EVERI HOLDINGS INC., 10-Q filed on 8/7/2024
Quarterly Report
v3.24.2.u1
Cover - shares
 6 Months Ended
Jun. 30, 2024
Aug. 02, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
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, $0.001 par value  
Trading Symbol EVRI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   85,323,580
Entity Central Index Key 0001318568  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Total revenues $ 191,190 $ 208,717 $ 380,536 $ 409,189
Costs and expenses        
Operating expenses 66,367 61,390 139,981 120,582
Research and development 19,986 16,637 39,296 32,733
Depreciation 19,727 19,522 39,678 38,471
Amortization 16,170 14,173 31,679 28,537
Total costs and expenses 161,129 155,445 325,723 303,871
Operating income 30,061 53,272 54,813 105,318
Other expenses        
Interest expense, net of interest income 18,637 20,136 37,437 38,106
Total other expenses 18,637 20,136 37,437 38,106
Income before income tax 11,424 33,136 17,376 67,212
Income tax provision 2,251 5,740 3,649 11,750
Net income 9,173 27,396 13,727 55,462
Foreign currency translation gain (loss) 677 118 (1,016) (68)
Comprehensive income $ 9,850 $ 27,514 $ 12,711 $ 55,394
Earnings per share        
Basic (in dollars per share) $ 0.11 $ 0.31 $ 0.16 $ 0.62
Diluted (in dollars per share) $ 0.11 $ 0.29 $ 0.16 $ 0.59
Weighted average common shares outstanding        
Basic (in shares) 84,515 88,213 84,146 88,866
Diluted (in shares) 87,130 93,472 87,208 94,708
Games        
Revenues        
Total revenues $ 97,671 $ 113,132 $ 194,793 $ 220,506
Costs and expenses        
Total cost of revenues [1] 25,102 28,529 48,677 55,584
Operating expenses 24,617 20,896 57,969 41,768
Research and development 12,683 11,172 24,474 21,825
Depreciation 17,002 17,265 34,301 33,504
Amortization 11,882 10,875 23,294 21,151
Total costs and expenses 91,286 88,737 188,715 173,832
Operating income 6,385 24,395 6,078 46,674
Games | Gaming operations        
Revenues        
Total revenues 71,936 77,781 144,558 153,090
Costs and expenses        
Total cost of revenues [1] 9,836 8,388 19,351 15,194
Games | Gaming equipment and systems        
Revenues        
Total revenues 25,735 35,351 50,235 67,416
Costs and expenses        
Total cost of revenues [1] 15,266 20,141 29,326 40,390
FinTech        
Revenues        
Total revenues 93,519 95,585 185,743 188,683
Costs and expenses        
Total cost of revenues [1] 13,777 15,194 26,412 27,964
Operating expenses 41,750 40,494 82,012 78,814
Research and development 7,303 5,465 14,822 10,908
Depreciation 2,725 2,257 5,377 4,967
Amortization 4,288 3,298 8,385 7,386
Total costs and expenses 69,843 66,708 137,008 130,039
Operating income 23,676 28,877 48,735 58,644
FinTech | Financial access services        
Revenues        
Total revenues 57,533 55,660 114,952 111,874
Costs and expenses        
Total cost of revenues [1] 2,465 2,697 5,162 5,596
FinTech | Software and other        
Revenues        
Total revenues 24,750 23,995 50,526 48,210
Costs and expenses        
Total cost of revenues [1] 3,485 1,923 6,617 3,346
FinTech | Hardware        
Revenues        
Total revenues 11,236 15,930 20,265 28,599
Costs and expenses        
Total cost of revenues [1] $ 7,827 $ 10,574 $ 14,633 $ 19,022
[1] Exclusive of depreciation and amortization.
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 229,369 $ 267,215
Settlement receivables 410,810 441,852
Trade and other receivables, net of allowances for credit losses of $5,161 and $5,210 at June 30, 2024 and December 31, 2023, respectively 104,827 107,933
Inventory 81,448 70,624
Prepaid expenses and other current assets 49,198 43,906
Total current assets 875,652 931,530
Non-current assets    
Property and equipment, net 173,154 152,704
Goodwill 737,472 737,804
Other intangible assets, net 224,744 234,138
Other receivables 34,996 29,015
Deferred tax assets, net 593 598
Other assets 37,597 38,081
Total non-current assets 1,208,556 1,192,340
Total assets 2,084,208 2,123,870
Current liabilities    
Settlement liabilities 614,983 662,967
Accounts payable and accrued expenses 215,809 215,530
Current portion of long-term debt 3,000 6,000
Total current liabilities 833,792 884,497
Non-current liabilities    
Deferred tax liabilities, net 9,288 13,762
Long-term debt, less current portion 966,700 968,465
Other accrued expenses and liabilities 28,838 31,004
Total non-current liabilities 1,004,826 1,013,231
Total liabilities 1,838,618 1,897,728
Commitments and contingencies (Note 12)
Stockholders’ equity    
Convertible preferred stock, $0.001 par value, 50,000 shares authorized and no shares outstanding at June 30, 2024 and December 31, 2023, respectively 0 0
Common stock, $0.001 par value, 500,000 shares authorized and 124,578 and 85,127 shares issued and outstanding at June 30, 2024, respectively, and 123,179 and 83,738 shares issued and outstanding at December 31, 2023, respectively 125 123
Additional paid-in capital 567,777 560,945
Retained earnings 76,458 62,731
Accumulated other comprehensive loss (4,483) (3,467)
Treasury stock, at cost, 39,451 and 39,441 shares at June 30, 2024 and December 31, 2023, respectively (394,287) (394,190)
Total stockholders’ equity 245,590 226,142
Total liabilities and stockholders’ equity $ 2,084,208 $ 2,123,870
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Allowances for doubtful accounts $ 5,161 $ 5,210
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) 124,578,000 123,179,000
Common stock outstanding (in shares) 85,127,000 83,738,000
Treasury stock (in shares) 39,451,000 39,441,000
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 13,727 $ 55,462
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 39,678 38,471
Amortization 31,679 28,537
Non-cash lease expense 2,992 2,725
Amortization of financing costs and discounts 1,427 1,427
Loss on sale or disposal of assets 420 350
Accretion of contract rights 4,670 4,670
Provision for credit losses 5,499 5,591
Deferred income taxes (4,444) 6,065
Reserve for inventory obsolescence 772 867
Stock-based compensation 4,626 9,653
Adjustment to deferred acquisition consideration (161) 0
Changes in operating assets and liabilities:    
Settlement receivables 30,903 180,816
Trade and other receivables (8,139) (898)
Inventory (8,893) (13,962)
Prepaid expenses and other assets (5,216) (656)
Settlement liabilities (47,837) (202,811)
Accounts payable and accrued expenses 4,232 (20,107)
Net cash provided by operating activities 65,935 96,200
Cash flows from investing activities    
Capital expenditures (92,883) (60,035)
Acquisitions, net of cash acquired 0 (59,151)
Proceeds from sale of property and equipment 104 101
Net cash used in investing activities (92,779) (119,085)
Cash flows from financing activities    
Repayments of term loan (6,000) (6,000)
Proceeds from exercise of stock options 2,207 7,115
Treasury stock - equity award activities, net of shares withheld (96) (8,071)
Treasury stock - repurchase of shares 0 (40,000)
Payment of deferred acquisition consideration (4,363) (10,412)
Net cash used in financing activities (8,252) (57,368)
Effect of exchange rates on cash and cash equivalents (768) 382
Cash, cash equivalents and restricted cash    
Net decrease for the period (35,864) (79,871)
Balance, beginning of the period 272,506 295,063
Balance, end of the period 236,642 215,192
Supplemental cash disclosures    
Cash paid for interest 44,371 42,474
Cash received for interest 7,557 5,928
Cash paid for income tax, net 11,376 4,231
Supplemental non-cash disclosures    
Accrued and unpaid capital expenditures 2,090 1,880
Transfer of leased gaming equipment to inventory $ 2,703 $ 3,636
v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings/Accumulated Deficit
Accumulated Other Comprehensive Loss
Treasury Stock
Balance, beginning of period (in shares) at Dec. 31, 2022   119,390        
Balance, beginning of period at Dec. 31, 2022 $ 217,641 $ 119 $ 527,465 $ (21,266) $ (4,197) $ (284,480)
Increase (Decrease) in Stockholders' Equity            
Net income 28,066     28,066    
Foreign currency translation (186)       (186)  
Stock-based compensation expense 4,825   4,825      
Exercise of options (in shares)   702        
Exercise of options 5,234 $ 1 5,233      
Restricted share vesting and withholding (in shares)   53        
Restricted stock vesting, net of shares withheld (333)         (333)
Balance, end of period (in shares) at Mar. 31, 2023   120,145        
Balance, end of period at Mar. 31, 2023 255,247 $ 120 537,523 6,800 (4,383) (284,813)
Balance, beginning of period (in shares) at Dec. 31, 2022   119,390        
Balance, beginning of period at Dec. 31, 2022 217,641 $ 119 527,465 (21,266) (4,197) (284,480)
Increase (Decrease) in Stockholders' Equity            
Net income 55,462          
Balance, end of period (in shares) at Jun. 30, 2023   122,295        
Balance, end of period at Jun. 30, 2023 242,183 $ 122 544,704 34,196 (4,265) (332,574)
Balance, beginning of period (in shares) at Mar. 31, 2023   120,145        
Balance, beginning of period at Mar. 31, 2023 255,247 $ 120 537,523 6,800 (4,383) (284,813)
Increase (Decrease) in Stockholders' Equity            
Net income 27,396     27,396    
Foreign currency translation 118       118  
Stock-based compensation expense 4,828   4,828      
Exercise of options (in shares)   494        
Exercise of options 2,353 $ 0 2,353      
Restricted share vesting and withholding (in shares)   1,656        
Restricted stock vesting, net of shares withheld (7,736) $ 2       (7,738)
Repurchase of shares (40,023)         (40,023)
Balance, end of period (in shares) at Jun. 30, 2023   122,295        
Balance, end of period at Jun. 30, 2023 $ 242,183 $ 122 544,704 34,196 (4,265) (332,574)
Balance, beginning of period (in shares) at Dec. 31, 2023 83,738 123,179        
Balance, beginning of period at Dec. 31, 2023 $ 226,142 $ 123 560,945 62,731 (3,467) (394,190)
Increase (Decrease) in Stockholders' Equity            
Net income 4,554     4,554    
Foreign currency translation (1,693)       (1,693)  
Stock-based compensation expense 1,942   1,942      
Exercise of options (in shares)   81        
Exercise of options 447   447      
Restricted share vesting and withholding (in shares)   27        
Restricted stock vesting, net of shares withheld (97)         (97)
Balance, end of period (in shares) at Mar. 31, 2024   123,287        
Balance, end of period at Mar. 31, 2024 $ 231,295 $ 123 563,334 67,285 (5,160) (394,287)
Balance, beginning of period (in shares) at Dec. 31, 2023 83,738 123,179        
Balance, beginning of period at Dec. 31, 2023 $ 226,142 $ 123 560,945 62,731 (3,467) (394,190)
Increase (Decrease) in Stockholders' Equity            
Net income $ 13,727          
Balance, end of period (in shares) at Jun. 30, 2024 85,127 124,578        
Balance, end of period at Jun. 30, 2024 $ 245,590 $ 125 567,777 76,458 (4,483) (394,287)
Balance, beginning of period (in shares) at Mar. 31, 2024   123,287        
Balance, beginning of period at Mar. 31, 2024 231,295 $ 123 563,334 67,285 (5,160) (394,287)
Increase (Decrease) in Stockholders' Equity            
Net income 9,173     9,173    
Foreign currency translation 677       677  
Stock-based compensation expense 2,684   2,684      
Exercise of options (in shares)   567        
Exercise of options 1,760 $ 1 1,759      
Restricted share vesting and withholding (in shares)   724        
Restricted stock vesting, net of shares withheld $ 1 $ 1       0
Balance, end of period (in shares) at Jun. 30, 2024 85,127 124,578        
Balance, end of period at Jun. 30, 2024 $ 245,590 $ 125 $ 567,777 $ 76,458 $ (4,483) $ (394,287)
v3.24.2.u1
BUSINESS
 6 Months Ended
Jun. 30, 2024
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 develops and offers products and services that provide gaming entertainment, improve our customers’ patron engagement, and help our casino customers operate their businesses more efficiently. We develop and supply entertaining game content, gaming machines and gaming systems and services for land-based and iGaming operators. Everi is a provider of financial technology solutions that power casino floors, provide operational efficiencies, and help fulfill regulatory requirements. The Company also develops and supplies player loyalty tools and mobile-first applications that enhance patron engagement for our customers and venues in the casino, sports, entertainment and hospitality industries. In addition, the Company provides bingo solutions through its consoles, electronic gaming tablets and related systems.
Everi reports its financial performance, and organizes and manages its operations, across the following two business segments: (i) Games and (ii) FinTech.
Everi Games provides gaming operators with gaming technology and entertainment products and services, including: (i) gaming machines, primarily comprising Class II, Class III and Historic Horse Racing (“HHR”) slot machines placed under participation and 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; (iii) business-to-business (“B2B”) digital online gaming activities; and (iv) bingo solutions through consoles, integrated electronic gaming tablets and related systems.
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. We also develop and offer mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries. Our solutions are secured using an end-to-end security suite to protect against cyber-related attacks, allowing us to maintain appropriate levels of security. 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 loyalty and fully integrated kiosk 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.
v3.24.2.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2024
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 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 and six months ended June 30, 2024 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 on Form 10-K for the year ended December 31, 2023 (the “Annual Report”).
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 cash held on behalf of patrons and funds required to be held to cover underlying financial access service transactions. 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 Statements of Cash Flows for the six months ended June 30, 2024 (in thousands).
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Cash and cash equivalentsCash and cash equivalents$229,369 $267,215 
Restricted cash - currentPrepaid expenses and other current assets7,172 5,190 
Restricted cash - non-currentOther assets101 101 
Total$236,642 $272,506 
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, short-term 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, which represent Level 2 inputs. The fair value of long-term accounts payable is estimated by discounting the total obligation. As of June 30, 2024 and December 31, 2023, 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 (in thousands):
 Level of HierarchyFair ValueOutstanding Balance
June 30, 2024   
$600 million Term Loan
2$582,677 $580,500 
$400 million Unsecured Notes
2$394,000 $400,000 
December 31, 2023   
$600 million Term Loan
2$589,433 $586,500 
$400 million Unsecured Notes
2$365,000 $400,000 
The fair values of our borrowings were determined using Level 2 inputs based on quoted market prices for these securities.
Reclassification of Balances
Certain amounts in the accompanying Financial Statements 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
None.
Recent Accounting Guidance Not Yet Adopted
StandardDescription
Date of Planned Adoption
Effect on Financial Statements
Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this update require enhanced reportable segment disclosures, primarily concerning significant segment expenses.
December 31, 2024
We are currently evaluating the impact of adopting this ASU on our Financial Statements and our disclosures; however, we do not expect the impact to be material.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure
The amendments in this update require enhanced income tax disclosures, primarily concerning the rate reconciliation and income taxes paid information.
January 1, 2025
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
As of June 30, 2024, other than what has been described above, we do not anticipate recently issued accounting guidance to have a significant impact on our Financial Statements.
v3.24.2.u1
REVENUES
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
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 17 — 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):
20242023
Contract assets(1)
Balance, January 1
$26,635 $22,417 
Balance, June 30
32,317 21,046 
         Increase (decrease)$5,682 $(1,371)
Contract liabilities(2)
Balance, January 1
$51,799 $53,419 
Balance, June 30
54,600 56,106 
         Increase$2,801 $2,687 
1.Contract assets are included within trade and other receivables, net and other receivables in our Balance Sheets.
2.Contract liabilities are included within accounts payable and accrued expenses and other accrued expenses and liabilities in our Balance Sheets.
We recognized approximately $27.3 million and $31.4 million in revenue that was included in the beginning contract liabilities balance during the six months ended June 30, 2024 and 2023, 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, HHR offerings, integrated electronic bingo gaming tablets, VLTs installed in the State of New York and similar technology in certain tribal jurisdictions, 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; and (ii) Gaming Equipment and Systems.
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 $45.2 million and $91.6 million for the three and six months ended June 30, 2024, respectively, and $51.3 million and $100.8 million for the three and six months ended June 30, 2023, 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. We also develop and offer mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries. In addition, our services operate as part of an end-to-end security suite to protect against cyber-related attacks, allowing us to maintain appropriate levels of security. 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 loyalty and fully integrated kiosk 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 significant financial access kiosk and related equipment sales contracts accounted for under ASC 842 during the three and six months ended June 30, 2024 and 2023.
v3.24.2.u1
LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
Lessee
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Assets
Operating lease right-of-use assets
Other assets, non-current$25,404 $27,489 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$7,600 $7,079 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$24,264 $26,930 
Supplemental cash flow information related to leases is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash paid for:
Long-term operating leases$2,441 $1,862 $4,280 $3,574 
Short-term operating leases$558 $473 $1,112 $845 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$251 $766 $922 $852 
Other information related to lease terms and discount rates is as follows:
At June 30, 2024At December 31, 2023
Weighted average remaining lease term (in years):
Operating leases6.576.71
Weighted average discount rate:
Operating leases6.21 %6.08 %
Components of lease expense are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost:
Operating lease cost
$1,946 $1,559 $3,898 $3,036 
Variable lease cost $443 $306 $783 $625 
Maturities of lease liabilities are summarized as follows as of June 30, 2024 (in thousands):

