Form 8-K

8-K — Accel Entertainment, Inc.

Accession: 0001698991-26-000036

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001698991

SIC: 7900 (SERVICES-AMUSEMENT & RECREATION SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — acel-20260505.htm (Primary)

EX-99.1 (q12026earningspressrelease.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: acel-20260505.htm · Sequence: 1

acel-20260505

0001698991false00016989912026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

ACCEL ENTERTAINMENT, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-38136 98-1350261

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

140 Tower Drive

Burr Ridge,

Illinois 60527

(Address of principal executive offices) (Zip Code)

(630) 972-2235

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered

Class A-1 common stock, par value $0.0001 per share ACEL New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, Accel Entertainment, Inc. (the "Company") issued a press release announcing its financial and operating results for the three months ended March 31, 2026. A copy of the Company’s press release is attached and furnished herewith as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On May 5, 2026, the Company posted an investor presentation (the “Presentation”) on the Investor Relations section of its website at www.accelentertainment.com. The Presentation may be used by the Company from time to time in meetings with investors, analysts and other stakeholders.

Information in this report (including Exhibit 99.1) contained in Item 2.02 and Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and the Company’s investor relations website (https:// ir.accelentertainment.com). These communications serve to disclose material non-public information and comply with the Company's disclosure obligations under Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number Description

99.1

Press Release by Accel Entertainment, Inc. dated May 5, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACCEL ENTERTAINMENT, INC.

Date: May 5, 2026

By:

/s/ Brett Summerer

Brett Summerer

Chief Financial Officer (Principal Financial Officer)

EX-99.1

Filename: q12026earningspressrelease.htm · Sequence: 2

Document

Accel Entertainment Reports Quarterly Record Revenue of $352 Million in the First Quarter of 2026

Chicago, IL – May 5, 2026 – Accel Entertainment, Inc. (NYSE: ACEL), a leading locals-focused gaming operator partnering with small businesses, local communities, and state governments to provide entertaining, convenient, and safe gaming experiences nationwide, today announced financial and operating results for the first quarter ended March 31, 2026.

First Quarter and Recent Highlights:

•Revenue increased 9% to $352 million compared to Q1 '25

◦Ended Q1 '26 with 4,540 locations; an increase of 3% compared to Q1 '25

◦Ended Q1 '26 with 28,353 gaming terminals; an increase of 4% compared to Q1 '25

•Net income of $15 million for Q1 '26; flat compared to Q1 '25

•Adjusted EBITDA increased 9% to $54 million for Q1 '26 compared to Q1 '25

•Q1 '26 Adjusted EBITDA and Net income were impacted by a shift in the timing of Fairmount Park purse expense; excluding this item, Adjusted EBITDA and net income would have been $2.0 million and $1.5 million higher, respectively

•Cash and cash equivalents of $274 million and Net debt of $306 million at March 31, 2026

•Repurchased 1.1 million shares of Accel Class A-1 common stock in Q1 '26 for $12 million

•Illinois revenue, excluding Fairmount Park, increased 6% year-over-year, driven by continued hold-per-day improvement and higher performing customer mix

•Fairmount Park Casino & Racing launched table games and commenced its second racing season in April 2026

Accel CEO, Andy Rubenstein, commented, “Accel delivered another strong quarter to open 2026, delivering our highest ever Q1 adjusted EBITDA. First quarter revenue increased approximately 9% year-over-year to an all-time quarterly record of $352 million, driven by continued strength across our platform and solid hold-per-day growth in Illinois and across our developing markets.

"Our largest market, Illinois, continues to perform well, with revenue growing over 6% year-over-year, supported by strategic location optimization, new machine placements, and the ongoing rollout and customer adoption of ticket-in, ticket-out technology. With our Illinois gaming terminals now TITO-enabled, we continue to see encouraging results and expect that benefit to build through the remainder of 2026 as players become accustomed to the convenience of TITO, just as they have in other markets.

"The placement of gaming terminals in the city of Chicago remains one of the most exciting near-term opportunities in our history. The Illinois Gaming Board is actively processing applications, and we are signing up Chicago locations in anticipation of final regulatory approvals. As the market leader, we believe we are uniquely positioned to move quickly and efficiently when the market opens, leveraging our existing infrastructure, route management platform, and deep local relationships across the state.

