First Quarter Performance Highlighted by
Meaningful Financial Enhancement Year-Over-Year with more than 100%
Revenue Increase to $80.5 Million,
180% Gross Profit Increase to $17.7
Million and Nearly 200% Adjusted Gross Profit Increase to
$19.3 Million
Quarterly Dollar-Based Net Expansion Rate of
130%, a Reflection of Growth Within Kaleyra's Existing Customer
Base
Sets Second Quarter 2022 Revenue Outlook to
Between $81 – $83 Million, in Line with Standard Seasonality
and Up 52% from $54 Million in the
Second Quarter of Last Year. Amends Full Year 2022 Revenue Outlook
to Between $360 – $365 Million.
NEW
YORK and VIENNA,
Va., May 9, 2022 /PRNewswire/ -- Kaleyra, Inc.
(NYSE: KLR) (NYSE American: KLR WS) ("Kaleyra" or the
"Company"), a rapidly growing cloud communications software
provider delivering a secure system of application programming
interfaces (APIs) and connectivity solutions in the
API/Communications Platform as a Service (CPaaS) market, reported
financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Operational and Financial
Highlights
- Quarterly Revenue of $80.5
million, representing 103% growth over the comparable
year-ago period
- Quarterly Gross Profit of $17.7
million, representing 180% growth over the comparable
year-ago period
- Quarterly Adjusted Gross Profit of $19.3 million, representing 198% growth over the
comparable year-ago period
- Quarterly Net Loss of $13.2
million, compared to a net loss of $10.4 million in the comparable year-ago
period
- Quarterly Adjusted EBITDA of $6.2
million, representing 641% growth over the comparable
year-ago period
- Quarterly Adjusted Net Income of $2.3 million or $0.06 per basic share and $0.05 per diluted share compared to $(2.0) million or $(0.07) per both basic and diluted share in the
comparable year-ago period
- Dollar-Based Net Expansion Rate of 130% in Q1 2022
- Strong Balance Sheet with $95.2
million in cash and cash equivalents, including restricted
cash, and short-term investments compared to $97.9 million as of December 31, 2021
- Quarterly Net Cash Provided by Operating
Activities of $3.2 million
compared to $(8.2) million of net
cash used in operating activities in the comparable year-ago
period
- Delivered 14.4 billion billable messages and connected
1.6 billion voice calls for a global customer base of over 3,800
customers in the first quarter, a continuous significant growth of
106% for messages and 33% for voice calls comparing to the previous
quarter
- Selected by Bosch Group, a global supplier of technology
and services, as their trusted vendor to power the Bosch Mobility
Solutions cloud communications in India
- Partnered with Banca
Sella, a leading Italian bank, to provide an innovative
video communications solution for the bank's new wealth management
platform
- Won Gold for 'CPaaS Provider of the Year' at the
Juniper Research Future Digital Awards 2022
- Supported India's
rapidly expanding Unicorn Startups System (18 unicorns including
Mobile Premier League, Vedantu, Licious, Pharmeasy, ShareChat,
Cure.fit, Grofers, BlackBuck, the Good Glamm Group)
Management Commentary
"Although we came up short on
our projected revenue due to adverse effects of foreign exchange
rates in Europe and harsh pricing
competition in Brazil, we focused
on streamlining our operations and controlling costs in our first
quarter, enhancing profitability and operating cash flow and
strengthening our balance sheet," said Kaleyra Founder and Chief
Executive Officer Dario Calogero.
"Through this challenging time in the European market, we managed
the company to exceed expectations across our profitability metrics
and KPIs and made notable operational progress. Our Q1 gross profit
and adjusted gross profit increased by 180% and 198% to
$17.7 million and $19.3 million, respectively, while our adjusted
EBITDA increased over 600%, totaling $6.2
million in the first quarter. In addition, our operating
cash flow remains positive, and our adjusted gross margin outpaces
that of last year, at 24% compared to 21% in the prior year period
on a pro-forma basis1.
