Accel Entertainment (ACEL) Reports Q3 Revenues Beat

Accel Entertainment (NYSE: ACEL) reported Q3 revenue for the quarter came in at $136.33 million versus the consensus estimate of $130.39 million.

Accel Q3 2020 Highlights:

• Ended Q3 2020 with 2,363 locations; an increase of 3% compared to Q3 2019
• Ended Q3 2020 with 11,597 VGTs; an increase of 12% compared to Q3 2019
• Q3 2020 Revenue of $136 million, an increase of 35% compared to Q3 2019
• Q3 2020 Adjusted EBITDA of $23 million, an increase of 27% compared to Q3 2019
• Entered into an exclusive agreement with DraftKings
• Redeemed the Pace Public Warrants and completed an exchange offer for nearly all remaining warrants
• Completed underwritten public offering of 9.1 million total shares which raised approximately $90 million

Accel Entertainment CEO Andy Rubenstein commented, “Our third quarter results represent the highest revenue quarter in Accel’s history, demonstrating the resiliency of Accel’s operating model and offering, as well as continued and sustained demand from our loyal players. I am extremely pleased with these results which would not have been possible without our incredible Accel team members who continue to meet and exceed expectations while delivering industry-leading customer service. We continue to benefit from our strong balance sheet which positions Accel to succeed not only today, but puts us in an even stronger position to capitalize on opportunities that may arise in the coming months.”

For earnings history and earnings-related data on Accel Entertainment (ACEL) click here.

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