2023 Q3 Form 10-Q Financial Statement

#000169899123000039 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $287.5M $292.6M $227.9M
YoY Change 7.69% 28.43% 12.82%
Cost Of Revenue $200.8M $204.5M $155.4M
YoY Change 7.08% 31.54% 14.48%
Gross Profit $86.69M $88.19M $72.44M
YoY Change 9.13% 21.74% 9.42%
Gross Profit Margin 30.15% 30.13% 31.79%
Selling, General & Admin $45.18M $44.22M $32.72M
YoY Change 13.54% 35.15% 25.3%
% of Gross Profit 52.12% 50.14% 45.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.400M $9.400M $10.17M
YoY Change 16.05% -7.59% 61.46%
% of Gross Profit 10.84% 10.66% 14.04%
Operating Expenses $61.57M $59.02M $45.12M
YoY Change 9.57% 30.8% 9.32%
Operating Profit $25.12M $29.16M $27.32M
YoY Change 8.09% 6.77% 9.58%
Interest Expense -$8.415M -$8.243M -$3.791M
YoY Change 34.88% 117.44% 12.29%
% of Operating Profit -33.5% -28.26% -13.88%
Other Income/Expense, Net -$1.625M -$4.836M $5.722M
YoY Change -115.69% -184.52% -279.82%
Pretax Income $15.08M $16.09M $29.25M
YoY Change -44.88% -45.0% 59.21%
Income Tax $4.600M $6.100M $6.782M
% Of Pretax Income 30.5% 37.92% 23.19%
Net Earnings $10.45M $9.983M $22.46M
YoY Change -53.44% -55.56% 80.51%
Net Earnings / Revenue 3.63% 3.41% 9.86%
Basic Earnings Per Share $0.12 $0.12 $0.24
Diluted Earnings Per Share $0.12 $0.11 $241.5K
COMMON SHARES
Basic Shares Outstanding 85.62M shares 86.01M shares 92.05M shares
Diluted Shares Outstanding 87.11M shares 86.82M shares 93.00M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.4M $233.4M $252.2M
YoY Change -5.63% -7.45% 41.3%
Cash & Equivalents $230.4M $233.4M $220.2M
Short-Term Investments $0.00 $0.00 $32.06M
Other Short-Term Assets $14.17M $11.93M $18.75M
YoY Change 85.66% -36.38% 67.2%
Inventory $6.780M $7.313M $6.137M
Prepaid Expenses $8.027M $8.009M
Receivables $13.36M $9.713M $9.214M
Other Receivables $0.00 $909.0K $1.664M
Total Short-Term Assets $282.7M $280.9M $288.0M
YoY Change -0.37% -2.46% 47.08%
LONG-TERM ASSETS
Property, Plant & Equipment $245.7M $235.7M $189.6M
YoY Change 18.84% 24.28% 31.07%
Goodwill $101.6M $101.6M
YoY Change 2.07%
Intangibles $21.20M $21.80M
YoY Change -10.17%
Long-Term Investments
YoY Change
Other Assets $343.0M $346.7M $12.85M
YoY Change -1.39% 2597.22% -95.06%
Total Long-Term Assets $588.8M $582.4M $528.6M
YoY Change 6.15% 10.18% 30.5%
TOTAL ASSETS
Total Short-Term Assets $282.7M $280.9M $288.0M
Total Long-Term Assets $588.8M $582.4M $528.6M
Total Assets $871.4M $863.3M $816.6M
YoY Change 3.94% 5.72% 35.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.07M $24.51M $22.17M
YoY Change 6.81% 10.55% 107.19%
Accrued Expenses $34.02M $30.77M $25.55M
YoY Change 7.21% 20.47% 25.34%
Deferred Revenue $1.500M $1.500M
YoY Change -50.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $28.48M $28.47M $23.46M
YoY Change 21.38% 21.36% 28.55%
Total Short-Term Liabilities $92.22M $92.75M $86.00M
YoY Change -0.5% 7.85% 48.25%
LONG-TERM LIABILITIES
Long-Term Debt $484.0M $489.7M $478.6M
YoY Change -2.81% 2.32% 46.47%
Other Long-Term Liabilities $5.786M $5.514M $49.35M
YoY Change -81.93% -88.83% -20.12%
Total Long-Term Liabilities $580.4M $581.8M $528.0M
YoY Change 2.77% 10.19% 35.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.22M $92.75M $86.00M
Total Long-Term Liabilities $580.4M $581.8M $528.0M
Total Liabilities $672.6M $674.5M $642.7M
YoY Change 2.31% 4.95% 43.16%
SHAREHOLDERS EQUITY
Retained Earnings $83.50M $73.05M
YoY Change 106.29%
Common Stock $9.000K $9.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $97.51M $94.13M
YoY Change
Treasury Stock Shares
Shareholders Equity $198.8M $188.7M $173.9M
YoY Change
Total Liabilities & Shareholders Equity $871.4M $863.3M $816.6M
YoY Change 3.94% 5.72% 35.9%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $10.45M $9.983M $22.46M
YoY Change -53.44% -55.56% 80.51%
Depreciation, Depletion And Amortization $9.400M $9.400M $10.17M
YoY Change 16.05% -7.59% 61.46%
Cash From Operating Activities $28.21M $25.86M $19.15M
YoY Change -23.85% 35.05% -41.21%
INVESTING ACTIVITIES
Capital Expenditures $18.62M $20.18M -$6.469M
YoY Change -194.23% -411.89% -27.27%
Acquisitions
YoY Change
Other Investing Activities -$586.0K $27.52M -$124.4M
YoY Change -95.05% -122.12% 5079.48%
Cash From Investing Activities -$19.20M $7.340M -$130.9M
YoY Change -39.24% -105.61% 1058.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.03M -28.30M 137.0M
YoY Change -11.17% -120.65% -986.96%
NET CHANGE
Cash From Operating Activities 28.21M 25.86M 19.15M
Cash From Investing Activities -19.20M 7.340M -130.9M
Cash From Financing Activities -12.03M -28.30M 137.0M
Net Change In Cash -3.025M 4.905M 25.27M
YoY Change -62.68% -80.59% 333.45%
FREE CASH FLOW
Cash From Operating Activities $28.21M $25.86M $19.15M
Capital Expenditures $18.62M $20.18M -$6.469M
Free Cash Flow $9.589M $5.686M $25.62M
YoY Change -83.12% -77.81% -38.22%

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Description of Business<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%">Accel Entertainment, Inc. (and together with its subsidiaries, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%">the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%">“</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%">Company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%">” or “Accel”)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%"> is a leading distributed gaming operator in the United States. The Company has operations in Illinois, Montana, Nevada, Georgia, Nebraska, Iowa, and Pennsylvania. The Company is subject to the various gaming regulations in the states in which it operates, as well as various other federal, state and local laws and regulations.</span>The Company’s business primarily consists of the installation, maintenance and operation of gaming terminals, redemption devices that disburse winnings and contain automated teller machine (“ATM”) functionality, and other amusement devices in authorized non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. The Company also operates stand-alone ATMs in gaming and non-gaming locations.
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Files In Submission

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