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Dec 31, 2023
Accel Entertainment Q4 2023 Earnings Report
Accel Entertainment reported mixed Q4 2023 results, with revenue increasing but net income decreasing.
Key Takeaways
Accel Entertainment's Q4 2023 saw revenue growth driven by machine acquisitions and same-store sales increases, but net income declined due to increased expenses. The company provided positive forward guidance, expecting continued growth and strategic investments.
Q4 revenue increased by 8.7% to $118.4 million compared to $108.9 million in the prior year.
Net income decreased to $4.4 million from $8.8 million in the prior year.
Adjusted EBITDA increased 7.2% to $24.9 million.
The company provided FY 2024 revenue guidance of $490 million to $505 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Accel Entertainment anticipates continued revenue growth and strategic investments in 2024.
Positive Outlook
- FY 2024 revenue expected to be between $490 million and $505 million.
- Capital expenditures, net of expected consideration from route sales, are expected to be approximately $30 million to $35 million.
- Continued focus on strategic investments and partnerships.
- Expansion into new markets and technologies.
- Expected growth in adjusted EBITDA.
Challenges Ahead
- Anticipate higher interest expense in 2024 as compared to 2023.
- Expected increase in operating expenses related to expansion efforts.
- Potential impact from regulatory changes.
- Increased competition in the distributed gaming market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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