Second Quarter Performance Highlighted by
Revenue Increase to $81.1 Million, up
50% Year-Over-Year
Continued Strong Profitability Metrics,
Including 78% Gross Profit Increase to $18.7
Million
NEW
YORK, Aug. 8, 2022 /PRNewswire/
-- Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS)
("Kaleyra" or the "Company"), an omnichannel business
communications platform, reported financial results for the second
quarter ended June 30,
2022.
Second Quarter 2022 Operational
and Financial Highlights
- Quarterly Revenue of $81.1
million and Gross Profit of $18.7 million, representing 50% and 78% growth,
respectively, over the comparable year-ago period
- Quarterly Adjusted Gross Profit of $20.2 million, representing 82% growth over the
comparable year-ago period
- Dollar-Based Net Expansion Rate of 103% in Q2 2022
- Strong Balance Sheet with $74.8
million in cash and cash equivalents, including restricted
cash, and short-term investments
- Delivered 13.4 billion billable messages (58% growth
year-over-year) and connected 1.8 billion voice calls (32% growth
year-over-year) for our global customer base in the second
quarter
- Joined the broad-market Russell 3000® Index
at the conclusion of the 2022 Russell indexes annual
reconstitution
- Expanded investor-oriented communication efforts by
appointing experienced equity research analyst Colin Gillis as Vice President of Investor
Relations
- Bolstered leadership team by appointing five-time
start-up founder and CEO Zephrin
Lasker as Senior Vice President of Marketing and Strategic
Alliances
Management Commentary
"Our team displayed commendable determination in the face of
ongoing global economic uncertainty in our second quarter," said
Kaleyra Founder and Chief Executive Officer Dario Calogero. "Despite challenges and the
adverse effects of the foreign exchange environment, we met our
revenue estimate and reaffirmed our steadfast relationships with
existing partners, highlighted by our 50% year-over-year revenue
increase and dollar-based net expansion rate of 103%. In addition,
our adjusted gross profit increased by 82% and our adjusted gross
margin increased to 25% year-over-year, exemplifying our commitment
to profitability and showcasing the fact that Kaleyra has more than
adequate capital to support our business over the long-term.
"Kaleyra is facing the same overlapping group of factors as
other multi-national companies, including a slowing global economy
with contraction in the United
States and major European economies, increased caution from
enterprise executives weighing new initiatives, and consumers who
are facing food and energy costs that consume more disposable
income than before. When combined with pressure from a
strengthening U.S. dollar and industry-wide demand and pricing
considerations, we believe that it is prudent to revise our revenue
for the third quarter and full year to reflect the current global
economic and geopolitical environment. Every economic cycle turns,
and with our strong base of existing customers and meaningful
pipeline of new potential customers, we are encouraged that we will
maximize the healthy landscape of opportunities ahead in new
markets and geographies. Our customers value that Kaleyra has
strong fundamentals and a comfortable balance sheet. We look
forward to serving them for years to come."
Second Quarter 2022 Financial
Results
Results compare the 2022 second quarter ended June 30, 2022 to the 2021 second quarter ended
June 30, 2021 unless otherwise
indicated.
- Total revenue increased 50% to $81.1 million from $54.0
million in the comparable year-ago period. This increase was
mainly driven by the effects of the business combination with
mGage, which contributed $30.2
million, and the organic growth of the Kaleyra legacy
businesses, representing 16% of the aggregate growth period over
period, despite headwinds in the foreign exchange environment.
- Gross profit increased 78% to $18.7 million from $10.5
million in the comparable year-ago period. The increase in
gross profit was mainly driven by the effects of the business
combination with mGage. Gross margin for the second quarter
of 2022 increased to 23.0% compared to 19.4% for the second quarter
of 2021. The increase in gross margin was mainly due to the mGage
and Bandyer integrations and increased performance by Kaleyra Video
and Kaleyra Voice, as well as by The Campaign Registry.
