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2020-07-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________
Commission File Number: 001-38320
KALEYRA, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
82-3027430 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
Via Marco D’Aviano, 2, Milano MI, Italy |
|
20131 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area code: +39 02 288 5841
(Former name or former address, if changed since last report): N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer |
☐ |
|
|
Accelerated filer |
☒ |
Non-accelerated filer |
☐ |
|
|
Smaller reporting company |
☒ |
|
|
|
|
Emerging growth company |
☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbols |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
KLR |
|
NYSE American LLC |
Warrants, at an exercise price of $11.50 per share of Common Stock |
|
KLR WS |
|
NYSE American LLC |
As of August 3, 2020, there were 28,475,081 shares of the Company’s common stock issued and outstanding.
KALEYRA, INC.
Quarterly Report on Form 10-Q
Table of Contents
Item 1 – Financial Statements
KALEYRA, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
37,221 |
|
|
$ |
16,103 |
|
Restricted cash |
|
|
27 |
|
|
|
20,894 |
|
Short-term investments |
|
|
4,805 |
|
|
|
5,124 |
|
Trade receivables, net |
|
|
38,069 |
|
|
|
39,509 |
|
Prepaid expenses |
|
|
1,098 |
|
|
|
648 |
|
Other current assets |
|
|
1,921 |
|
|
|
4,224 |
|
Total current assets |
|
|
83,141 |
|
|
|
86,502 |
|
Property and equipment, net |
|
|
4,750 |
|
|
|
3,393 |
|
Intangible assets, net |
|
|
8,229 |
|
|
|
9,353 |
|
Goodwill |
|
|
16,296 |
|
|
|
16,953 |
|
Other long-term assets |
|
|
1,700 |
|
|
|
1,203 |
|
Total Assets |
|
$ |
114,116 |
|
|
$ |
117,404 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
55,152 |
|
|
$ |
63,320 |
|
Debt for forward share purchase agreements |
|
|
7,525 |
|
|
|
34,013 |
|
Notes payable |
|
|
— |
|
|
|
1,667 |
|
Notes payable due to related parties |
|
|
9,750 |
|
|
|
9,411 |
|
Lines of credit |
|
|
4,995 |
|
|
|
3,627 |
|
Current portion of bank and other borrowings |
|
|
8,082 |
|
|
|
7,564 |
|
Deferred revenue |
|
|
1,500 |
|
|
|
1,397 |
|
Preference shares |
|
|
1 |
|
|
|
683 |
|
Preference shares due to related parties |
|
|
1 |
|
|
|
1,847 |
|
Payroll and payroll related accrued liabilities |
|
|
5,267 |
|
|
|
1,038 |
|
Other current liabilities |
|
|
1,687 |
|
|
|
1,379 |
|
Total current liabilities |
|
|
93,960 |
|
|
|
125,946 |
|
Long-term portion of bank and other borrowings |
|
|
18,755 |
|
|
|
16,134 |
|
Long-term portion of notes payable |
|
|
2,700 |
|
|
|
— |
|
Long-term portion of notes payable due to related parties |
|
|
3,750 |
|
|
|
7,500 |
|
Long-term portion of employee benefit obligation |
|
|
1,490 |
|
|
|
1,398 |
|
Deferred tax liabilities |
|
|
1,304 |
|
|
|
2,045 |
|
Other long-term liabilities |
|
|
1,147 |
|
|
|
3,155 |
|
Total Liabilities |
|
|
123,106 |
|
|
|
156,178 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
|
|
|
|
|
Preferred stock, par value of $0.0001 per share; 1,000,000 shares authorized; no shares issued or outstanding |
|
|
— |
|
|
|
— |
|
Common stock, par value of $0.0001 per share; 100,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 30,258,223 shares issued and 27,999,713 shares outstanding as of June 30, 2020 and 19,977,113 shares issued and outstanding as of December 31, 2019 |
|
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
74,284 |
|
|
|
2,143 |
|
Treasury stock, at cost; 2,258,510 and 0 shares as of June 30, 2020 and December 31, 2019, respectively |
|
|
(24,218 |
) |
|
|
— |
|
Accumulated other comprehensive income (loss) |
