Accel Entertainment Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
ACEL$13.85-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| ACCEL ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
|---|---|---|---|
| (in thousands) | Year Ended December 31, | ||
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $45,603 | $74,102 | $31,559 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of property and equipment | 37,906 | 29,295 | 24,636 |
| Amortization of intangible assets and route and customer acquisition costs | 21,211 | 17,484 | 22,040 |
| Amortization of debt issuance costs | 1,808 | 2,110 | 2,099 |
| Stock-based compensation | 9,416 | 6,840 | 6,403 |
| Loss (gain) on change in fair value of contingent earnout shares | 8,539 | (19,544) | 9,762 |
| Gain on disposal of property and equipment | (10) | (608) | (63) |
| Loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable | 935 | 757 | 711 |
| Loss on debt extinguishment | — | — | 1,152 |
| Remeasurement of contingent consideration | (522) | (3,524) | 4,347 |
| Payments on consideration payable | (4,795) | (3,570) | (2,566) |
| Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration | 1,480 | 2,460 | 2,617 |
| Payments for debt issuance costs | — | — | (156) |
| Deferred income taxes | 7,346 | 13,433 | 6,108 |
| Changes in operating assets and liabilities, net of acquisition of businesses: | |||
| Prepaid expenses and other current assets | (987) | (1,610) | (4,982) |
| Accounts receivable, net | (2,301) | (1,651) | — |
| Inventories | (734) | (500) | — |
| Route and customer acquisition costs | (3,448) | (4,347) | (3,077) |
| Route and customer acquisition costs payable | (441) | 358 | 97 |
| Accounts payable and accrued expenses | 15,466 | 1,791 | 3,738 |
| Accrued compensation and related expenses | 2,041 | 95 | 3,033 |
| Other assets | (5,983) | (5,372) | 3,297 |
| Net cash provided by operating activities | 132,530 | 107,999 | 110,755 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (81,744) | (47,379) | (29,753) |
| Proceeds from the sale of property and equipment | 1,681 | 2,144 | 1,405 |
| Proceeds from the settlement of convertible notes | 32,065 | — | — |
| Advances against a portion of the purchase price on pending business acquisition | (4,600) | — | — |
| Business and asset acquisitions, net of cash acquired | (7,195) | (144,028) | (6,196) |
| Net cash used in investing activities | (59,793) | (189,263) | (34,544) |
| Cash flows from financing activities: | |||
| Proceeds from debt | 169,000 | 240,000 | 54,338 |
| Payments on debt | (169,000) | (44,625) | (55,688) |
| Payments for debt issuance costs | (300) | — | (364) |
| Payments for repurchase of common shares | (30,072) | (79,002) | (8,983) |
| Payments on interest rate caplets | (965) | (873) | — |
| Proceeds from exercise of stock-based awards | 375 | 366 | 1,704 |
| Payments on consideration payable | (3,178) | (9,197) | (2,792) |
| Payments on finance lease obligation | (17) | — | — |
| Tax withholding on stock-based payments | (1,082) | (78) | (91) |
| Net cash (used in) provided by financing activities | $(35,239) | $106,591 | $(11,876) |
| Net increase in cash and cash equivalents | 37,498 | 25,327 | 64,335 |
| Cash and cash equivalents: | |||
| Beginning of year | 224,113 | 198,786 | 134,451 |
| End of year | $261,611 | $224,113 | $198,786 |
| ACCEL ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued) | |||
|---|---|---|---|
| (in thousands) | Year Ended December 31, | ||
| 2023 | 2022 | 2021 | |
| Supplemental disclosures of cash flow information: | |||
| Cash payments for: | |||
| Interest, net | $30,248 | $19,942 | $9,647 |
| Income taxes | $11,741 | $7,662 | $8,589 |
| Supplemental schedules of noncash investing and financing activities: | |||
| Purchases of property and equipment in accounts payable and accrued liabilities | $14,923 | $9,763 | $2,718 |
| Deferred premium on interest rate caplets | $2,059 | $3,025 | $— |
| Fair value of treasury stock issued in business combination | $— | $5,584 | $— |
| Accrued debt issuance costs | $— | $— | $3,956 |
| Acquisition of businesses and assets: | |||
| Total identifiable net assets acquired | $7,195 | $185,415 | $6,948 |
| Less cash acquired | — | (33,270) | (646) |
| Less contingent consideration | — | (2,533) | (106) |
| Less fair value of treasury stock issued | — | (5,584) | — |
| Cash purchase price | $7,195 | $144,028 | $6,196 |
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