Everi (EVRI) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-32622
Entity Registrant Name	EVERI HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0723270
Entity Address, Address Line One	7250 S. Tenaya Way
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89113
City Area Code	800
Local Phone Number	833-7110
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	EVRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,042,227
Entity Central Index Key	0001318568
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues		$ 200,472	$ 175,616
Costs and expenses
Operating expenses		59,192	49,825
Research and development		16,096	12,519
Depreciation		18,949	15,220
Amortization		14,364	13,633
Total costs and expenses		148,426	123,025
Operating income		52,046	52,591
Other expenses
Interest expense, net of interest income		17,970	11,348
Total other expenses		17,970	11,348
Income before income tax		34,076	41,243
Income tax provision		6,010	9,721
Net income		28,066	31,522
Foreign currency translation (loss) gain		(186)	580
Comprehensive income		$ 27,880	$ 32,102
Earnings per share
Basic (in dollars per share)		$ 0.32	$ 0.34
Diluted (in dollars per share)		$ 0.30	$ 0.31
Weighted average common shares outstanding
Basic (in shares)		88,355	91,408
Diluted (in shares)		94,781	101,471
Games
Revenues
Total revenues		$ 107,374	$ 98,336
Costs and expenses
Total cost of revenues	[1]	27,055	22,777
Operating expenses		20,872	17,346
Research and development		10,653	7,630
Depreciation		16,239	12,981
Amortization		10,276	9,805
Total costs and expenses		85,095	70,539
Operating income		22,279	27,797
Games | Gaming operations
Revenues
Total revenues		75,309	70,338
Costs and expenses
Total cost of revenues	[1]	6,806	5,995
Games | Gaming equipment and systems
Revenues
Total revenues		32,065	27,998
Costs and expenses
Total cost of revenues	[1]	20,249	16,782
FinTech
Revenues
Total revenues		93,098	77,280
Costs and expenses
Total cost of revenues	[1]	12,770	9,051
Operating expenses		38,320	32,479
Research and development		5,443	4,889
Depreciation		2,710	2,239
Amortization		4,088	3,828
Total costs and expenses		63,331	52,486
Operating income		29,767	24,794
FinTech | Financial access services
Revenues
Total revenues		56,214	49,879
Costs and expenses
Total cost of revenues	[1]	2,899	2,175
FinTech | Software and other
Revenues
Total revenues		24,215	17,867
Costs and expenses
Total cost of revenues	[1]	1,423	935
FinTech | Hardware
Revenues
Total revenues		12,669	9,534
Costs and expenses
Total cost of revenues	[1]	$ 8,448	$ 5,941
[1](1) Exclusive of depreciation and amortization. EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - CONTINUED (In thousands, except earnings per share amounts)

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 293,207	$ 293,394
Settlement receivables	87,771	263,745
Trade and other receivables, net of allowances for credit losses of $5,195 and $4,855 at March 31, 2023 and December 31, 2022, respectively	115,243	118,895
Inventory	68,608	58,350
Prepaid expenses and other current assets	40,461	38,822
Total current assets	605,290	773,206
Non-current assets
Property and equipment, net	132,272	133,645
Goodwill	717,731	715,870
Other intangible assets, net	233,475	238,275
Other receivables	28,305	27,757
Deferred tax assets, net	529	1,584
Other assets	25,968	27,906
Total non-current assets	1,138,280	1,145,037
Total assets	1,743,570	1,918,243
Current liabilities
Settlement liabilities	274,218	467,903
Accounts payable and accrued expenses	207,221	217,424
Current portion of long-term debt	1,500	6,000
Total current liabilities	482,939	691,327
Non-current liabilities
Deferred tax liabilities, net	8,391	5,994
Long-term debt, less current portion	971,112	971,995
Other accrued expenses and liabilities	25,881	31,286
Total non-current liabilities	1,005,384	1,009,275
Total liabilities	1,488,323	1,700,602
Commitments and contingencies (Note 12)
Stockholders’ equity
Convertible preferred stock, $0.001 par value, 50,000 shares authorized and no shares outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.001 par value, 500,000 shares authorized and 120,145 and 88,773 shares issued and outstanding at March 31, 2023, respectively, and 119,390 and 88,036 shares issued and outstanding at December 31, 2022, respectively	120	119
Additional paid-in capital	537,523	527,465
Retained earnings (accumulated deficit)	6,800	(21,266)
Accumulated other comprehensive loss	(4,383)	(4,197)
Treasury stock, at cost, 31,373 and 31,353 shares at March 31, 2023 and December 31, 2022, respectively	(284,813)	(284,480)
Total stockholders’ equity	255,247	217,641
Total liabilities and stockholders’ equity	$ 1,743,570	$ 1,918,243

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Allowances for doubtful accounts	$ 5,195	$ 4,855
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)	120,145,000	119,390,000
Common stock outstanding (in shares)	88,773,000	88,036,000
Treasury stock (in shares)	31,373,000	31,353,000

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 28,066	$ 31,522
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	18,949	15,220
Amortization	14,364	13,633
Non-cash lease expense	1,317	1,014
Amortization of financing costs and discounts	713	713
Loss on sale or disposal of assets	134	29
Accretion of contract rights	2,335	2,427
Provision for credit losses	3,078	1,947
Deferred income taxes	1,860	9,398
Reserve for inventory obsolescence	319	55
Stock-based compensation	4,825	4,811
Changes in operating assets and liabilities:
Settlement receivables	175,988	28,958
Trade and other receivables	(87)	(6,123)
Inventory	(10,937)	(11,069)
Prepaid expenses and other assets	(271)	(6,812)
Settlement liabilities	(193,698)	(83,427)
Accounts payable and accrued expenses	(15,247)	2,978
Net cash provided by operating activities	31,708	5,274
Cash flows from investing activities
Capital expenditures	(29,821)	(23,639)
Acquisitions, net of cash acquired	0	(13,318)
Proceeds from sale of property and equipment	67	57
Net cash used in investing activities	(29,754)	(36,900)
Cash flows from financing activities
Repayments of term loan	(6,000)	(1,500)
Proceeds from exercise of stock options	5,233	699
Treasury stock - restricted stock vesting, net of shares withheld	(333)	(400)
Payment of contingent consideration, acquisition	(47)	0
Net cash used in financing activities	(1,147)	(1,201)
Effect of exchange rates on cash and cash equivalents	(167)	136
Cash, cash equivalents and restricted cash
Net increase (decrease) for the period	640	(32,691)
Balance, beginning of the period	295,063	303,726
Balance, end of the period	295,703	271,035
Supplemental cash disclosures
Cash paid for interest	25,051	14,439
Cash paid (refunded) for income tax, net	465	(41)
Supplemental non-cash disclosures
Accrued and unpaid capital expenditures	2,551	2,987
Transfer of leased gaming equipment to inventory	$ 1,809	$ 1,358

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings/Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
Balance, beginning of period (in shares) at Dec. 31, 2021		116,996
Balance, 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 (loss)	31,522			31,522
Foreign currency translation	580				580
Stock-based compensation expense	4,811		4,811
Exercise of options (in shares)		164
Exercise of options	699	$ 0	699
Restricted share vesting and withholding (in shares)		61
Restricted stock vesting, net of shares withheld	(400)					(400)
Balance, end of period (in shares) at Mar. 31, 2022		117,221
Balance, end of period at Mar. 31, 2022	$ 211,712	$ 117	511,267	(110,233)	(875)	(188,564)
Balance, beginning of period (in shares) at Dec. 31, 2022	88,036	119,390
Balance, beginning of period at Dec. 31, 2022	$ 217,641	$ 119	527,465	(21,266)	(4,197)	(284,480)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	28,066			28,066
Foreign currency translation	(186)				(186)
Stock-based compensation expense	4,825		4,825
Exercise of options (in shares)		702
Exercise of options	5,234	$ 1	5,233
Restricted share vesting and withholding (in shares)		53
Restricted stock vesting, net of shares withheld	$ (333)					(333)
Balance, end of period (in shares) at Mar. 31, 2023	88,773	120,145
Balance, end of period at Mar. 31, 2023	$ 255,247	$ 120	$ 537,523	$ 6,800	$ (4,383)	$ (284,813)