|
|
(1,115 |
) |
|
|
74 |
|
Accumulated deficit |
|
|
(57,944 |
) |
|
|
(40,993 |
) |
Total stockholders’ equity (deficit) |
|
|
(8,990 |
) |
|
|
(38,774 |
) |
Total liabilities and stockholders’ equity (deficit) |
|
$ |
114,116 |
|
|
$ |
117,404 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
1
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, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenue |
|
$ |
31,199 |
|
|
$ |
30,871 |
|
|
$ |
64,832 |
|
|
$ |
58,596 |
|
Cost of revenue |
|
|
26,846 |
|
|
|
24,848 |
|
|
|
55,748 |
|
|
|
47,324 |
|
Gross profit |
|
|
4,353 |
|
|
|
6,023 |
|
|
|
9,084 |
|
|
|
11,272 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
2,346 |
|
|
|
1,394 |
|
|
|
5,156 |
|
|
|
2,590 |
|
Sales and marketing |
|
|
2,989 |
|
|
|
1,488 |
|
|
|
6,732 |
|
|
|
2,960 |
|
General and administrative |
|
|
6,537 |
|
|
|
3,961 |
|
|
|
14,296 |
|
|
|
7,740 |
|
Total operating expenses |
|
|
11,872 |
|
|
|
6,843 |
|
|
|
26,184 |
|
|
|
13,290 |
|
Loss from operations |
|
|
(7,519 |
) |
|
|
(820 |
) |
|
|
(17,100 |
) |
|
|
(2,018 |
) |
Other income, net |
|
|
11 |
|
|
|
13 |
|
|
|
53 |
|
|
|
95 |
|
Financial income (expense), net |
|
|
(518 |
) |
|
|
(135 |
) |
|
|
(559 |
) |
|
|
(65 |
) |
Foreign currency income (loss) |
|
|
(415 |
) |
|
|
112 |
|
|
|
(247 |
) |
|
|
(142 |
) |
Loss before income tax expense (benefit) |
|
|
(8,441 |
) |
|
|
(830 |
) |
|
|
(17,853 |
) |
|
|
(2,130 |
) |
Income tax expense (benefit) |
|
|
(313 |
) |
|
|
472 |
|
|
|
(902 |
) |
|
|
551 |
|
Net loss |
|
$ |
(8,128 |
) |
|
$ |
(1,302 |
) |
|
$ |
(16,951 |
) |
|
$ |
(2,681 |
) |
Net loss per common share, basic and diluted (1) |
|
$ |
(0.39 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.25 |
) |
Weighted-average shares used in computing net loss per common share, basic and diluted (1) |
|
|
20,606,816 |
|
|
|
10,687,106 |
|
|
|
20,293,203 |
|
|
|
10,687,106 |
|
______________________________
|
(1) |
Amounts for the three and six months ended June 30, 2019 were retrospectively adjusted as a result of the accounting for the Business Combination (as defined below in the notes). Specifically, the number of common shares outstanding during periods before the Business Combination are computed on the basis of the number of common shares of Kaleyra S.p.A. (accounting acquiror) during those periods multiplied by the exchange ratio established in the stock purchase agreement. Common stock and net loss per share, basic and diluted were retrospectively adjusted accordingly. |
The accompanying notes are an integral part of these condensed consolidated financial statements.
2
KALEYRA, INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited, in thousands)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net loss |
|
$ |
(8,128 |
) |
|
$ |
(1,302 |
) |
|
$ |
(16,951 |
) |
|
$ |
(2,681 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(691 |
) |
|
|
(243 |
) |
|
|
(1,193 |
) |
|
|
318 |
|
Net unrealized gain on marketable securities, net of tax (1) |
|
|
— |
|
|
|
11 |
|
|
|
4 |
|
|
|
26 |
|
Total other comprehensive income (loss) |
|
|
(691 |
) |
|
|
(232 |
) |
|
|
(1,189 |
) |
|
|
344 |
|
Total comprehensive loss |
|
$ |
(8,819 |
) |
|
$ |
(1,534 |
) |
|
$ |
(18,140 |
) |
|
$ |
(2,337 |
) |
______________________________
|
(1) |
The Company recorded $0 and $1,000 of tax expense on unrealized gain on marketable securities for the three and six months ended June 30, 2020, respectively and $3,000 and $8,000 of tax expense on unrealized gain on marketable securities for the three and six months ended June 30, 2019, respectively. |
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
KALEYRA, INC.
