Company: ACEL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001698991-25-000023
Chunk: 28

Company: Accel Entertainment, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 28
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 at the Company’s discretion. As of March 31, 2025, the Company acquired a total of 14,844,575 shares under the share repurchase program at a total purchase price of $153.8 million, of which 988,678 shares at a total purchase price of $10.2 million were acquired during the three months ended March 31, 2025. 

Note 14. Segment Reporting

The Company assesses its reportable segments on an annual basis or as changes in its business occur. As part of its assessment, the Company has determined its chief operating decision maker (“CODM”) to be its Chief Executive Officer, Andrew Rubenstein, who is ultimately responsible for the operating performance of the Company and the allocation of resources. The CODM assesses financial performance and allocates resources based on Adjusted EBITDA. Adjusted EBITDA is used by the CODM to understand the Company’s underlying drivers of profitability, trends in its business, and to facilitate company-to-company and period-to-period comparisons. Segment asset information is provided to the CODM but is not used to allocate resources. The Company defines Adjusted EBITDA as net income plus:•Amortization of intangible assets and route and customer acquisition costs •Stock-based compensation expense•Loss from unconsolidated affiliates•(Gain) loss on change in fair value of contingent earnout shares•Other expenses, net •Depreciation and amortization of property and equipment•Interest expense, net

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Table of ContentsAccel Entertainment, Inc. and SubsidiariesNotes to Condensed Consolidated Financial Statements — (Continued)

•Emerging markets, which reflects the results, on an Adjusted EBITDA basis, for non-core jurisdictions where the Company’s operations are developing•Income tax expenseThe Company’s distributed gaming reportable segment consists of the installation, maintenance, and operation of gaming terminals, redemption devices that disburse winnings and contain ATM functionality and other amusement devises in authorized non-casino locations such as restaurants, bars, convenience stores, liquor stores, truck stops and grocery stores. The Company’s operations and services are consistent in the Company’s markets.The Company has determined that with the acquisition of the FanDuel Sportsbook & Horse Racing, which has been rebranded as Fairmount Park - Casino & Racing in Collinsville, Illinois, that as of March 31, 2025, it has two operating segments: distributed gaming and casino and