Company: ACEL
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001698991-25-000011
Chunk: 98

Company: Accel Entertainment, Inc.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 16
Chunk 98
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0.3 million, $0.5 million and $0.6 million, respectively. The aggregate intrinsic value of options outstanding as of December 31, 2024 is $0.5 million.

Note 19. Income Taxes

The Company recognized income tax expense of $18.4 million, $20.1 million and $20.7 million during the years ended December 31, 2024, 2023 and 2022, respectively, which consists of the following (in thousands):202420232022Current provisionFederal$14,700 $5,390 $1,558 State6,126 7,385 5,669 Total current provision20,826 12,775 7,227 Deferred provisionFederal(3,244)10,278 13,743 State856 (2,932)(310)Total deferred provision(2,388)7,346 13,433 Total income tax expense$18,438 $20,121 $20,660 A reconciliation of the “expected” income taxes computed by applying the federal statutory income tax rate to the total expense is as follows (in thousands):202420232022Computed “expected” tax expense$11,283 $13,802 $19,900 Increase (decrease) in income taxes resulting from:State income taxes5,575 3,627 4,289 Return-to-provision(121)380 (132)Change in fair value of contingent earnout shares268 1,793 (4,104)Permanently non-deductible transaction costs215 51 137 Officer's compensation221 129 177 Stock-based compensation212 720 124 Other permanent items589 641 343 State Rate Change119 (724)(121)Other77 (298)47 Total income tax expense$18,438 $20,121 $20,660 

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Table of ContentsAccel Entertainment, Inc. and SubsidiariesNotes to Consolidated Financial Statements — (Continued)

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31 (in thousands):20242023Deferred tax assets:Net operating loss carryforwards$7,964 $8,015 Interest expense limitation carryforward10,765 8,174   Stock-based compensation4,452