- Net loss totaled $15.8
million, or $0.36 per share
based on 43.4 million weighted-average shares outstanding, compared
to a net loss of $4.5 million, or
$0.13 per share based on 34.3 million
weighted-average shares outstanding, in the comparable year-ago
period. The increase in net loss was mainly driven by the
amortization of acquired intangibles and the accrued interest on
convertible notes.
- Adjusted gross profit, a non-GAAP measurement of
operating performance reconciled below, increased 82% to
$20.2 million from $11.1 million in the comparable year-ago period.
Adjusted gross margin for the second quarter of 2022 was
25.0% compared to 20.6% in the comparable year-ago period.
- Adjusted net income, a non-GAAP measurement of operating
performance reconciled below, decreased by 89% to $55,000, or $0.00
per both basic and diluted share based on 43.4 million
weighted-average shares outstanding and 53.7 million
weighted-average shares outstanding, respectively, from
$504,000, or $0.01 per both basic and diluted share based on
34.3 million weighted-average shares outstanding and 44.9 million
weighted-average shares outstanding, respectively, in the
comparable year-ago period.
- Adjusted EBITDA, a non-GAAP measurement of operating
performance reconciled below, increased 177% to $6.0 million (7.4% of total revenue) compared to
$2.2 million (4.0% of total revenue)
in the comparable year-ago period. The increase in adjusted EBITDA
was primarily due to the effects of the business combinations with
mGage and Bandyer and cost synergies between the newly acquired
entities and the legacy business.
- At the end of the second quarter, cash and cash equivalents,
restricted cash, and short-term investments were
$74.8 million, compared to
$97.9 million as of December 31, 2021, mainly due to changes in net
working capital, the payment of interest on convertible notes and
the adverse effects of the foreign exchange environment.
2022 Financial Outlook
Kaleyra's outlook takes into consideration broader geopolitical
and macroeconomic factors such as the adverse effects of the
foreign exchange environment, the war in Ukraine, and inflation. Kaleyra remains
confident in its growth strategy and ability to capture its
multinational market opportunity. As a result of the Company's
performance in the second quarter, the Company is introducing
financial projections for the third quarter and adjusting
projections for the full year 2022 as follows:
- Third Quarter 2022: Total revenue is expected to be in
the range of $83 – $87 million, compared to $84.0 million in the comparable year-ago
period.
- Full Year 2022: Total revenue is expected to be in the
range of $345 – $350 million, compared to $267.7 million in the comparable year-ago
period.
Conference Call
Kaleyra will hold a conference call today, Monday, August 8, 2022, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
A question-and-answer session will follow management's
presentation.
U.S. dial-in: 855-327-6837
International dial-in: 631-891-4304
Please call the conference telephone number 10 minutes prior to
the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
949-574-3860.
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of Kaleyra's
website.
A telephonic replay of the conference call will be available
after 7:30 p.m. Eastern time on the
same day through August 15, 2022.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 10019918
About Kaleyra
Kaleyra, Inc. is a global group providing mobile communication
services to financial institutions, ecommerce players, OTTs,
software companies, logistic enablers, healthcare providers,
retailers, and other large organizations worldwide.
Kaleyra today has a customer base of 3,800+ companies spread
around the world. Through its proprietary platform and robust APIs,
Kaleyra manages multi-channel integrated communication services,
consisting of messaging, rich messaging and instant messaging,
video, push notifications, email, voice services, and chatbots.
Kaleyra's technology makes it possible to safely and securely
manage billions of messages monthly with over 1,800 operator
connections in 190+ countries, including all tier-1 US
carriers.