"Our first quarter was not without challenges, however. In
Europe, recent weakness in the
Euro largely due to turmoil caused by the war in Ukraine reduced first quarter revenue by
nearly $2 million, while in
Brazil, we elected to stay true to
our financial priorities and maintain our sustainable revenue
sources without compromising our profitability. With continued
weakness in the European economy in mind, we anticipate that these
headwinds will persist through the second quarter and year and have
proactively adjusted our revenue guidance to match. Still, we
remain encouraged by our business fundamentals, and as we move into
the summer months, we do so with conviction in our long-term growth
strategy. We're confident that we will foster growth through
healthy revenue streams and strong profitability metrics, and
believe we have the team and processes in place to accomplish our
goals and expand to new, more opportunistic geographies. Above all,
we will continue to build on our track record and positive momentum
as we advance along our journey to become the trusted
partner in the rapidly expanding and massive CPaaS market."
1 Prior year
adjusted gross margin determined as if the acquisition of mGage had
been completed on January 1, 2021.
|
|
First Quarter 2022 Financial Results
Results
compare the 2022 first quarter ended March
31, 2022 to the 2021 first quarter ended March 31, 2021 unless otherwise
indicated.
- Total revenue increased 103% to $80.5 million from $39.7
million in the comparable year-ago period. The growth during
the quarter was driven by the effects of the business combination
with mGage, which contributed $32.1
million.
- Gross profit increased 180% to $17.7 million from $6.3
million in the comparable year-ago period. The increase in
gross profit 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. Gross margin for the first
quarter of 2022 increased to 22% compared to 16% for the first
quarter of 2021.
- Net loss totaled $13.2
million, or $0.31 per share
based on 42.2 million weighted-average shares outstanding, compared
to a net loss of $10.4 million, or
$0.34 per share based on 30.4 million
weighted-average shares outstanding, in the comparable year-ago
period. The increase in net loss was mainly due to 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 198% to
$19.3 million from $6.5 million in the comparable year-ago period.
Adjusted gross margin for the first quarter of 2022 was 24%
compared to 16% in the comparable year-ago period.
- Adjusted net income, a non-GAAP measurement of operating
performance reconciled below, improved by 219% to $2.3 million, or $0.06 per basic share based on 42.2 million
weighted-average shares outstanding and $0.05 per diluted share based on 52.1 million
weighted-average shares outstanding, from $(2.0) million, or $(0.07) per both basic and diluted share based on
30.4 million weighted-average shares outstanding in the comparable
year-ago period.
- Adjusted EBITDA, a non-GAAP measurement of operating
performance reconciled below, increased 641% to $6.2 million (7.7% of total revenue) compared to
negative $1.1 million 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 two legacy
businesses.
- At the end of the fourth quarter, cash, and cash
equivalents, restricted cash, and short-term investments
were $95.2 million, compared to
$97.9 million as of December 31, 2021.
2022 Financial Outlook
Kaleyra's outlook takes into
consideration the integration of acquired businesses into the
Company as well as continued monitoring of the impact of the
COVID-19 pandemic and broader geopolitical and macroeconomic
factors. 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 first quarter, the
Company is introducing financial projections for the second quarter
and adjusting projections for the full year 2022 as follows:
- Second Quarter 2022: Total revenue is expected to be in
the range of $81 – $83 million, which will represent a growth of 52%
year-over-year compared to $54.0
million in the comparable year-ago period.
- Full Year 2022: Total revenue is expected to be in the
range of $360 – $365 million, which will represent a growth of
35% year-over-year compared to $267.7
million in the comparable year-ago period.
Conference Call
Kaleyra will hold a conference call
today, Monday, May 9, 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: 877-407-0792
International dial-in: 201-689-8263
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 May 16, 2022.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13728874
About Kaleyra
Kaleyra, Inc. (NYSE: KLR) (NYSE
American: KLR WS) is a global group providing mobile communication
services to financial institutions, e-commerce players, OTTs,
software companies, logistic enablers, healthcare providers,
retailers, and other large organizations worldwide.
