EVERI HOLDINGS INC., 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Feb. 28, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
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 per share    
Trading Symbol EVRI    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 687.5
Entity Common Stock, Shares Outstanding   86,437,717  
Documents Incorporated by Reference
Certain portions of the registrant’s Definitive Proxy Statement for its 2025 Annual Meeting of Stockholders (which is expected to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s 2024 fiscal year) are incorporated by reference into Part III of this Annual Report on Form 10-K. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be a part of this Annual Report on Form 10-K.
   
Entity Central Index Key 0001318568    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
v3.25.0.1
Audit Information
12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers, LLP
Auditor Location Boston, MA
Auditor Firm ID 238
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Total revenues $ 757,903 $ 807,821 $ 782,519
Costs and expenses      
Cost of revenues 157,831 161,240 165,322
Operating expenses 279,619 260,931 216,959
Research and development 77,312 67,633 60,527
Depreciation 89,636 78,691 66,801
Amortization 64,320 60,042 59,558
Total costs and expenses 668,718 628,537 569,167
Operating income 89,185 179,284 213,352
Other expenses      
Interest expense, net of interest income 73,288 77,693 55,752
Total other expenses 73,288 77,693 55,752
Income before income tax 15,897 101,591 157,600
Income tax provision 881 17,594 37,111
Net income 15,016 83,997 120,489
Foreign currency translation (loss) gain (3,991) 730 (2,742)
Comprehensive income $ 11,025 $ 84,727 $ 117,747
Earnings per share      
Basic (in dollars per share) $ 0.18 $ 0.96 $ 1.33
Diluted (in dollars per share) $ 0.17 $ 0.91 $ 1.24
Weighted average common shares outstanding      
Basic (in shares) 85,023 87,176 90,494
Diluted (in shares) 88,151 91,985 97,507
Games      
Revenues      
Total revenues $ 378,921 $ 429,154 $ 436,426
Costs and expenses      
Cost of revenues [1] 101,183 107,396 111,791
Operating expenses 112,780 103,666 76,496
Research and development 49,360 44,365 40,353
Depreciation 78,837 68,833 57,106
Amortization 47,954 44,201 43,044
Total costs and expenses 390,114 368,461 328,790
Operating income (11,193) 60,693 107,636
Games | Gaming operations      
Revenues      
Total revenues 277,460 304,132 292,873
Costs and expenses      
Cost of revenues [1] 41,923 35,205 25,153
Games | Gaming equipment and systems      
Revenues      
Total revenues 101,461 125,022 143,553
Costs and expenses      
Cost of revenues [1] 59,260 72,191 86,638
FinTech      
Revenues      
Total revenues 378,982 378,667 346,093
Costs and expenses      
Cost of revenues [1] 56,648 53,844 53,531
Operating expenses 166,839 157,265 140,463
Research and development 27,952 23,268 20,174
Depreciation 10,799 9,858 9,695
Amortization 16,366 15,841 16,514
Total costs and expenses 278,604 260,076 240,377
Operating income 100,378 118,591 105,716
FinTech | Financial access services      
Revenues      
Total revenues 228,702 225,054 206,860
Costs and expenses      
Cost of revenues [1] 10,516 11,064 10,186
FinTech | Software and other      
Revenues      
Total revenues 104,120 99,490 80,232
Costs and expenses      
Cost of revenues [1] 13,562 6,159 4,125
FinTech | Hardware      
Revenues      
Total revenues 46,160 54,123 59,001
Costs and expenses      
Cost of revenues [1] $ 32,570 $ 36,621 $ 39,220
[1] Exclusive of depreciation and amortization.
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 400,677 $ 267,215
Settlement receivables 109,640 441,852
Trade and other receivables, net of allowances for credit losses of $5,656 and $5,210 at December 31, 2024 and December 31, 2023, respectively 87,855 94,282
Inventory 67,821 70,624
Prepaid expenses and other current assets 68,114 57,557
Total current assets 734,107 931,530
Non-current assets    
Property and equipment, net 157,992 152,704
Goodwill 736,470 737,804
Other intangible assets, net 216,915 234,138
Other receivables 6,329 2,786
Deferred tax assets 4,551 598
Other assets 65,545 64,310
Total non-current assets 1,187,802 1,192,340
Total assets 1,921,909 2,123,870
Current liabilities    
Settlement liabilities 460,513 662,967
Accounts payable and accrued expenses 221,015 215,530
Current portion of long-term debt 0 6,000
Total current liabilities 681,528 884,497
Non-current liabilities    
Deferred tax liabilities 6,514 13,762
Long-term debt, less current portion 950,935 968,465
Other accrued expenses and liabilities 26,996 31,004
Total non-current liabilities 984,445 1,013,231
Total liabilities 1,665,973 1,897,728
Commitments and contingencies (Note 14)
Stockholders’ equity    
Convertible preferred stock, $0.001 par value, 50,000 shares authorized and no shares outstanding at December 31, 2024 and December 31, 2023, respectively 0 0
Common stock, $0.001 par value, 500,000 shares authorized and 125,853 and 86,402 shares issued and outstanding at December 31, 2024, respectively, and 123,179 and 83,738 shares issued and outstanding at December 31, 2023, respectively 126 123
Additional paid-in capital 579,806 560,945
Retained earnings 77,747 62,731
Accumulated other comprehensive loss (7,458) (3,467)
Treasury stock, at cost, 39,451 and 39,441 shares at December 31, 2024 and December 31, 2023, respectively (394,285) (394,190)
Total stockholders’ equity 255,936 226,142
Total liabilities and stockholders’ equity $ 1,921,909 $ 2,123,870
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets, Current [Abstract]    
Allowances for doubtful accounts $ 5,656 $ 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) 125,853,023 123,178,882
Common stock outstanding (in shares) 86,402,000 83,738,000
Treasury stock (in shares) 39,451,000 39,441,000
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 15,016 $ 83,997 $ 120,489
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 89,636 78,691 66,801
Amortization 64,320 60,042 59,558
Non-cash lease expense 6,007 6,096 4,847
Amortization of financing costs and discounts 2,854 2,854 2,854
Loss on sale or disposal of assets 1,239 1,467 591
Accretion of contract rights 9,340 9,340 9,578
Provision for credit losses 11,422 11,623 10,115
Deferred income taxes (11,185) 8,754 32,618
Reserve for inventory obsolescence 4,621 1,220 792
Write-down of assets 296 13,629 0
Stock-based compensation 10,702 18,711 19,789
Adjustment to deferred acquisition consideration (1,014) (1,766) 0
Changes in operating assets and liabilities:      
Settlement receivables 331,881 (177,947) (174,604)
Trade and other receivables (7,614) 6,586 (18,780)
Inventory (2,036) (11,954) (26,314)
Prepaid expenses and other assets (13,225) (6,121) (37,911)
Settlement liabilities (202,112) 194,878 176,274
Accounts payable and accrued expenses 8,260 (7,870) 25,944
Placement fee agreements 0 0 (547)
Net cash provided by operating activities 318,408 292,230 272,094
Cash flows from investing activities      
Capital expenditures (156,431) (145,108) (127,568)
Acquisitions, net of cash acquired 0 (59,405) (51,450)
Proceeds from sale of property and equipment 269 206 227
Net cash used in investing activities (156,162) (204,307) (178,791)
Cash flows from financing activities      
Repayments of term loan (26,000) (6,000) (6,000)
Proceeds from exercise of stock options 8,038 13,739 1,921
Treasury stock - equity award activities, net of shares withheld (99) (8,151) (11,969)
Treasury stock - repurchase of shares 0 (100,000) (84,347)
Payment of deferred acquisition consideration (5,593) (10,529) (173)
Net cash used in financing activities (23,654) (110,941) (100,568)
Effect of exchange rates on cash and cash equivalents (2,517) 461 (1,398)
Cash, cash equivalents and restricted cash      
Net increase (decrease) for the period 136,075 (22,557) (8,663)
Balance, beginning of the period 272,506 295,063 303,726
Balance, end of the period 408,581 272,506 295,063
Supplemental cash disclosures      
Cash paid for interest 87,084 86,528 54,749
Cash received for interest 15,153 12,028 3,807
Cash paid for income tax, net of refunds 14,476 5,481 4,522
Supplemental non-cash disclosures      
Accrued and unpaid capital expenditures 2,221 4,408 3,222
Transfer of leased gaming equipment to inventory $ 7,762 $ 6,719 $ 9,588
v3.25.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock— Series A
Additional Paid-in Capital
(Accumulated Deficit)
Accumulated Other Comprehensive Loss
Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2021   116,996        
Balance at beginning of period at Dec. 31, 2021 $ 174,500 $ 117 $ 505,757 $ (141,755) $ (1,455) $ (188,164)
Increase (Decrease) in Stockholders' Equity            
Net income 120,489     120,489    
Foreign currency translation (2,742)       (2,742)  
Stock-based compensation expense 19,789   19,789      
Exercise of options (in shares)   333        
Exercise of options 1,921   1,921      
Restricted share vesting and withholding (in shares)   2,061        
Restricted stock vesting, net of shares withheld (11,969) $ 2 (2)     (11,969)
Repurchase of shares (84,347)         (84,347)
Balance at end of period (in shares) at Dec. 31, 2022   119,390        
Balance at end of period at Dec. 31, 2022 217,641 $ 119 527,465 (21,266) (4,197) (284,480)
Increase (Decrease) in Stockholders' Equity            
Net income 83,997     83,997    
Foreign currency translation 730       730  
Stock-based compensation expense 18,711   18,711      
Exercise of options (in shares)   2,061        
Exercise of options 13,719 $ 2 14,773     (1,056)
Restricted share vesting and withholding (in shares)   1,728        
Restricted stock vesting, net of shares withheld (8,151) $ 2 (4)     (8,149)
Repurchase of shares $ (100,505)         (100,505)
Balance at end of period (in shares) at Dec. 31, 2023 83,738 123,179        
Balance at end of period at Dec. 31, 2023 $ 226,142 $ 123 560,945 62,731 (3,467) (394,190)
Increase (Decrease) in Stockholders' Equity            
Net income 15,016     15,016    
Foreign currency translation (3,991)       (3,991)  
Stock-based compensation expense 10,702   10,702      
Exercise of options (in shares)   1,746        
Exercise of options 8,164 $ 2 8,162     0
Restricted share vesting and withholding (in shares)   928        
Restricted stock vesting, net of shares withheld (99) $ 1 (3)     (97)
Repurchase of shares $ 2         2
Balance at end of period (in shares) at Dec. 31, 2024 86,402 125,853        
Balance at end of period at Dec. 31, 2024 $ 255,936 $ 126 $ 579,806 $ 77,747 $ (7,458) $ (394,285)
v3.25.0.1
BUSINESS
12 Months Ended
Dec. 31, 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) Financial Technology Solutions (“FinTech”).
Everi Games provides gaming operators with gaming technology and entertainment products and services, including: (i) gaming machines, primarily comprising Class II, 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: (i) 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; (ii) accounts for the CashClub Wallet, check warranty services, self-service loyalty and fully integrated kiosk maintenance services; (iii) self-service loyalty tools and promotion management software; (iv) compliance, audit, and data software; (v) casino credit data and reporting services; (vi) marketing and promotional offering subscription-based services; and (vii) other ancillary offerings.
Macro-Economic Volatility and Global Instability, Employment Constraints and Supply Chain Disruptions
We have experienced an impact from macro-economic volatility as a result of inflation, interest rate movements and global instability, particularly as it relates to our supply chain, both from an upstream and downstream
perspective, which impacts the delivery of our products; and the effects of interest rate movements on our variable rate debt and pricing pressures on our business.
Additionally, we continued to experience an impact from employment constraints as a result of inflation in recent years. This has placed pressure on competitive wages, which has led to increases in wages and other related costs.
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The consolidated financial statements are prepared under U.S. Generally Accepted Accounting Principles (GAAP) and include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Business Combinations
When we acquire a business, we recognize the assets acquired and the liabilities assumed, at their acquisition date fair values. Goodwill is measured and recognized as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Significant estimates and assumptions are required to value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable. These estimates are preliminary and typically include the calculation of an appropriate discount rate and projection of the cash flows associated with each acquired asset over its estimated useful life. As a result, up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill (referred to as the measurement period). In addition, deferred tax assets, deferred tax liabilities, uncertain tax positions, and tax related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as of the acquisition date and any adjustments to preliminary estimates are recorded to goodwill, in the period of identification, if identified within the measurement period. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Statements of Operations.
Cash and Cash Equivalents
Cash and cash equivalents include cash and balances on deposit in banks and financial institutions. We consider highly liquid investments with maturities of three months or less at the time of purchase to be cash and cash equivalents. Such balances generally exceed the federal insurance limits; however, we periodically evaluate the creditworthiness of these institutions to minimize risk.
Interest income earned on our cash balances was approximately $15.1 million, $12.1 million and $3.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
ATM Funding Agreements
We obtain all of the cash required to operate our ATMs through various ATM Funding Agreements. Some gaming operators provide the cash utilized within the ATM (“Site-Funded”). The Site-Funded receivables generated for cash dispensed from transactions performed at our ATMs are owned by us and we are liable to the gaming operator for the face amount of the cash dispensed. In our Balance Sheets, the amount of the receivable for transactions processed on these funds dispensed transactions is included within settlement receivables and the amount due to the gaming operator for the face amount of dispensing transactions is included within settlement liabilities.
For the non-Site-Funded locations, we enter into commercial arrangements with third-party vendors to provide us the currency needed for normal operating requirements for our ATMs. For the use of these funds, we pay a cash usage fee based upon the target federal funds rate. Under these agreements, the currency supplied by the third-party vendors remains the sole property of these suppliers until funds are dispensed, at which time the third-party vendors obtain an interest in the corresponding settlement receivable. As the cash is an asset of these suppliers, it
is therefore not reflected on our Balance Sheets. The usage fee for the cash supplied in these ATMs is included as interest expense in the Statements of Operations. Our rationale to record cash usage fees as interest expense is primarily due to the similar operational characteristics to a revolving line of credit, the fact that the fees are calculated on a financial index, and the fees are paid for access to a capital resource.
Settlement Receivables and Settlement Liabilities
We provide cash settlement services to gaming operators related to our financial access services, which involve the movement of funds between various parties involved in these types of transactions. We receive reimbursement from the patron’s credit or debit card issuing financial institution for the amount owed to the gaming operator plus the fee charged to the patron. These activities result in amounts due to us at the end of each business day that we generally recover over the next few business days, which are classified as settlement receivables on our Balance Sheets. In addition, cash settlement services result in amounts due to gaming operators for the cash disbursed to patrons through the issuance of a negotiable instrument or through electronic settlement for the face amount provided to patrons that we generally remit over the next few business days, which are classified as settlement liabilities on our Balance Sheets.
Warranty Receivables
If a gaming operator chooses to have a check warranted, it sends a request to our third-party check warranty service provider, asking whether it would be willing to accept the risk of cashing the check. If the check warranty provider accepts the risk and warrants the check, the gaming operator negotiates the patron’s check by providing cash for the face amount of the check. If the check is dishonored by the patron’s bank upon presentment, the gaming operator invokes the warranty, and the check warranty service provider purchases the check from the gaming operator for the full check amount and then pursues collection activities on its own. In our Central Credit Check Warranty product under our agreement with the third-party service provider, we receive all of the check warranty revenue. We are exposed to risk for losses associated with any warranted items that cannot be collected from patrons issuing the items.
The warranty receivables amount is recorded in trade and other receivables, net on our Balance Sheets. On a monthly basis, the Company evaluates the collectability of the outstanding balances and establishes a reserve for the face amount of the expected losses on these receivables. The warranty expense associated with this reserve is included within cost of revenues (exclusive of depreciation and amortization) on our Statements of Operations.
Allowance for Credit Losses
We continually evaluate the collectability of outstanding balances and maintain an allowance for credit losses related to our trade and other receivables and notes receivable that have been determined to have a high risk of uncollectability, which represents our best estimates of the current expected credit losses to be incurred in the future. To derive our estimates, we analyze historical collection trends and changes in our customer payment patterns, current and expected conditions and market trends along with our operating forecasts, concentration, and creditworthiness when evaluating the adequacy of our allowance for credit losses. In addition, with respect to our check warranty receivables, we are exposed to risk for the losses associated with warranted items that cannot be collected from patrons issuing these items. We evaluate the collectability of the outstanding balances and establish a reserve for the face amount of the current expected credit losses related to these receivables. Account balances are charged against the provision when the Company believes it is probable the receivable will not be recovered. The provision for doubtful accounts receivable is included within operating expenses and the check warranty loss reserves are included within financial access services cost of revenues in the Statements of Operations.
Inventory
Our inventory primarily consists of component parts as well as finished goods and work-in-progress. The cost of inventory includes cost of materials, labor, overhead and freight. The inventory is stated at the lower of cost or net realizable value and accounted for using the first in, first out method (“FIFO”).
Restricted Cash
Our restricted cash primarily consists of: (i) funds held in connection with certain customer agreements; (ii) funds held in connection with a sponsorship agreement; (iii) wide-area progressive (“WAP”)-related restricted funds; and (iv) financial access activities related to cashless balances held on behalf of patrons. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Balance Sheets that sum to the total of the same such amounts shown in the Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022, respectively (in thousands).
Year Ended December 31,
Classification on our Balance Sheets202420232022
Cash and cash equivalentsCash and cash equivalents$400,677 $267,215 $293,394 
Restricted cash — currentPrepaid expenses and other current assets7,803 5,190 1,568 
Restricted cash — non-currentOther assets101 101 101 
Total$408,581 $272,506 $295,063 
Property and Equipment
Property and equipment are stated at cost, less accumulated depreciation, and are computed using the straight-line method over the estimated life of the assets, generally one to five years. Assets leased to customers are included within property and equipment are stated at cost, less accumulated depreciation, and are computed using the straight-line method over the estimated life of the assets, generally two to five years. Player terminals and related components and equipment are included in our rental pool. The rental pool can be further delineated as “rental pool – deployed,” which generally consists of assets deployed at customer sites under participation or fixed fee arrangements, and “rental pool – undeployed,” which consists of assets held by us that are available for customer use. Rental pool – undeployed also consists of previously deployed units currently back with us to be refurbished awaiting re-deployment. Routine maintenance of property, equipment and leased gaming equipment is expensed in the period incurred, while major component upgrades are capitalized and depreciated over the estimated remaining useful life of the component. Sales and retirements of depreciable property are recorded by removing the related cost and accumulated depreciation from the accounts. Gains or losses on sales and retirements of property are reflected in our Statements of Operations. Property, equipment and leased assets are reviewed for impairment whenever events or circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated when future cash flows, on an undiscounted basis, do not exceed the carrying value of the asset.
Placement Fee Agreements
Periodically, we enter into long-term agreements with certain gaming establishments to secure the placement of our electronic gaming machines (“EGMs”) on casino floors. Under the terms of these placement fee agreements that we generally pay in full at the start of the term, the Company has the ability to install EGMs on the gaming floor for an extended period of time (i.e., generally multi-year agreements, with our largest agreement covering 83 months) under right to use arrangements. The gaming operations revenues generated as a result of these agreements are reduced by the accretion of contract rights, which represents the related amortization of the contract rights recorded in connection with such agreements. To the extent payments are made for these placement fee agreements to certain gaming establishments, we classify the amounts as cash outflows from operating activities in our Statements of Cash Flows.
Goodwill
Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired plus liabilities assumed arising from business combinations. We test for impairment annually on a reporting unit basis, at the beginning of our fourth fiscal quarter, or more often under certain circumstances that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The annual impairment test is completed using either: a qualitative “Step 0” assessment based on reviewing relevant events and
circumstances; or a quantitative “Step 1” assessment, which determines the fair value of the reporting unit, using an appropriate methodology, such as a market approach that compares market multiples of comparable companies and/or an income approach that discounts future cash flows based on the estimated future results of our reporting units and to determine whether or not any impairment exists. To the extent the carrying amount of a reporting unit is less than its estimated fair value, an impairment charge is recorded (for additional information refer to Note 11 Goodwill and Other Intangible Assets).
Our reporting units are identified as operating segments or one level below. Reporting units must: (i) engage in business activities from which they earn revenues and incur expenses; (ii) have operating results that are regularly reviewed by our segment management to ascertain the resources to be allocated to the segment and assess its performance; and (iii) have discrete financial information available. As of December 31, 2024, our reporting units included: (i) Games; (ii) Financial Access Services; (iii) Kiosk Sales and Services; (iv) Central Credit Services; (v) Compliance Sales and Services; (vi) Loyalty Sales and Services; and (vii) Mobile Technologies.
The annual evaluation of goodwill requires the use of different assumptions, estimates, or judgments in the goodwill impairment testing process, such as: the applicable methodology and weighting based on the market multiples of comparable companies, the estimated future cash flows of our reporting units and the discount rate used to present value such cash flows.
There can be no assurance that our estimates and assumptions made for purposes of our impairment assessments as of the time of evaluation will prove to be accurate predictions of the future. If our assumptions regarding business plans, mergers and acquisitions, competitive environments or anticipated growth rates are not correct, we may be required to record non-cash impairment charges in future periods, whether in connection with our normal review procedures periodically, or earlier, if an indicator of an impairment is present prior to such evaluation.
Other Intangible Assets
Other intangible assets are stated at cost, less accumulated amortization, and are amortized primarily using the straight-line method. Other intangible assets consist primarily of customer relationships (rights to provide Games and FinTech services to gaming operator customers), developed technology, including capitalized software development costs, trade names and trademarks, acquired through business combinations and contract rights. Customer relationships require us to make renewal assumptions, which impact the estimated useful lives of such assets. Capitalized software development costs require us to make certain judgments as to the stages of development and costs eligible for capitalization. Capitalized software costs placed in service are amortized over their useful lives, generally not to exceed six years. We review intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business or market price of the asset, a significant adverse change in legal factors or business climate that could affect the value of an asset, or a current period operating or cash flow loss combined with a history of operating or cash flow losses. We group intangible assets for impairment analysis at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of definite lived intangible assets is measured by a comparison of the carrying amount of the asset to future net cash flows expected to be generated by the asset, on an undiscounted basis and without interest or taxes. Any impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Debt Issuance Costs
Debt issuance costs incurred in connection with long-term borrowings are capitalized and amortized to interest expense based upon the related debt agreements using the straight-line method, which approximates the effective interest method. Debt issuance costs related to line-of-credit arrangements are included in other assets, non-current, on our Balance Sheets. All other debt issuance costs are included as contra-liabilities in long-term debt.
Cost of Revenues (Exclusive of Depreciation and Amortization)
The cost of revenues (exclusive of depreciation and amortization) represents the direct costs required to perform revenue generating transactions, and are comprised primarily of inventory and related costs associated with the sale of our financial access and loyalty kiosks and software, electronic gaming machines and system sale, check cashing warranties, field service, and network operations personnel.
Advertising, Marketing, and Promotional Costs
We expense advertising, marketing, and promotional costs as incurred. Total advertising, marketing, and promotional costs, included in operating expenses in the Statements of Operations, were $4.0 million, $4.0 million, and $3.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research and Development Costs
We conduct research and development activities for both our Games and FinTech segments. Our Gaming research and development activities are primarily to develop gaming systems, game engines, casino data management systems, central determination and other electronic bingo-outcome determination systems, video lottery outcome determination systems, gaming platforms and gaming content, and to enhance our existing product lines. Our FinTech research and development activities are primarily to develop: (i) payments products, systems, and related capabilities such as security, encryption and business rule engines that deliver differentiated patron experiences and integrate with our other products; (ii) compliance products that increase efficiencies, profitability, enhance employee/patron relationships, and meet regulatory reporting requirements; (iii) loyalty products, systems, and features that attract, engage, and retain patrons in more intuitive and contextual ways than our competition; (iv) cashless alternatives, such as the CashClub Wallet; and (v) mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries.
Research and development costs consist primarily of salaries and benefits, consulting fees, certification and testing fees. Once the technological feasibility has been established, the project is capitalized until it becomes available for general release.
Research and development costs were $77.3 million, $67.6 million, and $60.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Income Taxes
We are subject to income taxes in the United States as well as various states and foreign jurisdictions in which we operate. We account for income taxes in accordance with accounting guidance whereby deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or income tax returns. Deferred tax assets and liabilities are determined based upon differences between financial statement carrying amounts of existing assets and their respective tax bases using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. We evaluate the realization of our deferred tax assets based on all available evidence and establish a valuation allowance to reduce deferred tax assets when it is more likely than not that they will not be realized. This assessment considers all available positive and negative evidence, including our past operating results, forecasts of future earnings, the scheduled reversal of deferred tax liabilities, the duration of statutory carryforward periods and tax planning strategies.
We recognize tax benefits from an uncertain position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the issue. The amount recognized is the largest benefit that we believe has greater than a 50% likelihood of being realized upon settlement.
