Accel Entertainment reported a 13% increase in revenue for the second quarter, with CEO Andy Rubenstein reiterating his belief in the company’s “locally focused business model.”
Accel generated $227.9 million in revenue in the second quarter, an increase both sequentially and year over year. Revenue has increased by $30 million compared to Q1 and by more than $25 million compared to the same period last year.
Accel earned $22.5 million in net income, an increase of 81% over the $12.4 million earned last year and 42% over the net income earned in Q1.
Adjusted EBITDA, on the other hand, was slightly lower year on year. This decreased by 0.6%, from $43 million to $42.7 million.
“We are pleased with our performance this quarter and remain committed to executing our growth strategy,” Rubenstein said.
“We remain confident that our locally focused business model creates a platform for outperformance in difficult times while also thriving in normal times.”
“We intend to continue our expansion and return capital to shareholders by leveraging our proven business model and extremely strong financial position.”
Meanwhile, Accel’s second quarter revenue totaled $424.8 million, a 22% increase over the previous quarter. The company’s half-year adjusted EBITDA increased from $68.8 million to $78 million, while net income increased 174% from $13.9 million to $38.3 million.
Accel also completed its $164.2 million acquisition of Century Gaming in Q2. With this in mind, Accel released pro forma full-year estimates, including updated revenue guidance of $1.07 billion to $1.13 billion. It also expects to have 3,550 to 3,600 locations and 22,700 to 23,200 gaming terminals by the end of 2022.