 27,856 27,299
Total current assets 516,390 552,638
Non-current assets    
Property and equipment, net 119,295 119,993
Goodwill 695,436 682,663
Other intangible assets, net 221,737 214,594
Other receivables 15,742 13,982
Deferred tax assets, net 22,972 32,121
Other assets 24,450 19,659
Total non-current assets 1,099,632 1,083,012
Total assets 1,616,022 1,635,650
Current liabilities    
Settlement liabilities 208,491 291,861
Accounts payable and accrued expenses 192,554 173,933
Current portion of long-term debt 6,000 6,000
Total current liabilities 407,045 471,794
Non-current liabilities    
Long-term debt, less current portion 974,642 975,525
Other accrued expenses and liabilities 22,623 13,831
Total non-current liabilities 997,265 989,356
Total liabilities 1,404,310 1,461,150
Commitments and contingencies (Note 13)
Stockholders’ equity    
Convertible preferred stock, $0.001 par value, 50,000 shares authorized and no shares outstanding at March 31, 2022 and December 31, 2021, respectively 0 0
Common stock, $0.001 par value, 500,000 shares authorized and 117,221 and 91,519 shares issued and outstanding at March 31, 2022, respectively, and 116,996 and 91,313 shares issued and outstanding at December 31, 2021, respectively 117 117
Additional paid-in capital 511,267 505,757
Accumulated deficit (110,233) (141,755)
Accumulated other comprehensive loss (875) (1,455)
Treasury stock, at cost, 25,702 and 25,683 shares at March 31, 2022 and December 31, 2021, respectively (188,564) (188,164)
Total stockholders’ equity 211,712 174,500
Total liabilities and stockholders’ equity $ 1,616,022 $ 1,635,650
v3.22.1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Allowances for doubtful accounts $ 5,023 $ 5,161
Stockholders’ equity    
Convertible preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Convertible preferred stock authorized (in shares) 50,000,000 50,000,000
Convertible preferred stock outstanding (in shares) 0 0
Common stock par value (in dollars per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 500,000,000 500,000,000
Common stock issued (in shares) 117,221,000 116,996,000
Common stock outstanding (in shares) 91,519,000 91,313,000
Treasury stock (in shares) 25,702,000 25,683,000
v3.22.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 31,522 $ 20,534
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 15,220 16,177
Amortization 13,633 14,715
Non-cash lease expense 1,014 1,196
Amortization of financing costs and discounts 713 1,172
Loss on sale or disposal of assets 29 743
Accretion of contract rights 2,427 2,318
Provision for credit losses 1,947 1,999
Deferred income taxes 9,398 820
Reserve for inventory obsolescence 55 467
Stock-based compensation 4,811 3,005
Changes in operating assets and liabilities:    
Settlement receivables 28,958 14,832
Trade and other receivables (6,123) (7,673)
Inventory (11,069) (2,438)
Prepaid expenses and other assets (6,812) (1,863)
Settlement liabilities (83,427) 25,105
Accounts payable and accrued expenses 2,978 20,497
Net cash provided by operating activities 5,274 111,606
Cash flows from investing activities    
Capital expenditures (23,639) (20,035)
Acquisitions, net of cash acquired (13,318) (10,000)
Proceeds from sale of property and equipment 57 80
Net cash used in investing activities (36,900) (29,955)
Cash flows from financing activities    
Proceeds from exercise of stock options 699 2,285
Treasury stock (400) (173)
Net cash (used in) provided by financing activities (1,201) 1,799
Effect of exchange rates on cash and cash equivalents 136 (120)
Cash, cash equivalents and restricted cash    
Net (decrease) increase for the period (32,691) 83,330
Balance, beginning of the period 303,726 252,349
Balance, end of the period 271,035 335,679
Supplemental cash disclosures    
Cash paid for interest 14,439 12,026
Cash refunded for income tax, net (41) (197)
Supplemental non-cash disclosures    
Accrued and unpaid capital expenditures 2,987 2,786
Transfer of leased gaming equipment to inventory 1,358 1,407
Term Loan    
Cash flows from financing activities    
Repayments of secured debt (1,500) 0
Incremental Term Loan    
Cash flows from financing activities    
Repayments of secured debt $ 0 $ (313)
v3.22.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Treasury Stock
Balance, beginning of period (in shares) at Dec. 31, 2020   111,872        
Balance, beginning of period at Dec. 31, 2020 $ (7,898) $ 112 $ 466,614 $ (294,620) $ (1,191) $ (178,813)
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 20,534     20,534    
Foreign currency translation (221)       (221)  
Stock-based compensation expense 3,005   3,005      
Exercise of warrants (in shares)   378        
Exercise of options (in shares)   561        
Exercise of options 2,285 $ 1 2,284      
Restricted share vesting and withholding (in shares)   41        
Restricted share vesting and withholding (173)   (1)     (172)
Balance, end of period (in shares) at Mar. 31, 2021   112,852        
Balance, end of period at Mar. 31, 2021 $ 17,532 $ 113 471,902 (274,086) (1,412) (178,985)
Balance, beginning of period (in shares) at Dec. 31, 2021 91,313 116,996        
Balance, beginning of period at Dec. 31, 2021 $ 174,500 $ 117 505,757 (141,755) (1,455) (188,164)
Increase (Decrease) in Stockholders' Equity            
Net income (loss) 31,522     31,522    
Foreign currency translation 580       580  
Stock-based compensation expense 4,811   4,811      
Exercise of options (in shares)   164        
Exercise of options 699   699      
Restricted share vesting and withholding (in shares)   61        
Restricted share vesting and withholding $ (400)         (400)
Balance, end of period (in shares) at Mar. 31, 2022 91,519 117,221        
Balance, end of period at Mar. 31, 2022 $ 211,712 $ 117 $ 511,267 $ (110,233) $ (875) $ (188,564)
v3.22.1
BUSINESS
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS BUSINESS
Everi Holdings Inc. (“Everi Holdings,” or “Everi”) is a holding company, the assets of which are the issued and outstanding shares of capital stock of each of Everi Payments Inc. (“Everi FinTech” or “FinTech”) and Everi Games Holding Inc., which owns all of the issued and outstanding shares of capital stock of Everi Games Inc. (“Everi Games” or “Games”). Unless otherwise indicated, the terms the “Company,” “we,” “us,” and “our” refer to Everi Holdings together with its consolidated subsidiaries.
Everi is a supplier of entertainment and technology solutions for the casino and digital gaming industry. The Company develops game content and gaming machines, gaming systems and services for land-based and iGaming operators. The Company is also a provider of financial technology solutions that power the casino floor, including products and services that facilitate cash and cashless financial transactions, self-service player loyalty tools and applications, and regulatory and intelligence software.

Everi reports its financial performance, and organizes and manages its operations, across the following two business segments: (i) Games and (ii) Financial Technology Solutions (“FinTech”).

Everi Games provides gaming operators with gaming technology and entertainment products and services, including: (i) gaming machines, primarily comprising Class II and Class III slot machines placed under participation or fixed-fee lease arrangements or sold to casino customers; (ii) providing and maintaining the central determinant systems for the video lottery terminals (“VLTs”) installed in the State of New York and similar technology in certain tribal jurisdictions; and (iii) business-to-business (“B2B”) digital online gaming activities.

Everi FinTech provides gaming operators with financial technology products and services, including: (i) financial access and related services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels; (ii) loyalty and marketing software and tools, regulatory and compliance (“RegTech”) software solutions, other information-related products and services, and hardware maintenance services; and (iii) associated casino patron self-service hardware that utilizes our financial access, software and other services. Our services operate as part of an end-to-end security suite to protect against cyber-related attacks and maintain the necessary secured environments to maintain compliance with applicable regulatory requirements. These solutions include: access to cash and cashless funding at gaming facilities via Automated Teller Machine (“ATM”) debit withdrawals, credit card financial access transactions, and point of sale (“POS”) debit card purchases at casino cages, kiosk and mobile POS devices; accounts for the CashClub Wallet, check warranty services, self-service ATMs and fully integrated kiosk and maintenance services; self-service loyalty tools and promotion management software; compliance, audit, and data software; casino credit data and reporting services; marketing and promotional offering subscription-based services; and other ancillary offerings.

Impact of the Coronavirus Disease 2019 (“COVID-19”) Pandemic
The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility in the financial markets, increased unemployment levels, and caused temporary, and in certain cases, permanent closures of many businesses. The initial impacts from the COVID-19 pandemic have begun to subside with certain aspects of the global economy, equity market valuations, and increased unemployment levels showing signs of recovery. The gaming industry was not immune to these factors as our casino customers closed their gaming establishments in the first quarter of 2020, with many beginning to reopen their operations over the remainder of 2020 and throughout 2021.
Since the onset of COVID-19, we have implemented measures to mitigate our exposure throughout the global pandemic. While there may be further uncertainty facing our customers as a result of COVID-19, we continue to evaluate our business strategies and the impacts of the global pandemic on our results of operations and financial condition and make business decisions to mitigate further risk. While gaming industry conditions have improved significantly in the first quarter of 2022 and year ended December 31, 2021, compared to 2020, it is unclear if the customer equipment purchases will consistently return to pre-COVID levels. Resurgences of COVID-19 and its variants could impact future customer operations or our own; however, we continue to monitor the impacts of the global pandemic and make adjustments to our business, accordingly.

Our revenues and liquidity for the first quarter of 2022 exceeded the first quarter of 2021, as nearly all of our casino customer locations have again reopened. With various limitations still in effect, we expect that demand and supply for our products and
services may be tempered in the short-term, to the extent gaming activity decreases at our customers’ locations, or fails to increase at expected rates, and to the extent our customers decide to continue to restrict their capital spending as a result of uncertainty in the industry, or that supply chain disruptions might impact customer deliveries or otherwise.