Although we believe our assumptions, judgments and estimates are reasonable, changes in tax laws, and their interpretation, as well as the examination of our tax returns by taxing authorities, could significantly impact the
amounts provided for income taxes in our consolidated financial statements. Our effective tax rate is affected by a number of factors including the actual results of operations, changes in our stock price for shares issued as employee compensation, changes in the valuation of our deferred tax assets or liabilities and changes in tax laws or rates for income taxes and other non-income taxes in various jurisdictions. The Organization for Economic Cooperation and Development’s (“OECD”) Base Erosion and Profit Shifting project involving negotiations among over 140 countries has the potential to substantially affect international tax policies, including the implementation of a minimum global effective tax rate of 15%. We are not currently subject to these rules as they are only applicable to multinational companies with global revenue of at least EUR 750 million. We will continue to monitor developments in the OECD’s project and policy changes in the countries in which we operate, as our effective tax rate and cash tax payments could increase when we become subject to these rules in future years.
Employee Benefits Plan
The Company provides a 401(k) Plan that allows employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 75% of their income on a pre-tax basis through contributions to the plan. As a benefit to employees, the Company matches a percentage of these employee contributions (as defined in the plan document). Expenses related to the matching portion of the contributions to the 401(k) Plan were $7.8 million, $6.3 million, and $4.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Fair Values of Financial Instruments
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time, based upon relevant market information about the financial instrument.
The carrying amount of cash and cash equivalents, restricted cash, settlement receivables, short-term trade and other receivables, settlement liabilities, accounts payable, and accrued expenses approximate fair value due to the short-term maturities of these instruments. The fair value of the long-term trade and loans receivable is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. The fair value of long-term accounts payable is estimated by discounting the total obligation. As of December 31, 2024 and 2023, the fair value of trade and loan receivable approximated the carrying value due to contractual terms generally being slightly over 12 months. The fair value of our borrowings is estimated based on various inputs to determine a market price, such as: market demand and supply, size of tranche, maturity, and similar instruments trading in more active markets.
The estimated fair value and outstanding balances of our borrowings are as follows (dollars in thousands):
 Level of HierarchyFair ValueOutstanding Balance
December 31, 2024   
$600 million Term Loan
2$561,201 $560,500 
$400 million 2021 Unsecured Notes
2$400,000 $400,000 
December 31, 2023   
$600 million Term Loan
2$589,433 $586,500 
$400 million 2021 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.
Foreign Currency Translation
Foreign currency denominated assets and liabilities for those foreign entities for which the local currency is the functional currency are translated into U.S. dollars based on exchange rates prevailing at the end of each year. Revenues and expenses are translated at average exchange rates during the year. The effects of foreign exchange gains and losses arising from these translations are included as a component of other comprehensive income (loss) in the Statements of Operations. Translation adjustments on intercompany balances of a long-term investment nature are recorded as a component of accumulated other comprehensive loss in our Balance Sheets.
Use of Estimates
We have made estimates and judgments affecting the amounts reported in these financial statements and the accompanying notes in conformity with GAAP. The actual results may materially differ from these estimates.
Earnings Applicable to Common Stock
Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the effect of potential common stock resulting from assumed stock option exercises and vesting of restricted stock unless it is anti-dilutive. To the extent we report a net loss from continuing operations in a particular period, no potential dilution from the application of the treasury stock method would be applicable.
Stock-Based Compensation
Stock-based compensation results in a cost that is measured at fair value on the grant date of an award. Generally, we issue grants that are classified as equity awards. To the extent we issue grants that are considered liability awards, they are remeasured at fair value at the end of each reporting period until settlement with changes being recognized as stock-based compensation cost with a corresponding adjustment recorded to the liability, either immediately or during the remaining service period depending on the vested status of the award. Generally, with respect to stock option awards granted under our plans, they expire 10 years from the date of grant with the exercise price based on the closing market price of our common stock on the date of the grant.
Our restricted stock awards, restricted stock units, and performance-based stock units, are measured at fair value based on the closing stock price on the grant date, except for certain awards with a share-based payment arrangements priced in relation to similar indexed securities, which are valued using a lattice model. Our time-based stock option awards are measured at fair value on the grant date using the Black Scholes model. The stock-based compensation cost is recognized on a straight-line basis over the vesting period of the awards.
Forfeiture amounts are estimated at the grant date for stock awards and are updated periodically based on actual results, to the extent they differ from the estimates.
Acquisition-Related Costs
We expense acquisition-related costs as incurred. Acquisition-related costs include, but are not limited to: financial advisory, legal and debt fees; accounting, consulting and professional fees associated with due diligence, valuation and integration; severance; and other related costs and adjustments.
Reclassification of Balances
Certain amounts in the accompanying consolidated financial statements and accompanying notes have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on net income or financial condition for any period presented.
Recent Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescription
Date of 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
The adoption of this ASU resulted in the inclusion of significant expense and measure of profit or loss segment information Financial Statement disclosures.
Recent Accounting Guidance Not Yet Adopted
StandardDescription
Date of Planned Adoption
Effect on Financial Statements
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.
December 31, 2025
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220):The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.December 31, 2027
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
As of December 31, 2024, other than what has been described above, we do not anticipate recently issued accounting guidance to have a significant impact on our consolidated financial statements.
v3.25.0.1
REVENUES
12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES Revenues
Revenue Recognition
Overview
We evaluate the recognition of revenue based on the criteria set forth in Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers and ASC 842 — Leases, as appropriate. We recognize revenue upon transferring control of goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We enter into contracts with customers that include various performance obligations consisting of goods, services, or combinations of goods and services. Timing of the transfer of control varies based on the nature of the contract. We recognize revenue net of any sales and other taxes collected from customers, which are subsequently remitted to governmental authorities and are not included in revenues or operating expenses. We measure revenue based on the consideration specified in a contract with a customer and adjusted, as necessary.
Collectability
To assess collectability, we determine whether it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services transferred to the customer in accordance with the terms and conditions of the contract. In connection with these procedures, we evaluate the
customer using internal and external information available, including, but not limited to, research and analysis of our credit history with the customer. Based on the nature of our transactions and historical trends, we determine whether our customers have the ability and intention to pay the amounts of consideration when they become due to identify potentially significant credit risk exposure.
Contract Combinations - Multiple Promised Goods and Services
Our contracts may include various performance obligations for promises to transfer multiple goods and services to a customer, especially since our Games and FinTech businesses may enter into multiple agreements with the same customer that meet the criteria to be combined for accounting purposes under ASC 606. When this occurs, a Stand-Alone Selling Price (“SSP”) will be determined for each performance obligation in the combined arrangement, and the consideration will be allocated between the respective performance obligations. The SSP of our goods and services is generally determined based on observable prices, an adjusted market assessment approach, or an expected cost-plus margin approach. We utilize a residual approach only when the SSP for performance obligations with observable prices has been established and the remaining performance obligation in the contract with a customer does not have an observable price as it is uncertain or highly variable and, therefore, is not discernible. We use our judgment to analyze the nature of the promises made and determine whether each is distinct or should be combined with other promises in the contract based on the level of integration and interdependency between the individual deliverables.
Disaggregation of Revenues
We disaggregate revenues based on the nature and timing of the cash flows generated by such revenues as presented in “Note 19 — Segment Information.”
Outbound Freight Costs, Installation and Training
Upon transferring control of goods to a customer, the shipping and handling costs in connection with sale transactions are generally accounted for as fulfillment costs and included in cost of revenues.
Our performance of installation and training services relating to the sales of gaming equipment and systems and FinTech equipment does not modify the software or hardware in those equipment and systems. Such installation and training services are generally immaterial in the context of the contract; and therefore, such items do not represent a separate performance obligation.
Costs to Acquire a Contract with a Customer
We typically incur incremental costs to acquire customer contracts in the form of sales commissions; however, because the expected benefit from these contracts is one year or less, we expense these amounts as incurred.
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):
2024
2023
Contract assets(1)
Balance, beginning of period$26,635 $22,417 
Balance, end of period35,564 26,635 
         Increase
$8,929 $4,218 
Contract liabilities(2)
Balance, beginning of period$51,799 $53,419 
Balance, end of period63,563 51,799 
         Increase (decrease)
$11,764 $(1,620)
(1) Contract assets are included within prepaid expenses and other current assets and other assets 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 $34.9 million and $36.0 million in revenue that was included in the beginning contract liability balance during 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.
Gaming Operations
We primarily provide: (i) leased gaming equipment, both Class II and Class III offerings, and HHR on a participation and a daily fixed-fee basis, including standard games and hardware and premium games and hardware, inclusive of local-area progressive, and WAP; (ii) accounting and central determinant systems; (iii) digital online gaming activities; and (iv) bingo solutions through consoles, integrated electronic gaming tablets and related systems. We evaluate the recognition of lease revenues based on criteria set forth in ASC 842. Under these arrangements, we retain ownership of the machines installed at customer facilities. We recognize recurring rental income over time based on a percentage of the net win per day generated by the leased gaming equipment or a daily fixed fee based on the timing services are provided. Such revenues are generated daily and are limited to the lesser of the net win per day generated by the leased gaming equipment and the fixed daily fee and the lease payments that have been collected from the lessee.
Gaming operations revenues are generated by leased gaming equipment deployed at sites under placement fee agreements for dedicated floor space. The gaming operations revenues generated by these agreements are reduced by the accretion of contract rights, which represents the related amortization recorded in connection with such agreements.
Gaming operations lease revenues accounted for under ASC 842 are generally short-term in nature with payment terms ranging from 30 to 90 days. We recognized $178.0 million, $201.9 million, and $197.9 million in lease revenues for the years ended December 31, 2024, 2023, and 2022, respectively.
Gaming operations revenues include amounts generated by WAP systems, which are recognized under ASC 606. WAP consists of linked slot machines located in multiple casino properties that are connected to a central system. WAP-based gaming machines have a progressive jackpot administered by us that increases with every wager until a player wins the top award combination. Casino operators pay us a percentage of the coin-in (the total amount wagered), a percentage of net win, or a combination of both for services related to the design, assembly, installation, operation, maintenance, administration, and marketing of the WAP offering. The gaming operations revenues with respect to WAP machines represent a separate performance obligation and we transfer control and recognize revenue over time based on a percentage of the coin-in, a percentage of net win, or a combination of both, based on the timing services are provided. These arrangements are generally short-term in nature with a majority of invoices payable within 30 to 90 days. Such revenues are presented in the Statements of Operations, net of the jackpot expense, which are composed of incremental amounts funded by a portion of coin-in from the players. At the time a jackpot is won by a player, an additional jackpot expense is recorded in connection with the base seed amount required to fund the minimum level as set forth in the WAP arrangements with the casino operators.
In addition, gaming operations include revenues generated under our arrangement to provide the New York State Gaming Commission (the “NYSGC”) with a central determinant monitoring and accounting system for the VLTs in operation at licensed State of New York gaming facilities. Pursuant to our agreement with the NYSGC, we receive a portion of the network-wide net win (generally, cash-in less prizes paid) per day in exchange for provision and maintenance of the central determinant system and recognize revenue over time, based on the timing services are provided. We also provide the central determinant system technology to Native American tribes in other licensed jurisdictions, for which we receive a portion of the revenue generated from the VLTs connected to the system. These arrangements are generally short-term in nature with payments due monthly.
Gaming operations also include revenues generated by our digital solutions comprised of B2B activities. Our B2B operations provide games to our business customers, including both regulated real money and social casinos, which offer the games to consumers on their apps. Our B2B arrangements primarily provide access to our game content, and revenue is recognized over time as the control transfers upon our business partners’ daily access to such content based on either a flat fee or revenue share arrangements with the social and regulated real money casinos, based on the timing services are provided.
Gaming operations also include revenues generated by bingo solutions through consoles, integrated electronic gaming tablets and related systems.
Gaming operations also include other revenues that are generated from fees paid by casino customers that participate in our TournEvent of Champions® national slot tournament or who contract with us to provide certain service functions on games that are owned by the customer.
Gaming Equipment and Systems
Gaming equipment and systems revenues are derived from the sale of some combination of: (i) gaming equipment and player terminals; (ii) game content; (iii) license fees; and (iv) ancillary equipment, such as signage and lighting packages. Such arrangements are predominately short-term in nature with payment terms ranging from 30 to 180 days, and with certain agreements providing for extended payment terms up to 39 months. Each contract containing extended payment terms over a period of 12 months is evaluated for the presence of a financing component; however, our contracts generally do not contain a financing component that has been determined to be significant to the contract. Distinct and thus, separately identifiable performance obligations for gaming equipment and systems arrangements include gaming equipment, player terminals, content, system software, license fees, ancillary equipment, or various combinations thereof. Gaming equipment and systems revenues are recognized at a point in time when control of the promised goods and services transfers to the customer, which is generally upon shipment or delivery pursuant to the terms of the contract. The performance obligations are generally satisfied at the same time or within a short period of time.
FinTech Revenues
Financial Access Services
Financial Access Services revenues are generally comprised of the following distinct performance obligations: funds advanced, funds dispensed, and check services. We do not control the funds advanced and funds dispensed services provided to a customer and, therefore, we are acting as an agent whose performance obligation is to arrange for the provision of these services. Our financial access services involve the movement of funds between the various parties associated with financial access transactions and give rise to settlement receivables and settlement liabilities, both of which are settled in days following the transaction.
Funds advanced revenues are primarily comprised of transaction fees assessed to gaming patrons in connection with credit card financial access and POS debit card financial access transactions. Such fees are primarily based on a combination of a fixed amount plus a percentage of the face amount of the credit card financial access or POS debit card financial access transaction amount. In connection with these types of transactions, we report certain direct costs incurred as reductions to revenues on a net basis, which generally include: (i) commission expenses payable to casino operators; (ii) interchange fees payable to the network associations; and (iii) processing and related costs payable to other third-party partners.
Funds dispensed revenues are primarily comprised of transaction fees in the form of cardholder surcharges assessed to gaming patrons in connection with funds dispensed cash withdrawals at the time the transactions are authorized and interchange reimbursement fees paid to us by the patrons’ issuing banks. The cardholder surcharges assessed to gaming patrons in connection with funds dispensed cash withdrawals are currently a fixed dollar amount and not a percentage of the transaction amount. In connection with these types of transactions, we report certain direct costs incurred as reductions to revenues on a net basis, which generally include: (i) commission expenses payable to casino operators; (ii) interchange fees payable to the network associations; and (iii) processing and related costs payable to other third-party partners.
Funds transmitted revenues are primarily comprised of transaction fees assessed to gaming patrons in connection with funds transmitted to a patron’s external bank account or other approved account from a physical device such as our kiosks, or via the CashClub Wallet. In connection with these types of transactions, we report certain direct costs incurred as reductions to revenues on a net basis.
Check services revenues are principally comprised of check warranty revenues and are generally based upon a percentage of the face amount of checks warranted. These fees are paid to us by gaming operators. We report certain direct costs incurred as reductions to revenues on a net basis, which include: (i) warranty expenses, defined as amounts paid by the third-party check warranty service provider to gaming operators to purchase dishonored checks; and (ii) service fees, defined as amounts paid to the third-party check warranty service provider for its assistance.
For financial access services arrangements, since the customer simultaneously receives and consumes the benefits as the performance obligations occur, we recognize revenues as earned over a period of time using an output method depicting the transfer of control to the customer based on variable consideration, such as volume of transactions processed with variability generally resolved in the reporting period.
Software and Other
Software and other revenues include amounts derived from our financial access, loyalty kiosk, compliance, and loyalty related revenue streams from the sale of: (i) software licenses, software subscriptions, professional services, and certain other ancillary fees; (ii) service-related fees associated with the sale, installation, training, and maintenance of equipment directly to our customers under contracts, which are generally short-term in nature with payment terms ranging from 30 to 90 days, secured by the related equipment; (iii) credit worthiness-related software subscription services that are based upon either a flat monthly unlimited usage fee or a variable fee structure driven by the volume of patron credit histories generated; and (iv) ancillary marketing and database services. Software license revenues are recognized at a point in time; software subscriptions are recognized over the term of the contract.
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 definition of a sales type or direct financing lease which are accounted for under ASC 842. Revenues are recognized at a point in time when control of the promised goods and services transfers to the customer generally upon shipment or delivery pursuant to the terms of the contract. The sales contracts are generally short-term in nature with payment terms ranging from 30 to 90 days, while certain agreements provide for extended payment terms of up to 60 months. Each contract containing extended payment terms over a period of 12 months is evaluated for the presence of a financing component; however, our contracts generally do not contain a financing component that has been determined to be significant to the contract.
v3.25.0.1
LEASES
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
We determine if a contract is, or contains, a lease at the inception, or modification, of a contract based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of an asset is predicated upon the notion that a lessee has both the right to (i) obtain substantially all of the economic benefit from the use of the asset; and (ii) direct the use of the asset.
Operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of minimum lease payments over the expected lease term at commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. Our lease arrangements have both lease and non-lease components, and we have elected the practical expedient to account for the lease and non-lease elements as a single lease.
Certain of our lease arrangements contain options to renew with terms that generally have the ability to extend the lease term to a range of approximately one to ten years. The exercise of lease renewal options is generally at our sole discretion. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. The depreciable life of leased assets and leasehold improvements are limited by the expected term of such assets, unless there is a transfer of title or purchase option reasonably certain to be exercised.
Lessee
We enter into operating lease agreements for real estate purposes that generally consist of buildings for office space and warehouses for manufacturing purposes. Certain of our lease agreements consist of rental payments that are periodically adjusted for inflation. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. Our lease agreements do not generally provide explicit rates of interest; therefore, we use our incremental collateralized borrowing rate, which is based on a fully collateralized and fully amortizing loan with a maturity date the same as the length of the lease that is based on the information available at the commencement date to determine the present value of lease payments. Leases with an initial expected term of 12 months or less (short-term) are not accounted for on our Balance Sheets. As of December 31, 2024 and December 31, 2023, our finance leases were not material.
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At December 31, 2024
At December 31, 2023
Assets
Operating lease ROU assetsOther assets, non-current$24,299 $27,489 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$7,579 $7,079 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$22,472 $26,930 
Supplemental cash flow information related to leases is as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for:
Long-term operating leases$8,908 $7,413 $6,885 
Short-term operating leases$2,318 $2,090 $1,660 
ROU assets obtained in exchange for lease obligations:
Operating leases(1)
$2,863 $17,690 $7,502 
(1)  The amounts are presented net of current year terminations and exclude amortization for the period.
Other information related to lease terms and discount rates is as follows:
At December 31, 2024
At December 31, 2023
Weighted average remaining lease term (in years):
Operating leases6.416.71
Weighted average discount rate:
Operating leases6.32 %6.08 %
Components of lease expense are as follows (in thousands):
Year Ended December 31,
202420232022
Operating lease cost:
Operating lease cost (1)
$7,813 $6,786 $6,008 
Variable lease cost $1,465 $1,461 $1,164 
(1)  The amounts include approximately $6.0 million, $6.1 million and $4.8 million in non-cash lease expense attributable to amortization of ROU assets for the years ended December 31, 2024, 2023 and 2022, respectively.
Maturities of lease liabilities are summarized as follows as of December 31, 2024 (in thousands):
Year ending December 31, Amount
2025$9,219 
20266,064 
20273,938 
20283,430 
20292,580 
Thereafter12,185 
Total future minimum lease payments $37,416 
Amount representing interest 7,365 
Present value of future minimum lease payments$30,051 
Current operating lease obligations7,579 
Long-term lease obligations$22,472 
Lessor
We generate lease revenues primarily from our gaming operations activities, and the majority of our leases are month-to-month leases. Under these arrangements, we retain ownership of the electronic gaming machines (“EGMs”) installed at customer facilities. We receive recurring revenues based on a percentage of the net win per day generated by the leased gaming equipment or a fixed daily fee. Such revenues are generated daily and are limited to the lesser of the net win per day generated by the leased gaming equipment or the fixed daily fee and the lease payments that have been collected from the lessee. Certain of our leases have terms and conditions with options for a lessee to purchase the underlying assets. Refer to “Note 3 — Revenues” for further discussion of lease revenues. We did not have material sales transactions that qualified for sales-type lease accounting treatment during the years ended December 31, 2024 and December 31, 2023.
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance Sheets
At December 31, 2024
At December 31, 2023
Assets
Net investment in sales-type leases — currentTrade and other receivables, net$1,902 $810 
Leases LEASES
We determine if a contract is, or contains, a lease at the inception, or modification, of a contract based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of an asset is predicated upon the notion that a lessee has both the right to (i) obtain substantially all of the economic benefit from the use of the asset; and (ii) direct the use of the asset.
Operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of minimum lease payments over the expected lease term at commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. Our lease arrangements have both lease and non-lease components, and we have elected the practical expedient to account for the lease and non-lease elements as a single lease.
Certain of our lease arrangements contain options to renew with terms that generally have the ability to extend the lease term to a range of approximately one to ten years. The exercise of lease renewal options is generally at our sole discretion. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. The depreciable life of leased assets and leasehold improvements are limited by the expected term of such assets, unless there is a transfer of title or purchase option reasonably certain to be exercised.
Lessee
We enter into operating lease agreements for real estate purposes that generally consist of buildings for office space and warehouses for manufacturing purposes. Certain of our lease agreements consist of rental payments that are periodically adjusted for inflation. Our lease agreements do not contain material residual value guarantees or material restrictive covenants. Our lease agreements do not generally provide explicit rates of interest; therefore, we use our incremental collateralized borrowing rate, which is based on a fully collateralized and fully amortizing loan with a maturity date the same as the length of the lease that is based on the information available at the commencement date to determine the present value of lease payments. Leases with an initial expected term of 12 months or less (short-term) are not accounted for on our Balance Sheets. As of December 31, 2024 and December 31, 2023, our finance leases were not material.
Supplemental balance sheet information related to our operating leases is as follows (in thousands):
Classification on our Balance Sheets
At December 31, 2024
At December 31, 2023
Assets
Operating lease ROU assetsOther assets, non-current$24,299 $27,489 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$7,579 $7,079 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$22,472 $26,930 
Supplemental cash flow information related to leases is as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for:
Long-term operating leases$8,908 $7,413 $6,885 
Short-term operating leases$2,318 $2,090 $1,660 
ROU assets obtained in exchange for lease obligations:
Operating leases(1)
$2,863 $17,690 $7,502 
(1)  The amounts are presented net of current year terminations and exclude amortization for the period.
Other information related to lease terms and discount rates is as follows:
At December 31, 2024
At December 31, 2023
Weighted average remaining lease term (in years):
Operating leases6.416.71
Weighted average discount rate:
Operating leases6.32 %6.08 %
Components of lease expense are as follows (in thousands):
Year Ended December 31,
202420232022
Operating lease cost:
Operating lease cost (1)
$7,813 $6,786 $6,008 
Variable lease cost $1,465 $1,461 $1,164 
(1)  The amounts include approximately $6.0 million, $6.1 million and $4.8 million in non-cash lease expense attributable to amortization of ROU assets for the years ended December 31, 2024, 2023 and 2022, respectively.
Maturities of lease liabilities are summarized as follows as of December 31, 2024 (in thousands):
Year ending December 31, Amount
2025$9,219 
20266,064 
20273,938 
20283,430 
20292,580 
Thereafter12,185 
Total future minimum lease payments $37,416 
Amount representing interest 7,365 
Present value of future minimum lease payments$30,051 
Current operating lease obligations7,579 
Long-term lease obligations$22,472 
Lessor
We generate lease revenues primarily from our gaming operations activities, and the majority of our leases are month-to-month leases. Under these arrangements, we retain ownership of the electronic gaming machines (“EGMs”) installed at customer facilities. We receive recurring revenues based on a percentage of the net win per day generated by the leased gaming equipment or a fixed daily fee. Such revenues are generated daily and are limited to the lesser of the net win per day generated by the leased gaming equipment or the fixed daily fee and the lease payments that have been collected from the lessee. Certain of our leases have terms and conditions with options for a lessee to purchase the underlying assets. Refer to “Note 3 — Revenues” for further discussion of lease revenues. We did not have material sales transactions that qualified for sales-type lease accounting treatment during the years ended December 31, 2024 and December 31, 2023.
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance Sheets
At December 31, 2024
At December 31, 2023
Assets
Net investment in sales-type leases — currentTrade and other receivables, net$1,902 $810 
v3.25.0.1
BUSINESS COMBINATIONS
12 Months Ended
Dec. 31, 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 & Digital business (“IGT Gaming”), with the Company acquiring IGT Gaming in a series of transactions (the “Original Proposed Transaction”). Upon the closing of the Original 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.

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 Original Proposed Transaction, subject to the satisfaction of certain customary closing conditions including the consummation of the Original Proposed Transaction described above.

In connection with the Original Proposed Transaction, we incurred transaction costs of approximately $16.2 million during the year ended December 31, 2024, which are included within Operating Expenses of our Statements of Operations.

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 Gaming and Everi will be simultaneously acquired by Buyer in an all-cash transaction (the “Proposed Transaction”). Following the closing of the Proposed Transaction, 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 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 $4.1 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 Proposed Transaction, each of the definitive agreements for the Original 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 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 $2.3 billion, 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 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 $4.3 billion, together with a committed revolving credit facility in an aggregate principal amount of up to $0.8 billion, to Buyer for the purpose of funding the Proposed Transaction, subject to the terms and conditions set forth in the debt commitment letter and any related fee letter. In addition, De Agostini S.p.A., a società per azioni organization under the laws of Italy and the controlling shareholder of IGT (“De Agostini”), has entered into a letter agreement with an affiliate of Buyer, pursuant to which De Agostini will make a minority investment in an indirect parent of Buyer.
