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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 June 30, 2021 

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, 2021, there were 41,307,336 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 Loss

3

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

9

 

 

 

Item 2.

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

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

43

 

 

 

Item 4.

Controls and Procedures

43

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

44

 

 

 

Item 1A.

Risk Factors

45

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

 

 

 

Item 3.

Defaults Upon Senior Securities

47

 

 

 

Item 4.

Mine Safety Disclosures

47

 

 

 

Item 5.

Other Information

47

 

 

 

Item 6.

Exhibits

48

 

 

 

Signatures

49

 

 

 


 

Item 1 – Financial Statements

KALEYRA, INC.

Condensed Consolidated Balance Sheets

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

 

 

 

June 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

118,625

 

 

$

32,970

 

Short-term investments

 

 

6,099

 

 

 

4,843

 

Trade receivables, net

 

 

77,252

 

 

 

43,651

 

Prepaid expenses

 

 

3,850

 

 

 

1,447

 

Deferred costs

 

 

371

 

 

 

 

Other current assets

 

 

3,668

 

 

 

2,134

 

Total current assets

 

 

209,865

 

 

 

85,045

 

Property and equipment, net

 

 

15,939

 

 

 

6,726

 

Intangible assets, net

 

 

133,525

 

 

 

7,574

 

Goodwill

 

 

96,788

 

 

 

16,657

 

Deferred tax assets

 

 

 

 

 

703

 

Other long-term assets

 

 

313

 

 

 

1,797

 

Total Assets

 

$

456,430

 

 

$

118,502

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

66,765

 

 

$

51,768

 

Debt for forward share purchase agreements

 

 

 

 

 

483

 

Notes payable due to related parties

 

 

 

 

 

7,500

 

Lines of credit

 

 

5,338

 

 

 

5,273

 

Current portion of bank and other borrowings

 

 

9,448

 

 

 

10,798

 

Deferred revenue

 

 

10,775

 

 

 

3,666

 

Payroll and payroll related accrued liabilities

 

 

4,124

 

 

 

3,292

 

Other current liabilities

 

 

6,647

 

 

 

5,988

 

Total current liabilities

 

 

103,097

 

 

 

88,768

 

Long-term portion of bank and other borrowings

 

 

28,611

 

 

 

31,974

 

Long-term portion of notes payable

 

 

189,238

 

 

 

2,700

 

Long-term portion of employee benefit obligation

 

 

1,952

 

 

 

1,886

 

Deferred tax liability

 

 

1,792

 

 

 

 

Other long-term liabilities

 

 

1,667

 

 

 

603

 

Total Liabilities

 

 

326,357

 

 

 

125,931

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

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, 2021 and December 31, 2020; 44,105,394 shares issued and 41,307,336 shares outstanding as of June 30, 2021 and 33,086,745 shares issued and 30,288,687 shares outstanding as of December 31, 2020

 

 

4

 

 

 

3

 

Additional paid-in capital

 

 

245,452

 

 

 

93,628

 

Treasury stock, at cost; 2,798,058 shares as of June 30, 2021 and December 31, 2020

 

 

(30,431

)

 

 

(30,431

)

Accumulated other comprehensive loss

 

 

(2,304

)

 

 

(2,826

)

Accumulated deficit

 

 

(82,648

)

 

 

(67,803

)

Total stockholders’ equity (deficit)

 

 

130,073

 

 

 

(7,429

)

Total liabilities and stockholders’ equity (deficit)

 

$

456,430

 

 

$

118,502

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

53,992

 

 

$

31,199

 

 

$

93,706

 

 

$

64,832

 

Cost of revenue

 

 

43,529

 

 

 

26,846

 

 

 

76,919

 

 

 

55,748

 

Gross profit

 

 

10,463

 

 

 

4,353

 

 

 

16,787

 

 

 

9,084

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,282

 

 

 

2,346

 

 

 

7,150

 

 

 

5,156

 

Sales and marketing

 

 

4,660

 

 

 

2,989

 

 

 

7,519

 

 

 

6,732

 

General and administrative

 

 

12,364

 

 

 

6,537

 

 

 

22,966

 

 

 

14,296

 

Total operating expenses

 

 

21,306

 

 

 

11,872

 

 

 

37,635

 

 

 

26,184

 

Loss from operations

 

 

(10,843

)

 

 

(7,519

)

 

 

(20,848

)

 

 

(17,100

)

Other income, net

 

 

47

 

 

 

11

 

 

 

92

 

 

 

53

 

Financial expense, net

 

 

(908

)

 

 

(518

)

 

 

(1,627

)

 

 

(559

)

Foreign currency income (loss)

 

 

(191

)

 

 

(415

)

 

 

164

 

 

 

(247

)

Loss before income tax benefit

 

 

(11,895

)

 

 

(8,441

)

 

 

(22,219

)

 

 

(17,853

)

Income tax benefit

 

 

(7,408

)

 

 

(313

)

 

 

(7,374

)

 

 

(902

)

Net loss

 

$

(4,487

)

 

$

(8,128

)

 

$

(14,845

)

 

$

(16,951

)

Net loss per common share, basic and diluted

 

$

(0.13

)

 

$

(0.39

)

 

$

(0.46

)

 

$

(0.84

)

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

 

 

34,292,874

 

 

 

20,606,816

 

 

 

32,328,909

 

 

 

20,293,203

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(4,487

)

 

$

(8,128

)

 

$

(14,845

)

 

$

(16,951

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(602

)

 

 

(691

)

 

 

503

 

 

 

(1,193

)

Net change in unrealized gain on marketable securities, net of tax

 

 

23

 

 

 

 

 

 

19

 

 

 

4

 

Total other comprehensive income (loss)

 

 

(579

)

 

 

(691

)

 

 

522

 

 

 

(1,189

)

Total comprehensive loss

 

$

(5,066

)

 

$

(8,819

)

 

$

(14,323

)

 

$

(18,140

)

 

 

 

 

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, 2021

 

 

 

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, 2021

 

 

30,930,617

 

 

$

3

 

 

$

122,252

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(1,725

)

 

$

(78,161

)

 

$

11,938

 

Stock-based compensation (RSUs)

 

 

376,719

 

 

 

 

 

 

5,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,318

 

Proceeds from issuance of common stock in Private Investment in Public Equity offering, net of issuance costs

 

 

8,400,000

 

 

 

1

 

 

 

99,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,051

 

Common stock issued to Vivial equity holders (mGage acquisition) (1)

 

 

1,600,000

 

 

 

 

 

 

18,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,832

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,487

)

 

 

(4,487

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(579

)

 

 

 

 

 

(579

)

Balance as of June 30, 2021

 

 

41,307,336

 

 

$

4

 

 

$

245,452

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(2,304

)

 

$

(82,648

)

 

$

130,073

 

 

 

 

 

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 (2)

 

 

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

)

4


 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

 

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, 2020

 

 

30,288,687

 

 

$

3

 

 

$

93,628

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(2,826

)

 

$

(67,803

)

 

$

(7,429

)

Conversion of Cowen Note

 

 

303,171

 

 

 

 

 

 

2,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,295

 

Forfeiture of 2020 Sponsors' Earnout Shares (3)