Seeking Alpha • Jun 21

Kaleyra: Improving Profitability, Leveraging AI, But High Debt

Summary Kaleyra is loss-making but has been making progress on the profitability front. It has also added conversational AI to its product offering, which has resulted in its recognition as a major player in CPaaS by IDC Marketplace. Therefore, the stock should be better valued, but I have a hold position for this micro-cap which also comes with high debts and needs to sustainably improve liquidity. I also take this opportunity to differentiate its chatbots with ChatGPT. A glimpse at the price action and the above 100% upside is useful in showing that it is time to exercise caution. Read the full article on Seeking Alpha

분석 기사 • Mar 02

Kaleyra, Inc.'s (NYSE:KLR) Intrinsic Value Is Potentially 34% Above Its Share Price

Key Insights Kaleyra's estimated fair value is US$1.03 based on 2 Stage Free Cash Flow to Equity Current share price of...

Seeking Alpha • Feb 23

Kaleyra: More Clarity Needed (Rating Downgrade)

Summary Kaleyra is down nearly 90% in the past year. The CPaaS industry is still a compelling market that continues to expand rapidly as companies shift to digital channels. Its latest earnings result showed deteriorating growth and profitability as macro headwinds weigh. The current valuation is cheap but execution and the macro environment are also two huge risks and uncertainties. I rate KLR stock a hold. Investment Thesis Since my last coverage on Kaleyra (KLR), the company got absolutely decimated with the stock price down nearly 80% in just 10 months. The company's fundamentals remain intact and the valuation is cheap, but there are also macro headwinds to be cautious about. The adoption of CPaaS (communications platform as a service) is still in the early stages and should continue to grow over time. The acquisition of mGage and Bandyer also provided significant assets for the company. However, the macroeconomy has weakened significantly which impacted my buy thesis and the company's performance. It recently reported its fourth-quarter earnings and the results are pretty soft, with revenue growth being weak and the bottom line worsening. The current valuation is very compelling as it is trading at a significant discount compared to peers, but execution risks remain. There are too many uncertainties right now, therefore I am downgrading the company to hold and will wait for more clarity. Data by YCharts Background For those unfamiliar with the company, Kaleyra is an Italy-based CPaaS company that provides integrated omnichannel communication services for businesses. It allows companies to communicate and engage with customers through different channels such as video, messaging, RCS, programmable voice services, virtual numbers, push notifications, etc. The company has a strong presence in Europe, India, and Brazil and mainly focuses on the banking, travel, retail, and e-commerce industry. It currently serves customers like Visa (V), Mastercard (MA), Uber (UBER), Flipkart, and more. Early last year, Kaleyra acquired mGage, an enterprise messaging provider, and Bandyer, a cloud-based audio/video communications service provider. These two acquisitions significantly improved the company's scale and product capabilities. The CPaaS industry is also growing rapidly. According to Markets and Markets, its TAM (total addressable market) is forecasted to grow from $12.5 billion in 2022 to $45.3 billion in 2027, representing a strong CAGR (compounded annual growth rate) of 29.4%. The growth is largely driven by digital transformation as more companies are leveraging digital channels to interact with their users and audiences. This should provide a strong tailwind for the company in the long run. Kaleyra Financials and Valuation Kaleyra reported its fourth-quarter earnings earlier this week and the results continue to deteriorate as macro impact hits. Revenue growth slowed and profitability contracted. The company reported revenue of $93.7 million, up 4.1% YoY (year over year) from $90 million. On a constant currency basis, growth was 8.6%. Dollar-based net expansion rate for the quarter was 98.1%. The figure was much higher for its top 30 customers at 139% with zero churns. The drop in customer spending is expected as Kaleyra's products are billed based on usage, therefore it is much more responsive to the slowdown in the economy. Gross profit was down 19.4% from 21.1 million to $17.0 million, due to increasing onboarding costs and a higher revenue mix from low-margin segments. This also resulted in the gross profit margin dropping from 23.5% to 18.2%. Net loss was $(57.8) million or $1.28 per share compared to $(7.3) million, or $0.17 per share. The decline was largely cost by an impairment loss on intangible assets of $49.4 million. This also weighed on the adjusted EBITDA which decreased from $9.6 million to $2.5 million, representing an adjusted EBITDA margin of 2.6%. The company ended the quarter with $78.1 million in cash and $221 million in debt, which was incurred from its acquisition of mGage and Bandyer. $190 million are long-term debts therefore they are in no rush to pay it back. While the company did not give out explicit guidance for FY23, the management team mentioned that they are expecting adjusted EBITDA growth to be over 20% and also increase its operating cash flow. After the massive drop, Kaleyra is now trading at an fwd EV/EBITDA ratio of 8.8x (I am using the EV/EBITDA ratio as it takes the company's debt into account), which is pretty low for a company with a large addressable market. From the chart below, you can see that its valuation is significantly lower than other CPaaS companies such as Twilio (TWLO), Bandwidth (BAND), and 8x8 (EGHT). The average EV/EBITDA ratio of the three companies is 19.7x, which represents a 124% premium compared to Kaleyra. The company expects adjusted EBITDA growth for FY23 to be over 20%and if it can achieve it, there should be meaningful potential upsides as multiples get re-rated. Data by YCharts Investors Takeaway Kaleyra has sold off significantly but I do not think now is the time to catch the falling knife. I believe the company's fundamental is still fine but execution and the macro environment is creating many uncertainties.

