false 0001719489 0001719489 2023-02-15 2023-02-15 0001719489 klr:CommonStockParValue0.0001PerShare2Member 2023-02-15 2023-02-15 0001719489 klr:WarrantsAtAnExercisePriceOf11.50PerShareOfCommonStock1Member 2023-02-15 2023-02-15

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 15, 2023

 

 

KALEYRA, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-38320   82-3027430
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

85 Broad Street, New York City, NY   10004
(Address of Principal Executive Offices)   (Zip Code)

+1 917 508 9185

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

 

 

 


Item 2.02

Results of Operations and Financial Condition.

On February 15, 2023, Kaleyra, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and fiscal year ended December 31, 2022. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.

 

Item 7.01

Regulation FD Disclosure

The Company will host a conference call to discuss its fourth quarter and fiscal year 2022 financial results on February 15, 2023, at 4:30 p.m. Eastern time. On February 15, 2023, the Company posted an investor presentation to the Investor Relations section of its website www.kaleyra.com, in connection with the earnings call for the quarter and full year ended December 31, 2022. A copy of the investor presentation is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information contained in, or incorporated into, this Item 7.01 of this Report, including Exhibit 99.2 attached hereto, is furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.

This Report shall not be deemed an admission as to the materiality of any information in this Report that is being disclosed pursuant to Regulation FD.

Please refer to Exhibit 99.2 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.

 

- 2 -


Item 9.01

Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

The exhibits required by this item are set forth on the Exhibit Index attached hereto.

 

Exhibit

Number

    
99.1    Press Release dated February 15, 2023.
99.2    Investor Presentation dated February 15, 2023.
104   

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

- 3 -


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 15, 2023

 

By:  

/s/ Dario Calogero

Name:   Dario Calogero
Title:   Chief Executive Officer and President

 

- 4 -

Exhibit 99.1

 

LOGO

Kaleyra Announces Fourth Quarter 2022 and Full Year 2022 Results

Fourth Quarter Highlighted by Record Revenues of $93.7 Million

Record Full Year 2022 Revenues of $339.2 Million, Up 27% YoY

Announces Implementation of 2023 Restructuring and Cost Reduction Program

NEW YORK – February 15, 2023 – Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) (“Kaleyra” or the “Company”), an enterprise Communication Platform as a Service (CPaaS), reported financial results for the fourth quarter and full year ended December 31, 2022.

Fourth Quarter and Full Year 2022 Highlights

 

   

Record quarterly revenue of $93.7 million ($97.7 million using Q42021 foreign exchange rates), 93.1% of revenue is from customers on the platform for a minimum of one year

 

   

Record full year 2022 revenue of $339.2 million ($353.3 million using FY2021 foreign exchange rates), an increase of 26.7% compared to the full year 2021 (32.0% increase using FY2021 foreign exchange rates)

 

   

Full year 2022 gross profit increased 21.9% to $70.1 million from $57.5 million in the comparable year-ago period

 

   

Full year adjusted gross profit, a non-GAAP measurement of operating performance reconciled below, increased 24.9% to $76.6 million from $61.4 million in the comparable year-ago period

 

   

Full year 2022 operating expenses of $157.6 million, including an impairment loss on intangible assets of $49.4 million

 

   

Strong balance sheet with $78.6 million ($82.2 million using foreign exchange rates as of Q42021) in cash and cash equivalents, including restricted cash and short-term investments

 

   

Delivered 51.5 billion messages and connected 8.1 billion voice calls in the full year 2022

 

   

Announced implementation of 2023 restructuring and cost reduction program, so called “Value Creation Program”, aimed to reduce monthly cash payroll costs by more than 15% in FY2023

 

   

Expanded integration portfolio to include partnerships with Shopify, Hubspot, CleverTap, Zoho and WooCommerce

 

   

Selected as a preferred SMS provider for Amazon Pay India, enhancing end-customer experiences and satisfaction

 

   

Partnered with Fincons to transform digital collaboration in banking, integrating Kaleyra Video, its proprietary audio and video solution, in the mobile application developed for Flowe, Italy’s new-age digital bank, to improve customer identification and fraud detection processes

 

   

Unveiled a new lineup of chatbots for WhatsApp business that will allow businesses to create advanced conversational experiences on the platforms

 

   

Signed strategic partnership with telecom operators in strategic markets such as PLDT (formerly Philippine Long Distance Telephone Company) in the Philippines and Claro in Central America

Management Commentary

“Our fourth quarter started the next phase of forward momentum for Kaleyra, with revenue exceeding the upper end of our guided range as we build on our existing partnerships, work with new valuable enterprise customer partners, and gain success by layering in higher margin communication channels” said Kaleyra Founder and CEO Dario Calogero. “Our relationships with business partners with their important communications were highlighted by our 27% year-over-year full year record revenue growth. In addition, our adjusted gross profit increased by 25% with an adjusted gross margin of 22.6% year-over-year, further solidifying our leadership position in enterprise CPaaS. Indeed, The Campaign Registry, part of our higher gross margin business portfolios, outperformed by posting significant growth in revenue.


In January 2023, Kaleyra launched a company-wide “Value Creation Program” aimed at improving the efficiency and focus on the core elements of the Company’s strategy. This project is expected to deliver results starting in 1Q23 and over the next quarters, with significant cost savings and cash flow improvements already underway.”

2023 “Value Creation Program“

Giacomo Dall’Aglio, Kaleyra CFO, commented, “Kaleyra is announcing that the Company has begun its 2023 restructuring and cost reduction program. The program is designed to position Kaleyra to serve the demand from global businesses to interact with their customer base using existing and emerging communication channels, while driving labor and cost efficiencies that are available to Kaleyra from its geographical scale.”

