0001698991-23-000039 | 10-Q | XBRL Viewer

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Gaming terminals and equipment	$	328,415	$	294,944
Amusement and other equipment	26,723		25,807
Office equipment and furniture	2,826		2,534
Computer equipment and software	19,564		18,526
Leasehold improvements	7,536		6,996
Vehicles	18,605		16,293
Buildings and improvements	11,993		11,945
Land	1,649		1,143
Construction in progress	2,267		647
Total property and equipment	419,578		378,835
Less accumulated depreciation and amortization	(183,896)		(166,991)
Property and equipment, net	$	235,682	$	211,844

Location Contracts Acquired

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Location Contracts Acquired

Location contract assets acquired in business acquisitions are recorded at acquisition at fair value based on an income approach. Location contracts acquired consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Cost	$	283,796	$	282,653
Accumulated amortization	(101,836)		(93,310)
Location contracts acquired, net	$	181,960	$	189,343

Amortization expense of location contracts acquired was $4.2 million and $8.5 million for the three and six months ended June 30, 2023, respectively. In comparison, amortization expense of location contracts acquired was $3.3 million and $6.6 million for the three and six months ended June 30, 2022, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 19,165	$ 38,252
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	18,509	12,439
Amortization of intangible assets and route and customer acquisition costs	10,526	7,122
Amortization of debt issuance costs	893	1,194
Loss (gain) on change in fair value of contingent earnout shares	9,438	(9,139)
Stock-based compensation	4,255	3,886
Gain on disposal of property and equipment	(37)	(629)
Net loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable	483	288
Remeasurement of contingent consideration	196	(1,143)
Payments on consideration payable	(1,561)	(1,649)
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration	771	1,402
Deferred income taxes	6,342	7,199
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(405)	(756)
Accounts receivable, net	1,453	301
Inventories	(366)	294
Income taxes receivable	(371)	(1,475)
Route and customer acquisition costs	(1,226)	(2,612)
Route and customer acquisition costs payable	(690)	750
Accounts payable and accrued expenses	2,201	(12,679)
Accrued compensation and related expenses	(2,568)	(1,450)
Other assets	(3,163)	(384)
Net cash provided by operating activities	63,845	41,211
Cash flows from investing activities:
Purchases of property and equipment	(41,637)	(13,221)
Proceeds from the sale of property and equipment	1,142	1,406
Proceeds from the settlement of convertible notes	32,065	0
Advances against a portion of the purchase price on pending business acquisition	(3,700)	0
Business and asset acquisitions, net of cash acquired	(4,115)	(125,452)
Net cash used in investing activities	(16,245)	(137,267)
Cash flows from financing activities:
Proceeds from debt	115,000	169,000
Payments on debt	(139,250)	(13,125)
Payments for repurchase of common stock	(12,313)	(36,931)
Payments on interest rate caplets	(481)	(394)
Proceeds from exercise of stock-based awards	0	353
Payments on consideration payable	(354)	(1,406)
Tax withholding on stock-based payments	(881)	(59)
Net cash (used in) provided by financing activities	(38,279)	117,438
Net increase in cash and cash equivalents	9,321	21,382
Cash and cash equivalents:
Beginning of period	224,113	198,786
End of period	233,434	220,168
Cash payments for:
Interest	15,035	6,268
Income taxes	6,200	6,228
Supplemental schedules of noncash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued liabilities	10,346	8,079
Deferred premium on interest rate caplets	2,544	3,504
Fair value of treasury stock issued in business combination	0	5,584
Purchase of treasury shares in accounts payable and accrued expense	0	2,500
Acquisition of businesses and assets:
Total identifiable net assets acquired	4,115	164,265
Less cash acquired	0	(33,229)
Less fair value of treasury stock issued	0	(5,584)
Cash purchase price	$ 4,115	$ 125,452

Business and Asset Acquisitions - Consideration Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Current	$ 7,497	$ 7,647
Long-Term	5,945	6,872
TAV
Business Acquisition [Line Items]
Current	1,509	1,025
Long-Term	970	1,918
Fair Share Gaming
Business Acquisition [Line Items]
Current	661	951
Long-Term	162	175
Family Amusement
Business Acquisition [Line Items]
Current	2,077	2,032
Long-Term	0	0
Skyhigh
Business Acquisition [Line Items]
Current	596	606
Long-Term	4,813	4,779
G3
Business Acquisition [Line Items]
Current	0	433
Long-Term	0	0
VVS
Business Acquisition [Line Items]
Current	2,496	2,442
Long-Term	0	0
Tom's Amusements
Business Acquisition [Line Items]
Current	58	58
Long-Term	0	0
Island
Business Acquisition [Line Items]
Current	100	100
Long-Term	$ 0	$ 0

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 419,578		$ 419,578		$ 378,835
Less accumulated depreciation and amortization	(183,896)		(183,896)		(166,991)
Property and equipment, net	235,682		235,682		211,844
Depreciation and amortization of property and equipment	9,400	$ 6,600	18,509	$ 12,439
Gaming terminals and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	328,415		328,415		294,944
Amusement and other equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	26,723		26,723		25,807
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,826		2,826		2,534
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,564		19,564		18,526
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,536		7,536		6,996
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,605		18,605		16,293
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,993		11,993		11,945
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,649		1,649		1,143
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,267		$ 2,267		$ 647

Fair Value Measurements - Narrative (Details)	6 Months Ended
Fair Value Measurements - Narrative (Details)	Jun. 30, 2023 USD ($) shares
Fair Value Disclosures [Abstract]
Warrants outstanding (in shares) \| shares	5,144
Transfers into Level 3	$ 0
Transfers out of Level 3	$ 0

Route and Customer Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Route and Customer Acquisition Costs

Route and customer acquisition costs consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Cost	$	32,306	$	31,805
Accumulated amortization	(14,003)		(13,463)
Route and customer acquisition costs, net	$	18,303	$	18,342

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables summarize the Company’s assets that are measured at fair value on a recurring basis (in thousands):


			Fair Value Measurement at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:

Interest rate caplets	19,280		—		19,280		—
Total	$	19,280	$	—	$	19,280	$	—


			Fair Value Measurement at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Investment in convertible notes	$	32,065	$	—	$	—	$	32,065
Interest rate caplets	19,919		—		19,919		—
Total	$	51,984	$	—	$	19,919	$	32,065

Schedule of Liabilities Measured on a Recurring Basis

The following tables summarizes the Company’s liabilities that are measured at fair value on a recurring basis (in thousands):


			Fair Value Measurement at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	8,886	$	—	$	—	$	8,886
Contingent earnout shares	32,726		—		32,726		—
Warrants	13		—		13		—
Total	$	41,625	$	—	$	32,739	$	8,886


			Fair Value Measurement at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	9,543	$	—	$	—	$	9,543
Contingent earnout shares	23,288		—		23,288		—
Warrants	13		—		13		—
Total	$	32,844	$	—	$	23,301	$	9,543

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

The Company’s debt as of June 30, 2023, and December 31, 2022, consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Senior Secured Credit Facility:
Revolving credit facility	$	8,000	$	121,000
Term Loan	319,375		328,125
Delayed Draw Term Loan	193,750		96,250
Total debt on credit facility	521,125		545,375
Add: Interest rate caplet liability	2,544		3,025
Less: Debt issuance costs	(5,476)		(6,368)
Total debt, net of debt issuance costs	518,193		542,032
Less: Current maturities	(28,472)		(23,466)
Total debt, net of current maturities	$	489,721	$	518,566

On June 7, 2023, in order to replace the referenced LIBOR interest rate in the Company’s existing credit agreement (as amended, the “Credit Agreement”) with SOFR, the Company and the other parties thereto entered into Amendment No. 3 to the Credit Agreement (“Amendment No. 3”). Under Amendment No. 3, borrowings under the Credit Agreement beginning on June 14, 2023 will bear interest, at the Company’s option, at a rate per annum equal to either (a) the Adjusted Term SOFR (which cannot be less than 0.5%) for interest periods of 1, 2, 3 or 6 months (or if consented to by (i) each applicable lender, 12 months or any period shorter than 1 month or (ii) the administrative agent, a shorter period necessary to ensure that the end of the relevant interest period would coincide with any required amortization payment) plus the applicable SOFR margin or (b) the alternative base rate (“ABR”) plus the applicable ABR margin. ABR is a fluctuating rate per annum equal to the highest of (i) the Federal Funds Effective Rate plus 1/2 of 1.0%, (ii) the prime rate announced from time to time by Capital One, National Association or (iii) SOFR for a 1-month interest period on such day plus 1.0%. As of June 30, 2023, the weighted-average interest rate was approximately 7.0%.

Interest is payable quarterly in arrears for ABR loans, at the end of the applicable interest period for SOFR loans (but not less frequently than quarterly) and upon the prepayment or maturity of the underlying loans. The Company is required to pay a commitment fee quarterly in arrears in respect of unused commitments under the revolving credit facility and the delayed draw term loan facility.

The applicable SOFR and ABR margins and the commitment fee rate are calculated based upon the first lien net leverage ratio of the Company and its restricted subsidiaries on a consolidated basis, as defined in the Credit Agreement. The revolving loans and term loans bear interest at either (a) ABR (150 bps floor) plus a margin up to 1.75% or (b) SOFR (50 bps floor) plus a margin up to 2.75%, at the option of the Company.

The term loans and the additional term loans will amortize at an annual rate equal to approximately 5.00% per annum. Upon the consummation of certain non-ordinary course asset sales, the Company may be required to apply the net cash proceeds thereof to prepay outstanding term loans and additional term loans. The loans under the Credit Agreement may be prepaid without premium or penalty, subject to customary SOFR “breakage” costs.

The Credit Agreement contains certain customary affirmative and negative covenants and events of default and requires the Company and certain of its affiliates obligated under the Credit Agreement to make customary representations and warranties in connection with credit extensions thereunder.

Interest rate caplets

The Company manages its exposure to some of its interest rate risk through the use of interest rate caplets, which are derivative financial instruments. On January 12, 2022, the Company hedged the variability of the cash flows attributable to changes in interest rates on the first $300 million of the term loan under the Credit Agreement by entering into a 4-year series of 48 deferred premium caplets (“caplets”). In connection with the entry into Amendment No. 3, the referenced rate in the caplets was simultaneously changed from LIBOR to SOFR.

