Q1 2024 Accel Entertainment Inc Earnings Call Transcript
Key Points
- Accel Entertainment Inc (ACEL) reported a revenue of $302 million, marking a year-over-year increase of 2.9%.
- Adjusted EBITDA for the quarter was $46 million, a slight increase of 0.3% year-over-year.
- The company has expanded its operational footprint by adding new locations in Illinois and Nebraska, contributing to revenue growth.
- Accel Entertainment Inc (ACEL) continues to maintain a strong balance sheet with $553 million of liquidity, enhancing its financial stability.
- The company is actively pursuing growth opportunities and remains optimistic about future expansions across multiple markets.
- Accel Entertainment Inc (ACEL) experienced negative same-store sales growth in Illinois, primarily due to unfavorable weather conditions in January.
- The company noted a cautious approach towards adding new locations due to economic pressures on business owners, potentially slowing down expansion.
- Capital expenditures for the quarter were high at $21 million, mainly due to payments of outstanding invoices from the previous year.
- While there is active legislation in various states that could benefit the company, the probability of favorable outcomes remains uncertain and below 50% in the next two years.
- Revenue growth, although positive, was modest at 2.9%, indicating potential challenges in significantly boosting revenue streams.
Everyone. Thank you for attending today's Accel Entertainment Q1 2024 earnings call. My name is Sarah, and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers. (Operator Instructions) I would like to pass the conference over to our host, Derek Harmon.
Welcome to Accel Entertainment's first quarter 2024 earnings call. Participating on the call today are Andy Rubenstein, Accel's Chief Executive Officer; and Matt Ellis, Accel's Chief Financial Officer. Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under Events and Presentations within the Investor Relations section of our website.
Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking
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