Accel Entertainment, Inc. (NYSE:ACEL) Q4 2023 Earnings Conference Call February 28, 2024 5:30 PM ET

Company Participants

Derek Harmer - General Counsel and Chief Compliance Officer

Andrew Rubenstein - President and Chief Executive Officer

Mathew Ellis - Chief Financial Officer

Conference Call Participants

Steven Pizzella - Deutsche Bank

Chad Beynon - Macquarie Research

Gregory Gibas - Northland Capital Markets

Operator

Hello, everyone. Thank you for attending today's Accel Entertainment Q4 and 2023 Earnings Call. My name is Sierra, and I will be your moderator today. All lines will be muted during the prepared remarks for our management team with an opportunity for questions-and-answers at the end. [Operator Instructions]

I would like to pass the conference over to our host, Derek Harmer.

Derek Harmer

Welcome to Accel Entertainment's fourth quarter and year ended 2023 earnings call. Participating on the call today are Andy Rubenstein, Accel's Chief Executive Officer; and Mat 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 & 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 statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law.

For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release available on our website as well as other risk factor disclosures in our filings with the SEC.

During the call, we may discuss certain non-GAAP financial measures. For reconciliations of the non-GAAP financial measures as well as other information regarding these measures, please refer to our earnings release and other materials in the Investor Relations section of our website.

I will now turn the call over to Andy.

Andrew Rubenstein

Thanks, Derek, and good afternoon, everyone. Thank you for joining us for Accel's fourth quarter and 2023 earnings call. I'm pleased to report we had another record-setting year, with total revenue of $1.2 billion and adjusted EBITDA of $181 million, year-over-year increases of 21% and 12%, respectively.

For the quarter, we reported revenue of $297 million and adjusted EBITDA of $45 million, year-over-year increases of 7% and 3%, respectively. Revenue growth throughout 2023 was driven by the Century acquisition adding new locations and 3% same-store sales growth in Illinois.