In connection with the Proposed Transaction, we incurred transaction costs of approximately $6.4 million during the year ended December 31, 2024, and employee retention costs of approximately $12.3 million during the year ended December 31, 2024, which are included within Operating Expenses of our Statements of Operations.
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 to reduce the liability, 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.
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, an immaterial amount twelve-months following the Venuetize Closing Date that was netted against a net working capital receivable of approximately $1.0 million and approximately $0.9 million based upon the achievement of certain revenue targets on the twenty-four month anniversary 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.
During the fourth quarter of 2024, we revised our estimate of contingent consideration to be paid on the thirty month anniversary of the Venuetize Closing Date based upon the achievement of certain revenue targets, which are no longer expected to be achieved. As a result, we recorded an adjustment of approximately $0.7 million to reduce the liability, 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
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 paid the seller approximately $0.2 million related to an indemnity holdback post-closing, during the fourth quarter of 2024, which was 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 first quarter of 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 year ended December 31, 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 $817.0 million and $824.0 million and net income of approximately $83.0 million and $109.2 million for the years ended December 31, 2023 and 2022, respectively.
The acquisitions related to eCash, Intuicode and Venuetize occurred during fiscal 2022; therefore, each are included in our Financial Statements for the years ended December 31, 2024 and 2023.

The unaudited pro forma financial results on a consolidated basis, including the historical operating results of the Company, assuming the eCash, Intuicode and Venuetize acquisitions occurred on January 1, 2021, reflected revenue of approximately $797.6 million and net income of approximately $111.4 million for the year ended December 31, 2022.
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.
v3.25.0.1
FUNDING AGREEMENTS
12 Months Ended
Dec. 31, 2024
A T M Funding Agreement Disclosure [Abstract]  
FUNDING AGREEMENTS FUNDING AGREEMENTS
Commercial Cash Arrangements
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 $18.6 million, $20.4 million, and $9.3 million for the years ended December 31, 2024, 2023, and 2022, 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 $379.3 million and $388.5 million as of December 31, 2024 and 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 years ended December 31, 2024, 2023, and 2022.
Site-Funded ATMs
We operate ATMs at certain gaming operators’ establishments where the gaming operator provides the cash required for the ATMs’ operational needs. We are required to reimburse the customer for the amount of cash dispensed from these site-funded ATMs. The site-funded ATM liability included within settlement liabilities in the accompanying Balance Sheets was approximately $309.8 million and $483.7 million as of December 31, 2024 and 2023, respectively.
Third-Party Funded ATMs
We enter into agreements with international customers for certain of our ATMs whereby we engage with third parties to provide the cash required to operate the ATMs. The amount of cash supplied by these third parties is included within settlement liabilities in the accompanying Balance Sheets. The outstanding balances in connection with these arrangements were immaterial at December 31, 2024 and 2023.
Pre-Funded Financial Access Agreements
Due to regulatory requirements in certain jurisdictions, some international gaming operators require pre-funding of cash to cover the outstanding settlement amounts in order for us to provide financial access services to their properties. We enter into agreements with these gaming operators for which we supply our financial access services to their properties. Under these agreements, we maintain sole discretion to either continue or cease operations as well as discretion over the amounts pre-funded to the properties and may request amounts to be refunded to us, with appropriate notice to the operator, at any time. The initial pre-funded amounts and subsequent amounts from the settlement of transactions are deposited into a bank account that is to be used exclusively for financial access services, and we maintain the right to monitor the transaction activity in that account. The total amount of pre-funded cash outstanding was approximately $3.6 million at December 31, 2024 and 2023, respectively, and is included in prepaid expenses and other current assets line on our Balance Sheets.
v3.25.0.1
TRADE AND OTHER RECEIVABLES
12 Months Ended
Dec. 31, 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 December 31,
 20242023
Trade and other receivables, net  
Games trade and loans receivable$61,298 $66,044 
FinTech trade and loans receivable27,288 26,550 
Other receivables5,598 4,474 
Total trade and other receivables, net94,184 97,068 
Non-current portion of receivables
Games trade and loans receivable2,461 480 
FinTech trade and loans receivable3,868 2,306 
Total non-current portion of receivables6,329 2,786 
Total trade and other receivables, current portion$87,855 $94,282 
Allowance for Credit Losses
The activity in our allowance for credit losses for the years ended December 31, 2024 and 2023 is as follows (in thousands):
At December 31,
 20242023
Beginning allowance for credit losses$(5,210)$(4,855)
Provision(11,422)(11,623)
Charge-offs and recoveries10,976 11,268 
Ending allowance for credit losses$(5,656)$(5,210)
v3.25.0.1
INVENTORY
12 Months Ended
Dec. 31, 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 December 31,
 20242023
Inventory  
Component parts, net of reserves of $6,693 and $3,144 at December 31, 2024 and December 31, 2023, respectively
$54,324 $59,632 
Work-in-progress918 1,147 
Finished goods12,579 9,845 
Total inventory$67,821 $70,624 
During the year ended December 31, 2024, we identified certain component parts that were no longer expected to be utilized to manufacture, refurbish, or support certain of our end-of-life electronic gaming devices, as discussed in “Note 10 — Property and Equipment.” As a result, we increased our Games segment inventory reserves by approximately $3.5 million, of which $3.0 million was included within Gaming Operations Cost of Revenues and $0.5 million was included within Gaming Equipment and Systems Cost of Revenues of our Statements of Operations.
We also determined that the expected utility of certain firm purchase commitments in our Games segment had declined resulting in a charge of approximately $3.8 million, which was included within Operating Expenses of our Statements of Operations.
v3.25.0.1
PREPAID EXPENSES AND OTHER ASSETS
12 Months Ended
Dec. 31, 2024
Prepaid Expense and Other Assets [Abstract]  
PREPAID EXPENSES AND OTHER ASSETS PREPAID EXPENSES AND OTHER ASSETS
Prepaid expenses and other assets include the balance of prepaid expenses, deposits, debt issuance costs on our Revolver (as defined below “Note 13 — Long-Term Debt”), restricted cash, operating lease ROU assets, and other assets. The current portion of these assets is included in prepaid expenses and other current assets and the non-current portion is included in other assets, both of which are contained within our Balance Sheets.
The balance of the current portion of prepaid expenses and other assets consisted of the following (in thousands): 
 At December 31,
 20242023
Prepaid expenses and other current assets  
Prepaid expenses$26,052 $25,608 
Contract assets(1)
16,961 13,651 
Deposits13,636 10,530 
Restricted cash(2)
7,803 5,190 
Other3,662 2,578 
Total prepaid expenses and other current assets$68,114 $57,557 
(1) Refer to “Note 3 — Revenues” for a discussion on the contract assets.
(2) Refer to “Note 2 — Basis of Presentation and Summary of Significant Accounting Policies” for discussion on the composition of the restricted cash balance.
The balance of the non-current portion of other assets consisted of the following (in thousands):
 At December 31,
 20242023
Other assets  
Operating lease ROU assets$24,299 $27,489 
Contract assets(1)
18,603 12,984 
Prepaid expenses and deposits9,624 9,429 
Debt issuance costs of revolving credit facility609 993 
Other12,410 13,415 
Total other assets$65,545 $64,310 
(1) Refer to “Note 3 — Revenues” for a discussion on the contract assets.
v3.25.0.1
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment consist of the following (in thousands):
  At December 31, 2024At December 31, 2023
Useful Life (Years)CostAccumulated DepreciationNet Book ValueCostAccumulated DepreciationNet Book Value
Property and equipment       
Rental pool - deployed
2-5
$297,909 $201,141 $96,768 $308,438 $218,110 $90,328 
Rental pool - undeployed
2-5
42,360 30,364 11,996 39,578 29,770 9,808 
FinTech equipment
1-5
29,218 20,666 8,552 32,719 21,911 10,808 
Leasehold and building improvementsLease Term16,630 3,597 13,033 19,271 4,887 14,384 
Machinery, office, and other equipment
1-5
65,518 37,875 27,643 63,857 36,481 27,376 
Total $451,635 $293,643 $157,992 $463,863 $311,159 $152,704 
Depreciation expense related to property and equipment totaled approximately $89.6 million, $78.7 million, and $66.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.
During the third and fourth quarters of 2024, we determined that certain returned, end-of-life electronic gaming devices reflected in our Games segment were not likely to be re-deployed, primarily due to increased demand for our newer gaming devices, together with uncertainty in light of the Proposed Transaction discussed in “Note 5 — Business Combinations.” As a result, we shortened the remaining useful lives of these returned, end-of-life, electronic gaming devices and recorded additional depreciation expense of approximately $7.5 million, which was included within Depreciation Expense of our Statements of Operations.
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 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 $736.5 million and $737.8 million at December 31, 2024 and 2023, respectively. We have the following reporting units: (i) Games; (ii) Financial Access Services; (iii) Kiosk Sales and Services; (iv) Central Credit Services; (v) Compliance Sales and Services; (vi) Loyalty Sales and Services; and (vii) Mobile Technologies.
In accordance with ASC 350 (“Intangibles—Goodwill and Other”), we test goodwill at the reporting unit level, which is identified as an operating segment or one level below, for impairment on an annual basis and between annual tests if events and circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

We test our goodwill for impairment on October 1 each year, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The annual impairment test is completed using either: a qualitative “Step Zero” assessment based on reviewing relevant events and circumstances or a quantitative “Step 1” assessment, which determines the fair value of the reporting unit, using both an income approach that discounts future cash flows based on the estimated future results of our reporting units and a market approach that compares market multiples of comparable companies to determine whether or not any impairment exists. To the extent the carrying amount of a reporting unit is less than its estimated fair value, an impairment charge is recorded.

In connection with our annual goodwill impairment testing process for 2024 and 2023, we utilized a Step 1 approach and determined that no impairment adjustments were necessary for each of our reporting units.
The changes in the carrying amount of goodwill are as follows (in thousands):
 GamesFinancial Access ServicesKiosk Sales and ServicesCentral Credit ServicesCompliance Sales and ServicesLoyalty Sales and ServicesMobile TechnologiesTotal
Goodwill      
Balance, December 31, 2022$461,443$157,049$15,860$17,127$12,136$41,395$10,860$715,870
Foreign currency translation 14(819)(805)
Acquisition related adjustments22,9322,925(1,245)24,612
Subsequent recognition of deferred tax assets
(1,873)(1,873)
Balance, December 31, 2023$484,375$155,190$17,966$17,127$12,136$41,395$9,615$737,804
Foreign currency translation(175)(48)(1,081)(1,304)
Acquisition related adjustments(30)(30)
Balance, December 31, 2024$484,170$155,142$16,885$17,127$12,136$41,395$9,615$736,470
Other Intangible Assets
Other intangible assets consist of the following (in thousands): 
  At December 31, 2024At December 31, 2023
Useful Life (Years)CostAccumulated AmortizationNet Book ValueCostAccumulated AmortizationNet Book Value
Other intangible assets       
Contract rights under placement fee agreements
2-7
$57,821 $30,931 $26,890 $57,821 $21,592 $36,229 
Customer relationships
3-14
337,236 276,218 61,018 337,829 255,972 81,857 
Developed technology and software
1-7
499,104 371,695 127,409 453,453 340,286 113,167 
Patents, trademarks, and other
2-18
24,726 23,128 1,598 24,783 21,898 2,885 
Total $918,887 $701,972 $216,915 $873,886 $639,748 $234,138 
Amortization expense related to other intangible assets totaled approximately $64.3 million, $60.0 million, and $59.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. We capitalized $56.9 million, $49.4 million, and $46.3 million of internally-developed software costs for the years ended December 31, 2024, 2023, and 2022, respectively.
Placement fees are allocated to intangible assets and are generally amortized over the term of the contract, which is recorded as a reduction of revenue generated from the facility. In the past we have, and in the future, we may, by mutual agreement, amend the agreements to reduce our floor space at these facilities.
We paid approximately $0.5 million in placement fees for the year ended December 31, 2022. There were no imputed interest amounts recorded in connection with the payments for the year ended December 31, 2022. There were no placement fees paid for the years ended December 31, 2024 and 2023, respectively.
On a quarterly basis, we evaluate our other intangible assets for potential impairment as part of our review process. During the fourth quarter of 2023, we recorded a partial write-down of the definite-lived customer relationships intangible asset associated with our acquisition of Intuicode, reflected in the Games segment. The impairment loss of approximately $11.7 million was included within Operating Expenses of our Statements of Operations. We determined this asset was impaired by comparing its carrying value to our revised estimate of discounted future cash flows, which were negatively impacted by a certain large customer being acquired that generated lower than anticipated operating results. The customer relationships intangible asset was valued using Level 3 fair value inputs and had a revised cost basis of $0.5 million and a remaining life of five years at December 31, 2023.
There was no material impairment identified for any of our other intangible assets for the years ended December 31, 2024 and 2022, respectively.
The anticipated amortization expense related to other intangible assets, assuming no subsequent impairment of the underlying assets, is as follows (in thousands): 
Anticipated amortization expenseAmount
2025$65,203 
202644,372 
202715,232 
20285,147 
20294,239 
Thereafter14,004 
Total (1)
$148,197 
(1) For the year ended December 31, 2024, the Company had $68.7 million in other intangible assets that had not yet been placed into service.
v3.25.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES ACCOUNTS PAYABLE AND ACCRUED EXPENSES
The following table presents our accounts payable and accrued expenses (amounts in thousands):
 At December 31,
 20242023
Accounts payable and accrued expenses  
Customer commissions payable81,676 74,376 
Contract liabilities60,922 51,395 
Payroll and related expenses19,643 14,367 
Accounts payable - trade13,870 30,261 
Financial access processing and related expenses 10,401 8,670 
Accrued interest9,332 9,616 
Operating lease liabilities7,579 7,079 
Accrued income taxes3,972 6,367 
Contingent consideration and acquisition-related liabilities (1)
2,397 5,623 
Other11,223 7,776 
Total accounts payable and accrued expenses$221,015 $215,530 
(1) Refer to “Note 5 — Business Combinations” for discussion on contingent consideration and acquisition-related liabilities.
v3.25.0.1
LONG-TERM DEBT
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The following table summarizes our indebtedness (in thousands): 
MaturityInterestAt December 31,
DateRate20242023
Long-term debt
$600 million Term Loan
2028
SOFR+CSA+2.50%
$560,500 $586,500 
$125 million Revolver
2026
SOFR+CSA+2.50%
— — 
Senior Secured Credit Facilities560,500 586,500 
$400 million 2021 Unsecured Notes
20295.00%400,000 400,000 
Total debt960,500 986,500 
Debt issuance costs and discount(9,565)(12,035)
Total debt after debt issuance costs and discount
950,935 974,465 
Current portion of long-term debt— (6,000)
Total long-term debt, net of current portion$950,935 $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 (the “Closing Date”), among the Company, the lenders party thereto and Jefferies Finance LLC, as administrative agent, collateral agent, swing line lender and a letter of credit issuer (the “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 for interest periods of one month of 0.1%, an adjustment for interest periods of two months of 0.3% and an adjustment for interest periods of three months of 0.4%.
The Revolver is available for general corporate purposes, including permitted acquisitions, working capital and the issuance of letters of credit. Borrowings under the Revolver are subject to the satisfaction of customary conditions,
including the absence of defaults and the accuracy of representations and warranties. Our Revolver remained fully undrawn as of December 31, 2024.
The Company is required to make periodic payments on the Term Loan in an amount equal to 0.25% per quarter of the initial aggregate principal, with the final principal repayment installment on the maturity date. Interest is due in arrears on each interest payment date applicable thereto and at such other times as may be specified in the Credit Agreement. As to any loan other than a base rate loan, the interest payment dates shall be the last day of each interest period applicable to such loan and the maturity date (provided, however, that if any interest period for a SOFR loan exceeds three months, the respective dates that fall every three months after the beginning of such interest period shall also be interest payment dates). As to any base rate loan, the interest payment dates shall be last business day of each of March, June, September and December and the maturity date. During the fourth quarter of fiscal year 2024, the Company paid $20.0 million, which satisfied all required periodic principal payments through maturity with the exception of a partial quarterly payment due in 2028.
Voluntary prepayments of the Term Loan and the Revolver and voluntary reductions in the unused commitments are permitted in whole or in part, in minimum amounts as set forth in the Credit Agreement governing the Credit Facilities, with prior notice, and without premium or penalty, except that certain refinancings or repricings of the Term Loan within six months after the Closing Date will be subject to a prepayment premium of 1.00% of the principal amount repaid.
The Credit Agreement contains certain covenants that, among other things, limit the Company’s ability, and the ability of certain of its subsidiaries, to incur additional indebtedness, sell assets or consolidate or merge with or into other companies, pay dividends or repurchase or redeem capital stock, make certain investments, issue capital stock of subsidiaries, incur liens, prepay, redeem or repurchase subordinated debt, and enter into certain types of transactions with its affiliates. The Credit Agreement also requires the Company, together with its subsidiaries, to comply with a maximum consolidated secured leverage ratio of 4.25:1.00 as of the measurement date.
The weighted average interest rate on the Term Loan was 7.78% for the year ended December 31, 2024.
Senior Unsecured Notes
Our Senior Unsecured Notes (the “2021 Unsecured Notes”) due 2029 had an outstanding balance of $400 million as of December 31, 2024, for which interest accrues at a rate of 5.00% per annum and is payable semi-annually in arrears on each January 15 and July 15.
Compliance with Debt Covenants
We were in compliance with the covenants and terms of the Credit Facilities and the 2021 Unsecured Notes as of December 31, 2024.
Principal Repayments
The maturities of our borrowings at December 31, 2024 are as follows (in thousands):
 Amount
Maturities of borrowings 
2025$— 
2026— 
2027— 
2028560,500 
2029400,000 
Thereafter— 
Total$960,500 
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 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. In addition, following the announcement of the Proposed Transaction, three purported stockholders of Everi filed complaints alleging that the definitive proxy statement for the Special Meeting of Everi stockholders omitted or misstated material information with respect to the Proposed Transaction and seeking supplemental disclosures and other equitable and legal relief. The complaints are entitled Clancy v. Everi Holdings Inc., et al., No. 1:24-cv-07255-AS (S.D.N.Y. filed Sept. 25, 2024), Marino v. Everi Holdings Inc., et al., No. tc241024-69 (N.Y. S. Ct. filed Oct. 24, 2024) and Miller v. Everi Holdings Inc., et al., docket no. unassigned (N.Y. S. Ct. filed Oct. 25, 2024) (the “Complaints”). Thirteen other purported stockholders of Everi have sent demand letters to the Company making allegations and demands similar to those in the Complaints. It is possible that other complaints will be filed or demand letters received. While we believe resolution of the claims brought against us, both individually and in the aggregate, will not have a material adverse impact on our financial condition or results of operations, litigation of this nature is inherently unpredictable. Our views on these legal proceedings, including those described below, may change in the future. We intend to vigorously defend against these actions, and ultimately believe we should prevail.
Legal Contingencies
We evaluate matters and record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss may be reasonably estimated. We evaluate legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect: (i) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings, and other relevant events and developments; (ii) the advice and analyses of counsel; and (iii) the assumptions and judgment of management. Legal costs associated with such proceedings are expensed as incurred. Due to the inherent uncertainty of legal proceedings as a result of the procedural, factual, and legal issues involved, the outcomes of our legal contingencies could result in losses in excess of amounts we have accrued.
We did not have any new material legal matters that were accrued as of December 31, 2024.
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. This case is currently on the court’s October 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.
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 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.
In addition, we have commitments with respect to certain lease obligations discussed in “Note 4 — Leases, installment payments under our asset purchase agreements discussed in “Note 5 — Business Combinations, and debt obligations discussed in Note 13 — Long-Term Debt.”
v3.25.0.1
STOCKHOLDER'S EQUITY
12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDER'S 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, as amended.
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 year ended December 31, 2024. There were approximately 7.5 million and 5.0 million shares repurchased at an average price of $13.40 and $16.93 per share for an aggregate amount of $100.0 million and $84.3 million during the years ended December 31, 2023 and 2022, respectively.
Preferred Stock. Our amended and restated certificate of incorporation, as amended, allows our Board of Directors, without further action by stockholders, to issue up to 50,000,000 shares of preferred stock in one or more series and to fix the designations, powers, preferences, privileges and relative participating, optional, or special rights as well as the qualifications, limitations or restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences. As of December 31, 2024 and 2023, we had no shares of preferred stock outstanding.
Common Stock. Subject to the preferences that may apply to shares of preferred stock that may be outstanding at the time, the holders of outstanding shares of common stock are entitled to receive dividends out of assets legally available at the times and in the amounts as our Board of Directors may from time to time determine. All dividends are non-cumulative. In the event of the liquidation, dissolution or winding up of Everi, the holders of common stock are entitled to share ratably in all assets remaining after the payment of liabilities, subject to the prior distribution rights of preferred stock, if any, then outstanding. Each stockholder is entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. Cumulative voting for the election of directors is not provided for. The common stock is not entitled to preemptive rights and is not subject to conversion or redemption. There are no sinking fund provisions applicable to the common stock. Each outstanding share of common stock is fully paid and non-assessable. As of December 31, 2024 and 2023, we had 125,853,023 and 123,178,882 shares of common stock issued, respectively.
Treasury Stock. In addition to open market purchases of common stock authorized under the Share Repurchase Program, employees may direct us to withhold vested shares of restricted stock to satisfy the maximum statutory withholding requirements applicable to their restricted stock vesting. We repurchased or withheld from restricted stock awards an immaterial amount of shares of common stock for the year ended December 31, 2024 and 0.6 million shares of common stock at an aggregate purchase price of approximately $9.2 million for the year ended December 31, 2023, to satisfy the maximum applicable tax withholding obligations related to the vesting of such restricted stock awards.
v3.25.0.1
WEIGHTED AVERAGE SHARES OF COMMON STOCK
12 Months Ended
Dec. 31, 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): 
 At December 31,
 202420232022
Weighted average shares   
Weighted average number of common shares outstanding — basic85,023  87,176 90,494
     Potential dilution from equity awards (1)
3,128 4,809 7,013 
Weighted average number of common shares outstanding — diluted (1)
88,151  91,985 97,507
(1) There were 0.4 million and 0.3 million shares that were anti-dilutive under the treasury stock method for the years ended December 31, 2024 and 2023, respectively. There were an immaterial amount of shares that were anti-dilutive under the treasury stock method for the year ended December 31, 2022.
v3.25.0.1
SHARE-BASED COMPENSATION
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Equity Incentive Awards
Our 2014 Equity Incentive Plan (as amended and restated effective May 22, 2024, the “Equity Incentive Plan”) is used to attract and retain key personnel, to provide additional incentives to employees, directors, and consultants, and to promote the success of our business. Our Equity Incentive Plan is administered by the Compensation Committee of our Board of Directors, which has the authority to select individuals who are to receive equity incentive awards and to specify the terms and conditions of grants of such awards, including, but not limited to the vesting provisions and exercise prices, as applicable.
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(1,746)(928)
Canceled or forfeited(195)(207)
Outstanding, December 31, 20242,972 2,802 
There are approximately 4.5 million awards of our common stock available for future equity grants under our existing equity incentive plan.
Stock Options
The fair value of our standard time-based options was determined as of the date of grant using the Black-Scholes option pricing model. The assumptions used included a 4.7%, 3.5% and 2.9% risk-free interest rate, an expected life of 4.9 years, 5.1 years and 4.9 years, historical volatility of 58.7%, 55.4% and 55.7%, and no expected dividend yield for options granted for the years ended December 31, 2024, 2023 and 2022, respectively.
Our time-based stock options granted under our equity plans generally vest at a rate of either 33% or 25% per year on each of the first three or four anniversaries of the grant dates and expire after a ten-year period.
The following table presents the options activity: 
Number of Options
(in thousands)
Weighted Average Exercise Price
(per Share)
Weighted Average Life Remaining
(Years)
Aggregate Intrinsic Value
(in thousands)
Outstanding, December 31, 2023
4,804 $4.28 2.6$34,350 
Granted109 8.04 
Exercised(1,746)4.67 
Canceled or forfeited(195)6.75 
Outstanding, December 31, 2024
2,972 4.03 2.328,538 
Vested and expected to vest after, December 31, 2024
2,959 4.01 2.328,488 
Exercisable, December 31, 2024
2,786 $3.54 1.9$27,980 
The following table presents the options outstanding and exercisable by price range:
  Options OutstandingOptions Exercisable
Number
Outstanding
Weighted
Average
Remaining
Contract
Life
Weighted
Average
Exercise
Number
Exercisable
Weighted
Average
Exercise
Range of Exercise Prices(in thousands)(Years)Prices(in thousands)Price
$1.46 $2.78 1,035 1.3$2.05 1,035 $2.05 
3.29 3.29 1,448 2.23.29 1,448 3.29 
6.30 8.32 327 3.37.75 224 7.62 
15.12 15.12 90 8.315.12 30 15.12 
16.69 16.69 72 7.416.69 49 16.69 
  2,972   2,786  
The total intrinsic value of options exercised was $11.2 million, $18.3 million, and $4.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.
