Company: ACEL
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001698991-25-000023
Chunk: 16

Company: Accel Entertainment, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 16
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2025December 31, 2024Amortization PeriodGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountCustomer Relationships7 years$6,800 $(3,521)$3,279 $6,800 $(3,325)$3,475 Software Applications8 years7,800 (2,763)5,037 7,800 (2,519)5,281 Trade Names20 years11,700 (1,421)10,279 11,700 (1,265)10,435 Operating LicensesIndefinite34,749 N/A34,749 34,749 N/A34,749 $61,049 $(7,705)$53,344 $61,049 $(7,109)$53,940  Amortization expense of other intangible assets was $0.6 million for both the three months ended March 31, 2025, and 2024, respectively. Indefinite-lived intangibles are tested for impairment annually or when triggering events occur. There were no indicators of impairment of indefinite-lived intangibles as of March 31, 2025.

Note 9. Debt

The Company’s debt as of March 31, 2025 and December 31, 2024, consisted of the following (in thousands):March 31,2025December 31,2024Senior Secured Credit Facility:Revolving credit facility$— $6,500 Term Loan288,750 293,125 Delayed Draw Term Loan293,762 297,750 Total borrowings582,512 597,375 Add: Remaining premium on interest rate caplets financed as debt830 1,076 Total debt583,342 598,451 Less: Debt issuance costs(2,637)(3,072)Total debt, net of debt issuance costs580,705 595,379 Less: Current maturities(34,280)(34,443)Total debt, net of current maturities$546,425 $560,936 As of March 31, 2025, the weighted-average interest rate on the Company’s borrowings was approximately 6.5%.Interest rate capletsThe Company manages its exposure to some of its interest rate risk through the use of interest rate caplets, which