BUSINESS

BUSINESS	3 Months Ended
	Mar. 31, 2023
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. 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 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; and (iii) business-to-business (“B2B”) digital online gaming activities. Everi FinTech provides gaming operators with financial technology products and services, including: (i) financial access and related services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels; (ii) loyalty and marketing software and tools, regulatory and compliance (“RegTech”) software solutions, other information-related products and services, and hardware maintenance services; and (iii) associated casino patron self-service hardware that utilizes our financial access, software and other services. We also develop and offer mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries. Our solutions are secured using an end-to-end security suite to protect against cyber-related attacks, allowing us to maintain appropriate levels of security. These solutions include: access to cash and cashless funding at gaming facilities via Automated Teller Machine (“ATM”) debit withdrawals, credit card financial access transactions, and point of sale (“POS”) debit card purchases at casino cages, kiosk and mobile POS devices; accounts for the CashClub Wallet, check warranty services, self-service loyalty and fully integrated kiosk maintenance services; self-service loyalty tools and promotion management software; compliance, audit, and data software; casino credit data and reporting services; marketing and promotional offering subscription-based services; and other ancillary offerings. Impact of COVID-19, Macro-Economic Volatility and Global Instability, Employment Constraints and Supply Chain Disruptions We continue to monitor the remaining effects of COVID-19 and believe we are prepared to respond appropriately to the extent additional variants surface that disrupt our business. 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 we continue to evaluate the effects of interest rate movements on our variable rate debt and pricing pressures on our business. We have experienced an impact from employment constraints as a result of inflation that has significantly increased over prior years. Thi s has placed pressure on competitive wages, which has led to increases in wages and other related costs. We have experienced an impact from supply chain disruptions that have resulted in additional costs incurred to develop, produce, and ship our products.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Our unaudited condensed consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Some of the information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the full fiscal year. The Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the most recently filed Annual Report. 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; and (iii) wide-area progressive (“WAP”)-related restricted funds. 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 statement of cash flows for the three months ended March 31, 2023 (in thousands). Classification on our Balance Sheets At March 31, 2023 At December 31, 2022 Cash and cash equivalents Cash and cash equivalents $ 293,207 $ 293,394 Restricted cash - current Prepaid expenses and other current assets 2,395 1,568 Restricted cash - non-current Other assets 101 101 Total $ 295,703 $ 295,063 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 March 31, 2023 and December 31, 2022, the fair value of trade and loans receivable approximated the carrying value due to contractual terms generally being slightly ov er 12 months. The f air 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 Hierarchy Fair Value Outstanding Balance March 31, 2023 $600 million Term Loan 2 $ 584,301 $ 586,500 $400 million Unsecured Notes 2 $ 358,000 $ 400,000 December 31, 2022 $600 million Term Loan 2 $ 588,560 $ 592,500 $400 million Unsecured Notes 2 $ 346,000 $ 400,000 The fair values of our borrowings were determined using Level 2 inputs based on quoted market prices for these securities. Reclassification of Balances Certain amounts in the accompanying consolidated financial statements and accompanying notes have been reclassified to be consistent with the current year presentation. These reclassifications h ad no effect on net income for the prior periods. Recent Accounting Guidance As of March 31, 2023, no recent accounting guidance is expected to have a significant impact on our consolidated financial statements.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Overview We evaluate the recognition of revenue based on the criteria set forth in Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers and ASC 842 — Leases, as appropriate. We recognize revenue upon transferring control of goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We enter into contracts with customers that include various performance obligations consisting of goods, services, or combinations of goods and services. Timing of the transfer of control varies based on the nature of the contract. We recognize revenue net of any sales and other taxes collected from customers, which are subsequently remitted to governmental authorities and are not included in revenues or operating expenses. We measure revenue based on the consideration specified in a contract with a customer and adjusted, as necessary. Disaggregation of Revenues We disaggregate revenues based on the nature and timing of the cash flows generated by such revenues as presented in “Note 17 — Segment Information.” Contract Balances Since our contracts may include multiple performance obligations, there is often a timing difference between cash collections and the satisfaction of such performance obligations and revenue recognition. Such arrangements are evaluated to determine whether contract assets and liabilities exist. We generally record contract assets when the timing of billing differs from when revenue is recognized due to contracts containing specific performance obligations that are required to be met prior to a customer being invoiced. We generally record contract liabilities when cash is collected in advance of us satisfying performance obligations, including those that are satisfied over a period of time. Balances of our contract assets and contract liabilities may fluctuate due to timing of cash collections. The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands): 2023 2022 Contract assets (1) Balance, beginning of period $ 22,417 $ 15,221 Balance, end of period 22,342 14,514 Decrease $ (75) $ (707) Contract liabilities (2) Balance, beginning of period $ 53,419 $ 36,615 Balance, end of period 51,705 39,090 (Decrease) increase $ (1,714) $ 2,475 (1) Contract assets are included within trade and other receivables, net and other receivables in our Balance Sheets. (2) Contract liabilities are included within accounts payable and accrued expenses and other accrued expenses and liabilities in our Balance Sheets. We recognized approximately $18.2 million and $12.7 million in revenue that was included in the beginning contract liabilities balance during the three months ended March 31, 2023 and 2022, 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, VLTs installed in the State of New York and similar technology in certain tribal jurisdictions, B2B digital online gaming activities, accounting and central determinant systems, and other back-office systems. We conduct our Games segment business based on results generated from the following major revenue streams: (i) Gaming Operations; and (ii) Gaming Equipment and Systems. We recognize our Gaming Operations revenue based on criteria set forth in ASC 842 or ASC 606, as applicable. The amount of lease revenue included in our Gaming Operations revenues and recognized under ASC 842 was approximately $49.4 million and $47.1 million for the three months ended March 31, 2023 and 2022, respectively. FinTech Revenues Our FinTech products and services include solutions that we offer to gaming establishments to provide their patrons with financial access and funds-based services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels along with related loyalty and marketing tools, and other information-related products and services. We also develop and offer mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries. In addition, our services operate as part of an end-to-end se curity suite to protect against cyber-related attacks, allowing us to maintain appropriate levels of security. These solutions include: access to cash and cashless funding at gaming facilities via ATM debit withdrawals, credit card financial access transactions, and POS debit card purchases at casino cages, kiosk and mobile POS devices; accounts for the CashClub Wallet, check warranty services, self-service loyalty and fully integrated kiosk maintenance services; self-service loyalty tools and promotion management software; compliance, audit, and data software; casino credit data and reporting services; marketing and promotional offering subscription-based services; and other ancillary offerings. We conduct our FinTech segment business based on results generated from the following major revenue streams: (i) Financial Access Services; (ii) Software and Other; and (iii) Hardware. Hardware revenues are derived from the sale of our financial access and loyalty kiosks and related equipment and are accounted for under ASC 606, unless such transactions meet the definition of a sales type or direct financing lease, which are accounted for u nder ASC 842. We did not have any material fi nancial access kiosk and related equipment sales contracts accounted for under ASC 842 during the three months ended March 31, 2023 and 2022.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASES Lessee Balance sheet information related to our operating leases is as follows (in thousands): Classification on our Balance Sheets At March 31, 2023 At December 31, 2022 Assets Operating lease right-of-use (“ROU”) assets Other assets, non-current $ 15,921 $ 17,169 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 6,489 $ 6,507 Non-current operating lease liabilities Other accrued expenses and liabilities $ 13,205 $ 14,738 Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for: Long-term operating leases $ 1,712 $ 1,668 Short-term operating leases $ 372 $ 409 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 86 $ 5,947 Other information related to lease terms and discount rates is as follows: At March 31, 2023 At December 31, 2022 Weighted Average Remaining Lease Term (in years): Operating leases 3.17 3.37 Weighted Average Discount Rate: Operating leases 4.73 % 4.72 % Components of lease expense are as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating Lease Cost: Operating lease cost $ 1,477 $ 1,362 Variable lease cost $ 319 $ 279 Maturities of lease liabilities are summarized as follows as of March 31, 2023 (in thousands): Year Ending December 31, Amount 2023 (excluding the three months ended March 31, 2023) $ 5,533 2024 6,732 2025 5,852 2026 2,137 2027 608 Thereafter 359 Total future minimum lease payments 21,221 Less: Amount representing interest 1,527 Present value of future minimum lease payments 19,694 Less: Current operating lease obligations 6,489 Long-term lease obligations $ 13,205 As of March 31, 2023, the Company entered into a real estate lease that has not yet commenced with a term of ten years and future minimum lease payments of approximately $27.3 million.
LEASES	LEASES Lessee Balance sheet information related to our operating leases is as follows (in thousands): Classification on our Balance Sheets At March 31, 2023 At December 31, 2022 Assets Operating lease right-of-use (“ROU”) assets Other assets, non-current $ 15,921 $ 17,169 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 6,489 $ 6,507 Non-current operating lease liabilities Other accrued expenses and liabilities $ 13,205 $ 14,738 Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for: Long-term operating leases $ 1,712 $ 1,668 Short-term operating leases $ 372 $ 409 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 86 $ 5,947 Other information related to lease terms and discount rates is as follows: At March 31, 2023 At December 31, 2022 Weighted Average Remaining Lease Term (in years): Operating leases 3.17 3.37 Weighted Average Discount Rate: Operating leases 4.73 % 4.72 % Components of lease expense are as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating Lease Cost: Operating lease cost $ 1,477 $ 1,362 Variable lease cost $ 319 $ 279 Maturities of lease liabilities are summarized as follows as of March 31, 2023 (in thousands): Year Ending December 31, Amount 2023 (excluding the three months ended March 31, 2023) $ 5,533 2024 6,732 2025 5,852 2026 2,137 2027 608 Thereafter 359 Total future minimum lease payments 21,221 Less: Amount representing interest 1,527 Present value of future minimum lease payments 19,694 Less: Current operating lease obligations 6,489 Long-term lease obligations $ 13,205 As of March 31, 2023, the Company entered into a real estate lease that has not yet commenced with a term of ten years and future minimum lease payments of approximately $27.3 million.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [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. 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 with additional consideration of AUD$6.5 million to be paid approximately one year following the eCash Closing Date and another AUD$6.5 million to be paid approximately two years following the eCash Closing Date. In addition, we paid approximately AUD$8.7 million (approximately 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 quarter ending March 31, 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 and a net working capital payment of $1.6 million during the second quarter of 2022. In addition, we expect to pay approximately $13.0 million in contingent consideration based upon the achievement of certain revenue targets on the first and second anniversaries of the Intuicode Closing Date. We expect the total consideration for this acquisition to be approximately $27.1 million. 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 and a long-term component payable within two years recorded in other accrued expenses and liabilities in our Balance Sheets. The change in fair value of the contingent consideration during the period ended March 31, 2023 was not material. The estimates and assumptions used include the projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows. The estimated fair values of assets acquired and liabilities assumed and resulting goodwill are subject to adjustment as the Company finalizes its purchase price accounting. The significant items for which a final fair value has not been determined include, but are not limited to, deferred income taxes. We do not expect our fair value determinations to materially change; however, there may be differences between the amounts recorded at the Intuicode Closing Date and the final fair value analysis, which we expect to complete no later than the second quarter of 2023. The financial results included in our Statements of Operations for the three months ended March 31, 2023 reflected revenues of approximately $3.1 million and net income of approximately $1.2 million. We incurred no acquisition-related costs during the three months ended March 31, 2023. 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. In addition, we expect to pay approximately $2.8 million in contingent consideration based upon the achievement of certain revenue targets on the twelve twenty-four thirty he total consideration for this acquisition to be approximately $21.0 million . The acquisition did not have a significant impact on our results of operations or financial condition. The fair value of the contingent consideration was based on Level 3 inputs utilizing a discounted cash flow methodology. The estimates and assumptions included projected future revenues of the acquired business and a discount rate of approximately 7%. Contingent consideration to be paid is comprised of a short-term component that is recorded in accounts payable and accrued expenses and a long-term component payable within three years recorded in other accrued expenses and liabilities in our Balance Sheets. The change in fair value of the contingent consideration during the period ended March 31, 2023 was not material. The estimates and assumptions used include the projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future cash flows. The estimated fair values of assets acquired and liabilities assumed and resulting goodwill are subject to adjustment as the Company finalizes its purchase price accounting. The significant items for which a final fair value has not been determined include, but are not limited to: the valuation and estimated useful lives of intangible assets, deferred and unearned revenues, and deferred income taxes. We do not expect our fair value determinations to materially change; however, there may be differences between the amounts recorded at the Venuetize Closing Date and the final fair value analysis, which we expect to complete no later than the fourth quarter of 2023. The financial results included in our Statements of Operations for the three months ended March 31, 2023 reflected revenues of approximately $0.8 million and net loss of approximately $1.2 million. Acquisition-related costs incurred during the three months ended March 31, 2023 were not material. Pro-forma financial information (unaudited) The unaudited pro forma financial data includes the historical operating results of the Company and the three acquired businesses prior to the acquisitions as if the transactions occurred on January 1, 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. The unaudited pro forma financial data on a consolidated basis as if the eCash, Intuicode and Venuetize acquisitions occurred on January 1, 2022 would reflect revenue of approximately $186.1 million and net income of approximately $29.9 million for the three months ended March 31, 2022.