The Company recognized an unrealized gain on the change in fair value of the caplets of $2.1 million and an unrealized loss of $0.1 million, net of taxes, for the three and six months ended June 30, 2023, respectively. In comparison, the Company recognized an unrealized gain on the change in fair value of the caplets of $1.9 million and $6.8 million, net of taxes, for the three and six months ended June 30, 2022, respectively. For more information on how the Company determines the fair value of the caplets, see Note 12. Further, as the 1-month LIBOR/SOFR interest rate exceeded 2% beginning in the second half of 2022, the Company recognized interest income on the caplets of $2.3 million and $4.2 million for the three and six months ended June 30, 2023, respectively, which is reflected in interest expense, net in the condensed consolidated statements of operations and other comprehensive income.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Fair Value Measurements - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caplets	$ 9,603	$ 8,555
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in convertible notes		32,065
Interest rate caplets	19,280	19,919
Total	19,280	51,984
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in convertible notes		0
Interest rate caplets	0	0
Total	0	0
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in convertible notes		0
Interest rate caplets	19,280	19,919
Total	19,280	19,919
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in convertible notes		32,065
Interest rate caplets	0	0
Total	$ 0	$ 32,065

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recognized income tax expense of $6.1 million and $12.1 million for the three and six months ended June 30, 2023, respectively. In comparison, income tax expense was $6.8 million and $11.6 million for the three and six months ended June 30, 2022, respectively. The Company calculates its provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate to its year-to-date pretax book income or loss. The effective tax rate (income taxes as a percentage of income before income taxes) was 37.9% and 38.7% for the three and six months ended June 30, 2023, respectively. In comparison, the effective tax rate was 23.2% and 23.3% for the three and six months ended June 30, 2022, respectively. The Company’s effective income tax rate can vary from period to period depending on, among other factors, the amount of permanent tax adjustments and discrete items. The change in the fair value of the contingent earnout shares is considered a discrete item for income tax purposes and was the primary driver for the fluctuations in the tax rate year over year.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Investment in Convertible Notes	6 Months Ended
Investment in Convertible Notes	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investment in Convertible Notes	Investment in Convertible Notes On July 19, 2019, the Company entered into an agreement to purchase up to $30.0 million in convertible notes from Gold Rush Amusements, Inc. (“Gold Rush”), another terminal operator in Illinois, that bore interest at 3% per annum through December 31, 2021. The convertible notes each included an option to convert the notes to common stock of Gold Rush prior to the maturity date upon written notice from the Company. At closing, the Company purchased a $5.0 million convertible promissory note which was subordinated to Gold Rush’s credit facility and matured six months following the satisfaction of administrative conditions. On October 11, 2019, the Company purchased an additional $25.0 million convertible note which was also subordinated to Gold Rush’s credit facility and, beginning on July 1, 2020, the balance of this note, if not previously converted, was payable in equal $1,000,000 monthly installments until all principal has been repaid in full. On July 30, 2021, the Company provided notice to Gold Rush that it was exercising its rights under each of the convertible notes to convert the entire aggregate principal amount and accrued interest into common stock of Gold Rush, subject to approval from the Illinois Gaming Board (“IGB”) to transfer the common stock to the Company and receipt of other customary closing deliverables. On December 2, 2021, the Company received notice from the administrator of the IGB that he was denying the requested transfer of Gold Rush common stock to the Company and the IGB affirmed the administrator’s denial on January 27, 2022. Based on the IGB denying the Company’s request to transfer Gold Rush common stock despite the Company’s unilateral conversion rights, the convertible notes were accounted for as available for sale debt securities, at fair value, with gains and losses recorded in other comprehensive income (loss). As such, the Gold Rush convertible notes were deemed in default for disclosure and presentation purposes, assuming non-conversion of the convertible notes, as no repayment or installment payments were received. The Company classified the entire $32.1 million accounting fair value of the convertible notes as current on the condensed consolidated balance sheets as of December 31, 2022 as the Company had expected to resolve this matter within the next year. For more information on how the Company determined the fair value of the convertible notes, see Note 12. On May 31, 2023, the Company and Gold Rush entered into a settlement agreement which resolved any and all lawsuits and all outstanding obligations under the convertible notes. As part of the settlement, the Company received $32.5 million from Gold Rush in June 2023, which included the repayment of the face value of the convertible notes plus accrued interest as well as a $0.4 million prepayment on future amounts due. In addition, the Company has recorded a receivable from Gold Rush of $1.3 million which represents the present value of the remaining $1.5 million due from Gold Rush by May 2025, and is presented within other assets in the condensed consolidated balance sheets. The Company also recorded a gain of $1.7 million to other expense, net on the condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2023.

Debt - Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt on credit facility	$ 521,125	$ 545,375
Add: Interest rate caplet liability	2,544	3,025
Less: Debt issuance costs	(5,476)	(6,368)
Total debt, net of debt issuance costs	518,193	542,032
Less: Current maturities	(28,472)	(23,466)
Total debt, net of current maturities	489,721	518,566
Credit Agreement, Amendment 1 \| Revolving credit facility
Debt Instrument [Line Items]
Total debt on credit facility	8,000	121,000
Credit Agreement, Amendment 1 \| Term Loan
Debt Instrument [Line Items]
Total debt on credit facility	319,375	328,125
Credit Agreement, Amendment 1 \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Total debt on credit facility	$ 193,750	$ 96,250

Commitments and Contingencies (Details) $ in Millions			6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jul. 06, 2023 USD ($)	Dec. 18, 2020 USD ($)	Jun. 30, 2023 USD ($) defendant	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Number of defendant establishments \| defendant			10
Estimated loss			$ 1.2	$ 1.0
Loss contingency, loss in period				1.0
Other Expense
Loss Contingencies [Line Items]
Payments for legal settlements				$ 1.6
IGB Complaint
Loss Contingencies [Line Items]
Damages sought		$ 5.0
IGB Complaint \| Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements	$ 1.1
Litigation settlement, amount	1.0
Reimbursement of administrative and investigative costs	$ 0.1

Location Contracts Acquired - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0.6		$ 1.2
Location Contract
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 4.2	$ 3.3	$ 8.5	$ 6.6

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows (in thousands):


	June 30, 2023		December 31, 2022
Raw materials and manufacturing supplies	$	6,026	$	4,977
Finished products	1,287		1,964
Total inventories	$	7,313	$	6,941

As of June 30, 2023 and December 31, 2022, no inventory valuation allowance was determined to be necessary.

Business and Asset Acquisitions - Narrative (Details) $ in Thousands							6 Months Ended
	Jul. 28, 2023 USD ($)	Feb. 13, 2023 USD ($)	Dec. 15, 2022 USD ($) location gaming_terminal	Sep. 09, 2022 USD ($) location	Aug. 01, 2022 USD ($) location	Jun. 01, 2022 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill							$ 101,554		$ 100,707
Cash purchase price							4,115	$ 125,452
Subsequent Event
Business Acquisition [Line Items]
Additional advance paid	$ 800
Rendezvous Casino and Burger Bar
Business Acquisition [Line Items]
Total purchase price		$ 2,600
Indefinite-lived intangible assets totaling		800
Property and equipment		500
Buildings totaling		400
Gaming equipment totaling		100
Goodwill		800
Consideration transferred		$ 2,600
Pending Acquisition
Business Acquisition [Line Items]
Escrow deposit							3,700
DEP, Inc.
Business Acquisition [Line Items]
Number of video gaming terminals \| gaming_terminal			300
Consideration transferred			$ 6,400
Gaming terminals and equipment totaling			900
Location contracts totaling			4,300
Goodwill totaling			$ 1,200
DEP, Inc. \| Montana
Business Acquisition [Line Items]
Number of locations \| location			26
River City
Business Acquisition [Line Items]
Number of locations \| location				120
Consideration transferred				$ 2,800
Gaming terminals and equipment totaling				100
Location contracts totaling				1,700
Amusement and other equipment totaling				900
Cash and cash equivalents				$ 100
VVS
Business Acquisition [Line Items]
Number of locations \| location					250
Consideration transferred					$ 12,000
Gaming terminals and equipment totaling					900
Location contracts totaling					7,200
Amusement and other equipment totaling					3,900
Cash purchase price					9,500
Contingent consideration					$ 2,500
Contingent consideration							$ 2,500		$ 2,400
Century
Business Acquisition [Line Items]
Indefinite-lived intangible assets totaling						$ 40,400
Goodwill						53,356
Consideration transferred						164,265
Cash and cash equivalents						33,229
Cash paid						158,681
Business combination, consideration transferred, liabilities incurred						113,200
Fair value of stock issued						5,584
Century \| Revolving credit facility \| Revolving Credit Facility and Delayed Draw Term Loan \| Revolving credit facility
Business Acquisition [Line Items]
Proceeds from long-term lines of credit						$ 160,000
Century \| Class A-1 Common Stock
Business Acquisition [Line Items]
Shares issued in transaction (in shares) \| shares						515,622
Century \| Equity Shareholders
Business Acquisition [Line Items]
Cash paid						$ 45,500

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

Total net revenues for the three and six months ended June 30, is disaggregated in the following table by the primary states in which the Company operates given the geographic economic factors that affect the revenues in the states.


