Accel Entertainment, Inc. (ACEL) 10K Annual Reports & 10Q SEC Filings

Accel Entertainment, Inc. (NYSE: ACEL) today announced certain financial and operating results for the three-months and full year ended December 31, 2021.

Highlights:

•Ended 2021 with 2,584 locations; an increase of 6% compared to 2020

•Ended 2021 with 13,639 VGTs; an increase of 11% compared to 2020

•Record year for Revenue, Net Income, and Adjusted EBITDA

•Revenue of $192 million for Q4 2021 and $735 million for YE 2021

•Net income of $7 million for Q4 2021 and $32 million for YE 2021

•Adjusted EBITDA of $33 million for Q4 2021 and $140 million for YE 2021

•2021 ended with $143 million of net debt; a decrease of 31% compared to 2020

•Repurchased $9 million of Accel Class A-1 common stock in 2021; repurchased an additional $11 million of Accel Class A-1 common stock in January and February 2022

•Began operations in Iowa on December 30, 2021 with the acquisition of Rich and Junnie's, an amusement device and ATM operator

•Acquisition of Century Gaming, Inc. ("Century") expected to close by the end of May 2022

Reiterating 2022 Guidance:

Given the current momentum and small impact from the Omicron variant, Accel is reiterating 2022 guidance. 2022 guidance will be provided without Century and pro forma assuming Century's results are included for the full year. 2022 guidance also assumes Georgia will no longer be an "emerging market" for the second half of 2022 because it has operated for more than 24 months. Accordingly, the results from Georgia will not be added back to our Adjusted EBITDA during the second half 2022

2022 guidance without Century acquisition:

•End 2022 with an estimated 2,760 - 2,795 locations

•End 2022 with an estimated 14,560 - 14,750 VGTs

•2022 Revenue estimated to be $820 - $870 million

•2022 Adjusted EBITDA[*] estimated to be $160 - $170 million

•2022 capital expenditures estimated to be $20 - $25 million of cash spend

2022 guidance pro forma for Century acquisition:

•End 2022 with an estimated 3,700 - 3,800 locations

•End 2022 with an estimated 23,000 - 25,000 VGTs

•2022 Revenue estimated to be $1.07 - $1.18 billion

•2022 Adjusted EBITDA[*] estimated to be $182 - $198 million

•2022 capital expenditures estimated to be $25 - $35 million of cash spend

The following information was filed by Accel Entertainment, Inc. (ACEL) on Wednesday, March 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Accel Entertainment, Inc.'s 10-K Annual Report:

Financial - Expense Highlight
The impact of these changes in estimate for both the fourth quarter and the year ended December 31, 2021, was a net decrease to depreciation expense of $1.2 million and a $2.7 million decrease to amortization expense of route and customer acquisition costs and location contracts acquired.

M & A - Other Highlight
Amortization of route and customer acquisition costs and location contracts acquired Amortization of route and customer acquisition costs and location contracts acquired for the year ended December 31, 2021 was $22.0 million, a decrease of $0.6 million, or 2.5%, compared to the prior year.
Financial - Debt Highlight
Given our assumptions about the future impact of COVID-19 and its variants on the gaming industry, which could be materially different due to the inherent uncertainties of future restrictions on the industry, we expect to remain in compliance with all debt covenants for the next 12 months.
Financial - Expense Highlight
The impact of these changes in estimate was a decrease in amortization expense of $2.7 million for both the fourth quarter and the year ended December 31, 2021.
Financial - Expense Highlight
The impact of this change in estimate was a decrease in depreciation expense of $1.2 million for both the fourth quarter and the year ended December 31, 2021.
Other - Other
As a result of possible...Read more
Other - Other
Material changes in certain of...Read more
Financial - Expense
General and administrative expenses for...Read more
M & A - Other
The route and customer acquisition...Read more
Financial - Earnings
Adjusted net income and Adjusted...Read more
Other - Other
Company Overview We believe Accel...Read more
Financial - Cash Flow
Impact of COVID-19 The COVID-19...Read more
Other - Other
Senior Secured Credit Facility On...Read more
Legal - Other
Accel determined that the implied...Read more
Financial - Expense
Cost of revenue Total cost...Read more
M & A - Other
The increase was due to...Read more
Financial - Debt
Management also believes that these...Read more
Financial - Expense
The increase was attributable to...Read more
Financial - Earnings
In addition to our decrease...Read more
Financial - Debt
The decrease was primarily due...Read more
Revenue - Product
The increase was driven by...Read more
Other - Other
Future or deferred cash payments,...Read more
Financial - Expense
Future cash payments do not...Read more
Other - Other
Given the uncertainty of COVID-19...Read more
Other - Other
Average remaining contract term Average...Read more
Financial - Expense
Our primary short-term cash needs...Read more
Financial - Expense
We incurred non-recurring, one-time expenses...Read more
Financial - Cash Flow
Cash Flows The following table...Read more
Financial - Shares
The decrease was primarily due...Read more
Other - Other
The following describes certain significant...Read more
Financial - Expense
Other expenses, net Other expenses,...Read more
M & A - Other
Route and customer acquisition costs...Read more
Financial - Expense
The upfront payment and future...Read more
M & A - Other
Consideration payable Consideration payable consists...Read more
Financial - Expense
Interest expense, net Interest expense,...Read more
Financial - Expense
Interest expense, net Interest expense,...Read more
Other - Other
Leasehold improvements are amortized over...Read more
Financial - Expense
General and administrative Total general...Read more
Revenue - Product
The increase in net gaming...Read more
Other - Other
In response to the decision...Read more
Other - Other
As a result, we borrowed...Read more
Other - Other
Gain on change in fair...Read more
Other - Other
Adjusted EBITDA for the year...Read more
Financial - Debt
In addition, the Credit Agreement...Read more
Financial - Expense
The Company also spent $2.0...Read more
Other - Other
Accel amortizes the upfront cash...Read more
Financial - Shares
The decrease reflects repurchases of...Read more
Financial - Income
Income tax expense (benefit) Income...Read more
M & A - Other
"Amortization of route and customer...Read more
Financial - Income
The liability is stated at...Read more
Other - Other
Accel determined that in a...Read more
Financial - Income
The warrants were measured at...Read more
Financial - Shares
Contingent earnout shares liability Our...Read more
Financial - Earnings
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Financial - Income
For locations that close prior...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Accel Entertainment, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ACEL
CIK: 1698991
Form Type: 10-K Annual Report
Accession Number: 0001698991-22-000004
Submitted to the SEC: Thu Mar 10 2022 5:55:16 PM EST
Accepted by the SEC: Fri Mar 11 2022
Period: Friday, December 31, 2021
Industry: Blank Checks