The program seeks to achieve the following goals:

 

   

Adjusted EBITDA to exceed 20% growth in FY2023 compared to FY2022, with additional growth in FY2024;

 

   

Organizational streamlining aimed to reduce monthly cash payroll costs by more than 15% in FY2023;

 

   

Increasing net cash provided by operating activities by FY2023 year end compared to FY2022;

 

   

Continue the focus on R&D investments to provide high quality service standards and offer new products to our customers.

“In 2022 our technology managed 51.5 billion messages and 8.1 billion voice calls with over 1,600 operators, including all tier-1 US carriers directly connected. During Q4 Kaleyra signed strategic partnerships with telecom operators in important markets including PLDT in the Philippines and Claro in Central America. Direct connectivity is vital to reduce costs and to ensure needed quality to serve global enterprise customers. Looking ahead into 2023, we will continue to build our partnership pipeline and develop our technologies,” concluded Calogero.

Fourth Quarter 2022 Financial Results

Results compare the 2022 fourth quarter ended December 31, 2022, to the 2021 fourth quarter ended December 31, 2021, unless otherwise indicated.

 

   

Total revenue was $93.7 million, an increase of 4.1% from $90.0 million in the comparable year-ago period ($97.7 million or 8.6% increase using Q42021 foreign exchange rates). The increase in revenue generated in the quarter was mainly driven by new customers and expansion of volume with existing customers.

 

   

Gross profit was $17.0 million compared to $21.1 million in the comparable year-ago period. The decrease in gross profit was mainly due to the growth of the low marginality international business and the higher customer onboarding costs.

 

   

Gross margin for the fourth quarter of 2022 was 18.2% compared to 23.5% for the fourth quarter of 2021. We expect this will improve as new customers ramp up their volumes.

 

   

Net loss totaled $57.8 million, or $1.28 per share based on 45.2 million weighted-average shares outstanding, compared to a net loss of $7.3 million, or $0.17 per share based on 41.9 million weighted-average shares outstanding, in the comparable year-ago period. The increase in the net loss was predominantly due to an impairment loss on intangible assets of $49.4 million, mainly driven by decreased industry growth expectations and lower cash flow projections.


   

Adjusted gross profit, a non-GAAP measurement of operating performance reconciled below, was $19.0 million from $22.8 million in the comparable year-ago period.

 

   

Adjusted gross margin, also a non-GAAP measurement of operating performance reconciled below, was 20.3% for the fourth quarter of 2022 compared to 25.3% in the comparable year-ago period.

 

   

Adjusted net income (loss), a non-GAAP measurement of operating performance reconciled below, was a loss of $4.4 million, or $0.10 per basic and diluted share based on 45.2 million weighted-average shares outstanding, from a net income of $3.9 million, or $0.09 and $0.08 per basic and diluted share based on 41.9 and 51.9 million weighted-average shares outstanding, respectively, in the comparable year-ago period.

 

   

Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, was $2.5 million, or 2.6% of total revenue, compared to $9.6 million, or 10.7% of total revenue, in the comparable year-ago period.

 

   

At the end of the fourth quarter, cash and cash equivalents, restricted cash and short-term investments were $78.6 million ($82.2 million using foreign exchange rates as of Q42021), compared to $97.9 million as of December 31, 2021

 

   

Dollar-Based Net Expansion Rate of 98.1% (139.0% within the top 30 customers).

Full Year 2022 Financial Results

Results compare the 2022 full year ended December 31, 2022, to the 2021 full year ended December 31, 2021, unless otherwise indicated.

 

   

Total revenue increased by 26.7% to $339.2 million from $267.7 million in the comparable year-ago period (32.0% increase using FY2021 foreign exchange rates). Revenue during the year was driven by the full year contribution of mGage legacy customer revenue, the growth with existing customers coupled with ramping volume with new customers, and a constant focus on enterprise businesses that deliver a large volume of messages.

 

   

Gross profit increased 21.9% to $70.1 million from $57.5 million in the comparable year-ago period. Gross margin for the 2022 full year was 20.7% compared to 21.5% for the 2021 full year.

 

   

Net loss totaled $98.5 million, or $2.25 per share based on 43.9 million weighted-average shares outstanding, compared to a net loss of $34.0 million, or $0.92 per share based on 37.0 million weighted-average shares outstanding, in the comparable year-ago period. The increase in net loss was predominantly due to an impairment loss on intangible assets of $49.4 million.

 

   

Adjusted gross profit, a non-GAAP measurement of operating performance reconciled below, increased 24.9% to $76.6 million from $61.4 million in the comparable year-ago period. Adjusted gross margin, also a non-GAAP measurement of operating performance reconciled below, for the 2022 full year was 22.6% compared to 22.9% in the comparable year-ago period.

 

   

Adjusted net income (loss), a non-GAAP measurement of operating performance reconciled below, was a loss of $1.2 million, or $0.03 per share based on 43.9 million weighted-average shares outstanding, from a net income of $6.1 million, or $0.16 per basic and $0.13 per diluted share based on 37.0 and 48.1 million weighted-average shares outstanding, respectively, in the comparable year-ago period.

 

   

Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, was $18.7 million, or 5.5% of total revenue, compared to $18.6 million, or 7.0% of total revenue, in the comparable year-ago period.


First Quarter Financial Outlook

Kaleyra’s financial outlook takes into consideration broader geopolitical and macroeconomic factors such as the effects of the foreign exchange environment, the possibility of global recession, and the impact of inflationary economic conditions. Kaleyra remains confident in its growth strategy and ability to capture its multinational market opportunity. The Company is including financial projections for the first quarter 2023 as follows:

 

   

First Quarter 2023: Total revenue is expected to be in the range of $77 – $81 million.

 

   

The Company will be providing guidance one quarter at a time, given the increasing difficulty of projecting forward global economic conditions, but expects to see revenue growth in 2023 when compared to 2022.

