Core Insights - The company achieved record annual revenue of $1.3 billion and adjusted EBITDA of $210 million, driven by the resilience of the distributed gaming model and contributions from new acquisitions [1] Financial Performance - Annual revenue reached $1.3 billion with adjusted EBITDA of $210 million, indicating strong financial performance [1] Operational Strategy - The company optimized its Illinois and Montana operations by focusing on higher-yielding machine placements and route density, successfully expanding margins despite flat location counts [1] - Demonstrated rapid deployment capabilities in Nevada by launching 55 Rebel Convenience Store locations in just six days, showcasing the scalability of the national operating infrastructure [1] Market Positioning - Positioned as a 'buyer of choice' in Louisiana, leveraging the Toucan Gaming platform to execute a bolt-on acquisition strategy within a healthy consolidation pipeline [1] - Transitioned the business model from a logistics-heavy operation toward a differentiated entertainment and hospitality business focused on proprietary content and niche market positioning [1] Capital Management - Maintained a disciplined capital allocation framework that balanced $300 million in liquidity against organic growth, strategic M&A, and the repurchase of 3.8 million shares [1] Leadership Changes - Announced a leadership succession plan where CEO Andy Rubenstein moves to Chairman to focus on high-level relationships, while Mark Phelan prepares to assume day-to-day leadership [1]