The impact of the COVID-19 pandemic also exacerbates the risks disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report”), including, but not limited to: our ability to generate revenues and, earn profits, our ability to service existing and attract new customers and maintain our overall competitiveness in the market; the potential for significant fluctuations in demand for our products and services; overall trends in the gaming industry impacting our business, and potential volatility in our stock price, among other concerns such as cybersecurity exposure.
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
Our unaudited condensed consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Some of the information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the full fiscal year. The Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the most recently filed Annual Report.
We evaluate the composition of our revenues to maintain compliance with SEC Regulation S-X Section 210.5-3, which requires us to separately present certain categories of revenues that exceed the quantitative threshold on our Statements of Operations.
Revenue Recognition
Overview
We evaluate the recognition of revenue based on the criteria set forth in Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers and ASC 842 — Leases, as appropriate. We recognize revenue upon transferring control of goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We enter into contracts with customers that include various performance obligations consisting of goods, services, or combinations of goods and services. Timing of the transfer of control varies based on the nature of the contract. We recognize revenue net of any sales and other taxes collected from customers, which are subsequently remitted to governmental authorities and are not included in revenues or operating expenses. We measure revenue based on the consideration specified in a contract with a customer and adjusted, as necessary.
Disaggregation of Revenues
We disaggregate revenues based on the nature and timing of the cash flows generated by such revenues as presented in “Note 18 — Segment Information.”
Contract Balances
Since our contracts may include multiple performance obligations, there is often a timing difference between cash collections and the satisfaction of such performance obligations and revenue recognition. Such arrangements are evaluated to determine whether contract assets and liabilities exist. We generally record contract assets when the timing of billing differs from when revenue is recognized due to contracts containing specific performance obligations that are required to be met prior to a customer being invoiced. We generally record contract liabilities when cash is collected in advance of us satisfying performance obligations, including those that are satisfied over a period of time. Balances of our contract assets and contract liabilities may fluctuate due to timing of cash collections.
The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands):
Three Months Ended March 31,
20222021
Contract assets(1)
Balance at January 1 - current$9,927 $9,240 
Balance at January 1 - non-current5,294 8,321 
Total
15,221 17,561 
Balance at March 31 - current10,662 9,796 
Balance at March 31 - non-current3,852 7,299 
Total
14,514 17,095 
         Decrease$(707)$(466)
Contract liabilities(2)
Balance at January 1 - current$36,238 $26,980 
Balance at January 1 - non-current377 289 
Total
36,615 27,269 
Balance at March 31 - current38,877 27,887 
Balance at March 31 - non-current213 98 
Total
39,090 27,985 
         Increase $2,475 $716 
(1)  The current portion of contract assets is included within trade and other receivables, net, and the non-current portion is included within other receivables in our Balance Sheets.
(2)  The current portion of contract liabilities is included within accounts payable and accrued expenses, and the non-current portion is included within other accrued expenses and liabilities in our Balance Sheets.
We recognized approximately $12.7 million and $10.5 million in revenue that was included in the beginning contract liability balance during the three months ended March 31, 2022 and 2021, respectively.
Games Revenues
Our products and services include electronic gaming devices, such as Native American Class II offerings and other electronic bingo products, Class III slot machine offerings, VLTs, B2B digital online gaming activities, accounting and central determinant systems, and other back office systems. We conduct our Games segment business based on results generated from the following major revenue streams: (i) Gaming Operations; (ii) Gaming Equipment and Systems; and (iii) Gaming Other.
We recognize our Gaming Operations revenue based on criteria set forth in ASC 842 or ASC 606, as applicable. The amount of lease revenue included in our Gaming Operations revenues and recognized under ASC 842 was approximately $47.1 million and $40.8 million for the three months ended March 31, 2022 and 2021, respectively.
FinTech Revenues
Our FinTech products and services include solutions that we offer to gaming establishments to provide their patrons with financial access and funds-based services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels along with related loyalty and marketing tools, and other information-related products and services. In addition, our services operate as part of an end-to-end security suite to protect against cyber-related attacks and maintain the necessary secured environments to maintain compliance with applicable regulatory requirements. These solutions include: access to cash and cashless funding at gaming facilities via ATM debit withdrawals, credit card financial access transactions, and POS debit card purchases at casino cages, kiosk and mobile POS devices; accounts for the CashClub Wallet, check warranty services, self-service ATMs and fully integrated kiosk and maintenance services; self-service loyalty tools and promotion management software; compliance, audit, and data software; casino credit data and reporting services; marketing and promotional offering subscription-based services; and other ancillary offerings. We conduct our FinTech segment business based on results generated from the following major revenue streams: (i) Financial Access Services; (ii) Software and Other; and (iii) Hardware.
Hardware revenues are derived from the sale of our financial access and loyalty kiosks and related equipment and are accounted for under ASC 606, unless such transactions meet the definition of a sales type or direct financing lease, which are accounted for under ASC 842. We did not have any material financial access kiosk and related equipment sales contracts accounted for under ASC 842 during the three months ended March 31, 2022 and 2021.
Restricted Cash
Our restricted cash primarily consists of: (i) funds held in connection with certain customer agreements; (ii) funds held in connection with a sponsorship agreement; (iii) wide area progressive (“WAP”)-related restricted funds; and (iv) financial access activities related to cashless balances held on behalf of patrons. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Balance Sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2022 (in thousands).
Classification on our Balance Sheets
At March 31, 2022
At December 31, 2021
Cash and cash equivalentsCash and cash equivalents$269,400 $302,009 
Restricted cash - currentPrepaid expenses and other current assets1,534 1,616 
Restricted cash - non-currentOther assets101 101 
Total
$271,035 $303,726 
Allowance for Credit Losses
We continually evaluate the collectability of outstanding balances and maintain an allowance for credit losses related to our trade and other receivables and notes receivable that have been determined to have a high risk of uncollectability, which represents our best estimates of the current expected credit losses to be incurred in the future. To derive our estimates, we analyze historical collection trends and changes in our customer payment patterns, current and expected conditions and market trends along with our operating forecasts, concentration, and creditworthiness when evaluating the adequacy of our allowance for credit losses. In addition, with respect to our check warranty receivables, we are exposed to risk for the losses associated with warranted items that cannot be collected from patrons issuing these items. We evaluate the collectability of the outstanding balances and establish a reserve for the face amount of the current expected credit losses related to these receivables. Account balances are charged against the provision when the Company believes it is probable the receivable will not be recovered. The provision for doubtful accounts receivable is included within operating expenses and the check warranty loss reserves are included within financial access services cost of revenues in the Statements of Operations.

