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Accel Entertainment, Inc. (ACEL) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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ACEL Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021
    10-K Annual Report March 2020

Accel Entertainment, Inc.

CIK: 1698991 Ticker: ACEL

Accel Entertainment Announces 2021 Operating Results

Chicago, IL – March 9, 2022 –
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


1


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 Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Stockholders??? Equity (Deficit)
Business And Asset Acquisitions
Business And Asset Acquisitions (Tables)
Business And Asset Acquisitions - Narrative (Details)
Business And Asset Acquisitions - Schedule Of Consideration Payable (Details)
Business And Asset Acquisitions - Schedule Of Consideration Transferred - Avg (Details)
Business And Asset Acquisitions - Schedule Of Consideration Transferred - Grand River Jackpot (Details)
Business And Asset Acquisitions - Schedule Of Unaudited Pro Forma Results (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Future Minimum Payments (Details)
Contingent Earnout Share Liability
Contingent Earnout Share Liability (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Carrying Value And Estimated Fair Value (Details)
Debt - Schedule Of Long-Term Debt Instruments (Details)
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Description Of Business
Description Of Business (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of Fair Value Measurements, Assets (Details)
Fair Value Measurements - Schedule Of Fair Value Measurements, Contingent Considerations (Details)
Fair Value Measurements - Schedule Of Fair Value Measurements, Liabilities Measured On A Recurring Basis (Details)
Fair Value Measurements - Schedule Of Unobservable Input Asset Value Reconciliation (Details)
Gaming Terminal Fees
Gaming Terminal Fees (Details)
Goodwill
Goodwill (Tables)
Goodwill - Narrative (Details)
Goodwill - Schedule Of Changes In Goodwill, Rollforward (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Expected Income Taxes (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Summary Of Carryforwards Of Net Operating Losses (Details)
Investment In Convertible Notes
Investment In Convertible Notes (Details)
Location Contracts Acquired
Location Contracts Acquired (Tables)
Location Contracts Acquired - Additional Information (Details)
Location Contracts Acquired - Schedule Of Customer Contract Acquired (Details)
Location Contracts Acquired - Schedule Of Finite-Lived Intangible Assets Amortization Expense (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related-Party Transactions
Related-Party Transactions (Details)
Reverse Recapitalization
Reverse Recapitalization (Tables)
Reverse Recapitalization - Narrative (Details)
Reverse Recapitalization - Schedule Of Equity Interests Issued From Reverse Capitalization (Details)
Reverse Recapitalization - Schedule Of Proceeds From Reverse Capitalization (Details)
Route And Customer Acquisition Costs
Route And Customer Acquisition Costs (Tables)
Route And Customer Acquisition Costs - Narrative (Details)
Route And Customer Acquisition Costs - Schedule Of Customer Contract Acquired (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Assumptions For Options Granted (Details)
Stock-Based Compensation - Schedule Of Nonvested Rsu Activity (Details)
Stock-Based Compensation - Schedule Of Vested Stock Options (Details)
Stock-Based Compensation - Summary Of Nonvested Stock Options (Details)
Stock-Based Compensation - Summary Of Options Granted And Range In Vesting Periods (Details)
Stockholders??? Equity
Stockholders??? Equity (Tables)
Stockholders??? Equity - Narrative (Details)
Stockholders??? Equity - Schedule Of Stock Reserved For Issuance (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Adopted Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies - Advertising Costs (Details)
Summary Of Significant Accounting Policies - Change In Estimate (Details)
Summary Of Significant Accounting Policies - Location Contracts Acquired (Details)
Summary Of Significant Accounting Policies - Route And Customer Acquisition Costs (Details)
Summary Of Significant Accounting Policies - Schedule Of Property And Equipment Useful Lives (Details)
Warrant Liability
Warrant Liability (Details)
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

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