Kaleyra today has a customer base of 3800+ 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, e-mail, 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 debt
discount and 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.
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 Contact:
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)
|
|
|
|
March 31,
2022
|
|
|
December 31,
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
86,222
|
|
|
$
|
90,001
|
|
Restricted cash
|
|
|
1,667
|
|
|
|
1,701
|
|
Short-term investments
|
|
|
7,294
|
|
|
|
6,236
|
|
Trade receivables, net
|
|
|
82,038
|
|
|
|
85,945
|
|
Deferred cost
|
|
|
319
|
|
|
|
341
|
|
Prepaid expenses
|
|
|
4,718
|
|
|
|
5,357
|
|
Other current assets
|
|
|
1,662
|
|
|
|
2,599
|
|
Total current assets
|
|
|
183,920
|
|
|
|
192,180
|
|
Property and equipment,
net
|
|
|
19,824
|
|
|
|
18,811
|
|
Intangible assets,
net
|
|
|
120,575
|
|
|
|
125,396
|
|
Goodwill
|
|
|
110,088
|
|
|
|
110,465
|
|
Deferred tax
assets
|
|
|
538
|
|
|
|
1,230
|
|
Other long-term
assets
|
|
|
1,464
|
|
|
|
399
|
|
Total Assets
|
|
$
|
436,409
|
|
|
$
|
448,481
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
69,209
|
|
|
$
|
70,942
|
|
Lines of credit
|
|
|
4,649
|
|
|
|
5,256
|
|
Current portion of bank and other borrowings
|
|
|
10,657
|
|
|
|
10,508
|
|
Deferred revenue
|
|
|
6,778
|
|
|
|
9,553
|
|
Payroll and payroll related accrued liabilities
|
|
|
8,908
|
|
|
|
6,907
|
|
Other current liabilities
|
|
|
8,813
|
|
|
|
8,274
|
|
Total current
liabilities
|
|
|
109,014
|
|
|
|
111,440
|
|
Long-term portion of
bank and other borrowings
|
|
|
19,988
|
|
|
|
22,910
|
|
Long-term portion of
notes payable
|
|
|
190,625
|
|
|
|
190,147
|
|
Long-term portion of
employee benefit obligation
|
|
|
2,393
|
|
|
|
2,338
|
|
Deferred tax
liabilities
|
|
|
2,756
|
|
|
|
2,384
|
|
Other long-term
liabilities
|
|
|
1,253
|
|
|
|
1,840
|
|
Total Liabilities
|
|
|
326,029
|
|
|
|
331,059
|
|
Stockholders' equity
(deficit):
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
4
|
|
|
|
4
|
|
Additional paid-in
capital
|
|
|
258,418
|
|
|
|
251,659
|
|
Treasury stock, at
cost
|
|
|
(30,431)
|
|
|
|
(30,431)
|
|
Accumulated other
comprehensive loss
|
|
|
(2,639)
|
|
|
|
(2,010)
|
|
Accumulated
deficit
|
|
|
(114,972)
|
|
|
|
(101,800)
|
|
Total stockholders'
equity
|
|
|
110,380
|
|
|
|
117,422
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
|
436,409
|
|
|
$
|
448,481
|
|
KALEYRA,
INC.