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net revenues by state:
Illinois	$	215,947	$	205,962	$	435,790	$	400,821
Montana	39,275		10,825		75,726		10,825
Nevada	29,869		8,920		59,830		8,920
Other	7,556		2,162		14,509		4,194
Total net revenues	$	292,647	$	227,869	$	585,855	$	424,760

Stockholders' Equity (Details) $ in Thousands		3 Months Ended				6 Months Ended	19 Months Ended
Stockholders' Equity (Details) $ in Thousands	Sep. 28, 2020 vote	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Nov. 22, 2021 USD ($)
Class of Warrant or Right [Line Items]
Stock repurchase program, authorized amount (up to)								$ 200,000
Repurchase of common stock (in shares) \| shares						1,363,892	9,709,175
Repurchase of common stock		$ 8,230	$ 4,206	$ 25,498	$ 13,934	$ 12,300	$ 100,300
Class A-1 Common Stock
Class of Warrant or Right [Line Items]
Common stock , voting rights, votes per share \| vote	1

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessAccel Entertainment, Inc. (and together with its subsidiaries, the “Company” or “Accel”) is a leading distributed gaming operator in the United States. The Company has operations in Illinois, Montana, Nevada, Georgia, Nebraska, Iowa, and Pennsylvania. The Company is subject to the various gaming regulations in the states in which it operates, as well as various other federal, state and local laws and regulations.The Company’s business primarily consists of the installation, maintenance and operation of gaming terminals, redemption devices that disburse winnings and contain automated teller machine (“ATM”) functionality, and other amusement devices in authorized non-casino locations such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores. The Company also operates stand-alone ATMs in gaming and non-gaming locations.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		93,410,563
Beginning balance at Dec. 31, 2021	$ 158,461	$ 9	$ 187,656	$ (8,983)	$ 0	$ (20,221)
Beginning balance (in shares) at Dec. 31, 2021				(701,305)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(1,087,990)		(1,087,990)
Repurchase of common stock	(13,934)			$ (13,934)
Stock-based compensation	1,605		1,605
Exercise of stock-based awards, net of shares withheld (in shares)		161,969
Exercise of stock-based awards, net of shares withheld	38		38
Unrealized gain (loss) on interest rate caplets	4,864				4,864
Net income	15,788					15,788
Ending balance (in shares) at Mar. 31, 2022		92,484,542
Ending balance at Mar. 31, 2022	166,822	$ 9	189,299	$ (22,917)	4,864	(4,433)
Ending balance (in shares) at Mar. 31, 2022				(1,789,295)
Beginning balance (in shares) at Dec. 31, 2021		93,410,563
Beginning balance at Dec. 31, 2021	158,461	$ 9	187,656	$ (8,983)	0	(20,221)
Beginning balance (in shares) at Dec. 31, 2021				(701,305)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on interest rate caplets	6,771
Net income	38,252
Ending balance (in shares) at Jun. 30, 2022		90,759,331
Ending balance at Jun. 30, 2022	173,875	$ 9	191,190	$ (42,126)	6,771	18,031
Ending balance (in shares) at Jun. 30, 2022				(3,600,086)
Beginning balance (in shares) at Mar. 31, 2022		92,484,542
Beginning balance at Mar. 31, 2022	166,822	$ 9	189,299	$ (22,917)	4,864	(4,433)
Beginning balance (in shares) at Mar. 31, 2022				(1,789,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(2,326,413)		(2,326,413)
Repurchase of common stock	(25,498)			$ (25,498)
Reissuance of treasury stock in business combination (in shares)		515,622		515,622
Reissuance of treasury stock in business combination	5,584		(705)	$ 6,289
Stock-based compensation	2,281		2,281
Exercise of stock-based awards, net of shares withheld (in shares)		85,580
Exercise of stock-based awards, net of shares withheld	315		315
Unrealized gain (loss) on interest rate caplets	1,907				1,907
Net income	22,464					22,464
Ending balance (in shares) at Jun. 30, 2022		90,759,331
Ending balance at Jun. 30, 2022	173,875	$ 9	191,190	$ (42,126)	6,771	18,031
Ending balance (in shares) at Jun. 30, 2022				(3,600,086)
Beginning balance (in shares) at Dec. 31, 2022		86,674,390
Beginning balance at Dec. 31, 2022	178,590	$ 9	194,157	$ (81,697)	12,240	53,881
Beginning balance (in shares) at Dec. 31, 2022				(7,829,661)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(476,718)		(476,718)
Repurchase of common stock	(4,206)			$ (4,206)
Stock-based compensation	1,688		1,688
Exercise of stock-based awards, net of shares withheld (in shares)		247,153
Exercise of stock-based awards, net of shares withheld	(602)		(602)
Unrealized gain (loss) on interest rate caplets	(2,166)				(2,166)
Net income	9,182					9,182
Ending balance (in shares) at Mar. 31, 2023		86,444,825
Ending balance at Mar. 31, 2023	182,486	$ 9	195,243	$ (85,903)	10,074	63,063
Ending balance (in shares) at Mar. 31, 2023				(8,306,379)
Beginning balance (in shares) at Dec. 31, 2022		86,674,390
Beginning balance at Dec. 31, 2022	$ 178,590	$ 9	194,157	$ (81,697)	12,240	53,881
Beginning balance (in shares) at Dec. 31, 2022				(7,829,661)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)	(1,363,892)
Repurchase of common stock	$ (12,300)
Unrealized gain (loss) on interest rate caplets	(104)
Net income	19,165
Ending balance (in shares) at Jun. 30, 2023		85,605,725
Ending balance at Jun. 30, 2023	188,748	$ 9	197,690	$ (94,133)	12,136	73,046
Ending balance (in shares) at Jun. 30, 2023				(9,193,553)
Beginning balance (in shares) at Mar. 31, 2023		86,444,825
Beginning balance at Mar. 31, 2023	182,486	$ 9	195,243	$ (85,903)	10,074	63,063
Beginning balance (in shares) at Mar. 31, 2023				(8,306,379)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(887,174)		(887,174)
Repurchase of common stock	(8,230)			$ (8,230)
Stock-based compensation	2,567		2,567
Exercise of stock-based awards, net of shares withheld (in shares)		48,074
Exercise of stock-based awards, net of shares withheld	(120)		(120)
Unrealized gain (loss) on interest rate caplets	2,062				2,062
Net income	9,983					9,983
Ending balance (in shares) at Jun. 30, 2023		85,605,725
Ending balance at Jun. 30, 2023	$ 188,748	$ 9	$ 197,690	$ (94,133)	$ 12,136	$ 73,046
Ending balance (in shares) at Jun. 30, 2023				(9,193,553)

Business and Asset Acquisitions - Narrative, Asset Acquisition (Details) - Illinois Gaming Entertainment $ in Millions	May 23, 2023 USD ($) location
Asset Acquisition [Line Items]
Number of locations \| location	4
Asset acquisition, consideration transferred	$ 1.5
Location Contracts
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred	1.1
Gaming Equipment
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 0.4

Contingent Earnout Share Liability	6 Months Ended
Contingent Earnout Share Liability	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Contingent Earnout Share Liability	Contingent Earnout Share Liability Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, the Company authorized and has available for issuance 10,000,000 shares of Class A-2 Common Stock. The holders of the Class A-2 Common Stock do not have voting rights and are not entitled to receive or participate in any dividends or distributions when and if declared from time to time. The Company concluded that the Class A-2 Common Stock should be reflected as a contingent earnout share liability due to the fact that such shares are not entitled to dividends, voting rights, or a stake in the Company in the case of liquidation. The contingent earnout share liability is recorded at fair value. For more information on how the fair value is determined, see Note 12. In 2019, 5,000,000 shares of Class A-2 Common Stock were issued, subject to the conditions set forth in a restricted stock agreement (the “Restricted Stock Agreement”), which sets forth the terms upon which the Class A-2 Common Stock will be exchanged for an equal number of validly issued, fully paid and non-assessable Class A-1 Common Stock. The exchange of Class A-2 Common Stock for Class A-1 Common Stock will be subject to the terms and conditions set forth in the Restricted Stock Agreement, with such exchanges occurring in three separate tranches upon the satisfaction of the specified triggers, based either on the Company achieving certain last twelve month EBITDA (“LTM EBITDA”) thresholds in certain periods or the closing sale price of Class A-1 Common Stock exceeding certain prices over certain trading periods. In 2020, the market condition for the settlement of Tranche I was satisfied. As a result, 1,666,636 shares of the 1,666,666 shares of Class A-2 Common Stock were converted into Class A-1 Common Stock. The current thresholds, as approved by a disinterested committee of the Company's board of directors made up of independent directors who do not hold any Class A-2 Common Stock, for the remaining two Tranches are as follows: •Tranche II, equal to 1,666,667 shares of Class A-2 Common Stock, will be exchanged for Class A-1 Common Stock if either (i) the LTM EBITDA threshold as of June 30, 2023 is $177.4 million; or (ii) the closing sale price of Class A-1 Common Stock on the New York Stock Exchange (“NYSE”) equals or exceeds $14.00 for at least twenty trading days in any consecutive thirty trading day period; and •Tranche III, equal to 1,666,667 shares of Class A-2 Common Stock, will be exchanged for Class A-1 Common Stock if either (i) the LTM EBITDA threshold (A) as of December 31, 2023 is $198.5 million and (B) March 31, 2024 or June 30, 2024 is $198.6 million or (ii) the closing sale price of Class A-1 Common Stock on the NYSE equals or exceeds $16.00 for at least twenty trading days in any consecutive thirty trading day period.

Business and Asset Acquisitions - Unaudited Pro Forma Results (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Revenues	$ 292,644	$ 533,389
Net income	$ 23,207	$ 38,806

Fair Value Measurements - Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 8,886	$ 9,543
Contingent earnout shares	32,726	23,288
Warrants	13	13
Total	41,625	32,844
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Contingent earnout shares	0	0
Warrants	0	0
Total	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Contingent earnout shares	32,726	23,288
Warrants	13	13
Total	32,739	23,301
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	8,886	9,543
Contingent earnout shares	0	0
Warrants	0	0
Total	$ 8,886	$ 9,543

Inventories (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and manufacturing supplies	$ 6,026,000	$ 4,977,000
Finished products	1,287,000	1,964,000
Total inventories	7,313,000	6,941,000
Inventory valuation reserves	$ 0	$ 0

