Company: ACEL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001698991-25-000023
Chunk: 41

Company: Accel Entertainment, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 41
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 the credit facility, ranging from 1.75% to 2.75% depending on the first lien net leverage ratio. 

Income tax expense 

Income tax expense consists mainly of taxes payable to federal, state and local authorities. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and the tax basis of the assets and liabilities. 

30

Results of Operations

The following table summarizes our results of operations on a consolidated basis for the three months ended March 31, 2025 and 2024:

(in thousands, except %'s)Three Months EndedMarch 31,Increase / (Decrease)20252024Change ($)Change (%)Net revenues:Net gaming$301,951 $288,137 $13,814 4.8 %Amusement5,908 6,129 (221)(3.6)%Manufacturing3,858 2,209 1,649 74.6 %ATM fees and other12,195 5,342 6,853 128.3 %Total net revenues323,912 301,817 22,095 7.3 %Operating expenses:Cost of revenue (exclusive of depreciation and amortization expense shown below)221,472 209,167 12,305 5.9 %Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)2,076 1,159 917 79.1 %General and administrative53,004 47,634 5,370 11.3 %Depreciation and amortization of property and equipment12,301 10,434 1,867 17.9 %Amortization of intangible assets and route and customer acquisition costs6,290 5,438 852 15.7 %Other expenses, net2,817 2,426 391 16.1 %Total operating expenses297,960 276,258 21,702 7.9 %Operating income25,952 25,559 393 1.5 %Interest expense, net8,685 8,660 25 0.3 %Loss from unconsolidated affiliates16 — 16 100.0 %(Gain) loss on change in fair value of contingent earnout shares(2,355)4,716 (7,071)(149.9)%Income before income tax expense19