Non-GAAP Financial Measures and Related
Information
To provide investors and others with
additional information regarding Kaleyra's results, the following
non-GAAP financial measures, not prepared in accordance with
accounting principles generally accepted in the United States ("GAAP"), are
disclosed:
- Non-GAAP Adjusted Gross Profit and Non-GAAP Adjusted Gross
Margin. For the periods presented, Kaleyra defines non-GAAP
Adjusted Gross Profit and non-GAAP Gross Margin as GAAP gross
profit and GAAP gross margin, respectively, adjusted to exclude, as
applicable, certain expenses as presented in the table
below;
- Non-GAAP Adjusted EBITDA is defined as of any date of
calculation, as the consolidated earnings/(loss) of Kaleyra and its
subsidiaries, before finance income and finance cost (including
bank charges), tax, depreciation and amortization, plus (i)
transaction and one-off expenses, (ii) without duplication of
clause (i), severance or change of control payments, (iii) any
expenses related to company restructuring, (iv) any compensation
expenses relating to stock options, restricted stock units,
restricted stock or similar equity interests as may be issued by
Kaleyra or any of its subsidiaries to its or their employees (v)
any provision for the write down of assets, (vi) the amortization
of acquired intangible assets and (vii) the amortization of
issuance costs of convertible financial instruments; and
- Non-GAAP Adjusted Net Income (Loss) Per Share, Basic and
Diluted. For the periods presented, Kaleyra defines non-GAAP net
income (loss) and non-GAAP net income (loss) per share, basic and
diluted, as GAAP net loss and GAAP net loss per share, basic and
diluted, respectively, adjusted to exclude, as applicable, certain
expenses presented in the table below.
Management uses the foregoing non-GAAP financial information,
collectively, to evaluate its ongoing operations and for internal
planning and forecasting purposes. Kaleyra's management believes
that non-GAAP financial information, when taken collectively, may
be helpful to investors because it provides consistency and
comparability with past financial performance, facilitates
period-to-period comparisons of results of operations, and assists
in comparisons with other companies, many of which use similar
non-GAAP financial information to supplement their GAAP results.
Non-GAAP financial information is presented for supplemental
informational purposes only, should not be considered a substitute
for financial information presented in accordance with GAAP, and
may be different from similarly-titled non-GAAP measures used by
other companies. Whenever Kaleyra uses a non-GAAP financial
measure, a reconciliation is provided to the most closely
applicable financial measure stated in accordance with GAAP.
Investors are encouraged to review the related GAAP financial
measures and the reconciliation of these non-GAAP financial
measures to their most directly comparable GAAP financial
measures.
Operating Metrics
Dollar-Based Net Expansion
Rate. Kaleyra's ability to drive growth and generate incremental
revenue depends, in part, on the Company's ability to maintain and
grow its relationships with Active Existing Customer Accounts and
to increase their use of the platform. An important way in which
Kaleyra has historically tracked performance in this area is by
measuring the Dollar-Based Net Expansion Rate for those customer
accounts. Kaleyra's Dollar-Based Net Expansion Rate increases when
such customer accounts increase their usage of a product, extend
their usage of a product to new applications or adopt a new
product. Kaleyra's Dollar-Based Net Expansion Rate decreases when
such customer accounts cease or reduce their usage of a product or
when the Company lowers usage prices on a product. Kaleyra believes
that measuring Dollar-Based Net Expansion Rate provides a more
meaningful indication of the performance of the Company's efforts
to increase revenue from existing customers. As a result of the
introduction of Dollar-Based Net Expansion Rate disclosure by
Kaleyra in the SEC filing, press release and presentation for the
three months ended December 31, 2021,
no comparable period is provided prior to that date. To calculate
the Dollar-Based Net Expansion Rate, the Company first identifies
the cohort of customer accounts that were customer accounts in the
same quarter of the prior year. The Dollar-Based Net Expansion Rate
is the quotient obtained by dividing the revenue generated from
that cohort in a quarter, by the revenue generated from that same
cohort in the corresponding quarter in the prior year. The
Q2 2022 Dollar-Based Net Expansion
Rate has been calculated by making reference to the Pro Forma (PF)
revenue generated from the same customer base in the corresponding
year-ago comparable period.
Active Existing Customer Accounts. Kaleyra believes that the
number of Active Customer Accounts is an important indicator of the
growth of its business, the market acceptance of its platform and
future revenue trends. Kaleyra defines an Active Customer Account
at the end of any reporting period as an individual account, as
identified by a unique account identifier, for which Kaleyra has
recognized revenue in the period.