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lawsuits and claims are filed against the Company from time to time in the ordinary course of business, including related to employee matters, employment of professionals and non-compete clauses and agreements. Other than settled matters explained as follows, these actions are in various stages, and no judgments or decisions have been rendered. Management, after reviewing matters with legal counsel, believes that the outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. Accel has been involved in a series of related litigated matters stemming from claims that Accel wrongly contracted with 10 different licensed establishments (the “Defendant Establishments”) in 2012 in violation of the contractual rights held by J&J Ventures Gaming, LLC (“J&J”), as further described below. On August 21, 2012, one of the Company’s operating subsidiaries entered into certain agreements with Jason Rowell (“Rowell”), a member of Action Gaming LLC (“Action Gaming”), which was an unlicensed terminal operator that had exclusive rights to place and operate gaming terminals within a number of establishments, including the Defendant Establishments. Under agreements with Rowell, the Company agreed to pay him for each licensed establishment which decided to enter into an exclusive location agreement with Accel. In late August and early September 2012, each of the Defendant Establishments signed a separate location agreement with the Company, purporting to grant the Company the exclusive right to operate gaming terminals in those establishments. Separately, on August 24, 2012, Action Gaming sold and assigned its rights to all its location agreements to J&J, including its exclusive rights with the Defendant Establishments (the “J&J Assigned Agreements”). At the time of the assignment of such rights to J&J, the Defendant Establishments were not yet licensed by the IGB. Action Gaming, J&J, and other parties, collectively, the Plaintiffs, filed a complaint against the Company, Rowell, and other parties in the Circuit Court of Cook County, Illinois (the “Circuit Court”), on August 31, 2012, as amended on November 1, 2012, December 19, 2012, and October 3, 2013, alleging, among other things, that Accel aided and abetted Rowell in breaches of his fiduciary duties and contractual obligations with Action Gaming and tortiously interfered with Action Gaming’s contracts with Rowell and agreements assigned to J&J. The complaint seeks damages and injunctive and equitable relief. On January 24, 2018, the Company filed a motion to dismiss for lack of subject matter jurisdiction, as further described below. On May 14, 2018, the Circuit Court denied the Company’s motion to dismiss and granted a stay to the case, pending a ruling from the IGB on the validity of the J&J Assigned Agreements. From 2013 to 2015, the Plaintiffs filed additional claims, including J&J Ventures Gaming, LLC et al. v. Wild, Inc. (“Wild”), in various circuit courts seeking declaratory judgments with a number of establishments, including each of the Defendant Establishments, requesting declarations that, among other things, J&J held the exclusive right to operate gaming terminals at each of the Defendant Establishments as a result of the J&J Assigned Agreements. The Company was granted leave to intervene in all of the declaratory judgments. The circuit courts found that the J&J Assigned Agreements were valid because each of the underlying location agreements were between an unlicensed establishment and an unlicensed terminal operator, and therefore did not constitute use agreements that were otherwise precluded from assignment under the IGB’s regulations. Upon the Company’s appeal, the Illinois Appellate Court, Fifth District (the “District Court”), vacated the circuit courts’ judgments and dismissed the appeals, holding that the IGB had exclusive jurisdiction over the matter that formed the basis of the parties’ claims, and declined to consider the merits of the parties’ disputes. On September 22, 2016, and after the IGB intervened, the Supreme Court of Illinois issued a judgment in Wild, affirming the District Court’s decision vacating the circuit courts’ judgments for lack of subject matter jurisdiction and dismissing the appeals, determining that the IGB has exclusive jurisdiction to decide the validity and enforceability of gaming terminal use agreements. Between May 2017 and September 2017, both the Company and J&J filed petitions with the IGB seeking adjudication of the rights of the parties and the validity of the use agreements. Those petitions were recently adjudicated by the IGB, largely in the Company’s favor, and J&J has filed a new lawsuit to challenge the IGB’s rulings. The Company does not have a present estimate regarding the potential damages, if any, that could potentially be awarded in this litigation and, accordingly, has established no reserves relating to such matters. There are also petitions pending with the IGB which could lead to the Company obtaining new locations. On October 7, 2019, the Company filed a lawsuit in the Circuit Court of Cook County, Illinois against Jason Rowell and other parties related to Mr. Rowell’s breaches of his non-compete agreement with Accel. The Company alleged that Mr. Rowell and a competitor were working together to interfere with the Company’s customer relationships. On November 7, 2019, Mr. Rowell filed a lawsuit in the Circuit Court of Cook County, Illinois against the Company alleging that he had not received certain equity interests in the Company to which he was allegedly entitled under his agreement. The Company has answered the complaint and asserted a counterclaim and intends to defend itself against the allegations. Pre-trial discovery is ongoing as of the date of this report. Mr. Rowell's claims and the Company's claims are both being litigated in this lawsuit, while the original lawsuit remains pending against the other defendants. On July 2, 2019, Illinois Gaming Investors, LLC filed a lawsuit against the Company. The lawsuit alleges that a current employee violated his non-competition agreement with Illinois Gaming Investors, LLC, and together with the Company, wrongfully solicited prohibited licensed video gaming locations. The parties settled this dispute in April 2022. On December 18, 2020, the Company received a disciplinary complaint from the IGB alleging violations of the Video Gaming Act and the IGB’s Adopted Rules for Video Gaming. The disciplinary complaint sought to fine the Company in the amount of $5 million. On July 6, 2023, the IGB and the Company entered into a settlement agreement for $1.1 million of which $1.0 million is the fine for the alleged conduct and $0.1 million is for reimbursement of administrative and investigative costs. The amount was paid in the third quarter of 2023. As a result of the settlement agreement, the Company has agreed to review similar initiatives with the IGB before implementing a new program or making any public announcements, require additional annual training of its employees, and provide additional compliance disclosures to the IGB. On March 9, 2022, the Company filed a lawsuit in the Circuit Court of Cook County, Illinois against Gold Rush relating to the Gold Rush convertible notes. The complaint sought damages for breach of contract and the implied covenant of good faith and fair dealing as well as unjust enrichment. On June 22, 2022, Gold Rush filed a lawsuit in the Circuit Court of Cook County, Illinois against the Company. The lawsuit alleged that the Company tortiously interfered with Gold Rush’s business activities and engaged in misconduct with respect to the Gold Rush convertible notes. On April 22, 2022, the Company filed a petition in the Circuit Court of Cook County, Illinois to judicially review the IGB's decision to deny the requested transfer of Gold Rush common stock in respect of the Company’s conversion of the convertible notes. Discovery ensued on these lawsuits but both suits were dismissed with prejudice as a result of the previously mentioned settlement between the Company and Gold Rush on the convertible notes. For more information, see Note 4. On March 25, 2022, Midwest Electronics Gaming LLC (“Midwest”) filed an administrative review action against the Illinois Gaming Board, the Company and J&J in the Circuit Court of Cook County, Illinois seeking administrative review of decisions of the IGB ruling in favor of the Company and J&J and against Midwest regarding the validity of certain use agreements covering locations currently serviced by Midwest. No monetary damages are sought against the Company. A responsive pleading is not yet due. In July 2022, an enforcement action was brought against the Company by an Illinois municipality related to an alleged violation of an ordinance requiring the collection of an additional tax, the enforceability of which is currently being contested by the Illinois Gaming Machine Operators Association. Rather than litigate the alleged violation, the Company pled no contest and paid an initial penalty to the municipality in October 2022. The Company incurred a similar penalty each month for the remaining months of 2022. After further negotiations with the municipality, in July 2023, the amount of the penalty for 2023 was increased and was made effective retroactively to the beginning of the year. In February 2023, an Illinois municipality issued an order against the Company for the alleged failure to pay a terminal operator tax (“TO Tax”) for the privilege of operating gaming terminals within the municipality. The TO Tax was adopted by the municipality on June 8, 2021, but there was no enforcement of this tax until the Company was issued a notice of hearing in February 2023. In April 2023, the Company, along with numerous other terminal operators, filed a complaint in the Circuit Court of Cook County, Illinois contesting the validity and enforceability of the TO Tax and won a temporary restraining order to stay the order. A hearing is set for October 10, 2023 to receive a permanent injunction. The results for the six months ended June 30, 2023 and June 30, 2022 included a loss of $1.2 million and $1.0 million, respectively, related to these matters and is included within other expenses, net in the condensed consolidated statements of operations and other comprehensive income. The Company paid legal settlements totaling $1.6 million during the six months ended June 30, 2022 related to these legal proceedings, which includes the previously mentioned $1.0 million loss.

Property and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Gaming terminals and equipment	$	328,415	$	294,944
Amusement and other equipment	26,723		25,807
Office equipment and furniture	2,826		2,534
Computer equipment and software	19,564		18,526
Leasehold improvements	7,536		6,996
Vehicles	18,605		16,293
Buildings and improvements	11,993		11,945
Land	1,649		1,143
Construction in progress	2,267		647
Total property and equipment	419,578		378,835
Less accumulated depreciation and amortization	(183,896)		(166,991)
Property and equipment, net	$	235,682	$	211,844

Depreciation and amortization of property and equipment was $9.4 million and $18.5 million for the three and six months ended June 30, 2023, respectively. In comparison, depreciation and amortization of property and equipment was $6.6 million and $12.4 million for the three and six months ended June 30, 2022, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 233,434	$ 224,113
Accounts receivable, net	9,713	11,166
Prepaid expenses	8,009	7,407
Inventories	7,313	6,941
Income taxes receivable	909	538
Interest rate caplets	9,603	8,555
Investment in convertible notes	0	32,065
Other current assets	11,930	8,427
Total current assets	280,911	299,212
Property and equipment, net	235,682	211,844
Noncurrent assets:
Route and customer acquisition costs, net	18,303	18,342
Location contracts acquired, net	181,960	189,343
Goodwill	101,554	100,707
Other intangible assets, net	21,761	22,979
Interest rate caplets, net of current	9,677	11,364
Other assets	13,446	8,978
Total noncurrent assets	346,701	351,713
Total assets	863,294	862,769
Current liabilities:
Current maturities of debt	28,472	23,466
Current portion of route and customer acquisition costs payable	1,497	1,487
Accrued location gaming expense	6,264	7,791
Accrued state gaming expense	16,470	16,605
Accounts payable and other accrued expenses	24,513	22,302
Accrued compensation and related expenses	8,039	10,607
Current portion of consideration payable	7,497	7,647
Total current liabilities	92,752	89,905
Long-term liabilities:
Debt, net of current maturities	489,721	518,566
Route and customer acquisition costs payable, less current portion	4,566	5,137
Consideration payable, less current portion	5,945	6,872
Contingent earnout share liability	32,726	23,288
Other long-term liabilities	5,514	3,390
Deferred income tax liability, net	43,322	37,021
Total long-term liabilities	581,794	594,274
Stockholders’ equity:
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2023 and December 31, 2022	0	0
Class A-1 Common Stock, par value $0.0001; 250,000,000 shares authorized; 94,799,278 shares issued and 85,605,725 shares outstanding at June 30, 2023; 94,504,051 shares issued and 86,674,390 shares outstanding at December 31, 2022	9	9
Additional paid-in capital	197,690	194,157
Treasury stock, at cost	(94,133)	(81,697)
Accumulated other comprehensive income	12,136	12,240
Accumulated earnings	73,046	53,881
Total stockholders' equity	188,748	178,590
Total liabilities and stockholders' equity	$ 863,294	$ 862,769

