Company: CDLX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001666071-25-000159
Chunk: 185

Company: Cardlytics, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 185
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 to the prime rate plus 0.25%. During the nine months ended September 30, 2024, we incurred approximately $0.7 million of interest expense associated with the 2018 Loan Facility. In addition, we were required to pay an unused line fee of 0.15% per annum on the average daily unused amount of the revolving commitment.

19

In July 2024, we amended our 2018 Loan Facility, which increased the ability to borrow up to 85% of the amount of our U.S. eligible accounts receivable and 30% of the amount of our U.K. eligible accounts receivable, decreased our required minimum level of Adjusted EBITDA, and decreased the interest rate to prime rate plus 0.125%. The amendment also established a reserve and included an extension of the maturity date of the loan to July 31, 2026.In September 2024, we entered into an amended and restated Loan and Security Agreement, which amended and restated the original Loan and Security Agreement to consolidate the original agreement and all subsequent amendments thereto into a single document. In January 2025, we amended our 2018 Loan Facility to decrease our required minimum level of Adjusted EBITDA. In April 2025, we amended our 2018 Loan Facility to extend the maturity date of the loan to April 15, 2028.As of September 30, 2025, we had net borrowings of $46.1 million under the 2018 Line of Credit, which includes a draw down of $50.0 million on August 5, 2025 and a repayment of $3.9 million on September 26, 2025. Subsequent to September 30, 2025, we repaid $6.0 million on October 16, 2025 and drew down $6.0 million on November 4, 2025 under the 2018 Line of Credit.During the three and nine months ended September 30, 2025, we incurred $0.6 million and $0.6 million of interest expense associated with the 2018 Loan Facility, respectively. As of September 30, 2025, we had $12.4 million of unused available borrowings under our 2018 Line of Credit. We believe we are in compliance with all financial covenants as of September 30, 2025.

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