Goodwill
Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired plus liabilities assumed arising from business combinations. We test for impairment annually on a reporting unit basis, at the beginning of our fourth fiscal quarter and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The annual impairment test is completed using either: a qualitative “Step 0” assessment based on reviewing relevant events and circumstances; or a quantitative “Step 1” assessment, which determines the fair value of the reporting unit, using both an income approach that discounts future cash flows based on the estimated future results of our reporting units and a market approach that compares market multiples of comparable companies to determine whether an impairment exists. To the extent the carrying amount of a reporting unit is less than its estimated fair value, an impairment charge is recorded.
The evaluation of impairment of goodwill requires the use of estimates about future operating results. Changes in forecasted operations can materially affect these estimates, which could materially affect our results of operations and financial condition. The estimates of expected future cash flows require significant judgment and are based on assumptions we determined to be reasonable; however, they are unpredictable and inherently uncertain, including, estimates of future growth rates, operating margins and assumptions about the overall economic climate as well as the competitive environment within which we operate. There can be no assurance that our estimates and assumptions made for purposes of our impairment assessments as of the time of evaluation will prove to be accurate predictions of the future. If our assumptions regarding business plans, competitive environments, or anticipated growth rates are not correct, we may be required to record non-cash impairment charges in future periods, whether in connection with our normal review procedures periodically, or earlier, if an indicator of an impairment is present prior to such evaluation.
Our reporting units are identified as operating segments or one level below. Reporting units must: (i) engage in business activities from which they earn revenues and incur expenses; (ii) have operating results that are regularly reviewed by our segment management to ascertain the resources to be allocated to the segment and assess its performance; and (iii) have discrete financial information available. As of March 31, 2022, our reporting units included: (i) Games; (ii) Financial Access Services; (iii) Kiosk Sales and Services; (iv) Central Credit Services; (v) Compliance Sales and Services; and (vi) Loyalty Sales and Services.
Fair Values of Financial Instruments
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time, based upon relevant market information about the financial instrument.
The carrying amount of cash and cash equivalents, restricted cash, settlement receivables, short-term trade and other receivables, settlement liabilities, accounts payable, and accrued expenses approximate fair value due to the short-term maturities of these instruments. The fair value of the long-term trade and loans receivable is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. The fair value of long-term accounts payable is estimated by discounting the total obligation using the appropriate interest rates. As of March 31, 2022 and December 31, 2021, the fair value of trade and loans receivable approximated the carrying value due to contractual terms generally being slightly over 12 months. The fair value of our borrowings is estimated based on various inputs to determine a market price, such as: market demand and supply, size of tranche, maturity, and similar instruments trading in more active markets. The estimated fair value and outstanding balances of our borrowings are as follows (dollars in thousands):
 Level of HierarchyFair ValueOutstanding Balance
March 31, 2022   
$600 million New Term Loan
2$591,030 $597,000 
$400 million 2021 Unsecured Notes
2$378,000 $400,000 
December 31, 2021   
$600 million New Term Loan
2$598,171 $598,500 
$400 million 2021 Unsecured Notes
2$404,000 $400,000 
Our borrowings’ fair values were determined using Level 2 inputs based on quoted market prices for these securities.
Reclassification of Prior Year Balances
Certain amounts in the accompanying consolidated financial statements and accompanying notes have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on net income for the prior periods.
Recent Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescriptionDate of AdoptionEffect on Financial Statements
ASU 2021-05, 'Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments
This ASU amends the lease classification requirements for lessors to align them with practice under ASC Topic 840January 1, 2022The adoption of this ASU did not have a material effect on our Financial Statements or on our disclosures.
Recent Accounting Guidance Not Yet Adopted
As of March 31, 2022, we do not anticipate recently issued accounting guidance to have a significant future impact on our consolidated financial statements.
v3.22.1
LEASES
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES LEASES
We determine if a contract is, or contains, a lease at the inception, or modification, of a contract based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of an asset is predicated upon the notion that a lessee has both the right to (i) obtain substantially all of the economic benefit from the use of the asset; and (ii) direct the use of the asset.
Operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of minimum lease payments over the expected lease term at commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. Our lease arrangements have both lease and non-lease components, and we have elected the practical expedient to account for the lease and non-lease elements as a single lease.
Certain of our lease arrangements contain options to renew with terms that generally have the ability to extend the lease term to a range of approximately one to ten years. The exercise of lease renewal options is generally at our sole discretion. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. The depreciable life of leased assets and leasehold improvements is limited by the expected term of such assets, unless there is a transfer of title or purchase option reasonably certain to be exercised.
Lessee
We enter into operating lease agreements for real estate purposes that generally consist of buildings for office space and warehouses for manufacturing purposes. Certain of our lease agreements consist of rental payments that are periodically adjusted for inflation. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. Our lease agreements do not generally provide explicit rates of interest; therefore, we use our incremental collateralized borrowing rate, which is based on a fully collateralized and fully amortizing loan with a maturity date the same as the length of the lease that is based on the information available at the commencement date to determine the present value of lease payments. Leases with an initial term of 12 months or less (short-term) are not accounted for on our Balance Sheets. As of March 31, 2022 and December 31, 2021, our finance leases were not material.
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At March 31, 2022
At December 31, 2021
Assets
Operating lease ROU assetsOther assets, non-current$17,483 $12,692 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$5,842 $5,663 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$16,099 $11,869 
Supplemental cash flow information related to leases is as follows (in thousands):
Three Months Ended March 31,
20222021
Cash paid for:
Long-term operating leases$1,668 $1,625 
Short-term operating leases$409 $430 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases(1)
$5,947 $— 
(1) The amounts are presented net of current year terminations and exclude amortization for the period.
Other information related to lease terms and discount rates is as follows:
At March 31, 2022At December 31, 2021
Weighted Average Remaining Lease Term (in years):
Operating leases3.793.52
Weighted Average Discount Rate:
Operating leases4.55 %5.04 %
Components of lease expense, which are included in operating expenses, are as follows (in thousands):
Three Months Ended March 31,
20222021
Operating Lease Cost:
Operating lease cost
$1,362 $1,460 
Variable lease cost $279 $250 
Maturities of lease liabilities are summarized as follows as of March 31, 2022 (in thousands):
Year Ending December 31, Amount
2022 (excluding the three months ended March 31, 2022)
$4,958 
2023
6,377 
2024
5,749 
2025
5,043 
2026
1,587 
Thereafter154 
Total future minimum lease payments 23,868 
Amount representing interest 1,927 
Present value of future minimum lease payments21,941 
Current operating lease obligations5,842 
Long-term lease obligations$16,099 
Lessor
We generate lease revenues primarily from our gaming operations activities, and the majority of our leases are month-to-month leases. Under these arrangements, we retain ownership of the electronic gaming machines (“EGMs”) installed at customer facilities. We receive recurring revenues based on a percentage of the net win per day generated by the leased gaming equipment or a fixed daily fee. Such revenues are generated daily and are limited to the lesser of the net win per day generated by the leased gaming equipment or the fixed daily fee and the lease payments that have been collected from the lessee. Certain of our leases have terms and conditions with options for a lessee to purchase the underlying assets. Refer to "Note 9 - Property and Equipment" for details of our rental pool assets cost and accumulated depreciation.
We did not have material sales transactions that qualified for sales-type lease accounting treatment during the three months ended March 31, 2022 and 2021. Our interest income recognized in connection with sales-type leases executed in the prior periods was not material.
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance SheetsAt March 31, 2022At December 31, 2021
Assets
Net investment in sales-type leases - currentTrade and other receivables, net$898 $1,331 
LEASES LEASES
We determine if a contract is, or contains, a lease at the inception, or modification, of a contract based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of an asset is predicated upon the notion that a lessee has both the right to (i) obtain substantially all of the economic benefit from the use of the asset; and (ii) direct the use of the asset.
Operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of minimum lease payments over the expected lease term at commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. Our lease arrangements have both lease and non-lease components, and we have elected the practical expedient to account for the lease and non-lease elements as a single lease.
Certain of our lease arrangements contain options to renew with terms that generally have the ability to extend the lease term to a range of approximately one to ten years. The exercise of lease renewal options is generally at our sole discretion. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. The depreciable life of leased assets and leasehold improvements is limited by the expected term of such assets, unless there is a transfer of title or purchase option reasonably certain to be exercised.
Lessee
We enter into operating lease agreements for real estate purposes that generally consist of buildings for office space and warehouses for manufacturing purposes. Certain of our lease agreements consist of rental payments that are periodically adjusted for inflation. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. Our lease agreements do not generally provide explicit rates of interest; therefore, we use our incremental collateralized borrowing rate, which is based on a fully collateralized and fully amortizing loan with a maturity date the same as the length of the lease that is based on the information available at the commencement date to determine the present value of lease payments. Leases with an initial term of 12 months or less (short-term) are not accounted for on our Balance Sheets. As of March 31, 2022 and December 31, 2021, our finance leases were not material.
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At March 31, 2022
At December 31, 2021
Assets
Operating lease ROU assetsOther assets, non-current$17,483 $12,692 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$5,842 $5,663 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$16,099 $11,869 
Supplemental cash flow information related to leases is as follows (in thousands):
Three Months Ended March 31,
20222021
Cash paid for:
Long-term operating leases$1,668 $1,625 
Short-term operating leases$409 $430 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases(1)
$5,947 $— 
(1) The amounts are presented net of current year terminations and exclude amortization for the period.
Other information related to lease terms and discount rates is as follows:
At March 31, 2022At December 31, 2021
Weighted Average Remaining Lease Term (in years):
Operating leases3.793.52
Weighted Average Discount Rate:
Operating leases4.55 %5.04 %
Components of lease expense, which are included in operating expenses, are as follows (in thousands):
Three Months Ended March 31,
20222021
Operating Lease Cost:
Operating lease cost
$1,362 $1,460 
Variable lease cost $279 $250 
Maturities of lease liabilities are summarized as follows as of March 31, 2022 (in thousands):
Year Ending December 31, Amount
2022 (excluding the three months ended March 31, 2022)
$4,958 
2023
6,377 
2024
5,749 
2025
5,043 
2026
1,587 
Thereafter154 
Total future minimum lease payments 23,868 
Amount representing interest 1,927 
Present value of future minimum lease payments21,941 
Current operating lease obligations5,842 
Long-term lease obligations$16,099 
Lessor
We generate lease revenues primarily from our gaming operations activities, and the majority of our leases are month-to-month leases. Under these arrangements, we retain ownership of the electronic gaming machines (“EGMs”) installed at customer facilities. We receive recurring revenues based on a percentage of the net win per day generated by the leased gaming equipment or a fixed daily fee. Such revenues are generated daily and are limited to the lesser of the net win per day generated by the leased gaming equipment or the fixed daily fee and the lease payments that have been collected from the lessee. Certain of our leases have terms and conditions with options for a lessee to purchase the underlying assets. Refer to "Note 9 - Property and Equipment" for details of our rental pool assets cost and accumulated depreciation.
We did not have material sales transactions that qualified for sales-type lease accounting treatment during the three months ended March 31, 2022 and 2021. Our interest income recognized in connection with sales-type leases executed in the prior periods was not material.
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance SheetsAt March 31, 2022At December 31, 2021
Assets
Net investment in sales-type leases - currentTrade and other receivables, net$898 $1,331 
v3.22.1
BUSINESS COMBINATIONS
 3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
We account for business combinations in accordance with ASC 805, which requires that the identifiable assets acquired and liabilities assumed be recorded at their estimated fair values on the acquisition date separately from goodwill, which is the excess of the fair value of the purchase price over the fair values of these identifiable assets and liabilities. We include the results of operations of an acquired business as of the acquisition date.