FUNDING AGREEMENTS

FUNDING AGREEMENTS	3 Months Ended
	Mar. 31, 2023
A T M Funding Agreement Disclosure [Abstract]
FUNDING AGREEMENTS	FUNDING AGREEMENTS We have commercial arrangements with third-party vendors to provide cash for certain of our fund dispensing devices. For the use of these funds, we pay a usage fee on either the average daily balance of funds utilized multiplied by a contractually defined usage rate or the amounts supplied multiplied by a contractually defined usage rate. These fund usage fees, reflected as interest expense within the Statements of Operations, were approximately $4.3 million and $1.0 million for the three months ended March 31, 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. The outstanding balance of funds provided from the third parties were approximately $339.2 million and $444.6 million as of March 31, 2023 and December 31, 2022, respectively. 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 $300 million with the ability to increase the amount permitted by the vault cash provider. The term of the agreement expires on June 30, 2024 and will automatically renew for additional one-year periods unless either party provides a ninety-day written notice of its intent not to renew. We are responsible for losses of cash in the fund dispensing devices under this agreement, and we self-insure for this type of risk. There were no material losses for the three months ended March 31, 2023 and 2022.

TRADE AND OTHER RECEIVABLES

TRADE AND OTHER RECEIVABLES	3 Months Ended
	Mar. 31, 2023
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 March 31, At December 31, 2023 2022 Trade and other receivables, net Games trade and loans receivable $ 73,365 $ 78,200 FinTech trade and loans receivable 43,775 39,925 Contract assets (1) 22,342 22,417 Other receivables 4,066 6,110 Total trade and other receivables, net 143,548 146,652 Non-current portion of receivables Games trade and loans receivable 892 1,382 FinTech trade and loans receivable 18,225 16,519 Contract assets (1) 9,188 9,856 Total non-current portion of receivables 28,305 27,757 Total trade and other receivables, current portion $ 115,243 $ 118,895 (1) Refer to “Note 3 — Revenues” for a discussion on the contract assets. Allowance for Credit Losses The activity in our allowance for credit losses for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning allowance for credit losses $ (4,855) $ (5,161) Provision (3,078) (1,947) Charge-offs, net of recoveries 2,738 2,085 Ending allowance for credit losses $ (5,195) $ (5,023)

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORYOur 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 March 31, At December 31, 2023 2022 Inventory Component parts $ 58,781 $ 48,688 Work-in-progress 4,073 323 Finished goods 5,754 9,339 Total inventory $ 68,608 $ 58,350