Conference Call

Kaleyra will hold a conference call today, Wednesday, February 15, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. A question-and-answer session will follow the management’s presentation.

U.S. dial-in: 1-855-327-6837

International dial-in: 1-631-891-4304

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Kalerya’s investor relations at KLR@mzgroup.us.

The conference call will be broadcast live and available for replay here and via the Investor Relations section of Kaleyra’s website.

A telephonic replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through February 22, 2023.

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 10020921

About Kaleyra

Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) is a global group providing mobile communication services to financial institutions, e-commerce players, OTTs, software companies, logistic enablers, healthcare providers, retailers, and other large organizations worldwide. Through its proprietary platform and robust APIs, Kaleyra manages multi-channel integrated communication services, consisting of messaging, rich messaging and instant messaging, video, push notifications, e-mail, voice services, and chatbots. Kaleyra’s technology makes it possible to safely and securely manage billions of messages monthly with over 1,600 operator connections in 190+ countries, including all tier-1 US carriers. For more information, please visit www.kaleyra.com.

Non-GAAP Financial Measures and Related Information

To provide investors and others with additional information regarding Kaleyra’s results, the following non-GAAP financial measures, not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), are disclosed:

 

   

Non-GAAP Adjusted Gross Profit and Non-GAAP Adjusted Gross Margin. For the periods presented, Kaleyra defines non-GAAP Adjusted Gross Profit and non-GAAP Gross Margin as GAAP gross profit and GAAP gross margin, respectively, adjusted to exclude, as applicable, certain expenses as presented in the table below;


   

Adjusted EBITDA is defined as of any date of calculation, as the consolidated earnings/(loss) of Kaleyra and its subsidiaries, before finance income and finance cost (including bank charges), tax, depreciation and amortization, plus (i) transaction and one-off expenses, (ii) without duplication of clause (i), severance or change of control payments, (iii) any expenses related to company restructuring, (iv) any compensation expenses relating to stock options, restricted stock units, restricted stock or similar equity interests as may be issued by Kaleyra or any of its subsidiaries to its or their employees and (v) any provision for the write-down of assets;

 

   

Non-GAAP Adjusted Net Income (Loss) Per Share, Basic and Diluted. For the periods presented, Kaleyra defines non-GAAP net income (loss) and non-GAAP net income (loss) per share, basic and diluted, as GAAP net loss and GAAP net loss per share, basic and diluted, respectively, adjusted to exclude, as applicable, certain expenses presented in the table below.

Management uses the foregoing non-GAAP financial information, collectively, to evaluate its ongoing operations and for internal planning and forecasting purposes. Kaleyra’s management believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance, facilitates period-to-period comparisons of results of operations, and assists in comparisons with other companies, many of which use similar non-GAAP financial information to supplement their GAAP results. Non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. Whenever Kaleyra uses a non-GAAP financial measure, a reconciliation is provided to the most closely applicable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Operating Metrics

Dollar-Based Net Expansion Rate. Kaleyra’s ability to drive growth and generate incremental revenue depends, in part, on the Company’s ability to maintain and grow its relationships with Active Existing Customer Accounts and to increase their use of the platform. An important way in which Kaleyra has historically tracked performance in this area is by measuring the Dollar-Based Net Expansion Rate for those customer accounts. Kaleyra’s Dollar-Based Net Expansion Rate increases when such customer accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Kaleyra’s Dollar-Based Net Expansion Rate decreases when such customer accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product. Kaleyra believes that measuring Dollar-Based Net Expansion Rate provides a more meaningful indication of the performance of the Company’s efforts to increase revenue from existing customers. To calculate the Dollar-Based Net Expansion Rate, the Company first identifies the cohort of customer accounts that were customer accounts in the same quarter of the prior year. The Dollar-Based Net Expansion Rate is the quotient obtained by dividing the revenue generated from that cohort in a quarter, by the revenue generated from that same cohort in the corresponding quarter in the prior year.

Active Existing Customer Accounts. Kaleyra believes that the number of Active Customer Accounts is an important indicator of the growth of its business, the market acceptance of its platform and future revenue trends. Kaleyra defines an Active Customer Account at the end of any reporting period as an individual account, as identified by a unique account identifier, for which Kaleyra has recognized revenue in the period.


Important Cautions Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding the financial statements of Kaleyra, its omnichannel and other product and global customer developments, its expectations, beliefs, intentions, plans, prospects or strategies regarding the future revenue (including revenue guidance) and the business plans of Kaleyra’s management team, and the impact of the COVID-19 pandemic, and any anticipated lessening of such impact, and the broader market volatility and geopolitical and macroeconomic factors on its business and financial performance. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by Kaleyra in light of its experience and perception of historical trends, current conditions and expected future developments and their potential effects on Kaleyra as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Kaleyra will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the mix of services utilized by Kaleyra’s customers and such customers’ needs for these services, including any variability by geography, market acceptance of new service offerings, the ability of Kaleyra to expand what it does for existing customers as well as to add new customers, the ability of Kaleyra to achieve the goals of its 2023 “Value Creation Program”, that Kaleyra will have sufficient capital to operate as anticipated, and the impact that the novel coronavirus and the illness, COVID-19, that it causes, , and the impact of other geopolitical and macroeconomic factors such as the global inflation and the war in Ukraine, may have on Kaleyra’s operations, the demand for Kaleyra’s products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contacts:

Colin Gillis

Vice President of Investor Relations

917-580-2548

colin.gillis@kaleyra.com

Shannon Devine

203-741-8811KLR

@mzgroup.us

-Financial Tables to Follow-


KALEYRA, INC.