|
Condensed
Consolidated Statements of Operations
|
(Unaudited, in
thousands, except share and per share data)
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Revenue
|
|
$
|
80,481
|
|
|
$
|
39,714
|
|
Cost of
revenue
|
|
|
62,743
|
|
|
|
33,390
|
|
Gross profit
|
|
|
17,738
|
|
|
|
6,324
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
4,890
|
|
|
|
2,868
|
|
Sales and marketing
|
|
|
7,100
|
|
|
|
2,859
|
|
General and administrative
|
|
|
15,380
|
|
|
|
10,602
|
|
Total operating
expenses
|
|
|
27,370
|
|
|
|
16,329
|
|
Loss from
operations
|
|
|
(9,632)
|
|
|
|
(10,005)
|
|
Other income,
net
|
|
|
46
|
|
|
|
45
|
|
Financial expense,
net
|
|
|
(3,152)
|
|
|
|
(719)
|
|
Foreign currency
income
|
|
|
257
|
|
|
|
355
|
|
Loss before income tax
expense
|
|
|
(12,481)
|
|
|
|
(10,324)
|
|
Income tax
expense
|
|
|
691
|
|
|
|
34
|
|
Net loss
|
|
$
|
(13,172)
|
|
|
$
|
(10,358)
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.31)
|
|
|
$
|
(0.34)
|
|
Weighted-average shares
used in computing net loss per common share, basic and
diluted
|
|
|
42,247,518
|
|
|
|
30,364,943
|
|
KALEYRA,
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited, in
thousands)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2022
|
|
|
2021
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(13,172)
|
|
|
$
|
(10,358)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
5,902
|
|
|
|
909
|
|
Stock-based compensation
|
|
|
6,759
|
|
|
|
4,560
|
|
Provision for doubtful accounts
|
|
|
176
|
|
|
|
813
|
|
Realized gains on marketable securities
|
|
|
5
|
|
|
|
(2)
|
|
Employee benefit obligation
|
|
|
514
|
|
|
|
69
|
|
Change in fair value of warrant liability
|
|
|
(534)
|
|
|
|
1,263
|
|
Reversal of accrued interest on forward share purchase
agreement
|
|
|
—
|
|
|
|
(659)
|
|
Non-cash interest expense
|
|
|
490
|
|
|
|
115
|
|
Deferred taxes
|
|
|
820
|
|
|
|
663
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
3,010
|
|
|
|
440
|
|
Other current assets
|
|
|
1,504
|
|
|
|
(164)
|
|
Deferred cost
|
|
|
22
|
|
|
|
—
|
|
Other long-term
assets
|
|
|
(1,074)
|
|
|
|
1,499
|
|
Accounts payable
|
|
|
(816)
|
|
|
|
(4,128)
|
|
Other current
liabilities
|
|
|
2,334
|
|
|
|
(2,735)
|
|
Deferred revenue
|
|
|
(2,708)
|
|
|
|
(474)
|
|
Long-term
liabilities
|
|
|
(40)
|
|
|
|
(18)
|
|
Net cash provided by
(used in) operating activities
|
|
|
3,192
|
|
|
|
(8,207)
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase of short-term investments
|
|
|
(1,165)
|
|
|
|
—
|
|
Sale of short-term investments
|
|
|
—
|
|
|
|
546
|
|
Purchase of property and equipment
|
|
|
(544)
|
|
|
|
(91)
|
|
Capitalized software development costs
|
|
|
(2,332)
|
|
|
|
(768)
|
|
Purchase of intangible assets
|
|
|
—
|
|
|
|
(2)
|
|
Acquisition of Bandyer, net of cash acquired
|
|
|
58
|
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(3,983)
|
|
|
|
(315)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Repayments on line of credit, net
|
|
|
(525)
|
|
|
|
(663)
|
|
Repayments on term loans
|
|
|
(2,134)
|
|
|
|
(1,869)
|
|
Repayments on notes
|
|
|
—
|
|
|
|
(3,750)
|
|
Receipts related to forward share purchase
agreements
|
|
|
—
|
|
|
|
17,045
|
|
Proceeds related to settlement of non-forfeited 2020 Sponsor
Earnout Shares
|
|
|
—
|
|
|
|
1,244
|
|
Repayments on capital lease
|
|
|
(29)
|
|
|
|
(37)
|
|
Net cash provided by
(used in) financing activities
|
|
|
(2,688)
|
|
|
|
11,970
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
|
(334)
|
|
|
|
(911)
|
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
|
(3,813)
|
|
|
|
2,537
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
|
91,702
|
|
|
|
32,970
|
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
|
87,889
|
|
|
$
|
35,507
|
|
KALEYRA,
Inc.