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): At March 31, 2023 At December 31, 2022 Useful Life Cost Accumulated Net Book Cost Accumulated Net Book Property and equipment Rental pool - deployed 2-4 $ 284,028 $ 196,292 $ 87,736 $ 279,524 $ 188,369 $ 91,155 Rental pool - undeployed 2-4 32,239 24,691 7,548 30,378 23,930 6,448 FinTech equipment 1-5 36,749 25,038 11,711 36,442 24,167 12,275 Leasehold and building improvements Lease Term 13,747 11,097 2,650 13,666 10,689 2,977 Machinery, office, and other equipment 1-5 58,818 36,191 22,627 55,246 34,456 20,790 Total $ 425,581 $ 293,309 $ 132,272 $ 415,256 $ 281,611 $ 133,645 Depreciation expense related to property and equipment totaled approximately $18.9 million and $15.2 million for the three months ended March 31, 2023 and 2022, respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
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 $717.7 million and $715.9 million at March 31, 2023 and December 31, 2022, 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. Other Intangible Assets Other intangible assets consist of the following (in thousands): At March 31, 2023 At December 31, 2022 Useful Life Cost Accumulated Net Book Cost Accumulated Net Book Other intangible assets Contract rights under placement fee agreements 2-7 $ 57,821 $ 14,587 $ 43,234 $ 57,821 $ 12,252 $ 45,569 Customer relationships 3-14 331,883 238,819 93,064 331,999 233,150 98,849 Developed technology and software 1-6 410,862 316,609 94,253 401,087 309,285 91,802 Patents, trademarks, and other 2-18 23,823 20,899 2,924 22,334 20,279 2,055 Total $ 824,389 $ 590,914 $ 233,475 $ 813,241 $ 574,966 $ 238,275 Amortization expense related to other intangible assets was approximately $14.4 million and $13.6 million for the three months ended March 31, 2023 and 2022, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The following table summarizes our indebtedness (in thousands): Maturity Interest At March 31, At December 31, Date Rate 2023 2022 Long-term debt $600 million Term Loan 2028 LIBOR+2.50% $ 586,500 $ 592,500 $125 million Revolver 2026 LIBOR+2.50% — — Senior Secured Credit Facilities 586,500 592,500 $400 million Unsecured Notes 2029 5.00% 400,000 400,000 Total debt 986,500 992,500 Debt issuance costs and discount (13,888) (14,505) Total debt after debt issuance costs and discount 972,612 977,995 Current portion of long-term debt (1,500) (6,000) Total long-term debt, net of current portion $ 971,112 $ 971,995 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 “Credit Agreement”). The interest rate per annum applicable to the Credit Facilities will be, at the Company’s option, either the Eurodollar rate with a 0.50% LIBOR floor plus a margin of 2.50% or the base rate plus a margin of 1.50%. Our Revolver remained fully undrawn as of March 31, 2023. The weighted average interest rate on the Term Loan was 7.03% for the three months ended March 31, 2023. Senior Unsecured Notes Our Senior Unsecured Notes (the “2029 Unsecured Notes”) had an outstanding balance of $400.0 million as of March 31, 2023 that accrues interest at a rate of 5.00% per annum and is payable semi-annually in arrears on each January 15 and July 15. Compliance with Debt Covenants We were in compliance with the coven ants and terms of the Credit Facilities and the 2029 Unsecured Notes as of March 31, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are involved in various legal proceedings in the ordinary course of our business. While we believe resolution of the claims brought against us, both individually and in the aggregate, will not have a material adverse impact on our financial condition or results of operations, litigation of this nature is inherently unpredictable. Our views on these legal proceedings, including those described below, may change in the future. We intend to vigorously defend against these actions, and ultimately believe we should prevail. Legal Contingencies We evaluate matters and record an accrual for legal contingencies when it is both probable that a liability has been incurred and the amount or range of the loss may be reasonably estimated. We evaluate legal contingencies at least quarterly and, as appropriate, establish new accruals or adjust existing accruals to reflect: (i) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings, and other relevant events and developments; (ii) the advice and analyses of counsel; and (iii) the assumptions and judgment of management. Legal costs associated with such proceedings are expensed as incurred. Due to the inherent uncertainty of legal proceedings as a result of the procedural, factual, and legal issues involved, the outcomes of our legal contingencies could result in losses in excess of amounts we have accrued. NRT matter: NRT Technology Corp., et al. v. Everi Holdings Inc., et al. is a civil action filed on April 30, 2019 against Everi Holdings and Everi FinTech in the United States District Court for the District of Delaware by NRT Technology Corp. and NRT Technology, Inc., alleging monopolization of the market for unmanned, integrated kiosks in violation of federal antitrust laws, fraudulent procurement of patents on functionality related to such unmanned, integrated kiosks and sham litigation related to prior litigation brought by Everi FinTech (operating as Global Cash Access Inc.) against the plaintiff entities. The plaintiffs are seeking compensatory damages, treble damages, and injunctive and declaratory relief. Discovery is closed. The court removed the case from the September trial calendar and requested briefs from the parties on relevant legal issues. Briefing was completed in December 2022. The parties are awaiting further guidance from the court. Due to the current stage of the litigation, we are currently 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, 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 set for trial in June 2023. Due to the current stage of the litigation, we are currently unable to estimate the probability of the outcome of this matter or reasonably estimate the range of possible damages, if any. Sightline Payments matter: Sightline Payments LLC v. Everi Holdings Inc., et al. is a civil action filed on September 30, 2021, against Everi Holdings, Everi FinTech, Everi Games Holding Inc., and Everi Games (collectively referred to herein the as “Everi Parties”) in the United States District Court, Western District of Texas (Waco Division) by Sightline Payments LLC alleging patent infringement in violation of 35 U.S.C. § 271 et seq. The plaintiff’s complaint alleges that the Everi Parties’ CashClub Wallet product infringes on certain patents owned by the plaintiff. The plaintiff is seeking compensatory damages. The Everi Parties filed a Motion to Dismiss or Transfer for Lack of Venue. On June 1, 2022, the court granted the Everi Parties’ Motion to Dismiss ruling that the Western District of Texas was not the proper venue for an action against Everi Fintech, Everi Holdings, and Everi Games. On June 23, 2022, the plaintiff, Sightline Payments LLC, filed an appeal of the District Court’s Order. The appeal is underway. Due to the current stage of the litigation, we are currently unable to estimate the probability of the outcome of this matter or reasonably estimate the range of possible damages, if any. Sightline USPTO matters: In a case related to the Sightline Payments matter, in February and March 2022, Everi Payments Inc. filed five Petitions for Inter Partes Review (“IPR”) with the Patent Trial and Appeal Board (the “PTAB”) of the United States Patent and Trademark Office seeking invalidation of certain claims of U.S. Patent Nos. 8,708,809, 8,998,708, 9,196,123, 9,466,176, and 9,785,926 owned by Sightline Partners LLC. In August and September 2022, decisions by the PTAB were issued granting the IPRs. Briefing and discovery is underway. Oral argument is scheduled for June 14, 2023. Due to the current stage of these matters, we are currently unable to estimate the probability of the outcome or reasonably estimate the range of possible damages, if any. Mary Parrish matter: Mary Parrish v. Everi Holdings Inc., et al. is a civil action filed on December 28, 2021, against Everi Holdings and Everi FinTech in the District Court of Nevada, Clark County by Mary Parrish alleging violation of the Fair and Accurate Credit Transactions Act (FACTA) amendment to th e Fair Credit Reporting Act (FCRA). Plaintiff’s complaint alleges she received a printed receipt for cash access services performed at an Everi Payments’ ATM which displayed more than four (4) digits of the account number. Plaintiff seeks statutory damages, punitive damages, injunctive relief, attorneys’ fees, and other relief. Everi filed a Petition for Removal to the United States District Court, District of Nevada. Thereafter, Everi filed a Motion to Dismiss. On May 4, 2023 the United States District Court entered an order remanding the case back to the District Court of Nevada, Clark County and denying the Motion to Dismiss. Due to the early stages of the litigation, we are currently unable to estimate the probability of the outcome of this matter or reasonably estimate the range of possible damages, if any. In addition, we have commitments with respect to certain lease obligations discussed in “Note 4 — Leases” and installment payments under our asset purchase agreements discussed in “Note 5 — Business Combinations.”

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY In May 2022, our Board of Directors authorized and approved the existing share repurchase program in an amount not to exceed $150.0 million pursuant to which we may purchase outstanding Company common stock in open market or privately negotiated transactions over a period of eighteen (18) months through November 4, 2023, 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. The actual number of shares to be purchased will depend upon market conditions and is subject to available liquidity, general market and economic conditions, alternative uses for the capital and other factors. All shares purchased will be held in the Company’s treasury for possible future use. As of March 31, 2023, Everi had approximately 88.8 million shares issued and outstanding, net of 31.4 million shares held in the Company’s treasury. There is no minimum number of shares that the Company is required to repurchase, and the program may be suspended or discontinued at any time without prior notice. There were no shares repurchased during the three months ended March 31, 2023 and 2022, respectively. Under the existing $150.0 million share repurchase program, the remaining availability was $65.7 million as of March 31, 2023.

