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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, 2022 

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)

 

85 Broad Street, New York, NY

 

10004

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: +1 917 508 9185

(Former name or former address, if changed since last report): N/A

 

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

 

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  ☒

As of November 4, 2022, there were 45,031,553 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

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

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

30

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

 

 

 

Item 4.

Controls and Procedures

42

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

43

 

 

 

Item 1A.

Risk Factors

44

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

 

 

 

Item 3.

Defaults Upon Senior Securities

44

 

 

 

Item 4.

Mine Safety Disclosures

45

 

 

 

Item 5.

Other Information

45

 

 

 

Item 6.

Exhibits

46

 

 

 

Signatures

47

 

 

 


 

Item 1 – Financial Statements

KALEYRA, INC.

Condensed Consolidated Balance Sheets

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

 

 

 

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

 

 

 

9,553

 

Payroll and payroll related accrued liabilities

 

 

7,643

 

 

 

6,907

 

Other current liabilities

 

 

9,078

 

 

 

8,274

 

Total current liabilities

 

 

111,972

 

 

 

111,440

 

Long-term portion of bank and other borrowings

 

 

14,488

 

 

 

22,910

 

Long-term portion of notes payable

 

 

191,240

 

 

 

190,147

 

Long-term portion of employee benefit obligation

 

 

2,301

 

 

 

2,338

 

Deferred tax liabilities

 

 

6,056

 

 

 

2,384

 

Other long-term liabilities

 

 

785

 

 

 

1,840

 

Total Liabilities

 

 

326,842

 

 

 

331,059

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

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, 2022 and December 31, 2021; 47,829,611 shares issued and 45,031,553 shares outstanding as of September 30, 2022 and 44,831,695 shares issued and 42,033,637 shares outstanding as of December 31, 2021

 

 

5

 

 

 

4

 

Additional paid-in capital

 

 

275,129

 

 

 

251,659

 

Treasury stock, at cost; 2,798,058 shares as of September 30, 2022 and December 31, 2021

 

 

(30,431

)

 

 

(30,431

)

Accumulated other comprehensive loss

 

 

(5,679

)

 

 

(2,010

)

Accumulated deficit

 

 

(142,483

)

 

 

(101,800

)

Total stockholders’ equity

 

 

96,541

 

 

 

117,422

 

Total liabilities and stockholders’ equity

 

$

423,383

 

 

$

448,481

 

__________________

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

83,916

 

 

$

84,025

 

 

$

245,506

 

 

$

177,731

 

Cost of revenue

 

 

67,226

 

 

 

64,414

 

 

 

192,428

 

 

 

141,333

 

Gross profit

 

 

16,690

 

 

 

19,611

 

 

 

53,078

 

 

 

36,398

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

5,246

 

 

 

7,163

 

 

 

16,401

 

 

 

14,313

 

Sales and marketing

 

 

7,181

 

 

 

7,272

 

 

 

21,507

 

 

 

14,791

 

General and administrative

 

 

13,498

 

 

 

12,631

 

 

 

45,472

 

 

 

35,597

 

Total operating expenses

 

 

25,925

 

 

 

27,066

 

 

 

83,380

 

 

 

64,701

 

Loss from operations

 

 

(9,235

)

 

 

(7,455

)

 

 

(30,302

)

 

 

(28,303

)

Other income, net

 

 

37

 

 

 

66

 

 

 

120

 

 

 

158

 

Financial expense, net

 

 

(3,627

)

 

 

(3,542

)

 

 

(10,196

)

 

 

(5,169

)

Foreign currency income (loss)

 

 

1,775

 

 

 

(162

)

 

 

915

 

 

 

2

 

Loss before income tax expense (benefit)

 

 

(11,050

)

 

 

(11,093

)

 

 

(39,463

)

 

 

(33,312

)

Income tax expense (benefit)

 

 

624

 

 

 

766

 

 

 

1,220

 

 

 

(6,608

)

Net loss

 

$

(11,674

)

 

$

(11,859

)

 

$

(40,683

)

 

$

(26,704

)

Net loss per common share, basic and diluted

 

$

(0.26

)

 

$

(0.29

)

 

$

(0.94

)

 

$

(0.75

)

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

 

 

44,650,611

 

 

 

41,554,876

 

 

 

43,436,329

 

 

 

35,404,231

 

 

 

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(11,674

)

 

$

(11,859

)

 

$

(40,683

)

 

$

(26,704

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1,150

)

 

 

16

 

 

 

(3,684

)

 

 

519

 

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

 

 

6

 

 

 

(4

)

 

 

15

 

 

 

15

 

Total other comprehensive income (loss)

 

 

(1,144

)

 

 

12

 

 

 

(3,669

)

 

 

534

 

Total comprehensive loss

 

$

(12,818

)

 

$

(11,847

)

 

$

(44,352

)

 

$

(26,170

)

 

 

 

 

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, 2022

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury Stock

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance as of June 30, 2022

 

 

44,344,364

 

 

$

5

 

 

$

270,672

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(4,535

)

 

$

(130,809

)

 

$

104,902

 

Stock-based compensation (RSUs)

 

 

687,189

 

 

 

 

 

 

4,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,457

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,674

)

 

 

(11,674

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,144

)

 

 

 

 

 

(1,144

)

Balance as of September 30, 2022

 

 

45,031,553

 

 

$

5

 

 

$

275,129

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(5,679

)

 

$

(142,483

)

 

$

96,541

 

 

 

 

 

Three Months Ended September 30, 2021

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury Stock

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

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

 

 

 

 

 

Nine Months Ended September 30, 2022

 

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury Stock

 

 

Accumulated

Other

Comprehensive

 

 

Accumulated

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2021

 

 

42,033,637

 

 

$

4

 

 

$

251,659

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(2,010

)

 

$

(101,800

)

 

$

117,422

 

Stock-based compensation (RSUs)

 

 

2,997,916

 

 

 

1

 

 

 

23,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,471

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40,683

)

 

 

(40,683

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,669

)

 

 

 

 

 

(3,669

)

Balance as of September 30, 2022

 

 

45,031,553

 

 

$

5

 

 

$

275,129

 

 

 

2,798,058

 

 

$

(30,431

)

 

$

(5,679

)

 

$

(142,483

)

 

$

96,541

 

 

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 (2)

 

 

(469,343

)

 

 

 

 

 

1,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,244

 

Forward share purchase agreement transactions