Year Ending December 31, Amount
2024 (excluding the six months ended June 30, 2024)
$4,671 
2025
9,023 
2026
5,379 
2027
3,217 
2028
2,813 
Thereafter14,765 
Total future minimum lease payments 39,868 
Less: Amount representing interest 8,004 
Present value of future minimum lease payments31,864 
Less: Current operating lease obligations7,600 
Long-term lease obligations$24,264 
Lessor
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Assets
Net investment in sales-type leases — currentTrade and other receivables, net$1,960 $810 
LEASES LEASES
Lessee
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Assets
Operating lease right-of-use assets
Other assets, non-current$25,404 $27,489 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$7,600 $7,079 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$24,264 $26,930 
Supplemental cash flow information related to leases is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash paid for:
Long-term operating leases$2,441 $1,862 $4,280 $3,574 
Short-term operating leases$558 $473 $1,112 $845 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$251 $766 $922 $852 
Other information related to lease terms and discount rates is as follows:
At June 30, 2024At December 31, 2023
Weighted average remaining lease term (in years):
Operating leases6.576.71
Weighted average discount rate:
Operating leases6.21 %6.08 %
Components of lease expense are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost:
Operating lease cost
$1,946 $1,559 $3,898 $3,036 
Variable lease cost $443 $306 $783 $625 
Maturities of lease liabilities are summarized as follows as of June 30, 2024 (in thousands):

Year Ending December 31, Amount
2024 (excluding the six months ended June 30, 2024)
$4,671 
2025
9,023 
2026
5,379 
2027
3,217 
2028
2,813 
Thereafter14,765 
Total future minimum lease payments 39,868 
Less: Amount representing interest 8,004 
Present value of future minimum lease payments31,864 
Less: Current operating lease obligations7,600 
Long-term lease obligations$24,264 
Lessor
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Assets
Net investment in sales-type leases — currentTrade and other receivables, net$1,960 $810 
v3.24.2.u1
BUSINESS COMBINATIONS
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
We account for business combinations in accordance with ASC 805 — Business Combinations, 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 starting from the acquisition date.