WEIGHTED AVERAGE SHARES OF COMM

WEIGHTED AVERAGE SHARES OF COMMON STOCK	3 Months Ended
	Mar. 31, 2023
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 bas ic and diluted earnings pe r share is as follows (in thousands): Three Months Ended March 31, 2023 2022 Weighted average shares Weighted average number of common shares outstanding - basic 88,355 91,408 Potential dilution from equity awards (1) 6,426 10,063 Weighted average number of common shares outstanding - diluted (1) 94,781 101,471 (1) There were 0.1 million and no shares that were anti-dilutive under the treasury stock method for the three months ended March 31, 2023 and 2022, respectively.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Equity Incentive Awards Generally, we grant the following types of awards: (i) restricted stock units with either time- or performance-based criteria; and (ii) time-based options. We estimate forfeiture amounts based on historical patterns. A summary of award activity is as follows (in thousands): Stock Options Restricted Stock Units Outstanding, December 31, 2022 6,793 2,709 Granted — 26 Exercised options or vested shares (703) (53) Canceled or forfeited (7) (2) Outstanding, March 31, 2023 6,083 2,680

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The income tax provision for the three months ended March 31, 2023, reflected an effective income tax rate of 17.6%, which was less than the statutory federal rate of 21.0%, primarily due to a research credit and the benefit from equity award activities, partially offset by state taxes. The income tax provision for the three months ended March 31, 2022, reflected an effective income tax rate of 23.6%, which was greater than the statutory federal rate of 21.0%, primarily due to state taxes and an accrual for foreign withholding tax, partially offset by both a research credit and the benefit from equity award activities. We have analyzed our positions in the federal, state and foreign jurisdictions where we are required to file income tax returns, as well as the open tax years in these jurisdictions. As of March 31, 2023, we recorded approximately $2.6 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. We have not accrued any penalties and interest for our unrecognized tax benefits. 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
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 generally consists of the Chief Executive Officer and the Chief Financial Officer. Our CODM determined that our operating segments for conducting business are: (i) Games and (ii) FinTech. Our CODM allocates resources and measures profitability based on our operating segments, which are managed and reviewed separately, as each represents products and services that can be sold separately to our customers. Our segments are monitored by management for performance against our internal forecasts. We have reported our financial performance based on our segments in both the current and prior periods. Refer to “Note 1 — Business” for additional information regarding our operating segments. Corporate overhead expenses have been allocated to the segments either through specific identification or based on a reasonable methodology. In addition, we record depreciation and amortization expenses to the business segments. Our business is predominantly domestic with no specific regional concentrations that were material to our results of operations or financial condition, and we had no significant assets in foreign locations. The following tables present segment information (in thousands)*: Three Months Ended March 31, 2023 2022 Games Revenues Gaming operations $ 75,309 $ 70,338 Gaming equipment and systems 32,065 27,998 Total revenues 107,374 98,336 Costs and expenses Cost of revenues (1) Gaming operations 6,806 5,995 Gaming equipment and systems 20,249 16,782 Total cost of revenues 27,055 22,777 Operating expenses 20,872 17,346 Research and development 10,653 7,630 Depreciation 16,239 12,981 Amortization 10,276 9,805 Total costs and expenses 85,095 70,539 Operating income $ 22,279 $ 27,797 (1) Exclusive of depreciation and amortization. * Rounding may cause variances. Three Months Ended March 31, 2023 2022 FinTech Revenues Financial access services $ 56,214 $ 49,879 Software and other 24,215 17,867 Hardware 12,669 9,534 Total revenues 93,098 77,280 Costs and expenses Cost of revenues (1) Financial access services 2,899 2,175 Software and other 1,423 935 Hardware 8,448 5,941 Total cost of revenues 12,770 9,051 Operating expenses 38,320 32,479 Research and development 5,443 4,889 Depreciation 2,710 2,239 Amortization 4,088 3,828 Total costs and expenses 63,331 52,486 Operating income $ 29,767 $ 24,794 (1) Exclusive of depreciation and amortization. * Rounding may cause variances. At March 31, At December 31, 2023 2022 Total assets Games $ 888,114 $ 911,907 FinTech 855,456 1,006,336 Total assets $ 1,743,570 $ 1,918,243 Major Customers. No single customer accounted for more than 10% of our revenues for the three months ended March 31, 2023 and 2022. Our five largest customers accounted for approximately 13% and 15% of our revenues for the three months ended March 31, 2023 and 2022, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Acquisition On April 7, 2023, the Company entered into a purchase agreement to acquire 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. The transaction closed on May 1, 2023 (the “Video King Closing Date”). The acquisition provides Everi with complementary assets and an established customer base to enable additional growth in its Games segment. Currently licensed in approximately 60 jurisdictions, Video King expands the addressable market for Everi’s player-popular digital gaming content. Under the terms of the purchase agreement, the closing cash consideration was approximately $59 million, inclusive of estimated customary net working capital adjustments. This transaction will be accounted for as a business combination. As a result of the timing of the acquisition, the initial accounting treatment is still being determined; and accordingly, certain disclosures were not available at the time the financial statements were issued. The acquisition is not expected to have a material impact on our results of operations or financial condition. Share Repurchase Program On May 3, 2023, our Board of Directors authorized and approved a new share repurchase program in an amount not to exceed $180 million, pursuant to which we may 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. The actual number of shares to be purchased will depend upon market conditions and is subject to available liquidity, general market and economic conditions, alternative uses for the capital and other factors. All shares purchased will be held in the Company’s treasury for possible future use. As of March 31, 2023, Everi had approximately 88.8 million shares issued and outstanding, net of 31.4 million shares held in the Company’s treasury. There is no minimum number of shares that the Company is required to repurchase, and the program may be suspended or discontinued at any time without prior notice. This new repurchase program supersedes and replaces, in its entirety, the previous share repurchase program.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited condensed consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Some of the information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. The results for the three months ended March 31, 2023 are not necessarily indicative of results to be expected for the full fiscal year. The Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the most recently filed Annual Report.
Restricted Cash	Restricted CashOur restricted cash primarily consists of: (i) funds held in connection with certain customer agreements; (ii) funds held in connection with a sponsorship agreement; and (iii) wide-area progressive (“WAP”)-related restricted funds.
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.
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 h ad no effect on net income for the prior periods.
Recent Accounting Guidance	Recent Accounting Guidance As of March 31, 2023, no recent accounting guidance is expected to have a significant impact on our consolidated financial statements.
Revenue	Overview We evaluate the recognition of revenue based on the criteria set forth in Accounting Standards Codification (“ASC”) 606 — Revenue from Contracts with Customers and ASC 842 — Leases, as appropriate. We recognize revenue upon transferring control of goods or services to our customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We enter into contracts with customers that include various performance obligations consisting of goods, services, or combinations of goods and services. Timing of the transfer of control varies based on the nature of the contract. We recognize revenue net of any sales and other taxes collected from customers, which are subsequently remitted to governmental authorities and are not included in revenues or operating expenses. We measure revenue based on the consideration specified in a contract with a customer and adjusted, as necessary. Disaggregation of Revenues We disaggregate revenues based on the nature and timing of the cash flows generated by such revenues as presented in “Note 17 — Segment Information.” Contract Balances Since our contracts may include multiple performance obligations, there is often a timing difference between cash collections and the satisfaction of such performance obligations and revenue recognition. Such arrangements are evaluated to determine whether contract assets and liabilities exist. We generally record contract assets when the timing of billing differs from when revenue is recognized due to contracts containing specific performance obligations that are required to be met prior to a customer being invoiced. We generally record contract liabilities when cash is collected in advance of us satisfying performance obligations, including those that are satisfied over a period of time. Balances of our contract assets and contract liabilities may fluctuate due to timing of cash collections.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
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 statement of cash flows for the three months ended March 31, 2023 (in thousands). Classification on our Balance Sheets At March 31, 2023 At December 31, 2022 Cash and cash equivalents Cash and cash equivalents $ 293,207 $ 293,394 Restricted cash - current Prepaid expenses and other current assets 2,395 1,568 Restricted cash - non-current Other assets 101 101 Total $ 295,703 $ 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 statement of cash flows for the three months ended March 31, 2023 (in thousands). Classification on our Balance Sheets At March 31, 2023 At December 31, 2022 Cash and cash equivalents Cash and cash equivalents $ 293,207 $ 293,394 Restricted cash - current Prepaid expenses and other current assets 2,395 1,568 Restricted cash - non-current Other assets 101 101 Total $ 295,703 $ 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 Hierarchy Fair Value Outstanding Balance March 31, 2023 $600 million Term Loan 2 $ 584,301 $ 586,500 $400 million Unsecured Notes 2 $ 358,000 $ 400,000 December 31, 2022 $600 million Term Loan 2 $ 588,560 $ 592,500 $400 million Unsecured Notes 2 $ 346,000 $ 400,000