Consolidated Balance Sheets

(Unaudited, in thousands)

 

     December 31, 2022     December 31, 2021  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 77,500     $ 90,001  

Restricted cash

     480       1,701  

Short-term investments

     587       6,236  

Trade receivables, net

     86,783       85,945  

Deferred cost

     319       341  

Prepaid expenses

     3,989       5,357  

Other current assets

     3,387       2,599  
  

 

 

   

 

 

 

Total current assets

     173,045       192,180  

Property and equipment, net

     23,826       18,811  

Operating Right-of-use assets

     2,931       —    

Intangible assets, net

     57,400       125,396  

Goodwill

     111,526       110,465  

Deferred tax assets

     —         1,230  

Other long-term assets

     1,445       399  
  

 

 

   

 

 

 

Total assets

   $ 370,173     $ 448,481  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities:

    

Accounts payable

   $ 82,258     $ 70,942  

Current portion of notes payable

     405       —    

Lines of credit

     3,955       5,256  

Current portion of bank and other borrowings

     11,419       10,508  

Deferred revenue

     3,528       9,553  

Payroll and payroll related accrued liabilities

     5,993       6,907  

Other current liabilities

     9,431       8,274  
  

 

 

   

 

 

 

Total current liabilities

     116,989       111,440  

Long-term portion of bank and other borrowings

     13,459       22,910  

Long-term portion of notes payable

     191,777       190,147  

Long-term portion of employee benefit obligation

     2,373       2,338  

Deferred tax liabilities

     —         2,384  

Other long-term liabilities

     3,362       1,840  
  

 

 

   

 

 

 

Total liabilities

     327,960       331,059  

Stockholders’ equity:

    

Common stock

     5       4  

Additional paid-in capital

     278,469       251,659  

Treasury stock, at cost

     (30,431     (30,431

Accumulated other comprehensive loss

     (5,212     (2,010

Accumulated deficit

     (200,618     (101,800
  

 

 

   

 

 

 

Total stockholders’ equity

     42,213       117,422  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 370,173     $ 448,481  
  

 

 

   

 

 

 


KALEYRA, INC.

Consolidated Statements of Operations

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

 

     Three Months Ended December 31,     Year Ended December 31,  
     2022     2021     2022     2021  

Revenue

   $ 93,662     $ 90,008     $ 339,168     $ 267,739  

Cost of revenue

     76,635       68,895       269,063       210,228  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     17,027       21,113       70,105       57,511  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Research and development

     2,834       4,143       19,235       18,456  

Sales and marketing

     7,763       6,286       29,270       21,077  

General and administrative

     14,179       15,360       59,651       50,957  

Intangible asset impairment

     49,446       —         49,446       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     74,222       25,789       157,602       90,490  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (57,195     (4,676     (87,497     (32,979

Other income, net

     65       27       185       185  

Financial expense, net

     (3,775     (3,626     (13,971     (8,795

Foreign currency loss

     (2,315     (99     (1,400     (97
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax benefit

     (63,220     (8,374     (102,683     (41,686

Income tax benefit

     (5,375     (1,081     (4,155     (7,689
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (57,845   $ (7,293   $ (98,528   $ (33,997
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share, basic and diluted

     (1.28     (0.17     (2.25     (0.92
  

 

 

   

 

 

   

 

 

   

 

 

 

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

     45,240,704       41,914,099       43,887,423       37,031,698  
  

 

 

   

 

 

   

 

 

   

 

 

 


KALEYRA, INC.

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

 

     Year Ended December 31,  
     2022     2021  

Cash Flows from Operating Activities:

    

Net loss

   $ (98,528   $ (33,997

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

    

Depreciation and amortization

     23,509       15,004  

Stock-based compensation

     21,170       19,991  

Impairment of intangible assets

     49,446       —    

Non-cash reduction to the right-of-use asset

     (310     —    

Provision for doubtful accounts

     2,321       1,155  

Realized gains on marketable securities

     22       30  

Employee benefit obligation

     501       537  

Change in fair value of warrant liability

     (863     546  

Reversal of accrued interest on forward share purchase agreement

     —         (659

Non-cash interest expense

     2,048       1,254  

Deferred taxes

     (4,709     (8,052

Change in operating assets and liabilities:

    

Trade receivables

     (5,917     (16,879

Other current assets

     296       (2,396

Deferred costs

     22       76  

Operating lease liability

     257       —    

Other long-term assets

     (1,164     1,416  

Accounts payable

     14,876       1,908  

Other current liabilities

     3,238       2,135  

Deferred revenue

     (5,775     5,609  

Long-term liabilities

     250       390  
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     690       (11,932
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

    

Purchase of short-term investments

     (1,165     (52,224

Sale of short-term investments

     6,521       50,741  

Purchase of property and equipment

     (2,101     (1,857

Capitalized software development costs

     (8,144     (5,226

Purchase of intangible assets

     (17     (31

Acquisition of mGage, net of cash acquired

     —         (195,346

Acquisition of Bandyer, net of cash acquired

     (1,005     (13,304
  

 

 

   

 

 

 

Net cash used in investing activities

     (5,911     (217,247
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Proceeds from (repayments on) line of credit, net

     (1,117     327  

Borrowings on term loans

     2,519       1,268  

Repayments on term loans

     (9,170     (7,728

Proceeds from issuance of convertible notes, net of issuance costs

     —         188,637  

Repayments on notes

     —         (7,500

Receipts related to forward share purchase agreements

     —         17,045  

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

     —         99,051  

Proceeds related to settlement of non-forfeited 2020 Sponsor Earnout Shares

     —         1,244  

Proceeds from exercise of common stock warrants

     —         2,873  

Repurchase of warrants

     —         (5,474

Repayments on capital lease

     (242     (138
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

   $ (8,010   $ 289,605  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

     (491     (1,694
  

 

 

   

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

     (13,722     58,732  

Cash, cash equivalents and restricted cash, beginning of period

   $ 91,702     $ 32,970  
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash, end of period

   $ 77,980     $ 91,702  
  

 

 

   

 

 

 


KALEYRA, INC.