The unrecognized non-cash compensation expense related to options expected to vest as of December 31, 2024 was $0.7 million which is expected to be recognized on a straight-line basis over a weighted average period of 1.8 years. The unrecognized non-cash compensation expense related to options expected to vest as of December 31, 2023 and 2022 was not material.
We recorded approximately $0.5 million, $0.4 million and $0.1 million in non-cash compensation expense, which was included within Operating Expenses of our Statements of Operations, related to options granted that were expected to vest as of December 31, 2024, 2023 and 2022, respectively. We received approximately $8.2 million, $14.0 million and $1.9 million in proceeds from the exercise of options during 2024, 2023 and 2022, respectively.
Restricted Stock Units
The fair value of our restricted stock units awarded is based on the closing stock price of our common stock at the date of grant, except for certain awards with a share-based payment arrangements priced in relation to similar indexed securities. Awards with share-based payment arrangements priced in relation to similar indexed securities fair values were determined using a lattice model. The assumptions used include a risk-free interest rate of 4.8% and 3.7%, a useful life term of 2.7 years, historical volatility of 43.6% and 48.4%, and no expected dividend yield for those certain awards with a share-based payment arrangement priced in relation to similar indexed securities granted for the years ended December 31, 2024 and 2023, respectively. There were no awards with a share-based payment arrangements priced in relation to similar indexed securities for the year ended December 31, 2022.
Time-based Awards
The time-based restricted stock units (“RSUs”) granted to executives and the employee base, during 2024, 2023 and 2022, generally vest at a rate of either 33% per year on each of the first three anniversaries of the dates of grant, or 100% on the anniversary of grant date ending after either 1 year, 2 years or 3 years.
The RSUs granted to independent members of our Board of Directors, during 2024, 2023 and 2022, vest on the one-year anniversary of the date of grant and settle on the earliest of the following events: (i) ten-year anniversary of the date of grant; (ii) death; (iii) the occurrence of a Change in Control (as defined in the Equity Incentive Plan), subject to qualifying conditions; or (iv) the date that is six months following the separation from service, subject to qualifying conditions.
Performance-based Awards
The performance-based restricted stock units (“PSUs”) granted during 2024 will be evaluated by the Compensation Committee of our Board of Directors after a performance period, beginning on the date of grant through December 31, 2026, based on the Company’s total stockholder return ranking over the performance period in comparison to the Russel 3000 Index. To the extent the performance criteria of the metrics are approved, the eligible awards will become vested on the third anniversary of the date of grant. We record stock-based compensation expense over the required service period based on the amount of shares expected to vest pursuant to the achievement measures associated with the performance award.
The performance-based restricted stock units (“PSUs”) granted during 2023 will be evaluated by the Compensation Committee of our Board of Directors after a performance period, beginning on the date of grant through December 31, 2025, based on total operating income and modified based on the Company’s total stockholder return ranking over the performance period in comparison to the Russel 3000 Index. To the extent the performance criteria of the metrics are approved, the eligible awards will become vested on the third anniversary of the date of grant. We record stock-based compensation expense over the required service period based on the amount of shares expected to vest pursuant to the achievement measures associated with the performance award.
The performance-based restricted stock units (“PSUs”) granted during 2022 have been evaluated by the Compensation Committee of our Board of Directors for the performance period, beginning on the date of grant through December 31, 2024, based on certain revenue and adjusted operating cash flow growth rate metrics, with achievement of each measure to be determined independently of one another. In light of the metrics not being met during the performance period, the Board of Directors determined that none of the PSUs granted in 2022 are eligible to become vested on the third anniversary of the date of grant.
The following table presents our RSU and PSU awards activity:
Shares Outstanding
(in thousands)
Weighted Average Grant Date Fair Value
(per Share)
Weighted Average Life Remaining
(Years)
Aggregate Intrinsic Value
(in thousands)
Outstanding, December 31, 2023
2,464 $15.88 1.2$27,747 
Granted1,473 8.71 
Vested(928)17.24 
Forfeited(207)12.54 
Outstanding, December 31, 2024
2,802 12.15 1.237,861 
Expected to vest after, December 31, 2024
2,297 $12.33 1.1$31,037 
There was approximately $13.6 million in unrecognized compensation expense related to the awards expected to vest as of December 31, 2024. This cost is expected to be recognized on a straight-line basis over a weighted average period of 1.5 years. We recorded approximately $10.2 million in non-cash compensation expense, which was included within Operating Expenses of our Statements of Operations, related to these awards for the year ended December 31, 2024.
There were approximately 1.6 million and 1.3 million shares of these awards granted for the years ended December 31, 2023 and 2022, respectively. The weighted average grant date fair value per share of these awards granted was $13.34 and $16.08 for the years ended December 31, 2023 and 2022, respectively. There were 1.7 million and 2.1 million RSU awards that vested during the years ended December 31, 2023 and 2022, respectively. There was approximately $20.0 million and $20.1 million unrecognized compensation expense related to these awards expected to vest as of December 31, 2023 and 2022, respectively. This cost was expected to be recognized on a straight-line basis over a weighted average period of 1.5 years and 1.2 years, respectively. We recorded approximately $18.3 million and $19.7 million in non-cash compensation expense, which was included within Operating Expenses of our Statements of Operations, related to RSU awards for the years ended December 31, 2023 and 2022, respectively.
v3.25.0.1
INCOME TAXES
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Provision (Benefit) for Income Taxes
The following presents consolidated income (loss) before tax for domestic and foreign operations (in thousands):
 Year Ended December 31,
 202420232022
Consolidated income (loss) before tax   
Domestic$18,735 $104,798 $157,510 
Foreign(2,838)(3,207)90 
Total$15,897 $101,591 $157,600 
The income tax provision (benefit) attributable to the income (loss) before tax consists of the following components (in thousands):
 Year Ended December 31,
 202420232022
Income tax (benefit) provision
   
Domestic$(431)$17,760 $36,440 
Foreign1,312 (166)671 
Total income tax provision (benefit)$881 $17,594 $37,111 
Income tax provision (benefit)
Current$12,064 $8,634 $4,446 
Deferred(11,183)8,960 32,665 
Total income tax provision (benefit)$881 $17,594 $37,111 
Effective Tax Rate
A reconciliation of the federal statutory rate and the effective income tax rate is as follows:
 Year Ended December 31,
 202420232022
Income tax reconciliation   
Federal statutory rate21.0 %21.0 %21.0 %
Foreign provision(3.4)%(0.4)%(0.1)%
State/province income tax9.1 %3.3 %3.3 %
Compensation deduction limitations 4.4 %2.1 %2.9 %
Stock-based compensation expense(7.1)%(4.5)%(2.5)%
     Adjustments to carrying values(7.5)%1.9 %0.3 %
Research and development credit(1)
(25.4)%(6.7)%(2.2)%
Valuation allowance(2)
11.7 %1.1 %— %
Global intangible low-taxed income(3)
— %— %0.4 %
Non-deductible expenses - other1.3 %0.2 %— %
Other1.4 %(0.7)%0.4 %
Effective tax rate5.5 %17.3 %23.5 %
(1) Benefit from the generation of research and development credits.
(2) Increase in the valuation allowance due to additional losses in Australia.
(3) The Company had no Global Intangible Low-Taxed Income inclusion in 2024 due to the high tax exception in certain of the foreign jurisdictions and losses in other locations.
Deferred Income Taxes
The major tax-effected components of the deferred tax assets and liabilities are as follows (in thousands):
 At December 31,
 202420232022
Deferred income tax assets related to:   
Net operating losses$4,645 $5,171 $27,901 
Tax credits771 17,570 18,467 
Capitalized research expenditures(1)
38,760 27,534 15,705 
Accrued and prepaid expenses10,049 9,989 10,481 
Stock compensation expense4,246 5,427 6,041 
Accounts receivable allowances1,492 1,293 1,204 
Other8,123 1,798 1,841 
Valuation allowance(3,575)(1,818)(739)
Total deferred income tax assets$64,511 $66,964 $80,901 
Deferred income tax liabilities related to:   
Other intangible assets$41,422 $49,234 $57,487 
Property and equipment19,939 24,755 23,352 
Other5,113 6,139 4,472 
Total deferred income tax liabilities$66,474 $80,128 $85,311 
Deferred income taxes, net$(1,963)$(13,164)$(4,410)
(1) As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, our research and development expenditures were capitalized and amortized, which resulted in higher taxable income for 2022, 2023, and 2024 with an equal amount of deferred tax benefit.
Net Operating Losses (“NOLs”) and Tax Credits Carry-forwards
We had no accumulated federal NOLs as of December 31, 2024.
We had tax effected state NOL carry-forwards of approximately $2.5 million as of December 31, 2024, which will expire between 2025 and 2044. The determination and utilization of these state NOL carry-forwards are dependent upon apportionment percentages and other respective state laws, which may change from year to year.
We had tax effected Australia NOL carry-forwards of approximately $2.2 million as of December 31, 2024, which can be carried forward indefinitely. As of December 31, 2024, there is a full valuation allowance on our Australia net deferred tax assets as we do not believe these assets are more-likely-than-not to be realized.
We had approximately $5.4 million, tax effected, of federal research and development credit carry-forwards as of December 31, 2024. The research and development credits are limited to a 20-year carry-forward period and will expire starting in 2043. We also had approximately $0.5 million, tax effected, of federal solar tax credit carry-forward as of December 31, 2024. The solar tax credit is limited to a 22-year carry-forward period and will expire in 2045, at which time, one-half of any unused credit can be deducted.
Deferred Tax Assets - Valuation Allowance Assessment
Deferred tax assets arise primarily because expenses have been recorded in historical financial statement periods that will not become deductible for income taxes until future tax years. We record a valuation allowance to reduce the book value of our deferred tax assets to amounts that are estimated on a more likely than not basis to be realized. This assessment requires judgment and is performed on the basis of the weight of all available evidence, both positive and negative, with greater weight placed on information that is objectively verifiable such as historical performance.
During the fourth quarter of 2023, we placed a full valuation allowance of $1.1 million on the Australia net deferred tax assets, among other foreign items, as we do not believe these assets meet the more-likely-than-not criteria for recognition. In evaluating our ability to realize these net deferred tax assets, we evaluated negative evidence noting that for the three-year period then ended, we reported a cumulative net loss in Australia. Pursuant to accounting guidance, a cumulative loss in recent years is a significant piece of negative evidence that must be considered and is difficult to overcome without sufficient objectively verifiable, positive evidence. We will reassess the realization of deferred tax assets each reporting period, and to the extent our financial results in Australia improve and it becomes more-likely-than-not the deferred tax assets are realizable, we will be able to reduce the valuation allowance in such period, as appropriate.
The following is a tabular reconciliation of the total amounts of deferred tax asset valuation allowance (in thousands): 
 At December 31,
 202420232022
Balance at beginning of period$1,818 $739 $804 
Valuation allowance - (reversal) charge1,757 1,079 (65)
Balance at end of period$3,575 $1,818 $739 
Unrecognized Tax Positions
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands): 
 At December 31,
 202420232022
Unrecognized tax benefit   
Unrecognized tax benefit at beginning of period$4,537 $2,566 $2,151 
Gross increases — tax positions in prior period71 1,189 415 
Gross increases — tax positions in current period
624 782 — 
Unrecognized tax benefit at end of period$5,232 $4,537 $2,566 
We analyzed filing positions in the federal, state, and foreign jurisdictions in which we are required to file income tax returns, as well as the open tax years in these jurisdictions. As of December 31, 2024, we recorded approximately $5.2 million of unrecognized tax benefits, all of which would impact our effective tax rate, if recognized. We do not anticipate that our unrecognized tax benefits will materially change within the next 12 months. The Company has not accrued any penalties and interest for its unrecognized tax benefits. Other than the unrecognized tax benefit recorded, we believe that our income tax filing positions and deductions will be sustained upon audit, and we do not anticipate other adjustments that will result in a material change to our financial position. We may, from time to time, be assessed interest or penalties by tax jurisdictions, although any such assessments historically have been minimal and immaterial to our financial results. Our policy for recording interest and penalties associated with audits and unrecognized tax benefits is to record such items as a component of income tax in our Statements of Operations.
Foreign Operations
We had unrepatriated foreign earnings of approximately $22.4 million as of December 31, 2024. These earnings are considered permanently reinvested, as it is management’s intention to reinvest these foreign earnings in foreign operations. We project sufficient cash flow, or borrowings available under our Senior Secured Credit Facilities in the U.S.; therefore, we do not need to repatriate our remaining foreign earnings to finance U.S. operations at this time. Due to the 2017 Tax Act, there is no U.S. federal tax on cash repatriation from foreign subsidiaries, however, it could be subject to foreign withholding and other taxes.
Other
We are subject to taxation in the U.S. and various states and foreign jurisdictions. We have a number of federal and state income tax years still open for examination as a result of our net operating loss carry-forwards. Accordingly, we are subject to examination for both U.S. federal and some of the state tax returns for the years 2005 to present. For the remaining state, local, and foreign jurisdictions, with some exceptions, we are no longer subject to examination by tax authorities for years before 2019.
v3.25.0.1
SEGMENT INFORMATION
12 Months Ended
Dec. 31, 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 allocates resources and measures profitability based on our operating segments, which are managed and reviewed separately, as each represents products and services that can be sold separately to our customers. Our segments are monitored by management for performance against our internal forecasts.
We have reported our financial performance based on our segments in both the current and prior periods. Our CODM determined that our operating segments for conducting business are: (i) Games and (ii) FinTech:
Everi Games 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 or fixed-fee lease arrangements or sold to casino customers; (ii) providing and maintaining the central determinant systems for the video lottery terminals (“VLTs”) installed in the State of New York and similar technology in certain tribal jurisdictions; (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, 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 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.
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):
 For the Year Ended December 31,
202420232022
Games   
Revenue
Gaming operations(1)
$277,460 $304,132 $292,873 
Gaming equipment and systems
101,461 125,022 143,553 
Total revenues378,921 429,154 436,426 
Costs and expenses
Cost of revenues (2)
Gaming operations
41,923 35,205 25,153 
Gaming equipment and systems
59,260 72,191 86,638 
Total cost of revenues(3)
101,183 107,396 111,791 
Operating expenses(4)(5)(6)(7)(8)(9)(10)(11)(12)
112,780 103,666 76,496 
  Research and development49,360 44,365 40,353 
Depreciation78,837 68,833 57,106 
  Amortization47,954 44,201 43,044 
Total costs and expenses
390,114 368,461 328,790 
Operating (loss) income
$(11,193)$60,693 $107,636 
(1)Includes the accretion of contract rights of approximately $9.3 million for the years ended December 31, 2024 and 2023, respectively, and $9.6 million for the year ended December 31, 2022.
(2)Excludes depreciation and amortization.
(3)Includes approximately $3.5 million of additional inventory reserves, of which $3.0 million was included within Gaming Operations Cost of Revenues and $0.5 million was included within Gaming Equipment and Systems Cost of Revenues, for year ended December 31, 2024.
(4)Includes approximately $3.1 million of transaction costs related to the Proposed Transaction for the year ended December 31, 2024.
(5)Includes approximately $15.8 million and $2.0 million of transaction costs related to the Original Proposed Transaction for the years ended December 31, 2024 and 2023, respectively.
(6)Includes approximately $6.3 million of employee retention costs for the Proposed Transaction for the year ended December 31, 2024.
(7)Includes approximately $2.1 million and $1.0 million of severance costs related to the realignment of certain employee functions within the Games business for the years ended December 31, 2024 and 2023, respectively.
(8)Includes approximately $7.5 million of depreciation charges for certain end-of-life electronic gaming devices returned from our install base for the year ended December 31, 2024.
(9)Includes approximately $3.8 million of accrued charges for the decline in expected utility of certain firm purchase commitments for the year ended December 31, 2024.
(10)Includes approximately $0.4 million in other professional fees and expenses primarily associated with litigation and other non-recurring legal matters for the year ended December 31, 2024, approximately $1.2 million and $0.6 million for other legal fees and other professional expenses associated with the Video King asset acquisition, respectively, for the year ended December 31, 2023 and $0.1 million for legal fees associated with the acquisitions completed during the year ended December 31, 2022.
(11)Includes approximately $4.8 million and $0.7 million of office and warehouse consolidation expenses for the years ended December 31, 2023 and 2022, respectively.
(12)Includes approximately $0.2 million in litigation recovery for the year ended December 31, 2022.
* Rounding may cause variances.
 For the Year Ended December 31,
 202420232022
FinTech
Revenues
Financial access services$228,702 $225,054 $206,860 
Software and other104,120 99,490 80,232 
Hardware46,160 54,123 59,001 
Total revenues378,982 378,667 346,093 
Costs and expenses
Cost of revenues (1)
Financial access services10,516 11,064 10,186 
Software and other13,562 6,159 4,125 
Hardware32,570 36,621 39,220 
Total cost of revenues
56,648 53,844 53,531 
Operating expenses(2)(3)(4)(5)(6)(7)(8)
166,839 157,265 140,463 
Research and development27,952 23,268 20,174 
Depreciation10,799 9,858 9,695 
Amortization16,366 15,841 16,514 
Total costs and expenses278,604 260,076 240,377 
Operating income$100,378 $118,591 $105,716 
(1)Excludes depreciation and amortization.
(2)Includes approximately $3.3 million of transaction costs related to the Proposed Transaction for the year ended December 31, 2024.
(3)Includes approximately $0.4 million of transaction costs related to the Original Proposed Transaction for the years ended December 31, 2024 and 2023, respectively.
(4)Includes approximately $6.0 million of employee retention costs for the Proposed Transaction for the year ended December 31, 2024.
(5)Includes approximately $0.2 million and $1.0 million of severance costs related to the realignment of certain employee functions within the FinTech business for the years ended December 31, 2024 and 2023, respectively.
(6)Includes approximately $0.7 million in other professional fees and expenses primarily associated with litigation and other non-recurring legal matters for the year ended December 31, 2024. We recorded a benefit of approximately $0.5 million and $0.2 million against other legal fees and expenses associated with insurance recoveries from litigation matters for the years ended December 31, 2024 and 2023, respectively, and $0.1 million of legal fees for debt amendment costs for the year ended December 31, 2023.
(7)Includes approximately $0.1 million of office and warehouse consolidation expenses for the year ended December 31, 2023.
(8)Includes approximately $4.5 million in legal fees and expenses primarily associated with litigation and other non-recurring items, including the stock purchase agreement of eCash and the acquisition of certain strategic assets of Venuetize for the year ended December 31, 2022.
* Rounding may cause variances.
 For the Year Ended December 31,
 202420232022
Total Games and FinTech   
Total revenues
$757,903 $807,821 $782,519 
Costs and expenses
   
Cost of revenues (1)
157,831 161,240 165,322 
Operating expenses279,619 260,931 216,959 
Research and development77,312 67,633 60,527 
Depreciation89,636 78,691 66,801 
Amortization64,320 60,042 59,558 
Total costs and expenses668,718 628,537 569,167 
Operating income$89,185 $179,284 $213,352 
(1) Exclusive of depreciation and amortization.
The following tables present revenue, significant expense and measure of profit or loss segment information (in thousands):
For the Year Ended December 31, 2024
Games
FinTech
Total
Revenues$378,921 $378,982 $757,903 
Less:(1)
Cost of revenues(2)
101,183 56,648 157,831 
Payroll and related expense(3)
83,855 126,460 210,315 
Software license expense16,251 16,352 32,603 
Occupancy and related expense14,178 10,601 24,779 
Inventory and related expense10,537 13,060 23,597 
Legal and related expense14,316 6,928 21,244 
Accounting, taxes and consulting expense11,868 7,865 19,733 
Stock-based compensation expense5,010 5,692 10,702 
Travel expense2,241 5,538 7,779 
Marketing expense2,549 1,461 4,010 
Depreciation78,837 10,799 89,636 
Amortization47,954 16,366 64,320 
Other segment items(4)
1,335 834 2,169 
Segment operating (loss) income
$(11,193)$100,378 $89,185 
Interest expense, net of interest income73,288 
Income before income tax
$15,897 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Exclusive of depreciation and amortization.
(3) The payroll and related expense does not include amounts capitalized on the balance sheet or included within cost of revenues.
(4) Other segment items for each segment includes:
(i)Games - Other miscellaneous expenses.
(ii)FinTech - Other miscellaneous expenses.
For the Year Ended December 31, 2023
GamesFinTechTotal
Revenues$429,154 $378,667 $807,821 
Less:(1)
Cost of revenues(2)
107,396 53,844 161,240 
Payroll and related expense(3)
73,312 115,918 189,230 
Inventory and related expense
20,274 12,802 33,076 
Software license expense
13,037 13,837 26,874 
Occupancy and related expense
14,180 9,810 23,990 
Stock-based compensation expense
9,505 9,206 18,711 
Accounting, taxes and consulting expense8,090 7,376 15,466 
Travel expense
2,438 6,103 8,541 
Legal and related expense
3,203 3,459 6,662 
Marketing expense2,508 1,565 4,073 
Depreciation68,833 9,858 78,691 
Amortization44,201 15,841 60,042 
Other segment items(4)
1,484 457 1,941 
Segment operating income
$60,693 $118,591 $179,284 
Interest expense, net of interest income77,693 
Income before income tax
$101,591 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Exclusive of depreciation and amortization.
(3) The payroll and related expense does not include amounts capitalized on the balance sheet or included within cost of revenues.
(4) Other segment items for each segment includes:
(i)Games - Other miscellaneous expenses.
(ii)FinTech - Other miscellaneous expenses.
For the Year Ended December 31, 2022
GamesFinTechTotal
Revenues$436,426 $346,093 $782,519 
Less:(1)
Cost of revenues(2)
111,791 53,531 165,322 
Payroll and related expense(3)
66,211 96,158 162,369 
Software license expense9,706 10,414 20,120 
Occupancy and related expense11,694 8,254 19,948 
Stock-based compensation expense
10,178 9,611 19,789 
Inventory and related expense
4,777 11,822 16,599 
Accounting, taxes and consulting expense6,873 7,730 14,603 
Legal and related expense
2,138 9,301 11,439 
Travel expense1,860 4,801 6,661 
Marketing expense2,180 1,402 3,582 
Depreciation57,106 9,695 66,801 
Amortization43,044 16,514 59,558 
Other segment items(4)
1,232 1,144 2,376 
Segment operating income
$107,636 $105,716 $213,352 
Interest expense, net of interest income55,752 
Income before income tax
$157,600 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Exclusive of depreciation and amortization.
(3) The payroll and related expense does not include amounts capitalized on the balance sheet or included within cost of revenues.
(4) Other segment items for each segment includes:
(i)Games - Other miscellaneous expenses.
(ii)FinTech - Other miscellaneous expenses.
Measurement and Uses of Reported Segment Profit or Loss
The accounting policies of our segments are the same as those described in the summary of significant accounting policies. The CODM evaluates the performance of our operating segments based on segment operating income or loss.
The CODM makes use of segment operating income or loss predominantly in the annual budget and forecasting process when making decisions about allocating capital and personnel to our segments.
The following table presents segment information (in thousands):
 At December 31,
 20242023
Total assets  
Games$925,861 $931,322 
FinTech996,048 1,192,548 
Total assets$1,921,909 $2,123,870 
For the year ended December 31, 2024, cash paid for capital expenditures totaled $156.4 million, of which $124.8 million and $31.6 million was related to our Games and FinTech businesses, respectively. For the year ended December 31, 2023, cash paid for capital expenditures totaled $145.1 million, of which $117.0 million and $28.1 million, was related to our Games and FinTech businesses, respectively.
Major customers. For the years ended December 31, 2024, 2023, and 2022, no single customer accounted for more than 10% of our revenues.
v3.25.0.1
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
As of the date of the filing of our consolidated financial statements, we had not identified, and were not aware of, any material subsequent events that occurred for the year ended December 31, 2024.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 15,016 $ 83,997 $ 120,489
v3.25.0.1
Insider Trading Arrangements
3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Todd A. Valli [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   Todd A. Valli, Senior Vice President, Corporate Finance and Tax & Chief Accounting Officer, on December 9, 2024 entered into a Rule 10b5-1 trading arrangement intended to satisfy Rule 10b5-1(c) to purchase and sell 30,000 shares of Company common stock between March 10, 2025 and April 22, 2025, subject to certain limit orders, all of which shares were to be acquired upon the exercise of employee stock option awards that were set to expire on April 22, 2025.
Name Todd A. Valli  
Title Senior Vice President, Corporate Finance and Tax & Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 9, 2024  
Expiration Date April 22, 2025  
Arrangement Duration 134 days  
Aggregate Available 30,000 30,000
v3.25.0.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Everi recognizes the critical importance of developing, implementing, and maintaining the appropriate cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data and that of our customers or patrons. Everi has strategically integrated cybersecurity risk management into our broader risk management framework to establish a robust process for the monitoring and evaluation of cybersecurity risks in our business to promote a company-wide culture of cybersecurity risk management. This integration supports our efforts to assess and incorporate cybersecurity considerations into our decision-making processes.
Everi’s Security department, Chief Information Security Officer (“CISO”), and Chief Information Officer (“CIO”), with oversight from the Chief Executive Officer (“CEO”), lead the cybersecurity detection, risk reduction and mitigation efforts for the Company. These efforts include, but are not limited to the following:
Monitoring logs and alerts for security issues, events, and breaches;
Preparing and regularly testing Everi’s preparedness for attacks, incidents, and breaches, including the use of table-top exercises of simulated cyber incidents with the executive team;
Developing policies and procedures to identify, classify, and define protection and management objectives, and define acceptable use of Company information assets;
Deploying monitoring and data collection tools to monitor the security of devices and processes;
Monitoring and reviewing physical and logical access to Everi data and properties to meet applicable security and regulatory requirements;
Developing and maintaining a vulnerability identification and management program;
Developing and maintaining a security awareness and training program; and
Obtaining System and Organizational Controls Two certifications for products
Given the complexity and evolving nature of cybersecurity threats, Everi engages with a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing our risk management systems. These partnerships enable us to leverage specialized knowledge and insights to maintain and enhance our cybersecurity strategies and processes. Our collaboration with these third parties includes regular audits, threat assessments, and consultation on security enhancements.
We perform due diligence on select third-party vendors by collecting and reviewing certifications when available for our vendors. Certifications and reviews of third parties’ security practices are no guarantee and of little assurance that a vendor will not suffer a breach or loss of Everi data. Along with due diligence efforts, we review vendor contracts for contractual controls, and to seek that legal recourse is available in cases of a breach and or data loss.
As of the date of this Annual Report, we have not experienced a cybersecurity incident that has or is reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. While we have not experienced any material cybersecurity incidents, there can be no guarantee that we will not be the subject of future successful attacks, threats or incidents. Additional information on cybersecurity risks we face can be found in Part I, Item 1A “Risk Factors” of this Annual Report on Form 10-K under the heading “Risks Related to Our Information Technology,” which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Everi has strategically integrated cybersecurity risk management into our broader risk management framework to establish a robust process for the monitoring and evaluation of cybersecurity risks in our business to promote a company-wide culture of cybersecurity risk management. This integration supports our efforts to assess and incorporate cybersecurity considerations into our decision-making processes.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board of Directors is primarily responsible for overseeing, and is regularly updated on the nature of, the Company’s efforts to manage risks associated with cybersecurity threats.
The CISO and the CIO have significant experience in information technology and cybersecurity, including over 20 years of experience each in information security and compliance, multiple security certifications, and experience building vulnerability management, application security, and security operations groups. Additionally, their experience includes payments fraud prevention and enhancing the organization's ability to safeguard against financial cyber threats, among other intrusions. Our CIO and CISO combine leadership, familiarity with and resolution of various cyber-related perils, to help mitigate these types of risks for the Company. Due to their experience in the field, they play a pivotal role in informing the Board on cybersecurity risks. They provide briefings to the Board on a quarterly basis. These briefings encompass a broad range of topics, including:
The current cybersecurity landscape and emerging threats;
The status of ongoing cybersecurity initiatives and strategies;
Incident reports and learnings from any cybersecurity events; and
The Company’s compliance with regulatory requirements and industry standards
Cybersecurity risk, data risk, and technology infrastructure risk are among the risks assessed by the Company’s Enterprise Risk Management Program with the oversight of an executive-level Enterprise Risk Management Committee. Information Technology, Information Security, product development, and Internal Audit managers update the CISO, CIO and CEO on technology, cybersecurity, and privacy threats, risk mitigation efforts, penetration testing, and control testing at a regular Enterprise Security Meeting.
In addition to scheduled meetings, the CISO, CIO, and CEO maintain a regular dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in the cybersecurity domain, as needed, but no less than quarterly, supporting the Board’s proactive and responsive oversight of cybersecurity-related risks. This engagement also supports the consideration and integration of cybersecurity matters into the broader strategic objectives.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors is primarily responsible for overseeing, and is regularly updated on the nature of, the Company’s efforts to manage risks associated with cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] In addition to scheduled meetings, the CISO, CIO, and CEO maintain a regular dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in the cybersecurity domain, as needed, but no less than quarterly, supporting the Board’s proactive and responsive oversight of cybersecurity-related risks. This engagement also supports the consideration and integration of cybersecurity matters into the broader strategic objectives.
Cybersecurity Risk Role of Management [Text Block]
The Board of Directors is primarily responsible for overseeing, and is regularly updated on the nature of, the Company’s efforts to manage risks associated with cybersecurity threats.
The CISO and the CIO have significant experience in information technology and cybersecurity, including over 20 years of experience each in information security and compliance, multiple security certifications, and experience building vulnerability management, application security, and security operations groups. Additionally, their experience includes payments fraud prevention and enhancing the organization's ability to safeguard against financial cyber threats, among other intrusions. Our CIO and CISO combine leadership, familiarity with and resolution of various cyber-related perils, to help mitigate these types of risks for the Company. Due to their experience in the field, they play a pivotal role in informing the Board on cybersecurity risks. They provide briefings to the Board on a quarterly basis. These briefings encompass a broad range of topics, including:
The current cybersecurity landscape and emerging threats;
The status of ongoing cybersecurity initiatives and strategies;
Incident reports and learnings from any cybersecurity events; and
The Company’s compliance with regulatory requirements and industry standards
Cybersecurity risk, data risk, and technology infrastructure risk are among the risks assessed by the Company’s Enterprise Risk Management Program with the oversight of an executive-level Enterprise Risk Management Committee. Information Technology, Information Security, product development, and Internal Audit managers update the CISO, CIO and CEO on technology, cybersecurity, and privacy threats, risk mitigation efforts, penetration testing, and control testing at a regular Enterprise Security Meeting.
In addition to scheduled meetings, the CISO, CIO, and CEO maintain a regular dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in the cybersecurity domain, as needed, but no less than quarterly, supporting the Board’s proactive and responsive oversight of cybersecurity-related risks. This engagement also supports the consideration and integration of cybersecurity matters into the broader strategic objectives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Cybersecurity risk, data risk, and technology infrastructure risk are among the risks assessed by the Company’s Enterprise Risk Management Program with the oversight of an executive-level Enterprise Risk Management Committee. Information Technology, Information Security, product development, and Internal Audit managers update the CISO, CIO and CEO on technology, cybersecurity, and privacy threats, risk mitigation efforts, penetration testing, and control testing at a regular Enterprise Security Meeting.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO and the CIO have significant experience in information technology and cybersecurity, including over 20 years of experience each in information security and compliance, multiple security certifications, and experience building vulnerability management, application security, and security operations groups. Additionally, their experience includes payments fraud prevention and enhancing the organization's ability to safeguard against financial cyber threats, among other intrusions. Our CIO and CISO combine leadership, familiarity with and resolution of various cyber-related perils, to help mitigate these types of risks for the Company. Due to their experience in the field, they play a pivotal role in informing the Board on cybersecurity risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] They provide briefings to the Board on a quarterly basis. These briefings encompass a broad range of topics, including:
The current cybersecurity landscape and emerging threats;
The status of ongoing cybersecurity initiatives and strategies;
Incident reports and learnings from any cybersecurity events; and
The Company’s compliance with regulatory requirements and industry standards
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements are prepared under U.S. Generally Accepted Accounting Principles (GAAP) and include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Business Combinations
Business Combinations
When we acquire a business, we recognize the assets acquired and the liabilities assumed, at their acquisition date fair values. Goodwill is measured and recognized as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Significant estimates and assumptions are required to value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable. These estimates are preliminary and typically include the calculation of an appropriate discount rate and projection of the cash flows associated with each acquired asset over its estimated useful life. As a result, up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill (referred to as the measurement period). In addition, deferred tax assets, deferred tax liabilities, uncertain tax positions, and tax related valuation allowances assumed in connection with a business combination are initially estimated as of the acquisition date. We reevaluate these items quarterly based upon facts and circumstances that existed as of the acquisition date and any adjustments to preliminary estimates are recorded to goodwill, in the period of identification, if identified within the measurement period. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Statements of Operations.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include cash and balances on deposit in banks and financial institutions. We consider highly liquid investments with maturities of three months or less at the time of purchase to be cash and cash equivalents. Such balances generally exceed the federal insurance limits; however, we periodically evaluate the creditworthiness of these institutions to minimize risk.
ATM Funding Agreements
ATM Funding Agreements
We obtain all of the cash required to operate our ATMs through various ATM Funding Agreements. Some gaming operators provide the cash utilized within the ATM (“Site-Funded”). The Site-Funded receivables generated for cash dispensed from transactions performed at our ATMs are owned by us and we are liable to the gaming operator for the face amount of the cash dispensed. In our Balance Sheets, the amount of the receivable for transactions processed on these funds dispensed transactions is included within settlement receivables and the amount due to the gaming operator for the face amount of dispensing transactions is included within settlement liabilities.
For the non-Site-Funded locations, we enter into commercial arrangements with third-party vendors to provide us the currency needed for normal operating requirements for our ATMs. For the use of these funds, we pay a cash usage fee based upon the target federal funds rate. Under these agreements, the currency supplied by the third-party vendors remains the sole property of these suppliers until funds are dispensed, at which time the third-party vendors obtain an interest in the corresponding settlement receivable. As the cash is an asset of these suppliers, it
is therefore not reflected on our Balance Sheets. The usage fee for the cash supplied in these ATMs is included as interest expense in the Statements of Operations. Our rationale to record cash usage fees as interest expense is primarily due to the similar operational characteristics to a revolving line of credit, the fact that the fees are calculated on a financial index, and the fees are paid for access to a capital resource.
Settlement Receivables and Settlement Liabilities
Settlement Receivables and Settlement Liabilities
We provide cash settlement services to gaming operators related to our financial access services, which involve the movement of funds between various parties involved in these types of transactions. We receive reimbursement from the patron’s credit or debit card issuing financial institution for the amount owed to the gaming operator plus the fee charged to the patron. These activities result in amounts due to us at the end of each business day that we generally recover over the next few business days, which are classified as settlement receivables on our Balance Sheets. In addition, cash settlement services result in amounts due to gaming operators for the cash disbursed to patrons through the issuance of a negotiable instrument or through electronic settlement for the face amount provided to patrons that we generally remit over the next few business days, which are classified as settlement liabilities on our Balance Sheets.
Warranty Receivables
Warranty Receivables
If a gaming operator chooses to have a check warranted, it sends a request to our third-party check warranty service provider, asking whether it would be willing to accept the risk of cashing the check. If the check warranty provider accepts the risk and warrants the check, the gaming operator negotiates the patron’s check by providing cash for the face amount of the check. If the check is dishonored by the patron’s bank upon presentment, the gaming operator invokes the warranty, and the check warranty service provider purchases the check from the gaming operator for the full check amount and then pursues collection activities on its own. In our Central Credit Check Warranty product under our agreement with the third-party service provider, we receive all of the check warranty revenue. We are exposed to risk for losses associated with any warranted items that cannot be collected from patrons issuing the items.
The warranty receivables amount is recorded in trade and other receivables, net on our Balance Sheets. On a monthly basis, the Company evaluates the collectability of the outstanding balances and establishes a reserve for the face amount of the expected losses on these receivables. The warranty expense associated with this reserve is included within cost of revenues (exclusive of depreciation and amortization) on our Statements of Operations.
Allowance for Credit Losses
Allowance for Credit Losses
We continually evaluate the collectability of outstanding balances and maintain an allowance for credit losses related to our trade and other receivables and notes receivable that have been determined to have a high risk of uncollectability, which represents our best estimates of the current expected credit losses to be incurred in the future. To derive our estimates, we analyze historical collection trends and changes in our customer payment patterns, current and expected conditions and market trends along with our operating forecasts, concentration, and creditworthiness when evaluating the adequacy of our allowance for credit losses. In addition, with respect to our check warranty receivables, we are exposed to risk for the losses associated with warranted items that cannot be collected from patrons issuing these items. We evaluate the collectability of the outstanding balances and establish a reserve for the face amount of the current expected credit losses related to these receivables. Account balances are charged against the provision when the Company believes it is probable the receivable will not be recovered. The provision for doubtful accounts receivable is included within operating expenses and the check warranty loss reserves are included within financial access services cost of revenues in the Statements of Operations.
Inventory
Inventory
Our inventory primarily consists of component parts as well as finished goods and work-in-progress. The cost of inventory includes cost of materials, labor, overhead and freight. The inventory is stated at the lower of cost or net realizable value and accounted for using the first in, first out method (“FIFO”).
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 cashless balances held on behalf of patrons.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost, less accumulated depreciation, and are computed using the straight-line method over the estimated life of the assets, generally one to five years. Assets leased to customers are included within property and equipment are stated at cost, less accumulated depreciation, and are computed using the straight-line method over the estimated life of the assets, generally two to five years. Player terminals and related components and equipment are included in our rental pool. The rental pool can be further delineated as “rental pool – deployed,” which generally consists of assets deployed at customer sites under participation or fixed fee arrangements, and “rental pool – undeployed,” which consists of assets held by us that are available for customer use. Rental pool – undeployed also consists of previously deployed units currently back with us to be refurbished awaiting re-deployment. Routine maintenance of property, equipment and leased gaming equipment is expensed in the period incurred, while major component upgrades are capitalized and depreciated over the estimated remaining useful life of the component. Sales and retirements of depreciable property are recorded by removing the related cost and accumulated depreciation from the accounts. Gains or losses on sales and retirements of property are reflected in our Statements of Operations. Property, equipment and leased assets are reviewed for impairment whenever events or circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated when future cash flows, on an undiscounted basis, do not exceed the carrying value of the asset.
Placement Fee Agreements
Placement Fee Agreements
Periodically, we enter into long-term agreements with certain gaming establishments to secure the placement of our electronic gaming machines (“EGMs”) on casino floors. Under the terms of these placement fee agreements that we generally pay in full at the start of the term, the Company has the ability to install EGMs on the gaming floor for an extended period of time (i.e., generally multi-year agreements, with our largest agreement covering 83 months) under right to use arrangements. The gaming operations revenues generated as a result of these agreements are reduced by the accretion of contract rights, which represents the related amortization of the contract rights recorded in connection with such agreements. To the extent payments are made for these placement fee agreements to certain gaming establishments, we classify the amounts as cash outflows from operating activities in our Statements of Cash Flows.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired plus liabilities assumed arising from business combinations. We test for impairment annually on a reporting unit basis, at the beginning of our fourth fiscal quarter, or more often under certain circumstances that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The annual impairment test is completed using either: a qualitative “Step 0” assessment based on reviewing relevant events and
circumstances; or a quantitative “Step 1” assessment, which determines the fair value of the reporting unit, using an appropriate methodology, such as a market approach that compares market multiples of comparable companies and/or an income approach that discounts future cash flows based on the estimated future results of our reporting units and to determine whether or not any impairment exists. To the extent the carrying amount of a reporting unit is less than its estimated fair value, an impairment charge is recorded (for additional information refer to Note 11 Goodwill and Other Intangible Assets).
Our reporting units are identified as operating segments or one level below. Reporting units must: (i) engage in business activities from which they earn revenues and incur expenses; (ii) have operating results that are regularly reviewed by our segment management to ascertain the resources to be allocated to the segment and assess its performance; and (iii) have discrete financial information available. As of December 31, 2024, our reporting units included: (i) Games; (ii) Financial Access Services; (iii) Kiosk Sales and Services; (iv) Central Credit Services; (v) Compliance Sales and Services; (vi) Loyalty Sales and Services; and (vii) Mobile Technologies.
The annual evaluation of goodwill requires the use of different assumptions, estimates, or judgments in the goodwill impairment testing process, such as: the applicable methodology and weighting based on the market multiples of comparable companies, the estimated future cash flows of our reporting units and the discount rate used to present value such cash flows.
There can be no assurance that our estimates and assumptions made for purposes of our impairment assessments as of the time of evaluation will prove to be accurate predictions of the future. If our assumptions regarding business plans, mergers and acquisitions, competitive environments or anticipated growth rates are not correct, we may be required to record non-cash impairment charges in future periods, whether in connection with our normal review procedures periodically, or earlier, if an indicator of an impairment is present prior to such evaluation.
Other Intangible Assets
Other Intangible Assets
Other intangible assets are stated at cost, less accumulated amortization, and are amortized primarily using the straight-line method. Other intangible assets consist primarily of customer relationships (rights to provide Games and FinTech services to gaming operator customers), developed technology, including capitalized software development costs, trade names and trademarks, acquired through business combinations and contract rights. Customer relationships require us to make renewal assumptions, which impact the estimated useful lives of such assets. Capitalized software development costs require us to make certain judgments as to the stages of development and costs eligible for capitalization. Capitalized software costs placed in service are amortized over their useful lives, generally not to exceed six years. We review intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business or market price of the asset, a significant adverse change in legal factors or business climate that could affect the value of an asset, or a current period operating or cash flow loss combined with a history of operating or cash flow losses. We group intangible assets for impairment analysis at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of definite lived intangible assets is measured by a comparison of the carrying amount of the asset to future net cash flows expected to be generated by the asset, on an undiscounted basis and without interest or taxes. Any impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Debt Issuance Costs
Debt Issuance Costs
Debt issuance costs incurred in connection with long-term borrowings are capitalized and amortized to interest expense based upon the related debt agreements using the straight-line method, which approximates the effective interest method. Debt issuance costs related to line-of-credit arrangements are included in other assets, non-current, on our Balance Sheets. All other debt issuance costs are included as contra-liabilities in long-term debt.
Cost of Revenues (Exclusive of Depreciation and Amortization)
The cost of revenues (exclusive of depreciation and amortization) represents the direct costs required to perform revenue generating transactions, and are comprised primarily of inventory and related costs associated with the sale of our financial access and loyalty kiosks and software, electronic gaming machines and system sale, check cashing warranties, field service, and network operations personnel.
Advertising, Marketing, and Promotional Costs
We expense advertising, marketing, and promotional costs as incurred. Total advertising, marketing, and promotional costs, included in operating expenses in the Statements of Operations, were $4.0 million, $4.0 million, and $3.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research and Development Costs
We conduct research and development activities for both our Games and FinTech segments. Our Gaming research and development activities are primarily to develop gaming systems, game engines, casino data management systems, central determination and other electronic bingo-outcome determination systems, video lottery outcome determination systems, gaming platforms and gaming content, and to enhance our existing product lines. Our FinTech research and development activities are primarily to develop: (i) payments products, systems, and related capabilities such as security, encryption and business rule engines that deliver differentiated patron experiences and integrate with our other products; (ii) compliance products that increase efficiencies, profitability, enhance employee/patron relationships, and meet regulatory reporting requirements; (iii) loyalty products, systems, and features that attract, engage, and retain patrons in more intuitive and contextual ways than our competition; (iv) cashless alternatives, such as the CashClub Wallet; and (v) mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries.
Research and development costs consist primarily of salaries and benefits, consulting fees, certification and testing fees. Once the technological feasibility has been established, the project is capitalized until it becomes available for general release.
Research and development costs were $77.3 million, $67.6 million, and $60.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Income Taxes
Income Taxes
We are subject to income taxes in the United States as well as various states and foreign jurisdictions in which we operate. We account for income taxes in accordance with accounting guidance whereby deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or income tax returns. Deferred tax assets and liabilities are determined based upon differences between financial statement carrying amounts of existing assets and their respective tax bases using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on the income tax provision and deferred tax assets and liabilities generally is recognized in the results of operations in the period that includes the enactment date. We evaluate the realization of our deferred tax assets based on all available evidence and establish a valuation allowance to reduce deferred tax assets when it is more likely than not that they will not be realized. This assessment considers all available positive and negative evidence, including our past operating results, forecasts of future earnings, the scheduled reversal of deferred tax liabilities, the duration of statutory carryforward periods and tax planning strategies.
We recognize tax benefits from an uncertain position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the issue. The amount recognized is the largest benefit that we believe has greater than a 50% likelihood of being realized upon settlement.
Although we believe our assumptions, judgments and estimates are reasonable, changes in tax laws, and their interpretation, as well as the examination of our tax returns by taxing authorities, could significantly impact the
amounts provided for income taxes in our consolidated financial statements. Our effective tax rate is affected by a number of factors including the actual results of operations, changes in our stock price for shares issued as employee compensation, changes in the valuation of our deferred tax assets or liabilities and changes in tax laws or rates for income taxes and other non-income taxes in various jurisdictions. The Organization for Economic Cooperation and Development’s (“OECD”) Base Erosion and Profit Shifting project involving negotiations among over 140 countries has the potential to substantially affect international tax policies, including the implementation of a minimum global effective tax rate of 15%. We are not currently subject to these rules as they are only applicable to multinational companies with global revenue of at least EUR 750 million. We will continue to monitor developments in the OECD’s project and policy changes in the countries in which we operate, as our effective tax rate and cash tax payments could increase when we become subject to these rules in future years.
Employee Benefits Plan
Employee Benefits Plan
The Company provides a 401(k) Plan that allows employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 75% of their income on a pre-tax basis through contributions to the plan. As a benefit to employees, the Company matches a percentage of these employee contributions (as defined in the plan document).
Fair Values of Financial Instruments
Fair Values of Financial Instruments
The fair value of a financial instrument represents the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Fair value estimates are made at a specific point in time, based upon relevant market information about the financial instrument.
The carrying amount of cash and cash equivalents, restricted cash, settlement receivables, short-term trade and other receivables, settlement liabilities, accounts payable, and accrued expenses approximate fair value due to the short-term maturities of these instruments. The fair value of the long-term trade and loans receivable is estimated by discounting expected future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and remaining maturities. The fair value of long-term accounts payable is estimated by discounting the total obligation. As of December 31, 2024 and 2023, the fair value of trade and loan 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.
Foreign Currency Translation
Foreign Currency Translation
Foreign currency denominated assets and liabilities for those foreign entities for which the local currency is the functional currency are translated into U.S. dollars based on exchange rates prevailing at the end of each year. Revenues and expenses are translated at average exchange rates during the year. The effects of foreign exchange gains and losses arising from these translations are included as a component of other comprehensive income (loss) in the Statements of Operations. Translation adjustments on intercompany balances of a long-term investment nature are recorded as a component of accumulated other comprehensive loss in our Balance Sheets.
Use of Estimates
Use of Estimates
We have made estimates and judgments affecting the amounts reported in these financial statements and the accompanying notes in conformity with GAAP. The actual results may materially differ from these estimates.
Earnings Applicable to Common Stock
Earnings Applicable to Common Stock
Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the effect of potential common stock resulting from assumed stock option exercises and vesting of restricted stock unless it is anti-dilutive. To the extent we report a net loss from continuing operations in a particular period, no potential dilution from the application of the treasury stock method would be applicable.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation results in a cost that is measured at fair value on the grant date of an award. Generally, we issue grants that are classified as equity awards. To the extent we issue grants that are considered liability awards, they are remeasured at fair value at the end of each reporting period until settlement with changes being recognized as stock-based compensation cost with a corresponding adjustment recorded to the liability, either immediately or during the remaining service period depending on the vested status of the award. Generally, with respect to stock option awards granted under our plans, they expire 10 years from the date of grant with the exercise price based on the closing market price of our common stock on the date of the grant.
Our restricted stock awards, restricted stock units, and performance-based stock units, are measured at fair value based on the closing stock price on the grant date, except for certain awards with a share-based payment arrangements priced in relation to similar indexed securities, which are valued using a lattice model. Our time-based stock option awards are measured at fair value on the grant date using the Black Scholes model. The stock-based compensation cost is recognized on a straight-line basis over the vesting period of the awards.
Forfeiture amounts are estimated at the grant date for stock awards and are updated periodically based on actual results, to the extent they differ from the estimates.
Acquisition-Related Costs
Acquisition-Related Costs
We expense acquisition-related costs as incurred. Acquisition-related costs include, but are not limited to: financial advisory, legal and debt fees; accounting, consulting and professional fees associated with due diligence, valuation and integration; severance; and other related costs and adjustments.
Reclassification of Balances
Reclassification of Balances
Certain amounts in the accompanying consolidated financial statements and accompanying notes have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on net income or financial condition for any period presented.
Recent Accounting Guidance
Recent Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescription
Date of 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
The adoption of this ASU resulted in the inclusion of significant expense and measure of profit or loss segment information Financial Statement disclosures.
Recent Accounting Guidance Not Yet Adopted
StandardDescription
Date of Planned Adoption
Effect on Financial Statements
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.
December 31, 2025
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220):The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.December 31, 2027
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
As of December 31, 2024, other than what has been described above, we do not anticipate recently issued accounting guidance to have a significant impact on our consolidated financial statements.
Revenue Recognition
Overview
We evaluate the recognition of revenue based on the criteria set forth in Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers and ASC 842 — Leases, as appropriate. We recognize revenue upon transferring control of goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We enter into contracts with customers that include various performance obligations consisting of goods, services, or combinations of goods and services. Timing of the transfer of control varies based on the nature of the contract. We recognize revenue net of any sales and other taxes collected from customers, which are subsequently remitted to governmental authorities and are not included in revenues or operating expenses. We measure revenue based on the consideration specified in a contract with a customer and adjusted, as necessary.
Collectability
To assess collectability, we determine whether it is probable that we will collect substantially all of the consideration to which we are entitled in exchange for the goods and services transferred to the customer in accordance with the terms and conditions of the contract. In connection with these procedures, we evaluate the
customer using internal and external information available, including, but not limited to, research and analysis of our credit history with the customer. Based on the nature of our transactions and historical trends, we determine whether our customers have the ability and intention to pay the amounts of consideration when they become due to identify potentially significant credit risk exposure.