Pending Proposed Merger

On February 28, 2024, the Company entered into definitive agreements with, among others, International Game Technology PLC, a public limited company incorporated under the laws of England and Wales (“IGT”), pursuant to which IGT agreed to spin-off a newly created subsidiary, which will own IGT’s Gaming and Digital business, with the Company acquiring IGT’s Gaming and Digital business in a series of transactions (the “Proposed Transaction”). Upon the closing of the Proposed Transaction, under the terms of the agreements, IGT shareholders were expected to own approximately 54% of the combined company, with the Company’s existing stockholders expected to own approximately 46% of the combined company. In connection with the Proposed Transaction, we incurred transaction costs of approximately $1.4 million and $15.8 million during the three and six months ended June 30, 2024, respectively, and employee retention costs of approximately $4.1 million and $5.4 million during the three and six months ended June 30, 2024, respectively, which are included within Operating Expenses of our Statements of Operations.

On February 28, 2024, the Company and Ignite Rotate LLC, a subsidiary of IGT (“Spinco”), entered into a debt commitment letter and related letters with the lenders specified therein. On March 29, 2024, the Company and Spinco entered into an amended and restated debt commitment letter and related amended and restated letters (as amended, the “Commitment Letter”), pursuant to which the lenders committed to provide the Company and such subsidiary with up to $3.7 billion, together with a revolver of $0.8 billion, used to refinance the existing debt of the Company and its subsidiaries, and distribute funds to IGT, with the remainder to be used to pay the combined company’s fees, costs and expenses in connection with the Proposed Transaction, subject to the satisfaction of certain customary closing conditions including the consummation of the Proposed Transaction described above.
Subsequent to June 30, 2024, each of the definitive agreements for the Proposed Transaction, including the Commitment Letter, was terminated by mutual consent of the respective parties thereto, effective immediately. There were no termination or other penalties surrounding the termination of such agreements. Refer to “Note 18 — Subsequent Events” for additional discussion on the Proposed Transaction.
eCash Holdings Pty Limited
On March 1, 2022 (the “eCash Closing Date”), the Company acquired the stock of eCash Holdings Pty Limited (“eCash”). Under the terms of the stock purchase agreement, we paid the seller AUD$20 million (approximately USD$15 million) on the eCash Closing Date, additional consideration of AUD$5.0 million (USD$3.4 million) approximately one year following the eCash Closing Date and additional consideration of AUD$6.5 million (USD$4.2 million) approximately two years following the eCash Closing Date. In addition, we paid approximately AUD$8.7 million (USD$6.0 million) for the excess net working capital during the second quarter of 2022. We finalized our measurement period adjustments and recorded approximately $2.3 million primarily related to deferred taxes during the first quarter of 2023. The acquisition did not have a significant impact on our results of operations or financial condition.
Intuicode Gaming Corporation
On April 30, 2022 (the “Intuicode Closing Date”), the Company acquired the stock of Intuicode Gaming Corporation (“Intuicode”), a privately owned game development and engineering firm focused on HHR games. Under the terms of the stock purchase agreement, we paid the seller $12.5 million on the Intuicode Closing Date of the transaction, a net working capital payment of $1.6 million during the second quarter of 2022 and $6.4 million based on the achievement of a certain revenue target one year following the Intuicode Closing Date. In addition, we owe approximately $2.4 million as a final payment based on the achievement of a certain revenue target two years following the Intuicode Closing Date. We finalized our measurement period adjustments and recorded approximately $1.3 million primarily related to the final payment and deferred taxes during the second quarter of 2023.
During the second quarter of 2024, the contingent consideration performance period ended and we revised our final payment estimate. As a result, we recorded an adjustment of approximately $0.2 million, which was included within Operating Expenses of our Statements of Operations. The acquisition did not have a significant impact on our results of operations or financial condition.
The fair value of the contingent consideration was based on Level 3 inputs utilizing a discounted cash flow methodology. The estimates and assumptions included projected future revenues of the acquired business and a discount rate of approximately 5%. Contingent consideration to be paid is comprised of a short-term component that is recorded in accounts payable and accrued expenses in our Balance Sheets. The change in fair value of the contingent consideration during the period ended June 30, 2024 was not material.
Venuetize, Inc.

On October 14, 2022 (the “Venuetize Closing Date”), the Company acquired certain strategic assets of Venuetize, Inc. (“Venuetize”), a privately owned innovator of mobile-first technologies that provide an advanced guest engagement and m-commerce platform for the sports, entertainment and hospitality industries. Under the terms of the asset purchase agreement, we paid the seller $18.2 million on the Venuetize Closing Date of the transaction and an immaterial amount twelve-months following the Venuetize Closing Date that was netted against a net working capital receivable of approximately $1.0 million. In addition, we expect to pay approximately $1.8 million in contingent consideration based upon the achievement of certain revenue targets on the twenty-four month and thirty-month anniversaries of the Venuetize Closing Date. We finalized our measurement period adjustments and recorded approximately $1.2 million primarily related to the net working capital receivable and deferred taxes during the fourth quarter of 2023. The acquisition did not have a significant impact on our results of operations or financial condition.

The fair value of the contingent consideration was based on Level 3 inputs utilizing a discounted cash flow methodology. The estimates and assumptions included projected future revenues of the acquired business and a discount rate of approximately 7%. Contingent consideration to be paid is comprised of a short-term component that is recorded in accounts payable and accrued expenses in our Balance Sheets. The change in fair value of the contingent consideration during the period ended June 30, 2024 was not material.
VKGS LLC

On May 1, 2023 (the “Video King Closing Date”), the Company acquired certain strategic assets of VKGS LLC (“Video King”), a privately owned leading provider of integrated electronic bingo gaming tablets, video gaming content, instant win games and systems. Under the terms of the purchase agreement, we paid the seller approximately $61.0 million, inclusive of a net working capital payment on the Video King Closing Date. We also made an additional net working capital payment of $0.3 million post-closing, early in the third quarter of 2023. In addition, we expect to pay approximately $0.2 million related to an indemnity holdback, which is scheduled for release on the eighteen-month anniversary of the Video King Closing Date. We finalized our measurement period adjustments and recorded an immaterial amount related to deferred taxes during the quarter ended March 31, 2024. The acquisition did not have a significant impact on our results of operations or financial condition.

Pro-forma financial information (unaudited)

The acquisition related to Video King occurred during fiscal 2023; therefore, it is included in our Financial Statements for the three and six months ended June 30, 2024.

The unaudited pro forma financial data on a consolidated basis, including the historical operating results of the Company, assuming the Video King acquisition occurred on January 1, 2022, reflected revenue of approximately $211.0 million and $418.4 million, and net income of approximately $27.3 million and $55.3 million for the three and six months ended June 30, 2023, respectively.

The acquisitions related to eCash, Intuicode and Venuetize occurred during fiscal 2022; therefore, each are included in our Financial Statements for the three and six months ended June 30, 2024 and 2023, respectively.

