Company: CTLPP
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004271
Chunk: 110

Company: CANTALOUPE, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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 million and non-cash operating charges of $12.7 million. The change in working capital was primarily driven by an increase in cash utilized by accounts payable and accrued expenses of $40.9 million, offset by a $13.3 million decrease in accounts receivable primarily due to cash collections. Increases in cash utilized by accounts payable and accrued expenses and as well as the collection of accounts receivable were the result of the timing of payments made to our customers for transaction processing as December 31, 2024.

For the six months ended December 31, 2023, net cash used in operating activities was $1.2 million which reflects our net income of $5.1 million and non-cash operating charges of $12.8 million, partially offset by $19.2 million of cash utilized by working capital accounts. The change in working capital accounts was primarily driven by a $12.3 million increase of accounts receivable, and a decrease in accounts payable and accrued expenses of $2.9 million in the period. Increase in the accounts receivable balance as of December 31, 2023 was a result of increased sales during the six months ended December 31, 2023 and the timing of the cash receipts compared to the prior year period.

Non-cash operating charges primarily consisted of stock-based compensation, depreciation of property and equipment, amortization of our intangible assets, and provisions for expected losses for the six months ended December 31, 2024 and 2023. 

Net cash used in investing activities

Net cash used in investing activities was $17.8 million for the six months ended December 31, 2024. We invested $8.1 million in property and equipment as the Company continued to focus on investing in innovative technologies and products, and increasing rental devices enrolled in the Company's Cantaloupe One program. Additionally, the Company invested $9.8 million through its SB Software acquisition.

Net cash used in investing activities was $5.9 million for the six months ended December 31, 2023. Increase in cash used was $5.9 million for and a result of the investment in property and equipment.

Net cash provided by financing activities

Net cash used in financing activities was $0.9 million and $0.3 million for the six months ended December 31, 2024 and 2023, both of which are primarily driven by debt repayments on the JPMorgan Credit Facility. 

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