Investment in Convertible Notes (Details) - USD ($)			3 Months Ended	6 Months Ended
Investment in Convertible Notes (Details) - USD ($)	Oct. 11, 2019	Jul. 19, 2019	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Monthly installment receivable	$ 1,000,000
Convertible Promissory Notes
Debt Securities, Available-for-sale [Line Items]
Investment purchase	$ 25,000,000.0	$ 30,000,000.0			$ 32,100,000
Investment interest rate		3.00%
Settlements received on investments owned				$ 32,500,000
Investments, prepayment on future amounts due			$ 400,000	400,000
Accrued investment income receivable			1,300,000	1,300,000
Investments, amount due from other parties			1,500,000	1,500,000
Realized investment gains (losses)			$ 1,700,000	$ 1,700,000
Convertible Promissory Notes \| Subordinated Debt
Debt Securities, Available-for-sale [Line Items]
Investment purchase		$ 5,000,000.0
Investment maturity		6 months

Related-Party Transactions	6 Months Ended
Related-Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Subsequent to the Company's acquisition of certain assets of Fair Share Gaming, LLC (“Fair Share”), G3 Gaming, LLC (“G3”), and Tom’s Amusement Company, Inc., (“Tom's Amusements”), the sellers became employees of the Company. Consideration payable to the Fair Share seller was $0.8 million and $1.1 million as of June 30, 2023 and December 31, 2022, respectively. Payments to the Fair Share seller under the acquisition agreement were $0.5 million and $1.0 million during the six months ended June 30, 2023 and 2022, respectively. Consideration payable to the G3 sellers was $0.4 million as of December 31, 2022. Payments to the G3 sellers under the acquisition agreement were $0.5 million during the six months ended June 30, 2023. There were no payments made to the G3 sellers during the six months ended June 30, 2022. Consideration payable to the Tom's Amusements seller was $0.1 million as of both June 30, 2023 and December 31, 2022. There were no payments to the Tom's Amusements seller during the six months ended June 30, 2023 and $0.8 million during the six months ended June 30, 2022. The Company engaged Much Shelist, P.C. (“Much Shelist”), as its legal counsel for general legal and business matters. An attorney at Much Shelist is a related party to management of the Company. Accel paid Much Shelist $0.2 million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively. These payments were included in general and administrative expenses within the condensed consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Feb. 13, 2023	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill		$ 101,554	$ 101,554	$ 100,707
Tax exempt portion of goodwill		40,700	40,700
Intangible assets, net (excluding goodwill)		21,800	21,800	$ 23,000
Amortization of intangible assets		$ 600	$ 1,200
Minimum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Expected useful life of intangibles (in years)		7 years	7 years
Maximum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Expected useful life of intangibles (in years)		20 years	20 years
Rendezvous Casino and Burger Bar
Acquired Indefinite-Lived Intangible Assets [Line Items]
Goodwill	$ 800
Consideration transferred	$ 2,600

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted EPS

The components of basic and diluted earnings per share (“EPS”) were as follows for the three and six months ended June 30 (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Net income	$	9,983	$	22,464	$	19,165	$	38,252



Basic weighted average outstanding shares of common stock	86,184		92,328		86,529		92,484
Dilutive effect of stock-based awards for common stock	636		673		442		711



Diluted weighted average outstanding shares of common stock	86,820		93,001		86,971		93,195

Earnings per common share:
Basic	$	0.12	$	0.24	$	0.22	$	0.41
Diluted	$	0.11	$	0.24	$	0.22	$	0.41

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total net revenues	$ 292,647	$ 227,869	$ 585,855	$ 424,760
Illinois
Disaggregation of Revenue [Line Items]
Total net revenues	215,947	205,962	435,790	400,821
Montana
Disaggregation of Revenue [Line Items]
Total net revenues	29,869	8,920	59,830	8,920
Nevada
Disaggregation of Revenue [Line Items]
Total net revenues	39,275	10,825	75,726	10,825
Other
Disaggregation of Revenue [Line Items]
Total net revenues	$ 7,556	$ 2,162	$ 14,509	$ 4,194

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories were as follows (in thousands):


	June 30, 2023		December 31, 2022
Raw materials and manufacturing supplies	$	6,026	$	4,977
Finished products	1,287		1,964
Total inventories	$	7,313	$	6,941

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6,102	$ 6,782	$ 12,102	$ 11,617
Effective tax rate	37.90%	23.20%	38.70%	23.30%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Andrew Rubenstein [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 18, 2023, Andrew Rubenstein, our Chief Executive Officer and President, entered into a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of our Class A-1 common stock. The Rule 10b5-1 Plan was entered into during an open trading window in accordance with our insider trading policy and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Mr. Rubenstein’s Rule 10b5-1 Plan provides for the potential sale of up to 750,000 shares of our Class A-1 common stock, so long as the market price of our Class A-1 common stock is higher than certain minimum threshold prices specified in the Rule 10b5-1 Plan between August 16, 2023 and April 1, 2024. The Rule 10b5-1 Plan included a representation from Mr. Rubenstein to the broker administering the plan that he was not in possession of any material nonpublic information regarding us or our securities subject to the Rule 10b5-1 Plan at the time the Rule 10b5-1 Plan was entered into. A similar representation was made to us in a certification Mr. Rubenstein provided to us in connection with the adoption of the Rule 10b5-1 Plan under our insider trading policy. Those representations were made as of the date of adoption of the Rule 10b5-1 Plan or the certification, as applicable, and speak only as of those dates. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer was unaware, or with respect to any material nonpublic information acquired by the officer or us after the applicable date of the representation. Once executed, transactions under the Rule 10b5-1 Plan will be disclosed publicly through Form 4 and/or Form 144 filings with the Securities and Exchange Commission in accordance with applicable securities laws, rules, and regulations. Except as may be required by law, we do not undertake any obligation to update or report any modification, termination, or other activity under current or future Rule 10b5-1 plans that may be adopted by Mr. Rubenstein or our other officers or directors.
Name	Andrew Rubenstein
Title	Chief Executive Officer and President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 18, 2023
Aggregate Available	750,000	750,000

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following is a roll forward of the Company's goodwill (in thousands):


Goodwill balance as of January 1, 2023	$	100,707
Addition to goodwill for acquisition of Rendezvous	847
Goodwill balance as of June 30, 2023	$	101,554

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total net revenues	$ 292,647	$ 227,869	$ 585,855	$ 424,760
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization expense shown below)	202,306	154,666	405,860	287,286
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)	2,154	765	3,562	765
General and administrative	44,220	32,719	87,238	63,838
Depreciation and amortization of property and equipment	9,446	6,598	18,509	12,439
Amortization of intangible assets and route and customer acquisition costs	5,284	3,574	10,526	7,122
Other expenses, net	73	2,232	3,324	4,788
Total operating expenses	263,483	200,554	529,019	376,238
Operating income	29,164	27,315	56,836	48,522
Interest expense, net	8,243	3,791	16,131	7,792
Loss (gain) on change in fair value of contingent earnout shares	4,836	(5,722)	9,438	(9,139)
Income before income tax expense	16,085	29,246	31,267	49,869
Income tax expense	6,102	6,782	12,102	11,617
Net income	$ 9,983	$ 22,464	$ 19,165	$ 38,252
Earnings per common share:
Basic (in usd per share)	$ 0.12	$ 0.24	$ 0.22	$ 0.41
Diluted (in usd per share)	$ 0.11	$ 0.24	$ 0.22	$ 0.41
Weighted average number of shares outstanding:
Basic (in shares)	86,184	92,328	86,529	92,484
Diluted (in shares)	86,820	93,001	86,971	93,195
Comprehensive income
Net income	$ 9,983	$ 22,464	$ 19,165	$ 38,252
Unrealized gain (loss) on interest rate caplets (net of income taxes of $789, $760, $(40) and $2,694, respectively)	2,062	1,907	(104)	6,771
Comprehensive income	12,045	24,371	19,061	45,023
Net gaming
Total net revenues	277,551	218,423	556,931	406,885
Amusement
Total net revenues	5,630	4,693	12,428	9,683
Manufacturing
Total net revenues	4,430	919	6,552	919
ATM fees and other
Total net revenues	$ 5,036	$ 3,834	$ 9,944	$ 7,273

Route and Customer Acquisition Costs

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Route and Customer Acquisition Costs

The Company enters into contracts with third parties and its gaming locations to install and operate gaming terminals. When gaming operations commence, payments are due monthly or quarterly. Gross payments due, based on the number of live locations, were approximately $6.9 million and $7.6 million as of June 30, 2023, and December 31, 2022, respectively. Payments are due over varying terms of the individual agreements and are discounted at the Company’s incremental borrowing rate associated with its long-term debt at the time the contract is acquired. The net present value of payments due was $6.1 million and $6.6 million as of June 30, 2023, and December 31, 2022, respectively, of which approximately $1.5 million is included in current liabilities in the accompanying condensed consolidated balance sheets as of both June 30, 2023, and December 31, 2022. The route and customer acquisition cost asset was comprised of payments made on the contracts of $18.6 million and $17.9 million as of June 30, 2023, and December 31, 2022, respectively. The Company has upfront payments of commissions paid to the third parties for the acquisition of the customer contracts that are subject to a clawback provision if the customer cancels the contract prior to completion. The payments subject to a clawback were $1.0 million and $1.2 million as of June 30, 2023, and December 31, 2022, respectively.