Important Cautions Regarding Forward-Looking
Statements
This press release contains
forward-looking statements within the meaning of U.S. federal
securities laws. Such forward-looking statements include, but are
not limited to, statements regarding the financial statements of
Kaleyra, its omnichannel and other product and global customer
developments, its expectations, beliefs, intentions, plans,
prospects or strategies regarding the future revenue (including
revenue guidance) and the business plans of Kaleyra's management
team, and the impact of the COVID-19 pandemic, and any anticipated
lessening of such impact, and the broader market volatility and
geopolitical and macroeconomic factors on its business and
financial performance. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intends," "may,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on certain
assumptions and analyses made by Kaleyra in light of its experience
and perception of historical trends, current conditions and
expected future developments and their potential effects on Kaleyra
as well as other factors they believe are appropriate in the
circumstances. There can be no assurance that future developments
affecting Kaleyra will be those anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which
are beyond the control of the parties) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, including the mix of services utilized by Kaleyra's
customers and such customers' needs for these services, including
any variability by geography, market acceptance of new service
offerings, the ability of Kaleyra to expand what it does for
existing customers as well as to add new customers, that Kaleyra
will have sufficient capital to operate as anticipated, and the
impact that the novel coronavirus and the illness, COVID-19, that
it causes, as well as governmental responses to deal with the
spread of this illness and the reopening of economies that have
been closed as part of these responses, and the impact of other
geopolitical and macroeconomic factors such as the war in
Ukraine, may have on Kaleyra's
operations, the demand for Kaleyra's products, global supply chains
and economic activity in general. Should one or more of these risks
or uncertainties materialize or should any of the assumptions being
made prove incorrect, actual results may vary in material respects
from those projected in these forward-looking statements. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
Investor Contacts:
Colin
Gillis
Vice President of Investor Relations
colin.gillis@kaleyra.com
Tom Colton or Matt Glover
Gateway Investor Relations
949-574-3860
KLR@gatewayir.com
-Financial Tables to Follow-
KALEYRA,
INC.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited, in
thousands)
|
|
|
|
June 30,
2022
|
|
|
December 31,
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
73,622
|
|
|
$
|
90,001
|
|
Restricted
cash
|
|
|
468
|
|
|
|
1,701
|
|
Short-term
investments
|
|
|
680
|
|
|
|
6,236
|
|
Trade receivables,
net
|
|
|
95,768
|
|
|
|
85,945
|
|
Deferred
cost
|
|
|
329
|
|
|
|
341
|
|
Prepaid
expenses
|
|
|
4,340
|
|
|
|
5,357
|
|
Other current
assets
|
|
|
1,436
|
|
|
|
2,599
|
|
Total current
assets
|
|
|
176,643
|
|
|
|
192,180
|
|
Property and equipment,
net
|
|
|
20,384
|
|
|
|
18,811
|
|
Intangible assets,
net
|
|
|
115,146
|
|
|
|
125,396
|
|
Goodwill
|
|
|
111,893
|
|
|
|
110,465
|
|
Deferred tax
assets
|
|
|
376
|
|
|
|
1,230
|
|