Adjusted Gross Profit and Adjusted Gross Margin Reconciliation of GAAP to Non-GAAP Financial Information

For the Three Months and the Year Ended December 31, 2022 and 2021

(Unaudited, in thousands)

 

     Three Months Ended December 31,     Year Ended December 31,  
             2022                     2021                     2022                     2021          

Consolidated Gross Profit

   $ 17,027     $ 21,113     $ 70,105     $ 57,511  

Consolidated Gross Profit Margin %

     18.2     23.5     20.7     21.5

Amortization of acquired intangibles

     1,369       1,651       5,925       3,845  

One-off contingencies

     617       —         617       —    

Non-GAAP Adjusted Gross Profit

   $ 19,013     $ 22,764     $ 76,647     $ 61,356  

Non-GAAP Adjusted Gross Profit Margin %

     20.3     25.3     22.6     22.9


KALEYRA, INC.

Adjusted EBITDA Reconciliation to Financial Information

For the Three Months and the Year Ended December 31, 2022 and 2021

(Unaudited, in thousands)

 

     Three Months Ended
December 31,
    Year Ended December 31,  
             2022                     2021                     2022                     2021          

Net loss

   $ (57,845   $ (7,293   $ (98,528   $ (33,997

Other income, net

     (65     (27     (185     (185

Financial expense, net

     3,775       3,626       13,971       8,795  

Foreign currency loss

     2,315       99       1,400       97  

Income tax benefit

     (5,375     (1,081     (4,155     (7,689
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

   $ (57,195   $ (4,676   $ (87,497   $ (32,979

Depreciation and amortization

     5,952       6,027       23,509       15,003  

Intangible asset impairment

     49,446       —         49,446       —    

Stock-based compensation and others

     (3,638     7,111       21,170       25,611  

Transaction and one-off costs

     7,902       779       11,963       10,637  

Company restructuring

     —         365       85       365  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 2,467     $ 9,606     $ 18,676     $ 18,637  
  

 

 

   

 

 

   

 

 

   

 

 

 


KALEYRA, INC.

Adjusted Net Income (Loss) per share Reconciliation of GAAP to Non-GAAP Financial Information

For the Three Months and the Year Ended December 31, 2022 and 2021

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

 

     Three Months Ended
December 31,
    Year Ended December 31,  
             2022                     2021                     2022                     2021          

Net Loss

   $ (57,845   $ (7,293   $ (98,528   $ (33,997

Stock-based compensation and others

     7,902       779       11,963       10,637  

Transaction and one-off costs (incl. severance)

     (3,638     7,111       21,170       25,611  

Amortization of acquired intangibles

     4,143       4,478       16,295       10,836  

Intangible asset impairment

     49,446       —         49,446       —    

Amortization of debt discount and issuance costs for convertible debt

     537       500       2,035       1,105  

Estimated tax effects of adjustments (1)

     (4,964     (1,661     (3,823     (1,549

Net tax benefits related to discrete tax items

     —         —         220       (6,586
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP Net Income (Loss)

   $ (4,419   $ 3,914     $ (1,222   $ 6,057  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Loss per share

        

Basic

   $ (1.28   $ (0.17   $ (2.25   $ (0.92

Diluted

   $ (1.28   $ (0.17   $ (2.25   $ (0.92

Non-GAAP Adjusted Net Income (Loss) per share

        

Basic

   $ (0.10   $ 0.09     $ (0.03   $ 0.16  

Diluted

   $ (0.10   $ 0.08     $ (0.03   $ 0.13  

Weighted Average number of Shares Outstanding (basic)

     45,240,704       41,914,099       43,887,423       37,031,698  

Weighted Average number of Shares Outstanding (diluted)

     45,240,704       51,943,454       43,887,423       48,085,571  

 

(1)

The Non-GAAP estimated tax effects of adjustments are determined using the Effective Tax Rate (ETR) calculated for the periods, excluding discrete tax items.

Exhibit 99.2 Trusted Communication Platform I nvestor s Pr esentation Febr uar y 2023 Copyright © Kaleyra, Inc. 2023


