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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 September 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 November 5, 2020, there were 29,325,581 shares of the Company’s common stock issued and outstanding.

 


 

KALEYRA, INC.

Quarterly Report on Form 10-Q

Table of Contents

 

PART I – FINANCIAL INFORMATION

Page

 

 

Item 1.

Condensed Consolidated Financial Statements (unaudited):

1

 

 

 

 

Condensed Consolidated Balance Sheets

1

 

 

 

 

Condensed Consolidated Statements of Operations

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

3

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

 

 

 

Item 4.

Controls and Procedures

47

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

48

 

 

 

Item 1A.

Risk Factors

49

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

 

 

 

Item 3.

Defaults Upon Senior Securities

53

 

 

 

Item 4.

Mine Safety Disclosures

53

 

 

 

Item 5.

Other Information

53

 

 

 

Item 6.

Exhibits

54

 

 

 

Signatures

55

 

 

 


Item 1 – Financial Statements

KALEYRA, INC.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except share and per share data)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,514

 

 

$

16,103

 

Restricted cash

 

 

-

 

 

 

20,894

 

Short-term investments

 

 

5,138

 

 

 

5,124

 

Trade receivables, net

 

 

40,006

 

 

 

39,509

 

Prepaid expenses

 

 

1,227

 

 

 

648

 

Other current assets

 

 

1,774

 

 

 

4,224

 

Total current assets

 

 

79,659

 

 

 

86,502

 

Property and equipment, net

 

 

5,825

 

 

 

3,393

 

Intangible assets, net

 

 

7,937

 

 

 

9,353

 

Goodwill

 

 

16,558

 

 

 

16,953

 

Other long-term assets

 

 

1,783

 

 

 

1,203

 

Total Assets

 

$

111,762

 

 

$

117,404

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

48,076

 

 

$

63,320

 

Debt for forward share purchase agreements

 

 

480

 

 

 

34,013

 

Notes payable

 

 

 

 

 

1,667

 

Notes payable due to related parties

 

 

3,750

 

 

 

9,411

 

Lines of credit

 

 

4,567

 

 

 

3,627

 

Current portion of bank and other borrowings

 

 

9,675

 

 

 

7,564

 

Deferred revenue

 

 

1,519

 

 

 

1,397

 

Preference shares

 

 

 

 

 

683

 

Preference shares due to related parties

 

 

 

 

 

1,847

 

Payroll and payroll related accrued liabilities

 

 

3,819

 

 

 

1,038

 

Other current liabilities

 

 

1,759

 

 

 

1,379

 

Total current liabilities

 

 

73,645

 

 

 

125,946

 

Long-term portion of bank and other borrowings

 

 

33,462

 

 

 

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

 

 

1,641

 

 

 

1,398

 

Deferred tax liabilities

 

 

1,093

 

 

 

2,045

 

Other long-term liabilities

 

 

1,335

 

 

 

3,155

 

Total Liabilities

 

 

117,626

 

 

 

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 September 30, 2020 and December 31, 2019; 31,273,139 shares issued and 28,475,081 shares outstanding as of September 30, 2020 and 19,977,113 shares issued and outstanding as of December 31, 2019

 

 

3

 

 

 

2

 

Additional paid-in capital

 

 

89,574

 

 

 

2,143

 

Treasury stock, at cost; 2,798,058 and 0 shares as of September 30, 2020 and December 31, 2019, respectively

 

 

(30,431

)

 

 

 

Accumulated other comprehensive income (loss)

 

 

(1,733

)

 

 

74

 

Accumulated deficit

 

 

(63,277

)

 

 

(40,993

)

Total stockholders’ equity (deficit)

 

 

(5,864

)

 

 

(38,774

)

Total liabilities and stockholders’ equity (deficit)

 

$

111,762

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

38,268

 

 

$

35,329

 

 

$

103,100

 

 

$

93,925

 

Cost of revenue

 

 

30,763

 

 

 

28,321

 

 

 

86,511

 

 

 

75,645

 

Gross profit

 

 

7,505

 

 

 

7,008

 

 

 

16,589

 

 

 

18,280

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

2,259

 

 

 

1,279

 

 

 

7,415

 

 

 

3,869

 

Sales and marketing

 

 

3,423

 

 

 

1,432

 

 

 

10,155

 

 

 

4,392

 

General and administrative

 

 

6,441

 

 

 

2,927

 

 

 

20,737

 

 

 

10,667

 

