Accel Entertainment Inc
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
ACEL$13.90+1.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
| (In thousands, except per share amounts) | Three Months EndedSeptember 30, | Nine Months EndedSeptember 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 |
| Comprehensive income | ||||
| Net income | $4,895 | $10,450 | $26,897 | $29,615 |
| Unrealized (loss) gain on interest rate caplets (net of income tax (benefit) expense of $(1,526), $37, $(1,524), and $(3) respectively) | (4,075) | 97 | (4,071) | (7) |
| Comprehensive income | $820 | $10,547 | $22,826 | $29,608 |
CONDENSED CONSOLIDATED BALANCE SHEETS
| (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 $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2024 and December 31, 2023 | — | — |
| Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 95,409,648 shares issued and 82,430,205 shares outstanding at September 30, 2024; 95,016,960 shares issued and 84,123,385 shares outstanding at December 31, 2023 | 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 |
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