Accel Entertainment (ACEL) Q4 2023 earnings summary

Executive summary

• Record FY 2023 revenue of $1,170.4M and Adjusted EBITDA of $181.4M, up 21% and 12% YoY, respectively.

• Year-end footprint reached 3,961 locations and 25,083 gaming terminals across Illinois, Montana, Nevada and Nebraska.

Financial highlights

• Q4 revenue was $297.1M vs. $278.1M; Adjusted EBITDA was $44.6M vs. $43.3M.

• FY gross profit was $353M vs. $299M; gross margin was 30% vs. 31%.

• FY net income was $45.6M vs. $74.1M; Q4 net income was $16.0M vs. $13.4M.

• Adjusted net income was $82.5M vs. $79.9M for FY 2023 and $22.0M vs. $20.8M for Q4.

• FY operating income was $107.4M vs. $96.9M; Q4 operating income was $25.5M vs. $25.1M.

Outlook and guidance

• Continued exploration of nationwide expansion opportunities, with a focus on local gaming markets and investor returns.