Other long-term
assets
|
|
|
1,525
|
|
|
|
399
|
|
Total
Assets
|
|
$
|
425,967
|
|
|
$
|
448,481
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
71,934
|
|
|
$
|
70,942
|
|
Lines of
credit
|
|
|
3,182
|
|
|
|
5,256
|
|
Current portion of
bank and other borrowings
|
|
|
10,581
|
|
|
|
10,508
|
|
Current portion of
notes payable
|
|
|
405
|
|
|
|
—
|
|
Deferred
revenue
|
|
|
6,934
|
|
|
|
9,553
|
|
Payroll and payroll
related accrued liabilities
|
|
|
6,567
|
|
|
|
6,907
|
|
Other current
liabilities
|
|
|
6,327
|
|
|
|
8,274
|
|
Total current
liabilities
|
|
|
105,930
|
|
|
|
111,440
|
|
Long-term portion of
bank and other borrowings
|
|
|
15,928
|
|
|
|
22,910
|
|
Long-term portion of
notes payable
|
|
|
190,733
|
|
|
|
190,147
|
|
Long-term portion of
employee benefit obligation
|
|
|
2,377
|
|
|
|
2,338
|
|
Deferred tax
liabilities
|
|
|
5,205
|
|
|
|
2,384
|
|
Other long-term
liabilities
|
|
|
892
|
|
|
|
1,840
|
|
Total
Liabilities
|
|
|
321,065
|
|
|
|
331,059
|
|
Stockholders' equity
(deficit):
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
5
|
|
|
|
4
|
|
Additional paid-in
capital
|
|
|
270,672
|
|
|
|
251,659
|
|
Treasury stock, at
cost
|
|
|
(30,431)
|
|
|
|
(30,431)
|
|
Accumulated other
comprehensive loss
|
|
|
(4,535)
|
|
|
|
(2,010)
|
|
Accumulated
deficit
|
|
|
(130,809)
|
|
|
|
(101,800)
|
|
Total stockholders'
equity
|
|
|
104,902
|
|
|
|
117,422
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
425,967
|
|
|
$
|
448,481
|
|
KALEYRA,
INC.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited, in
thousands, except share and per share data)
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Revenue
|
|
$
|
81,109
|
|
|
$
|
53,992
|
|
|
$
|
161,590
|
|
|
$
|
93,706
|
|
Cost of
revenue
|
|
|
62,459
|
|
|
|
43,529
|
|
|
|
125,202
|
|
|
|
76,919
|
|
Gross profit
|
|
|
18,650
|
|
|
|
10,463
|
|
|
|
36,388
|
|
|
|
16,787
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
6,265
|
|
|
|
4,282
|
|
|
|
11,155
|
|
|
|
7,150
|
|
Sales and
marketing
|
|
|
7,226
|
|
|
|
4,660
|
|
|
|
14,326
|
|
|
|
7,519
|
|
General and
administrative
|
|
|
16,594
|
|
|
|
12,364
|
|
|
|
31,974
|
|
|
|
22,966
|
|
Total operating
expenses
|
|
|
30,085
|
|
|
|
21,306
|
|
|
|
57,455
|
|
|
|
37,635
|
|
Loss from
operations
|
|
|
(11,435)
|
|
|
|
(10,843)
|
|
|
|
(21,067)
|
|
|
|
(20,848)
|
|
Other income,
net
|
|
|
37
|
|
|
|
47
|
|
|
|
83
|
|
|
|
92
|
|
Financial expense,
net
|
|
|
(3,417)
|
|
|
|
(908)
|
|
|
|
(6,569)
|
|
|
|
(1,627)
|
|
Foreign currency income
(loss)
|
|
|
(1,117)
|
|
|
|
(191)
|
|
|
|
(860)
|
|
|
|
164
|
|
Loss before income tax
expense (benefit)
|
|
|
(15,932)
|
|
|
|
(11,895)
|
|
|
|
(28,413)
|
|
|
|
(22,219)
|
|
Income tax expense
(benefit)
|
|
|
(95)
|
|
|
|
(7,408)
|
|
|
|
596
|
|
|
|
(7,374)
|
|
Net loss
|
|
$
|
(15,837)
|
|
|
$
|
(4,487)
|
|
|
$
|
(29,009)
|
|
|
$
|
(14,845)
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.36)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.68)
|
|
|
$
|
(0.46)
|
|
Weighted-average shares
used in computing net loss
per common share, basic and diluted
|
|
|
43,410,858
|
|
|
|
34,292,874
|
|
|
|
42,829,188
|
|
|
|
32,328,909
|
|
KALEYRA,
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited, in
thousands)
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2022
|
|
2021
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(29,009)
|
|
$
|
(14,845)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
11,838
|
|
|
3,460