Route and customer acquisition costs consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Cost	$	32,306	$	31,805
Accumulated amortization	(14,003)		(13,463)
Route and customer acquisition costs, net	$	18,303	$	18,342

Amortization expense of route and customer acquisition costs was $0.4 million and $0.8 million for the three and six months ended June 30, 2023, respectively. In comparison, amortization expense of route and customer acquisition costs was $0.3 million and $0.6 million for the three and six months ended June 30, 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Debt - Narrative (Details)			3 Months Ended				6 Months Ended
Debt - Narrative (Details)	Jun. 07, 2023	Jan. 12, 2022 USD ($) caplet	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Unrealized (loss) gain on interest rate caplets, net of tax			$ 2,062,000	$ (2,166,000)	$ 1,907,000	$ 4,864,000	$ (104,000)		$ 6,771,000
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax			$ 2,300,000				$ 4,200,000
Credit Agreement, Amendment 1 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.75%
Debt instrument floor interest rate	0.50%
Credit Agreement, Amendment 1 \| Alternative Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Debt instrument floor interest rate	1.50%
Credit Agreement, Amendment 1 \| Term Loan
Debt Instrument [Line Items]
Additional term loan repayment rate (as a percent)	5.00%
Maximum borrowing capacity		$ 300,000,000
Debt instrument, term		4 years
Number of deferred premium caplets \| caplet		48
Credit Agreement, Amendment 1 \| Term Loan \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)								2.00%
Credit Agreement, Amendment 1 \| Revolving credit facility
Debt Instrument [Line Items]
Weighted-average interest rate (as a percent)	1.00%		7.00%				7.00%
Credit Agreement, Amendment 1 \| Revolving credit facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate, floor (as a percent)	0.50%
Basis spread on variable rate (as a percent)	1.00%

Contingent Earnout Share Liability (Details) $ / shares in Units, $ in Millions					6 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 day $ / shares shares	Dec. 31, 2020 shares	Dec. 31, 2019 tranche shares	Nov. 20, 2019 shares
Tranche II - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Business combinations and dispositions, consideration transferred and received, threshold \| $				$ 177.4
Maximum stock price of common stock before conversion (in usd per share) \| $ / shares				$ 14.00	$ 14.00
Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Maximum stock price of common stock before conversion (in usd per share) \| $ / shares				$ 16.00	$ 16.00
Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period \| Forecast
Business Acquisition, Contingent Consideration [Line Items]
Business combinations and dispositions, consideration transferred and received, threshold \| $	$ 198.6	$ 198.6	$ 198.5
Class A-2 Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Class A-1 common stock reserved for issuance (in shares)								10,000,000
Class A-2 Common Stock \| Tranche I - EBITDA for last 12 months or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Number of shares converted (in shares)						1,666,666
Class A-2 Common Stock \| Tranche II - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Number of shares converted (in shares)				1,666,667	1,666,667
Threshold trading days \| day					20
Threshold consecutive trading days \| day					30
Class A-2 Common Stock \| Tranche III - LTM EBITDA or 20 trading days in consecutive 30 day trading period
Business Acquisition, Contingent Consideration [Line Items]
Number of shares converted (in shares)				1,666,667	1,666,667	1,666,636
Threshold trading days \| day					20
Threshold consecutive trading days \| day					30
Class A-2 Common Stock \| Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Shares issued (in shares)							5,000,000
Number of tranches upon satisfaction \| tranche							3

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 9,983	$ 9,182	$ 22,464	$ 15,788	$ 19,165	$ 38,252
Basic weighted average outstanding shares of common stock (in shares)	86,184,000		92,328,000		86,529,000	92,484,000
Dilutive effect of stock-based awards for common stock (in shares)	636,000		673,000		442,000	711,000
Diluted weighted average outstanding shares of common stock (in shares)	86,820,000		93,001,000		86,971,000	93,195,000
Earnings per common share - basic (in usd per share)	$ 0.12		$ 0.24		$ 0.22	$ 0.41
Earnings per common share - diluted (in usd per share)	$ 0.11		$ 0.24		$ 0.22	$ 0.41
Anti-dilutive options excluded from calculation of diluted EPS (in shares)					4,818,079	5,302,040

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, the Company authorized and has available for issuance the following shares: Class A-1 Common Stock The holders of the Class A-1 Common Stock are entitled to one vote for each share. The holders of Class A-1 Common Stock are entitled to receive dividends or other distributions when and if declared from time to time and share equally on a per share basis in such dividends and distributions, subject to such rights of the holders of preferred stock. Treasury Stock On November 22, 2021, the Company’s Board of Directors approved a share repurchase program of up to $200 million of shares of Class A-1 Common Stock. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Under the repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases or privately negotiated transactions, in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of June 30, 2023, the Company acquired a total of 9,709,175 shares under the plan at a total purchase price of $100.3 million, of which 1,363,892 shares at a purchase price of $12.3 million were acquired during the six months ended June 30, 2023.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Stock-based Compensation (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option compensation expense	$ 2.6		$ 2.3	$ 4.3	$ 3.9
PSUs & RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated grant date fair value of options and RSUs granted	$ 5.8	$ 4.8
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	402,202	356,786
RSU \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
RSU \| Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
RSU \| Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	520,247	182,494
PSU \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years

Location Contracts Acquired - Location Contracts Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cost	$ 283,796	$ 282,653
Accumulated amortization	(101,836)	(93,310)
Location contracts acquired, net	$ 181,960	$ 189,343

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation and preparation	Basis of presentation and preparation: The condensed consolidated financial statements and accompanying notes were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”). In preparing our condensed consolidated financial statements, we applied the same significant accounting policies as described in Note 2 to the consolidated financial statements in the Form 10-K. Any significant changes to those accounting policies are discussed below. Interim results are not necessarily indicative of results for a full year.
Use of estimates	Use of estimates: The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used by the Company include, among other things, the useful lives for depreciable and amortizable assets, income tax provisions, the evaluation of the future realization of deferred tax assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with business acquisitions, the selection of useful lives for depreciable and amortizable assets in conjunction with business acquisitions, the valuation of level 3 investments, the valuation of contingent earnout shares and interest rate caplets, contingencies, and the expected term of share-based compensation awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates.
Segment information	Segment information: The Company operates as a single reportable operating segment. The Company’s chief operating decision maker (“CODM”) is the chief executive officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM assesses the Company’s performance and allocates resources based on consolidated results, and this is the only discrete financial information that is regularly reviewed by the CODM.
Revenue recognition	Revenue recognition: The Company generates revenues from the following types of services: gaming terminals, amusements, manufacturing and ATMs. Revenue is disaggregated by type of revenue and is presented on the face of the consolidated statements of operations and comprehensive income.
Recent accounting pronouncements	Recent accounting pronouncements: In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805). The guidance in this ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity accounts for the related revenue contracts in accordance with Accounting Standards Codification (“ASC”) 606 as if it had originated the contracts. The standard is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years with early adoption permitted. The impact of the adoption of this ASU has not been material to the Company’s financial statements or disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This ASU provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Inter-Bank Offered Rate (“LIBOR”), which began phasing out on December 31, 2021. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The new guidance (i) simplifies accounting analyses under current GAAP for contract modifications; (ii) simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue; and (iii) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The Company adopted the new standard in the second quarter of 2023 as the Company transitioned from LIBOR to the Secured Overnight Financing Rate (“SOFR”) for its debt agreements and related cash flow hedges. The Company elected certain expedients offered by Topic 848 and, as such, the impact from referenced rate reform did not have a material impact on the Company’s results of operations, cash flows or financial position. Other recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on its condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 20
-Subparagraph (b)
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+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Route and Customer Acquisition Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Gross payments due	$ 6,900		$ 6,900		$ 7,600
Net present value of payments due	6,100		6,100		6,600
Current portion of payments due	1,497		1,497		1,487
Customer acquisition cost asset	18,600		18,600		17,900
Capitalized contract cost, subject to claw back	1,000		1,000		$ 1,200
Amortization expense (decrease in expense) on route and customer acquisition costs	$ 400	$ 300	$ 800	$ 600

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

The Company acquired various companies which were accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations (“Topic 805”). The total excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed was recorded as goodwill of $101.6 million and $100.7 million as of June 30, 2023, and December 31, 2022, respectively, of which $40.7 million was deductible for tax purposes as of June 30, 2023.

On February 13, 2023, the Company acquired Rendezvous Casino and Burger Bar (“Rendezvous”), a hospitality operation in Billings, Montana, for a total purchase price of $2.6 million. The purchase price included the cost of the land, building and the related Montana All-Alcoholic Beverage License. The hospitality operation is set to be a Century vended location.

The following is a roll forward of the Company's goodwill (in thousands):


Goodwill balance as of January 1, 2023	$	100,707
Addition to goodwill for acquisition of Rendezvous	847
Goodwill balance as of June 30, 2023	$	101,554

Other intangible assets

Other intangible assets, net of $21.8 million and $23.0 million as of June 30, 2023 and December 31, 2022, respectively, consisted of definite-lived trade names, customer relationships, and software applications. Other intangible assets are related to the acquisition of Century which occurred in the second quarter of 2022. The Company determines the fair value of trade name assets acquired in acquisitions using a relief from royalty valuation method which requires assumptions such as projected revenue and a royalty rate. Other intangible assets are amortized over their estimated 7 to 20-year useful lives. Amortization expense of other intangible assets was $0.6 million and $1.2 million for the three and six months ended June 30, 2023, respectively.

Route and Customer Acquisition Costs - Route and Customer Acquisition Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Cost	$ 32,306	$ 31,805
Accumulated amortization	(14,003)	(13,463)
Route and customer acquisition costs, net	$ 18,303	$ 18,342

Business and Asset Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration Transferred and Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	158,681
Fair value of stock issued	5,584
Total consideration	$	164,265
Cash and cash equivalents	$	33,229
Prepaid expenses	1,563
Accounts receivable	4,394
Inventories	6,441
Income taxes receivable	189
Other current assets	475
Property and equipment	29,302
Location contracts acquired	40,400
Other intangible assets	24,400
Accounts payable and other accrued expenses	(10,766)
Accrued compensation and related expenses	(1,626)
Other long-term liabilities	(446)
Deferred income tax liability	(16,646)
Net assets acquired	$	110,909
Goodwill	$	53,356

Schedule of Unaudited Pro Forma Results

This unaudited pro forma information does not project revenues and net income post acquisition (in thousands).


	Three months ended		Six months ended
	June 30, 2022		June 30, 2022
Revenues	$	292,644	$	533,389
Net income	23,207		38,806

Schedule of Consideration Payable

Current and long-term portions of consideration payable consist of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Current		Long-Term		Current		Long-Term
TAV	$	1,509	$	970	$	1,025	$	1,918
Fair Share Gaming	661		162		951		175
Family Amusement	2,077		—		2,032		—
Skyhigh	596		4,813		606		4,779
G3	—		—		433		—

VVS	2,496		—		2,442		—
Tom's Amusements	58		—		58		—


Island	100		—		100		—
Total	$	7,497	$	5,945	$	7,647	$	6,872

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation and preparation: The condensed consolidated financial statements and accompanying notes were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements include the accounts of the Company and of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the condensed consolidated financial statements include all recurring adjustments and normal accruals necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the dates and periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”). In preparing our condensed consolidated financial statements, we applied the same significant accounting policies as described in Note 2 to the consolidated financial statements in the Form 10-K. Any significant changes to those accounting policies are discussed below. Interim results are not necessarily indicative of results for a full year.

