Company: TENB
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001660280-25-000034
Chunk: 105

Company: Tenable Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 105
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payments related to the excess cash provisions in the Credit Agreement if our first lien net leverage ratio (as defined in the Credit Agreement) exceeds 3.5. At December 31, 2024, our first lien net leverage ratio was 0.86. 

The Revolving Credit Facility bears interest at a rate, depending on first lien net leverage, ranging from 2.00% to 2.50% over SOFR and matures on July 7, 2026. We pay a commitment fee during the term ranging from 0.25% to 0.375% per annum of the average daily undrawn portion of our Revolving Credit Facility. At December 31, 2024, we were in compliance with the covenants and had $0.2 million of standby letters of credit outstanding under the Revolving Credit Facility.

Cash Flows 

The following table summarizes our cash flows for the periods presented:

Year Ended December 31,(in thousands)202420232022Net cash provided by operating activities$217,476 $149,855 $131,151 Net cash used in investing activities(41,431)(212,615)(128,039)Net cash (used in) provided by financing activities(79,401)1,251 23,318 Effect of exchange rate changes on cash and cash equivalents and restricted cash(5,129)(2,225)(3,835)Net increase (decrease) in cash and cash equivalents and restricted cash$91,515 $(63,734)$22,595 

Operating Activities

Our largest source of cash provided by operating activities is cash collections from sales of our products and services, as we typically invoice our customers in advance. Our primary uses of cash are employee compensation costs, third-party cloud infrastructure and other software subscription costs, demand generation expenditures and general corporate costs.

Investing Activities

From 2023 to 2024, net cash used in investing activities decreased by $171.2 million, primarily due to a decrease in cash paid for acquisitions of $214.1 million, a $3.5 million increase in proceeds from our investments in private companies and a $0.6 million decrease in capitalized software development costs, partially offset by a $43.3 million net decrease in sales of short-term investments, a $2.5 million increase in purchases of property and equipment, and a $1.3 million increase in cash paid for other investments.

62

From 2022 to 2023