"At Fairmount Park, we launched table games in April, expanding our entertainment offering and broadening our customer base. Our second racing season is now underway, and we continue to see steady month-over-month engagement growth at the property as awareness builds.

"Outside of Illinois, we continue to build momentum in our developing markets. Nebraska delivered outstanding results, supported by new machine placements and proprietary content. Louisiana remains a priority for disciplined bolt-on acquisitions, where sellers’ expectations have become more favorable and our pipeline remains active. We’re also very pleased with our gross margin gains across the company, as our developing and emerging markets continue to make strides and become a bigger share of Accel’s portfolio.

"Reflecting our continued confidence in our near-term prospects and the long-term value of Accel shares, we repurchased 1.1 million shares of our common stock in the first quarter for $12 million. Our balance sheet remains strong with Net debt of $306 million and net leverage of approximately 1.4 times, providing ample flexibility to fund organic growth, execute accretive tuck-in acquisitions, and return capital to shareholders.

"As we look ahead, our priorities are clear: drive steady organic growth in our core markets, scale profitability in our developing markets, execute disciplined tuck-in acquisitions, and consistently convert earnings into free cash flow. I am proud of what this team has built and excited about the opportunities ahead as we continue to grow Accel for the long term."

Condensed Consolidated Statements of Operations and Other Data

Three Months Ended

March 31,

(in thousands) 2026 2025

Total net revenues

$ 351,558 $ 323,912

Operating income 27,080 25,952

Income before income tax expense 20,039 19,606

Net income 14,663 14,613

Other Financial Data:

Adjusted EBITDA(1)

53,757 49,514

(1)Adjusted EBITDA is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to the most directly comparable GAAP metric.

Net Revenues

(in thousands) Three Months Ended

March 31, Increase / (Decrease)

2026 2025 Change ($) Change (%)

Net revenues by state:

Illinois $ 252,798 $ 233,479 $ 19,319 8.3 %

Montana(1)

40,636 41,136 (500) (1.2) %

Nevada

29,301 27,617 1,684 6.1 %

Louisiana

10,143 9,025 1,118 12.4 %

Nebraska 11,381 7,230 4,151 57.4 %

Georgia

6,184 4,325 1,859 43.0 %

Other 1,115 1,100 15 1.4 %

Total net revenues $ 351,558 $ 323,912 $ 27,646 8.5 %

(1)Includes $39.4 million of net gaming revenues and $1.2 million of manufacturing revenues for the three months ended March 31, 2026. In comparison, includes $37.3 million of net gaming revenues and $3.9 million of manufacturing revenues for the three months ended March 31, 2025.

Gross Margin Percentage

Three Months Ended

March 31,

2026 2025

Gross margin percentage:

Illinois - our regulated split percentage

32.50 % 32.50 %

Georgia - our regulated split percentage

43.50 % 43.50 %

All other state splits, revenues and fees

27.05 % 26.65 %

Total gross margin percentage (1)

31.09 % 30.98 %

(1)Gross margin percentage represents the percentage of total net revenue remaining after subtracting the cost of revenue and cost of manufacturing goods sold and is not adjusted to exclude or modify amounts recognized under GAAP.

Key Business Metrics

Locations (1)

As of March 31,

Increase / (Decrease)

2026 2025 Change

Change (%)

Illinois 2,678 2,745 (67) (2.4) %

Montana 627 618 9 1.5 %

Nevada 450 355 95 26.8 %

Louisiana 99 96 3 3.1 %

Nebraska 290 267 23 8.6 %

Georgia 396 310 86 27.7 %

Total locations 4,540 4,391 149 3.4 %

Gaming terminals (1)

As of March 31,

Increase / (Decrease)

2026 2025 Change

Change (%)

Illinois 15,413 15,624 (211) (1.4) %

Montana 6,675 6,526 149 2.3 %

Nevada 3,348 2,623 725 27.6 %

Louisiana 728 614 114 18.6 %

Nebraska 1,053 949 104 11.0 %

Georgia

1,136 844 292 34.6 %

Total gaming terminals 28,353 27,180 1,173 4.3 %

(1)Based on a combination of third-party portal data and data from our internal systems. This metric is utilized by Accel to continually monitor growth from existing locations, organic openings, acquired locations, and competitor conversions.