The unaudited pro forma results include increases to depreciation and amortization expense based on the purchased intangible assets and costs directly attributable to the acquisitions. The unaudited pro forma results do not purport to be indicative of results of operations as of the date hereof, for any period ended on the date hereof, or for any other future date or period; nor do they give effect to synergies, cost savings, fair market value adjustments and other changes expected as a result of the acquisitions.
v3.24.2.u1
FUNDING AGREEMENTS
 6 Months Ended
Jun. 30, 2024
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 $4.8 million and $9.6 million for the three and six months ended June 30, 2024, respectively, and $5.9 million and $10.2 million for the three and six months ended June 30, 2023, 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 remain their sole property until the funds are dispensed. As these funds are not our assets, supplied cash is not reflected in our Balance Sheets.
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 $450 million with the ability to increase the amount permitted by the vault cash provider. The term of the agreement expires on December 1, 2026 and will automatically renew for additional one-year periods unless either party provides a ninety-day written notice of its intent not to renew. The outstanding balance of funds provided in connection with this arrangement were approximately $333.0 million and $388.5 million as of June 30, 2024 and December 31, 2023, respectively.
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 and six months ended June 30, 2024 and 2023, respectively.
v3.24.2.u1
TRADE AND OTHER RECEIVABLES
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES
Trade and other receivables represent short-term credit granted to customers and long-term loans receivable in connection with our Games and FinTech equipment and software, and compliance products. Trade and loans receivable generally do not require collateral.
The balance of trade and loans receivable consists of outstanding balances owed to us by gaming operators. Other receivables include income tax receivables and other miscellaneous receivables.
The balance of trade and other receivables consisted of the following (in thousands):
 At June 30,At December 31,
20242023
Trade and other receivables, net  
Games trade and loans receivable$59,051 $66,044 
FinTech trade and loans receivable
41,970 39,795 
Contract assets(1)
32,317 26,635 
Other receivables6,485 4,474 
Total trade and other receivables, net139,823 136,948 
Non-current portion of receivables  
Games trade and loans receivable1,415 480 
FinTech trade and loans receivable
17,328 15,551 
Contract assets(1)
16,253 12,984 
Total non-current portion of receivables34,996 29,015 
Total trade and other receivables, current portion$104,827 $107,933 
1.Refer to “Note 3 — Revenues” for a discussion on the contract assets.
Allowance for Credit Losses
The activity in our allowance for credit losses for the six months ended June 30, 2024 and 2023 is as follows (in thousands):
Six Months Ended June 30,
20242023
Beginning allowance for credit losses$(5,210)$(4,855)
Provision(5,499)(5,591)
Charge-offs, net of recoveries5,548 5,389 
Ending allowance for credit losses$(5,161)$(5,057)
v3.24.2.u1
INVENTORY
 6 Months Ended
Jun. 30, 2024
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 June 30,At December 31,
 20242023
Inventory  
Component parts$63,003 $59,632 
Work-in-progress1,980 1,147 
Finished goods16,465 9,845 
Total inventory$81,448 $70,624 
v3.24.2.u1
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consist of the following (in thousands):
  At June 30, 2024At December 31, 2023
Useful Life
(Years)		CostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Property and equipment       
Rental pool - deployed
2-5
$312,956 $205,125 $107,831 $308,438 $218,110 $90,328 
Rental pool - undeployed
2-5
47,390 33,076 14,314 39,578 29,770 9,808 
FinTech equipment
1-5
31,877 22,601 9,276 32,719 21,911 10,808 
Leasehold and building improvements
Lease Term
19,858 5,876 13,982 19,271 4,887 14,384 
Machinery, office, and other equipment
1-5
68,652 40,901 27,751 63,857 36,481 27,376 
Total $480,733 $307,579 $173,154 $463,863 $311,159 $152,704 
Depreciation expense related to property and equipment totaled approximately $19.7 million and $39.7 million for the three and six months ended June 30, 2024, respectively, and $19.5 million and $38.5 million for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
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 $737.5 million and $737.8 million at June 30, 2024 and December 31, 2023, respectively.
Other Intangible Assets
Other intangible assets consist of the following (in thousands):
  At June 30, 2024At December 31, 2023
Useful Life
(Years)		CostAccumulated
Amortization		Net Book
Value		CostAccumulated
Amortization		Net Book
Value
Other intangible assets       
Contract rights under placement fee agreements
2-7
$57,821 $26,262 $31,559 $57,821 $21,592 $36,229 
Customer relationships
3-14
337,696 266,331 71,365 337,829 255,972 81,857 
Developed technology and software
1-7
478,146 358,530 119,616 453,453 340,286 113,167 
Patents, trademarks, and other
2-18
24,770 22,566 2,204 24,783 21,898 2,885 
Total$898,433 $673,689 $224,744 $873,886 $639,748 $234,138 
Amortization expense related to other intangible assets was approximately $16.2 million and $31.7 million for the three and six months ended June 30, 2024, respectively, and $14.2 million and $28.5 million for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The following table summarizes our indebtedness (in thousands):
 MaturityInterestAt June 30,At December 31,
 DateRate20242023
Long-term debt  
$600 million Term Loan
2028
SOFR+CSA+2.50%
$580,500 $586,500 
$125 million Revolver
2026
SOFR+CSA+2.50%
— — 
Senior Secured Credit Facilities580,500 586,500 
$400 million Unsecured Notes
20295.00%400,000 400,000 
Total debt980,500 986,500 
Debt issuance costs and discount(10,800)(12,035)
Total debt after debt issuance costs and discount
969,700 974,465 
Current portion of long-term debt(3,000)(6,000)
Total long-term debt, net of current portion$966,700 $968,465 
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 “Term Loan”); and (ii) a $125 million senior secured revolving credit facility due 2026, which was undrawn at closing (the “Revolver” and together with the Term Loan, the “Credit Facilities”). The Company, as borrower, entered into the credit agreement dated as of August 3, 2021, 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 “Original Credit Agreement”).
On June 23, 2023, the Company entered into the first amendment (the “Amendment”) to the Original Credit Agreement (as amended, the “Amended Credit Agreement”), among Everi, as borrower, the lenders party thereto and Jefferies Finance LLC, as administrative agent, collateral agent, swing line lender and letter of credit issuer. Under the Amended Credit Agreement, the Secured Overnight Financing Rate (“SOFR”) replaced the Eurodollar Rate for all purposes under the Original Credit Agreement and under any other Loan Document (as defined therein) on July 1, 2023, when the ICE Benchmark Administration ceased to provide all available tenors of the Eurodollar Rate. In connection with such implementation of SOFR, the Company and Jefferies Finance LLC agreed to make conforming changes to the relevant provisions of the Original Credit Agreement, as reflected in the Amended Credit Agreement.
On November 2, 2023, the Company entered into the second amendment (the “Second Amendment”), effective November 9, 2023, to the Original Credit Agreement and the Amended Credit Agreement (as amended, the “Credit Agreement”), among Everi, as borrower, the lenders party thereto and Jefferies Finance LLC, as administrative agent, collateral agent, swing line lender and letter of credit issuer. Under the Amended Credit Agreement, capitalized terms not otherwise defined in this Second Amendment have the same meanings as specified in the Original Credit Agreement or the Amended Credit Agreement, as the context may require; and pursuant to the Amended Credit Agreement, the borrower and the administrative agent jointly identified certain obvious errors of a technical nature in the Amended Credit Agreement and have agreed to amend the Amended Credit Agreement to correct such errors.
The interest rate per annum applicable to the Credit Facilities will be, at the Company’s option, either the SOFR, inclusive of the credit spread adjustment (“CSA”) with a 0.50% floor plus a margin of 2.50%, or the base rate plus a margin of 1.50%. In addition, the CSA is recorded as interest expense that varies for the applicable interest period, with an adjustment of 0.1% for interest periods of one month, an adjustment of 0.3% for interest periods of two months and an adjustment of 0.4% for interest periods of three months. Our Revolver remained fully undrawn as of June 30, 2024.
The weighted average interest rate on the Term Loan was 7.94% and 7.95% for the three and six months ended June 30, 2024, respectively.
Senior Unsecured Notes
Our senior unsecured notes issued in 2021 (the “2021 Unsecured Notes”) had an outstanding balance of $400.0 million as of June 30, 2024 that accrues interest 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 Credit Facilities and the 2021 Unsecured Notes as of June 30, 2024.
v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
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.
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. The court removed the case from the September trial calendar and requested briefs from the parties on relevant legal issues. Briefing was completed in December 2022. The parties are awaiting further guidance from the court. Due to the current stage of the litigation, we are unable to estimate the probability of the outcome of this matter or reasonably estimate the range of possible damages, if any.
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 (“Zenergy”), alleging breach of contract, breach of a non-disclosure agreement, conversion, 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 parties participated in mediation on March 21, 2023. No settlement was reached at mediation. The parties filed a joint motion to set a firm trial date which the court granted. The case is on the court's May 28, 2025 trial calendar. Due to the current stage of the litigation, we are unable to estimate the probability of the outcome of this matter or reasonably estimate the range of possible damages, if any.
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. Everi filed a Petition for Removal to the United States District Court, District of Nevada. On May 4, 2023, the United States District Court entered an order remanding the case and the matter is now pending in the District Court of Nevada, Clark County. Discovery is underway. The case is on the court's January 6, 2025 trial calendar. Due to the current stage of the litigation, we are 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 4 — Leases” and installment payments under our asset purchase agreements discussed in “Note 5 — Business Combinations.”
v3.24.2.u1
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
On May 3, 2023, our Board of Directors authorized and approved a share repurchase program in an amount not to exceed $180 million, pursuant to which we were authorized to purchase outstanding Company common stock in open market or privately negotiated transactions over a period of eighteen (18) months through November 3, 2024, 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.
On May 2, 2024, the Board of Directors canceled the share repurchase program. As of May 2, 2024, the Company had repurchased $100.0 million of Company common stock under the $180 million authorized share repurchase program.
No shares were repurchased during the three and six months ended June 30, 2024, and 2.7 million shares were repurchased during the three and six months ended June 30, 2023.
v3.24.2.u1
WEIGHTED AVERAGE SHARES OF COMMON STOCK
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
WEIGHTED AVERAGE SHARES OF COMMON STOCK WEIGHTED AVERAGE SHARES OF COMMON STOCK
The weighted average number of common stock outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Weighted average shares  
Weighted average number of common shares outstanding - basic84,515 88,213 84,146 88,866 
Potential dilution from equity awards(1)
2,615 5,259 3,062 5,842 
Weighted average number of common shares outstanding - diluted(1)
87,130 93,472 87,208 94,708 
1.There were 2.1 million and 1.7 million shares that were anti-dilutive under the treasury stock method for the three and six months ended June 30, 2024, respectively, and 0.3 million and 0.2 million shares that were anti-dilutive under the treasury stock method for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
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; and (ii) time-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, 20234,804 2,464 
Granted109 1,473 
Exercised options or vested shares(648)(751)
Canceled or forfeited(13)(43)
Outstanding, June 30, 20244,252 3,143 
There were approximately 4.2 million awards of our common stock available for future equity grants under our existing equity incentive plan at June 30, 2024, which included 3.6 million additional shares approved by our stockholders during the second quarter of 2024.
v3.24.2.u1
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The income tax provision for the three and six months ended June 30, 2024 reflected an effective income tax rate of 19.7% and 21.0%, respectively, which was less than and consistent with the statutory federal rate of 21.0%, respectively, primarily due to a research credit, partially offset by state taxes, a valuation allowance on certain deferred tax assets and the net tax expense from equity award activities. The income tax provision for the three and six months ended June 30, 2023 reflected an effective income tax rate of 17.3% and 17.5%, respectively, which was less than the statutory federal rate of 21.0%, respectively, primarily due to a research credit and the benefit from equity award activities, partially offset by state taxes and compensation deduction limitations.
We have analyzed our positions in the federal, state and foreign jurisdictions where we are required to file income tax returns, as well as the open tax years in these jurisdictions. As of June 30, 2024, we recorded approximately $4.9 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.
v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
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 consists of the Chief Executive Officer and the Chief Financial Officer. Our CODM determined that our operating segments for conducting business are: (i) Games and (ii) FinTech. 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. Refer to “Note 1 — Business” for additional information regarding our operating segments.
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 that were material to our results of operations or financial condition, and no significant assets in foreign locations.
The following tables present segment information (in thousands)*:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Games  
Revenues  
Gaming operations(1)
$71,936 $77,781 $144,558 $153,090 
Gaming equipment and systems25,735 35,351 50,235 67,416 
Total revenues97,671 113,132 194,793 220,506 
Costs and expenses  
Cost of revenues(2)
  
