Accel Entertainment Announces 2022 Operating Results
Chicago, IL – February 28, 2023 – Accel Entertainment, Inc. (NYSE: ACEL) today announced certain financial and operating results for the three-months and full year ended December 31, 2022.
•Ended 2022 with 3,598 locations; an increase of 39% compared to 2021 due primarily to the acquisition of Century Gaming, Inc. ("Century")
•Ended 2022 with 23,150 gaming terminals; an increase of 70% compared to 2021 due primarily to the acquisition of Century
•Record year for Revenue, Net Income, and Adjusted EBITDA
•Revenue of $278 million for Q4 2022 and $970 million for YE 2022
•Net income of $13 million for Q4 2022 and $74 million for YE 2022
•Adjusted EBITDA of $43 million for Q4 2022 and $162 million for YE 2022
•2022 ended with $318 million of net debt; an increase of 123% compared to 2021 due primarily to borrowings of $160 million on our credit facility in Q2 2022 to finance the Century acquisition
•Repurchased $17 million of Accel Class A-1 common stock in Q4 2022 and $79 million for the full year 2022
•On December 15, 2022, Century acquired DEP, Inc. ("Progressive"), a gaming operator in Montana, which added 26 Montana gaming locations and approximately 300 gaming terminals to the Century portfolio
Accel Entertainment CEO Andy Rubenstein commented, “We are pleased to report another strong quarter of results which led to a record full year 2022. The integration of Century is well underway and we remained focused on continuing to grow our business both organically and inorganically. Our asset-light and hyper-local business model remains compelling and continues to give us a truly unique competitive advantage in the industry as we further cement Accel’s position as the preferred choice in distributed gaming.”
The following information was filed by Accel Entertainment, Inc. (ACEL) on Tuesday, February 28, 2023 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.