Seeking Alpha • Feb 16

Kaleyra GAAP EPS of -$1.28 misses by $1.15, revenue of $93.7M beats by $6.21M, FQ1 revenue initiated

Kaleyra press release (NYSE:KLR): GAAP EPS of -$1.28 misses by $1.15. Revenue of $93.7M (-4.1% Y/Y) beats by $6.21M. First Quarter 2023: Total revenue is expected to be in the range of $77 – $81 million.

분석 기사 • Feb 03

At US$1.27, Is Kaleyra, Inc. (NYSE:KLR) Worth Looking At Closely?

Kaleyra, Inc. ( NYSE:KLR ), might not be a large cap stock, but it led the NYSE gainers with a relatively large price...

Seeking Alpha • Jan 11

Kaleyra: The Global Chase Of Digitalization Is The Key To Growth

Summary The global chase of digitalization will help boost Kaleyra’s growth opportunities. Kaleyra has the ability to create more partnerships and acquire customers which makes it a sustainable company for growth. CPaaS is crucial for businesses to acquire clients and customers, Kaleyra can be the communication platform for these businesses. Investment Thesis Global digitalization is changing the way businesses operate and communicate with customers, and companies that can adapt to this trend are well-positioned to succeed in the modern market. Kaleyra, Inc. (KLR), a communications platform as a service [CPaaS] business, has a strong reputation in the industry and is well-suited to navigate this shift due to its focus on digital communication services. The CPaaS market is expected to have a high CAGR in the next 5-10 years, making it an attractive industry for investment. Additionally, the restoration of European parity will contribute to the stability of the company's market value, further positioning it for success in the digital age. An Overview Of Kaleyra Kaleyra - Investor Relations Kaleyra, Inc. is a company that provides a cloud communications platform for enterprises worldwide. Its platform integrates software services and applications that enable mobile first interactive end-user customer communications. Kaleyra, Inc. provides mobile messaging services for financial institutions and various other types of enterprises and customers. The company was founded in 1999 and is headquartered in Milan, Italy. So basically, Kaleyra is a CPaaS company that offers a lot of communications services through internet telephone such as SMS, Voice, WhatsApp, Chatbots, and more. Kaleyra's in a very big market, and with $1 trillion spending in digital transformation in 2021 (expected to grow to $3.4 trillion in 2026), being well-positioned this early on will be a great advantage towards future growth potentials. To illustrate my point on why Kaleyra can perform well in the future is if it exercises these factors (the more the better): Strong Product Offering - A CPaaS business that offers a high-quality, reliable, and feature-rich platform is more likely to be successful. Kaleyra has a wide variety of products ranging from SMS, Voice, WhatsApp, Push Notifications, E-Mail, and Video. For businesses, Kaleyra has tools such as a Flow Builder, Contact Center, Chatbots (which I personally think helps businesses a lot to have an automated response for answering generic FAQs), Campaign Management and more. Strong Customer Relationships - Building strong relationships with customers and providing excellent customer service can be crucial for the success of a CPaaS business. Just recently, the company secured a partnership with Fincons Group to transform digital collaboration in banking. Acquiring more customers will help Kaleyra succeed in its industry. Kaleyra - Investor Relations Scalability - The ability to scale the platform to meet the needs of a growing customer base is important for a successful CPaaS business. Since Kaleyra has a lot of product offerings and tools, the company is easily scalable. As an example, businesses require a lot of tools to make it easier for them to connect with their clients; Kaleyra can improve its tech through APIs (Application Programming Interfaces). According to Dario Calogero, Kaleyra's CEO: In addition, we reached a key milestone with one of our existing partners in the third quarter, Google Verified Calls. We crossed 20 million Google Verified calls managed through Kaleyra Voice API in 2022 with 10 million of those calls managed in August alone. - Dario Calogero on Kaleyra's Q3'22 Earnings Call This proves that Kaleyra is a scalable company