Accel Entertainment Announces Q3 2024 Operating Results
Accel Entertainment (NYSE: ACEL) reported Q3 2024 financial results with record revenues of $302.2 million, up 5.1% year-over-year. The company expanded its presence to 4,014 locations (+2.8%) and 25,729 gaming terminals (+4.1%). However, net income decreased 53.2% to $4.9 million, partly due to higher losses on contingent earnout shares. Adjusted EBITDA grew 3.9% to $45.9 million. The company's net debt increased 2.4% to $289 million. Two significant acquisitions are expected to close in Q4 2024: a Louisiana distributed gaming operator and the FanDuel Sportsbook & Horse Racing in Collinsville, Illinois.
Accel Entertainment (NYSE: ACEL) ha riportato i risultati finanziari del terzo trimestre del 2024 con entrate record di $302,2 milioni, in aumento del 5,1% rispetto all'anno precedente. L'azienda ha ampliato la sua presenza a 4.014 luoghi (+2,8%) e 25.729 terminali di gioco (+4,1%). Tuttavia, l'utile netto è diminuito del 53,2%, scendendo a $4,9 milioni, in parte a causa di maggiori perdite su azioni contingent earnout. EBITDA aggiustato è cresciuto del 3,9% raggiungendo i $45,9 milioni. Il debito netto dell'azienda è aumentato del 2,4%, raggiungendo i $289 milioni. Due acquisizioni significative dovrebbero chiudere nel quarto trimestre del 2024: un operatore di giochi distribuiti in Louisiana e il FanDuel Sportsbook & Horse Racing a Collinsville, Illinois.
Accel Entertainment (NYSE: ACEL) reportó los resultados financieros del tercer trimestre de 2024 con ingresos récord de $302.2 millones, un aumento del 5.1% en comparación con el año anterior. La empresa amplió su presencia a 4,014 ubicaciones (+2.8%) y 25,729 terminales de juego (+4.1%). Sin embargo, el ingreso neto disminuyó un 53.2% a $4.9 millones, en parte debido a mayores pérdidas por acciones contigentes. EBITDA ajustado creció un 3.9% alcanzando los $45.9 millones. La deuda neta de la compañía aumentó un 2.4% a $289 millones. Se espera que dos adquisiciones significativas se cierren en el cuarto trimestre de 2024: un operador de juegos distribuidos en Luisiana y el FanDuel Sportsbook & Horse Racing en Collinsville, Illinois.
Accel Entertainment (NYSE: ACEL)는 2024년 3분기 재무 결과를 보고했으며, 기록적인 수익인 3억 2천2백만 달러를 기록하여 전년 대비 5.1% 증가했습니다. 회사는 4,014개 장소 (+2.8%)와 25,729개의 게임 단말기 (+4.1%)로 사업을 확장했습니다. 그러나 순이익은 53.2% 감소하여 490만 달러가 되었으며, 이는 부분적으로 조건부 지분의 손실 증가 때문입니다. 조정된 EBITDA는 3.9% 증가하여 4천5백90만 달러에 달했습니다. 회사의 순부채는 2.4% 증가하여 2억 8천9백만 달러에 달했습니다. 2024년 4분기에는 루이지애나의 분배 게임 운영자와 일리노이주 콜린스빌의 FanDuel Sportsbook & Horse Racing에 대한 두 건의 중요한 인수 계약이 체결될 것으로 예상됩니다.
Accel Entertainment (NYSE: ACEL) a publié les résultats financiers du troisième trimestre 2024, affichant des revenus record de 302,2 millions de dollars, en hausse de 5,1 % par rapport à l'année précédente. L'entreprise a élargi sa présence à 4 014 emplacements (+2,8 %) et 25 729 terminaux de jeu (+4,1 %). Cependant, le bénéfice net a diminué de 53,2 % pour atteindre 4,9 millions de dollars, en partie en raison de pertes plus élevées sur des actions d'acquisition conditionnelle. EBITDA ajusté a augmenté de 3,9 % pour atteindre 45,9 millions de dollars. La dette nette de l'entreprise a augmenté de 2,4 % pour atteindre 289 millions de dollars. Deux acquisitions significatives devraient être finalisées au quatrième trimestre 2024 : un opérateur de jeux distribués en Louisiane et le FanDuel Sportsbook & Horse Racing à Collinsville, Illinois.
Accel Entertainment (NYSE: ACEL) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht und Rekordumsätze von 302,2 Millionen US-Dollar erzielt, was einem Anstieg von 5,1% im Jahresvergleich entspricht. Das Unternehmen hat seine Präsenz auf 4.014 Standorte (+2,8%) und 25.729 Glücksspielterminals (+4,1%) ausgebaut. Der Nettogewinn ist jedoch um 53,2% auf 4,9 Millionen US-Dollar gesunken, teilweise aufgrund höherer Verluste aus bedingten Erwerbsanteilen. Bereinigtes EBITDA wuchs um 3,9% auf 45,9 Millionen US-Dollar. Die Nettover Schulden des Unternehmens stiegen um 2,4% auf 289 Millionen US-Dollar. Zwei bedeutende Akquisitionen sollen im vierten Quartal 2024 abgeschlossen werden: ein Anbieter von verteiltem Gaming in Louisiana und das FanDuel Sportsbook & Horse Racing in Collinsville, Illinois.
- Record quarterly revenue of $302.2 million, up 5.1% YoY
- Adjusted EBITDA increased 3.9% to $45.9 million
- Location network expanded by 2.8% to 4,014 sites
- Gaming terminal count grew 4.1% to 25,729 units
- Strong performance in Nebraska with 15.1% location growth
- Net income declined 53.2% to $4.9 million
- Net debt increased 2.4% to $289 million
- Operating income decreased by 13% to $21.8 million
- Nevada gaming terminals decreased by 2.2%
Insights
Q3 2024 presents a mixed financial picture for Accel Entertainment. While
The gaming operator's market positioning shows strategic diversification beyond its core Illinois market. The planned FanDuel Sportsbook acquisition represents a significant vertical expansion into sports betting, potentially opening new revenue streams. The company's outperformance versus Illinois casinos suggests strong competitive positioning in distributed gaming. Location metrics reveal healthy organic growth, with hold-per-day improvements across most markets indicating operational efficiency. The
Highlights:
-
Ended Q3 2024 with 4,014 locations; an increase of
2.8% compared to Q3 2023 -
Ended Q3 2024 with 25,729 gaming terminals; an increase of
4.1% compared to Q3 2023 -
Record revenues of
for Q3 2024; an increase of$302.2 million 5.1% compared to Q3 2023 -
Net income of
for Q3 2024; a decrease of$4.9 million 53.2% compared to Q3 2023 partially attributable to a higher loss on the change in fair value of the contingent earnout shares -
Adjusted EBITDA of
for Q3 2024; an increase of$45.9 million 3.9% compared to Q3 2023 -
Q3 2024 ended with
of net debt; an increase of$289 million 2.4% compared to Q3 2023 -
Repurchased approximately
of Accel Class A-1 common stock in Q3 2024$6.2 million -
Acquisition of a distributed gaming operator in the state of
Louisiana expected to close in Q4 2024 -
Acquisition of the FanDuel Sportsbook & Horse Racing in
Collinsville, Illinois , expected to close in Q4 2024
Accel CEO Andy Rubenstein commented, “I am happy to report that we delivered another strong quarter and are making substantial progress closing our acquisition of FanDuel Sportsbook & Horse Racing, a natural extension of our convenient, local gaming platform. We continue to outperform casinos in our largest market,
Condensed Consolidated Statements of Operations and Other Data
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
||||
Total net revenues |
$ |
302,227 |
|
$ |
287,497 |
|
$ |
913,457 |
|
$ |
873,352 |
Operating income |
|
21,845 |
|
|
25,120 |
|
|
70,087 |
|
|
81,956 |
Income before income tax expense |
|
8,464 |
|
|
15,080 |
|
|
39,166 |
|
|
46,347 |
Net income |
|
4,895 |
|
|
10,450 |
|
|
26,897 |
|
|
29,615 |
Other Financial Data: |
|
|
|
|
|
|
|
||||
Adjusted EBITDA(1) |
|
45,880 |
|
|
44,138 |
|
|
141,792 |
|
|
136,869 |
Adjusted net income (2) |
|
18,350 |
|
|
19,067 |
|
|
59,238 |
|
|
60,566 |
(1) | Adjusted EBITDA is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to GAAP. |
|
(2) | Adjusted net income is a non-GAAP metric. See "Non-GAAP Financial Measures" for a reconciliation to GAAP. |
Net Revenues
(in thousands) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Net revenues by state: |
|
|
|
|
|
|
|
||||
|
$ |
223,338 |
|
$ |
212,113 |
|
$ |
675,294 |
|
$ |
647,903 |
|
|
39,648 |
|
|
39,362 |
|
|
120,372 |
|
|
115,088 |
|
|
28,350 |
|
|
28,003 |
|
|
86,881 |
|
|
87,833 |
|
|
6,538 |
|
|
4,802 |
|
|
18,621 |
|
|
13,213 |
Other |
|
4,353 |
|
|
3,217 |
|
|
12,289 |
|
|
9,315 |
Total net revenues |
$ |
302,227 |
|
$ |
287,497 |
|
$ |
913,457 |
|
$ |
873,352 |
Key Business Metrics
Locations (1) |
As of September 30, |
|
Increase / (Decrease) |
||||
|
2024 |
|
2023 |
|
Change |
|
Change (%) |
|
2,791 |
|
2,724 |
|
67 |
|
|
|
615 |
|
611 |
|
4 |
|
|
|
356 |
|
352 |
|
4 |
|
|
|
252 |
|
219 |
|
33 |
|
|
Total locations |
4,014 |
|
3,906 |
|
108 |
|
|
Gaming terminals (1) |
As of September 30, |
|
Increase / (Decrease) |
||||||
|
2024 |
|
2023 |
|
Change |
|
Change (%) |
||
|
15,714 |
|
15,020 |
|
694 |
|
|
4.6 |
% |
|
6,448 |
|
6,252 |
|
196 |
|
|
3.1 |
% |
|
2,685 |
|
2,744 |
|
(59 |
) |
|
(2.2 |
)% |
|
882 |
|
688 |
|
194 |
|
|
28.2 |
% |
Total gaming terminals |
25,729 |
|
24,704 |
|
1,025 |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
Location hold-per-day (2) |
Three Months Ended September 30, |
|
Increase / (Decrease) |
||||||||
|
|
2024 |
|
|
2023 |
|
Change ($) |
|
Change (%) |
||
|
$ |
839 |
|
$ |
825 |
|
$ |
14 |
|
1.7 |
% |
|
|
613 |
|
|
591 |
|
|
22 |
|
3.7 |
% |
|
|
802 |
|
|
802 |
|
|
— |
|
— |
% |
|
|
257 |
|
|
220 |
|
|
37 |
|
16.8 |
% |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Increase / (Decrease) |
|||||||||
|
|
2024 |
|
|
2023 |
|
Change ($) |
|
Change (%) |
|||
|
$ |
859 |
|
$ |
854 |
|
$ |
5 |
|
|
0.6 |
% |
|
|
608 |
|
|
579 |
|
|
29 |
|
|
5.1 |
% |
|
|
835 |
|
|
849 |
|
|
(14 |
) |
|
(1.6 |
)% |
|
|
244 |
|
|
228 |
|
|
16 |
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
(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. |
|
(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
|
Nine Months Ended September 30, |
|
Increase / (Decrease) |
|||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change ($) |
|
Change (%) |
|||
Net cash provided by operating activities |
$ |
107,665 |
|
|
$ |
92,007 |
|
|
$ |
15,658 |
|
|
17.0 |
% |
Net cash used in investing activities |
|
(90,224 |
) |
|
|
(35,404 |
) |
|
|
(54,820 |
) |
|
(154.8 |
)% |
Net cash used in financing activities |
|
(13,967 |
) |
|
|
(50,328 |
) |
|
|
36,361 |
|
|
72.2 |
% |
Non-GAAP Financial Measures
Adjusted net income is defined as net income plus:
- Amortization of intangible assets and route and customer acquisition costs
- Stock-based compensation expense
- Loss from unconsolidated affiliates
- Loss 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, and (iii) other non-recurring expenses
- Tax effect of adjustments
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
- Loss on change in fair value of contingent earnout shares
- Other expenses, net
- Tax effect of adjustments
- 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
-
We currently view
Pennsylvania as an emerging market -
Prior to January 2024,
Iowa was considered an emerging market -
Prior to April 2023,
Nebraska was considered an emerging market
- Income tax expense
Net debt is defined as debt, net of current maturities plus:
- Current maturities of debt
- less Cash and cash equivalents
Adjusted net income and Adjusted EBITDA
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
4,895 |
|
|
$ |
10,450 |
|
|
$ |
26,897 |
|
|
$ |
29,615 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Amortization of intangible assets and route and customer acquisition costs |
|
5,781 |
|
|
|
5,299 |
|
|
|
16,808 |
|
|
|
15,825 |
|
Stock-based compensation expense |
|
3,342 |
|
|
|
2,718 |
|
|
|
8,927 |
|
|
|
6,973 |
|
Loss from unconsolidated affiliates |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Loss on change in fair value of contingent earnout shares |
|
4,216 |
|
|
|
1,625 |
|
|
|
4,190 |
|
|
|
11,063 |
|
Other expenses, net |
|
3,867 |
|
|
|
1,682 |
|
|
|
13,620 |
|
|
|
5,006 |
|
Tax effect of adjustments |
|
(3,752 |
) |
|
|
(2,707 |
) |
|
|
(11,205 |
) |
|
|
(7,916 |
) |
Adjusted net income |
|
18,350 |
|
|
|
19,067 |
|
|
|
59,238 |
|
|
|
60,566 |
|
Depreciation and amortization of property and equipment |
|
11,001 |
|
|
|
9,405 |
|
|
|
32,229 |
|
|
|
27,914 |
|
Interest expense, net |
|
9,164 |
|
|
|
8,415 |
|
|
|
26,730 |
|
|
|
24,546 |
|
Emerging markets |
|
43 |
|
|
|
(86 |
) |
|
|
121 |
|
|
|
(805 |
) |
Income tax expense |
|
7,322 |
|
|
|
7,337 |
|
|
|
23,474 |
|
|
|
24,648 |
|
Adjusted EBITDA |
$ |
45,880 |
|
|
$ |
44,138 |
|
|
$ |
141,792 |
|
|
$ |
136,869 |
|
Net Debt
|
As of September 30, |
||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Debt, net of current maturities |
$ |
525,572 |
|
|
$ |
484,004 |
|
Plus: Current maturities of debt |
|
28,490 |
|
|
|
28,479 |
|
Less: Cash and cash equivalents |
|
(265,085 |
) |
|
|
(230,388 |
) |
Net debt |
$ |
288,977 |
|
|
$ |
282,095 |
|
Conference Call
Accel will host an investor conference call on October 30, 2024 at 4:30 p.m. Central time (5:30 p.m. Eastern time) to discuss these financial and operating results. Interested parties may join the live webcast by registering at https://www.netroadshow.com/events/login?show=a8e678a0&confId=71436 or accessing the webcast via the company’s investor relations website: ir.accelentertainment.com. Following completion of the call, a replay of the webcast will be posted on Accel’s investor relations website.
About Accel
Accel is a leading distributed gaming operator in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 estimates of number of gaming terminals, locations, revenues, Adjusted EBITDA and capital expenditures, our ability to continue to generate returns on capital and improve our trading multiples, and our proposed acquisition of Fairmount Holdings, Inc. The words “predict,” “estimated,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “continue,” and similar expressions or the negatives thereof are intended to identify forward-looking statements. These forward-looking statements represent our current reasonable expectations and involve known and unknown 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. We cannot guarantee the accuracy of the forward-looking statements, and you should be aware that results and events could differ materially and adversely from those contained in the forward-looking statements due to a number of factors including, but not limited to: Accel’s ability to operate in existing markets or expand into new jurisdictions; Accel’s ability to offer new and innovative products and services that fulfill the needs of location partners and create strong and sustained player appeal; Accel’s dependence on relationships with key manufacturers, developers and third parties to obtain gaming terminals, amusement machines, and related supplies, programs, and technologies for its business on acceptable terms; the negative impact on Accel’s future results of operations by the slow growth in demand for gaming terminals and by the slow growth of new gaming jurisdictions; Accel’s heavy dependency on its ability to win, maintain and renew contracts with location partners; the parties' ability to satisfy the conditions to the consummation of the proposed acquisition of Fairmount Holdings, Inc. and the risk that the proposed acquisition may not be completed in a timely manner or at all; unfavorable macroeconomic conditions or decreased discretionary spending due to other factors such as interest rate volatility, persistent inflation, actual or perceived instability in the
Accordingly, forward-looking statements, including any projections or analysis, should not be viewed as factual and should not be relied upon as an accurate prediction of future results. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on Accel. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed by Accel with the SEC on February 28, 2024 (the "Form 10-K"), as well as Accel’s other filings with the SEC. Except as required by law, we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this or other press releases or future quarterly reports, or company statements will not be realized. In addition, the inclusion of any statement in this press release does not constitute an admission by us that the events or circumstances described in such statement are material. We qualify all of our forward-looking statements by these cautionary statements. In addition, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors including those described in the section entitled “Risk Factors” in the Form 10-K, as well as Accel’s other filings with the SEC. These and other factors could cause our results to differ materially from those expressed in this press release.
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 Annual Report on Form 10-K filed by Accel with the SEC, 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.
Non-GAAP Financial Information
This press release includes certain financial information not prepared in accordance with Generally Accepted Accounting Principles in
ACCEL ENTERTAINMENT, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||
(In thousands, except per share amounts) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Net revenues: |
|
|
|
|
|
|
|
||||
Net gaming |
$ |
289,923 |
|
$ |
274,123 |
|
$ |
871,300 |
|
$ |
831,054 |
Amusement |
|
5,104 |
|
|
5,411 |
|
|
16,772 |
|
|
17,839 |
Manufacturing |
|
1,705 |
|
|
3,334 |
|
|
9,122 |
|
|
9,886 |
ATM fees and other |
|
5,495 |
|
|
4,629 |
|
|
16,263 |
|
|
14,573 |
Total net revenues |
|
302,227 |
|
|
287,497 |
|
|
913,457 |
|
|
873,352 |
Operating expenses: |
|
|
|
|
|
|
|
||||
Cost of revenue (exclusive of depreciation and amortization expense shown below) |
|
210,841 |
|
|
198,743 |
|
|
633,325 |
|
|
604,603 |
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) |
|
962 |
|
|
2,065 |
|
|
5,283 |
|
|
5,627 |
General and administrative |
|
47,930 |
|
|
45,183 |
|
|
142,105 |
|
|
132,421 |
Depreciation and amortization of property and equipment |
|
11,001 |
|
|
9,405 |
|
|
32,229 |
|
|
27,914 |
Amortization of intangible assets and route and customer acquisition costs |
|
5,781 |
|
|
5,299 |
|
|
16,808 |
|
|
15,825 |
Other expenses, net |
|
3,867 |
|
|
1,682 |
|
|
13,620 |
|
|
5,006 |
Total operating expenses |
|
280,382 |
|
|
262,377 |
|
|
843,370 |
|
|
791,396 |
Operating income |
|
21,845 |
|
|
25,120 |
|
|
70,087 |
|
|
81,956 |
Interest expense, net |
|
9,164 |
|
|
8,415 |
|
|
26,730 |
|
|
24,546 |
Loss from unconsolidated affiliates |
|
1 |
|
|
— |
|
|
1 |
|
|
— |
Loss on change in fair value of contingent earnout shares |
|
4,216 |
|
|
1,625 |
|
|
4,190 |
|
|
11,063 |
Income before income tax expense |
|
8,464 |
|
|
15,080 |
|
|
39,166 |
|
|
46,347 |
Income tax expense |
|
3,569 |
|
|
4,630 |
|
|
12,269 |
|
|
16,732 |
Net income |
$ |
4,895 |
|
$ |
10,450 |
|
$ |
26,897 |
|
$ |
29,615 |
Earnings per common share: |
|
|
|
|
|
|
|
||||
Basic |
$ |
0.06 |
|
$ |
0.12 |
|
$ |
0.32 |
|
$ |
0.34 |
Diluted |
|
0.06 |
|
|
0.12 |
|
|
0.32 |
|
|
0.34 |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||
Basic |
|
82,952 |
|
|
85,865 |
|
|
83,718 |
|
|
86,305 |
Diluted |
|
84,322 |
|
|
87,114 |
|
|
84,890 |
|
|
87,022 |
|
|
|
|
|
|
|
|
ACCEL ENTERTAINMENT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
(In thousands, except par value and share amounts) |
September 30, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
265,085 |
|
|
$ |
261,611 |
|
Accounts receivable, net |
|
7,830 |
|
|
|
13,467 |
|
Prepaid expenses |
|
8,168 |
|
|
|
6,287 |
|
Inventories |
|
9,090 |
|
|
|
7,681 |
|
Interest rate caplets |
|
5,510 |
|
|
|
8,140 |
|
Deposits |
|
18,293 |
|
|
|
6,555 |
|
Other current assets |
|
9,347 |
|
|
|
8,853 |
|
Total current assets |
|
323,323 |
|
|
|
312,594 |
|
Property and equipment, net |
|
281,917 |
|
|
|
260,813 |
|
Noncurrent assets: |
|
|
|
||||
Route and customer acquisition costs, net |
|
23,725 |
|
|
|
19,188 |
|
Location contracts acquired, net |
|
176,793 |
|
|
|
176,311 |
|
Goodwill |
|
102,151 |
|
|
|
101,554 |
|
Other intangible assets, net |
|
18,715 |
|
|
|
20,542 |
|
Interest rate caplets, net of current |
|
1,176 |
|
|
|
4,871 |
|
Other assets |
|
22,406 |
|
|
|
17,020 |
|
Total noncurrent assets |
|
344,966 |
|
|
|
339,486 |
|
Total assets |
$ |
950,206 |
|
|
$ |
912,893 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current maturities of debt |
$ |
28,490 |
|
|
$ |
28,483 |
|
Current portion of route and customer acquisition costs payable |
|
2,122 |
|
|
|
1,505 |
|
Accrued location gaming expense |
|
8,921 |
|
|
|
9,350 |
|
Accrued state gaming expense |
|
30,503 |
|
|
|
18,364 |
|
Accounts payable and other accrued expenses |
|
36,462 |
|
|
|
36,012 |
|
Accrued compensation and related expenses |
|
10,108 |
|
|
|
12,648 |
|
Current portion of consideration payable |
|
2,766 |
|
|
|
3,288 |
|
Total current liabilities |
|
119,372 |
|
|
|
109,650 |
|
Long-term liabilities: |
|
|
|
||||
Debt, net of current maturities |
|
525,572 |
|
|
|
514,091 |
|
Route and customer acquisition costs payable, less current portion |
|
7,306 |
|
|
|
4,955 |
|
Consideration payable, less current portion |
|
10,882 |
|
|
|
4,201 |
|
Contingent earnout share liability |
|
36,017 |
|
|
|
31,827 |
|
Other long-term liabilities |
|
6,188 |
|
|
|
7,015 |
|
Deferred income tax liability, net |
|
38,150 |
|
|
|
42,750 |
|
Total long-term liabilities |
|
624,115 |
|
|
|
604,839 |
|
Stockholders’ equity: |
|
|
|
||||
Preferred Stock, par value of |
|
— |
|
|
|
— |
|
Class A-1 Common Stock, par value |
|
8 |
|
|
|
8 |
|
Additional paid-in capital |
|
210,225 |
|
|
|
203,046 |
|
Treasury stock, at cost |
|
(133,760 |
) |
|
|
(112,070 |
) |
Accumulated other comprehensive income |
|
3,865 |
|
|
|
7,936 |
|
Accumulated earnings |
|
126,381 |
|
|
|
99,484 |
|
Total stockholders' equity |
|
206,719 |
|
|
|
198,404 |
|
Total liabilities and stockholders' equity |
$ |
950,206 |
|
|
$ |
912,893 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030476384/en/
Media:
Eric Bonach
H/Advisors Abernathy
212-371-5999
eric.bonach@h-advisors.global
Source: Accel Entertainment, Inc.
FAQ
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