Gaming operations9,836 8,388 19,351 15,194 
Gaming equipment and systems15,266 20,141 29,326 40,390 
Total cost of revenues25,102 28,529 48,677 55,584 
Operating expenses(3)
24,617 20,896 57,969 41,768 
Research and development12,683 11,172 24,474 21,825 
Depreciation17,002 17,265 34,301 33,504 
Amortization11,882 10,875 23,294 21,151 
Total costs and expenses91,286 88,737 188,715 173,832 
Operating income$6,385 $24,395 $6,078 $46,674 
1.Includes the accretion of contract rights of $2.3 million and $4.7 million for each of the three and six months ended June 30, 2024 and 2023, respectively.
2.Excludes depreciation and amortization.
3.Includes approximately $1.2 million and $15.3 million of transaction costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively, and approximately $2.1 million and $2.8 million of employee retention costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively. Additionally, includes $0.7 million of severance costs related to the realignment of certain employee functions within the Games business for the three and six months ended June 30, 2024, respectively, and $0.3 million for the three and six months ended June 30, 2023, respectively.
* Rounding may cause variances.
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
FinTech  
Revenues  
Financial access services$57,533 $55,660 $114,952 $111,874 
Software and other24,750 23,995 50,526 48,210 
Hardware11,236 15,930 20,265 28,599 
Total revenues93,519 95,585 185,743 188,683 
Costs and expenses  
Cost of revenues(1)
  
Financial access services2,465 2,697 5,162 5,596 
Software and other3,485 1,923 6,617 3,346 
Hardware7,827 10,574 14,633 19,022 
Total cost of revenues13,777 15,194 26,412 27,964 
Operating expenses(2)
41,750 40,494 82,012 78,814 
Research and development7,303 5,465 14,822 10,908 
Depreciation2,725 2,257 5,377 4,967 
Amortization4,288 3,298 8,385 7,386 
Total costs and expenses69,843 66,708 137,008 130,039 
Operating income$23,676 $28,877 $48,735 $58,644 
1.Excludes depreciation and amortization.
2.Includes approximately $0.2 million and $0.5 million of transaction costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively, and approximately $2.0 million and $2.6 million of employee retention costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively. Additionally, includes $0.1 million of severance costs related to the realignment of certain employee functions within the FinTech business for the three and six months ended June 30, 2024, respectively, and $0.9 million for the three and six months ended June 30, 2023, respectively. Also, includes $0.1 million in other legal fees and expenses associated with legal matters for the three and six months ended June 30, 2024, respectively, and $0.1 million for the three months ended June 30, 2023. We recorded a benefit of $0.1 million against other legal fees and expenses associated with legal matters for the six months ended June 30, 2023.
* Rounding may cause variances.
 At June 30,At December 31,
 20242023
Total assets  
Games$945,670 $931,322 
FinTech1,138,538 1,192,548 
Total assets$2,084,208 $2,123,870 
Major Customers. No single customer accounted for more than 10% of our revenues for the three and six months ended June 30, 2024 and 2023, respectively. Our five largest customers accounted for approximately 13% of our revenues for the three and six months ended June 30, 2024, respectively, and 12% for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On July 26, 2024, the Company entered into definitive agreements with, among others, IGT and Voyager Parent, LLC, a Delaware limited liability company (“Buyer”), whereby IGT’s Gaming & Digital business (“IGT Gaming”) and Everi will be simultaneously acquired by Buyer in an all-cash transaction (the “New Proposed Transaction”). Following closing, IGT Gaming and Everi will be privately owned companies that are part of one combined enterprise and Everi’s common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended. Under the terms of the new agreements, Everi stockholders will receive $14.25 per share in cash (subject to adjustment for any stock or interest split, division or subdivision of shares, stock dividend, reverse stock split, combination of shares, reclassification, recapitalization, or other similar transaction) and IGT will receive $4.05 billion of gross cash proceeds for IGT Gaming, subject to customary transaction adjustments in accordance with the definitive agreements. The acquisitions of IGT Gaming and Everi by Buyer are cross-conditioned. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals and approval by Everi stockholders. In addition, on July 26, 2024, immediately prior to and in connection with the entry into the definitive agreements for the New Proposed Transaction, each of the definitive agreements for the Proposed Transaction, including the Commitment Letter, was terminated by mutual consent of the respective parties thereto, effective immediately. There were no termination or other penalties surrounding the termination of such agreements.

Buyer has obtained equity financing commitments and debt financing commitments for the purpose of funding the New Proposed Transaction and paying related fees and expenses. Certain funds managed by affiliates of Apollo Global Management, Inc. (the “Guarantors”) have committed to invest in Buyer an aggregate amount of up to $2,300 million, subject to the terms and conditions set forth in the equity commitment letter, and have entered into a limited guarantee in favor of IGT and the Company, pursuant to which the Guarantors are guaranteeing certain obligations of Buyer in connection with the merger agreement relating to the New Proposed Transaction, including the termination fee and certain other fees, indemnities, and expenses, subject to a maximum aggregate liability cap. In addition, certain debt financing sources have committed to lend an aggregate principal amount of up to $4,325 million, together with a committed revolving credit facility in an aggregate principal amount of up to $750 million, to Buyer for the purpose of funding the New Proposed Transaction, subject to the terms and conditions set forth in the debt commitment letter and any related fee letter.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net income $ 9,173 $ 4,554 $ 27,396 $ 28,066 $ 13,727 $ 55,462
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Our 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 and six months ended June 30, 2024 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 on Form 10-K for the year ended December 31, 2023 (the “Annual Report”).
Restricted Cash
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 cash held on behalf of patrons and funds required to be held to cover underlying financial access service transactions.
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, short-term 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, which represent Level 2 inputs. The fair value of long-term accounts payable is estimated by discounting the total obligation.
Reclassification of Balances
Reclassification of Balances
Certain amounts in the accompanying Financial Statements 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
Recent Accounting Guidance
Recently Adopted Accounting Guidance
None.
Recent Accounting Guidance Not Yet Adopted
StandardDescription
Date of Planned Adoption
Effect on Financial Statements
Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this update require enhanced reportable segment disclosures, primarily concerning significant segment expenses.
December 31, 2024
We are currently evaluating the impact of adopting this ASU on our Financial Statements and our disclosures; however, we do not expect the impact to be material.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure
The amendments in this update require enhanced income tax disclosures, primarily concerning the rate reconciliation and income taxes paid information.
January 1, 2025
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
As of June 30, 2024, other than what has been described above, we do not anticipate recently issued accounting guidance to have a significant impact on our Financial Statements.
Revenue
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 17 — 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.
v3.24.2.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
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 Statements of Cash Flows for the six months ended June 30, 2024 (in thousands).
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Cash and cash equivalentsCash and cash equivalents$229,369 $267,215 
Restricted cash - currentPrepaid expenses and other current assets7,172 5,190 
Restricted cash - non-currentOther assets101 101 
Total$236,642 $272,506 
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 Statements of Cash Flows for the six months ended June 30, 2024 (in thousands).
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Cash and cash equivalentsCash and cash equivalents$229,369 $267,215 
Restricted cash - currentPrepaid expenses and other current assets7,172 5,190 
Restricted cash - non-currentOther assets101 101 
Total$236,642 $272,506 
Estimated Fair Value and Outstanding Balances of Borrowings
The estimated fair value and outstanding balances of our borrowings are as follows (in thousands):
 Level of HierarchyFair ValueOutstanding Balance
June 30, 2024   
$600 million Term Loan
2$582,677 $580,500 
$400 million Unsecured Notes
2$394,000 $400,000 
December 31, 2023   
$600 million Term Loan
2$589,433 $586,500 
$400 million Unsecured Notes
2$365,000 $400,000 
Summary of Recent Accounting Guidance
Recent Accounting Guidance Not Yet Adopted
StandardDescription
Date of Planned Adoption
Effect on Financial Statements
Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this update require enhanced reportable segment disclosures, primarily concerning significant segment expenses.
December 31, 2024
We are currently evaluating the impact of adopting this ASU on our Financial Statements and our disclosures; however, we do not expect the impact to be material.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosure
The amendments in this update require enhanced income tax disclosures, primarily concerning the rate reconciliation and income taxes paid information.
January 1, 2025
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
v3.24.2.u1
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Contract Asset and Liability
The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands):
20242023
Contract assets(1)
Balance, January 1
$26,635 $22,417 
Balance, June 30
32,317 21,046 
         Increase (decrease)$5,682 $(1,371)
Contract liabilities(2)
Balance, January 1
$51,799 $53,419 
Balance, June 30
54,600 56,106 
         Increase$2,801 $2,687 
1.Contract assets are included within trade and other receivables, net and other receivables in our Balance Sheets.
2.Contract liabilities are included within accounts payable and accrued expenses and other accrued expenses and liabilities in our Balance Sheets.
v3.24.2.u1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024
At December 31, 2023
Assets
Operating lease right-of-use assets
Other assets, non-current$25,404 $27,489 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$7,600 $7,079 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$24,264 $26,930 
Cash Flow Information
Supplemental cash flow information related to leases is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cash paid for:
Long-term operating leases$2,441 $1,862 $4,280 $3,574 
Short-term operating leases$558 $473 $1,112 $845 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases
$251 $766 $922 $852 
Lease Costs
Other information related to lease terms and discount rates is as follows:
At June 30, 2024At December 31, 2023
Weighted average remaining lease term (in years):
Operating leases6.576.71
Weighted average discount rate:
Operating leases6.21 %6.08 %
Components of lease expense are as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost:
Operating lease cost
$1,946 $1,559 $3,898 $3,036 
Variable lease cost $443 $306 $783 $625 
Payments Due
Maturities of lease liabilities are summarized as follows as of June 30, 2024 (in thousands):

