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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,
2025202420252024
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, net8,622 9,164 26,078 26,730 
Emerging markets— 43 67 121 
Loss from unconsolidated affiliates
22 55 
Stock-based compensation3,504 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, net2,577 3,867 9,490 13,620 
Income before income tax expense$17,797 $8,464 $49,755 $39,166 
Income tax expense4,492 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.