Contract Combinations - Multiple Promised Goods and Services
Our contracts may include various performance obligations for promises to transfer multiple goods and services to a customer, especially since our Games and FinTech businesses may enter into multiple agreements with the same customer that meet the criteria to be combined for accounting purposes under ASC 606. When this occurs, a Stand-Alone Selling Price (“SSP”) will be determined for each performance obligation in the combined arrangement, and the consideration will be allocated between the respective performance obligations. The SSP of our goods and services is generally determined based on observable prices, an adjusted market assessment approach, or an expected cost-plus margin approach. We utilize a residual approach only when the SSP for performance obligations with observable prices has been established and the remaining performance obligation in the contract with a customer does not have an observable price as it is uncertain or highly variable and, therefore, is not discernible. We use our judgment to analyze the nature of the promises made and determine whether each is distinct or should be combined with other promises in the contract based on the level of integration and interdependency between the individual deliverables.
Disaggregation of Revenues
We disaggregate revenues based on the nature and timing of the cash flows generated by such revenues as presented in “Note 19 — Segment Information.”
Outbound Freight Costs, Installation and Training
Upon transferring control of goods to a customer, the shipping and handling costs in connection with sale transactions are generally accounted for as fulfillment costs and included in cost of revenues.
Our performance of installation and training services relating to the sales of gaming equipment and systems and FinTech equipment does not modify the software or hardware in those equipment and systems. Such installation and training services are generally immaterial in the context of the contract; and therefore, such items do not represent a separate performance obligation.
Costs to Acquire a Contract with a Customer
We typically incur incremental costs to acquire customer contracts in the form of sales commissions; however, because the expected benefit from these contracts is one year or less, we expense these amounts as incurred.
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.
Leases
We determine if a contract is, or contains, a lease at the inception, or modification, of a contract based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of an asset is predicated upon the notion that a lessee has both the right to (i) obtain substantially all of the economic benefit from the use of the asset; and (ii) direct the use of the asset.
Operating lease right-of-use (“ROU”) assets and liabilities are recognized based on the present value of minimum lease payments over the expected lease term at commencement date. Lease expense is recognized on a straight-line basis over the expected lease term. Our lease arrangements have both lease and non-lease components, and we have elected the practical expedient to account for the lease and non-lease elements as a single lease.
Certain of our lease arrangements contain options to renew with terms that generally have the ability to extend the lease term to a range of approximately one to ten years. The exercise of lease renewal options is generally at our sole discretion. The expected lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise such option. The depreciable life of leased assets and leasehold improvements are limited by the expected term of such assets, unless there is a transfer of title or purchase option reasonably certain to be exercised.
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 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 years ended December 31, 2024, 2023, and 2022, respectively (in thousands).
Year Ended December 31,
Classification on our Balance Sheets202420232022
Cash and cash equivalentsCash and cash equivalents$400,677 $267,215 $293,394 
Restricted cash — currentPrepaid expenses and other current assets7,803 5,190 1,568 
Restricted cash — non-currentOther assets101 101 101 
Total$408,581 $272,506 $295,063 
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 years ended December 31, 2024, 2023, and 2022, respectively (in thousands).
Year Ended December 31,
Classification on our Balance Sheets202420232022
Cash and cash equivalentsCash and cash equivalents$400,677 $267,215 $293,394 
Restricted cash — currentPrepaid expenses and other current assets7,803 5,190 1,568 
Restricted cash — non-currentOther assets101 101 101 
Total$408,581 $272,506 $295,063 
Estimated Fair Value and Outstanding Balances of Borrowings
The estimated fair value and outstanding balances of our borrowings are as follows (dollars in thousands):
 Level of HierarchyFair ValueOutstanding Balance
December 31, 2024   
$600 million Term Loan
2$561,201 $560,500 
$400 million 2021 Unsecured Notes
2$400,000 $400,000 
December 31, 2023   
$600 million Term Loan
2$589,433 $586,500 
$400 million 2021 Unsecured Notes
2$365,000 $400,000 
Summary of Recent Accounting Guidance
Recent Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescription
Date of 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
The adoption of this ASU resulted in the inclusion of significant expense and measure of profit or loss segment information Financial Statement disclosures.
Recent Accounting Guidance Not Yet Adopted
StandardDescription
Date of Planned Adoption
Effect on Financial Statements
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.
December 31, 2025
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220):The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.December 31, 2027
We are currently evaluating the effect of adopting this ASU on our Financial Statement disclosures.
As of December 31, 2024, other than what has been described above, we do not anticipate recently issued accounting guidance to have a significant impact on our consolidated financial statements.
v3.25.0.1
REVENUES (Tables)
12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities
The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands):
2024
2023
Contract assets(1)
Balance, beginning of period$26,635 $22,417 
Balance, end of period35,564 26,635 
         Increase
$8,929 $4,218 
Contract liabilities(2)
Balance, beginning of period$51,799 $53,419 
Balance, end of period63,563 51,799 
         Increase (decrease)
$11,764 $(1,620)
(1) Contract assets are included within prepaid expenses and other current assets and other assets 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.
v3.25.0.1
LEASES (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2024
At December 31, 2023
Assets
Operating lease ROU assetsOther assets, non-current$24,299 $27,489 
Liabilities
Current operating lease liabilitiesAccounts payable and accrued expenses$7,579 $7,079 
Non-current operating lease liabilitiesOther accrued expenses and liabilities$22,472 $26,930 
Cash Flow Information
Supplemental cash flow information related to leases is as follows (in thousands):
Year Ended December 31,
202420232022
Cash paid for:
Long-term operating leases$8,908 $7,413 $6,885 
Short-term operating leases$2,318 $2,090 $1,660 
ROU assets obtained in exchange for lease obligations:
Operating leases(1)
$2,863 $17,690 $7,502 
(1)  The amounts are presented net of current year terminations and exclude amortization for the period.
Lease Costs
Other information related to lease terms and discount rates is as follows:
At December 31, 2024
At December 31, 2023
Weighted average remaining lease term (in years):
Operating leases6.416.71
Weighted average discount rate:
Operating leases6.32 %6.08 %
Components of lease expense are as follows (in thousands):
Year Ended December 31,
202420232022
Operating lease cost:
Operating lease cost (1)
$7,813 $6,786 $6,008 
Variable lease cost $1,465 $1,461 $1,164 
(1)  The amounts include approximately $6.0 million, $6.1 million and $4.8 million in non-cash lease expense attributable to amortization of ROU assets for the years ended December 31, 2024, 2023 and 2022, respectively.
Payments Due
Maturities of lease liabilities are summarized as follows as of December 31, 2024 (in thousands):
Year ending December 31, Amount
2025$9,219 
20266,064 
20273,938 
20283,430 
20292,580 
Thereafter12,185 
Total future minimum lease payments $37,416 
Amount representing interest 7,365 
Present value of future minimum lease payments$30,051 
Current operating lease obligations7,579 
Long-term lease obligations$22,472 
Sales-Type Lease
Supplemental balance sheet information related to our sales-type leases is as follows (in thousands):
Classification on our Balance Sheets
At December 31, 2024
At December 31, 2023
Assets
Net investment in sales-type leases — currentTrade and other receivables, net$1,902 $810 
v3.25.0.1
TRADE AND OTHER RECEIVABLES (Tables)
12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Trade and Other Receivables
The balance of trade and other receivables consisted of the following (in thousands): 
 At December 31,
 20242023
Trade and other receivables, net  
Games trade and loans receivable$61,298 $66,044 
FinTech trade and loans receivable27,288 26,550 
Other receivables5,598 4,474 
Total trade and other receivables, net94,184 97,068 
Non-current portion of receivables
Games trade and loans receivable2,461 480 
FinTech trade and loans receivable3,868 2,306 
Total non-current portion of receivables6,329 2,786 
Total trade and other receivables, current portion$87,855 $94,282 
Activity in Allowance for Credit Losses
The activity in our allowance for credit losses for the years ended December 31, 2024 and 2023 is as follows (in thousands):
At December 31,
 20242023
Beginning allowance for credit losses$(5,210)$(4,855)
Provision(11,422)(11,623)
Charge-offs and recoveries10,976 11,268 
Ending allowance for credit losses$(5,656)$(5,210)
v3.25.0.1
INVENTORY (Tables)
12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Components of Inventory
Inventory consisted of the following (in thousands):
 At December 31,
 20242023
Inventory  
Component parts, net of reserves of $6,693 and $3,144 at December 31, 2024 and December 31, 2023, respectively
$54,324 $59,632 
Work-in-progress918 1,147 
Finished goods12,579 9,845 
Total inventory$67,821 $70,624 
v3.25.0.1
PREPAID EXPENSES AND OTHER ASSETS (Tables)
12 Months Ended
Dec. 31, 2024
Prepaid Expense and Other Assets [Abstract]  
Schedule of Components of Current Portion of Prepaid and Other Assets
The balance of the current portion of prepaid expenses and other assets consisted of the following (in thousands): 
 At December 31,
 20242023
Prepaid expenses and other current assets  
Prepaid expenses$26,052 $25,608 
Contract assets(1)
16,961 13,651 
Deposits13,636 10,530 
Restricted cash(2)
7,803 5,190 
Other3,662 2,578 
Total prepaid expenses and other current assets$68,114 $57,557 
(1) Refer to “Note 3 — Revenues” for a discussion on the contract assets.
(2) Refer to “Note 2 — Basis of Presentation and Summary of Significant Accounting Policies” for discussion on the composition of the restricted cash balance.
Schedule of Components of Non-Current Portion of Prepaid and Other Assets
The balance of the non-current portion of other assets consisted of the following (in thousands):
 At December 31,
 20242023
Other assets  
Operating lease ROU assets$24,299 $27,489 
Contract assets(1)
18,603 12,984 
Prepaid expenses and deposits9,624 9,429 
Debt issuance costs of revolving credit facility609 993 
Other12,410 13,415 
Total other assets$65,545 $64,310 
(1) Refer to “Note 3 — Revenues” for a discussion on the contract assets.
v3.25.0.1
PROPERTY AND EQUIPMENT (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2024At December 31, 2023
Useful Life (Years)CostAccumulated DepreciationNet Book ValueCostAccumulated DepreciationNet Book Value
Property and equipment       
Rental pool - deployed
2-5
$297,909 $201,141 $96,768 $308,438 $218,110 $90,328 
Rental pool - undeployed
2-5
42,360 30,364 11,996 39,578 29,770 9,808 
FinTech equipment
1-5
29,218 20,666 8,552 32,719 21,911 10,808 
Leasehold and building improvementsLease Term16,630 3,597 13,033 19,271 4,887 14,384 
Machinery, office, and other equipment
1-5
65,518 37,875 27,643 63,857 36,481 27,376 
Total $451,635 $293,643 $157,992 $463,863 $311,159 $152,704 
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in the Carrying Amount of Goodwill
The changes in the carrying amount of goodwill are as follows (in thousands):
 GamesFinancial Access ServicesKiosk Sales and ServicesCentral Credit ServicesCompliance Sales and ServicesLoyalty Sales and ServicesMobile TechnologiesTotal
Goodwill      
Balance, December 31, 2022$461,443$157,049$15,860$17,127$12,136$41,395$10,860$715,870
Foreign currency translation 14(819)(805)
Acquisition related adjustments22,9322,925(1,245)24,612
Subsequent recognition of deferred tax assets
(1,873)(1,873)
Balance, December 31, 2023$484,375$155,190$17,966$17,127$12,136$41,395$9,615$737,804
Foreign currency translation(175)(48)(1,081)(1,304)
Acquisition related adjustments(30)(30)
Balance, December 31, 2024$484,170$155,142$16,885$17,127$12,136$41,395$9,615$736,470
Schedule of Other Intangible Assets
Other intangible assets consist of the following (in thousands): 
  At December 31, 2024At December 31, 2023
Useful Life (Years)CostAccumulated AmortizationNet Book ValueCostAccumulated AmortizationNet Book Value
Other intangible assets       
Contract rights under placement fee agreements
2-7
$57,821 $30,931 $26,890 $57,821 $21,592 $36,229 
Customer relationships
3-14
337,236 276,218 61,018 337,829 255,972 81,857 
Developed technology and software
1-7
499,104 371,695 127,409 453,453 340,286 113,167 
Patents, trademarks, and other
2-18
24,726 23,128 1,598 24,783 21,898 2,885 
Total $918,887 $701,972 $216,915 $873,886 $639,748 $234,138 
Schedule of Anticipated Amortization Expense
The anticipated amortization expense related to other intangible assets, assuming no subsequent impairment of the underlying assets, is as follows (in thousands): 
Anticipated amortization expenseAmount
2025$65,203 
202644,372 
202715,232 
20285,147 
20294,239 
Thereafter14,004 
Total (1)
$148,197 
(1) For the year ended December 31, 2024, the Company had $68.7 million in other intangible assets that had not yet been placed into service.
v3.25.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses
The following table presents our accounts payable and accrued expenses (amounts in thousands):
 At December 31,
 20242023
Accounts payable and accrued expenses  
Customer commissions payable81,676 74,376 
Contract liabilities60,922 51,395 
Payroll and related expenses19,643 14,367 
Accounts payable - trade13,870 30,261 
Financial access processing and related expenses 10,401 8,670 
Accrued interest9,332 9,616 
Operating lease liabilities7,579 7,079 
Accrued income taxes3,972 6,367 
Contingent consideration and acquisition-related liabilities (1)
2,397 5,623 
Other11,223 7,776 
Total accounts payable and accrued expenses$221,015 $215,530 
(1) Refer to “Note 5 — Business Combinations” for discussion on contingent consideration and acquisition-related liabilities.
v3.25.0.1
LONG-TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
The following table summarizes our indebtedness (in thousands): 
MaturityInterestAt December 31,
DateRate20242023
Long-term debt
$600 million Term Loan
2028
SOFR+CSA+2.50%
$560,500 $586,500 
$125 million Revolver
2026
SOFR+CSA+2.50%
— — 
Senior Secured Credit Facilities560,500 586,500 
$400 million 2021 Unsecured Notes
20295.00%400,000 400,000 
Total debt960,500 986,500 
Debt issuance costs and discount(9,565)(12,035)
Total debt after debt issuance costs and discount
950,935 974,465 
Current portion of long-term debt— (6,000)
Total long-term debt, net of current portion$950,935 $968,465 
Schedule of Maturities of Borrowings
The maturities of our borrowings at December 31, 2024 are as follows (in thousands):
 Amount
Maturities of borrowings 
2025$— 
2026— 
2027— 
2028560,500 
2029400,000 
Thereafter— 
Total$960,500 
v3.25.0.1
WEIGHTED AVERAGE SHARES OF COMMON STOCK (Tables)
12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of 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): 
 At December 31,
 202420232022
Weighted average shares   
Weighted average number of common shares outstanding — basic85,023  87,176 90,494
     Potential dilution from equity awards (1)
3,128 4,809 7,013 
Weighted average number of common shares outstanding — diluted (1)
88,151  91,985 97,507
(1) There were 0.4 million and 0.3 million shares that were anti-dilutive under the treasury stock method for the years ended December 31, 2024 and 2023, respectively. There were an immaterial amount of shares that were anti-dilutive under the treasury stock method for the year ended December 31, 2022.
v3.25.0.1
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 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(1,746)(928)
Canceled or forfeited(195)(207)
Outstanding, December 31, 20242,972 2,802 
Summary of Option Activity
The following table presents the options activity: 
Number of Options
(in thousands)
Weighted Average Exercise Price
(per Share)
Weighted Average Life Remaining
(Years)
Aggregate Intrinsic Value
(in thousands)
Outstanding, December 31, 2023
4,804 $4.28 2.6$34,350 
Granted109 8.04 
Exercised(1,746)4.67 
Canceled or forfeited(195)6.75 
Outstanding, December 31, 2024
2,972 4.03 2.328,538 
Vested and expected to vest after, December 31, 2024
2,959 4.01 2.328,488 
Exercisable, December 31, 2024
2,786 $3.54 1.9$27,980 
Schedule of Information About Stock Options Outstanding and Exercisable
The following table presents the options outstanding and exercisable by price range:
  Options OutstandingOptions Exercisable
Number
Outstanding
Weighted
Average
Remaining
Contract
Life
Weighted
Average
Exercise
Number
Exercisable
Weighted
Average
Exercise
Range of Exercise Prices(in thousands)(Years)Prices(in thousands)Price
$1.46 $2.78 1,035 1.3$2.05 1,035 $2.05 
3.29 3.29 1,448 2.23.29 1,448 3.29 
6.30 8.32 327 3.37.75 224 7.62 
15.12 15.12 90 8.315.12 30 15.12 
16.69 16.69 72 7.416.69 49 16.69 
  2,972   2,786  
Schedule of Nonvested Restricted Stock Units Activity
The following table presents our RSU and PSU awards activity:
Shares Outstanding
(in thousands)
Weighted Average Grant Date Fair Value
(per Share)
Weighted Average Life Remaining
(Years)
Aggregate Intrinsic Value
(in thousands)
Outstanding, December 31, 2023
2,464 $15.88 1.2$27,747 
Granted1,473 8.71 
Vested(928)17.24 
Forfeited(207)12.54 
Outstanding, December 31, 2024
2,802 12.15 1.237,861 
Expected to vest after, December 31, 2024
2,297 $12.33 1.1$31,037 
v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Consolidated Income Before Tax for Domestic and Foreign Operations
The following presents consolidated income (loss) before tax for domestic and foreign operations (in thousands):
 Year Ended December 31,
 202420232022
Consolidated income (loss) before tax   
Domestic$18,735 $104,798 $157,510 
Foreign(2,838)(3,207)90 
Total$15,897 $101,591 $157,600 
Income Tax Provision (Benefit) Attributable to Income From Operations Before Tax
The income tax provision (benefit) attributable to the income (loss) before tax consists of the following components (in thousands):
 Year Ended December 31,
 202420232022
Income tax (benefit) provision
   
Domestic$(431)$17,760 $36,440 
Foreign1,312 (166)671 
Total income tax provision (benefit)$881 $17,594 $37,111 
Income tax provision (benefit)
Current$12,064 $8,634 $4,446 
Deferred(11,183)8,960 32,665 
Total income tax provision (benefit)$881 $17,594 $37,111 
Reconciliation of Federal Statutory Rate and Effective Income Tax Rate
A reconciliation of the federal statutory rate and the effective income tax rate is as follows:
 Year Ended December 31,
 202420232022
Income tax reconciliation   
Federal statutory rate21.0 %21.0 %21.0 %
Foreign provision(3.4)%(0.4)%(0.1)%
State/province income tax9.1 %3.3 %3.3 %
Compensation deduction limitations 4.4 %2.1 %2.9 %
Stock-based compensation expense(7.1)%(4.5)%(2.5)%
     Adjustments to carrying values(7.5)%1.9 %0.3 %
Research and development credit(1)
(25.4)%(6.7)%(2.2)%
Valuation allowance(2)
11.7 %1.1 %— %
Global intangible low-taxed income(3)
— %— %0.4 %
Non-deductible expenses - other1.3 %0.2 %— %
Other1.4 %(0.7)%0.4 %
Effective tax rate5.5 %17.3 %23.5 %
(1) Benefit from the generation of research and development credits.
(2) Increase in the valuation allowance due to additional losses in Australia.
(3) The Company had no Global Intangible Low-Taxed Income inclusion in 2024 due to the high tax exception in certain of the foreign jurisdictions and losses in other locations.
Schedule of Major Tax-Effected Components of Deferred Tax Assets and Liabilities
The major tax-effected components of the deferred tax assets and liabilities are as follows (in thousands):
 At December 31,
 202420232022
Deferred income tax assets related to:   
Net operating losses$4,645 $5,171 $27,901 
Tax credits771 17,570 18,467 
Capitalized research expenditures(1)
38,760 27,534 15,705 
Accrued and prepaid expenses10,049 9,989 10,481 
Stock compensation expense4,246 5,427 6,041 
Accounts receivable allowances1,492 1,293 1,204 
Other8,123 1,798 1,841 
Valuation allowance(3,575)(1,818)(739)
Total deferred income tax assets$64,511 $66,964 $80,901 
Deferred income tax liabilities related to:   
Other intangible assets$41,422 $49,234 $57,487 
Property and equipment19,939 24,755 23,352 
Other5,113 6,139 4,472 
Total deferred income tax liabilities$66,474 $80,128 $85,311 
Deferred income taxes, net$(1,963)$(13,164)$(4,410)
(1) As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, our research and development expenditures were capitalized and amortized, which resulted in higher taxable income for 2022, 2023, and 2024 with an equal amount of deferred tax benefit.
Reconciliation of Total Amounts of Deferred Tax Asset Valuation Allowance
The following is a tabular reconciliation of the total amounts of deferred tax asset valuation allowance (in thousands): 
 At December 31,
 202420232022
Balance at beginning of period$1,818 $739 $804 
Valuation allowance - (reversal) charge1,757 1,079 (65)
Balance at end of period$3,575 $1,818 $739 
Reconciliation of Total Amounts of Unrecognized Tax Benefits
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands): 
 At December 31,
 202420232022
Unrecognized tax benefit   
Unrecognized tax benefit at beginning of period$4,537 $2,566 $2,151 
Gross increases — tax positions in prior period71 1,189 415 
Gross increases — tax positions in current period
624 782 — 
Unrecognized tax benefit at end of period$5,232 $4,537 $2,566 
v3.25.0.1
SEGMENT INFORMATION (Tables)
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present segment information (in thousands):
 For the Year Ended December 31,
202420232022
Games   
Revenue
Gaming operations(1)
$277,460 $304,132 $292,873 
Gaming equipment and systems
101,461 125,022 143,553 
Total revenues378,921 429,154 436,426 
Costs and expenses
Cost of revenues (2)
Gaming operations
41,923 35,205 25,153 
Gaming equipment and systems
59,260 72,191 86,638 
Total cost of revenues(3)
101,183 107,396 111,791 
Operating expenses(4)(5)(6)(7)(8)(9)(10)(11)(12)
112,780 103,666 76,496 
  Research and development49,360 44,365 40,353 
Depreciation78,837 68,833 57,106 
  Amortization47,954 44,201 43,044 
Total costs and expenses
390,114 368,461 328,790 
Operating (loss) income
$(11,193)$60,693 $107,636 
(1)Includes the accretion of contract rights of approximately $9.3 million for the years ended December 31, 2024 and 2023, respectively, and $9.6 million for the year ended December 31, 2022.
(2)Excludes depreciation and amortization.
(3)Includes approximately $3.5 million of additional inventory reserves, of which $3.0 million was included within Gaming Operations Cost of Revenues and $0.5 million was included within Gaming Equipment and Systems Cost of Revenues, for year ended December 31, 2024.
(4)Includes approximately $3.1 million of transaction costs related to the Proposed Transaction for the year ended December 31, 2024.
(5)Includes approximately $15.8 million and $2.0 million of transaction costs related to the Original Proposed Transaction for the years ended December 31, 2024 and 2023, respectively.
(6)Includes approximately $6.3 million of employee retention costs for the Proposed Transaction for the year ended December 31, 2024.
(7)Includes approximately $2.1 million and $1.0 million of severance costs related to the realignment of certain employee functions within the Games business for the years ended December 31, 2024 and 2023, respectively.
(8)Includes approximately $7.5 million of depreciation charges for certain end-of-life electronic gaming devices returned from our install base for the year ended December 31, 2024.
(9)Includes approximately $3.8 million of accrued charges for the decline in expected utility of certain firm purchase commitments for the year ended December 31, 2024.
(10)Includes approximately $0.4 million in other professional fees and expenses primarily associated with litigation and other non-recurring legal matters for the year ended December 31, 2024, approximately $1.2 million and $0.6 million for other legal fees and other professional expenses associated with the Video King asset acquisition, respectively, for the year ended December 31, 2023 and $0.1 million for legal fees associated with the acquisitions completed during the year ended December 31, 2022.
(11)Includes approximately $4.8 million and $0.7 million of office and warehouse consolidation expenses for the years ended December 31, 2023 and 2022, respectively.
(12)Includes approximately $0.2 million in litigation recovery for the year ended December 31, 2022.
* Rounding may cause variances.
 For the Year Ended December 31,
 202420232022
FinTech
Revenues
Financial access services$228,702 $225,054 $206,860 
Software and other104,120 99,490 80,232 
Hardware46,160 54,123 59,001 
Total revenues378,982 378,667 346,093 
Costs and expenses
Cost of revenues (1)
Financial access services10,516 11,064 10,186 
Software and other13,562 6,159 4,125 
Hardware32,570 36,621 39,220 
Total cost of revenues
56,648 53,844 53,531 
Operating expenses(2)(3)(4)(5)(6)(7)(8)
166,839 157,265 140,463 
Research and development27,952 23,268 20,174 
Depreciation10,799 9,858 9,695 
Amortization16,366 15,841 16,514 
Total costs and expenses278,604 260,076 240,377 
Operating income$100,378 $118,591 $105,716 
(1)Excludes depreciation and amortization.
(2)Includes approximately $3.3 million of transaction costs related to the Proposed Transaction for the year ended December 31, 2024.
(3)Includes approximately $0.4 million of transaction costs related to the Original Proposed Transaction for the years ended December 31, 2024 and 2023, respectively.