DISCLAIMER FORWARD LOOKING STATEMENTS This pres entation c ontains forward- looking s tatem ents within the m eaning of U.S . federal s ec urities laws . S uc h forward- looking s tatem ents inc lude, but are not lim ited to, s tatem ents regarding the expec tations , beliefs , intentions , plans , pros pec ts or s trategies regarding the future business plans of K aleyra, Inc . (“K aleyra” or the “C om pany”) and the C om pany’s fi nanc ial results, as well as future s ize and growth of addres s able m arkets . Any s tatem ents c ontained herein that are not s tatem ents of his toric al fac t m ay be deem ed to be forward- looking s tatem ents . In addition, any s tatem ents that ref er to projec tions , forec as ts or other c harac terizations of future events or circum s tances , inc luding any underlying as sum ptions, are forward- looking s tatem ents . The words antic ipate, believe, c ontinue, c ould, es tim ate, expec t, intends , m ay, m ight,” plan, pos s ible, potential, predic t, projec t, s hould, would and s im ilar expres s ions m ay identify forward- looking s tatem ents , but the abs enc e of thes e words does not m ean that a s tatem ent is not forward- looking. The forward- looking s tatem ents c ontained in this pres entation are bas ed on c ertain as s um ptions of K aleyra in light of its experienc e and perc eption of his toric al trends , c urrent c onditions , and expec ted future developm ents and their potential effec ts on K aleyra as well as other fac tors that K aleyra believes are appropriate in the circum s tances . There c an be no as s uranc e that future developm ents affec ting K aleyra will be thos e antic ipated. Thes e forward- looking s tatem ents involve a num ber of ris ks , unc ertainties (s om e of whic h are beyond the c ontrol of K aleyra), or other as s um ptions that m ay c aus e ac tual res ults or perform anc e to be m aterially diff erent from thos e expres s ed or im plied by thes e forward- looking s tatem ents . S hould one or m ore of thes e ris ks or unc ertainties m aterialize, or s hould any of the as s um ptions being m ade prove inc orrec t, ac tual res ults m ay vary in m aterial res pec ts from thos e projec ted in thes e forward- looking s tatem ents . K aleyra undertakes no obligation to update or revis e any forward- looking s tatem ents , whether as a res ult of new inform ation, future events , or otherwis e, exc ept as m ay be required under applic able s ec urities laws . C ertain indus try, m arket and c om petitive pos ition data inc luded in this pres entation is bas ed on res earc h, s urveys and other data obtained from third party s ourc es and the C om pany’s own internal es tim ates and res earc h. W hile K aleyra believes thes e third party s ourc es to be reliable, it has not independently verified, and m akes no repres entation as to the accuracy or c om pletenes s of any inform ation obtained from third party s ourc es . In addition, c ertain of this data involves a num ber of assum ptions and lim itations , and there c an be no guarantee as to the accuracy or reliability of s uc h assum ptions . NON- GAAP FINANCIAL MEASURE AND RELATED INFORMATION This pres entation inc ludes referenc es to Adjus ted Gros s Margin, Adjus ted E BITDA and Adjus ted E arnings Per S hare (E PS ), i.e. fi nanc ial m eas ures that are not prepared in accordance with U.S . generally ac c epted accounting princ iples (“GAAP”). Adjus ted Gros s Margin is defi ned as of any date of c alc ulation, the c ons olidated revenues of K aleyra and its subsidiaries, net of the c os t of goods s old c alc ulated from the unaudited c ons olidated fi nanc ial s tatem ents of s uc h party and its subsidiaries, plus the am ortization of ac quired intangible as s ets running through c os t of goods s old, divided by the c ons olidated revenues . Adjus ted E BITDA is defi ned as of any date of c alc ulation, the c ons olidated earnings or los s of K aleyra and its subsidiaries, before fi nanc e inc om e and fi nanc e c os t (inc luding bank c harges ), tax, deprec iation and am ortization c alc ulated from the unaudited c ons olidated fi nanc ial s tatem ents of s uc h party and its subsidiaries, plus (i) trans ac tion and one- off expens es , (ii) without duplic ation of c laus e (i), s everanc e or c hange of c ontrol paym ents , (iii) any expens es related to c om pany res truc turing, (iv) any c om pens ation expens es relating to s toc k options , res tric ted s toc k units , res tric ted s toc k or s im ilar equity interes ts as m ay be is s ued by Kaleyra or any of its s ubs idiaries to its or their em ployees and (v) any provis ion for the write down of as s ets . Adjus ted E PS is c alc ulated by dividing the adjus ted net inc om e (loss) by the weighted num ber of s hares outs tanding. Adjus ted net inc om e (loss) is defi ned as of any date of c alc ulation, the net inc om e (loss) of K aleyra and its subsidiaries, plus : (i) trans ac tion and one- off expens es , (ii) without duplic ation of c laus e (i), s everanc e or c hange of c ontrol paym ents , (iii) any expens es related to c om pany res truc turing, (iv) any c om pens ation expens es relating to s toc k options , res tric ted s toc k units , res tric ted s toc k or s im ilar equity interes ts as m ay be issued by K aleyra or any of its s ubs idiaries to its or their em ployees , (v) any provis ion for the write down of as s ets , (vi) the am ortization of ac quired intangible as s ets and (vii) the am ortization of debt dis c ount and is s uanc e c os ts of c onvertible fi nanc ial ins trum ents . K aleyra’s m anagem ent believes that thes e non- GAAP m eas ures of K aleyra’s fi nanc ial res ults will provide us eful inform ation to inves tors regarding c ertain fi nanc ial and bus ines s trends relating to Kaleyra’s antic ipated fi nanc ial c ondition and res ults of operations . Internally, m anagem ent us es thes e Non- GAAP financ ial m eas ures in ass ess ing the C om pany's operating res ults and in planning and forec as ting. Inves tors s hould not rely on any s ingle fi nanc ial m eas ure to evaluate K aleyra’s bus ines s . C ertain of the fi nanc ial m etric s in this pres entation c an be found in K aleyra’s F orm 10 - K for the year ended Dec em ber 31, 20 22, that we expec t to file with the “S E C ” on or about Marc h 6, 20 23, and the rec onc iliation of Adjus ted Gros s Margin, Adjus ted E BITDA and Adjus ted E PS can be found on s lide 21- 23 of this pres entation. This pres entation als o inc ludes referenc e to the non- GAAP operating m etric Dollar- B as ed Net E xpans ion R ate, whos e defi nition c an be found on s lide 24 of this pres entation. TRADEMARKS AND INTELLECTUAL PROPERTY All trademarks, service marks, and trade names of Kaleyra and its subsidiaries or affiliates used herein are trademarks, servic e marks, or registered trademarks of Kaleyra as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners. 2 Copyright © Kaleyra, Inc. 2023


T he T r usted Communication Platfor m as a Ser vice (CPaaS) Kaleyra’s omnichannel platform helps businesses around the world connect with customers on their preferred channels 3 Copyright © Kaleyra, Inc. 2023


Over view 4


CPaaS E ncompasses M ultiple Channels CPaaS (Communication Platform as a Service) represents a broad spectrum of communication channels, from traditional SMS messages to RCS messaging and video and audio collaboration. Typically used for business - to- c ons um er communication, CPaaS companies may specialize in one channel or provide a range of channel offerings for their enterprise customers. 5 Copyright © Kaleyra, Inc. 2023