|
|
Stock-based
compensation
|
|
|
15,249
|
|
|
9,270
|
|
Provision for doubtful
accounts
|
|
|
925
|
|
|
808
|
|
Realized gains on
marketable securities
|
|
|
9
|
|
|
21
|
|
Employee benefit
obligation
|
|
|
752
|
|
|
122
|
|
Change in fair value
of warrant liability
|
|
|
(810)
|
|
|
830
|
|
Reversal of accrued
interest on forward share purchase agreement
|
|
|
—
|
|
|
(659)
|
|
Non-cash interest
expense
|
|
|
1,014
|
|
|
325
|
|
Deferred
taxes
|
|
|
176
|
|
|
(6,804)
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
(13,319)
|
|
|
(7,259)
|
|
Other current
assets
|
|
|
1,916
|
|
|
(2,359)
|
|
Deferred
cost
|
|
|
12
|
|
|
46
|
|
Other long-term
assets
|
|
|
(1,187)
|
|
|
1,483
|
|
Accounts
payable
|
|
|
5,361
|
|
|
(1,882)
|
|
Other current
liabilities
|
|
|
1,678
|
|
|
(2,508)
|
|
Deferred
revenue
|
|
|
(2,389)
|
|
|
6,920
|
|
Long-term
liabilities
|
|
|
(87)
|
|
|
(82)
|
|
Net cash used in
operating activities
|
|
|
(7,871)
|
|
|
(13,113)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchase of short-term
investments
|
|
|
(1,165)
|
|
|
(1,882)
|
|
Sale of short-term
investments
|
|
|
6,459
|
|
|
546
|
|
Purchase of property
and equipment
|
|
|
(966)
|
|
|
(177)
|
|
Capitalized software
development costs
|
|
|
(4,502)
|
|
|
(1,633)
|
|
Purchase of intangible
assets
|
|
|
(17)
|
|
|
(3)
|
|
Acquisition of mGage,
net of cash acquired
|
|
|
—
|
|
|
(195,709)
|
|
Acquisition of
Bandyer, net of cash acquired
|
|
|
(1,005)
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(1,196)
|
|
|
(198,858)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Proceeds from
(repayments on) line of credit, net
|
|
|
(1,776)
|
|
|
203
|
|
Repayments on term
loans
|
|
|
(4,493)
|
|
|
(3,451)
|
|
Proceeds from issuance
of convertible notes, net of issuance costs
|
|
|
—
|
|
|
188,637
|
|
Repayments on
notes
|
|
|
—
|
|
|
(7,500)
|
|
Receipts related to
forward share purchase agreements
|
|
|
—
|
|
|
17,045
|
|
Proceeds from issuance
of common stock in Private Investment in Public
Equity offering, net of issuance costs
|
|
|
—
|
|
|
99,051
|
|
Proceeds related to
settlement of non-forfeited 2020 Sponsor Earnout
Shares
|
|
|
—
|
|
|
1,244
|
|
Proceeds from the
exercise of common stock warrants
|
|
|
—
|
|
|
2,872
|
|
Repayments on capital
lease
|
|
|
(46)
|
|
|
(66)
|
|
Net cash provided by
(used in) financing activities
|
|
|
(6,315)
|
|
|
298,035
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
|
(2,230)
|
|
|
(409)
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
|
(17,612)
|
|
|
85,655
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
91,702
|
|
|
32,970
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
74,090
|
|
$
|
118,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KALEYRA,
Inc.
|
Adjusted Gross
Profit and Adjusted Gross Margin Reconciliation of GAAP to Non-GAAP
Financial Information
|
For the Three and
the Six Months Ended June 30, 2022 and 2021
|
(Unaudited, in
thousands)
|
|
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Gross
Profit
|
|
$
|
18,650
|
$
|
10,463
|
$
|
36,388
|
$
|
16,787
|
|
Consolidated Gross
Margin %
|
|
|
23.0 %
|
|
19.4 %
|
|
22.5 %
|
|
17.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
1,588
|
|
674
|
|
3,187
|
|
834
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
Gross Profit
|
|
$
|
20,238
|
$
|
11,137
|
$
|
39,575
|
$
|
17,621
|
|
Non-GAAP Adjusted
Gross Margin %
|
|
|
25.0 %
|
|
20.6 %
|
|
24.5 %
|
|
18.8 %
|
|
KALEYRA,
Inc.
