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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, 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

 

New York Stock Exchange

Warrants, at an exercise price of $11.50 per share of Common Stock

 

KLR WS

 

NYSE American LLC

 

As of November 3, 2021, there were 41,682,771 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

32

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

 

 

 

Item 4.

Controls and Procedures

45

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

47

 

 

 

Item 1A.

Risk Factors

48

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

 

 

 

Item 3.

Defaults Upon Senior Securities

51

 

 

 

Item 4.

Mine Safety Disclosures

51

 

 

 

Item 5.

Other Information

51

 

 

 

Item 6.

Exhibits

52

 

 

 

Signatures

53

 

 

 


 

Item 1 – Financial Statements

KALEYRA, INC.

Condensed Consolidated Balance Sheets

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

 

 

 

September 30, 2021

 

 

December 31, 2020 (1)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

70,303

 

 

$

32,970

 

Restricted cash

 

 

1,738

 

 

 

 

Short-term investments

 

 

36,447

 

 

 

4,843

 

Trade receivables, net

 

 

82,749

 

 

 

43,651

 

Prepaid expenses

 

 

3,444

 

 

 

1,447

 

Deferred costs

 

 

330

 

 

 

 

Other current assets

 

 

4,408

 

 

 

2,134

 

Total current assets

 

 

199,419

 

 

 

85,045

 

Property and equipment, net

 

 

17,203

 

 

 

6,726

 

Intangible assets, net

 

 

130,085

 

 

 

7,574

 

Goodwill

 

 

110,657

 

 

 

16,657

 

Deferred tax assets

 

 

 

 

 

703

 

Other long-term assets

 

 

395

 

 

 

1,797

 

Total Assets

 

$

457,759

 

 

$

118,502

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

74,692

 

 

$

51,768

 

Debt for forward share purchase agreements

 

 

 

 

 

483

 

Notes payable due to related parties

 

 

 

 

 

7,500

 

Lines of credit

 

 

5,464

 

 

 

5,273

 

Current portion of bank and other borrowings

 

 

10,455

 

 

 

10,798

 

Deferred revenue

 

 

11,055

 

 

 

3,666

 

Payroll and payroll related accrued liabilities

 

 

5,450

 

 

 

3,292

 

Other current liabilities

 

 

8,879

 

 

 

5,988

 

Total current liabilities

 

 

115,995

 

 

 

88,768

 

Long-term portion of bank and other borrowings

 

 

26,574

 

 

 

31,974

 

Long-term portion of notes payable

 

 

189,647

 

 

 

2,700

 

Long-term portion of employee benefit obligation

 

 

2,158

 

 

 

1,886

 

Deferred tax liability

 

 

2,402

 

 

 

 

Other long-term liabilities

 

 

2,004

 

 

 

603

 

Total Liabilities

 

 

338,780

 

 

 

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 September 30, 2021 and December 31, 2020; 44,480,829 shares issued and 41,682,771 shares outstanding as of September 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

 

 

246,205

 

 

 

93,628

 

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

 

 

(30,431

)

 

 

(30,431

)

Accumulated other comprehensive loss

 

 

(2,292

)

 

 

(2,826

)

Accumulated deficit

 

 

(94,507

)

 

 

(67,803

)

Total stockholders’ equity (deficit)

 

 

118,979

 

 

 

(7,429

)

Total liabilities and stockholders’ equity (deficit)

 

$

457,759

 

 

$

118,502

 

__________________

 

(1)

The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements as of that date.

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

84,025

 

 

$

38,268

 

 

$

177,731

 

 

$

103,100

 

Cost of revenue

 

 

64,414

 

 

 

30,763

 

 

 

141,333

 

 

 

86,511

 

Gross profit

 

 

19,611

 

 

 

7,505

 

 

 

36,398

 

 

 

16,589

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

7,163

 

 

 

2,259

 

 

 

14,313

 

 

 

7,415

 

Sales and marketing

 

 

7,272

 

 

 

3,423

 

 

 

14,791

 

 

 

10,155

 

General and administrative

 

 

12,631

 

 

 

6,441

 

 

 

35,597

 

 

 

20,737

 

Total operating expenses

 

 

27,066

 

 

 

12,123

 

 

 

64,701

 

 

 

38,307

 

Loss from operations

 

 

(7,455

)

 

 

(4,618

)

 

 

(28,303

)

 

 

(21,718

)

Other income, net

 

 

66

 

 

 

38

 

 

 

158

 

 

 

91

 

Financial expense, net

 

 

(3,542

)

 

 

(468

)

 

 

(5,169

)

 

 

(1,027

)

Foreign currency income (loss)

 

 

(162

)

 

 

(548

)

 

 

2

 

 

 

(795

)

Loss before income tax expense (benefit)

 

 

(11,093

)

 

 

(5,596

)

 

 

(33,312

)

 

 

(23,449

)

Income tax expense (benefit)

 

 

766

 

 

 

(263

)

 

 

(6,608

)

 

 

(1,165

)

Net loss

 

$

(11,859

)

 

$

(5,333

)

 

$

(26,704

)

 

$

(22,284

)

Net loss per common share, basic and diluted

 

$

(0.29

)

 

$

(0.19

)

 

$

(0.75

)

 

$

(0.97

)

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

 

 

41,554,876

 

 

 

28,330,869

 

 

 

35,404,231

 

 

 

22,972,425

 

 

 

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(11,859

)

 

$

(5,333

)

 

$

(26,704

)

 

$

(22,284

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

16

 

 

 

(619

)

 

 

519

 

 

 

(1,812

)

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

 

 

(4

)

 

 

1

 

 

 

15

 

 

 

5

 

Total other comprehensive income (loss)

 

 

12

 

 

 

(618

)

 

 

534

 

 

 

(1,807

)

Total comprehensive loss

 

$

(11,847

)

 

$

(5,951

)

 

$

(26,170

)

 

$

(24,091

)

 

 

 

 

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, 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 June 30, 2021

 

 

41,307,336

 

 

$

4

 

 

$

245,452

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(2,304

)

 

$

(82,648

)

 

$

130,073

 

Stock-based compensation (RSUs)

 

 

375,435

 

 

 

 

 

 

6,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,227

 

Warrants repurchase (1)

 

 

 

 

 

 

 

 

(5,474

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,474

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,859

)

 

 

(11,859

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

12

 

Balance as of September 30, 2021

 

 

41,682,771

 

 

$

4

 

 

$

246,205

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(2,292

)

 

$

(94,507

)

 

$

118,979

 

 

 

 

 

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

)

4


 

 

 

 

 

 

Nine Months Ended September 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)

 

 

(469,343

)

 

 

 

 

 

1,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,244

 

Forward share purchase agreement transactions

 

 

 

 

 

 

 

 

17,528