Location hold-per-day (2)

Three Months Ended

March 31, Increase / (Decrease)

2026 2025

Change ($)

Change (%)

Illinois $ 962 $ 885 $ 77 8.7 %

Montana 639 610 29 4.8 %

Nevada 713 802 (89) (11.1) %

Louisiana

1,101 972 129 13.3 %

Nebraska 412 263 149 56.7 %

Georgia

165 145 20 13.8 %

(2)Location hold-per-day is calculated by dividing net gaming revenue in the period by the average number of locations. We then divide the calculated amount by the number of operational days. We utilize this metric to compare market and location performance on a normalized basis. The percent change in location hold-per-day is the underlying metric used to determine the change in same-store sales.

Condensed Consolidated Statements of Cash Flows Data

Three Months Ended

March 31,

Increase / (Decrease)

(in thousands) 2026 2025 Change ($) Change (%)

Net cash provided by operating activities $ 42,743 $ 44,752 $ (2,009) (4.5) %

Net cash used in investing activities (23,069) (26,186) 3,117 11.9 %

Net cash used in financing activities

(42,145) (27,932) (14,213) (50.9) %

Non-GAAP Financial Information

This press release includes certain financial information not prepared in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), including Adjusted EBITDA, Net debt, Net leverage and Free cash flow. Adjusted EBITDA, Net debt, Net leverage and Free cash flow are non-GAAP financial measures and are key metrics that Accel’s management uses to monitor ongoing core operations. Accel’s management believes these non-GAAP financial measures enhance the understanding of Accel’s underlying drivers of profitability and trends in Accel’s business and facilitate company-to-company and period-to-period comparisons because they exclude the effects of certain non-cash items or nonrecurring items that are unrelated to core operating performance. Accel’s management also believes that these non-GAAP financial measures are used by investors, analysts and other interested parties as measures of Accel’s financial performance and to evaluate Accel’s ability to fund capital expenditures, service debt obligations and meet working capital requirements. The non-GAAP financial measures presented in this press release should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with GAAP that are also presented in this press release. These measures are not substitutes for their comparable GAAP financial measures and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this press release may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way as Accel does.

Adjusted EBITDA is defined as net income plus:

•Amortization of intangible assets and route and customer acquisition costs

•Stock-based compensation expense

•Loss from unconsolidated affiliates

•Gain on change in fair value of contingent earnout shares

•Other expenses, net which consists of (i) non-cash expenses including the remeasurement of contingent consideration liabilities, (ii) non-recurring lobbying and legal expenses related to distributed gaming expansion in current or prospective markets, (iii) other non-recurring expenses, and beginning in 2026 (iv) gain or loss on sale of fixed assets, which were previously presented in general and administrative expenses. Prior periods have not been recast to reflect this change.

•Depreciation and amortization of property and equipment

•Interest expense, net

•Emerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where our operations are developing

◦Markets are no longer considered emerging when we have installed or acquired at least 500 gaming terminals in the jurisdiction, or when 24 months have elapsed from the date we first install or acquire gaming terminals in the jurisdiction, whichever occurs first.

◦Prior to June 2025, Pennsylvania was considered an emerging market.

◦As of June 2025, we no longer have any emerging markets.

•Income tax expense

Net debt is defined as debt, net of current maturities:

•plus Current maturities of debt

•less Cash and cash equivalents

Net leverage is defined as Net debt divided by trailing twelve-month Adjusted EBITDA

Free cash flow is defined as Net cash provided by operating activities:

•less Purchases of property and equipment

•plus Proceeds from sales of property and equipment

Reconciliation of Net income to Adjusted EBITDA

Three Months Ended

March 31, Increase / (Decrease)

(in thousands) 2026 2025 Change ($) Change (%)

Net income $ 14,663 $ 14,613 $ 50 0.3 %

Adjustments:

Amortization of intangible assets and route and customer acquisition costs

6,790 6,290 500 7.9 %

Stock-based compensation expense

2,499 2,091 408 19.5 %

Loss from unconsolidated affiliates 16 16 — — %

Gain on change in fair value of contingent earnout shares

(1,476) (2,355) 879 (37.3) %

Other expenses, net (1)

3,526 2,817 709 25.2 %

Depreciation and amortization of property and equipment 13,862 12,301 1,561 12.7 %

Interest expense, net 8,501 8,685 (184) (2.1) %

Emerging markets

— 63 (63) (100.0) %

Income tax expense 5,376 4,993 383 7.7 %

Adjusted EBITDA (2)

$ 53,757 $ 49,514 $ 4,243 8.6 %

(1)Loss on sale of fixed assets was $0.7 million for the three months ended March 31, 2026 and is included in Other expenses, net. Loss on sale of fixed assets was $0.1 million for the three months ended March 31, 2025 and is presented in general and administrative expenses, which is not an adjustment for EBITDA.

