Accel Entertainment, Inc.

Listed Company

ACELCIK 0001698991NYSEAcceleratedServices-Amusement & Recreation ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$51.47M

Total Assets

$1.10B

Equity

$269.68M

Shares Out

81.57M

Op. Cash Flow

$150.88M

Business

Accel Entertainment, Inc. operates as a distributed gaming and local entertainment operator offering turnkey, full-service gaming solutions to non-casino businesses and select owned retail gaming venues. It installs, maintains and operates gaming terminals, redemption devices, ATMs, jukeboxes, dartboards, pool tables and amusement equipment, and also designs and manufactures proprietary gaming terminals and software. The company organizes operations through state-branded businesses and a gaming-as-a-service platform, proprietary Grand Vision Gaming, and its recently added casino and racetrack operations. It serves U.S. markets via partnerships with bars, restaurants, convenience stores, truck stops, fraternal and veteran organizations, and direct-operated venues and racetrack/casino properties.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net revenues	1,331	1,231	1,170	970	735
Cost of revenue (exclusive of depreciation and amortization expense shown below)	908	852	810	666	494
Cost of manufacturing goods sold (exclusive of depreciation and amortization expense shown below)	6	7	8	5	0
General and administrative	219	195	180	146	111
Depreciation and amortization of property and equipment	53	44	38	29	25
Amortization of intangible assets and route and customer acquisition costs	25	23	21	17	22
Other expenses, net	12	19	6	9	13
Total operating expenses	1,223	1,140	1,063	873	665
Operating income	108	91	107	97	70
Interest expense, net	34	36	33	22	13
Loss from unconsolidated affiliates	59,000	0	0	—	—
Loss on change in fair value of contingent earnout shares	573,000	1	9	−20	10
Gain on expiration of warrants	0	−13,000	0	0	0
Loss on debt extinguishment	1	0	0	0	1
Income before income tax expense	72	54	66	95	47
Income tax expense	21	18	20	21	15
Net income	51	35	46	74	—
Less: Net (loss) income attributed to redeemable noncontrolling interests	−198,000	39,000	0	0	—
Net income attributable to Accel Entertainment, Inc.	51	35	46	74	32
Basic (in usd per share)	0.61	0.42	0.53	0.82	0.34
Diluted (in usd per share)	0.6	0.41	0.53	0.81	0.33
Basic (in shares)	85	84	86	91	94
Diluted (in shares)	86	85	87	91	95
Unrealized loss on interest rate caplets, net of taxes	−4	−4	−4	12	0
Comprehensive income	47	32	41	86	—
Less: Comprehensive (loss) income attributed to redeemable noncontrolling interests	−198,000	39,000	0	0	—
Comprehensive income attributable to Accel Entertainment, Inc.	48	31	41	86	31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	297	281	262	224	199
Accounts receivable, net	14	11	13	11	5
Prepaid expenses	7	9	6	7	7
Inventories	8	8	8	7	0
Income taxes receivable	9	2	—	—	—
Interest rate caplets	430,000	6	8	9	0
Other current assets	7	9	15	9	5
Total current assets	343	326	313	299	248
Property and equipment, net	350	308	261	212	152
Route and customer acquisition costs, net	31	23	19	—	—
Location contracts acquired, net	186	203	176	189	151
Goodwill	114	116	102	101	46
Other intangible assets, net	61	54	23	23	0
Interest rate caplets, net of current	0	479,000	5	11	0
Other assets	17	18	14	9	3
Total noncurrent assets	410	414	339	352	216
Total assets	1,103	1,048	913	863	616
Current maturities of debt	38	34	28	23	18
Current portion of route and customer acquisition costs payable	3	2	2	2	2
Accrued location gaming expense	6	5	9	8	4
Accrued state gaming expense	21	20	18	17	11
Accounts payable and other accrued expenses	51	42	36	22	15
Accrued compensation and related expenses	10	12	13	11	9
Current portion of consideration payable	4	3	3	8	13
Total current liabilities	131	118	110	90	72
Debt, net of current maturities	570	561	514	519	324
Route and customer acquisition costs payable, less current portion	10	7	5	5	4
Consideration payable, less current portion	16	15	4	7	13
Contingent earnout share liability	34	33	32	23	43
Other long-term liabilities	9	8	7	3	17,000
Deferred income tax liability, net	59	47	43	37	2
Total long-term liabilities	698	671	605	594	386
Temporary equity - Redeemable noncontrolling interest	4	4	0	0	0
Preferred Stock, par value of $0.0001; 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	229	222	203	194	188
Treasury stock, at cost	−146	−105	−112	—	−9
Accumulated other comprehensive income	188,000	4	8	12	0
Accumulated earnings	186	135	99	54	−20
Total stockholders' equity	270	255	198	—	—
Total liabilities, temporary equity, and stockholders' equity	1,103	1,048	913	863	616