On March 1, 2022 (the “Closing Date”), the Company acquired the stock of ecash Holdings Pty Limited and wholly-owned subsidiaries Global Payment Technologies Australia Pty Limited, and ACN 121 187 068 Pty Limited (collectively “ecash”), a privately owned, Australia-based developer and provider of innovative cash handling and financial payment solutions for the broader gaming industry in Australia, Asia, Europe, and the United States. The acquisition of ecash’s products and services represents a strategic extension of Everi’s current suite of financial technology solutions within the FinTech segment. The acquisition provides Everi with a complementary portfolio of new customer locations throughout Australia, the United States, and other geographies.
Under the terms of the stock purchase agreement, we paid the seller AUD$20 million (approximately USD$15 million) on the Closing Date of the transaction and we will pay an additional AUD$6.5 million one year following the Closing Date and another AUD$6.5 million two years following the Closing Date. In addition, we expect to pay approximately AUD$9.0 million for the excess net working capital within a year from the Closing Date.
Pursuant to the arrangement, there is an earn-out provision of up to AUD$10 million, to the extent certain growth targets are achieved. The payment, if any, is subject to certain employment restrictions and will be accounted for as compensation expense in accordance with GAAP.
The acquisition did not have a significant impact on our results of operations or financial condition for the three months ended March 31, 2022.
The total preliminary purchase consideration for ecash was as follows (in thousands, at fair value):
Amount in USD
Purchase consideration
Cash consideration paid at closing$14,980 
Cash consideration to be paid in subsequent periods15,905 
Total purchase consideration$30,885 
The transaction was accounted for using the acquisition method of accounting, which requires, among other things, the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date. The excess of the purchase price over those fair values was recorded as goodwill, which will be amortized over a period of 15 years for tax purposes. The estimates and assumptions used include the projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows. The estimated fair values of assets acquired and liabilities assumed and resulting goodwill are subject to adjustment as the Company finalizes its purchase price accounting. The significant items for which a final fair value has not been determined include, but are not limited to: the valuation and estimated useful lives of intangible assets, deferred and unearned revenues, and deferred income taxes. We do not expect our fair value determinations to materially change; however, there may be differences between the amounts recorded at the Closing Date and the final fair value analysis, which we expect to complete no later than the first quarter of 2023.
The information below reflects the preliminary amounts of identifiable assets acquired and liabilities assumed as of the closing date of the transaction (in thousands):
Amount in USD
Current assets$14,168 
Property and equipment1,435 
    Other intangible assets
11,600 
Goodwill10,661 
    Other assets549 
Total Assets38,413 
Accounts payable and accrued expenses6,416 
Other accrued expenses and liabilities1,112 
Total liabilities7,528 
Net assets acquired$30,885 
Current assets acquired included approximately $2.8 million in cash. Trade receivables acquired of approximately $5.8 million were short-term in nature and considered to be collectible, and therefore, the carrying amounts of these assets represented their fair values. Inventory acquired of approximately $5.5 million consisted of raw materials and finished goods and was recorded at fair value based on the estimated net realizable value of these assets. Property, equipment, and leased assets acquired were not material in size or scope, and the carrying amounts of these assets approximated their fair values.
The following table summarizes preliminary values of acquired intangible assets (dollars in thousands):
Useful Life (Years)Estimated Fair Value (USD)
Other Intangible Assets
Trade name
3
$700 
Developed technology
3
3,600 
Customer relationships
9
7,300 
Total other intangible assets$11,600 
The fair value of intangible assets was determined by applying the income approach. The financial results included in our Statements of Operations since the acquisition date and through March 31, 2022 reflected revenues of approximately $1.2 million and net income of approximately $0.2 million. We incurred acquisition-related costs of approximately $0.2 million for the three months ended March 31, 2022.
v3.22.1
FUNDING AGREEMENTS
 3 Months Ended
Mar. 31, 2022
A T M Funding Agreement Disclosure [Abstract]  
FUNDING AGREEMENTS FUNDING AGREEMENTS
We have commercial arrangements with third-party vendors to provide cash for certain of our fund dispensing devices. For the use of these funds, we pay a usage fee on either the average daily balance of funds utilized multiplied by a contractually defined usage rate or the amounts supplied multiplied by a contractually defined usage rate. These fund usage fees, reflected as interest expense within the Statements of Operations, were approximately $1.0 million and $0.7 million for the three months ended March 31, 2022 and 2021, respectively. We are exposed to interest rate risk to the extent that the applicable rates increase.
Under these agreements, the currency supplied by third party vendors remains their sole property until the funds are dispensed. As these funds are not our assets, supplied cash is not reflected in our Balance Sheets. The outstanding balance of funds provided from the third parties were approximately $390.4 million and $401.8 million as of March 31, 2022 and December 31, 2021, respectively.
Our primary commercial arrangement, the Contract Cash Solutions Agreement, as amended, is with Wells Fargo, N.A. (“Wells Fargo”). Wells Fargo provides us with cash up to $300 million with the ability to increase the amount as defined within the agreement or otherwise permitted by the vault cash provider. The term of the agreement expires on June 30, 2023 and will automatically renew for additional one-year periods unless either party provides a ninety-day written notice of its intent not to renew.
We are responsible for losses of cash in the fund dispensing devices under this agreement, and we self-insure for this type of risk. There were no material losses for the three months ended March 31, 2022 and 2021.
v3.22.1
TRADE AND OTHER RECEIVABLES
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLESTrade and other receivables represent short-term credit granted to customers and long-term loans receivable in connection with our Games and FinTech equipment and compliance products. Trade and loans receivables generally do not require collateral. The balance of trade and loans receivables consists of outstanding balances owed to us by gaming establishments. Other receivables include income tax receivables and other miscellaneous receivables.
The balance of trade and other receivables consisted of the following (in thousands):
 At March 31,At December 31,
20222021
Trade and other receivables, net  
Games trade and loans receivables$78,349 $77,053 
FinTech trade and loans receivables
26,989 21,504 
Contract assets(1)
14,514 15,221 
Other receivables8,079 3,695 
Net investment in sales-type leases
898 1,331 
Total trade and other receivables, net128,829 118,804 
Non-current portion of receivables  
Games trade and loans receivables1,265 1,348 
FinTech trade and loans receivables
10,625 7,340 
Contract assets(1)
3,852 5,294 
Total non-current portion of receivables15,742 13,982 
Total trade and other receivables, current portion$113,087 $104,822 
Allowance for Credit Losses
The activity in our allowance for credit losses for the three months ended March 31, 2022 and 2021 is as follows (in thousands):
Three Months Ended March 31,
20222021
Beginning allowance for credit losses$(5,161)$(3,689)
Provision(1,947)(1,999)
Charge-offs and recoveries2,085 1,239 
Ending allowance for credit losses$(5,023)$(4,449)
v3.22.1
INVENTORY
 3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
INVENTORY INVENTORY
Our inventory primarily consists of component parts as well as work-in-progress and finished goods. The cost of inventory includes cost of materials, labor, overhead and freight, and is accounted for using the first in, first out method. The inventory is stated at the lower of cost or net realizable value.
Inventory consisted of the following (in thousands):
 At March 31,At December 31,
 20222021
Inventory  
Component parts, net of reserves of $2,098 and $2,422 at March 31, 2022 and December 31, 2021, respectively
$33,646 $22,490 
Work-in-progress
4,179 554 
Finished goods
7,874 6,189 
Total inventory
$45,699 $29,233 
v3.22.1
PREPAID EXPENSES AND OTHER ASSETS
 3 Months Ended
Mar. 31, 2022
Prepaid Expense and Other Assets [Abstract]  
PREPAID EXPENSES AND OTHER ASSETS PREPAID EXPENSES AND OTHER ASSETS
Prepaid expenses and other assets include the balance of prepaid expenses, deposits, debt issuance costs on our New Revolver (as defined below), restricted cash, operating lease ROU assets, and other assets. The current portion of these assets is included in prepaid expenses and other current assets and the non-current portion is included in other assets, both of which are contained within the Balance Sheets.
The balance of the current portion of prepaid expenses and other assets consisted of the following (in thousands):
 At March 31,At December 31,
 20222021
Prepaid expenses and other current assets  
Prepaid expenses
$15,738 $14,389 
Deposits
8,102 7,709 
Restricted cash(1)
1,534 1,616 
Other
2,482 3,585 
Total prepaid expenses and other current assets$27,856 $27,299 
(1) Refer to “Note 2 — Basis of Presentation and Summary of Significant Accounting Policies” for discussion on the composition of the restricted cash balance.
The balance of the non-current portion of other assets consisted of the following (in thousands):
 At March 31,At December 31,
 20222021
Other assets  
Operating lease ROU assets
$17,483 $12,692 
Prepaid expenses and deposits
4,948 4,789 
Debt issuance costs of revolving credit facility1,664 1,760 
Other
355 418 
Total other assets
$24,450 $19,659 
v3.22.1
PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consist of the following (dollars in thousands):
  At March 31, 2022At December 31, 2021
Useful Life
(Years)		CostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Property and equipment       
Rental pool - deployed
2-4
$253,441 $171,562 $81,879 $248,958 $166,075 $82,883 
Rental pool - undeployed
2-4
24,676 19,730 4,946 23,284 18,285 4,999 
FinTech equipment
1-5
33,265 21,978 11,287 32,802 21,257 11,545 
Leasehold and building improvementsLease Term12,622 9,612 3,010 12,598 9,234 3,364 
Machinery, office, and other equipment
1-5
47,352 29,179 18,173 45,277 28,075 17,202 
Total $371,356 $252,061 $119,295 $362,919 $242,926 $119,993 
Depreciation expense related to property and equipment totaled approximately $15.2 million and $16.2 million for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired plus liabilities assumed arising from business combinations. The balance of goodwill was approximately $695.4 million and $682.7 million at March 31, 2022 and December 31, 2021, respectively. We have the following reporting units: (i) Games; (ii) Financial Access Services; (iii) Kiosk Sales and Services; (iv) Central Credit Services; (v) Compliance Sales and Services; and (vi) Loyalty Sales and Services.
In accordance with ASC 350 (“Intangibles—Goodwill and Other”), we test goodwill at the reporting unit level, which is identified as an operating segment or one level below, for impairment on an annual basis and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount.
We test our goodwill for impairment on October 1 each year, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The annual impairment test is completed using either: a qualitative “Step 0” assessment based on reviewing relevant events and circumstances or a quantitative “Step 1” assessment, which determines the fair value of the reporting unit, using both an income approach that discounts future cash flows based on the estimated future results of our reporting units and a market approach that compares market multiples of comparable companies to determine whether or not any impairment exists. To the extent the carrying amount of a reporting unit is less than its estimated fair value, an impairment charge is recorded.
There was no impairment identified for our goodwill for the three months ended March 31, 2022 and 2021.
Other Intangible Assets
Other intangible assets consist of the following (dollars in thousands):
  At March 31, 2022At December 31, 2021
Useful Life
(Years)		CostAccumulated
Amortization		Net Book
Value		CostAccumulated
Amortization		Net Book
Value
Other intangible assets       
Contract rights under placement fee agreements
2-7
$59,376 $6,664 $52,712 $58,837 $4,237 $54,600 
Customer relationships
3-14
310,613 212,542 98,071 303,238 206,273 96,965 
Developed technology and software
1-6
355,920 286,665 69,255 342,309 280,412 61,897 
Patents, trade names, and other
2-18
21,247 19,548 1,699 20,547 19,415 1,132 
Total$747,156 $525,419 $221,737 $724,931 $510,337 $214,594 
Amortization expense related to other intangible assets was approximately $13.6 million and $14.7 million for the three months ended March 31, 2022 and 2021, respectively.
We evaluate our other intangible assets for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. During the three months ended March 31, 2022 and 2021, there were no material write-downs of intangible assets.
v3.22.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
 3 Months Ended
Mar. 31, 2022
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES ACCOUNTS PAYABLE AND ACCRUED EXPENSES
The following table presents our accounts payable and accrued expenses (in thousands):
 At March 31,At December 31,
 20222021
Accounts payable and accrued expenses  
Customer commissions payable$65,764 $57,515 
Accounts payable - trade47,184 25,453 
Contract liabilities38,877 36,238 
Payroll and related expenses17,893 29,125 
Operating lease liabilities5,842 5,663 
Accrued interest5,816 9,273 
Financial access processing and related expenses3,865 3,619 
Accrued taxes3,317 2,756 
Other3,996 4,291 
Total accounts payable and accrued expenses
$192,554 $173,933 
v3.22.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The following table summarizes our outstanding indebtedness (dollars in thousands):
 MaturityInterestAt March 31,At December 31,
 DateRate20222021
Long-term debt  
$600 million New Term Loan
2028
LIBOR+2.50%
$597,000 $598,500 
$125 million New Revolver
2026
LIBOR+2.50%
— — 
Senior secured credit facilities597,000 598,500 
$400 million 2021 Unsecured Notes
20295.00%400,000 400,000 
Total debt
997,000 998,500 
Debt issuance costs and discount(16,358)(16,975)
Total debt after debt issuance costs and discount
980,642 981,525 
Current portion of long-term debt(6,000)(6,000)
Total long-term debt, net of current portion$974,642 $975,525 
New Credit Facilities
Our Senior Secured Credit Facilities consist of: (i) a seven-year $600 million senior secured term loan due 2028 issued at 99.75% of par (the “New Term Loan”); and (ii) a $125 million senior secured revolving credit facility due 2026, which was undrawn at closing (the “New Revolver” and together with the New Term Loan, the “New Credit Facilities”). The Company, as borrower, entered into the credit agreement dated as of August 3, 2021 (the “Closing Date”), among the Company, the lenders party thereto and Jefferies Finance LLC, as administrative agent, collateral agent, swing line lender and a letter of credit issuer (the “New Credit Agreement”).
The interest rate per annum applicable to the New Credit Facilities will be, at the Company’s option, either the Eurodollar rate with a 0.50% LIBOR floor plus a margin of 2.50% or the base rate plus a margin of 1.50%.