Use of estimates: The preparation of condensed consolidated financial statements requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates used by the Company include, among other things, the useful lives for depreciable and amortizable assets, income tax provisions, the evaluation of the future realization of deferred tax assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with business acquisitions, the selection of useful lives for depreciable and amortizable assets in conjunction with business acquisitions, the valuation of level 3 investments, the valuation of contingent earnout shares and interest rate caplets, contingencies, and the expected term of share-based compensation awards and stock price volatility when computing share-based compensation expense. Actual results may differ from those estimates.

Segment information: The Company operates as a single reportable operating segment. The Company’s chief operating decision maker (“CODM”) is the chief executive officer, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM assesses the Company’s performance and allocates resources based on consolidated results, and this is the only discrete financial information that is regularly reviewed by the CODM.

Revenue recognition: The Company generates revenues from the following types of services: gaming terminals, amusements, manufacturing and ATMs. Revenue is disaggregated by type of revenue and is presented on the face of the consolidated statements of operations and comprehensive income.


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net revenues by state:
Illinois	$	215,947	$	205,962	$	435,790	$	400,821
Montana	39,275		10,825		75,726		10,825
Nevada	29,869		8,920		59,830		8,920
Other	7,556		2,162		14,509		4,194
Total net revenues	$	292,647	$	227,869	$	585,855	$	424,760

Recent accounting pronouncements: In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805). The guidance in this ASU improves the accounting for revenue contracts with customers acquired in a business combination by addressing diversity in practice and inconsistency related to recognition of contract assets and liabilities acquired in a business combination. The provisions of this ASU require that an acquiring entity accounts for the related revenue contracts in accordance with Accounting Standards Codification (“ASC”) 606 as if it had originated the contracts. The standard is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years with early adoption permitted. The impact of the adoption of this ASU has not been material to the Company’s financial statements or disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This ASU provides temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of the London Inter-Bank Offered Rate (“LIBOR”), which began phasing out on December 31, 2021. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The new guidance (i) simplifies accounting analyses under current GAAP for contract modifications; (ii) simplifies the assessment of hedge effectiveness and allows hedging relationships affected by reference rate reform to continue; and (iii) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The Company adopted the new standard in the second quarter of 2023 as the Company transitioned from LIBOR to the Secured Overnight Financing Rate (“SOFR”) for its debt agreements and related cash flow hedges. The Company elected certain expedients offered by Topic 848 and, as such, the impact from referenced rate reform did not have a material impact on the Company’s results of operations, cash flows or financial position.

Other recently issued accounting standards or pronouncements have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on its condensed consolidated financial statements.

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation The Company grants various types of stock-based compensation awards. The Company measures its stock-based compensation expense based on the grant date fair value of the award and recognizes the expense over the requisite service period for the respective award. Under the Accel Entertainment, Inc. Long Term Incentive Plan, the Company issued 356,786 restricted stock units (“RSUs”) to the Board of Directors and certain eligible employees during the first quarter of 2023, which will vest over a period of 3 years for employees and by the end of 2023 for the Board of Directors. The Company also issued 182,494 performance-based restricted stock units (“PSUs”) to certain eligible employees during the first quarter of 2023, which will vest after 3 years. The numbers of shares earned upon vesting of the PSUs, if any, is based on the attainment of performance goals over the performance period, subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. The estimated grant date fair value of these RSUs and PSUs totaled $4.8 million. The Company issued 402,202 RSUs to the Board of Directors and certain eligible employees during the second quarter of 2023, which will vest over a period of 3 to 4 years for employees and by the end of 2023 for the Board of Directors. The Company also issued 520,247 PSUs to certain eligible employees during the second quarter of 2023, which will vest after 3 years. The estimated grant date fair value of these RSUs and PSUs totaled $5.8 million. Stock-based compensation expense, which pertains to the Company’s stock options, RSUs and PSUs, was $2.6 million and $4.3 million for the three and six months ended June 30, 2023, respectively. In comparison, stock-based compensation expense was $2.3 million and $3.9 million for the three and six months ended June 30, 2022, respectively. Stock-based compensation expense is included within general and administrative expenses in the condensed consolidated statements of operations and other comprehensive income.

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s debt as of June 30, 2023, and December 31, 2022, consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Senior Secured Credit Facility:
Revolving credit facility	$	8,000	$	121,000
Term Loan	319,375		328,125
Delayed Draw Term Loan	193,750		96,250
Total debt on credit facility	521,125		545,375
Add: Interest rate caplet liability	2,544		3,025
Less: Debt issuance costs	(5,476)		(6,368)
Total debt, net of debt issuance costs	518,193		542,032
Less: Current maturities	(28,472)		(23,466)
Total debt, net of current maturities	$	489,721	$	518,566

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Related-Party Transactions (Details) - USD ($)	6 Months Ended
Related-Party Transactions (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Payments on consideration payable	$ 354,000	$ 1,406,000
Consideration Payable to Previous Sellers in Business Acquisitions \| Fair Share Seller \| Director
Related Party Transaction [Line Items]
Contingent consideration	800,000		$ 1,100,000
Payments on consideration payable	500,000	1,000,000.0
Consideration Payable to Previous Sellers in Business Acquisitions \| G3 Seller \| Employee
Related Party Transaction [Line Items]
Contingent consideration			400,000
Payments on consideration payable	500,000	0
Consideration Payable to Previous Sellers in Business Acquisitions \| Tom's Amusement \| Director
Related Party Transaction [Line Items]
Contingent consideration	100,000		$ 100,000
Payments on consideration payable	0	800,000
Legal Fees for General Legal and Business Matters \| Much Shelist \| Affiliated Entity
Related Party Transaction [Line Items]
Legal fees	$ 200,000	$ 100,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, establishes a framework for measuring fair value and the corresponding disclosure requirements around fair value measurements. This topic applies to all financial instruments that are being measured and reported on a fair value basis.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, various methods, including market, income and cost approaches, are used. Based on these approaches, certain assumptions are utilized that the market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. Valuation techniques are utilized that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques, it is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1: Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2: Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities.

Level 3: Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.

Assets measured at fair value

The following tables summarize the Company’s assets that are measured at fair value on a recurring basis (in thousands):


			Fair Value Measurement at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:

Interest rate caplets	19,280		—		19,280		—
Total	$	19,280	$	—	$	19,280	$	—


			Fair Value Measurement at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Investment in convertible notes	$	32,065	$	—	$	—	$	32,065
Interest rate caplets	19,919		—		19,919		—
Total	$	51,984	$	—	$	19,919	$	32,065

Investment in convertible notes

As described in Note 4, after the IGB Administrator’s denial of the transfer of the equity interest in Gold Rush on December 2, 2021, the Company concluded that the fair value of the convertible notes should be calculated as principal plus interest accrued as of December 31, 2021. The Company had considered interest as an input to the accounting fair value at December 31, 2022. This valuation of the Company's investment in convertible notes is considered to be a Level 3 fair value measurement as the significant inputs are unobservable. The Company reached a settlement with Gold Rush in the second quarter of 2023, which provided for the full repayment of the outstanding principal and interest accrued on the convertible notes.

Interest rate caplets

The Company determines the fair value of the interest rate caplets using quotes that are based on models whose inputs are observable LIBOR/SOFR forward interest rate curves. The valuation of the interest rate caplets is considered to be a Level 2 fair value measurement as the significant inputs are observable. Unrealized changes in the fair value of the interest rate caplets are classified within other comprehensive income on the accompanying condensed consolidated statements of operations and comprehensive income. Realized gains on the interest rate caplets are recorded to interest expense, net on the accompanying condensed consolidated statements of operations and comprehensive income and included within cash payments for interest, net on the condensed consolidated statements of cash flow.

Liabilities measured at fair value

The following tables summarizes the Company’s liabilities that are measured at fair value on a recurring basis (in thousands):


			Fair Value Measurement at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	8,886	$	—	$	—	$	8,886
Contingent earnout shares	32,726		—		32,726		—
Warrants	13		—		13		—
Total	$	41,625	$	—	$	32,739	$	8,886


			Fair Value Measurement at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Liabilities:
Contingent consideration	$	9,543	$	—	$	—	$	9,543
Contingent earnout shares	23,288		—		23,288		—
Warrants	13		—		13		—
Total	$	32,844	$	—	$	23,301	$	9,543

Contingent Consideration

The Company uses a discounted cash flow analysis to determine the value of contingent consideration upon acquisition and updates this estimate on a recurring basis. The significant assumptions used in the Company's cash flow analysis includes the probability adjusted projected revenues after state taxes, a discount rate as applicable to each acquisition, and the estimated number of locations that “go live” with the Company during the contingent consideration period. The valuation of the Company's contingent consideration is considered to be a Level 3 fair value measurement as the significant inputs are unobservable and require significant judgment or estimation. Changes in the fair value of contingent consideration liabilities are classified within other expenses, net on the accompanying condensed consolidated statements of operations and comprehensive income.

Contingent earnout shares

The Company determined the fair value of the contingent earnout shares based on the market price of the Company's Class A-1 Common Stock. The liability, by tranche, is then stated at present value based on i) an interest rate derived from the Company's borrowing rate and the applicable risk-free rate and ii) an estimate on when it expects the contingent earnout shares to convert to Class A-1 Common Stock. The valuation of the Company's contingent consideration is considered to be a Level 2 fair value measurement. Changes in the fair value of contingent earnout shares are included within loss (gain) on change in fair value of contingent earnout shares on the accompanying condensed consolidated statements of operations and comprehensive income.

Warrants

The Company has 5,144 warrants outstanding as of June 30, 2023, the liability for which is included in other long-term liabilities on the condensed consolidated balance sheets. The Company determined the fair value of its warrants by using a Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires inputs such as the fair value of the Company's Class A-1 Common Stock, the risk-free interest rate, expected term, expected dividend yield and expected volatility. The Company's valuation of its warrants is considered to be a Level 2 fair value measurement. Changes in the fair value of the warrants are included within gain on change in fair value of warrants on the accompanying condensed consolidated statements of operations and comprehensive income, if applicable. There was no change in the fair value of the warrants for the three and six months ended June 30, 2023 and 2022.