(4)Includes approximately $6.0 million of employee retention costs for the Proposed Transaction for the year ended December 31, 2024.
(5)Includes approximately $0.2 million and $1.0 million of severance costs related to the realignment of certain employee functions within the FinTech business for the years ended December 31, 2024 and 2023, respectively.
(6)Includes approximately $0.7 million in other professional fees and expenses primarily associated with litigation and other non-recurring legal matters for the year ended December 31, 2024. We recorded a benefit of approximately $0.5 million and $0.2 million against other legal fees and expenses associated with insurance recoveries from litigation matters for the years ended December 31, 2024 and 2023, respectively, and $0.1 million of legal fees for debt amendment costs for the year ended December 31, 2023.
(7)Includes approximately $0.1 million of office and warehouse consolidation expenses for the year ended December 31, 2023.
(8)Includes approximately $4.5 million in legal fees and expenses primarily associated with litigation and other non-recurring items, including the stock purchase agreement of eCash and the acquisition of certain strategic assets of Venuetize for the year ended December 31, 2022.
* Rounding may cause variances.
 For the Year Ended December 31,
 202420232022
Total Games and FinTech   
Total revenues
$757,903 $807,821 $782,519 
Costs and expenses
   
Cost of revenues (1)
157,831 161,240 165,322 
Operating expenses279,619 260,931 216,959 
Research and development77,312 67,633 60,527 
Depreciation89,636 78,691 66,801 
Amortization64,320 60,042 59,558 
Total costs and expenses668,718 628,537 569,167 
Operating income$89,185 $179,284 $213,352 
(1) Exclusive of depreciation and amortization.
The following tables present revenue, significant expense and measure of profit or loss segment information (in thousands):
For the Year Ended December 31, 2024
Games
FinTech
Total
Revenues$378,921 $378,982 $757,903 
Less:(1)
Cost of revenues(2)
101,183 56,648 157,831 
Payroll and related expense(3)
83,855 126,460 210,315 
Software license expense16,251 16,352 32,603 
Occupancy and related expense14,178 10,601 24,779 
Inventory and related expense10,537 13,060 23,597 
Legal and related expense14,316 6,928 21,244 
Accounting, taxes and consulting expense11,868 7,865 19,733 
Stock-based compensation expense5,010 5,692 10,702 
Travel expense2,241 5,538 7,779 
Marketing expense2,549 1,461 4,010 
Depreciation78,837 10,799 89,636 
Amortization47,954 16,366 64,320 
Other segment items(4)
1,335 834 2,169 
Segment operating (loss) income
$(11,193)$100,378 $89,185 
Interest expense, net of interest income73,288 
Income before income tax
$15,897 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Exclusive of depreciation and amortization.
(3) The payroll and related expense does not include amounts capitalized on the balance sheet or included within cost of revenues.
(4) Other segment items for each segment includes:
(i)Games - Other miscellaneous expenses.
(ii)FinTech - Other miscellaneous expenses.
For the Year Ended December 31, 2023
GamesFinTechTotal
Revenues$429,154 $378,667 $807,821 
Less:(1)
Cost of revenues(2)
107,396 53,844 161,240 
Payroll and related expense(3)
73,312 115,918 189,230 
Inventory and related expense
20,274 12,802 33,076 
Software license expense
13,037 13,837 26,874 
Occupancy and related expense
14,180 9,810 23,990 
Stock-based compensation expense
9,505 9,206 18,711 
Accounting, taxes and consulting expense8,090 7,376 15,466 
Travel expense
2,438 6,103 8,541 
Legal and related expense
3,203 3,459 6,662 
Marketing expense2,508 1,565 4,073 
Depreciation68,833 9,858 78,691 
Amortization44,201 15,841 60,042 
Other segment items(4)
1,484 457 1,941 
Segment operating income
$60,693 $118,591 $179,284 
Interest expense, net of interest income77,693 
Income before income tax
$101,591 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Exclusive of depreciation and amortization.
(3) The payroll and related expense does not include amounts capitalized on the balance sheet or included within cost of revenues.
(4) Other segment items for each segment includes:
(i)Games - Other miscellaneous expenses.
(ii)FinTech - Other miscellaneous expenses.
For the Year Ended December 31, 2022
GamesFinTechTotal
Revenues$436,426 $346,093 $782,519 
Less:(1)
Cost of revenues(2)
111,791 53,531 165,322 
Payroll and related expense(3)
66,211 96,158 162,369 
Software license expense9,706 10,414 20,120 
Occupancy and related expense11,694 8,254 19,948 
Stock-based compensation expense
10,178 9,611 19,789 
Inventory and related expense
4,777 11,822 16,599 
Accounting, taxes and consulting expense6,873 7,730 14,603 
Legal and related expense
2,138 9,301 11,439 
Travel expense1,860 4,801 6,661 
Marketing expense2,180 1,402 3,582 
Depreciation57,106 9,695 66,801 
Amortization43,044 16,514 59,558 
Other segment items(4)
1,232 1,144 2,376 
Segment operating income
$107,636 $105,716 $213,352 
Interest expense, net of interest income55,752 
Income before income tax
$157,600 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Exclusive of depreciation and amortization.
(3) The payroll and related expense does not include amounts capitalized on the balance sheet or included within cost of revenues.
(4) Other segment items for each segment includes:
(i)Games - Other miscellaneous expenses.
(ii)FinTech - Other miscellaneous expenses.
Measurement and Uses of Reported Segment Profit or Loss
The accounting policies of our segments are the same as those described in the summary of significant accounting policies. The CODM evaluates the performance of our operating segments based on segment operating income or loss.
The CODM makes use of segment operating income or loss predominantly in the annual budget and forecasting process when making decisions about allocating capital and personnel to our segments.
The following table presents segment information (in thousands):
 At December 31,
 20242023
Total assets  
Games$925,861 $931,322 
FinTech996,048 1,192,548 
Total assets$1,921,909 $2,123,870 
v3.25.0.1
BUSINESS (Details)
12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 2
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Interest income $ 15,100 $ 12,100 $ 3,900  
Cash and cash equivalents $ 400,677 $ 267,215 $ 293,394  
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets Prepaid expenses and other current assets  
Restricted cash — current $ 7,803 $ 5,190 $ 1,568  
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets Other assets Other assets  
Restricted cash — non-current $ 101 $ 101 $ 101  
Total $ 408,581 $ 272,506 $ 295,063 $ 303,726
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Equipment, and Placement Fee Agreements (Details)
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Line Items]  
General term of the agreement 83 months
Minimum  
Property, Plant and Equipment [Line Items]  
Estimated life 1 year
General term of the agreement 2 years
Maximum  
Property, Plant and Equipment [Line Items]  
Estimated life 5 years
General term of the agreement 5 years
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)
Dec. 31, 2024
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Useful life 6 years
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising, Marketing and Promotional Costs, Research and Development Costs, and Employee Benefits Plan (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Advertising, Marketing and Promotional Costs      
Total advertising, marketing and promotional costs $ 4,000 $ 4,000 $ 3,500
Research and development costs      
Research and development $ 77,312 67,633 60,527
Employee Benefits Plan      
Maximum contribution by employees of pre-tax earnings 75.00%    
Matching contribution made by the entity $ 7,800 $ 6,300 $ 4,600
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Values of Financial Instruments (Details) - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Aug. 03, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Term of loans and receivables 12 months 12 months  
Senior secured notes | Credit Agreement, dated August 3, 2021      
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 561,201,000 589,433,000  
Fair Value | Level 2 | Incremental Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt 400,000,000 365,000,000  
Outstanding Balance | Level 2 | New Term Loan      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt 560,500,000 586,500,000  
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  
v3.25.0.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details)
12 Months Ended
Dec. 31, 2024
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expiration period 10 years
v3.25.0.1
REVENUES - Contract Asset and Liability (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract assets    
Balance, beginning of period $ 26,635 $ 22,417
Balance, end of period 35,564 26,635
Increase 8,929 4,218
Contract liabilities    
Balance, beginning of period 51,799 53,419
Balance, end of period 63,563 51,799
Increase (decrease) $ 11,764 $ (1,620)
v3.25.0.1
REVENUES - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Contract liability, revenue recognized $ 34,900 $ 36,000  
Revenues 757,903 807,821 $ 782,519
Games      
Disaggregation of Revenue [Line Items]      
Revenues 378,921 429,154 436,426
FinTech      
Disaggregation of Revenue [Line Items]      
Revenues 378,982 378,667 346,093
Gaming Operations, Leased Equipment | Games      
Disaggregation of Revenue [Line Items]      
Revenues $ 178,000 201,900 197,900
Gaming Operations, Leased Equipment | Minimum | Games      
Disaggregation of Revenue [Line Items]      
Payment terms 30 days    
Gaming Operations, Leased Equipment | Maximum | Games      
Disaggregation of Revenue [Line Items]      
Payment terms 90 days    
Gaming Operations, Wide Area Progressive (WAP) Systems | Minimum | Games      
Disaggregation of Revenue [Line Items]      
Payment terms 30 days    
Gaming Operations, Wide Area Progressive (WAP) Systems | Maximum | Games      
Disaggregation of Revenue [Line Items]      
Payment terms 90 days    
Gaming equipment and systems | Games      
Disaggregation of Revenue [Line Items]      
Revenues $ 101,461 125,022 143,553
Gaming equipment and systems | Minimum | Games      
Disaggregation of Revenue [Line Items]      
Term of contract 30 days    
Gaming equipment and systems | Maximum | Games      
Disaggregation of Revenue [Line Items]      
Payment terms 39 months    
Term of contract 180 days    
Gaming equipment and systems | Maximum | FinTech      
Disaggregation of Revenue [Line Items]      
Payment terms 60 months    
Software and other | FinTech      
Disaggregation of Revenue [Line Items]      
Revenues $ 104,120 $ 99,490 $ 80,232
Software and other | Minimum | FinTech      
Disaggregation of Revenue [Line Items]      
Payment terms 30 days    
Software and other | Maximum | FinTech      
Disaggregation of Revenue [Line Items]      
Payment terms 90 days    
Equipment Product | Minimum | FinTech      
Disaggregation of Revenue [Line Items]      
Payment terms 30 days    
Equipment Product | Maximum | FinTech      
Disaggregation of Revenue [Line Items]      
Payment terms 90 days    
v3.25.0.1
LEASES - Narrative (Details)
Dec. 31, 2024
Minimum  
Lessee, Lease, Description [Line Items]  
Renewal term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Renewal term 10 years
v3.25.0.1
LEASES - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating lease ROU assets $ 24,299 $ 27,489
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued expenses Accounts payable and accrued expenses
Current operating lease liabilities $ 7,579 $ 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 $ 22,472 $ 26,930
v3.25.0.1
LEASES - Cash Flow Information (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Long-term operating leases $ 8,908 $ 7,413 $ 6,885
Short-term operating leases 2,318 2,090 1,660
ROU assets obtained in exchange for lease obligations:      
Operating leases $ 2,863 $ 17,690 $ 7,502
v3.25.0.1
LEASES - Lease Costs (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Weighted average remaining lease term, operating leases 6 years 4 months 28 days 6 years 8 months 15 days  
Weighted average discount rate, operating leases 6.32% 6.08%  
Operating lease cost $ 7,813 $ 6,786 $ 6,008
Variable lease cost 1,465 1,461 1,164
Non-cash lease expense $ 6,007 $ 6,096 $ 4,847
v3.25.0.1
LEASES - Payments Due (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases, Operating [Abstract]    
2025 $ 9,219  
2026 6,064  
2027 3,938  
2028 3,430  
2029 2,580  
Thereafter 12,185  
Total future minimum lease payments 37,416  
Amount representing interest 7,365  
Present value of future minimum lease payments 30,051  
Current operating lease liabilities 7,579 $ 7,079
Long-term lease obligations $ 22,472 $ 26,930
v3.25.0.1
LEASES - Sales-type Lease (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Net investment in sales-type leases — current $ 1,902 $ 810
v3.25.0.1
BUSINESS COMBINATIONS - Narrative (Details)
$ / shares in Units, $ in Thousands, $ in Millions
3 Months Ended 12 Months Ended
Jul. 26, 2024
USD ($)
$ / shares
May 01, 2023
USD ($)
Oct. 14, 2022
USD ($)
Apr. 30, 2022
USD ($)
Mar. 01, 2022
USD ($)
Mar. 01, 2022
AUD ($)
Dec. 31, 2024
USD ($)
Rate
Jun. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2022
AUD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Rate
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Feb. 28, 2024
USD ($)
Business Acquisition [Line Items]                                    
Deferred tax liabilities             $ 6,514               $ 6,514 $ 13,762    
International Game Technology PLC                                    
Business Acquisition [Line Items]                                    
Principal amount of debt $ 4,300,000                                  
Share Price | $ / shares $ 14.25                                  
Proceeds from fees received $ 4,100,000                                  
Buyer aggregate amount 2,300,000                                  
International Game Technology PLC | Revolving credit facility                                    
Business Acquisition [Line Items]                                    
Principal amount of debt $ 800,000                                  
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
Global Gaming And Play Ditial Business                                    
Business Acquisition [Line Items]                                    
Transaction costs                             6,400      
Employee retention costs                             12,300      
Global Gaming And Play Ditial Business | IGT Shareholders                                    
Business Acquisition [Line Items]                                    
Ownership percentage                                   54.00%
Global Gaming And Play Ditial Business | Everi Exisitng Shareholders                                    
Business Acquisition [Line Items]                                    
Ownership percentage                                   46.00%
Global Gaming And Play Ditial Business, Original Proposed Transaction                                    
Business Acquisition [Line Items]                                    
Transaction costs                             $ 16,200      
ecash Holdings Pty Limited                                    
Business Acquisition [Line Items]                                    
Payments to acquire businesses, gross         $ 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, period since closing         1 year 1 year                        
ecash Holdings Pty Limited | Tranche Two                                    
Business Acquisition [Line Items]                                    
Contingent consideration         $ 4,200 $ 6.5                        
Contingent consideration, period since closing         2 years 2 years                        
Intuicode                                    
Business Acquisition [Line Items]                                    
Payments to acquire businesses, gross       $ 12,500                            
Business combination, consideration transferred, liabilities incurred                           $ 1,600        
Consideration transferred               $ 200   $ 1,300                
Intuicode | Measurement Input, Discount Rate                                    
Business Acquisition [Line Items]                                    
Acquired business discount rate | Rate             0.05               0.05      
Intuicode | Revenue Target One                                    
Business Acquisition [Line Items]                                    
Earn-out liability       $ 6,400                            
Contingent consideration, revenue target anniversary       1 year                            
Intuicode | Revenue Target Two                                    
Business Acquisition [Line Items]                                    
Earn-out liability       $ 2,400                            
Contingent consideration, revenue target anniversary       2 years                            
Venuetize, Inc.                                    
Business Acquisition [Line Items]                                    
Payments to acquire businesses, gross     $ 18,200                              
Earn-out liability     900                              
Consideration transferred             $ 700                      
Business combination, consideration transferred     $ 1,000                              
Deferred tax liabilities                               1,200    
Venuetize, Inc. | Revenue Target One                                    
Business Acquisition [Line Items]                                    
Contingent consideration, revenue target anniversary     12 months       30 months                      
Venuetize, Inc. | Revenue Target Two                                    
Business Acquisition [Line Items]                                    
Contingent consideration, revenue target anniversary     24 months                              
VKGS LLC                                    
Business Acquisition [Line Items]                                    
Payments to acquire businesses, gross   $ 61,000                                
Earn-out liability   $ 200                                
Contingent consideration, revenue target anniversary   18 months                                
Additional net working capital payment                 $ 300                  
Pro forma revenue                               817,000 $ 824,000  
Pro forma net income                               $ 83,000 109,200  
eCash, Intuicode and Venuetize                                    
Business Acquisition [Line Items]                                    
Pro forma revenue                                 797,600  
Pro forma net income                                 $ 111,400  
v3.25.0.1
FUNDING AGREEMENTS (Details) - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Funding Agreements      
Site-funded ATMs $ 309,800,000 $ 483,700,000  
Prefunded cash 3,600,000 3,600,000  
Contract Cash Solutions Agreement | Indemnification Guarantee      
Funding Agreements      
Cash usage fees incurred 18,600,000 20,400,000 $ 9,300,000
Outstanding balance 379,300,000 $ 388,500,000  
Contract Cash Solutions Agreement, as amended | Indemnification Guarantee      
Funding Agreements      
Maximum amount $ 450,000,000    
Renewal period 1 year    
Non-renewal notice period 90 days    
v3.25.0.1
TRADE AND OTHER RECEIVABLES - Schedule of Trade and Other Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Other receivables $ 5,598 $ 4,474
Total trade and other receivables, net 94,184 97,068
Non-current portion of receivables 6,329 2,786
Total trade and other receivables, current portion 87,855 94,282
Games    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables, net 61,298 66,044
Non-current portion of receivables 2,461 480
FinTech trade and loans receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables, net 27,288 26,550
Non-current portion of receivables $ 3,868 $ 2,306
v3.25.0.1
TRADE AND OTHER RECEIVABLES - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning allowance for credit losses $ (5,210) $ (4,855)
Provision (11,422) (11,623)
Charge-offs and recoveries 10,976 11,268
Ending allowance for credit losses $ (5,656) $ (5,210)
v3.25.0.1
INVENTORY - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Inventory valuation reserves $ 6,693 $ 3,144
Component parts, net of reserves of $6,693 and $3,144 at December 31, 2024 and December 31, 2023, respectively 54,324 59,632
Work-in-progress 918 1,147
Finished goods 12,579 9,845
Total inventory $ 67,821 $ 70,624
v3.25.0.1
INVENTORY - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventory [Line Items]      
Reserve for inventory obsolescence $ 4,621 $ 1,220 $ 792
Games      
Inventory [Line Items]      
Reserve for inventory obsolescence 3,500    
Purchase commitment impairment 3,800    
Games | Gaming operations      
Inventory [Line Items]      
Reserve for inventory obsolescence 3,000    
Games | Gaming equipment and systems      
Inventory [Line Items]      
Reserve for inventory obsolescence $ 500    
v3.25.0.1
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Prepaid expenses and other current assets      
Prepaid expenses $ 26,052 $ 25,608  
Contract assets 16,961 13,651  
Deposits 13,636 10,530  
Restricted cash 7,803 5,190 $ 1,568
Other 3,662 2,578  
Total prepaid expenses and other current assets 68,114 57,557  
Other assets      
Operating lease ROU assets 24,299 27,489  
Contract assets 18,603 12,984  
Prepaid expenses and deposits 9,624 9,429  
Debt issuance costs of revolving credit facility 609 993  
Other 12,410 13,415  
Total other assets $ 65,545 $ 64,310  
v3.25.0.1
PROPERTY AND EQUIPMENT - Schedule of Components of Property, Equipment and Leased Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Cost $ 451,635 $ 463,863
Accumulated Depreciation 293,643 311,159
Net Book Value $ 157,992 152,704
Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 1 year  
Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
Rental pool - deployed    
Property, Plant and Equipment [Line Items]    
Cost $ 297,909 308,438
Accumulated Depreciation 201,141 218,110
Net Book Value $ 96,768 90,328
Rental pool - deployed | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 2 years  
Rental pool - deployed | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
Rental pool - undeployed    
Property, Plant and Equipment [Line Items]    
Cost $ 42,360 39,578
Accumulated Depreciation 30,364 29,770
Net Book Value $ 11,996 9,808
Rental pool - undeployed | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 2 years  
Rental pool - undeployed | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
Leasehold and building improvements    
Property, Plant and Equipment [Line Items]    
Cost $ 16,630 19,271
Accumulated Depreciation 3,597 4,887
Net Book Value $ 13,033 14,384
Leasehold and building improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 1 year  
Leasehold and building improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
Machinery, office, and other equipment    
Property, Plant and Equipment [Line Items]    
Cost $ 65,518 63,857
Accumulated Depreciation 37,875 36,481
Net Book Value $ 27,643 27,376
Machinery, office, and other equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 1 year  
Machinery, office, and other equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful Life (Years) 5 years  
FinTech | Machinery, office, and other equipment    
Property, Plant and Equipment [Line Items]    
Cost $ 29,218 32,719
Accumulated Depreciation 20,666 21,911
Net Book Value $ 8,552 $ 10,808
v3.25.0.1
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 89,636 $ 78,691 $ 66,801
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Testing (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 736,470 $ 737,804 $ 715,870
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Changes in Goodwill (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Changes in the carrying amount of goodwill    
Balance at the beginning of the period $ 737,804 $ 715,870
Foreign currency translation (1,304) (805)
Acquisition related adjustments (30) 24,612
Subsequent recognition of deferred tax assets   (1,873)
Balance at the end of the period 736,470 737,804
Games    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 484,375 461,443
Foreign currency translation (175) 0
Acquisition related adjustments (30) 22,932
Subsequent recognition of deferred tax assets   0
Balance at the end of the period 484,170 484,375
Financial Access Services    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 155,190 157,049
Foreign currency translation (48) 14
Acquisition related adjustments 0 0
Subsequent recognition of deferred tax assets   (1,873)
Balance at the end of the period 155,142 155,190
Kiosk Sales and Services    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 17,966 15,860
Foreign currency translation (1,081) (819)
Acquisition related adjustments 0 2,925
Subsequent recognition of deferred tax assets   0
Balance at the end of the period 16,885 17,966
Central Credit Services    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 17,127 17,127
Foreign currency translation 0 0
Acquisition related adjustments 0 0
Subsequent recognition of deferred tax assets   0
Balance at the end of the period 17,127 17,127
Compliance Sales and Services    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 12,136 12,136
Foreign currency translation 0 0
Acquisition related adjustments 0 0
Subsequent recognition of deferred tax assets   0
Balance at the end of the period 12,136 12,136
Loyalty Sales and Services    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 41,395 41,395
Foreign currency translation 0 0
Acquisition related adjustments 0 0
Subsequent recognition of deferred tax assets   0
Balance at the end of the period 41,395 41,395
Mobile Technologies    
Changes in the carrying amount of goodwill    
Balance at the beginning of the period 9,615 10,860
Foreign currency translation 0 0
Acquisition related adjustments 0 (1,245)
Subsequent recognition of deferred tax assets   0
Balance at the end of the period $ 9,615 $ 9,615
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Cost $ 918,887 $ 873,886
Accumulated Amortization 701,972 639,748
Total 216,915 234,138
Contract rights under placement fee agreements    
Finite-Lived Intangible Assets [Line Items]    
Cost 57,821 57,821
Accumulated Amortization 30,931 21,592
Total $ 26,890 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 $ 337,236 337,829
Accumulated Amortization 276,218 255,972
Total $ 61,018 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 $ 499,104 453,453
Accumulated Amortization 371,695 340,286
Total $ 127,409 113,167
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 $ 24,726 24,783
Accumulated Amortization 23,128 21,898
Total $ 1,598 $ 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  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets, Narrative (Details) - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]        
Amortization   $ 64,320,000 $ 60,042,000 $ 59,558,000
Placement fees and placement fee agreements       500,000
Imputed interest in placement fees   0 $ 0  
Impairment of intangible assets   0   0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]     Total costs and expenses  
Finite lived intangibles $ 234,138,000 216,915,000 $ 234,138,000  
