Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 120

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 120
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 1.00% per year, payable semiannually in arrears on March 15 and September 15 of each year, which began on March 15, 2021. Following June 15, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2020 Convertible Senior Notes could have converted all or any portion of their 2020 Convertible Senior Notes at any time.

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The net carrying amount of the liability component of the 2020 Convertible Senior Notes is as follows (in thousands):September 30, 2025December 31, 2024Principal$— $46,070 Minus:Unamortized issuance costs— (207)Net carrying amount of the liability component$— $45,863 Interest expense recognized related to the 2020 Convertible Senior Notes is as follows (dollars in thousands):Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Contractual interest expense (due in cash)$96 $115 $326 $805 Amortization of debt issuance costs61 73 207 511 Total interest expense related to the 2020 Convertible Senior Notes$157 $188 $533 $1,316 Effective interest rate1.64 %1.64 %1.64 %1.64 %2018 Loan FacilityIn April 2022, we amended our loan facility with Pacific Western Bank (the "2018 Loan Facility") to increase the capacity of our asset-backed revolving line of credit (the "2018 Line of Credit") from $50.0 million to $60.0 million with an option to increase to $75.0 million upon syndication. Additionally with this amendment, the former cash covenant, as described below, was removed and was replaced with a requirement to maintain a minimum level of Adjusted Contribution and a minimum adjusted cash of $25.0 million, which is reduced by eligible accounts receivable in excess of the loan capacity. In November 2022, we amended our 2018 Loan Facility to modify the eligible account receivable to exclude U.K. accounts, reduce the ability to borrow up to 85% of the amount of our eligible accounts receivable to 50% and adjusted the required minimum level of Adjusted Contribution. In February 2023, we amended our 2018 Loan Facility to remove and replace the