The New Revolver is available for general corporate purposes, including permitted acquisitions, working capital and the issuance of letters of credit. Borrowings under the New Revolver are subject to the satisfaction of customary conditions, including the absence of defaults and the accuracy of representations and warranties.
The Company is required to make periodic payments on the New Term Loan in an amount equal to 0.25% per quarter of the initial aggregate principal, with the final principal repayment installment on the maturity date. Interest is due in arrears on each interest payment date applicable thereto and at such other times as may be specified in the New Credit Agreement. As to any loan other than a base rate loan, the interest payment dates shall be the last day of each interest period applicable to such loan
and the maturity date (provided, however, that if any interest period for a Eurodollar Rate loan exceeds three months, the respective dates that fall every three months after the beginning of such interest period shall also be interest payment dates). As to any base rate loan, commencing on the last business day of December 2021, the interest payment dates shall be last business day of each of March, June, September and December and the maturity date.
Voluntary prepayments of the New Term Loan and the New Revolver and voluntary reductions in the unused commitments are permitted in whole or in part, in minimum amounts as set forth in the New Credit Agreement governing the New Credit Facilities, with prior notice, and without premium or penalty, except that certain refinancings or repricings of the New Term Loan within six months after the Closing Date will be subject to a prepayment premium of 1.00% of the principal amount repaid.
The New Credit Agreement contains certain covenants that, among other things, limit the Company’s ability, and the ability of certain of its subsidiaries, to incur additional indebtedness, sell assets or consolidate or merge with or into other companies, pay dividends or repurchase or redeem capital stock, make certain investments, issue capital stock of subsidiaries, incur liens, prepay, redeem or repurchase subordinated debt, and enter into certain types of transactions with its affiliates. The New Credit Agreement also requires the Company, together with its subsidiaries, to comply with a maximum consolidated secured leverage ratio of 4.25:1.00 as of the measurement date.
The weighted average interest rate on the New Term Loan was 3.00% for the three months ended March 31, 2022.
Senior Unsecured Notes
Our Senior Unsecured Notes (the “2021 USN”) had an outstanding balance of approximately $400.0 million as of March 31, 2022, for which interest accrues at a rate of 5.00% per annum and is payable semi-annually in arrears on each January 15 and July 15.
Compliance with Debt Covenants
We were in compliance with the covenants and terms of the New Credit Facilities and the Senior Unsecured Notes as of March 31, 2022.
v3.22.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
We are involved in various legal proceedings in the ordinary course of our business. While we believe resolution of the claims brought against us, both individually and in the aggregate, will not have a material adverse impact on our financial condition or results of operations, litigation of this nature is inherently unpredictable. Our views on these legal proceedings, including those described below, may change in the future. We intend to vigorously defend against these actions, and ultimately believe we should prevail.

Legal Contingencies

We evaluate matters and record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss may be reasonably estimated. We evaluate legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect: (i) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings, and other relevant events and developments; (ii) the advice and analyses of counsel; and (iii) the assumptions and judgment of management. Legal costs associated with such proceedings are expensed as incurred. Due to the inherent uncertainty of legal proceedings as a result of the procedural, factual, and legal issues involved, the outcomes of our legal contingencies could result in losses in excess of amounts we have accrued.

We did not have any material legal matters that were accrued for as of March 31, 2022. We received service of process on one (1) new legal matter (Mary Parrish matter) described below.

FACTA-related matter:

Geraldine Donahue, et al. v. Everi Payments Inc., et al. (“Donahue”) is a putative class action matter filed on December 12, 2018, in the Circuit Court of Cook County, Illinois County Division, Chancery Division. The original defendant was dismissed and Everi Holdings and FinTech (the “Defendants”) were substituted as the defendants on April 22, 2019. The plaintiff, on behalf of herself and others similarly situated, alleges that Everi Holdings and Everi FinTech (i) have violated certain provisions of FACTA by their failure, as agent to the original defendant, to properly truncate patron credit card numbers when printing financial access receipts as required under FACTA, and (ii) have been unjustly enriched through the charging of service fees for transactions conducted at the original defendant’s facilities. The plaintiff sought an award of statutory damages, attorneys’ fees,
and costs. The parties settled this matter on a nationwide class basis. On December 3, 2020, the court entered the Final Order and Judgment approving the settlement and dismissing all claims asserted against the Defendants with prejudice. Everi Holdings and Everi FinTech have paid all funds required pursuant to the settlement. Distributions were made to class members and remaining unclaimed funds were distributed to nonprofit charitable organizations in compliance with the court’s October 4, 2021, Defense counsel for Everi Payments Inc. has asked the court provide a final closing order/entry as this matter is now closed.

NRT matter:

NRT Technology Corp., et al. v. Everi Holdings Inc., et al. is a civil action filed on April 30, 2019 against Everi Holdings and Everi FinTech in the United States District Court for the District of Delaware by NRT Technology Corp. and NRT Technology, Inc., alleging monopolization of the market for unmanned, integrated kiosks in violation of federal antitrust laws, fraudulent procurement of patents on functionality related to such unmanned, integrated kiosks and sham litigation related to prior litigation brought by Everi FinTech (operating as Global Cash Access Inc.) against the plaintiff entities. The plaintiffs are seeking compensatory damages, treble damages, and injunctive and declaratory relief. Discovery is closed and this case is currently set for trial on September 26, 2022. We are currently unable to determine the probability of the outcome or estimate the range of reasonably possible loss, if any, in this matter.

Zenergy Systems, LLC matter:

Zenergy Systems, LLC v. Everi Payments Inc. is a civil action filed on May 29, 2020, against Everi FinTech in the United States District Court for the District of Nevada, Clark County by Zenergy Systems, LLC, alleging breach of contract, breach of a non-disclosure agreement, breach of the covenant of good faith and fair dealing, and breach of a confidential relationship related to a contract with Everi FinTech that expired in November 2019. The plaintiff is seeking compensatory and punitive damages. Everi FinTech has counterclaimed against Zenergy alleging breach of contract, breach of implied covenant of good faith and fair dealing, and for declaratory relief. The case is set for trial in June 2022. We are currently unable to determine the probability of the outcome or estimate the range of reasonably possible loss, if any, in this matter.

Sadie Saavedra matter:

Sadie Saavedra, et al. v. Everi Payments Inc., et al. is a civil action filed on August 30, 2021, against Everi Holdings and Everi FinTech in the United States District Court, Central District of California (Western Division) by Sadie Saavedra, individually and on behalf of a class of similarly situated individuals, alleging violations of the Unfair Competition Law (California Business & Professions Code § 17200) and unjust enrichment. The plaintiffs allege that certain of Everi’s ATMs screen are deceptive and designed to maximize the number of transaction fees and mislead consumers into incurring fees for additional transactions. The plaintiffs are seeking restitution, injunctive relief and attorneys’ fees. On April 11, 2022, the Court entered an Order granting the Motion to Dismiss on behalf of Everi Holdings and Everi FinTech. It is unclear at this time if the plaintiff will appeal the Court’s Order and we are currently unable to determine the probability of the outcome or estimate the range of reasonably possible loss, if any, in this matter.

Sightline Payments matter:

Sightline Payments LLC v. Everi Holdings Inc., et al. is a civil action filed on September 30, 2021, against Everi Holdings, Everi FinTech, Everi Games Holding Inc., and Everi Games in the United States District Court, Western District of Texas (Waco Division) by Sightline Payments LLC alleging patent infringement in violation of 35 U.S.C. § 271 et seq. The plaintiff’s complaint alleges that Everi’s CashClub Wallet product infringes on certain patents owned by the plaintiff. The plaintiff is seeking compensatory damages. Everi filed a Motion to Dismiss or Transfer for Lack of Venue. The court has not yet set a hearing date for the pending motion. We are in the early stages of litigation and currently unable to determine the probability of the outcome or estimate the range of reasonably possible loss, if any, in this matter.