Developed technology and software        
Finite-Lived Intangible Assets [Line Items]        
Development costs capitalized   56,900,000 49,400,000 $ 46,300,000
Finite lived intangibles 113,167,000 127,409,000 113,167,000  
Customer relationships        
Finite-Lived Intangible Assets [Line Items]        
Impairment of intangible assets 11,700,000      
Finite lived intangibles 81,857,000 $ 61,018,000 81,857,000  
Customer relationships | Fair Value, Inputs, Level 3        
Finite-Lived Intangible Assets [Line Items]        
Finite lived intangibles $ 500,000   $ 500,000  
Useful life 5 years   5 years  
v3.25.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Anticipated Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Total $ 216,915 $ 234,138
Finite-Lived Intangible Assets, Placed into Service    
Finite-Lived Intangible Assets [Line Items]    
2025 65,203  
2026 44,372  
2027 15,232  
2028 5,147  
2029 4,239  
Thereafter 14,004  
Total 148,197  
Finite Lived Intangible Assets Not Yet Placed Into Service    
Finite-Lived Intangible Assets [Line Items]    
Total $ 68,700  
v3.25.0.1
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Customer commissions payable $ 81,676 $ 74,376
Contract liabilities 60,922 51,395
Payroll and related expenses 19,643 14,367
Accounts payable - trade 13,870 30,261
Financial access processing and related expenses 10,401 8,670
Accrued interest 9,332 9,616
Operating lease liabilities 7,579 7,079
Accrued income taxes 3,972 6,367
Contingent consideration and acquisition-related liabilities 2,397 5,623
Other 11,223 7,776
Total accounts payable and accrued expenses $ 221,015 $ 215,530
v3.25.0.1
LONG-TERM DEBT - Schedule of Outstanding Indebtedness (Details) - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Aug. 03, 2021
Debt Instrument [Line Items]      
Total debt $ 960,500,000 $ 986,500,000  
Debt issuance costs and discount (9,565,000) (12,035,000)  
Total debt after debt issuance costs and discount 950,935,000 974,465,000  
Current portion of long-term debt 0 (6,000,000)  
Long-term debt, less current portion 950,935,000 968,465,000  
Senior secured notes | Credit Agreement, dated August 3, 2021      
Debt Instrument [Line Items]      
Principal amount of debt 600,000,000 600,000,000 $ 600,000,000
Revolving credit facility | Credit Agreement, dated August 3, 2021      
Debt Instrument [Line Items]      
Total debt 0 0  
Principal amount of debt $ 125,000,000    
Basis spread (as a percent) 2.50%    
Senior secured notes      
Debt Instrument [Line Items]      
Total debt $ 560,500,000 586,500,000  
Senior secured notes | Senior secured notes | Credit Agreement, dated August 3, 2021      
Debt Instrument [Line Items]      
Total debt $ 560,500,000 586,500,000  
Basis spread (as a percent) 2.50%    
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%    
v3.25.0.1
LONG-TERM DEBT - Narrative (Details)
3 Months Ended 12 Months Ended
Aug. 03, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Total debt   $ 960,500,000 $ 960,500,000 $ 986,500,000
New Credit Facilities        
Debt Instrument [Line Items]        
Basis spread adjustment, period one (as a percent) 0.10%      
Basis spread adjustment, period two (as a percent) 0.30%      
Basis spread adjustment, period three (as a percent) 0.40%      
New Credit Facilities | Secured Overnight Financing Rate (SOFR)        
Debt Instrument [Line Items]        
Debt Instrument, Floor Interest Rate 0.50%      
Basis spread (as a percent) 2.50%      
New Credit Facilities | Base Rate        
Debt Instrument [Line Items]        
Basis spread (as a percent) 1.50%      
New Credit Agreement, dated May 9, 2017        
Debt Instrument [Line Items]        
Leverage ratio maximum   4.25 4.25  
Senior Unsecured Notes Due 2029 | Senior unsecured notes        
Debt Instrument [Line Items]        
Total debt   $ 400,000,000 $ 400,000,000  
Interest rate   5.00% 5.00%  
Senior secured notes | Credit Agreement, dated August 3, 2021        
Debt Instrument [Line Items]        
Term of facility 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      
Senior secured notes | New Credit Agreement, dated May 9, 2017        
Debt Instrument [Line Items]        
Weighted average interest rate during period     7.78%  
Revolving credit facility | Credit Agreement, dated August 3, 2021        
Debt Instrument [Line Items]        
Principal amount of debt   125,000,000 $ 125,000,000  
Borrowing capacity $ 125,000,000      
Basis spread (as a percent)     2.50%  
Periodic payment, percentage of principal     0.0025  
Periodic principal payments   20,000,000    
Period for prepayment premium from closing date     6 months  
Prepayment penalty, percentage of principal amount repaid     1.00%  
Total debt   $ 0 $ 0 $ 0
v3.25.0.1
LONG-TERM DEBT - Maturities of Borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Maturities of borrowings    
2025 $ 0  
2026 0  
2027 0  
2028 560,500  
2029 400,000  
Thereafter 0  
Total $ 960,500 $ 986,500
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Details) - Derivative Complaints
12 Months Ended
Dec. 31, 2024
case
Loss Contingencies [Line Items]  
Loss Contingency new claims filed 3
Loss contingency number of defendants 13
v3.25.0.1
STOCKHOLDER'S EQUITY (Details)
$ / shares in Units, $ in Millions
12 Months Ended
May 02, 2024
USD ($)
Dec. 31, 2024
vote
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
May 03, 2023
USD ($)
Class of Stock [Line Items]          
Stock repurchase program, authorized amount | $         $ 180.0
Stock repurchase program, period in force   18 months      
Repurchase of shares | $ $ 100.0   $ 100.0 $ 84.3  
Treasury stock acquired (in shares)   0 7,500,000 5,000,000.0  
Treasury stock acquired (in usd per share) | $ / shares     $ 13.40 $ 16.93  
Convertible preferred stock authorized (in shares)   50,000,000 50,000,000    
Convertible preferred stock outstanding (in shares)   0 0    
Number of votes for a share of common stock | vote   1      
Common stock issued (in shares)   125,853,023 123,178,882    
Treasury Stock          
Class of Stock [Line Items]          
Shares withheld from restricted stock awards (in shares)     600,000    
Aggregate purchase price of shares repurchased or withheld from restricted stock awards | $     $ 9.2    
v3.25.0.1
WEIGHTED AVERAGE SHARES OF COMMON STOCK (Details) - shares
shares in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted average shares      
Weighted average number of common shares outstanding - basic (in shares) 85,023 87,176 90,494
Potential dilution of equity awards (in shares) 3,128 4,809 7,013
Weighted average number of common shares outstanding - diluted (in shares) 88,151 91,985 97,507
Anti-dilutive equity awards excluded from computation of earnings per share (in shares) 400 300  
v3.25.0.1
SHARE-BASED COMPENSATION - Summary of Award Activity (Details) - shares
shares in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity Incentive Plan      
Restricted Stock Units      
Number of shares available for grant (in shares) 4,500    
Stock Options      
Stock Options      
Outstanding, beginning of period (in shares) 4,804    
Granted (in shares) 109    
Exercised (in shares) (1,746)    
Canceled or forfeited (in shares) (195)    
Outstanding, end of period (in shares) 2,972 4,804  
Stock Options | Equity Incentive Plan      
Stock Options      
Outstanding, beginning of period (in shares) 4,804    
Granted (in shares) 109    
Exercised (in shares) (1,746)    
Canceled or forfeited (in shares) (195)    
Outstanding, end of period (in shares) 2,972 4,804  
Restricted Stock Units      
Restricted Stock Units      
Outstanding, beginning of period (in shares) 2,464    
Granted (in shares) 1,473 1,600 1,300
Vested (in shares) (928) (1,700) (2,100)
Canceled or forfeited (in shares) (207)    
Outstanding, end of period (in shares) 2,802 2,464  
Restricted Stock Units | Equity Incentive Plan      
Restricted Stock Units      
Outstanding, beginning of period (in shares) 2,464    
Granted (in shares) 1,473    
Vested (in shares) (928)    
Canceled or forfeited (in shares) (207)    
Outstanding, end of period (in shares) 2,802 2,464  
v3.25.0.1
SHARE-BASED COMPENSATION - Stock Options, Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.80% 3.70%  
Stock-based compensation expense $ 10,702 $ 8,541 $ 11,439
Proceeds from exercise of stock options $ 8,038 $ 13,739 $ 1,921
Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 4.70% 3.50% 2.90%
Expected life 4 years 10 months 24 days 5 years 1 month 6 days 4 years 10 months 24 days
Expected volatility 58.70% 55.40% 55.70%
Unrecognized compensation expense $ 700    
Weighted-average period for recognition of unrecognized compensation expense 1 year 9 months 18 days    
Time Based Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Time Based Options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Time Based Options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 4 years    
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expiration period 10 years    
Total intrinsic value of options exercised $ 11,200 $ 18,300 $ 4,900
Stock-based compensation expense 500 400 100
Proceeds from exercise of stock options $ 8,200 $ 14,000 1,900
Vested and expected to vest 2 years 3 months 18 days    
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected life 2 years 8 months 12 days 2 years 8 months 12 days  
Expected volatility 43.60% 48.40%  
Expected dividend yield 0.00% 0.00%  
Unrecognized compensation expense $ 13,600 $ 20,000 $ 20,100
Weighted-average period for recognition of unrecognized compensation expense 1 year 6 months 1 year 6 months 1 year 2 months 12 days
Stock-based compensation expense $ 10,200 $ 18,300 $ 19,700
Tranche 1 | Time Based Options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 25.00%    
Tranche 1 | Time Based Options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 33.00%    
Tranche 2 | Time Based Options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 25.00%    
Tranche 2 | Time Based Options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 33.00%    
Tranche 3 | Time Based Options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 25.00%    
Tranche 3 | Time Based Options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 33.00%    
Tranche 4 | Time Based Options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 25.00%    
v3.25.0.1
SHARE-BASED COMPENSATION - Stock Option Activity (Details) - Stock Options - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Stock Options    
Outstanding, beginning of period (in shares) 4,804  
Granted (in shares) 109  
Exercised (in shares) (1,746)  
Canceled or forfeited (in shares) (195)  
Outstanding, end of period (in shares) 2,972 4,804
weighted average period 2,959  
Exercisable (in shares) 2,786  
Weighted Average Exercise Price    
Outstanding (in dollars per share) $ 4.28  
Granted (in dollars per share) 8.04  
Exercised options (in dollars per share) 4.67  
Canceled or forfeited (in dollars per share) 6.75  
Outstanding (in dollars per share) 4.03 $ 4.28
Vested and expected to vest (in dollars per share) 4.01  
Exercisable (in dollars per share) $ 3.54  
Weighted Average Life Remaining    
Outstanding 2 years 3 months 18 days 2 years 7 months 6 days
Vested and expected to vest 2 years 3 months 18 days  
Exercisable 1 year 10 months 24 days  
Aggregate Intrinsic Value    
Outstanding $ 28,538 $ 34,350
Vested and expected to vest 28,488  
Exercisable $ 27,980  
v3.25.0.1
SHARE-BASED COMPENSATION - Stock Options by Exercise Price (Details)
shares in Thousands
12 Months Ended
Dec. 31, 2024
$ / shares
shares
Options Outstanding  
Number Outstanding (in shares) | shares 2,972
Options Exercisable  
Number Exercisable (in shares) | shares 2,786
$1.46 - $1.46  
Range of Exercise Prices  
Low (in dollars per share) $ 1.46
High (in dollars per share) $ 2.78
Options Outstanding  
Number Outstanding (in shares) | shares 1,035
Weighted Average Remaining Contract Life 1 year 3 months 18 days
Weighted Average Exercise Prices (in dollars per share) $ 2.05
Options Exercisable  
Number Exercisable (in shares) | shares 1,035
Weighted Average Exercise Price (in dollars per share) $ 2.05
$1.57 - $2.78  
Range of Exercise Prices  
Low (in dollars per share) 3.29
High (in dollars per share) $ 3.29
Options Outstanding  
Number Outstanding (in shares) | shares 1,448
Weighted Average Remaining Contract Life 2 years 2 months 12 days
Weighted Average Exercise Prices (in dollars per share) $ 3.29
Options Exercisable  
Number Exercisable (in shares) | shares 1,448
Weighted Average Exercise Price (in dollars per share) $ 3.29
$3.29 - $3.29  
Range of Exercise Prices  
Low (in dollars per share) 6.30
High (in dollars per share) $ 8.32
Options Outstanding  
Number Outstanding (in shares) | shares 327
Weighted Average Remaining Contract Life 3 years 3 months 18 days
Weighted Average Exercise Prices (in dollars per share) $ 7.75
Options Exercisable  
Number Exercisable (in shares) | shares 224
Weighted Average Exercise Price (in dollars per share) $ 7.62
$3.41 - $6.59  
Range of Exercise Prices  
Low (in dollars per share) 15.12
High (in dollars per share) $ 15.12
Options Outstanding  
Number Outstanding (in shares) | shares 90
Weighted Average Remaining Contract Life 8 years 3 months 18 days
Weighted Average Exercise Prices (in dollars per share) $ 15.12
Options Exercisable  
Number Exercisable (in shares) | shares 30
Weighted Average Exercise Price (in dollars per share) $ 15.12
$6.90 - $7.61  
Range of Exercise Prices  
Low (in dollars per share) 16.69
High (in dollars per share) $ 16.69
Options Outstanding  
Number Outstanding (in shares) | shares 72
Weighted Average Remaining Contract Life 7 years 4 months 24 days
Weighted Average Exercise Prices (in dollars per share) $ 16.69
Options Exercisable  
Number Exercisable (in shares) | shares 49
Weighted Average Exercise Price (in dollars per share) $ 16.69
v3.25.0.1
SHARE-BASED COMPENSATION - Restricted Stock Units, Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 10,702 $ 8,541 $ 11,439
Restricted Stock Units (RSU)'s, Time-Based | Tranche 1      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage   33.00%  
Vesting period 3 years 3 years 3 years
Restricted Stock Units (RSU)'s, Time-Based | Tranche 1 | Board of Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 1 year    
Restricted Stock Units (RSU)'s, Time-Based | Tranche 2      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage     33.00%
Vesting period   1 year  
Restricted Stock Units (RSU)'s, Time-Based | Tranche 3      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting percentage 33.00%    
Vesting period   2 years  
Restricted Stock Units (RSU)'s, Time-Based | Tranche 3 | Board of Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 10 years    
Restricted Stock Units (RSU)'s, Time-Based | Tranche 4      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period   3 years  
Restricted Stock Units (RSU)'s, Time-Based | Tranche 4 | Board of Directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 6 months    
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 1,473 1,600 1,300
Vested (in shares) 928 1,700 2,100
Unrecognized compensation expense $ 13,600 $ 20,000 $ 20,100
Weighted-average period for recognition of unrecognized compensation expense 1 year 6 months 1 year 6 months 1 year 2 months 12 days
Stock-based compensation expense $ 10,200 $ 18,300 $ 19,700
Granted (in dollars per share) $ 8.71 $ 13.34 $ 16.08
v3.25.0.1
SHARE-BASED COMPENSATION - Restricted Stock Units Activity (Details) - Restricted Stock Units - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units      
Outstanding, beginning of period (in shares) 2,464    
Granted (in shares) 1,473 1,600 1,300
Vested (in shares) (928) (1,700) (2,100)
Forfeited (in shares) (207)    
Outstanding, end of period (in shares) 2,802 2,464  
Expected to vest (in shares) 2,297    
Weighted Average Grant Date Fair Value      
Outstanding (in dollars per share) $ 15.88    
Granted (in dollars per share) 8.71 $ 13.34 $ 16.08
Vested (in dollars per share) 17.24    
Forfeited (in dollars per share) 12.54    
Outstanding (in dollars per share) 12.15 $ 15.88  
Expected to vest (in dollars per share) $ 12.33    
Weighted Average Life Remaining (Years)      
Outstanding, December 31, 2024 1 year 2 months 12 days 1 year 2 months 12 days  
Expected to vest after, December 31, 2024 1 year 1 month 6 days    
Aggregate Intrinsic Value (in thousands)      
Outstanding, December 31, 2024 $ 37,861 $ 27,747  
Expected to vest after, December 31, 2024 $ 31,037    
v3.25.0.1
INCOME TAXES - Consolidated Income Before Tax (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated income (loss) before tax      
Domestic $ 18,735 $ 104,798 $ 157,510
Foreign (2,838) (3,207) 90
Income before income tax $ 15,897 $ 101,591 $ 157,600
v3.25.0.1
INCOME TAXES - Income Tax (Benefit) Provision (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income tax (benefit) provision      
Domestic $ (431) $ 17,760 $ 36,440
Foreign 1,312 (166) 671
Total income tax provision (benefit) 881 17,594 37,111
Income tax provision (benefit)      
Current 12,064 8,634 4,446
Deferred (11,183) 8,960 32,665
Total income tax provision (benefit) $ 881 $ 17,594 $ 37,111
v3.25.0.1
INCOME TAXES - Federal Statutory Rate and Effective Income Tax Rate Reconciliation (Details)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income tax reconciliation      
Federal statutory rate 21.00% 21.00% 21.00%
Foreign provision (3.40%) (0.40%) (0.10%)
State/province income tax 9.10% 3.30% 3.30%
Compensation deduction limitations 4.40% 2.10% 2.90%
Stock-based compensation expense (7.10%) (4.50%) (2.50%)
Adjustments to carrying values (7.50%) 1.90% 0.30%
Research and development credit (25.40%) (6.70%) (2.20%)
Valuation allowance 11.70% 1.10% 0.00%
Global intangible low-taxed income 0.00% 0.00% 0.40%
Non-deductible expenses - other 1.30% 0.20% 0.00%
Other 1.40% (0.70%) 0.40%
Effective tax rate 5.50% 17.30% 23.50%
v3.25.0.1
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Deferred income tax assets related to:        
Net operating losses $ 4,645 $ 5,171 $ 27,901  
Tax credits 771 17,570 18,467  
Capitalized research expenditures 38,760 27,534 15,705  
Accrued and prepaid expenses 10,049 9,989 10,481  
Stock compensation expense 4,246 5,427 6,041  
Accounts receivable allowances 1,492 1,293 1,204  
Other 8,123 1,798 1,841  
Valuation allowance (3,575) (1,818) (739) $ (804)
Total deferred income tax assets 64,511 66,964 80,901  
Deferred income tax liabilities related to:        
Other intangible assets 41,422 49,234 57,487  
Property and equipment 19,939 24,755 23,352  
Other 5,113 6,139 4,472  
Total deferred income tax liabilities 66,474 80,128 85,311  
Deferred income taxes, net $ (1,963) $ (13,164) $ (4,410)  
v3.25.0.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Examination [Line Items]        
Net operating losses $ 4,645 $ 5,171 $ 27,901  
Unrecognized tax benefits 5,232 4,537 $ 2,566 $ 2,151
Undistributed earnings of foreign subsidiaries 22,400      
State        
Income Tax Examination [Line Items]        
Net operating losses 2,500      
Foreign        
Income Tax Examination [Line Items]        
Valuation allowance related to net operating loss carry forwards   $ 1,100    
Accumulated net operating losses 2,200      
Federal        
Income Tax Examination [Line Items]        
Research and development credit carryforward 5,400      
Solar tax credit $ 500      
v3.25.0.1
INCOME TAXES - Reconciliation of Deferred Tax Asset Valuation Allowance (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets, Valuation Allowance [Roll Forward]      
Balance at beginning of period $ 1,818 $ 739 $ 804
Valuation allowance - (reversal) charge 1,757 1,079 (65)
Balance at end of period $ 3,575 $ 1,818 $ 739
v3.25.0.1
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized tax benefit      
Unrecognized tax benefit at beginning of period $ 4,537 $ 2,566 $ 2,151
Gross increases — tax positions in prior period 71 1,189 415
Gross increases — tax positions in current period 624 782 0
Unrecognized tax benefit at end of period $ 5,232 $ 4,537 $ 2,566
v3.25.0.1
SEGMENT INFORMATION - Revenues, Operating Income, and Assets (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues          
Total revenues     $ 757,903 $ 807,821 $ 782,519
Costs and expenses          
Cost of revenues     157,831 161,240 165,322
Operating expenses     279,619 260,931 216,959
Research and development     77,312 67,633 60,527
Depreciation     89,636 78,691 66,801
Amortization     64,320 60,042 59,558
Total costs and expenses     668,718 628,537 569,167
Operating income     89,185 179,284 213,352
Total assets          
Total assets $ 1,921,909   1,921,909 2,123,870  
Reserve for inventory obsolescence     4,621 1,220 792
Litigation recovery         200
Global Gaming And Play Ditial Business          
Total assets          
Transaction costs     6,400    
Employee retention costs     12,300    
Global Gaming And Play Ditial Business, Original Proposed Transaction          
Total assets          
Transaction costs     16,200    
Games          
Revenues          
Total revenues     378,921 429,154 436,426
Costs and expenses          
Cost of revenues [1]     101,183 107,396 111,791
Operating expenses     112,780 103,666 76,496
Research and development     49,360 44,365 40,353
Depreciation 7,500 $ 7,500 78,837 68,833 57,106
Amortization     47,954 44,201 43,044
Total costs and expenses     390,114 368,461 328,790
Operating income     (11,193) 60,693 107,636
Total assets          
Total assets 925,861   925,861 931,322  
Accretion of contract rights     9,300 9,300 9,600
Reserve for inventory obsolescence     3,500    
Severance costs     2,100 1,000  
Purchase commitment impairment     3,800    
Other legal fees and expenses (benefit)     400   100
Office and warehouse consolidation expenses       4,800 700
Depreciation, Nonproduction     7,500    
Games | Global Gaming And Play Ditial Business          
Total assets          
Transaction costs     3,100    
Games | Global Gaming And Play Ditial Business, Original Proposed Transaction          
Total assets          
Transaction costs     15,800 2,000  
Employee retention costs     6,300    
Games | Video King Asset Acquisition          
Total assets          
Other legal fees       1,200  
Other professional fees       600  
Games | Gaming operations          
Revenues          
Total revenues     277,460 304,132 292,873
Costs and expenses          
Cost of revenues [1]     41,923 35,205 25,153
Total assets          
Reserve for inventory obsolescence     3,000    
Games | Gaming equipment and systems          
Revenues          
Total revenues     101,461 125,022 143,553
Costs and expenses          
Cost of revenues [1]     59,260 72,191 86,638
Total assets          
Reserve for inventory obsolescence     500    
FinTech          
Revenues          
Total revenues     378,982 378,667 346,093
Costs and expenses          
Cost of revenues [1]     56,648 53,844 53,531
Operating expenses     166,839 157,265 140,463
Research and development     27,952 23,268 20,174
Depreciation     10,799 9,858 9,695
Amortization     16,366 15,841 16,514
Total costs and expenses     278,604 260,076 240,377
Operating income     100,378 118,591 105,716
Total assets          
Total assets $ 996,048   996,048 1,192,548  
Severance costs     200 1,000  
Other legal fees and expenses (benefit)     700    
Office and warehouse consolidation expenses       100  
Legal fees for debt amendment       100  
FinTech | Global Gaming And Play Ditial Business          
Total assets          
Transaction costs     3,300    
Employee retention costs     6,000    
FinTech | Global Gaming And Play Ditial Business, Original Proposed Transaction          
Total assets          
Transaction costs     400    
FinTech | Video King Asset Acquisition          
Total assets          
Other legal fees and expenses (benefit)     (500) (200)  
FinTech | Venuetize, Inc.          
Total assets          
Other legal fees and expenses (benefit)         4,500
FinTech | Financial access services          
Revenues          
Total revenues     228,702 225,054 206,860
Costs and expenses          
Cost of revenues [1]     10,516 11,064 10,186
FinTech | Software and other          
Revenues          
Total revenues     104,120 99,490 80,232
Costs and expenses          
Cost of revenues [1]     13,562 6,159 4,125
FinTech | Hardware          
Revenues          
Total revenues     46,160 54,123 59,001
Costs and expenses          
Cost of revenues [1]     $ 32,570 $ 36,621 $ 39,220
[1] Exclusive of depreciation and amortization.
v3.25.0.1
SEGMENT INFORMATION - Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Revenues     $ 757,903 $ 807,821 $ 782,519
Cost of revenues     157,831 161,240 165,322
Payroll and related expense(3)     210,315 189,230 162,369
Software license expense     32,603 33,076 20,120
Occupancy and related expense     24,779 26,874 19,948
Inventory and related expense     23,597 23,990 19,789
Legal and related expense     21,244 18,711 16,599
Accounting, taxes and consulting expense     19,733 15,466 14,603
Stock-based compensation expense     10,702 8,541 11,439
Travel expense     7,779 6,662 6,661
Marketing expense     4,010 4,073 3,582
Depreciation     89,636 78,691 66,801
Amortization     64,320 60,042 59,558
Other segment items(4)     2,169 1,941 2,376
Operating income     89,185 179,284 213,352
Interest expense, net of interest income     73,288 77,693 55,752
Income before income tax     15,897 101,591 157,600
Games          
Segment Reporting Information [Line Items]          
Revenues     378,921 429,154 436,426
Cost of revenues [1]     101,183 107,396 111,791
Payroll and related expense(3)     83,855 73,312 66,211
Software license expense     16,251 20,274 9,706
Occupancy and related expense     14,178 13,037 11,694
Inventory and related expense     10,537 14,180 10,178
Legal and related expense     14,316 9,505 4,777
Accounting, taxes and consulting expense     11,868 8,090 6,873
Stock-based compensation expense     5,010 2,438 2,138
Travel expense     2,241 3,203 1,860
Marketing expense     2,549 2,508 2,180
Depreciation $ 7,500 $ 7,500 78,837 68,833 57,106
Amortization     47,954 44,201 43,044
Other segment items(4)     1,335 1,484 1,232
Operating income     (11,193) 60,693 107,636
FinTech          
Segment Reporting Information [Line Items]          
Revenues     378,982 378,667 346,093
Cost of revenues [1]     56,648 53,844 53,531
Payroll and related expense(3)     126,460 115,918 96,158
Software license expense     16,352 12,802 10,414
Occupancy and related expense     10,601 13,837 8,254
Inventory and related expense     13,060 9,810 9,611
Legal and related expense     6,928 9,206 11,822
Accounting, taxes and consulting expense     7,865 7,376 7,730
Stock-based compensation expense     5,692 6,103 9,301
Travel expense     5,538 3,459 4,801
Marketing expense     1,461 1,565 1,402
Depreciation     10,799 9,858 9,695
Amortization     16,366 15,841 16,514
Other segment items(4)     834 457 1,144
Operating income     $ 100,378 $ 118,591 $ 105,716
[1] Exclusive of depreciation and amortization.
v3.25.0.1
SEGMENT INFORMATION - Narrative (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Major Customer [Line Items]      
Capital expenditures $ 156,431 $ 145,108 $ 127,568
Games      
Revenue, Major Customer [Line Items]      
Capital expenditures 124,800 117,000  
FinTech      
Revenue, Major Customer [Line Items]      
Capital expenditures $ 31,600 $ 28,100