Year Ending December 31, Amount
2024 (excluding the six months ended June 30, 2024)
$4,671 
2025
9,023 
2026
5,379 
2027
3,217 
2028
2,813 
Thereafter14,765 
Total future minimum lease payments 39,868 
Less: Amount representing interest 8,004 
Present value of future minimum lease payments31,864 
Less: Current operating lease obligations7,600 
Long-term lease obligations$24,264 
Sales-type lease
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance Sheets
At June 30, 2024
At December 31, 2023
Assets
Net investment in sales-type leases — currentTrade and other receivables, net$1,960 $810 
v3.24.2.u1
TRADE AND OTHER RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Components of Trade and Other Receivables
The balance of trade and other receivables consisted of the following (in thousands):
 At June 30,At December 31,
20242023
Trade and other receivables, net  
Games trade and loans receivable$59,051 $66,044 
FinTech trade and loans receivable
41,970 39,795 
Contract assets(1)
32,317 26,635 
Other receivables6,485 4,474 
Total trade and other receivables, net139,823 136,948 
Non-current portion of receivables  
Games trade and loans receivable1,415 480 
FinTech trade and loans receivable
17,328 15,551 
Contract assets(1)
16,253 12,984 
Total non-current portion of receivables34,996 29,015 
Total trade and other receivables, current portion$104,827 $107,933 
1.Refer to “Note 3 — Revenues” for a discussion on the contract assets.
Activity in Allowance for Credit Losses
The activity in our allowance for credit losses for the six months ended June 30, 2024 and 2023 is as follows (in thousands):
Six Months Ended June 30,
20242023
Beginning allowance for credit losses$(5,210)$(4,855)
Provision(5,499)(5,591)
Charge-offs, net of recoveries5,548 5,389 
Ending allowance for credit losses$(5,161)$(5,057)
v3.24.2.u1
INVENTORY (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventory
Inventory consisted of the following (in thousands):
 At June 30,At December 31,
 20242023
Inventory  
Component parts$63,003 $59,632 
Work-in-progress1,980 1,147 
Finished goods16,465 9,845 
Total inventory$81,448 $70,624 
v3.24.2.u1
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Equipment and Leased Assets
Property and equipment consist of the following (in thousands):
  At June 30, 2024At December 31, 2023
Useful Life
(Years)		CostAccumulated
Depreciation		Net Book
Value		CostAccumulated
Depreciation		Net Book
Value
Property and equipment       
Rental pool - deployed
2-5
$312,956 $205,125 $107,831 $308,438 $218,110 $90,328 
Rental pool - undeployed
2-5
47,390 33,076 14,314 39,578 29,770 9,808 
FinTech equipment
1-5
31,877 22,601 9,276 32,719 21,911 10,808 
Leasehold and building improvements
Lease Term
19,858 5,876 13,982 19,271 4,887 14,384 
Machinery, office, and other equipment
1-5
68,652 40,901 27,751 63,857 36,481 27,376 
Total $480,733 $307,579 $173,154 $463,863 $311,159 $152,704 
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Other Intangible Assets
Other intangible assets consist of the following (in thousands):
  At June 30, 2024At December 31, 2023
Useful Life
(Years)		CostAccumulated
Amortization		Net Book
Value		CostAccumulated
Amortization		Net Book
Value
Other intangible assets       
Contract rights under placement fee agreements
2-7
$57,821 $26,262 $31,559 $57,821 $21,592 $36,229 
Customer relationships
3-14
337,696 266,331 71,365 337,829 255,972 81,857 
Developed technology and software
1-7
478,146 358,530 119,616 453,453 340,286 113,167 
Patents, trademarks, and other
2-18
24,770 22,566 2,204 24,783 21,898 2,885 
Total$898,433 $673,689 $224,744 $873,886 $639,748 $234,138 
v3.24.2.u1
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
The following table summarizes our indebtedness (in thousands):
 MaturityInterestAt June 30,At December 31,
 DateRate20242023
Long-term debt  
$600 million Term Loan
2028
SOFR+CSA+2.50%
$580,500 $586,500 
$125 million Revolver
2026
SOFR+CSA+2.50%
— — 
Senior Secured Credit Facilities580,500 586,500 
$400 million Unsecured Notes
20295.00%400,000 400,000 
Total debt980,500 986,500 
Debt issuance costs and discount(10,800)(12,035)
Total debt after debt issuance costs and discount
969,700 974,465 
Current portion of long-term debt(3,000)(6,000)
Total long-term debt, net of current portion$966,700 $968,465 
v3.24.2.u1
WEIGHTED AVERAGE SHARES OF COMMON STOCK (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares
The weighted average number of common stock outstanding used in the computation of basic and diluted earnings per share is as follows (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Weighted average shares  
Weighted average number of common shares outstanding - basic84,515 88,213 84,146 88,866 
Potential dilution from equity awards(1)
2,615 5,259 3,062 5,842 
Weighted average number of common shares outstanding - diluted(1)
87,130 93,472 87,208 94,708 
1.There were 2.1 million and 1.7 million shares that were anti-dilutive under the treasury stock method for the three and six months ended June 30, 2024, respectively, and 0.3 million and 0.2 million shares that were anti-dilutive under the treasury stock method for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
SHARE-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
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, 20234,804 2,464 
Granted109 1,473 
Exercised options or vested shares(648)(751)
Canceled or forfeited(13)(43)
Outstanding, June 30, 20244,252 3,143 
v3.24.2.u1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present segment information (in thousands)*:
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Games  
Revenues  
Gaming operations(1)
$71,936 $77,781 $144,558 $153,090 
Gaming equipment and systems25,735 35,351 50,235 67,416 
Total revenues97,671 113,132 194,793 220,506 
Costs and expenses  
Cost of revenues(2)
  
Gaming operations9,836 8,388 19,351 15,194 
Gaming equipment and systems15,266 20,141 29,326 40,390 
Total cost of revenues25,102 28,529 48,677 55,584 
Operating expenses(3)
24,617 20,896 57,969 41,768 
Research and development12,683 11,172 24,474 21,825 
Depreciation17,002 17,265 34,301 33,504 
Amortization11,882 10,875 23,294 21,151 
Total costs and expenses91,286 88,737 188,715 173,832 
Operating income$6,385 $24,395 $6,078 $46,674 
1.Includes the accretion of contract rights of $2.3 million and $4.7 million for each of the three and six months ended June 30, 2024 and 2023, respectively.
2.Excludes depreciation and amortization.
3.Includes approximately $1.2 million and $15.3 million of transaction costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively, and approximately $2.1 million and $2.8 million of employee retention costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively. Additionally, includes $0.7 million of severance costs related to the realignment of certain employee functions within the Games business for the three and six months ended June 30, 2024, respectively, and $0.3 million for the three and six months ended June 30, 2023, respectively.
* Rounding may cause variances.
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
FinTech  
Revenues  
Financial access services$57,533 $55,660 $114,952 $111,874 
Software and other24,750 23,995 50,526 48,210 
Hardware11,236 15,930 20,265 28,599 
Total revenues93,519 95,585 185,743 188,683 
Costs and expenses  
Cost of revenues(1)
  