Mary Parrish matter:

Mary Parrish v. Everi Holdings Inc., et al. is a civil action filed on December 28, 2021, against Everi Holdings and Everi FinTech in the District Court of Nevada, Clark County by Mary Parrish alleging violation of the Fair and Accurate Credit Transactions Act (FACTA) amendment to the Fair Credit Reporting Act (FCRA). Plaintiff’s complaint alleges she received a printed receipt for cash access services performed at an Everi Payments’ ATM which displayed more than four (4) digits of the account number. Plaintiff seeks statutory damages, punitive damages, injunctive relief, attorneys’ fees, and other relief as the court deems proper. Everi filed a Petition for Removal to the United States District Court, District of Nevada. Thereafter, Everi filed a Motion to Dismiss, which is pending in the United States District Court. Due to the early stages of the litigation, we are
currently unable to estimate the probability of the outcome of this matter or reasonably estimate the range of possible damages, if any.In addition, we have commitments with respect to certain lease obligations discussed in “Note 3 — Leases” and installment payments under our purchase agreements discussed in “Note 4 — Business Combinations.”
v3.22.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITYOn February 28, 2020, our Board of Directors authorized and approved a new share repurchase program granting us the authority to repurchase an amount not to exceed $10.0 million of outstanding Company common stock with no minimum number of shares that the Company is required to repurchase. This repurchase program commenced in the first quarter of 2020 and authorizes us to buy our common stock from time to time in open market transactions, block trades or in private transactions in accordance with trading plans established in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended, or by a combination of such methods, including compliance with the Company’s finance agreements. The share repurchase program is subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors, and may be suspended or discontinued at any time without prior notice. In light of COVID-19, we have suspended our share repurchase program. There were no share repurchases during the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
WEIGHTED AVERAGE SHARES OF COMMON STOCK
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
WEIGHTED AVERAGE SHARES OF COMMON STOCK WEIGHTED AVERAGE SHARES OF COMMON STOCK
The weighted average number of common stock shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):
 Three Months Ended March 31,
 20222021
Weighted average shares  
Weighted average number of common shares outstanding - basic91,408 86,984 
Potential dilution from equity awards(1)
10,063 10,984 
Weighted average number of common shares outstanding - diluted(1)
101,471 97,968 
(1) There were no shares that were anti-dilutive under the treasury stock method for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Equity Incentive Awards
Generally, we grant the following types of awards: (i) restricted stock units with either time- or performance-based criteria; (ii) time-based options; and (iii) market-based options. We estimate forfeiture amounts based on historical patterns.
A summary of award activity is as follows (in thousands):
Stock Options Restricted Stock Units
Outstanding, December 31, 20217,073 3,540 
Granted— 25 
Exercised options or vested shares(164)(61)
Canceled or forfeited— (13)
Outstanding, March 31, 20226,909 3,491 
There are approximately 5.1 million awards of our common stock available for future equity grants under our existing equity incentive plans as of March 31, 2022.
v3.22.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision for the three months ended March 31, 2022, reflected an effective income tax rate of 23.6%, which was greater than the statutory federal rate of 21.0%, primarily due to state taxes and an accrual for foreign withholding tax, partially offset by both a research credit and the benefit from stock option exercises. The income tax provision for the three months ended March 31, 2021 reflected an effective income tax rate of 5.5%, which was less than the statutory federal rate of 21.0%, primarily due to a decrease in our valuation allowance for our deferred tax assets and the benefit from both stock option exercises and from a research credit.

We have analyzed filing positions in all of the federal, state, and foreign jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. As of March 31, 2022, we recorded approximately $2.2 million of unrecognized tax benefits, all of which would impact our effective tax rate, if recognized. We do not anticipate that our unrecognized tax benefits will materially change within the next 12 months. We have not accrued any penalties and interest for our unrecognized tax benefits. We may, from time to time, be assessed interest or penalties by tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. Our policy for recording interest and penalties associated with audits and unrecognized tax benefits is to record such items as a component of income tax in our Statements of Operations.
v3.22.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-making group (the “CODM”). Our CODM generally consists of the Chief Executive Officer and the Chief Financial Officer. Our CODM allocates resources and measures profitability based on our operating segments, which are managed and reviewed separately, as each represents products and services that can be sold separately to our customers. Our segments are monitored by management for performance against our internal forecasts.
We have reported our financial performance based on our segments in both the current and prior periods. Our CODM determined that our operating segments for conducting business are: (i) Games and (ii) FinTech:
•Everi Games primarily provides gaming operators with gaming technology products and services, including: (i) gaming machines, primarily comprising Class II and Class III slot machines placed under participation or fixed-fee lease arrangements or sold to casino customers; (ii) provision and maintenance of the central determinant systems for the VLTs installed in the State of New York and similar technology in certain tribal jurisdictions; and (iii) B2B digital online gaming activities.
•Everi FinTech provides gaming operators with financial technology and entertainment products and services, including: (i) financial access and related services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels; (ii) loyalty and marketing software and tools, RegTech software solutions, other information-related products and services, and hardware maintenance services; and (iii) associated casino patron self-service hardware that utilizes our financial access, software and other services.
Corporate overhead expenses have been allocated to the segments either through specific identification or based on a reasonable methodology. In addition, we record depreciation and amortization expenses to the business segments.
Our business is predominantly domestic with no specific regional concentrations and no significant assets in foreign locations.
The following tables present segment information (in thousands)*:
 Three Months Ended March 31,
 20222021
Games  
Revenues  
Gaming operations$70,297 $58,141 
Gaming equipment and systems27,998 17,988 
Gaming other41 22 
Total revenues98,336 76,151 
Costs and expenses  
Cost of revenues(1)
  
Gaming operations5,995 4,759 
Gaming equipment and systems16,782 10,307 
Cost of revenues22,777 15,066 
Operating expenses17,346 14,595 
Research and development7,630 5,667 
Depreciation12,981 14,563 
Amortization9,805 10,984 
Total costs and expenses70,539 60,875 
Operating income$27,797 $15,276 
(1) Exclusive of depreciation and amortization.
* Rounding may cause variances.
 Three Months Ended March 31,
 20222021
FinTech  
Revenues  
Financial access services$49,879 $38,712 
Software and other17,867 17,246 
Hardware9,534 7,004 
Total revenues77,280 62,962 
Costs and expenses  
Cost of revenues(1)
  
Financial access services2,175 1,473 
Software and other935 1,004 
Hardware5,941 4,028 
Cost of revenues9,051 6,505 
Operating expenses32,479 23,448 
Research and development4,889 2,746 
Depreciation2,239 1,614 
Amortization3,828 3,731 
Total costs and expenses52,486 38,044 
Operating income$24,794 $24,918 
(1)  Exclusive of depreciation and amortization.
* Rounding may cause variances.
 At March 31,At December 31,
 20222021
Total assets  
Games$909,584 $913,880 
FinTech706,438 721,770 
Total assets$1,616,022 $1,635,650 
Major Customers. No single customer accounted for more than 10% of our revenues for the three months ended March 31, 2022 and 2021. Our five largest customers accounted for approximately 15% and 18% of our revenues for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Acquisition
The Company acquired the stock of Intuicode Gaming Corporation (“Intuicode”), a privately owned game development and engineering firm focused on Historical Horse Racing (“HHR”) games, effective on April 30, 2022.
The acquisition of Intuicode provides Everi with additional HHR expertise that will help the Company accelerate its entry into and growth in the expanding HHR market that will benefit the Games segment.

Under the terms of the stock purchase agreement, the acquisition cost includes an initial payment of $12.5 million, with two additional payments based on future revenue to be made on each of the first and second anniversaries of the acquisition's closing in 2023 and 2024, which is expected to increase the total consideration to be between $22 million and $27 million. Everi expects to fund the total purchase price from existing cash on hand and future cash flow.

