Accel Entertainment, Inc.
For the period ended Dec 31, 2025. Filed Mar 3, 2026.
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FY2025 · Filed Mar 3, 2026
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, | ||
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income | $51,272 | $35,291 | $45,603 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of property and equipment | 52,725 | 43,978 | 37,906 |
| Amortization of intangible assets and route and customer acquisition costs | 25,425 | 22,577 | 21,211 |
| Impairment of intangible assets | — | 846 | — |
| Amortization of debt issuance costs | 1,416 | 1,788 | 1,808 |
| Stock-based compensation expense | 12,205 | 12,204 | 9,416 |
| Loss on change in fair value of contingent earnout shares | 573 | 1,276 | 8,539 |
| Loss (gain) on disposal of property and equipment | 1,123 | 606 | (10) |
| Loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable | 1,412 | 1,148 | 935 |
| Loss on debt extinguishment | 1,090 | — | — |
| Remeasurement of contingent consideration | 2,755 | 6,486 | (522) |
| Payments on consideration payable | (1,432) | (2,804) | (4,795) |
| Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration | 2,342 | 1,640 | 1,480 |
| Deferred income taxes | 13,342 | (2,388) | 7,346 |
| Changes in operating assets and liabilities, net of acquisition of businesses: | |||
| Prepaid expenses and other current assets | 2,213 | (788) | (987) |
| Accounts receivable, net | (3,648) | 5,011 | (2,301) |
| Inventories | (57) | (343) | (734) |
| Income tax receivable | (7,489) | (1,357) | 264 |
| Route and customer acquisition costs | (11,858) | (7,522) | (3,448) |
| Route and customer acquisition costs payable | 2,934 | 2,451 | (441) |
| Accounts payable and accrued expenses | 5,093 | (1,239) | 15,466 |
| Accrued compensation and related expenses | (2,171) | (531) | 2,041 |
| Other assets | 1,610 | 2,864 | (6,247) |
| Net cash provided by operating activities | 150,875 | 121,194 | 132,530 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (88,923) | (66,542) | (81,744) |
| Proceeds from the sale of property and equipment | 1,625 | 984 | 1,681 |
| Proceeds from the settlement of convertible notes | 1,500 | — | 32,065 |
| Deposits against a portion of the purchase price on a pending business acquisition | — | — | (4,600) |
| Acquisition of indefinite-lived operating license | (9,450) | — | — |
| Investment in unconsolidated affiliate | — | (5,000) | — |
| Business and asset acquisitions, net of cash acquired | (5,306) | (53,592) | (7,195) |
| Net cash used in investing activities | (100,554) | (124,151) | (59,793) |
| Cash flows from financing activities: | |||
| Proceeds from debt | 682,000 | 175,000 | 169,000 |
| Payments on debt | (667,375) | (123,000) | (169,000) |
| Payments for debt issuance costs | (4,098) | — | (300) |
| Payments for repurchase of common shares | (39,862) | (25,495) | (30,072) |
| Payments on interest rate caplets | (993) | (985) | (965) |
| Proceeds from exercise of stock-based awards | — | 289 | 375 |
| Payments on consideration payable | (1,285) | (588) | (3,178) |
| Payments on finance leases | (245) | (221) | (17) |
| Tax withholding on stock-based payments | (3,202) | (2,349) | (1,082) |
| Net cash (used in) provided by financing activities | $(35,060) | $22,651 | $(35,239) |
| Net increase in cash and cash equivalents | 15,261 | 19,694 | 37,498 |
| Cash and cash equivalents: | |||
| Beginning of year | 281,305 | 261,611 | 224,113 |
| End of year | $296,566 | $281,305 | $261,611 |
| ACCEL ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued) | |||
|---|---|---|---|
| (in thousands) | Year Ended December 31, | ||
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | |||
| Cash payments for: | |||
| Interest, net | $31,602 | $32,767 | $30,248 |
| Income taxes, net | $15,541 | $22,306 | $11,741 |
| Supplemental schedules of noncash investing and financing activities: | |||
| Purchases of property and equipment in accounts payable and accrued liabilities | $17,388 | $13,446 | $14,923 |
| Purchases of equipment financed through vendor | $4,775 | $577 | $— |
| Deferred premium on interest rate caplets | $83 | $1,076 | $2,059 |
| Fair value of treasury stock (canceled) issued in a business combination | $(2,007) | $40,472 | $— |
| Acquisition of businesses and assets: | |||
| Total identifiable net assets acquired | $5,306 | $110,472 | $7,195 |
| Less cash acquired | — | (5,872) | — |
| Less contingent consideration | — | (5,935) | — |
| Less fair value of treasury stock issued | — | (40,472) | — |
| Less advances on purchase price paid in prior period | — | (4,600) | — |
| Cash purchase price | $5,306 | $53,592 | $7,195 |
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