There were no transfers in or out of Level 3 for the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 9,983	$ 9,182	$ 22,464	$ 15,788	$ 19,165	$ 38,252

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A-1 Common Stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	94,799,278	94,504,051
Common stock, shares outstanding (in shares)	85,605,725	86,674,390

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The components of basic and diluted earnings per share (“EPS”) were as follows for the three and six months ended June 30 (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Net income	$	9,983	$	22,464	$	19,165	$	38,252



Basic weighted average outstanding shares of common stock	86,184		92,328		86,529		92,484
Dilutive effect of stock-based awards for common stock	636		673		442		711



Diluted weighted average outstanding shares of common stock	86,820		93,001		86,971		93,195

Earnings per common share:
Basic	$	0.12	$	0.24	$	0.22	$	0.41
Diluted	$	0.11	$	0.24	$	0.22	$	0.41

Anti-dilutive stock-based awards, contingent earnout shares and warrants excluded from the calculations of diluted EPS were 4,818,079 and 5,302,040 as of June 30, 2023 and 2022, respectively.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38136
Entity Registrant Name	Accel Entertainment, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1350261
Entity Address, Address Line One	140 Tower Drive
Entity Address, City or Town	Burr Ridge
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60527
City Area Code	630
Local Phone Number	972-2235
Title of 12(b) Security	Class A-1 Common Stock, par value $.0001 per share
Trading Symbol	ACEL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		85,615,804
Amendment Flag	false
Document Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001698991

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Income taxes for unrealized gain on interest rate caplets	$ 789	$ 760	$ (40)	$ 2,694

Location Contracts Acquired (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Location Contracts Acquired

Location contracts acquired consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023		December 31, 2022
Cost	$	283,796	$	282,653
Accumulated amortization	(101,836)		(93,310)
Location contracts acquired, net	$	181,960	$	189,343

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 100,707
Addition to goodwill for acquisition of Rendezvous	847
Goodwill, ending balance	$ 101,554

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Business Combinations and Asset Acquisitions - Consideration Transferred and Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 01, 2022	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 101,554	$ 100,707
Century
Business Acquisition [Line Items]
Cash paid	$ 158,681
Fair value of stock issued	5,584
Total consideration	164,265
Cash and cash equivalents	33,229
Prepaid expenses	1,563
Accounts receivable	4,394
Inventories	6,441
Income taxes receivable	189
Other current assets	475
Property and equipment	29,302
Location contracts acquired	40,400
Other intangible assets	24,400
Accounts payable and other accrued expenses	(10,766)
Accrued compensation and related expenses	(1,626)
Other long-term liabilities	(446)
Deferred income tax liability	(16,646)
Net assets acquired	110,909
Goodwill	$ 53,356

Business and Asset Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Business and Asset Acquisitions

2023 Business Acquisitions

Illinois Gaming Entertainment

On May 23, 2023, the Company acquired certain assets of Illinois Gaming Entertainment LLC (“IGE”), an Illinois-based terminal operator. The Company acquired four operational locations, as well as gaming equipment. The acquisition was accounted for as an asset acquisition in accordance with Topic 805. The total purchase price was approximately $1.5 million, which the Company paid in cash at closing. The total purchase price of $1.5 million was allocated to the following assets: i) location contracts totaling $1.1 million and ii) gaming equipment totaling $0.4 million. The results of operations for IGE are included in the condensed consolidated financial statements of the Company from the date of acquisition and were not material.

Rendezvous

On February 13, 2023, the Company acquired Rendezvous, a hospitality operation in Billings, Montana. The hospitality operation is set to be a Century vended location. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The total purchase price of $2.6 million was paid in cash at closing and was allocated to the following assets: i) indefinite-lived intangible assets totaling $0.8 million; ii) land totaling $0.5 million; iii) buildings totaling $0.4 million; iv) gaming equipment totaling $0.1 million, and v) goodwill totaling $0.8 million. The results of operations for Rendezvous are included in the condensed consolidated financial statements of the Company from the date of acquisition and were not material.

Pending Business Acquisition

On April 11, 2023, the Company entered into an agreement to acquire a distributed gaming operator in the state of Louisiana with an option to acquire a second distributed gaming operator in the state of Louisiana. In connection therewith, the Company paid $3.7 million in the first half of 2023 as an advance against a portion of the purchase price and is recorded within other assets on the condensed consolidated balance sheets. On July 28, 2023, the Company paid an additional $0.8 million advance against a portion of the purchase price in consideration for the acquisition of additional assets, as contemplated by the terms of the agreement.

2022 Business Acquisitions

Progressive

On December 15, 2022, Century, the Company’s wholly owned subsidiary, acquired from DEP, Inc. (“Progressive”), a gaming operator in Montana, certain gaming assets and locations. The acquisition of Progressive added 26 Montana gaming locations and approximately 300 gaming terminals to the Century portfolio. The total purchase price was $6.4 million, which Century paid in cash at closing. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and amusement equipment totaling $0.9 million; ii) location contracts totaling $4.3 million; and iii) goodwill totaling $1.2 million.

River City

On September 9, 2022, the Company acquired from River City Amusement Company (“River City”) all of its operating assets in Nebraska, Iowa and South Dakota. River City's operations in these states consist of the ownership and operation of MAD and amusement equipment, as well as ATMs in the approximately 120 locations it serves. The total purchase price was approximately $2.8 million, which the Company paid in cash at closing. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and equipment totaling $0.1 million; ii) amusement and other equipment totaling $0.9 million; iii) location contracts totaling $1.7 million; and iv) cash totaling $0.1 million.

VVS

On August 1, 2022, the Company acquired from VVS, Inc. (“VVS”), a licensed distributor of MADs in Nebraska, substantially all of its MAD and ATM assets. The acquisition of VVS added approximately 250 locations in the greater Lincoln area. The total purchase price was approximately $12.0 million, of which the Company paid approximately $9.5 million in cash at closing. The remaining $2.5 million of contingent consideration is to be paid in cash if a net revenue target is achieved as of the first anniversary of the consummation of the transaction. The fair value of the contingent consideration was $2.5 million and $2.4 million as of June 30, 2023 and December 31, 2022, respectively, and is included within consideration payable on the consolidated balance sheet. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Topic 805. The purchase price was allocated to the following assets: i) gaming terminals and equipment totaling $0.9 million; ii) amusement and other equipment totaling $3.9 million; and iii) location contracts totaling $7.2 million.

Century

On June 1, 2022, the Company completed its previously announced acquisition of all of the outstanding equity interests of Century Gaming, Inc. (“Century”) pursuant to the terms of a Securities Purchase Agreement (the “Purchase Agreement”), dated March 2, 2021, by and among Century, the shareholders of Century, and the Company. Century is Montana’s largest gaming operator and a leader in the Nevada gaming market as well as a manufacturer of gaming terminals.

The acquisition aggregate purchase consideration transferred totaled $164.3 million, which included: i) a cash payment made at closing of $45.5 million to the equity holders of Century; ii) repayment of $113.2 million of Century's indebtedness; and iii) 515,622 shares of the Company’s Class A-1 common stock issued to certain members of Century’s management with a fair value of $5.6 million on the acquisition date. The cash payments were financed using cash from a draw of approximately $160 million from the Company’s revolving credit facility and delayed draw term loan facility under the Credit Agreement.

The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805. The purchase price has been preliminarily allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their estimated fair values. The areas of the purchase price allocation that are not yet

finalized are primarily related to the valuation of location contracts, inventory, property and equipment, and final adjustments to working capital. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed of $53.4 million has been recorded as goodwill. The Century acquisition resulted in recorded goodwill as a result of a higher consideration paid driven by the maturity and quality of Century's operations, industry and workforce. Management integrated Century into its existing business structure, which is comprised of a single reporting unit.

The following table summarizes the fair value of consideration transferred and the fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):



Cash paid	$	158,681
Fair value of stock issued	5,584
Total consideration	$	164,265
Cash and cash equivalents	$	33,229
Prepaid expenses	1,563
Accounts receivable	4,394
Inventories	6,441
Income taxes receivable	189
Other current assets	475
Property and equipment	29,302
Location contracts acquired	40,400
Other intangible assets	24,400
Accounts payable and other accrued expenses	(10,766)
Accrued compensation and related expenses	(1,626)
Other long-term liabilities	(446)
Deferred income tax liability	(16,646)
Net assets acquired	$	110,909
Goodwill	$	53,356

The results of operations for Century are included in the condensed consolidated financial statements of the Company from the date of acquisition.

Pro Forma Results

The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the three and six months ended June 30, 2022 as if the acquisition of Century had occurred as of January 1, 2021, after giving effect to certain purchase accounting adjustments. These amounts are based on available financial information of the acquiree prior to the acquisition date and are not necessarily indicative of what the Company’s operating results would have been had the acquisition actually taken place as of January 1, 2021. This unaudited pro forma information does not project revenues and net income post acquisition (in thousands).


	Three months ended		Six months ended
	June 30, 2022		June 30, 2022
Revenues	$	292,644	$	533,389
Net income	23,207		38,806

Consideration Payable

The Company has a contingent consideration payable related to certain locations, as defined in each respective acquisition agreement, which are placed into operation during a specified period after the acquisition date. The fair value of contingent consideration is included in the consideration payable on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022. The contingent consideration accrued is measured at fair value on a recurring basis. The Company presents on its statement of cash flows, payments for consideration payable within 90-days in investing activities, payments after 90-days and up to the acquisition date fair value in financing activities, and payments in excess of the acquisition date fair value in operating activities.

Current and long-term portions of consideration payable consist of the following as of June 30, 2023 and December 31, 2022 (in thousands):


	June 30, 2023				December 31, 2022
	Current		Long-Term		Current		Long-Term
TAV	$	1,509	$	970	$	1,025	$	1,918
Fair Share Gaming	661		162		951		175
Family Amusement	2,077		—		2,032		—
Skyhigh	596		4,813		606		4,779
G3	—		—		433		—

VVS	2,496		—		2,442		—
Tom's Amusements	58		—		58		—


Island	100		—		100		—
Total	$	7,497	$	5,945	$	7,647	$	6,872