|
Adjusted EBITDA
Reconciliation of GAAP to Non-GAAP Financial
Information
|
For the Three and
the Six Months Ended June 30, 2022 and 2021
|
(Unaudited, in
thousands)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
2021
|
|
2022
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(15,837)
|
$
|
(4,487)
|
|
$
|
(29,009)
|
$
|
(14,845)
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
|
(37)
|
|
(47)
|
|
|
(83)
|
|
(92)
|
Financial expense,
net
|
|
|
3,417
|
|
908
|
|
|
6,569
|
|
1,627
|
Foreign currency income
(loss)
|
|
|
1,117
|
|
191
|
|
|
860
|
|
(164)
|
Income tax expense
(benefit)
|
|
|
(95)
|
|
(7,408)
|
|
|
596
|
|
(7,374)
|
Loss from
operations
|
|
$
|
(11,435)
|
$
|
(10,843)
|
|
$
|
(21,067)
|
$
|
(20,848)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
5,936
|
|
2,551
|
|
|
11,838
|
|
3,460
|
Stock-based
compensation and others
|
|
|
10,160
|
|
5,987
|
|
|
18,412
|
|
11,442
|
Transaction and one-off
costs (incl. severance)
|
|
|
1,330
|
|
4,467
|
|
|
2,908
|
|
6,964
|
Company
restructuring
|
|
|
-
|
|
-
|
|
|
85
|
|
-
|
Non-GAAP Adjusted
EBITDA
|
|
$
|
5,991
|
$
|
2,162
|
|
$
|
12,176
|
$
|
1,018
|
KALEYRA,
Inc.
|
Adjusted Net Income
(Loss) per share Reconciliation of GAAP to Non-GAAP Financial
Information
|
For the Three and
the Six Months Ended June 30, 2022 and 2021
|
(Unaudited, in
thousands except share and per share data)
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
2021
|
|
2022
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
$
|
(15,837)
|
$
|
(4,487)
|
|
$
|
(29,009)
|
$
|
(14,845)
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation and others
|
|
|
10,160
|
|
5,987
|
|
|
18,412
|
|
11,442
|
Transaction and one-off
costs (incl. severance)
|
|
|
1,330
|
|
4,467
|
|
|
2,908
|
|
6,964
|
Amortization of
acquired intangibles
|
|
|
3,984
|
|
1,775
|
|
|
8,407
|
|
2,173
|
Amortization of
issuance costs for convertible debt
|
|
|
513
|
|
196
|
|
|
991
|
|
196
|
Estimated tax effects
of adjustments (1)
|
|
|
(169)
|
|
(617)
|
|
|
474
|
|
(590)
|
Net tax benefits
related to discrete tax items
|
|
|
74
|
|
(6,817)
|
|
|
220
|
|
(6,817)
|
Non-GAAP Net Income
(Loss)
|
|
$
|
55
|
$
|
504
|
|
$
|
2,403
|
$
|
(1,477)
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.36)
|
$
|
(0.13)
|
|
$
|
(0.68)
|
$
|
(0.46)
|
Diluted
|
|
$
|
(0.36)
|
$
|
(0.13)
|
|
$
|
(0.68)
|
$
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
Net Income (Loss) per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.00
|
$
|
0.01
|
|
$
|
0.06
|
$
|
(0.05)
|
Diluted
|
|
$
|
0.00
|
$
|
0.01
|
|
$
|
0.05
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average number
of Shares Outstanding (basic)
|
|
|
43,410,858
|
|
34,292,874
|
|
|
42,829,188
|
|
32,328,909
|
Weighted Average number
of Shares Outstanding (diluted)
|
|
|
53,749,617
|
|
44,946,532
|
|
|
52,925,570
|
|
32,328,909
|
|
(1) The Non-GAAP
tax-effect is determined using the period Effective Tax Rate (ETR)
calculated for the periods, excluding discrete tax
items.
|
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SOURCE Kaleyra