XML 48 R37.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents financial information with respect to the Company’s single reportable segment, distributed gaming, for the three and nine months ended September 30, 2025 and 2024. Additionally, the Company has included an "all other" operating segment which is its casino and racing operations that is neither individually reportable nor able to be aggregated or combined with another operating segment.
(in thousands) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Distributed gaming |  |  |  |  |  |  |  |
Total net revenues (1) |  | $ | 319,418 |  |  | $ | 302,227 |  |  | $ | 963,857 |  |  | $ | 913,457 |
Adjustments: (2) |  |  |  |  |  |  |  |
Cost of revenue |  | 220,849 |  |  | 210,841 |  |  | 666,734 |  |  | 633,325 |
Compensation related costs - operations (3) |  | 22,646 |  |  | 19,532 |  |  | 64,734 |  |  | 56,918 |
Compensation related costs - general and administrative (3) |  | 11,743 |  |  | 13,373 |  |  | 37,121 |  |  | 38,659 |
All other segment items (4) |  | 12,523 |  |  | 12,602 |  |  | 40,555 |  |  | 42,763 |
Adjusted EBITDA for distributed gaming |  | $ | 51,657 |  |  | $ | 45,879 |  |  | $ | 154,713 |  |  | $ | 141,792 |
Adjusted EBITDA for “all other” operating segment (5) |  | $ | (487) |  |  | $ | — |  |  | $ | (849) |  |  | $ | — |
Less Adjustments for: |  |  |  |  |  |  |  |
Depreciation and amortization of property and equipment |  | $ | 13,339 |  |  | $ | 11,001 |  |  | $ | 38,735 |  |  | $ | 32,229 |
Amortization of intangible assets and route and customer acquisition costs |  | 6,389 |  |  | 5,781 |  |  | 19,001 |  |  | 16,808 |
Interest expense, net |  | 8,622 |  |  | 9,164 |  |  | 26,078 |  |  | 26,730 |
Emerging markets |  | — |  |  | 43 |  |  | 67 |  |  | 121 |
Loss from unconsolidated affiliates |  | 22 |  |  | 1 |  |  | 55 |  |  | 1 |
Stock-based compensation |  | 3,504 |  |  | 3,342 |  |  | 8,384 |  |  | 8,927 |
(Gain) loss on change in fair value of contingent earnout shares |  | (2,170) |  |  | 4,216 |  |  | 1,209 |  |  | 4,190 |
Loss on debt extinguishment |  | 1,090 |  |  | — |  |  | 1,090 |  |  | — |
Other expenses, net |  | 2,577 |  |  | 3,867 |  |  | 9,490 |  |  | 13,620 |
Income before income tax expense |  | $ | 17,797 |  |  | $ | 8,464 |  |  | $ | 49,755 |  |  | $ | 39,166 |
Income tax expense |  | 4,492 |  |  | 3,569 |  |  | 14,575 |  |  | 12,269 |
Net income |  | $ | 13,305 |  |  | $ | 4,895 |  |  | $ | 35,180 |  |  | $ | 26,897 |
(1)Total net revenues is further disaggregated by revenue stream as included on the condensed consolidated statements of operations and comprehensive income. (2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (3)Compensation related costs represent payroll and other related costs that are included in general and administrative on the condensed consolidated statements of operations and comprehensive income. (4)All other segment items include other operating and general and administrative expenses (such as general and administrative expenses related to parts, advertising, information technology, etc.) which are included in general and administrative on the condensed consolidated statements of operations and comprehensive income and cost of manufacturing good sold, as well as, adjustments for stock-based compensation expense and emerging markets. (5)All corporate expenses were allocated to the distributed gaming reportable segment as of September 30, 2025. The "all other" operating segment had total net revenues of $10.3 million and $25.7 million; cost of revenues of $4.7 million and $10.0 million; compensation related costs of $4.4 million and $11.5 million and all other segment items of $1.7 million and $5.0 million for the three and nine months ended September 30, 2025, respectively.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration