(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||||||||
, | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ACCEL ENTERTAINMENT, INC. | |||||||||||
Date: July 30, 2024 | By: | /s/ Mathew Ellis | |||||||||
Mathew Ellis | |||||||||||
Chief Financial Officer |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Total net revenues | $ | 309,413 | $ | 292,647 | $ | 611,230 | $ | 585,855 | |||||||||||||||
Operating income | 22,683 | 29,164 | 48,242 | 56,836 | |||||||||||||||||||
Income before income tax expense | 18,519 | 16,085 | 30,702 | 31,267 | |||||||||||||||||||
Net income | 14,586 | 9,983 | 22,002 | 19,165 | |||||||||||||||||||
Other Financial Data: | |||||||||||||||||||||||
Adjusted EBITDA(1) | 49,665 | 46,612 | 95,912 | 92,730 | |||||||||||||||||||
Adjusted net income (2) | 21,383 | 20,435 | 40,888 | 41,499 |
(in thousands) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net revenues by state: | |||||||||||||||||||||||
Illinois | $ | 227,093 | $ | 215,947 | $ | 451,956 | $ | 435,790 | |||||||||||||||
Montana | 42,583 | 39,275 | 80,724 | 75,726 | |||||||||||||||||||
Nevada | 29,322 | 29,869 | 58,531 | 59,830 | |||||||||||||||||||
Nebraska | 6,249 | 4,488 | 12,083 | 8,412 | |||||||||||||||||||
Other | 4,166 | 3,068 | 7,936 | 6,097 | |||||||||||||||||||
Total net revenues | $ | 309,413 | $ | 292,647 | $ | 611,230 | $ | 585,855 |
Locations (1) | As of June 30, | Increase / (Decrease) | |||||||||||||||||||||
2024 | 2023 | Change | Change (%) | ||||||||||||||||||||
Illinois | 2,816 | 2,690 | 126 | 4.7 | % | ||||||||||||||||||
Montana | 620 | 610 | 10 | 1.6 | % | ||||||||||||||||||
Nevada | 359 | 355 | 4 | 1.1 | % | ||||||||||||||||||
Nebraska | 239 | 197 | 42 | 21.3 | % | ||||||||||||||||||
Total locations | 4,034 | 3,852 | 182 | 4.7 | % |
Gaming terminals (1) | As of June 30, | Increase / (Decrease) | |||||||||||||||||||||
2024 | 2023 | Change | Change (%) | ||||||||||||||||||||
Illinois | 15,743 | 14,767 | 976 | 6.6 | % | ||||||||||||||||||
Montana | 6,435 | 6,210 | 225 | 3.6 | % | ||||||||||||||||||
Nevada | 2,735 | 2,782 | (47) | (1.7) | % | ||||||||||||||||||
Nebraska | 844 | 609 | 235 | 38.6 | % | ||||||||||||||||||
Total gaming terminals | 25,757 | 24,368 | 1,389 | 5.7 | % | ||||||||||||||||||
Location hold-per-day (2) | Three Months Ended June 30, | Increase / (Decrease) | |||||||||||||||||||||
2024 | 2023 | Change ($) | Change (%) | ||||||||||||||||||||
Illinois | $ | 862 | $ | 858 | $ | 4 | 0.5 | % | |||||||||||||||
Montana | 612 | 569 | 43 | 7.6 | % | ||||||||||||||||||
Nevada | 843 | 860 | (17) | (2.0) | % | ||||||||||||||||||
Nebraska | 255 | 237 | 18 | 7.6 | % | ||||||||||||||||||
Six Months Ended June 30, | Increase / (Decrease) | ||||||||||||||||||||||
2024 | 2023 | Change ($) | Change (%) | ||||||||||||||||||||
Illinois | $ | 861 | $ | 871 | $ | (10) | (1.1) | % | |||||||||||||||
Montana | 601 | 573 | 28 | 4.9 | % | ||||||||||||||||||
Nevada | 845 | 860 | (15) | (1.7) | % | ||||||||||||||||||
Nebraska | 243 | 229 | 14 | 6.1 | % | ||||||||||||||||||
Six Months Ended June 30, | Increase / (Decrease) | ||||||||||||||||||||||
(in thousands) | 2024 | 2023 | Change ($) | Change (%) | |||||||||||||||||||
Net cash provided by operating activities | $ | 57,614 | $ | 63,845 | $ | (6,231) | (9.8) | % | |||||||||||||||
Net cash used in investing activities | (69,324) | (16,245) | (53,079) | 326.7 | % | ||||||||||||||||||
Net cash provided by (used in) financing activities | 5,022 | (38,279) | 43,301 | 113.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Net income | $ | 14,586 | $ | 9,983 | $ | 22,002 | $ | 19,165 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Amortization of intangible assets and route and customer acquisition costs | 5,589 | 5,284 | 11,027 | 10,526 | |||||||||||||||||||
Stock-based compensation expense | 3,235 | 2,567 | 5,585 | 4,255 | |||||||||||||||||||
(Gain) loss on change in fair value of contingent earnout shares | (4,742) | 4,836 | (26) | 9,438 | |||||||||||||||||||
Other expenses, net | 7,327 | 73 | 9,753 | 3,324 | |||||||||||||||||||
Tax effect of adjustments | (4,612) | (2,308) | (7,453) | (5,209) | |||||||||||||||||||
Adjusted net income | 21,383 | 20,435 | 40,888 | 41,499 | |||||||||||||||||||
Depreciation and amortization of property and equipment | 10,794 | 9,446 | 21,228 | 18,509 | |||||||||||||||||||
Interest expense, net | 8,906 | 8,243 | 17,566 | 16,131 | |||||||||||||||||||
Emerging markets | 38 | 78 | 78 | (720) | |||||||||||||||||||
Income tax expense | 8,544 | 8,410 | 16,152 | 17,311 | |||||||||||||||||||
Adjusted EBITDA | $ | 49,665 | $ | 46,612 | $ | 95,912 | $ | 92,730 |
As of June 30, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Debt, net of current maturities | $ | 537,252 | $ | 489,721 | |||||||
Plus: Current maturities of debt | 28,489 | 28,472 | |||||||||
Less: Cash and cash equivalents | (254,923) | (233,434) | |||||||||
Net debt | $ | 310,818 | $ | 284,759 |
(In thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Net gaming | $ | 293,240 | $ | 277,551 | $ | 581,377 | $ | 556,931 | |||||||||||||||
Amusement | 5,539 | 5,630 | 11,668 | 12,428 | |||||||||||||||||||
Manufacturing | 5,208 | 4,430 | 7,417 | 6,552 | |||||||||||||||||||
ATM fees and other | 5,426 | 5,036 | 10,768 | 9,944 | |||||||||||||||||||
Total net revenues | 309,413 | 292,647 | 611,230 | 585,855 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenue (exclusive of depreciation and amortization expense shown below) | 213,317 | 202,306 | 422,484 | 405,860 | |||||||||||||||||||
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below) | 3,162 | 2,154 | 4,321 | 3,562 | |||||||||||||||||||
General and administrative | 46,541 | 44,220 | 94,175 | 87,238 | |||||||||||||||||||
Depreciation and amortization of property and equipment | 10,794 | 9,446 | 21,228 | 18,509 | |||||||||||||||||||
Amortization of intangible assets and route and customer acquisition costs | 5,589 | 5,284 | 11,027 | 10,526 | |||||||||||||||||||
Other expenses, net | 7,327 | 73 | 9,753 | 3,324 | |||||||||||||||||||
Total operating expenses | 286,730 | 263,483 | 562,988 | 529,019 | |||||||||||||||||||
Operating income | 22,683 | 29,164 | 48,242 | 56,836 | |||||||||||||||||||
Interest expense, net | 8,906 | 8,243 | 17,566 | 16,131 | |||||||||||||||||||
(Gain) loss on change in fair value of contingent earnout shares | (4,742) | 4,836 | (26) | 9,438 | |||||||||||||||||||
Income before income tax expense | 18,519 | 16,085 | 30,702 | 31,267 | |||||||||||||||||||
Income tax expense | 3,933 | 6,102 | 8,700 | 12,102 | |||||||||||||||||||
Net income | $ | 14,586 | $ | 9,983 | $ | 22,002 | $ | 19,165 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.12 | $ | 0.26 | $ | 0.22 | |||||||||||||||
Diluted | 0.17 | 0.11 | 0.26 | 0.22 | |||||||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 83,911 | 86,184 | 84,105 | 86,529 | |||||||||||||||||||
Diluted | 85,054 | 86,820 | 85,178 | 86,971 | |||||||||||||||||||
(In thousands, except par value and share amounts) | June 30, | December 31, | |||||||||
2024 | 2023 | ||||||||||
Assets | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 254,923 | $ | 261,611 | |||||||
Accounts receivable, net | 15,149 | 13,467 | |||||||||
Prepaid expenses | 8,765 | 6,287 | |||||||||
Inventories | 7,533 | 7,681 | |||||||||
Interest rate caplets | 8,801 | 8,140 | |||||||||
Other current assets | 11,111 | 8,853 | |||||||||
Total current assets | 322,201 | 312,594 | |||||||||
Property and equipment, net | 276,477 | 260,813 | |||||||||
Noncurrent assets: | |||||||||||
Route and customer acquisition costs, net | 23,705 | 19,188 | |||||||||
Location contracts acquired, net | 181,350 | 176,311 | |||||||||
Goodwill | 101,859 | 101,554 | |||||||||
Other intangible assets, net | 19,324 | 20,542 | |||||||||
Interest rate caplets, net of current | 3,730 | 4,871 | |||||||||
Other assets | 21,702 | 17,020 | |||||||||
Total noncurrent assets | 351,670 | 339,486 | |||||||||
Total assets | $ | 950,348 | $ | 912,893 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current maturities of debt | $ | 28,489 | $ | 28,483 | |||||||
Current portion of route and customer acquisition costs payable | 2,014 | 1,505 | |||||||||
Accrued location gaming expense | 9,129 | 9,350 | |||||||||
Accrued state gaming expense | 17,177 | 18,364 | |||||||||
Accounts payable and other accrued expenses | 34,476 | 36,012 | |||||||||
Accrued compensation and related expenses | 11,195 | 12,648 | |||||||||
Current portion of consideration payable | 3,275 | 3,288 | |||||||||
Total current liabilities | 105,755 | 109,650 | |||||||||
Long-term liabilities: | |||||||||||
Debt, net of current maturities | 537,252 | 514,091 | |||||||||
Route and customer acquisition costs payable, less current portion | 7,482 | 4,955 | |||||||||
Consideration payable, less current portion | 9,794 | 4,201 | |||||||||
Contingent earnout share liability | 31,801 | 31,827 | |||||||||
Other long-term liabilities | 6,713 | 7,015 | |||||||||
Deferred income tax liability, net | 42,463 | 42,750 | |||||||||
Total long-term liabilities | 635,505 | 604,839 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2024 and December 31, 2023 | — | — | |||||||||
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 95,352,477 shares issued and 82,958,153 shares outstanding at June 30, 2024; 95,016,960 shares issued and 84,123,385 shares outstanding at December 31, 2023 | 8 | 8 | |||||||||
Additional paid-in capital | 207,199 | 203,046 | |||||||||
Treasury stock, at cost | (127,545) | (112,070) | |||||||||
Accumulated other comprehensive income | 7,940 | 7,936 | |||||||||
Accumulated earnings | 121,486 | 99,484 | |||||||||
Total stockholders' equity | 209,088 | 198,404 | |||||||||
Total liabilities and stockholders' equity | $ | 950,348 | $ | 912,893 |
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