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Asset and Liability	The following table summarizes our contract assets and contract liabilities arising from contracts with customers (in thousands): 2023 2022 Contract assets (1) Balance, beginning of period $ 22,417 $ 15,221 Balance, end of period 22,342 14,514 Decrease $ (75) $ (707) Contract liabilities (2) Balance, beginning of period $ 53,419 $ 36,615 Balance, end of period 51,705 39,090 (Decrease) increase $ (1,714) $ 2,475 (1) Contract assets are included within trade and other receivables, net and other receivables in our Balance Sheets. (2) Contract liabilities are included within accounts payable and accrued expenses and other accrued expenses and liabilities in our Balance Sheets.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Balance Sheet Information	Balance sheet information related to our operating leases is as follows (in thousands): Classification on our Balance Sheets At March 31, 2023 At December 31, 2022 Assets Operating lease right-of-use (“ROU”) assets Other assets, non-current $ 15,921 $ 17,169 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 6,489 $ 6,507 Non-current operating lease liabilities Other accrued expenses and liabilities $ 13,205 $ 14,738
Cash Flow Information	Supplemental cash flow information related to leases is as follows (in thousands): Three Months Ended March 31, 2023 2022 Cash paid for: Long-term operating leases $ 1,712 $ 1,668 Short-term operating leases $ 372 $ 409 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 86 $ 5,947
Lease Costs	Other information related to lease terms and discount rates is as follows: At March 31, 2023 At December 31, 2022 Weighted Average Remaining Lease Term (in years): Operating leases 3.17 3.37 Weighted Average Discount Rate: Operating leases 4.73 % 4.72 % Components of lease expense are as follows (in thousands): Three Months Ended March 31, 2023 2022 Operating Lease Cost: Operating lease cost $ 1,477 $ 1,362 Variable lease cost $ 319 $ 279
Payments Due	Maturities of lease liabilities are summarized as follows as of March 31, 2023 (in thousands): Year Ending December 31, Amount 2023 (excluding the three months ended March 31, 2023) $ 5,533 2024 6,732 2025 5,852 2026 2,137 2027 608 Thereafter 359 Total future minimum lease payments 21,221 Less: Amount representing interest 1,527 Present value of future minimum lease payments 19,694 Less: Current operating lease obligations 6,489 Long-term lease obligations $ 13,205

TRADE AND OTHER RECEIVABLES (Ta

TRADE AND OTHER RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Components of Trade and Other Receivables	The balance of trade and other receivables consisted of the following (in thousands): At March 31, At December 31, 2023 2022 Trade and other receivables, net Games trade and loans receivable $ 73,365 $ 78,200 FinTech trade and loans receivable 43,775 39,925 Contract assets (1) 22,342 22,417 Other receivables 4,066 6,110 Total trade and other receivables, net 143,548 146,652 Non-current portion of receivables Games trade and loans receivable 892 1,382 FinTech trade and loans receivable 18,225 16,519 Contract assets (1) 9,188 9,856 Total non-current portion of receivables 28,305 27,757 Total trade and other receivables, current portion $ 115,243 $ 118,895 (1) Refer to “Note 3 — Revenues” for a discussion on the contract assets.
Activity in Allowance for Credit Losses	The activity in our allowance for credit losses for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning allowance for credit losses $ (4,855) $ (5,161) Provision (3,078) (1,947) Charge-offs, net of recoveries 2,738 2,085 Ending allowance for credit losses $ (5,195) $ (5,023)

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Components of Inventory	Inventory consisted of the following (in thousands): At March 31, At December 31, 2023 2022 Inventory Component parts $ 58,781 $ 48,688 Work-in-progress 4,073 323 Finished goods 5,754 9,339 Total inventory $ 68,608 $ 58,350

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Components of Property, Equipment and Leased Assets	Property and equipment consist of the following (in thousands): At March 31, 2023 At December 31, 2022 Useful Life Cost Accumulated Net Book Cost Accumulated Net Book Property and equipment Rental pool - deployed 2-4 $ 284,028 $ 196,292 $ 87,736 $ 279,524 $ 188,369 $ 91,155 Rental pool - undeployed 2-4 32,239 24,691 7,548 30,378 23,930 6,448 FinTech equipment 1-5 36,749 25,038 11,711 36,442 24,167 12,275 Leasehold and building improvements Lease Term 13,747 11,097 2,650 13,666 10,689 2,977 Machinery, office, and other equipment 1-5 58,818 36,191 22,627 55,246 34,456 20,790 Total $ 425,581 $ 293,309 $ 132,272 $ 415,256 $ 281,611 $ 133,645

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangible Assets	Other intangible assets consist of the following (in thousands): At March 31, 2023 At December 31, 2022 Useful Life Cost Accumulated Net Book Cost Accumulated Net Book Other intangible assets Contract rights under placement fee agreements 2-7 $ 57,821 $ 14,587 $ 43,234 $ 57,821 $ 12,252 $ 45,569 Customer relationships 3-14 331,883 238,819 93,064 331,999 233,150 98,849 Developed technology and software 1-6 410,862 316,609 94,253 401,087 309,285 91,802 Patents, trademarks, and other 2-18 23,823 20,899 2,924 22,334 20,279 2,055 Total $ 824,389 $ 590,914 $ 233,475 $ 813,241 $ 574,966 $ 238,275

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	The following table summarizes our indebtedness (in thousands): Maturity Interest At March 31, At December 31, Date Rate 2023 2022 Long-term debt $600 million Term Loan 2028 LIBOR+2.50% $ 586,500 $ 592,500 $125 million Revolver 2026 LIBOR+2.50% — — Senior Secured Credit Facilities 586,500 592,500 $400 million Unsecured Notes 2029 5.00% 400,000 400,000 Total debt 986,500 992,500 Debt issuance costs and discount (13,888) (14,505) Total debt after debt issuance costs and discount 972,612 977,995 Current portion of long-term debt (1,500) (6,000) Total long-term debt, net of current portion $ 971,112 $ 971,995

WEIGHTED AVERAGE SHARES OF CO_2

WEIGHTED AVERAGE SHARES OF COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The weighted average number of common stock outstanding used in the computation of bas ic and diluted earnings pe r share is as follows (in thousands): Three Months Ended March 31, 2023 2022 Weighted average shares Weighted average number of common shares outstanding - basic 88,355 91,408 Potential dilution from equity awards (1) 6,426 10,063 Weighted average number of common shares outstanding - diluted (1) 94,781 101,471 (1) There were 0.1 million and no shares that were anti-dilutive under the treasury stock method for the three months ended March 31, 2023 and 2022, respectively.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 6,793 2,709 Granted — 26 Exercised options or vested shares (703) (53) Canceled or forfeited (7) (2) Outstanding, March 31, 2023 6,083 2,680

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	The following tables present segment information (in thousands)*: Three Months Ended March 31, 2023 2022 Games Revenues Gaming operations $ 75,309 $ 70,338 Gaming equipment and systems 32,065 27,998 Total revenues 107,374 98,336 Costs and expenses Cost of revenues (1) Gaming operations 6,806 5,995 Gaming equipment and systems 20,249 16,782 Total cost of revenues 27,055 22,777 Operating expenses 20,872 17,346 Research and development 10,653 7,630 Depreciation 16,239 12,981 Amortization 10,276 9,805 Total costs and expenses 85,095 70,539 Operating income $ 22,279 $ 27,797 (1) Exclusive of depreciation and amortization. * Rounding may cause variances. Three Months Ended March 31, 2023 2022 FinTech Revenues Financial access services $ 56,214 $ 49,879 Software and other 24,215 17,867 Hardware 12,669 9,534 Total revenues 93,098 77,280 Costs and expenses Cost of revenues (1) Financial access services 2,899 2,175 Software and other 1,423 935 Hardware 8,448 5,941 Total cost of revenues 12,770 9,051 Operating expenses 38,320 32,479 Research and development 5,443 4,889 Depreciation 2,710 2,239 Amortization 4,088 3,828 Total costs and expenses 63,331 52,486 Operating income $ 29,767 $ 24,794 (1) Exclusive of depreciation and amortization. * Rounding may cause variances. At March 31, At December 31, 2023 2022 Total assets Games $ 888,114 $ 911,907 FinTech 855,456 1,006,336 Total assets $ 1,743,570 $ 1,918,243