This transaction will be accounted for as a business combination under the acquisition method of accounting. The acquisition is not expected to have a material impact on our results of operations or financial condition.
Share Repurchase Program
On May 4, 2022, our Board of Directors authorized and approved a new share repurchase program in an amount not to exceed $150 million pursuant to which we may purchase outstanding Company common stock in open market or privately negotiated transactions over a period of eighteen (18) months through November 4, 2023, in accordance with Company and regulatory policies and trading plans established in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934. The actual number of shares to be purchased will depend upon market conditions and is subject to available liquidity, general market and economic conditions, alternative uses for the capital and other factors. All shares purchased will be held in the Company’s treasury for possible future use. As of March 31, 2022, Everi had approximately 91.5 million shares issued and outstanding, net of 25.7 million shares held in the Company’s treasury. There is no minimum number of shares that the Company is required to repurchase, and the program may be suspended or discontinued at any time without prior notice. This new repurchase program supersedes and replaces, in its entirety, the previous share repurchase program.
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Our unaudited condensed consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Some of the information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. The results for the three months ended March 31, 2022 are not necessarily indicative of results to be expected for the full fiscal year. The Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the most recently filed Annual Report.
Revenue Recognition
Revenue Recognition
Overview
We evaluate the recognition of revenue based on the criteria set forth in Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers and ASC 842 — Leases, as appropriate. We recognize revenue upon transferring control of goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We enter into contracts with customers that include various performance obligations consisting of goods, services, or combinations of goods and services. Timing of the transfer of control varies based on the nature of the contract. We recognize revenue net of any sales and other taxes collected from customers, which are subsequently remitted to governmental authorities and are not included in revenues or operating expenses. We measure revenue based on the consideration specified in a contract with a customer and adjusted, as necessary.
Disaggregation of Revenues
We disaggregate revenues based on the nature and timing of the cash flows generated by such revenues as presented in “Note 18 — Segment Information.”
Contract Balances
Since our contracts may include multiple performance obligations, there is often a timing difference between cash collections and the satisfaction of such performance obligations and revenue recognition. Such arrangements are evaluated to determine whether contract assets and liabilities exist. We generally record contract assets when the timing of billing differs from when revenue is recognized due to contracts containing specific performance obligations that are required to be met prior to a customer being invoiced. We generally record contract liabilities when cash is collected in advance of us satisfying performance obligations, including those that are satisfied over a period of time. Balances of our contract assets and contract liabilities may fluctuate due to timing of cash collections.
The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands):
Three Months Ended March 31,
20222021
Contract assets(1)
Balance at January 1 - current$9,927 $9,240 
Balance at January 1 - non-current5,294 8,321 
Total
15,221 17,561 
Balance at March 31 - current10,662 9,796 
Balance at March 31 - non-current3,852 7,299 
Total
14,514 17,095 
         Decrease$(707)$(466)
Contract liabilities(2)
Balance at January 1 - current$36,238 $26,980 
Balance at January 1 - non-current377 289 
Total
36,615 27,269 
Balance at March 31 - current38,877 27,887 
Balance at March 31 - non-current213 98 
Total
39,090 27,985 
         Increase $2,475 $716 
(1)  The current portion of contract assets is included within trade and other receivables, net, and the non-current portion is included within other receivables in our Balance Sheets.
(2)  The current portion of contract liabilities is included within accounts payable and accrued expenses, and the non-current portion is included within other accrued expenses and liabilities in our Balance Sheets.
We recognized approximately $12.7 million and $10.5 million in revenue that was included in the beginning contract liability balance during the three months ended March 31, 2022 and 2021, respectively.
Games Revenues
Our products and services include electronic gaming devices, such as Native American Class II offerings and other electronic bingo products, Class III slot machine offerings, VLTs, B2B digital online gaming activities, accounting and central determinant systems, and other back office systems. We conduct our Games segment business based on results generated from the following major revenue streams: (i) Gaming Operations; (ii) Gaming Equipment and Systems; and (iii) Gaming Other.
We recognize our Gaming Operations revenue based on criteria set forth in ASC 842 or ASC 606, as applicable. The amount of lease revenue included in our Gaming Operations revenues and recognized under ASC 842 was approximately $47.1 million and $40.8 million for the three months ended March 31, 2022 and 2021, respectively.
FinTech Revenues
Our FinTech products and services include solutions that we offer to gaming establishments to provide their patrons with financial access and funds-based services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels along with related loyalty and marketing tools, and other information-related products and services. In addition, our services operate as part of an end-to-end security suite to protect against cyber-related attacks and maintain the necessary secured environments to maintain compliance with applicable regulatory requirements. These solutions include: access to cash and cashless funding at gaming facilities via ATM debit withdrawals, credit card financial access transactions, and POS debit card purchases at casino cages, kiosk and mobile POS devices; accounts for the CashClub Wallet, check warranty services, self-service ATMs and fully integrated kiosk and maintenance services; self-service loyalty tools and promotion management software; compliance, audit, and data software; casino credit data and reporting services; marketing and promotional offering subscription-based services; and other ancillary offerings. We conduct our FinTech segment business based on results generated from the following major revenue streams: (i) Financial Access Services; (ii) Software and Other; and (iii) Hardware.
Hardware revenues are derived from the sale of our financial access and loyalty kiosks and related equipment and are accounted for under ASC 606, unless such transactions meet the definition of a sales type or direct financing lease, which are accounted for under ASC 842. We did not have any material financial access kiosk and related equipment sales contracts accounted for under ASC 842 during the three months ended March 31, 2022 and 2021.
Restricted Cash Restricted CashOur restricted cash primarily consists of: (i) funds held in connection with certain customer agreements; (ii) funds held in connection with a sponsorship agreement; (iii) wide area progressive (“WAP”)-related restricted funds; and (iv) financial access activities related to cashless balances held on behalf of patrons.
Allowance for Credit Losses
Allowance for Credit Losses
We continually evaluate the collectability of outstanding balances and maintain an allowance for credit losses related to our trade and other receivables and notes receivable that have been determined to have a high risk of uncollectability, which represents our best estimates of the current expected credit losses to be incurred in the future. To derive our estimates, we analyze historical collection trends and changes in our customer payment patterns, current and expected conditions and market trends along with our operating forecasts, concentration, and creditworthiness when evaluating the adequacy of our allowance for credit losses. In addition, with respect to our check warranty receivables, we are exposed to risk for the losses associated with warranted items that cannot be collected from patrons issuing these items. We evaluate the collectability of the outstanding balances and establish a reserve for the face amount of the current expected credit losses related to these receivables. Account balances are charged against the provision when the Company believes it is probable the receivable will not be recovered. The provision for doubtful accounts receivable is included within operating expenses and the check warranty loss reserves are included within financial access services cost of revenues in the Statements of Operations.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired plus liabilities assumed arising from business combinations. We test for impairment annually on a reporting unit basis, at the beginning of our fourth fiscal quarter and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The annual impairment test is completed using either: a qualitative “Step 0” assessment based on reviewing relevant events and circumstances; or a quantitative “Step 1” assessment, which determines the fair value of the reporting unit, using both an income approach that discounts future cash flows based on the estimated future results of our reporting units and a market approach that compares market multiples of comparable companies to determine whether an impairment exists. To the extent the carrying amount of a reporting unit is less than its estimated fair value, an impairment charge is recorded.
The evaluation of impairment of goodwill requires the use of estimates about future operating results. Changes in forecasted operations can materially affect these estimates, which could materially affect our results of operations and financial condition. The estimates of expected future cash flows require significant judgment and are based on assumptions we determined to be reasonable; however, they are unpredictable and inherently uncertain, including, estimates of future growth rates, operating margins and assumptions about the overall economic climate as well as the competitive environment within which we operate. There can be no assurance that our estimates and assumptions made for purposes of our impairment assessments as of the time of evaluation will prove to be accurate predictions of the future. If our assumptions regarding business plans, competitive environments, or anticipated growth rates are not correct, we may be required to record non-cash impairment charges in future periods, whether in connection with our normal review procedures periodically, or earlier, if an indicator of an impairment is present prior to such evaluation.Our reporting units are identified as operating segments or one level below. Reporting units must: (i) engage in business activities from which they earn revenues and incur expenses; (ii) have operating results that are regularly reviewed by our segment management to ascertain the resources to be allocated to the segment and assess its performance; and (iii) have discrete financial information available.
Fair Values of Financial Instruments
Fair Values of Financial Instruments
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time, based upon relevant market information about the financial instrument.
The carrying amount of cash and cash equivalents, restricted cash, settlement receivables, short-term trade and other receivables, settlement liabilities, accounts payable, and accrued expenses approximate fair value due to the short-term maturities of these instruments. The fair value of the long-term trade and loans receivable is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. The fair value of long-term accounts payable is estimated by discounting the total obligation using the appropriate interest rates.
Recent Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescriptionDate of AdoptionEffect on Financial Statements
ASU 2021-05, 'Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments
This ASU amends the lease classification requirements for lessors to align them with practice under ASC Topic 840January 1, 2022The adoption of this ASU did not have a material effect on our Financial Statements or on our disclosures.
Recent Accounting Guidance Not Yet Adopted
As of March 31, 2022, we do not anticipate recently issued accounting guidance to have a significant future impact on our consolidated financial statements.
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Contract Asset and Liability
The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands):
Three Months Ended March 31,
20222021
Contract assets(1)
Balance at January 1 - current$9,927 $9,240 
Balance at January 1 - non-current5,294 8,321 
Total
15,221 17,561 
Balance at March 31 - current10,662 9,796 
Balance at March 31 - non-current3,852 7,299 
Total
14,514 17,095 
         Decrease$(707)$(466)
Contract liabilities(2)
Balance at January 1 - current$36,238 $26,980 
Balance at January 1 - non-current377 289 
Total
36,615 27,269 
Balance at March 31 - current38,877 27,887 
Balance at March 31 - non-current213 98 
Total
39,090 27,985 
         Increase $2,475 $716 
(1)  The current portion of contract assets is included within trade and other receivables, net, and the non-current portion is included within other receivables in our Balance Sheets.
(2)  The current portion of contract liabilities is included within accounts payable and accrued expenses, and the non-current portion is included within other accrued expenses and liabilities in our Balance Sheets.
Reconciliation of Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Balance Sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2022 (in thousands).
Classification on our Balance Sheets
At March 31, 2022
At December 31, 2021
Cash and cash equivalentsCash and cash equivalents$269,400 $302,009 
Restricted cash - currentPrepaid expenses and other current assets1,534 1,616 
Restricted cash - non-currentOther assets101 101 
Total
$271,035 $303,726 
Reconciliation of Cash, Cash Equivalents, and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Balance Sheets that sum to the total of the same such amounts shown in the statement of cash flows for the three months ended March 31, 2022 (in thousands).
Classification on our Balance Sheets
At March 31, 2022
At December 31, 2021
Cash and cash equivalentsCash and cash equivalents$269,400 $302,009 
Restricted cash - currentPrepaid expenses and other current assets1,534 1,616 
Restricted cash - non-currentOther assets101 101 
Total
$271,035 $303,726 
Estimated Fair Value and Outstanding Balances of Borrowings The estimated fair value and outstanding balances of our borrowings are as follows (dollars in thousands):
 Level of HierarchyFair ValueOutstanding Balance
March 31, 2022   
$600 million New Term Loan
2$591,030 $597,000 
$400 million 2021 Unsecured Notes
2$378,000 $400,000 
December 31, 2021   
$600 million New Term Loan
2$598,171 $598,500 
$400 million 2021 Unsecured Notes
2$404,000 $400,000 
Summary of Recent Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescriptionDate of AdoptionEffect on Financial Statements
ASU 2021-05, 'Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments
This ASU amends the lease classification requirements for lessors to align them with practice under ASC Topic 840January 1, 2022The adoption of this ASU did not have a material effect on our Financial Statements or on our disclosures.
v3.22.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Balance Sheet Information
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At March 31, 2022
At December 31, 2021
Assets
Operating lease ROU assetsOther assets, non-current$17,483 $12,692 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$5,842 $5,663 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$16,099 $11,869 
Cash Flow Information
Supplemental cash flow information related to leases is as follows (in thousands):
Three Months Ended March 31,
20222021
Cash paid for:
Long-term operating leases$1,668 $1,625 
Short-term operating leases$409 $430 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases(1)
$5,947 $— 
(1) The amounts are presented net of current year terminations and exclude amortization for the period.
Lease Costs
Other information related to lease terms and discount rates is as follows:
At March 31, 2022At December 31, 2021
Weighted Average Remaining Lease Term (in years):
Operating leases3.793.52
Weighted Average Discount Rate:
Operating leases4.55 %5.04 %
Components of lease expense, which are included in operating expenses, are as follows (in thousands):
Three Months Ended March 31,
20222021
Operating Lease Cost:
Operating lease cost
$1,362 $1,460 
Variable lease cost $279 $250 
Payments Due
Maturities of lease liabilities are summarized as follows as of March 31, 2022 (in thousands):
Year Ending December 31, Amount
2022 (excluding the three months ended March 31, 2022)
$4,958 
2023
6,377 
2024
5,749 
2025
5,043 
2026
1,587 
Thereafter154 
Total future minimum lease payments 23,868 
Amount representing interest 1,927 
Present value of future minimum lease payments21,941 
Current operating lease obligations5,842 
Long-term lease obligations$16,099 
Sales-type lease
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance SheetsAt March 31, 2022At December 31, 2021
Assets
Net investment in sales-type leases - currentTrade and other receivables, net$898 $1,331 
v3.22.1
Business Combinations and Asset Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Total Purchase Consideration
The total preliminary purchase consideration for ecash was as follows (in thousands, at fair value):
Amount in USD
Purchase consideration
Cash consideration paid at closing$14,980 
Cash consideration to be paid in subsequent periods15,905 
Total purchase consideration$30,885 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The information below reflects the preliminary amounts of identifiable assets acquired and liabilities assumed as of the closing date of the transaction (in thousands):
Amount in USD
Current assets$14,168 
Property and equipment1,435 
    Other intangible assets
11,600 
Goodwill10,661 
    Other assets549 
Total Assets38,413 
Accounts payable and accrued expenses6,416 
Other accrued expenses and liabilities1,112 
Total liabilities7,528 
Net assets acquired$30,885 
The following table summarizes preliminary values of acquired intangible assets (dollars in thousands):
Useful Life (Years)Estimated Fair Value (USD)
Other Intangible Assets
Trade name
3
$700 
Developed technology
3
3,600 
Customer relationships
9
7,300 
Total other intangible assets$11,600 
v3.22.1
TRADE AND OTHER RECEIVABLES (Tables)
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Schedule of Components of Trade and Other Receivables
The balance of trade and other receivables consisted of the following (in thousands):
 At March 31,At December 31,
20222021
Trade and other receivables, net  
Games trade and loans receivables$78,349 $77,053 
FinTech trade and loans receivables
26,989 21,504 
Contract assets(1)
14,514 15,221 
Other receivables8,079 3,695 
Net investment in sales-type leases
898 1,331 
Total trade and other receivables, net128,829 118,804 
Non-current portion of receivables  
Games trade and loans receivables1,265 1,348 
FinTech trade and loans receivables
10,625 7,340 
Contract assets(1)
3,852 5,294 
Total non-current portion of receivables15,742 13,982 
Total trade and other receivables, current portion$113,087 $104,822 
Activity in Allowance for Credit Losses
The activity in our allowance for credit losses for the three months ended March 31, 2022 and 2021 is as follows (in thousands):
Three Months Ended March 31,
20222021
Beginning allowance for credit losses$(5,161)$(3,689)
Provision(1,947)(1,999)
Charge-offs and recoveries2,085 1,239 
Ending allowance for credit losses$(5,023)$(4,449)
v3.22.1
INVENTORY (Tables)
 3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Schedule of Components of Inventory
Inventory consisted of the following (in thousands):
 At March 31,At December 31,
 20222021
Inventory  
Component parts, net of reserves of $2,098 and $2,422 at March 31, 2022 and December 31, 2021, respectively
$33,646 $22,490 
Work-in-progress
4,179 554 
Finished goods
7,874 6,189 
Total inventory
$45,699 $29,233 
v3.22.1
PREPAID EXPENSES AND OTHER ASSETS (Tables)
 3 Months Ended
Mar. 31, 2022
Prepaid Expense and Other Assets [Abstract]  
Schedule of Components of Current Portion of Prepaid and Other Assets
The balance of the current portion of prepaid expenses and other assets consisted of the following (in thousands):
 At March 31,At December 31,
 20222021
Prepaid expenses and other current assets  
Prepaid expenses
$15,738 $14,389 
Deposits
8,102 7,709 
Restricted cash(1)
1,534 1,616 
Other
2,482 3,585 
Total prepaid expenses and other current assets$27,856 $27,299 
(1) Refer to “Note 2 — Basis of Presentation and Summary of Significant Accounting Policies” for discussion on the composition of the restricted cash balance.
Schedule of Components of Non-Current Portion of Prepaid and Other Assets
The balance of the non-current portion of other assets consisted of the following (in thousands):
 At March 31,At December 31,
 20222021
Other assets  
Operating lease ROU assets
$17,483 $12,692 
Prepaid expenses and deposits
4,948 4,789 
Debt issuance costs of revolving credit facility1,664 1,760 
Other
355 418 
Total other assets
$24,450 $19,659 
v3.22.1
PROPERTY AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Equipment and Leased Assets
Property and equipment consist of the following (dollars in thousands):
  At March 31, 2022At December 31, 2021
Useful Life
(Years)		CostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Property and equipment       
Rental pool - deployed
2-4
$253,441 $171,562 $81,879 $248,958 $166,075 $82,883 
Rental pool - undeployed
2-4
24,676 19,730 4,946 23,284 18,285 4,999 
FinTech equipment
1-5
33,265 21,978 11,287 32,802 21,257 11,545 
Leasehold and building improvementsLease Term12,622 9,612 3,010 12,598 9,234 3,364 
Machinery, office, and other equipment
1-5
47,352 29,179 18,173 45,277 28,075 17,202 
Total $371,356 $252,061 $119,295 $362,919 $242,926 $119,993 
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Other Intangible Assets
Other intangible assets consist of the following (dollars in thousands):
  At March 31, 2022At December 31, 2021
Useful Life
(Years)		CostAccumulated
Amortization		Net Book
Value		CostAccumulated
Amortization		Net Book
Value
Other intangible assets       
Contract rights under placement fee agreements
2-7
$59,376 $6,664 $52,712 $58,837 $4,237 $54,600 
Customer relationships
3-14
310,613 212,542 98,071 303,238 206,273 96,965 
Developed technology and software
1-6
355,920 286,665 69,255 342,309 280,412 61,897 
Patents, trade names, and other
2-18
21,247 19,548 1,699 20,547 19,415 1,132 
Total$747,156 $525,419 $221,737 $724,931 $510,337 $214,594 
v3.22.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
 3 Months Ended
Mar. 31, 2022
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
The following table presents our accounts payable and accrued expenses (in thousands):
 At March 31,At December 31,
 20222021
Accounts payable and accrued expenses  
Customer commissions payable$65,764 $57,515 
Accounts payable - trade47,184 25,453 
Contract liabilities38,877 36,238 
Payroll and related expenses17,893 29,125 
Operating lease liabilities5,842 5,663 
Accrued interest5,816 9,273 
Financial access processing and related expenses3,865 3,619 
Accrued taxes3,317 2,756 
Other3,996 4,291 
Total accounts payable and accrued expenses
$192,554 $173,933 
v3.22.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
The following table summarizes our outstanding indebtedness (dollars in thousands):
 MaturityInterestAt March 31,At December 31,
 DateRate20222021
Long-term debt  
$600 million New Term Loan
2028
LIBOR+2.50%
$597,000 $598,500 
$125 million New Revolver
2026
LIBOR+2.50%
— — 
Senior secured credit facilities597,000 598,500 
$400 million 2021 Unsecured Notes
20295.00%400,000 400,000 
Total debt
997,000 998,500 
Debt issuance costs and discount(16,358)(16,975)
Total debt after debt issuance costs and discount
980,642 981,525 
Current portion of long-term debt(6,000)(6,000)
Total long-term debt, net of current portion$974,642 $975,525 
v3.22.1
WEIGHTED AVERAGE SHARES OF COMMON STOCK (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Schedule of weighted average number of common shares outstanding used in computation of basic and diluted earnings per share
The weighted average number of common stock shares outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):
 Three Months Ended March 31,
 20222021
Weighted average shares  
Weighted average number of common shares outstanding - basic91,408 86,984 
Potential dilution from equity awards(1)
10,063 10,984 
Weighted average number of common shares outstanding - diluted(1)
101,471 97,968 
(1) There were no shares that were anti-dilutive under the treasury stock method for the three months ended March 31, 2022 and 2021, respectively.
v3.22.1
SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of Award Activity
A summary of award activity is as follows (in thousands):
Stock Options Restricted Stock Units
Outstanding, December 31, 20217,073 3,540 
Granted— 25 
Exercised options or vested shares(164)(61)
Canceled or forfeited— (13)
Outstanding, March 31, 20226,909 3,491 
v3.22.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present segment information (in thousands)*:
 Three Months Ended March 31,
 20222021
Games  
Revenues  
Gaming operations$70,297 $58,141 
Gaming equipment and systems27,998 17,988 
Gaming other41 22 
Total revenues98,336 76,151 
Costs and expenses  
Cost of revenues(1)
  
