Business and Asset Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Consideration Transferred and Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of consideration transferred and the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	30,522
Fair value of contingent consideration	1,506
Total consideration	$	32,028
Cash	$	504
Location contracts acquired	17,500
Property and equipment:
Video game terminals and equipment	2,479
Amusement and other equipment	207
Vehicles	43
Other assets, net	63
Goodwill	11,243
Total assets acquired	32,039
Accrued expenses assumed	(11)
Net assets acquired	$	32,028

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	106,578
Contingent consideration	7,136
Total consideration	$	113,714
Cash	$	8,861
Location contracts acquired	53,200
Property and equipment:
Video game terminals and equipment	18,000
Land	28
Buildings	548
Vehicles	600
Goodwill	34,511
Total assets acquired	115,748
Accounts payable assumed	(532)
Accrued expenses assumed	(1,502)
Net assets acquired	$	113,714

The following table summarizes the consideration paid and the fair values of the tangible and intangible assets acquired at the acquisition dates for the Company’s 2018 business acquisitions (in thousands):


	Quad B		Skyhigh		G3		Mike's Amusement		Family Amusement		Total
Cash paid at closing	$	610	$	9,268	$	36,500	$	3,500	$	1,512	$	51,390
Contingent consideration payable	—		4,324		1,026		—		—		5,350
Promissory note	—		—		—		—		3,368		3,368
Due to seller	—		618		3,019		—		—		3,637
Total Consideration	$	610	$	14,210	$	40,545	$	3,500	$	4,880	$	63,745
Cash	$	—	$	1,126	$	2,507	$	—	$	—	$	3,633
Video game terminals and equipment	—		506		3,009		—		—		3,515
Amusement and other equipment	472		59		204		420		300		1,455
Location contracts acquired	138		12,519		34,825		3,080		4,580		55,142
Total fair value of net assets acquired	$	610	$	14,210	$	40,545	$	3,500	$	4,880	$	63,745

Schedule of Unaudited Pro Forma Results

The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the years ended December 31, 2020, 2019 and 2018 as if the acquisitions of AVG, Tom's Amusements, Grand River Jackpot, Quad B, Skyhigh, G3, Mike’s Amusements, and Family Amusement, had occurred as of the beginning of the fiscal year prior to the fiscal year of acquisition, after giving effect to certain purchase accounting adjustments. These amounts are based on available financial information of the acquirees prior to the acquisition dates and are not necessarily indicative of what the Company’s operating results would have been had the acquisitions actually taken place at the beginning of the fiscal year prior to the fiscal year of acquisition. This unaudited pro forma information for the years ended December 31, does not project revenues and income before income tax expense post acquisition (in thousands).


	2020		2019		2018
Revenues	$	327,090	$	466,466	$	409,142
Net (loss) income	(13,200)		(2,598)		16,098

Schedule of Consideration Payable

Current and long-term portions of consideration payable consist of the following at December 31 (in thousands):


	2020				2019
	Current		Long-Term		Current		Long-Term
TAV*	$	490	$	3,206	$	490	$	3,497
Abraham*	—		—		55		—
Fair Share Gaming*	1,096		523		1,057		899
Family Amusement	391		2,609		293		2,815
Skyhigh	601		5,789		763		3,948
G3	355		100		2,952		154
Grand River Jackpot	—		5,755		2,304		5,113
IGS	80		—		2,379		—
Tom's Amusements	—		1,455		—		—
AVG	—		1,506		—		—
Total	$	3,013	$	20,943	$	10,293	$	16,426

•Acquisitions that occurred prior to 2018.