K aleyr a’s Omnichannel Offer ing for B2C Communication Video and audio W hats App RCS Messaging S MS c ollaboration Kaleyra offers a wide variety of m obile c om m unic ations channels, tools, solutions, and services that large businesses can access through APIs or a user- friendly web interface. We cater to businesses ac ross many verticals inc luding financial services, e - commerce, retail, healthcare, travel, and education . 6 Copyright © Kaleyra, Inc. 2023


I nter national Pr esence, Global Footpr int Termination countries Main countries of operations 7 Copyright © Kaleyra, Inc. 2023


Enter pr ise-Focused and E xper ienced in H ighly-R egulated Sector s Some of Our Customers Highlights of the Year - Dec 2022 : Kaleyra announces a new slate of W hats App c hatbots - Dec 2022 : Kaleyra Partners With Fincons To Transform Digital Collaboration In Banking For Flowe - Oct 2022: Kaleyra to Provide SMS Services for Amazon Pay India - Jul 2022 : Kaleyra Powers Video Communication For Moneyfarm - Jun 2022 : Kaleyra Helps Italy's Santagostino Build Remote Health Coach to Improve Accessibility and Assistance - Feb 2022 : Kaleyra Partners with Bosch Group to Power Communications for its Mobility Solutions in India - Jan 2022 : Kaleyra Provides Innovative Banking Video Communications for Banca Sella's New Wealth Management Platform - Jan 2022 : Kaleyra's CPaaS Solutions Supported India's Rapidly E xpanding Unicorn Startup Ecosystem 8 Copyright © Kaleyra, Inc. 2023


Gr owing E xponentially with W ide R each and Diver se Clientele Q4 2022 Geographic Revenue Mix Q4 2022 Sector Revenue Split 9 Copyright © Kaleyra, Inc. 2023


T op-N otch Business & Pr oduct Par tner ships: * Also wor ks with: *Kaleyra is a proud member of Oracle PartnerNetwork and a provider of integrations to Oracle Marketing solutions. Kaleyra is also powered by Oracle Cloud Infrastructure with the goal to offer improved security, better service- level agreements, global scalability, and faster deploym ent. 10 Copyright © Kaleyra, Inc. 2023


E xceptional Standar d for T r usted Ser vice and I ndustr y-Specific Compliance Kaleyra is committed to providing trusted, transparent, and high- quality service. Customer satisfaction is key – Kaleyra’s dedicated team of professionals offers prompt, around- the- clock assistance. Retention is high – the average engagement tenure is >10 years for international clientele and >15 years for banking customers. 11 Copyright © Kaleyra, Inc. 2023


Globally R ecognized for E xcellent Pr oducts, Customer Ser vice, and Secur ity 12 Copyright © Kaleyra, Inc. 2023


Financial Over view Q4 2022 13


K aleyr a’s Q4 2022 at a Glance Customer Highlights for the Fiscal Quarter Ended Q4 2022 Data December 31, 2022 12.0B 2.2B • 93.1% of revenue came from customers which Mes s ages Voice Calls have been on the platform for at least one year • 43.3% of revenue is related to the top 10 customers with a churn rate of zero in the last 1,600+ 102 year (1) Network Operator Countries with • 98.1% Dollar - Based Net Expansion Rate of C onnec tions direct connectivity quarterly revenues (139.0% within the top 30 c ustom ers) • Revenue by country breakdown: US (46.9%), Italy 90%+ 675 (18.3%), India (14.7%), European Countries - excl Revenue from Long- Employees in 16 Italy (11.5%) and Other and Asian Countries (8.6%) Tenure Customers Global Offices • No individual customer accounting for more than 10% of revenue 1 See definition of this non- GAAP operating metric on slide 24 14 Copyright © Kaleyra, Inc. 2023


Financial H ighlights - Q4 2022 • Record quarterly revenue and sequential growth $ 93.7M $ 2.5M trend amid the macroeconomic headwinds and vs. $90.0M vs. $9.6M prior • Quarterly sequential positive Adj. EBITDA following the adverse FOREX effects Adj. prior year Revenue mGage acquisition • Global revenue footprint and well- balanced portfolio year (1) EBITDA c om parable across geographies and sectors c om parable • Solid customer- base revenue with zero churn rate on period period the top 10 customers 20 .3% • Unfavorable prior year comparison after the revised $56.1M net • Net current assets positive for $56.1M vs. 25.3% customers portfolio and geographic shift in South Current Adj. Gross current assets • Solid Net Working Capital balance Am eric a prior year assets vs. (1) Margin vs. $80.7M net • Significant amount of cash & equivalents, restricted cash • Lower marginality due to start up costs for c om parable current and short- term investments, aggregately summing up to current assets onboarding new customers period liabilities $ 78.6M at year end 2021 1 See definition on slide 2 and reconciliation of non- GAAP measures on slides 21 through 23 Main KPIs 2020 - 20 21 - 20 22 TO UPDATE 15 Copyright © Kaleyra, Inc. 2023


Led by a Seasoned T eam of E xecutives with Deep I ndustr y Exper tise N icola J r V itto Dar io Caloger o Giacomo Dall’Aglio M aur o Car obene EVP, Chief Product Officer Chief Executive Officer* EVP, Chief Financial Officer EVP, Chief Business Officer Geoff Gr auer Filippo M onastr a Zephr in Lasker Colin Gillis EVP, Operations & Customer Success SVP, Chief People Officer SVP, Marketing & Strategic Alliances Vice President of Investor Relations Copyright © Kaleyra, Inc. 2023 16 *Kaleyra announced CEO transition plan, December 12th 2022


