Company: ACEL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001698991-25-000023
Chunk: 63

Company: Accel Entertainment, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 2
Chunk 63
---
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 expense19,606 12,183 7,423 60.9 %Income tax expense4,993 4,767 226 4.7 %Net income$14,613 $7,416 $7,197 97.0 %

31

Net revenues

Total net revenues for the three months ended March 31, 2025 were $323.9 million, an increase of $22.1 million, or 7.3%, compared to the prior-year period. This increase was primarily driven by higher net gaming revenue of $13.8 million, which reflected an increase in gaming locations and terminals, and higher ATM fees and other revenue of $12.2 million, an increase of $6.9 million, or 128.3%, which included revenue from our racing operations. Net revenues by state are presented below:

(in thousands)Three Months EndedMarch 31,Increase / (Decrease)20252024Change ($)Change (%)Net revenues by state:Illinois$233,479 $224,863 $8,616 3.8 %Montana41,136 38,141 2,995 7.9 %Nevada27,617 29,209 (1,592)(5.5)%Louisiana9