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, 2022.

Highlights:

•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.

ChatGPT says Accel Experiences Significant Growth in Revenues and Locations.

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

M & A - Other Highlight
Amortization of intangible assets and route and customer acquisition costs Amortization of intangible assets and route and customer acquisition costs for the year ended December 31, 2022 was $17.5 million, a decrease of $4.6 million, or 20.7%, compared to the prior year.

Financial - Cash Flow Highlight
Cash Flows The following table summarizes Accel's net cash provided by or used in operating activities, investing activities and financing activities for the periods indicated and should be read in conjunction with our consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K: Net cash provided by operating activities For the year ended December 31, 2022, net cash provided by operating activities was $108.0 million, a decrease of $2.8 million over the prior year.
Financial - Earnings Highlight
Adjusted net income and Adjusted EBITDA (1)Amortization of intangible assets and route and customer acquisition costs consist of upfront cash payments and future cash payments to third-party sales agents to acquire the location partners that are not connected with a business acquisition, as well as the amortization of other intangible assets.
Financial - Expense Highlight
The impact of these changes in estimate was a decrease in amortization expense of $8.2 million for the year ended December 31, 2022.
Financial - Shares Highlight
The increase reflects an increase in net borrowings on our Credit Facility, partially offset by purchases of our Class A-1 common stock under our share repurchase program and higher payments on consideration payable.
Financial - Expense
The impact of this change...Read more
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As a result of possible...Read more
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The route and customer acquisition...Read more
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"Amortization of intangible assets and...Read more
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Company Overview We believe we...Read more
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The following table sets forth...Read more
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Senior Secured Credit Facility On...Read more
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Macroeconomic Factors Ongoing interest rate...Read more
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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
M & A - Other
Other intangible assets acquired in...Read more
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Amortization of intangible assets and...Read more
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The following describes certain significant...Read more
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Accel amortizes the upfront cash...Read more
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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 10.21(A): Material Contract

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: 0001698991-23-000010
Submitted to the SEC: Wed Mar 01 2023 4:31:48 PM EST
Accepted by the SEC: Wed Mar 01 2023
Period: Saturday, December 31, 2022
Industry: Blank Checks