Company: CTLPP
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004271
Chunk: 22

Company: CANTALOUPE, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 the Credit Agreement. On December 1, 2022, the Company borrowed an additional $25 million under the Amended JPMorgan Credit Facility, including $15 million from the revolving credit facility and $10 million from the term facility. No issuance costs were capitalized in connection with this amendment. As of December 31, 2024, the weighted-average interest rate for the Amended JPMorgan Credit Facility is approximately 8.7%.The Amended JPMorgan Credit Facility includes customary representations, warranties and covenants, and acceleration, indemnity and events of default provisions, including, among other things, two financial covenants. One financial covenant requires the Company to maintain, at all times, a total leverage ratio of not more than 3.00 to 1.00 on the last day of any fiscal quarter. The other financial covenant is conditional on a material acquisition occurring: if a material acquisition occurs, the Company is required to maintain a total leverage ratio not greater than 4.00 to 1.00 for the next four fiscal quarters following the material acquisition. The Company was in compliance with its financial covenants for the Amended JPMorgan Credit Facility as of December 31, 2024.See Note 16 - Subsequent Events for information on the refinancing of the JPMorgan Credit Facility that occurred in January 2025.

7. ACCRUED EXPENSES

Accrued expenses consisted of the following as of December 31, 2024 and June 30, 2024:As of December 31,As of June  30,($ in thousands)20242024Sales tax$11,780 $12,070 Accrued compensation and related sales commissions2,827 4,061 Operating lease liabilities - current1,425 1,320 Accrued professional fees2,798 4,336 Consideration withheld for acquisitions - current*1,442 1,370 Accrued other646 851 Total accrued expenses$20,918 $24,008 * See Note 9 - Acquisitions for a description of the arrangements.

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8. GOODWILL AND INTANGIBLES

Intangible asset balances and goodwill consisted of the following:As of December 31, 2024Weighted Average Remaining Useful Life (Years)($ in thousands)GrossAccumulated AmortizationNetIntangible assets:Brand and trade names$