Accel Entertainment(ACEL) - 2024 Q4 - Annual Results

Financial Performance - Ended Q4 2024 with record revenues of $317.5 million, an increase of 6.9% compared to Q4 2023[3] - Total net revenues for YE 2024 reached $1.2 billion, reflecting a 5.2% increase from YE 2023[3] - Net income for Q4 2024 was $8.4 million, a decrease of 47.5% compared to Q4 2023[3] - Adjusted EBITDA for Q4 2024 was $47.4 million, an increase of 6.2% compared to Q4 2023[3] - Net income for 2024 was $35,291,000, a decrease of $10,312,000 or 22.6% compared to 2023[15] - Adjusted net income for 2024 was $77,089,000, down $5,431,000 or 6.6% from the previous year[15] - Operating income for 2024 was $90,884,000, a decrease of $16,523,000 or 15.4% from $107,407,000 in 2023[30] - Interest expense increased to $35,892,000 in 2024, up $2,748,000 or 8.3% from $33,144,000 in 2023[15] - The company experienced a significant increase in other expenses, net, which rose to $19,339,000, up $12,886,000 or 199.7% from $6,453,000 in 2023[15] Revenue and Assets - Total net revenues increased to $1,230,972,000 in 2024, up $60,552,000 or 5.2% from $1,170,420,000 in 2023[30] - Adjusted EBITDA for 2024 was $189,147,000, reflecting an increase of $7,702,000 or 4.2% from $181,445,000 in 2023[15] - Total assets increased to $1,048,398,000 in 2024 from $912,893,000 in 2023, representing a growth of approximately 15%[32] - Current assets rose to $326,152,000 in 2024, up from $312,594,000 in 2023, an increase of about 4.5%[32] - Total stockholders' equity increased to $255,029,000 in 2024, compared to $198,404,000 in 2023, reflecting a growth of approximately 28.5%[32] - Cash and cash equivalents grew to $281,305,000 in 2024, up from $261,611,000 in 2023, marking an increase of about 7.5%[32] - Total noncurrent assets increased to $414,249,000 in 2024 from $339,486,000 in 2023, representing a growth of about 22%[32] Liabilities and Debt - Net debt increased to $314 million, an 11.8% rise compared to Q4 2023[3] - Net debt as of December 31, 2024, was $314,074,000, an increase from $280,963,000 in 2023[16] - Long-term liabilities rose to $670,738,000 in 2024 from $604,839,000 in 2023, indicating an increase of approximately 10.9%[32] - Total current liabilities increased to $118,353,000 in 2024, up from $109,650,000 in 2023, reflecting a growth of about 7.5%[32] Share Repurchase and Acquisitions - The company repurchased approximately $4.0 million of Class A-1 common stock in Q4 2024[3] - The Board approved a replenishment of the share repurchase program to $200 million[3] - The company repurchased a total of 13,855,897 shares for $143.6 million under its share repurchase program as of December 31, 2024[17] - The acquisition of Toucan Gaming in Louisiana was completed on November 1, 2024, expanding market presence[3] - The acquisition of FanDuel Sportsbook & Horse Racing was finalized on December 2, 2024, with construction on Phase I of the casino underway[3] Growth Metrics - The company ended Q4 2024 with 4,117 locations, a 3.9% increase from Q4 2023[3] - Accumulated earnings grew to $134,736,000 in 2024, compared to $99,484,000 in 2023, indicating an increase of approximately 35.4%[32] - Goodwill increased to $116,252,000 in 2024, compared to $101,554,000 in 2023, representing a growth of about 14.5%[32] - Additional paid-in capital rose to $221,625,000 in 2024 from $203,046,000 in 2023, an increase of approximately 9.2%[32]