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of property and equipment	53	44	38	29	25
Impairment of intangible assets	0	846,000	0	0	—
Amortization of debt issuance costs	1	2	2	2	2
Stock-based compensation expense	12	12	9	7	6
Loss (gain) on disposal of property and equipment	1	606,000	−10,000	−608,000	−63,000
Loss on write-off of route and customer acquisition costs and route and customer acquisition costs payable	1	1	935,000	757,000	711,000
Remeasurement of contingent consideration	3	6	−522,000	−4	4
Payments on consideration payable	−1	−3	−5	−4	−3
Accretion of interest on route and customer acquisition costs payable, contingent consideration, and contingent stock consideration	2	2	1	2	3
Deferred income taxes	13	−2	7	13	6
Prepaid expenses and other current assets	2	−788,000	−987,000	−2	−5
Accounts receivable, net	−4	5	−2	−2	0
Inventories	−57,000	−343,000	−734,000	−500,000	0
Income tax receivable	−7	−1	264,000	−349,000	3
Route and customer acquisition costs	−12	−8	−3	−4	−3
Route and customer acquisition costs payable	3	2	−441,000	358,000	97,000
Accounts payable and accrued expenses	5	−1	15	2	4
Accrued compensation and related expenses	−2	−531,000	2	95,000	3
Other assets	2	3	−6	−5	3
Net cash provided by operating activities	151	121	133	108	111
Purchases of property and equipment	−89	−67	−82	−47	−30
Proceeds from the sale of property and equipment	2	984,000	2	2	1
Proceeds from the settlement of convertible notes	2	0	32	0	0
Deposits against a portion of the purchase price on a pending business acquisition	0	0	−5	—	—
Acquisition of indefinite-lived operating license	−9	0	0	—	—
Investment in unconsolidated affiliate	0	−5	0	0	—
Business and asset acquisitions, net of cash acquired	−5	−54	−7	−144	−6
Net cash used in investing activities	−101	−124	−60	−189	−35
Proceeds from debt	682	175	169	240	54
Payments on debt	−667	−123	−169	−45	−56
Payments for debt issuance costs	−4	0	−300,000	0	−364,000
Payments for repurchase of common shares	−40	−25	−30	−79	−9
Payments on interest rate caplets	−993,000	−985,000	−965,000	−873,000	0
Proceeds from exercise of stock-based awards	0	289,000	375,000	366,000	2
Payments on consideration payable	−1	−588,000	−3	−9	−3
Payments on finance leases	−245,000	−221,000	−17,000	0	0
Tax withholding on stock-based payments	−3	−2	−1	−78,000	−91,000
Net cash (used in) provided by financing activities	−35	23	−35	107	−12
Net increase in cash and cash equivalents	15	20	37	25	64
Interest, net	32	33	30	20	10
Income taxes, net	16	22	12	8	9
Purchases of property and equipment in accounts payable and accrued liabilities	17	13	15	10	3
Purchases of equipment financed through vendor	5	577,000	0	—	—
Deferred premium on interest rate caplets	83,000	1	2	3	0
Fair value of treasury stock (canceled) issued in a business combination	−2	40	0	—	—
Total identifiable net assets acquired	5	110	7	185	7
Less cash acquired	0	−6	0	−33	−646,000
Less contingent consideration	0	−6	0	−3	−106,000
Less fair value of treasury stock issued	0	−40	0	−6	0
Less advances on purchase price paid in prior period	0	−5	0	0	—

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