Financial access services2,465 2,697 5,162 5,596 
Software and other3,485 1,923 6,617 3,346 
Hardware7,827 10,574 14,633 19,022 
Total cost of revenues13,777 15,194 26,412 27,964 
Operating expenses(2)
41,750 40,494 82,012 78,814 
Research and development7,303 5,465 14,822 10,908 
Depreciation2,725 2,257 5,377 4,967 
Amortization4,288 3,298 8,385 7,386 
Total costs and expenses69,843 66,708 137,008 130,039 
Operating income$23,676 $28,877 $48,735 $58,644 
1.Excludes depreciation and amortization.
2.Includes approximately $0.2 million and $0.5 million of transaction costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively, and approximately $2.0 million and $2.6 million of employee retention costs related to the Proposed Transaction for the three and six months ended June 30, 2024, respectively. Additionally, includes $0.1 million of severance costs related to the realignment of certain employee functions within the FinTech business for the three and six months ended June 30, 2024, respectively, and $0.9 million for the three and six months ended June 30, 2023, respectively. Also, includes $0.1 million in other legal fees and expenses associated with legal matters for the three and six months ended June 30, 2024, respectively, and $0.1 million for the three months ended June 30, 2023. We recorded a benefit of $0.1 million against other legal fees and expenses associated with legal matters for the six months ended June 30, 2023.
* Rounding may cause variances.
 At June 30,At December 31,
 20242023
Total assets  
Games$945,670 $931,322 
FinTech1,138,538 1,192,548 
Total assets$2,084,208 $2,123,870 
v3.24.2.u1
BUSINESS (Details)
 6 Months Ended
Jun. 30, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 2
v3.24.2.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 229,369 $ 267,215    
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets    
Restricted cash - current $ 7,172 $ 5,190    
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets Other assets    
Restricted cash - non-current $ 101 $ 101    
Total 236,642 272,506 $ 215,192 $ 295,063
Cash and Cash Equivalents        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 229,369 $ 267,215    
v3.24.2.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Contractual terms of trade and loans receivable 12 months 12 months
v3.24.2.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Fair Value and Outstanding Balances of Borrowings (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Aug. 03, 2021
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  
Fair Value | Level 2 | New Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt 582,677,000 589,433,000  
Fair Value | Level 2 | Incremental Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt 394,000,000 365,000,000  
Outstanding Balance | Level 2 | New Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt 580,500,000 586,500,000  
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  
v3.24.2.u1
REVENUES - Contract Asset and Liability (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Contract assets    
Balance, January 1 $ 26,635 $ 22,417
Balance, June 30 32,317 21,046
Increase (decrease) 5,682 (1,371)
Contract liabilities    
Balance, January 1 51,799 53,419
Balance, June 30 54,600 56,106
Increase $ 2,801 $ 2,687
v3.24.2.u1
REVENUES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Contract liability, revenue recognized     $ 27,300 $ 31,400
Total revenues $ 191,190 $ 208,717 380,536 409,189
Games        
Disaggregation of Revenue [Line Items]        
Total revenues 97,671 113,132 194,793 220,506
Gaming operations, leased equipment | Games        
Disaggregation of Revenue [Line Items]        
Total revenues $ 45,200 $ 51,300 $ 91,600 $ 100,800
v3.24.2.u1
LEASES - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating lease right-of-use assets $ 25,404 $ 27,489
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued expenses Accounts payable and accrued expenses
Less: Current operating lease obligations $ 7,600 $ 7,079
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 $ 24,264 $ 26,930
v3.24.2.u1
LEASES - Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Long-term operating leases $ 2,441 $ 1,862 $ 4,280 $ 3,574
Short-term operating leases 558 473 1,112 845
Right-of-use assets obtained in exchange for lease obligations:        
Operating leases $ 251 $ 766 $ 922 $ 852
v3.24.2.u1
LEASES - Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Leases [Abstract]          
Weighted average remaining lease term, operating leases 6 years 6 months 25 days   6 years 6 months 25 days   6 years 8 months 15 days
Weighted average discount rate, operating leases 6.21%   6.21%   6.08%
Operating lease cost $ 1,946 $ 1,559 $ 3,898 $ 3,036  
Variable lease cost $ 443 $ 306 $ 783 $ 625  
v3.24.2.u1
LEASES - Payments Due (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Amount    
2024 (excluding the six months ended June 30, 2024) $ 4,671  
2025 9,023  
2026 5,379  
2027 3,217  
2028 2,813  
Thereafter 14,765  
Total future minimum lease payments 39,868  
Less: Amount representing interest 8,004  
Present value of future minimum lease payments 31,864  
Less: Current operating lease obligations 7,600 $ 7,079
Long-term lease obligations $ 24,264 $ 26,930
v3.24.2.u1
LEASES - Sales-type Lease (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
Net investment in sales-type leases — current $ 1,960 $ 810
v3.24.2.u1
BUSINESS COMBINATIONS - Narrative (Details)
$ in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
May 01, 2023
USD ($)
Oct. 14, 2022
USD ($)
Apr. 30, 2022
USD ($)
Mar. 01, 2022
USD ($)
Mar. 01, 2022
AUD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2022
AUD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Feb. 28, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]                              
Deferred tax liabilities, net           $ 9,288           $ 9,288     $ 13,762
ecash Holdings Pty Limited                              
Business Acquisition [Line Items]                              
Cash consideration paid at closing       $ 15,000 $ 20.0                    
Payments for excess net working capital                   $ 6,000 $ 8.7        
Deferred taxes                 $ 2,300            
ecash Holdings Pty Limited | Tranche One                              
Business Acquisition [Line Items]                              
Contingent consideration       $ 3,400 $ 5.0                    
Contingent consideration, final payment       1 year 1 year                    
ecash Holdings Pty Limited | Tranche Two                              
Business Acquisition [Line Items]                              
Contingent consideration       $ 4,200 $ 6.5                    
Contingent consideration, final payment       2 years 2 years                    
Intuicode                              
Business Acquisition [Line Items]                              
Cash consideration paid at closing     $ 12,500                        
Business combination, consideration transferred, liabilities incurred     1,600                        
Final payment and deferred taxes           $ 200   $ 1,300              
Intuicode | Measurement Input, Discount Rate                              
Business Acquisition [Line Items]                              
Acquired business discount rate           0.05           0.05      
Intuicode | Business Combination, Contingent Consideration, Period One                              
Business Acquisition [Line Items]                              
Earn-out liability     $ 6,400                        
Revenue target anniversary     1 year                        
Intuicode | Business Combination, Contingent Consideration, Period Two                              
Business Acquisition [Line Items]                              
Earn-out liability     $ 2,400                        
Revenue target anniversary     2 years                        
Venuetize, Inc.                              
Business Acquisition [Line Items]                              
Cash consideration paid at closing   $ 18,200                          
Earn-out liability   1,800                          
Business combination, consideration transfer   $ 1,000                          
Deferred tax liabilities, net                             $ 1,200
Venuetize, Inc. | Measurement Input, Discount Rate                              
Business Acquisition [Line Items]                              
Acquired business discount rate           0.07           0.07      
Venuetize, Inc. | Business Combination, Contingent Consideration, Period One                              
Business Acquisition [Line Items]                              
Revenue target anniversary   12 months                          
Venuetize, Inc. | Business Combination, Contingent Consideration, Period Two                              
Business Acquisition [Line Items]                              
Revenue target anniversary   24 months                          
Venuetize, Inc. | Business Combination, Contingent Consideration, Period Three                              
Business Acquisition [Line Items]                              
Revenue target anniversary   30 months                          
VKGS LLC                              
Business Acquisition [Line Items]                              
Cash consideration paid at closing $ 61,000                            
Earn-out liability $ 200                            
Revenue target anniversary 18 months                            
Additional net working capital payment             $ 300                
Pro forma revenue               211,000         $ 418,400    
Pro forma net income               $ 27,300         $ 55,300    
Global Gaming And Play Ditial Business                              
Business Acquisition [Line Items]                              
Transaction costs           $ 1,400           $ 15,800      
Employee retention costs           $ 4,100           $ 5,400      
Debt Commitment Letter                              
Business Acquisition [Line Items]                              
Principal amount of debt                           $ 3,700,000  
Debt Commitment Revolver                              
Business Acquisition [Line Items]                              
Principal amount of debt                           $ 800,000  
IGT Shareholders | Global Gaming And Play Ditial Business                              
Business Acquisition [Line Items]                              
Ownership percentage                           54.00%  
Everi Exisitng Shareholders | Global Gaming And Play Ditial Business                              
Business Acquisition [Line Items]                              
Ownership percentage                           46.00%  
v3.24.2.u1
FUNDING AGREEMENTS (Details) - Indemnification Guarantee - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Contract Cash Solutions Agreement          
Funding Agreements          
Cash usage fees incurred $ 4,800,000 $ 5,900,000 $ 9,600,000 $ 10,200,000  
Outstanding balance 333,000,000.0   333,000,000.0   $ 388,500,000
Contract Cash Solutions Agreement, as amended          
Funding Agreements          
Maximum amount $ 450,000,000   $ 450,000,000    
Renewal period     1 year    
Non-renewal notice period     90 days    
v3.24.2.u1
TRADE AND OTHER RECEIVABLES - Schedule of Components of Trade and Other Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Trade and other receivables, net    
Contract assets $ 32,317 $ 26,635
Other receivables 6,485 4,474
Total trade and other receivables, net 139,823 136,948
Non-current portion of receivables 34,996 29,015
Contract assets 16,253 12,984
Total trade and other receivables, current portion 104,827 107,933
Gaming operations    
Trade and other receivables, net    
Trade receivables, net 59,051 66,044
Non-current portion of receivables 1,415 480
FinTech    
Trade and other receivables, net    
Trade receivables, net 41,970 39,795
Non-current portion of receivables $ 17,328 $ 15,551
v3.24.2.u1
TRADE AND OTHER RECEIVABLES - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning allowance for credit losses $ (5,210) $ (4,855)