Total operating expenses

 

 

12,123

 

 

 

5,638

 

 

 

38,307

 

 

 

18,928

 

Income (loss) from operations

 

 

(4,618

)

 

 

1,370

 

 

 

(21,718

)

 

 

(648

)

Other income, net

 

 

38

 

 

 

11

 

 

 

91

 

 

 

106

 

Financial income (expense), net

 

 

(468

)

 

 

(141

)

 

 

(1,027

)

 

 

(206

)

Foreign currency income (loss)

 

 

(548

)

 

 

(260

)

 

 

(795

)

 

 

(402

)

Loss before income tax expense (benefit)

 

 

(5,596

)

 

 

980

 

 

 

(23,449

)

 

 

(1,150

)

Income tax expense (benefit)

 

 

(263

)

 

 

168

 

 

 

(1,165

)

 

 

719

 

Net income (loss)

 

$

(5,333

)

 

$

812

 

 

$

(22,284

)

 

$

(1,869

)

Net income (loss) per common share, basic and diluted (1)

 

$

(0.19

)

 

$

0.08

 

 

$

(0.97

)

 

$

(0.17

)

Weighted-average shares used in computing net income (loss) per common share, basic and diluted (1)

 

 

28,330,869

 

 

 

10,687,106

 

 

 

22,972,425

 

 

 

10,687,106

 

______________________________

 

(1)

Amounts for the three and nine months ended September 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 common 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 Income (Loss)

(Unaudited, in thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

(5,333

)

 

$

812

 

 

$

(22,284

)

 

$

(1,869

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(619

)

 

 

634

 

 

 

(1,812

)

 

 

952

 

Net unrealized gain on marketable securities, net of tax (1)

 

 

1

 

 

 

9

 

 

 

5

 

 

 

35

 

Total other comprehensive income (loss)

 

 

(618

)

 

 

643

 

 

 

(1,807

)

 

 

987

 

Total comprehensive income (loss)

 

$

(5,951

)

 

$

1,455

 

 

$

(24,091

)

 

$

(882

)

______________________________

 

(1)

The Company recorded $1,000 and $2,000 of tax expense on unrealized gain on marketable securities for the three and nine months ended September 30, 2020, respectively and $3,000 and $11,000 of tax expense on unrealized gain on marketable securities for the three and nine months ended September 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 September 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 June 30, 2020

 

 

27,999,713

 

 

$

3

 

 

$

74,284

 

 

 

2,258,510

 

 

$

(24,218

)

 

$

(1,115

)

 

$

(57,944

)

 

$

(8,990

)

Common stock repurchased in connection with forward share purchase agreements

 

 

(539,548

)

 

 

 

 

 

6,213

 

 

 

539,548

 

 

 

(6,213

)

 

 

 

 

 

 

 

 

 

Stock-based compensation (RSUs)

 

 

30,000

 

 

 

 

 

 

4,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,922

 

Proceeds from issuance of common stock in public offering, net of issuance costs

 

 

984,916

 

 

 

 

 

 

4,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,155

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,333

)

 

 

(5,333

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(618

)

 

 

 

 

 

(618

)

Balance as of September 30, 2020

 

 

28,475,081

 

 

$

3

 

 

$

89,574

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(1,733

)

 

$

(63,277

)

 

$

(5,864

)

 

 

 

 

Three Months Ended September 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 June 30, 2019

 

 

10,687,106

 

 

$

1

 

 

$

10,186

 

 

 

 

 

$

 

 

$

375

 

 

$

(7,973

)

 

$

2,589

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

812

 

 

 

812

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

643

 

 

 

 

 

 

643

 

Balance as of September 30, 2019 (3)

 

 

10,687,106

 

 

$

1

 

 

$

10,186

 

 

 

 

 

$

 

 

$

1,018

 

 

$

(7,161

)

 

$

4,044

 

 

 


4

 


 

 

 

 

 

 

Nine Months Ended September 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

 

 

(2,798,058

)

 

 

 

 

 

30,431

 

 

 

2,798,058

 

 

 

(30,431

)

 

 

 

 

 

 

 

 

 

Change in forward share purchase agreement liability

 

 

 

 

 

 

 

 

1,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,671

 

Stock-based compensation (RSUs)

 

 

189,104

 

 

 

 

 

 

15,756

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,756

 

Proceeds from issuance of common stock in public offering, net of issuance costs

 

 

8,762,694

 

 

 

1