Company: TENB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001660280-25-000128
Chunk: 92

Company: Tenable Holdings, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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 depending on the interest period.

From January to September 2025, interest rates on our Term Loan were between 7.18% and 7.22%. The Term Loan is being amortized at 1% per annum in equal quarterly installments until the final payment of $350.6 million on the July 7, 2028 maturity date. We may be subject to mandatory Term Loan prepayments 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 September 30, 2025, our first lien net leverage ratio was 0.87.

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 September 30, 2025, we were in 

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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:

Nine Months Ended September 30,(in thousands)20252024Net cash provided by operating activities$183,720 $136,357 Net cash used in investing activities(170,290)(27,099)Net cash used in financing activities(171,208)(31,744)Effect of exchange rate changes on cash and cash equivalents and restricted cash983 (2,439)Net (decrease) increase in cash and cash equivalents and restricted cash$(156,795)$75,075 

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 

Net cash used in investing activities increased by $143.2 million, primarily due to a $167.0 million increase in cash paid for acquisitions, a $9.8 million net increase in purchases of property and equipment and a $1.4 million net decrease in proceeds from other investments, partially offset by a $31.8 million