Provision (5,499) (5,591)
Charge-offs, net of recoveries 5,548 5,389
Ending allowance for credit losses $ (5,161) $ (5,057)
v3.24.2.u1
INVENTORY (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory    
Component parts $ 63,003 $ 59,632
Work-in-progress 1,980 1,147
Finished goods 16,465 9,845
Total inventory $ 81,448 $ 70,624
v3.24.2.u1
PROPERTY AND EQUIPMENT - Schedule of Components of Property, Equipment and Leased Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Property, Plant and Equipment [Line Items]          
Cost $ 480,733   $ 480,733   $ 463,863
Accumulated Depreciation 307,579   307,579   311,159
Net Book Value 173,154   173,154   152,704
Depreciation 19,727 $ 19,522 39,678 $ 38,471  
Rental pool - deployed          
Property, Plant and Equipment [Line Items]          
Cost 312,956   312,956   308,438
Accumulated Depreciation 205,125   205,125   218,110
Net Book Value $ 107,831   $ 107,831   90,328
Rental pool - deployed | Minimum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 2 years   2 years    
Rental pool - deployed | Maximum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 5 years   5 years    
Rental pool - undeployed          
Property, Plant and Equipment [Line Items]          
Cost $ 47,390   $ 47,390   39,578
Accumulated Depreciation 33,076   33,076   29,770
Net Book Value $ 14,314   $ 14,314   9,808
Rental pool - undeployed | Minimum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 2 years   2 years    
Rental pool - undeployed | Maximum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 5 years   5 years    
Machinery, office, and other equipment          
Property, Plant and Equipment [Line Items]          
Cost $ 68,652   $ 68,652   63,857
Accumulated Depreciation 40,901   40,901   36,481
Net Book Value $ 27,751   $ 27,751   27,376
Machinery, office, and other equipment | Minimum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 1 year   1 year    
Machinery, office, and other equipment | Maximum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 5 years   5 years    
Leasehold and building improvements          
Property, Plant and Equipment [Line Items]          
Cost $ 19,858   $ 19,858   19,271
Accumulated Depreciation 5,876   5,876   4,887
Net Book Value 13,982   13,982   14,384
FinTech          
Property, Plant and Equipment [Line Items]          
Depreciation 2,725 $ 2,257 5,377 $ 4,967  
FinTech | Machinery, office, and other equipment          
Property, Plant and Equipment [Line Items]          
Cost 31,877   31,877   32,719
Accumulated Depreciation 22,601   22,601   21,911
Net Book Value $ 9,276   $ 9,276   $ 10,808
FinTech | Machinery, office, and other equipment | Minimum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 1 year   1 year    
FinTech | Machinery, office, and other equipment | Maximum          
Property, Plant and Equipment [Line Items]          
Useful Life (Years) 5 years   5 years    
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]          
Goodwill $ 737,472   $ 737,472   $ 737,804
Amortization $ 16,170 $ 14,173 $ 31,679 $ 28,537  
v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Cost $ 898,433 $ 873,886
Accumulated Amortization 673,689 639,748
Net Book Value 224,744 234,138
Contract rights under placement fee agreements    
Finite-Lived Intangible Assets [Line Items]    
Cost 57,821 57,821
Accumulated Amortization 26,262 21,592
Net Book Value $ 31,559 36,229
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 $ 337,696 337,829
Accumulated Amortization 266,331 255,972
Net Book Value $ 71,365 81,857
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 $ 478,146 453,453
Accumulated Amortization 358,530 340,286
Net Book Value $ 119,616 113,167
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) 7 years  
Patents, trademarks, and other    
Finite-Lived Intangible Assets [Line Items]    
Cost $ 24,770 24,783
Accumulated Amortization 22,566 21,898
Net Book Value $ 2,204 $ 2,885
Patents, trademarks, and other | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 2 years  
Patents, trademarks, and other | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 18 years  
v3.24.2.u1
LONG-TERM DEBT - Schedule of Outstanding Indebtedness (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Aug. 03, 2021
Debt Instrument [Line Items]      
Total debt $ 980,500,000 $ 986,500,000  
Debt issuance costs and discount (10,800,000) (12,035,000)  
Total debt after debt issuance costs and discount 969,700,000 974,465,000  
Current portion of long-term debt (3,000,000) (6,000,000)  
Total long-term debt, net of current portion 966,700,000 968,465,000  
Senior secured notes | New Revolver      
Debt Instrument [Line Items]      
Principal amount of debt $ 600,000,000 600,000,000 $ 600,000,000
Basis spread 2.50%    
Revolving credit facility | New Revolver      
Debt Instrument [Line Items]      
Total debt $ 0 0  
Principal amount of debt $ 125,000,000    
Basis spread 2.50%    
Senior secured notes      
Debt Instrument [Line Items]      
Total debt $ 580,500,000 586,500,000  
Senior secured notes | Senior secured notes | New Revolver      
Debt Instrument [Line Items]      
Total debt 580,500,000 586,500,000  
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  
Interest rate 5.00%    
v3.24.2.u1
LONG-TERM DEBT - Narrative (Details)
 3 Months Ended 6 Months Ended
Aug. 03, 2021
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Senior unsecured notes | FinTech Segment        
Debt Instrument [Line Items]        
Principal amount of debt   $ 400,000,000.0 $ 400,000,000.0  
New Credit Facilities        
Debt Instrument [Line Items]        
Basis spread, period one (as a percent) 0.10%      
Basis spread, period two (as a percent) 0.30%      
Basis spread, period three (as a percent) 0.40%      
New Credit Facilities | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Floor interest rate 0.50%      
Basis spread 2.50%      
New Credit Facilities | Base Rate        
Debt Instrument [Line Items]        
Basis spread 1.50%      
2017 Unsecured Notes | Senior unsecured notes        
Debt Instrument [Line Items]        
Interest rate   5.00% 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 $ 600,000,000
Percentage of par amount issued 0.9975      
Basis spread     2.50%  
Revolving credit facility | New Revolver        
Debt Instrument [Line Items]        
Principal amount of debt   $ 125,000,000 $ 125,000,000  
Maximum borrowing capacity $ 125,000,000      
Basis spread     2.50%  
Senior secured term loan facility | New Credit Agreement, dated May 9, 2017        
Debt Instrument [Line Items]        
Weighted average interest rate during period   7.94% 7.95%  
v3.24.2.u1
STOCKHOLDERS' EQUITY (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
May 02, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
May 03, 2023
Stockholders' Equity Note [Abstract]            
Stock repurchase program, authorized amount           $ 180.0
Stock repurchase program, period in force       18 months    
Repurchase of shares $ 100.0          
Treasury stock acquired (in shares)   0.0 2.7 0.0 2.7  
v3.24.2.u1
WEIGHTED AVERAGE SHARES OF COMMON STOCK - Schedule of Weighted Average Number of Shares (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Weighted average shares        
Weighted average number of common shares outstanding - basic (in shares) 84,515 88,213 84,146 88,866
Potential dilution from equity awards (in shares) 2,615 5,259 3,062 5,842
Weighted average number of common shares outstanding - diluted (in shares) 87,130 93,472 87,208 94,708
Anti-dilutive equity awards excluded from computation of earnings per share (in shares) 2,100 300 1,700 200
v3.24.2.u1
SHARE-BASED COMPENSATION - Summary of Award Activity (Details)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Stock Options    
Stock Options    
Outstanding (in shares)   4,804
Granted (in shares)   109
Exercised options (in shares)   (648)
Canceled or forfeited (in shares)   (13)
Outstanding (in shares) 4,252 4,252
Restricted Stock Units    
Restricted Stock Units    
Outstanding (in shares)   2,464
Granted (in shares)   1,473
Vested (in shares)   (751)
Canceled or forfeited (in shares)   (43)
Outstanding (in shares) 3,143 3,143
Common Stock    
Restricted Stock Units    
Number of shares available for grant (in shares) 4,200 4,200
Number of additional shares approved 3,600  
v3.24.2.u1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate 19.70% 17.30% 21.00% 17.50%
Statutory federal rate 21.00% 21.00% 21.00% 21.00%
Unrecognized tax benefits $ 4.9   $ 4.9  
v3.24.2.u1
SEGMENT INFORMATION - Revenues, Operating Income, and Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Revenues          
Total revenues $ 191,190 $ 208,717 $ 380,536 $ 409,189  
Costs and expenses          
Operating expenses 66,367 61,390 139,981 120,582  
Research and development 19,986 16,637 39,296 32,733  
Depreciation 19,727 19,522 39,678 38,471  
Amortization 16,170 14,173 31,679 28,537  
Total costs and expenses 161,129 155,445 325,723 303,871  
Operating income 30,061 53,272 54,813 105,318  
Total assets          
Total assets 2,084,208   2,084,208   $ 2,123,870
Games          
Revenues          
Total revenues 97,671 113,132 194,793 220,506  
Costs and expenses          
Total cost of revenues 25,102 28,529 48,677 55,584  
Operating expenses 24,617 20,896 57,969 41,768  
Research and development 12,683 11,172 24,474 21,825  
Depreciation 17,002 17,265 34,301 33,504  
Amortization 11,882 10,875 23,294 21,151  
Total costs and expenses 91,286 88,737 188,715 173,832  
Operating income 6,385 24,395 6,078 46,674  
Total assets          
Total assets 945,670   945,670   931,322
Accretion of contract rights 2,300 4,700 2,300 4,700  
Transaction costs 1,200   15,300    
Employee retention costs 2,100   2,800    
Severance costs 700 300 700 300  
Games | Gaming operations          
Revenues          
Total revenues 71,936 77,781 144,558 153,090  
Costs and expenses          
Total cost of revenues 9,836 8,388 19,351 15,194  
Games | Gaming equipment and systems          
Revenues          
Total revenues 25,735 35,351 50,235 67,416  
Costs and expenses          
Total cost of revenues 15,266 20,141 29,326 40,390  
FinTech          
Revenues          
Total revenues 93,519 95,585 185,743 188,683  
Costs and expenses          
Total cost of revenues 13,777 15,194 26,412 27,964  
Operating expenses 41,750 40,494 82,012 78,814  
Research and development 7,303 5,465 14,822 10,908  
Depreciation 2,725 2,257 5,377 4,967  
Amortization 4,288 3,298 8,385 7,386  
Total costs and expenses 69,843 66,708 137,008 130,039  
Operating income 23,676 28,877 48,735 58,644  
Total assets          
Total assets 1,138,538   1,138,538   $ 1,192,548
Transaction costs 200   500    
Employee retention costs 2,000   2,600    
Severance costs 100 900 100 900  
Other legal fees and expenses (benefit) 100 100 100 (100)  
FinTech | Financial access services          
Revenues          
Total revenues 57,533 55,660 114,952 111,874  
Costs and expenses          
Total cost of revenues 2,465 2,697 5,162 5,596  
FinTech | Software and other          
Revenues          
Total revenues 24,750 23,995 50,526 48,210  
Costs and expenses          
Total cost of revenues 3,485 1,923 6,617 3,346  
FinTech | Hardware          
Revenues          
Total revenues 11,236 15,930 20,265 28,599  
Costs and expenses          
Total cost of revenues $ 7,827 $ 10,574 $ 14,633 $ 19,022  
v3.24.2.u1
SEGMENT INFORMATION - Major Customers (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Five largest customers | Customer risk | Revenue from Contract with Customer        
Revenue, Major Customer [Line Items]        
Concentration risk, percentage 13.00% 12.00% 13.00% 12.00%
v3.24.2.u1
SUBSEQUENT EVENTS (Details) - Subsequent Event - International Game Technology PLC
$ / shares in Units, $ in Millions
Jul. 26, 2024
USD ($)
$ / shares
Subsequent Event [Line Items]  
Share price (in dollars per share) | $ / shares $ 14.25
Proceeds from fees received $ 4,050
Buyer aggregate amount 2,300
Principal amount of debt 4,325
Revolving credit facility  
Subsequent Event [Line Items]  
Principal amount of debt $ 750