Gaming operations5,995 4,759 
Gaming equipment and systems16,782 10,307 
Cost of revenues22,777 15,066 
Operating expenses17,346 14,595 
Research and development7,630 5,667 
Depreciation12,981 14,563 
Amortization9,805 10,984 
Total costs and expenses70,539 60,875 
Operating income$27,797 $15,276 
(1) Exclusive of depreciation and amortization.
* Rounding may cause variances.
 Three Months Ended March 31,
 20222021
FinTech  
Revenues  
Financial access services$49,879 $38,712 
Software and other17,867 17,246 
Hardware9,534 7,004 
Total revenues77,280 62,962 
Costs and expenses  
Cost of revenues(1)
  
Financial access services2,175 1,473 
Software and other935 1,004 
Hardware5,941 4,028 
Cost of revenues9,051 6,505 
Operating expenses32,479 23,448 
Research and development4,889 2,746 
Depreciation2,239 1,614 
Amortization3,828 3,731 
Total costs and expenses52,486 38,044 
Operating income$24,794 $24,918 
(1)  Exclusive of depreciation and amortization.
* Rounding may cause variances.
 At March 31,At December 31,
 20222021
Total assets  
Games$909,584 $913,880 
FinTech706,438 721,770 
Total assets$1,616,022 $1,635,650 
v3.22.1
BUSINESS - Narrative (Details)
 3 Months Ended
Mar. 31, 2022
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of business segments 2
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Asset and Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Contract assets        
Contract assets, current $ 10,662 $ 9,796 $ 9,927 $ 9,240
Contract assets, noncurrent 3,852 7,299 5,294 8,321
Total 14,514 17,095 15,221 17,561
Decrease (707) (466)    
Contract liabilities        
Contract liabilities, current 38,877 27,887 36,238 26,980
Contract liabilities, noncurrent 213 98 377 289
Total 39,090 27,985 $ 36,615 $ 27,269
Increase $ 2,475 $ 716    
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Contract with customer liability $ 12,700 $ 10,500
Total revenues $ 175,616 139,113
Contractual terms of trade and loans receivable 12 months  
Games    
Disaggregation of Revenue [Line Items]    
Total revenues $ 98,336 76,151
Games | Gaming operations, leased equipment    
Disaggregation of Revenue [Line Items]    
Total revenues $ 47,100 $ 40,800
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 269,400 $ 302,009    
Restricted cash - current 1,534 1,616    
Total 271,035 303,726 $ 335,679 $ 252,349
Cash and Cash Equivalents        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 269,400 302,009    
Prepaid Expenses and Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash - current 1,534 1,616    
Other Assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash - non-current $ 101 $ 101    
v3.22.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Fair Value and Outstanding Balances of Borrowings (Details) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Aug. 03, 2021
Dec. 31, 2019
Senior secured notes | New Revolver        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Principal amount of debt $ 600,000,000 $ 600,000,000 $ 600,000,000  
Senior unsecured notes | 2021 Unsecured Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Principal amount of debt 400,000,000 400,000,000   $ 400,000,000
Fair Value | Level 2 | Term Loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term debt 591,030,000 598,171,000    
Fair Value | Level 2 | Incremental Term Loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term debt 378,000,000 404,000,000    
Outstanding Balance | Level 2 | Term Loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term debt 597,000,000 598,500,000    
Outstanding Balance | Level 2 | Incremental Term Loan        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term debt $ 400,000,000 $ 400,000,000    
v3.22.1
LEASES - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Lessee, Lease, Description [Line Items]    
Sales-type lease, revenue $ 0 $ 0
Minimum    
Lessee, Lease, Description [Line Items]    
Renewal term 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Renewal term 10 years  
v3.22.1
LEASES - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating lease ROU assets $ 17,483 $ 12,692
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued expenses Accounts payable and accrued expenses
Current operating lease liabilities $ 5,842 $ 5,663
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other accrued expenses and liabilities Other accrued expenses and liabilities
Non-current operating lease liabilities $ 16,099 $ 11,869
v3.22.1
LEASES - Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash paid for:    
Long-term operating leases $ 1,668 $ 1,625
Short-term operating leases 409 430
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases $ 5,947 $ 0
v3.22.1
LEASES - Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Leases [Abstract]      
Weighted average remaining lease term, operating leases 3 years 9 months 14 days   3 years 6 months 7 days
Weighted average discount rate, operating leases 4.55%   5.04%
Operating lease cost $ 1,362 $ 1,460  
Variable lease cost $ 279 $ 250  
v3.22.1
LEASES - Payments Due (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Amount    
2022 (excluding the three months ended March 31, 2022) $ 4,958  
2023 6,377  
2024 5,749  
2025 5,043  
2026 1,587  
Thereafter 154  
Total future minimum lease payments 23,868  
Amount representing interest 1,927  
Present value of future minimum lease payments 21,941  
Current operating lease liabilities 5,842 $ 5,663
Long-term lease obligations $ 16,099 $ 11,869
v3.22.1
LEASES - Sales-type lease (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Net investment in sales-type leases - current $ 898 $ 1,331
v3.22.1
BUSINESS COMBINATIONS - Narrative (Details) - ecash Holdings Pty Limited
$ in Thousands, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 01, 2022
AUD ($)
Mar. 01, 2022
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Business Acquisition [Line Items]        
Cash consideration paid at closing $ 20.0 $ 14,980    
Contingent consideration   10,000    
Payments for excess net working capital 9.0      
Goodwill, amortization period       15 years
Cash   2,800    
Trade receivables   5,800    
Inventory   $ 5,500    
Revenue since acquisition date     $ 1,200  
Net income since acquisition date     $ 200  
Transaction costs       $ 200
Tranche One        
Business Acquisition [Line Items]        
Contingent consideration $ 6.5      
Contingent consideration, period since closing 1 year 1 year    
Tranche Two        
Business Acquisition [Line Items]        
Contingent consideration $ 6.5      
Contingent consideration, period since closing 2 years 2 years    
v3.22.1
BUSINESS COMBINATIONS - Summary of Total Purchase Consideration (Details) - Mar. 01, 2022 - ecash Holdings Pty Limited
$ in Thousands, $ in Millions
AUD ($)
USD ($)
Business Acquisition [Line Items]    
Cash consideration paid at closing $ 20 $ 14,980
Cash consideration to be paid in subsequent periods   15,905
Total purchase consideration   $ 30,885
v3.22.1
BUSINESS COMBINATIONS - Summary of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 01, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Goodwill $ 695,436   $ 682,663
ecash Holdings Pty Limited      
Business Acquisition [Line Items]      
Current assets   $ 14,168  
Property and equipment   1,435  
Other intangible assets   11,600  
Goodwill   10,661  
Other assets   549  
Total Assets   38,413  
Accounts payable and accrued expenses   6,416  
Other accrued expenses and liabilities   1,112  
Total liabilities   7,528  
Net assets acquired   $ 30,885  
v3.22.1
BUSINESS COMBINATIONS - Summary of Acquired Intangible Assets (Details) - ecash Holdings Pty Limited - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 01, 2022
Business Acquisition [Line Items]    
Other intangible assets   $ 11,600
Trade name    
Business Acquisition [Line Items]    
Useful Life (Years) 3 years  
Other intangible assets   700
Developed technology    
Business Acquisition [Line Items]    
Useful Life (Years) 3 years  
Other intangible assets   3,600
Customer relationships    
Business Acquisition [Line Items]    
Useful Life (Years) 9 years  
Other intangible assets   $ 7,300
v3.22.1
FUNDING AGREEMENTS (Details) - Indemnification Guarantee - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Contract Cash Solutions Agreement      
Funding Agreements      
Cash usage fees incurred $ 1,000,000 $ 700,000  
Outstanding balance 390,400,000   $ 401,800,000
Contract Cash Solutions Agreement, as amended      
Funding Agreements      
Maximum amount $ 300,000,000    
Renewal period 1 year    
Guarantor obligations, non-renewal notice period 90 days    
v3.22.1
TRADE AND OTHER RECEIVABLES - Balance of Trade and Other Receivables (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Trade and other receivables, net    
Contract assets $ 14,514 $ 15,221
Other receivables 8,079 3,695
Net investment in sales-type leases 898 1,331
Total trade and other receivables, net 128,829 118,804
Non-current portion of receivables 15,742 13,982
Contract assets 3,852 5,294
Total trade and other receivables, current portion 113,087 104,822
Gaming operations    
Trade and other receivables, net    
Trade receivables, net 78,349 77,053
Non-current portion of receivables 1,265 1,348
FinTech    
Trade and other receivables, net    
Trade receivables, net 26,989 21,504
Non-current portion of receivables $ 10,625 $ 7,340
v3.22.1
TRADE AND OTHER RECEIVABLES - Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning allowance for credit losses $ (5,161) $ (3,689)
Provision (1,947) (1,999)
Charge-offs and recoveries 2,085 1,239
Ending allowance for credit losses $ (5,023) $ (4,449)
v3.22.1
INVENTORY (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Inventory    
Component parts, net of reserves of $2,098 and $2,422 at March 31, 2022 and December 31, 2021, respectively $ 33,646 $ 22,490
Work-in-progress 4,179 554
Finished goods 7,874 6,189
Total inventory 45,699 29,233
Component parts, reserves $ 2,098 $ 2,422
v3.22.1
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Prepaid expenses and other current assets    
Prepaid expenses $ 15,738 $ 14,389
Deposits 8,102 7,709
Restricted cash 1,534 1,616
Other 2,482 3,585
Total prepaid expenses and other current assets 27,856 27,299
Other assets    
Operating lease ROU assets 17,483 12,692
Prepaid expenses and deposits 4,948 4,789
Debt issuance costs of revolving credit facility 1,664 1,760
Other 355 418
Total other assets $ 24,450 $ 19,659
v3.22.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Cost $ 371,356   $ 362,919
Accumulated Depreciation 252,061   242,926
Net Book Value 119,295   119,993
Depreciation 15,220 $ 16,177  
FinTech      
Property, Plant and Equipment [Line Items]      
Depreciation 2,239 $ 1,614  
Rental pool - deployed      
Property, Plant and Equipment [Line Items]      
Cost 253,441   248,958
Accumulated Depreciation 171,562   166,075
Net Book Value $ 81,879   82,883
Rental pool - deployed | Minimum      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 2 years    
Rental pool - deployed | Maximum      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 4 years    
Rental pool - undeployed      
Property, Plant and Equipment [Line Items]      
Cost $ 24,676   23,284
Accumulated Depreciation 19,730   18,285
Net Book Value $ 4,946   4,999
Rental pool - undeployed | Minimum      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 2 years    
Rental pool - undeployed | Maximum      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 4 years    
Machinery, office, and other equipment      
Property, Plant and Equipment [Line Items]      
Cost $ 47,352   45,277
Accumulated Depreciation 29,179   28,075
Net Book Value 18,173   17,202
Machinery, office, and other equipment | FinTech      
Property, Plant and Equipment [Line Items]      
Cost 33,265   32,802
Accumulated Depreciation 21,978   21,257
Net Book Value $ 11,287   11,545
Machinery, office, and other equipment | Minimum      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 1 year    
Machinery, office, and other equipment | Minimum | FinTech      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 1 year    
Machinery, office, and other equipment | Maximum      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 5 years    
Machinery, office, and other equipment | Maximum | FinTech      
Property, Plant and Equipment [Line Items]      
Useful Life (Years) 5 years    
Leasehold and building improvements      
Property, Plant and Equipment [Line Items]      
Cost $ 12,622   12,598
Accumulated Depreciation 9,612   9,234
Net Book Value $ 3,010   $ 3,364
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 695,436,000   $ 682,663,000
Impairment of goodwill 0 $ 0  
Amortization of intangible assets 13,600,000 14,700,000  
Impairment of intangible assets $ 0 $ 0  
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Cost $ 747,156 $ 724,931
Accumulated Amortization 525,419 510,337
Net Book Value 221,737 214,594
Contract rights under placement fee agreements    
Finite-Lived Intangible Assets [Line Items]    
Cost 59,376 58,837
Accumulated Amortization 6,664 4,237
Net Book Value $ 52,712 54,600
Contract rights under placement fee agreements | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 2 years  
Contract rights under placement fee agreements | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 7 years  
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Cost $ 310,613 303,238
Accumulated Amortization 212,542 206,273
Net Book Value $ 98,071 96,965
Customer relationships | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 3 years  
Customer relationships | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 14 years  
Developed technology and software    
Finite-Lived Intangible Assets [Line Items]    
Cost $ 355,920 342,309
Accumulated Amortization 286,665 280,412
Net Book Value $ 69,255 61,897
Developed technology and software | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 1 year  
Developed technology and software | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 6 years  
Patents, trade names, and other    
Finite-Lived Intangible Assets [Line Items]    
Cost $ 21,247 20,547
Accumulated Amortization 19,548 19,415
Net Book Value $ 1,699 $ 1,132
Patents, trade names, and other | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 2 years  
Patents, trade names, and other | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 18 years  
v3.22.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Payables and Accruals [Abstract]        
Customer commissions payable $ 65,764 $ 57,515    
Accounts payable - trade 47,184 25,453    
Contract liabilities 38,877 36,238 $ 27,887 $ 26,980
Payroll and related expenses 17,893 29,125    
Operating lease liabilities 5,842 5,663    
Accrued interest 5,816 9,273    
Financial access processing and related expenses 3,865 3,619    
Accrued taxes 3,317 2,756    
Other 3,996 4,291    
Total accounts payable and accrued expenses $ 192,554 $ 173,933    
v3.22.1
LONG-TERM DEBT - Summary of Indebtedness (Details) - USD ($)
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Aug. 03, 2021
Dec. 31, 2019
Debt Instrument [Line Items]        
Total debt $ 997,000,000 $ 998,500,000    
Debt issuance costs and discount (16,358,000) (16,975,000)    
Total debt after debt issuance costs and discount 980,642,000 981,525,000    
Current portion of long-term debt (6,000,000) (6,000,000)    
Total long-term debt, net of current portion 974,642,000 975,525,000    
Senior secured notes | New Revolver        
Debt Instrument [Line Items]        
Principal amount of debt $ 600,000,000 600,000,000 $ 600,000,000  
Senior secured notes | New Revolver | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Basis spread 2.50%      
Revolving credit facility | New Revolver        
Debt Instrument [Line Items]        
Total debt $ 0 0    
Principal amount of debt     $ 125,000,000  
Revolving credit facility | New Revolver | London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Basis spread 2.50%      
Senior secured notes        
Debt Instrument [Line Items]        
Total debt $ 597,000,000 598,500,000    
Senior secured notes | Senior secured notes | New Revolver        
Debt Instrument [Line Items]        
Total debt 597,000,000 598,500,000    
Senior unsecured notes | 2021 Unsecured Notes        
Debt Instrument [Line Items]        
Total debt 400,000,000 400,000,000    
Principal amount of debt $ 400,000,000 $ 400,000,000   $ 400,000,000
Interest rate 5.00%      
v3.22.1
LONG-TERM DEBT - Narrative (Details)
 3 Months Ended
Aug. 03, 2021
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2017
Senior unsecured notes | FinTech Segment          
Debt Instrument [Line Items]          
Principal amount of debt       $ 400,000,000  
New Credit Facilities | Eurodollar          
Debt Instrument [Line Items]          
Basis spread 0.50%        
New Credit Facilities | London Interbank Offered Rate (LIBOR)          
Debt Instrument [Line Items]          
Basis spread 2.50%        
New Credit Facilities | Base Rate          
Debt Instrument [Line Items]          
Basis spread 1.50%        
Credit Agreement Dated May 9, 2017          
Debt Instrument [Line Items]          
Leverage ratio, maximum   4.25      
2017 Unsecured Notes | Senior unsecured notes          
Debt Instrument [Line Items]          
Interest rate         5.00%
Senior secured notes | New Revolver          
Debt Instrument [Line Items]          
Debt term 7 years        
Principal amount of debt $ 600,000,000 $ 600,000,000 $ 600,000,000    
Percentage of par amount issued 0.9975        
Senior secured notes | New Revolver | London Interbank Offered Rate (LIBOR)          
Debt Instrument [Line Items]          
Basis spread   2.50%      
Revolving credit facility | New Revolver          
Debt Instrument [Line Items]          
Principal amount of debt $ 125,000,000        
Maximum borrowing capacity $ 125,000,000        
Periodic payment, percentage of principal   0.0025      
Period for prepayment premium from closing date   6 months      
Prepayment penalty, percentage of principal amount repaid   1.00%      
Revolving credit facility | New Revolver | London Interbank Offered Rate (LIBOR)          
Debt Instrument [Line Items]          
Basis spread   2.50%      
Incremental Term Loan | Incremental Term Loan Credit Agreement April 21, 2020          
Debt Instrument [Line Items]          
Weighted average interest rate during period   3.00%      
v3.22.1
STOCKHOLDERS' EQUITY (Details)
Feb. 28, 2020
USD ($)
February Twenty Twenty Stock Repurchase Program  
Class of Stock [Line Items]  
Stock repurchase program, authorized amount $ 10,000,000
v3.22.1
WEIGHTED AVERAGE SHARES OF COMMON STOCK (Details) - shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Weighted average shares    
Weighted average number of common shares outstanding - basic (in shares) 91,408,000 86,984,000
Potential dilution from equity awards (in shares) 10,063,000 10,984,000
Weighted average number of common shares outstanding - diluted (in shares) 101,471,000 97,968,000
Anti-dilutive equity awards excluded from computation of earnings per share (in shares) 0 0
v3.22.1
SHARE-BASED COMPENSATION (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2022
shares
Stock Options  
Stock Options  
Outstanding (in shares) 7,073
Granted (in shares) 0
Exercised options (in shares) (164)
Canceled or forfeited (in shares) 0
Outstanding (in shares) 6,909
Restricted Stock Units  
Restricted Stock Units  
Outstanding (in shares) 3,540
Granted (in shares) 25
Vested (in shares) (61)
Canceled or forfeited (in shares) (13)
Outstanding (in shares) 3,491
Common Stock  
Restricted Stock Units  
Number of shares available for grant (in shares) 5,100
v3.22.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Tax Disclosure [Abstract]    
Effective income tax rate 23.60% 5.50%
Statutory federal rate 21.00% 21.00%
Unrecognized tax benefits $ 2.2  
v3.22.1
SEGMENT INFORMATION - Revenues, Operating Income, and Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Revenues      
Total revenues $ 175,616 $ 139,113  
Costs and expenses      
Operating expenses 49,825 38,043  
Research and development 12,519 8,413  
Depreciation 15,220 16,177  
Amortization 13,633 14,715  
Total costs and expenses 123,025 98,919  
Operating income 52,591 40,194  
Total assets      
Total assets 1,616,022   $ 1,635,650
Games      
Revenues      
Total revenues 98,336 76,151  
Costs and expenses      
Cost of revenues [1] 22,777 15,066  
Operating expenses 17,346 14,595  
Research and development 7,630 5,667  
Depreciation 12,981 14,563  
Amortization 9,805 10,984  
Total costs and expenses 70,539 60,875  
Operating income 27,797 15,276  
Total assets      
Total assets 909,584   913,880
Games | Gaming operations      
Revenues      
Total revenues 70,297 58,141  
Costs and expenses      
Cost of revenues [1] 5,995 4,759  
Games | Gaming equipment and systems      
Revenues      
Total revenues 27,998 17,988  
Costs and expenses      
Cost of revenues [1] 16,782 10,307  
Games | Gaming other      
Revenues      
Total revenues 41 22  
FinTech      
Revenues      
Total revenues 77,280 62,962  
Costs and expenses      
Cost of revenues [1] 9,051 6,505  
Operating expenses 32,479 23,448  
Research and development 4,889 2,746  
Depreciation 2,239 1,614  
Amortization 3,828 3,731  
Total costs and expenses 52,486 38,044  
Operating income 24,794 24,918  
Total assets      
Total assets 706,438   $ 721,770
FinTech | Financial access services      
Revenues      
Total revenues 49,879 38,712  
Costs and expenses      
Cost of revenues [1] 2,175 1,473  
FinTech | Software and other      
Revenues      
Total revenues 17,867 17,246  
Costs and expenses      
Cost of revenues [1] 935 1,004  
FinTech | Hardware      
Revenues      
Total revenues 9,534 7,004  
Costs and expenses      
Cost of revenues [1] $ 5,941 $ 4,028  
[1] (1) Exclusive of depreciation and amortization.
v3.22.1
SEGMENT INFORMATION - Major Customers (Details)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Five largest customers | Customer risk | Revenue from Contract with Customer    
Revenue, Major Customer [Line Items]    
Concentration risk, percentage 15.00% 18.00%
v3.22.1
SUBSEQUENT EVENTS (Details)
$ in Millions
May 04, 2022
shares
May 03, 2022
USD ($)
payment
Mar. 31, 2022
shares
Dec. 31, 2021
shares
Subsequent Event [Line Items]        
Common stock issued (in shares)     117,221,000 116,996,000
Common stock outstanding (in shares)     91,519,000 91,313,000
Treasury stock (in shares)     25,702,000 25,683,000
Subsequent Event        
Subsequent Event [Line Items]        
Number of shares authorized to be repurchased 150,000,000      
Stock repurchase program, period in force 18 years      
Intuicode | Subsequent Event        
Subsequent Event [Line Items]        
Cash consideration paid at closing | $   $ 12.5    
Number of additional contingent consideration payments | payment   2    
Intuicode | Subsequent Event | Minimum        
Subsequent Event [Line Items]        
Total purchase consideration | $   $ 22.0    
Intuicode | Subsequent Event | Maximum        
Subsequent Event [Line Items]        
Total purchase consideration | $   $ 27.0