Accel Entertainment

Leverage and liquidity are conservative for a route operator. As of March 31, 2026, total borrowings were ~$585M against cash of ~$274M; net leverage on TTM Adjusted EBITDA is ~1.45x.

The September 2025 credit agreement provides a $600M term loan and $300M revolver maturing 2030, and an interest‑rate collar hedges floating exposure. 2025 operating cash flow was ~$151M against ~$89M of capex; Q1 2026 OCF was ~$43M with ~$23M capex.

Guidance calls for ~$60‑70M capex in 2026. We see ample covenant headroom and cash generation to fund growth capex, tuck‑ins, and buybacks through cycles.