BUSINESS - Narrative (Details)

BUSINESS - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	2

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract with customer liability	$ 18,200	$ 12,700
Total revenues	$ 200,472	175,616
Contractual terms of trade and loans receivable	12 months		12 months
Games
Disaggregation of Revenue [Line Items]
Total revenues	$ 107,374	98,336
Games | Gaming operations, leased equipment
Disaggregation of Revenue [Line Items]
Total revenues	$ 49,400	$ 47,100

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 293,207	$ 293,394
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Restricted cash - current	$ 2,395	$ 1,568
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Restricted cash - non-current	$ 101	$ 101
Total	295,703	295,063	$ 271,035	$ 303,726
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 293,207	$ 293,394

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Fair Value and Outstanding Balances of Borrowings (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Aug. 03, 2021
Senior secured notes | New Revolver
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal amount of debt	$ 600,000,000	$ 600,000,000	$ 600,000,000
Senior unsecured notes | 2021 Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal amount of debt	400,000,000	400,000,000
Fair Value | Level 2 | New Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	584,301,000	588,560,000
Fair Value | Level 2 | Incremental Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	358,000,000	346,000,000
Outstanding Balance | Level 2 | New Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	586,500,000	592,500,000
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

REVENUES - Contract Asset and L

REVENUES - Contract Asset and Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract assets
Balance, beginning of period	$ 22,417	$ 15,221
Balance, end of period	22,342	14,514
Decrease	(75)	(707)
Contract liabilities
Balance, beginning of period	53,419	36,615
Balance, end of period	51,705	39,090
(Decrease) increase	$ (1,714)	$ 2,475

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Contract with customer liability	$ 18,200	$ 12,700
Total revenues	200,472	175,616
Games
Disaggregation of Revenue [Line Items]
Total revenues	107,374	98,336
Gaming operations, leased equipment | Games
Disaggregation of Revenue [Line Items]
Total revenues	$ 49,400	$ 47,100

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced, term of contract	10 years
Lease not yet commenced	$ 27.3

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating lease right-of-use (“ROU”) assets	$ 15,921	$ 17,169
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Current operating lease liabilities	$ 6,489	$ 6,507
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	$ 13,205	$ 14,738

LEASES - Cash Flow Information

LEASES - Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for:
Long-term operating leases	$ 1,712	$ 1,668
Short-term operating leases	372	409
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 86	$ 5,947

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term, operating leases	3 years 2 months 1 day		3 years 4 months 13 days
Weighted average discount rate, operating leases	4.73%		4.72%
Operating lease cost	$ 1,477	$ 1,362
Variable lease cost	$ 319	$ 279

LEASES - Payments Due (Details)

LEASES - Payments Due (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amount
2023 (excluding the three months ended March 31, 2023)	$ 5,533
2024	6,732
2025	5,852
2026	2,137
2027	608
Thereafter	359
Total future minimum lease payments	21,221
Less: Amount representing interest	1,527
Present value of future minimum lease payments	19,694
Current operating lease liabilities	6,489	$ 6,507
Long-term lease obligations	$ 13,205	$ 14,738

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ in Millions, $ in Millions					3 Months Ended				12 Months Ended
	Oct. 14, 2022 USD ($)	Apr. 30, 2022 USD ($)	Mar. 01, 2022 AUD ($)	Mar. 01, 2022 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 AUD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 business
Business Acquisition [Line Items]
Number of acquired businesses | business									3
Business Combination, Contingent Consideration, Period One
Business Acquisition [Line Items]
Revenue target anniversary	12 months
Business Combination, Contingent Consideration, Period Two
Business Acquisition [Line Items]
Revenue target anniversary	24 months
Business Combination, Contingent Consideration, Period Three
Business Acquisition [Line Items]
Revenue target anniversary	30 months
ecash Holdings Pty Limited
Business Acquisition [Line Items]
Acquisition business gross			$ 20	$ 15
Payments for excess net working capital						$ 8.7	$ 6
Business combination, consideration transfer					$ 2.3
ecash Holdings Pty Limited | Tranche One
Business Acquisition [Line Items]
Contingent consideration			$ 6.5
Contingent consideration, period since closing			1 year	1 year
ecash Holdings Pty Limited | Tranche Two
Business Acquisition [Line Items]
Contingent consideration			$ 6.5
Contingent consideration, period since closing			2 years	2 years
Intuicode
Business Acquisition [Line Items]
Acquisition business gross		$ 12.5
Business Combination, Consideration Transferred, Liabilities Incurred							$ 1.6
Business combination, contingent consideration, earn-out liability		$ 13
Business combination, consideration transfer					27.1
Cash payments, noncurrent, payment period		2 years
Revenue since acquisition date					3.1
Net loss since acquisition date					$ 1.2
Intuicode | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Acquired business discount rate					0.05
Venuetize, Inc.
Business Acquisition [Line Items]
Acquisition business gross	$ 18.2
Business combination, contingent consideration, earn-out liability	2.8
Business combination, consideration transfer	$ 21
Cash payments, noncurrent, payment period	3 years
Revenue since acquisition date					$ 0.8
Net loss since acquisition date					$ 1.2
Venuetize, Inc. | Measurement Input, Discount Rate
Business Acquisition [Line Items]
Acquired business discount rate	0.07
ecash Holdings Pty Limited and Intuicode Gaming Corporation
Business Acquisition [Line Items]
Pro forma revenue								$ 186.1
Pro forma net income (loss)								$ 29.9

FUNDING AGREEMENTS (Details)

FUNDING AGREEMENTS (Details) - Indemnification Guarantee - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contract Cash Solutions Agreement
Funding Agreements
Cash usage fees incurred	$ 4,300,000	$ 1,000,000
Outstanding balance	339,200,000		$ 444,600,000
Contract Cash Solutions Agreement, as amended
Funding Agreements
Maximum amount	$ 300,000,000
Renewal period	1 year
Guarantor obligations, non-renewal notice period	90 days

TRADE AND OTHER RECEIVABLES - S

TRADE AND OTHER RECEIVABLES - Schedule of Components of Trade and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Trade and other receivables, net
Contract assets	$ 22,342	$ 22,417
Other receivables	4,066	6,110
Total trade and other receivables, net	143,548	146,652
Non-current portion of receivables	28,305	27,757
Contract assets	9,188	9,856
Total trade and other receivables, current portion	115,243	118,895
Gaming operations
Trade and other receivables, net
Trade receivables, net	73,365	78,200
Non-current portion of receivables	892	1,382
FinTech
Trade and other receivables, net
Trade receivables, net	43,775	39,925
Non-current portion of receivables	$ 18,225	$ 16,519

TRADE AND OTHER RECEIVABLES - A

TRADE AND OTHER RECEIVABLES - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning allowance for credit losses	$ (4,855)	$ (5,161)
Provision	(3,078)	(1,947)
Charge-offs, net of recoveries	2,738	2,085
Ending allowance for credit losses	$ (5,195)	$ (5,023)

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory
Component parts	$ 58,781	$ 48,688
Work-in-progress	4,073	323
Finished goods	5,754	9,339
Total inventory	$ 68,608	$ 58,350

PROPERTY AND EQUIPMENT - Schedu

PROPERTY AND EQUIPMENT - Schedule of Components of Property, Equipment and Leased Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 425,581		$ 415,256
Accumulated Depreciation	293,309		281,611
Net Book Value	132,272		133,645
Depreciation	18,949	$ 15,220
Rental pool - deployed
Property, Plant and Equipment [Line Items]
Cost	284,028		279,524
Accumulated Depreciation	196,292		188,369
Net Book Value	$ 87,736		91,155
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)	4 years
Rental pool - undeployed
Property, Plant and Equipment [Line Items]
Cost	$ 32,239		30,378
Accumulated Depreciation	24,691		23,930
Net Book Value	$ 7,548		6,448
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)	4 years
Machinery, office, and other equipment
Property, Plant and Equipment [Line Items]
Cost	$ 58,818		55,246
Accumulated Depreciation	36,191		34,456
Net Book Value	$ 22,627		20,790
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
Leasehold and building improvements
Property, Plant and Equipment [Line Items]
Cost	$ 13,747		13,666
Accumulated Depreciation	11,097		10,689
Net Book Value	2,650		2,977
FinTech
Property, Plant and Equipment [Line Items]
Depreciation	2,710	$ 2,239
FinTech | Machinery, office, and other equipment
Property, Plant and Equipment [Line Items]
Cost	36,749		36,442
Accumulated Depreciation	25,038		24,167
Net Book Value	$ 11,711		$ 12,275
FinTech | Machinery, office, and other equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	1 year
FinTech | Machinery, office, and other equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (Years)	5 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 717,731		$ 715,870
Amortization of intangible assets	$ 14,400	$ 13,600

