The following table presents financial information with respect to the Company’s single reportable segment, distributed gaming, for the years ended December 31, 2025, 2024, and 2023. Additionally, the Company has included an "all other" operating segment which is its casino and racing business that is neither individually reportable nor able to be aggregated or combined with another operating segment.


(in thousands,)	December 31,
	2025		2024		2023
Distributed gaming
Total net revenues (1)	$	1,295,114	$	1,229,577	$	1,170,420
Adjustments: (2)
Cost of revenue	894,623		852,226		809,524
Compensation related costs - operations (3)	86,398		77,902		67,523
Compensation related costs - general and administrative (3)	49,456		53,606		51,926
All other segment items (4)	54,487		56,899		60,002
Adjusted EBITDA for distributed gaming	$	210,150	$	188,944	$	181,445

Adjusted EBITDA for “all other” operating segment (5)	$	(2)	$	203	$	—

Less Adjustments for:
Depreciation and amortization of property and equipment	$	52,725	$	43,978	$	37,906
Amortization of intangible assets and route and customer acquisition costs	25,425		22,577		21,211
Interest expense, net	34,198		35,892		33,144
Emerging markets	67		165		(948)
Loss from unconsolidated affiliates	59		—		—
Stock-based compensation	12,205		12,204		9,416
Loss on change in fair value of contingent earnout shares	573		1,276		8,539
Gain on expiration of warrants	—		(13)		—
Loss on debt extinguishment	1,090		—		—
Other expenses, net	11,875		19,339		6,453
Income before income tax expense	$	71,931	$	53,729	$	65,724
Income tax expense	20,659		18,438		20,121
Net income	$	51,272	$	35,291	$	45,603

(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 consolidated statements of operations and comprehensive income and cost of manufacturing goods 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 December 31, 2025. The "all other" operating segment had total net revenues of $35.8 million and $1.4 million; cost of revenues of $13.5 million and $147 thousand; compensation related costs of $11.4 million and $581 thousand in operations and $4.0 million and zero in general and administrative; and all other segment items of $6.9 million and $464 thousand for the years ended December 31, 2025 and 2024, respectively.