(2)Trailing twelve-month Adjusted EBITDA is $214.4 million for the twelve months ended March 31, 2026.

Reconciliation of Debt, net of current maturities to Net debt

As of March 31,

(in thousands) 2026 2025

Debt, net of current maturities $ 550,561 $ 546,425

Plus: Current maturities of debt 30,000 34,280

Less: Cash and cash equivalents (274,095) (271,939)

Net debt $ 306,466 $ 308,766

Reconciliation of Net cash provided by operating activities to Free cash flow

As of March 31,

(in thousands) 2026 2025

Net cash provided by operating activities

$ 42,743 $ 44,752

Less: Purchases of property and equipment

(22,859) (26,755)

Plus: Proceeds from the sale of property and equipment

347 694

Free cash flow

$ 20,231 $ 18,691

Free cash flow conversion rate (Free cash flow / Adjusted EBITDA)

37.6 % 37.7 %

Conference Call

Accel will host a conference call and webcast at 4:30 PM ET / 3:30 PM CT today to review the results. Interested parties may join the live webcast by registering in advance at https://events.q4inc.com/attendee/153700075. Registering in advance of the call will provide listeners with a personalized link to view the webcast and an individual dial-in for the call. This registration link to the live webcast, as well as a replay following the call, will also be available on Accel’s investor relations website at ir.accelentertainment.com.

About Accel

Accel Entertainment, Inc. (NYSE: ACEL) is a growing provider of locals-focused gaming and one of the largest terminal operators in the United States, supporting over 28,000 electronic gaming terminals in over 4,500 third-party local and regional establishments and 20 self-operated gaming locations across ten states. Through exclusive long-term contracts, Accel serves licensed non-casino locations including bars, restaurants, convenience stores, truck stops, gaming cafes, and fraternal and veteran establishments.

Accel provides its local partners with a turnkey, full-service, capital-efficient gaming solution that encompasses manufacturing, content, payments, loyalty, 24/7 customer service, data analysis and reporting, and cash logistics. The Company’s racino, Fairmount Park - Casino & Racing, opened in April 2025 and features approximately 260 electronic gaming machines, food and beverage amenities, a sports book, pari-mutuel betting, and approximately 57 racing days planned for 2026.

Contact:

Joseph Jaffoni, Norberto Aja

JCIR

212-835-8500

acel@jcir.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including, but not limited to, any statements regarding our ability to continue to drive steady organic growth, capture efficiencies at scale, execute accretive tuck-in opportunities, and deliver strong cash flow, estimates of number of gaming terminals, locations, revenues, and Adjusted EBITDA, the opportunities in distributed gaming and local entertainment within the broader gaming market, including in the city of Chicago, our ability to roll out new technology to enhance player convenience and operational efficiency over time, and our expansion into casino operations and horse racing, including at Fairmount. The words “predict,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable beliefs, expectations and assumptions and involve inherent risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results,

performance or achievements expressed or implied by such forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: Accel’s ability to operate in existing markets and to expand into new jurisdictions; Accel’s ability to introduce new and appealing products and services amid uncertain market demand and regulatory outcomes; Accel’s ability to maintain or improve its competitive advantages in a highly competitive industry; Accel’s dependence on with a concentrated network of key manufacturers, developers and third party providers for gaming terminals, amusement machines, and related software, content and technologies; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; Accel's expansion into casino operations and horse racing; decreased discretionary consumer spending due to broader macroeconomic and socio-political conditions; geographical concentration of Accel’s business, which heightens exposure to local or regional conditions; strict government regulations that are constantly evolving and may be amended, repealed, or subject to new interpretations, which may limit existing operations, have an adverse impact on Accel’s ability to grow or may expose Accel to fines or other penalties; Accel’s dependence on the security, integrity and regulatory compliance of products, services and systems offered, which, if breached or disrupted, could expose Accel to liability; Accel’s dependence on the protection of trademarks and other intellectual property; opponents’ efforts to curtail the expansion of legalized gaming; and other risks and uncertainties indicated from time to time in documents filed or to be filed with the U.S. Securities and Exchange Commission (the "SEC") including those described in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "Form 10-K").

