Company: ACEL
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001698991-25-000051
Chunk: 56

Company: Accel Entertainment, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 1
Chunk 56
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4,895 $35,180 $26,897 Adjustments:Amortization of intangible assets and route and customer acquisition costs6,389 5,781 19,001 16,808 Stock-based compensation expense3,504 3,342 8,384 8,927 Loss from unconsolidated affiliates22 1 55 1 (Gain) loss on change in fair value of contingent earnout shares(2,170)4,216 1,209 4,190 Other expenses, net 2,577 3,867 9,490 13,620 Depreciation and amortization of property and equipment13,339 11,001 38,735 32,229 Interest expense, net8,622 9,164 26,078 26,730 Emerging markets — 43 67 121 Income tax expense4,492 3,569 14,575 12,269 Loss on debt extinguishment1,090 — 1,090 — Adjusted EBITDA$51,170 $45,879 $153,864 $141,792 

Adjusted EBITDA for the three months ended September 30, 2025, was $51.2 million, an increase of $5.3 million, or 11.5%, compared to the prior-year period. Adjusted EBITDA for the nine months ended September 30, 2025, was $153.9 million, an increase of $12.1 million, or 8.5%, compared to the prior-year period. The increase was attributable to an increase in the number of locations and gaming terminals.

Liquidity and Capital Resources

We believe that our cash and cash equivalents, cash flows from operations and borrowing availability under the Credit Agreement will be sufficient to meet our capital requirements for the next twelve months and the foreseeable future thereafter. Our primary short-term cash needs are paying operating expenses and contingent earnout payments, purchases of property and equipment, servicing outstanding indebtedness, and funding our Board of Directors (“Board”) approved share repurchase program and near-term acquisitions. As of September 30, 2025, we had $290.2 million in cash and cash equivalents.

New Credit Agreement

In order to refinance our prior credit facility, we entered into a Credit Agreement, dated as of September 10, 2025 (the “Credit Agreement”),