|
Adjusted Gross
Profit and Adjusted Gross Margin Reconciliation of GAAP to Non-GAAP
Financial Information
|
For the Three Months
Ended March 31, 2022 and 2021
|
(Unaudited, in
thousands)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2022
|
2021
|
|
|
|
|
|
|
Consolidated Gross
Profit
|
|
$
|
17,738
|
$
|
6,324
|
Consolidated Gross
Profit Margin %
|
|
|
22.0%
|
|
15.9%
|
|
|
|
|
|
|
Amortization of
acquired intangibles
|
|
|
1,599
|
|
160
|
|
|
|
|
|
|
Non-GAAP Adjusted
Gross Profit
|
|
$
|
19,337
|
$
|
6,484
|
Non-GAAP Adjusted
Gross Profit Margin %
|
|
|
24.0%
|
|
16.3%
|
KALEYRA,
Inc.
|
Adjusted EBITDA
Reconciliation of GAAP to Non-GAAP Financial
Information
|
For the Three Months
Ended March 31, 2022 and 2021
|
(Unaudited, in
thousands)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2022
|
2021
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(13,172)
|
$
|
(10,358)
|
|
|
|
|
|
|
Other income,
net
|
|
|
(46)
|
|
(45)
|
Financial expense,
net
|
|
|
3,152
|
|
719
|
Foreign currency
income
|
|
|
(257)
|
|
(355)
|
Income tax
expense
|
|
|
691
|
|
34
|
Loss from
operations
|
|
$
|
(9,632)
|
$
|
(10,005)
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
5,902
|
|
909
|
Stock-based
compensation and others
|
|
|
8,252
|
|
5,455
|
Transaction and one-off
costs
|
|
|
1,578
|
|
2,497
|
Company
restructuring
|
|
|
85
|
|
-
|
Non-GAAP Adjusted
EBITDA
|
|
$
|
6,185
|
$
|
(1,144)
|
KALEYRA,
Inc.
|
Adjusted Net Income
(Loss) per share Reconciliation of GAAP to Non-GAAP Financial
Information
|
For the Three Months
Ended March 31, 2022 and 2021
|
(Unaudited, in
thousands except share and per share data)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2022
|
2021
|
|
|
|
|
|
|
Net
Loss
|
|
$
|
(13,172)
|
$
|
(10,358)
|
|
|
|
|
|
|
Stock-based
compensation and others
|
|
|
8,252
|
|
5,455
|
Transaction and one-off
costs
|
|
|
1,578
|
|
2,497
|
Amortization of
acquired intangibles
|
|
|
4,423
|
|
398
|
Amortization of debt
discount and issuance costs for convertible debt
|
|
|
478
|
|
-
|
Estimated tax effects
of adjustments (1)
|
|
|
643
|
|
27
|
Net tax benefits
related to discrete tax items
|
|
|
146
|
|
-
|
Non-GAAP Net Income
(Loss)
|
|
$
|
2,348
|
$
|
(1,981)
|
|
|
|
|
|
|
Net Loss per
share
|
|
|
|
|
|
Basic
|
|
$
|
(0.31)
|
$
|
(0.34)
|
Diluted
|
|
$
|
(0.31)
|
$
|
(0.34)
|
|
|
|
|
|
|
Non-GAAP Adjusted
Net Income (Loss) per share
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
$
|
(0.07)
|
Diluted
|
|
$
|
0.05
|
$
|
(0.07)
|
|
|
|
|
|
|
Weighted Average number
of Shares Outstanding (basic)
|
|
|
42,247,518
|
|
30,364,943
|
Weighted Average number
of Shares Outstanding (diluted)
|
|
|
52,101,522
|
|
30,364,943
|
|
(1) The Non-GAAP
estimated tax effects of adjustments are determined using the
Effective Tax Rate (ETR) calculated for the periods, excluding
discrete tax items.
|
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SOURCE Kaleyra