Condensed Consolidated Statements of Stockholders’ Equity (Deficit)
(Unaudited, in thousands, except share data)
|
|
Three Months Ended June 30, 2020 |
|
|
|
Common Stock |
|
|
Additional
Paid-in |
|
|
Treasury Stock |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Total
Stockholders'
Equity |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Shares |
|
|
Amount |
|
|
Income (Loss) |
|
|
Deficit |
|
|
(Deficit) |
|
Balance as of March 31, 2020 |
|
|
20,019,048 |
|
|
$ |
2 |
|
|
$ |
11,190 |
|
|
|
235,169 |
|
|
$ |
(2,587 |
) |
|
$ |
(424 |
) |
|
$ |
(49,816 |
) |
|
$ |
(41,635 |
) |
Common stock repurchased in connection with forward share purchase agreements |
|
|
(2,023,341 |
) |
|
|
— |
|
|
|
21,631 |
|
|
|
2,023,341 |
|
|
|
(21,631 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in forward share purchase agreement liability |
|
|
— |
|
|
|
— |
|
|
|
1,942 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,942 |
|
Stock-based compensation (RSUs) |
|
|
22,000 |
|
|
|
— |
|
|
|
4,630 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,630 |
|
Proceeds from issuance of common stock in public offering, net of issuance costs |
|
|
7,777,778 |
|
|
|
1 |
|
|
|
31,996 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,997 |
|
Common stock issued to sellers (Earn-out 2019) |
|
|
1,763,633 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Common stock issued to settle a payable (1) |
|
|
440,595 |
|
|
|
— |
|
|
|
2,895 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,895 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,128 |
) |
|
|
(8,128 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(691 |
) |
|
|
— |
|
|
|
(691 |
) |
Balance as of June 30, 2020 |
|
|
27,999,713 |
|
|
$ |
3 |
|
|
$ |
74,284 |
|
|
|
2,258,510 |
|
|
$ |
(24,218 |
) |
|
$ |
(1,115 |
) |
|
$ |
(57,944 |
) |
|
$ |
(8,990 |
) |
|
|
Three Months Ended June 30, 2019 |
|
|
|
Common Stock |
|
|
Additional
Paid-in |
|
|
Treasury Stock |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Total
Stockholders'
Equity |
|
|
|
Shares |
|
|
Amount |
|
|
Capital(3) |
|
|
Shares |
|
|
Amount |
|
|
Income (Loss) |
|
|
Deficit |
|
|
(Deficit) |
|
Balance as of March 31, 2019 |
|
|
10,687,106 |
|
|
$ |
1 |
|
|
$ |
10,186 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
607 |
|
|
$ |
(6,671 |
) |
|
$ |
4,123 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,302 |
) |
|
|
(1,302 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(232 |
) |
|
|
— |
|
|
|
(232 |
) |
Balance as of June 30, 2019 |
|
|
10,687,106 |
|
|
$ |
1 |
|
|
$ |
10,186 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
375 |
|
|
$ |
(7,973 |
) |
|
$ |
2,589 |
|
4
|
|
Six Months Ended June 30, 2020 |
|
|
|
Common Stock |
|
|
Additional
Paid-in |
|
|
Treasury Stock |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Total
Stockholders'
Equity |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Shares |
|
|
Amount |
|
|
Income (Loss) |
|
|
Deficit |
|
|
(Deficit) |
|
Balance as of December 31, 2019 |
|
|
19,977,113 |
|
|
$ |
2 |
|
|
$ |
2,143 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
74 |
|
|
$ |
(40,993 |
) |
|
$ |
(38,774 |
) |
Common stock repurchased in connection with forward share purchase agreements |
|
|
(2,258,510 |
) |
|
|
— |
|
|
|
24,218 |
|
|
|
2,258,510 |
|
|
|
(24,218 |
) |
|
|
— |
|
|
|