PR Newswire
NEW YORK, Nov. 7, 2022
Third Quarter Highlighted by Cash Generation and New Partnerships
NEW YORK, Nov. 7, 2022 /PRNewswire/ -- Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) ("Kaleyra" or the "Company"), an omnichannel business communications platform, reported financial results for the third quarter ended September 30, 2022.
Management Commentary
"Our third quarter pushed our business towards cash generation targets," said Kaleyra Founder and CEO Dario Calogero. "Even as global economic uncertainty persists, we matched our revenue estimate, and bolstered our cash position, now at $87.6 million as of the end of the quarter or up 17% from the prior quarter. Kaleyra Voice and The Campaign Registry, both long-term drivers of gross margin for our business, outperformed again as well, posting 59% year-over-year growth. In addition, we continued to execute against our key growth initiatives, including multiple new partnerships in growing geographies and notable progress towards our advanced omnichannel suite of services."
"As we close out 2022, the lasting impacts of industry-wide headwinds still limit typical enterprise and consumer spending. We foresee degrees of growth in our business, driven by Black Friday and Cyber Monday shopping, the December holiday season, and Diwali, among other factors. Therefore, we see that the investments that we've made into expanding our sales team, building our partnership pipeline, and developing our technology have put us in a position to take advantage of these catalysts. We remain confident in our strong fundamentals and comfortable balance sheet, as well as our path toward becoming the leading global, trusted CPaaS. We believe that our team's sustained commitment will translate to robust shareholder value over the long term, and we look forward to realizing our potential in the coming quarters."
Third Quarter 2022 Financial Results
Results compare the 2022 third quarter ended September 30, 2022, to the 2021 third quarter ended September 30, 2021, unless otherwise indicated.
2022 Financial Outlook
Kaleyra's financial 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 third quarter, the Company is introducing financial projections for the fourth quarter and expressing projections for the full year 2022 as follows:
Conference Call
Kaleyra will hold a conference call today, Monday, November 7, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. A question-and-answer session will follow the 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 November 14, 2022.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 10020457
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 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 1,600 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:
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. 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, , and the impact of other geopolitical and macroeconomic factors such as the global inflation and 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
Shannon Devine or Mark Schwalenberg
MZ North America
203-741-8811
KLR@mzgroup.us
-Financial Tables to Follow-
KALEYRA, INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands) | ||||||||
| ||||||||
| | September 30, 2022 | | | December 31, 2021 | | ||
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 86,536 | | | $ | 90,001 | |
Restricted cash | | | 439 | | | | 1,701 | |
Short-term investments | | | 622 | | | | 6,236 | |
Trade receivables, net | | | 85,863 | | | | 85,945 | |
Deferred cost | | | 347 | | | | 341 | |
Prepaid expenses | | | 3,466 | | | | 5,357 | |
Other current assets | | | 1,966 | | | | 2,599 | |
Total current assets | | | 179,239 | | | | 192,180 | |
Property and equipment, net | | | 21,107 | | | | 18,811 | |
Intangible assets, net | | | 110,009 | | | | 125,396 | |
Goodwill | | | 110,781 | | | | 110,465 | |
Deferred tax assets | | | 507 | | | | 1,230 | |
Other long-term assets | | | 1,740 | | | | 399 | |
Total Assets | | $ | 423,383 | | | $ | 448,481 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 75,840 | | | $ | 70,942 | |
Lines of credit | | | 3,255 | | | | 5,256 | |
Current portion of bank and other borrowings | | | 10,468 | | | | 10,508 | |
Current portion of notes payable | | | 405 | | | | — | |
Deferred revenue | | | 5,283 Werbung Mehr Nachrichten zur Kaleyra Aktie kostenlos abonnieren
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