Thank You Investor Contacts: For further details, scan this QR code: Colin Gillis Vice President of Investor Relations c olin.gillis @ kaleyra.c om investors@kaleyra.com Shannon Devine MZ Group | Managing Director – MZ North America Copyright © Kaleyra, Inc. 2023 Direct: 203- 741- 8811 Mobile: 203- 858- 1945 s hannonvine@ m zgroup.us


Appendix 18


Quar ter ly Consolidated Statements of Oper ations The following table shows the quarterly unaudited condensed consolidated statements of operations prepared in accordance with US GAAP. 19 Copyright © Kaleyra, Inc. 2023


Consolidated Balance Sheets Note: Figures derived from US GAAP financials, except as otherwise indicated. 20 Copyright © Kaleyra, Inc. 2023


Quarterly N on-GAAP Adjusted Gr oss M ar gin R econciliation The following table shows the reconciliation of the unaudited Non- GAAP Adjusted Gross Margin as reported in the investors presentation. The unaudited figures have been derived from financials prepared in accordance with US GAAP. Note: Amortization of acquired intangible assets mainly includes the amortization of acquired intangible assets following the busines s combination with mGage and B andyer. Management uses non- GAAP financial measures to evaluate period- to- period comparisons. Management believes these measures provide useful information about the Company’s operating results and financial performance. These non- GAAP financial measures are not measures prepared in accordance with GAAP and might not be consistent with similar measures used by other companies. These non- GAAP financial measures shall not be considered as an alternative to any other measures of performance prepared under generally accepted accounting principles. 21 Copyright © Kaleyra, Inc. 2023


Quar ter ly Adjusted E BI T DA R econciliation The following table shows the reconciliation of the unaudited Adjusted EBITDA as reported in the investors presentation. The unaudited figures have been derived from financials prepared in accordance with US GAAP. Note: Management uses non- GAAP financial measures to evaluate period- to- period comparisons. Management believes these measures provide useful information about the Company’s operating results and financial performance. These non- GAAP financial measures are not measures prepared in accordance with GAAP and might not be consistent with similar measures used by other companies. These non- GAAP financial measures shall not be considered as an alternative to any other measures of performance prepared under generally accepted accounting princ iples . 22 Copyright © Kaleyra, Inc. 2023


Quarterly N on-GAAP Adjusted E ar nings Per Shar e (E PS) R econciliation The following table shows the reconciliation of the unaudited Non- GAAP Adjusted EPS as reported in the investors presentation. The unaudited figures have been derived from financials prepared in accordance with US GAAP. (1) The Non- GAAP estimated tax effects of adjustments is determined by using the Effective Tax Rate (ETR) calculated for the three- month period, excluding discrete tax items . Note: Management uses non- GAAP financial measures to evaluate period- to- period comparisons. Management believes these measures provide useful information about the Company’s operating results and financial performance. These non- GAAP financial measures are not measures prepared in accordance with GAAP and might not be consistent with similar measures used by other companies. These non- GAAP financial measures shall not be considered as an alternative to any other measures of performance prepared under generally accepted accounting principles . 23 Copyright © Kaleyra, Inc. 2023


Oper ating Metr ics Dollar- Based Net Expansion Rate. Kaleyra’s ability to drive growth and generate incremental revenue depends, in part, on the Company’s ability to maintain and grow its relationships with Active Existing Customer Accounts and to increase their use of the platform. An important way in which Kaleyra has historically tracked performance in this area is by measuring the Dollar- Based Net Expansion Rate for those customer accounts. Kaleyra’s Dollar- Based Net Expansion Rate increases when such customer accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Kaleyra’s Dollar- B as ed Net Expansion Rate decreases when such customer accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product. Kaleyra believes that measuring Dollar- Based Net Expansion Rate provides a more meaningful indication of the performance of the Company’s efforts to increase revenue from existing customers. To calculate the Dollar- Based Net Expansion Rate, the Company first identifies the cohort of customer accounts that were customer accounts in the same quarter of the prior year. The Dollar- Based Net Expansion Rate is the quotient obtained by dividing the revenue generated from that cohort in a quarter, by the revenue generated from that same cohort in the corresponding quarter in the prior year. Active Existing Customer Accounts. Kaleyra believes that the number of Active Customer Accounts is an important indicator of the growth of its business, the market acceptance of its platform and future revenue trends. Kaleyra defines an Active Customer Account at the end of any reporting period as an individual account, as identified by a unique account identifier, for which Kaleyra has recognized revenue in the period. 24 Copyright © Kaleyra, Inc. 2023


Shar e Count of K aleyr a Common Stock KLR (NYSE) shares of Common Stock as of December 31, 2022: - issued and outstanding: 45,359,035 Note: Shares beneficially owned by management (other than Directors and Officers) are included in the Implied Retail Float 25 Copyright © Kaleyra, Inc. 2023

v3.22.4
Document and Entity Information
Feb. 15, 2023
Document And Entity Information [Line Items]  
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Entity Central Index Key 0001719489
Document Type 8-K
Document Period End Date Feb. 15, 2023
Entity Registrant Name KALEYRA, INC.
Entity Incorporation State Country Code DE
Entity File Number 001-38320
Entity Tax Identification Number 82-3027430
Entity Address, Address Line One 85 Broad Street
Entity Address, City or Town New York City
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10004
City Area Code 1 917
Local Phone Number 508 9185
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock Par Value 0.0001 Per Share 2 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common Stock, par value $0.0001 per share
Trading Symbol KLR
Security Exchange Name NYSE
Warrants At An Exercise Price Of 11.50 Per Share Of Common Stock 1 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Warrants, at an exercise price of $11.50 per share of Common Stock
Trading Symbol KLR WS
Security Exchange Name NYSEAMER

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 },
 "version": "2.2"
}