Company: ACEL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001698991-25-000023
Chunk: 4

Company: Accel Entertainment, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 4
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ITEM 1. FINANCIAL STATEMENTS.

ACCEL ENTERTAINMENT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

(In thousands, except per share amounts)Three Months EndedMarch 31,20252024Net revenues:Net gaming$301,951 $288,137 Amusement5,908 6,129 Manufacturing3,858 2,209 ATM fees and other12,195 5,342 Total net revenues323,912 301,817 Operating expenses:Cost of revenue (exclusive of depreciation and amortization expense shown below)221,472 209,167 Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)2,076 1,159 General and administrative53,004 47,634 Depreciation and amortization of property and equipment12,301 10,434 Amortization of intangible assets and route and customer acquisition costs6,290 5,438 Other expenses, net2,817 2,426 Total operating expenses297,960 276,258 Operating income25,952 25,559 Interest expense, net8,685 8,660 Loss from unconsolidated affiliates16 — (Gain) loss on change in fair value of contingent earnout shares(2,355)4,716 Income before income tax expense 19,606 12,183 Income tax expense4,993 4,767 Net income$14,613 $7,416 Less: Net income attributed to redeemable noncontrolling interests(26)— Net income attributable to Accel Entertainment, Inc.$14,639 $7,416 Earnings per common share:Basic$0.17 $0.09 Diluted0.17 0.09 Weighted average number of common shares outstanding:Basic86,003 84,298 Diluted87,223 85,300 Comprehensive incomeNet income$14,613 $7,416 Unrealized (loss) gain on interest rate caplets (net of income tax (benefit) expense of $(426), and $405 respectively) (1,133)1,081 Comprehensive income$13,480 $8,497 Less: Comprehensive income attributable to redeemable noncontrolling interests(26)— Com