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We are under no obligation to, and expressly disclaim any obligation to, publicly update or alter any forward-looking statement, whether as a result of new information, subsequent events or otherwise, except as required by law.

Industry and Market Data

Unless otherwise indicated, information contained in this press release concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity, and market size, is based on information from various sources, on assumptions that we have made that are based on those data and other similar sources, and on our knowledge of the markets for our services. This information includes a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the Form 10-K, as well as Accel's other filings with the SEC. These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.

ACCEL ENTERTAINMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts) Three Months Ended

March 31,

2026 2025

Net revenues:

Net gaming $ 331,425 $ 301,951

Amusement 5,825 5,908

Manufacturing 1,240 3,858

ATM fees and other 13,068 12,195

Total net revenues 351,558 323,912

Operating expenses:

Cost of revenue (exclusive of depreciation and amortization expense shown below) 241,616 221,472

Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) 636 2,076

General and administrative 58,048 53,004

Depreciation and amortization of property and equipment 13,862 12,301

Amortization of intangible assets and route and customer acquisition costs 6,790 6,290

Other expenses, net 3,526 2,817

Total operating expenses 324,478 297,960

Operating income 27,080 25,952

Interest expense, net 8,501 8,685

Loss from unconsolidated affiliates 16 16

Gain on change in fair value of contingent earnout shares

(1,476) (2,355)

Income before income tax expense 20,039 19,606

Income tax expense 5,376 4,993

Net income $ 14,663 $ 14,613

Less: Net loss attributed to redeemable noncontrolling interests

(10) (26)

Net income attributable to Accel Entertainment, Inc. $ 14,673 $ 14,639

Earnings per common share:

Basic $ 0.18 $ 0.17

Diluted 0.17 0.17

Weighted average number of common shares outstanding:

Basic 82,562 86,003

Diluted 84,094 87,223

ACCEL ENTERTAINMENT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except par value and share amounts)

March 31,

December 31,

2026 2025

Assets

Current assets:

Cash and cash equivalents $ 274,095 $ 296,566

Accounts receivable, net 13,593 14,198

Prepaid expenses 9,374 7,102

Inventories 8,563 8,231

Income taxes receivable 3,895 9,121

Interest rate hedging instruments

— 430

Other current assets 7,817 7,386

Total current assets 317,337 343,034

Property and equipment, net 349,241 350,304

Route and customer acquisition costs, net 31,581 31,147

Location contracts acquired, net 181,516 186,406

Goodwill 114,426 114,426

Other intangible assets, net 60,447 61,034

Interest rate hedging instruments, net of current

285 —

Other assets 16,411 17,042

Total assets $ 1,071,244 $ 1,103,393

Liabilities, Temporary equity, and Stockholders’ equity

Current liabilities:

Current maturities of debt $ 30,000 $ 37,583

Current portion of route and customer acquisition costs payable 2,974 2,473

Accrued location gaming expense 5,170 5,516

Accrued state gaming expense 21,890 21,065

Accounts payable and other accrued expenses 43,500 51,028

Accrued compensation and related expenses 9,994 9,946

Current portion of consideration payable 3,645 3,881

Total current liabilities 117,173 131,492

Debt, net of current maturities 550,561 569,837

Route and customer acquisition costs payable, less current portion 10,077 10,232

Consideration payable, less current portion 16,956 15,790

Contingent earnout share liability 32,201 33,676

Other long-term liabilities 8,543 9,373

Deferred income tax liability, net 59,394 59,230

Total liabilities

794,905 829,630

Temporary equity - Redeemable noncontrolling interest 4,070 4,080

Stockholders’ equity:

Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025

— —

Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 96,621,766 shares issued and 81,575,213 shares outstanding at March 31, 2026; 96,250,980 shares issued and 82,287,349 shares outstanding at December 31, 2025

8 8

Additional paid-in capital 229,256 229,028

Treasury stock, at cost (158,014) (145,747)

Accumulated other comprehensive income 140 188

Accumulated earnings 200,879 186,206

Total stockholders' equity 272,269 269,683

Total liabilities, temporary equity, and stockholders' equity $ 1,071,244 $ 1,103,393

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xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

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Data Type:

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