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost	$ 824,389	$ 813,241
Accumulated Amortization	590,914	574,966
Net Book Value	233,475	238,275
Contract rights under placement fee agreements
Finite-Lived Intangible Assets [Line Items]
Cost	57,821	57,821
Accumulated Amortization	14,587	12,252
Net Book Value	$ 43,234	45,569
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	$ 331,883	331,999
Accumulated Amortization	238,819	233,150
Net Book Value	$ 93,064	98,849
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	$ 410,862	401,087
Accumulated Amortization	316,609	309,285
Net Book Value	$ 94,253	91,802
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)	6 years
Patents, trademarks, and other
Finite-Lived Intangible Assets [Line Items]
Cost	$ 23,823	22,334
Accumulated Amortization	20,899	20,279
Net Book Value	$ 2,924	$ 2,055
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

LONG-TERM DEBT - Schedule of Ou

LONG-TERM DEBT - Schedule of Outstanding Indebtedness (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Aug. 03, 2021
Debt Instrument [Line Items]
Total debt	$ 986,500,000	$ 992,500,000
Debt issuance costs and discount	(13,888,000)	(14,505,000)
Total debt after debt issuance costs and discount	972,612,000	977,995,000
Current portion of long-term debt	(1,500,000)	(6,000,000)
Total long-term debt, net of current portion	971,112,000	971,995,000
Senior secured notes | New Revolver
Debt Instrument [Line Items]
Principal amount of debt	$ 600,000,000	600,000,000	$ 600,000,000
Senior secured notes | New Revolver | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	2.50%
Revolving credit facility | New Revolver
Debt Instrument [Line Items]
Total debt	$ 0	0
Principal amount of debt	$ 125,000,000
Revolving credit facility | New Revolver | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	2.50%
Senior secured notes
Debt Instrument [Line Items]
Total debt	$ 586,500,000	592,500,000
Senior secured notes | Senior secured notes | New Revolver
Debt Instrument [Line Items]
Total debt	586,500,000	592,500,000
Senior unsecured notes | 2021 Unsecured Notes
Debt Instrument [Line Items]
Total debt	400,000,000	400,000,000
Principal amount of debt	$ 400,000,000	$ 400,000,000
Interest rate	5%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)		3 Months Ended
	Aug. 03, 2021 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Senior unsecured notes | FinTech Segment
Debt Instrument [Line Items]
Principal amount of debt		$ 400,000,000
New Credit Facilities | Eurodollar
Debt Instrument [Line Items]
Basis spread	0.50%
New Credit Facilities | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread	2.50%
New Credit Facilities | Base Rate
Debt Instrument [Line Items]
Basis spread	1.50%
2017 Unsecured Notes | Senior unsecured notes
Debt Instrument [Line Items]
Interest rate		5%
Senior secured notes | New Revolver
Debt Instrument [Line Items]
Debt term	7 years
Principal amount of debt	$ 600,000,000	$ 600,000,000	$ 600,000,000
Percentage of par amount issued	0.9975
Senior secured notes | New Revolver | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread		2.50%
Revolving credit facility | New Revolver
Debt Instrument [Line Items]
Principal amount of debt		$ 125,000,000
Maximum borrowing capacity	$ 125,000,000
Revolving credit facility | New Revolver | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread		2.50%
Incremental Term Loan | Incremental Term Loan Credit Agreement April 21, 2020
Debt Instrument [Line Items]
Weighted average interest rate during period		7.03%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 04, 2022
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount				$ 150,000,000
Stock repurchase program, period in force	18 months
Common stock outstanding (in shares)	88,773,000		88,036,000
Treasury stock (in shares)	31,373,000		31,353,000
Treasury stock acquired (in shares)	0	0
Stock repurchase program, remaining authorized repurchase amount	$ 65,700,000

WEIGHTED AVERAGE SHARES OF CO_3

WEIGHTED AVERAGE SHARES OF COMMON STOCK - Schedule of Weighted Average Number of Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Weighted average shares
Weighted average number of common shares outstanding - basic (in shares)	88,355	91,408
Potential dilution from equity awards (in shares)	6,426	10,063
Weighted average number of common shares outstanding - diluted (in shares)	94,781	101,471
Anti-dilutive equity awards excluded from computation of earnings per share (in shares)	100	0

SHARE-BASED COMPENSATION - Summ

SHARE-BASED COMPENSATION - Summary of Award Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2023 shares
Stock Options
Stock Options
Outstanding (in shares)	6,793
Granted (in shares)	0
Exercised options (in shares)	(703)
Canceled or forfeited (in shares)	(7)
Outstanding (in shares)	6,083
Restricted Stock Units
Restricted Stock Units
Outstanding (in shares)	2,709
Granted (in shares)	26
Vested (in shares)	(53)
Canceled or forfeited (in shares)	(2)
Outstanding (in shares)	2,680
Common Stock
Restricted Stock Units
Number of shares available for grant (in shares)	3,700

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	17.60%	23.60%
Statutory federal rate	21%	21%
Unrecognized tax benefits	$ 2.6

SEGMENT INFORMATION - Revenues,

SEGMENT INFORMATION - Revenues, Operating Income, and Assets (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues
Total revenues		$ 200,472	$ 175,616
Costs and expenses
Operating expenses		59,192	49,825
Research and development		16,096	12,519
Depreciation		18,949	15,220
Amortization		14,364	13,633
Total costs and expenses		148,426	123,025
Operating income		52,046	52,591
Total assets
Total assets		1,743,570		$ 1,918,243
Games
Revenues
Total revenues		107,374	98,336
Costs and expenses
Total cost of revenues	[1]	27,055	22,777
Operating expenses		20,872	17,346
Research and development		10,653	7,630
Depreciation		16,239	12,981
Amortization		10,276	9,805
Total costs and expenses		85,095	70,539
Operating income		22,279	27,797
Total assets
Total assets		888,114		911,907
Games | Gaming operations
Revenues
Total revenues		75,309	70,338
Costs and expenses
Total cost of revenues	[1]	6,806	5,995
Games | Gaming equipment and systems
Revenues
Total revenues		32,065	27,998
Costs and expenses
Total cost of revenues	[1]	20,249	16,782
FinTech
Revenues
Total revenues		93,098	77,280
Costs and expenses
Total cost of revenues	[1]	12,770	9,051
Operating expenses		38,320	32,479
Research and development		5,443	4,889
Depreciation		2,710	2,239
Amortization		4,088	3,828
Total costs and expenses		63,331	52,486
Operating income		29,767	24,794
Total assets
Total assets		855,456		$ 1,006,336
FinTech | Financial access services
Revenues
Total revenues		56,214	49,879
Costs and expenses
Total cost of revenues	[1]	2,899	2,175
FinTech | Software and other
Revenues
Total revenues		24,215	17,867
Costs and expenses
Total cost of revenues	[1]	1,423	935
FinTech | Hardware
Revenues
Total revenues		12,669	9,534
Costs and expenses
Total cost of revenues	[1]	$ 8,448	$ 5,941
[1](1) Exclusive of depreciation and amortization. EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - CONTINUED (In thousands, except earnings per share amounts)

SEGMENT INFORMATION - Major Cus

SEGMENT INFORMATION - Major Customers (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Five largest customers | Customer risk | Revenue from Contract with Customer
Revenue, Major Customer [Line Items]
Concentration risk, percentage	13%	15%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)			3 Months Ended
	May 03, 2023	Apr. 07, 2023	Mar. 31, 2023	Dec. 31, 2022	May 04, 2022
Business Acquisition [Line Items]
Stock repurchase program, authorized amount					$ 150,000,000
Stock repurchase program, period in force			18 months
Common stock outstanding (in shares)			88,773,000	88,036,000
Treasury stock (in shares)			31,373,000	31,353,000
Subsequent Event
Business Acquisition [Line Items]
Stock repurchase program, authorized amount	$ 180,000,000
Stock repurchase program, period in force	18 months
Video King | Subsequent Event
Business Acquisition [Line Items]
Acquisition business gross		$ 59,000,000