with products and tools that can attract a large customer base. More customers mean more revenue for Kaleyra. Kaleyra - Investor Relations Flexibility - A platform that is flexible and can be easily customized and integrated with other systems and processes is more likely to be successful. Again, with the wide variety of products and tools Kaleyra offers, they also become flexible to the customer/business they partner with. Something like their Campaign Management and Direct Carrier Billing features makes it easier for companies to connect with their clients due to the available tools that Kaleyra provides. Kaleyra Verified SMS Innovation - A CPaaS business that is able to continually innovate and stay ahead of industry trends is more likely to be successful. Innovation is a given since Kaleyra offers its products and services to its customers, thinks like Premium SMS as a new stream of payment, Verified Calls and Texts for your business (custom brand name, logos, and verified symbol when calling), and plugins for platforms like Shopify (SHOP), where it's easier for businesses to connect with its customers. These innovative features that improve business client connection are why companies partner with Kaleyra. Financial Performance - A CPaaS business that is profitable and has a strong financial foundation is more likely to be successful in the long term. Currently, Kaleyra is less profitable when compared to its sector median. It has a gross margin of 22%, which is below its sector median's gross margin of 49%. However, the company is growing faster than its sector median, with revenue growth of 51%, compared to its sector median of 17%, which means that hope is still possible. The factors above can potentially help Kaleyra on the long run. I personally believe that strong product offering, scalability, and flexibility is what Kaleyra currently possesses. You may have noticed that I have been focused on the future; however, let's shift our focus to the present and discuss what is currently happening. Although having an idea of the potential opportunities is plentiful, let's talk more about Kaleyra's strengths and weaknesses, discuss the industry, and the growth drivers that can affect Kaleyra's growth as a company. The Chase of 5G and Digitalization Is Key To Growth Statista - Spending On Digital Transformation Technologies Digital transformation is adopting digital technology to change how businesses operate and deliver value to customers fundamentally. Integrating digital technology into all business areas fundamentally changes how the company uses and provides customer value. In 2022, global digital transformation spending was $1.59 trillion in 2021, and is forecasted to reach $1.8 trillion, a big market to penetrate, with expectations for it to grow in the following years since its forecasted to reach $3.7 trillion by 2030 at a 23.6% CAGR which is a high CAGR to consider for an industry that's pretty hard to enter due to increased numbers of entrants and competition. One key aspect of digital transformation is using cloud-based communications platforms as a service (CPaaS). CPaaS companies provide a platform that allows businesses to easily integrate real-time communication capabilities, such as voice, messaging, and video, into their existing applications and systems. Several factors are driving the growth of CPaaS companies in digital transformation: Kaleyra - Q3'22 SEC Filings Increased demand for real-time communication: With the rise of remote work and the shift to digital communication, there is an increasing demand for real-time communication tools that enable businesses to stay connected and collaborate effectively. By looking at the image above, we can see that revenue in the US grew by 42% and Europe by 307%, which means demands in US and Europe is increasing. Despite the growth in other geographic regions, the company's revenue decreased by 1% due to reduced demands in India and Italy. Ease of integration: CPaaS platforms are designed to be easy to integrate into existing business systems, which makes it simpler for businesses to adopt and implement them. Why do I think the "Chase of 5G" is necessary? Access to 5G speeds will give businesses faster customer data transfer speeds. This often means better stability during voice and video calls, which typically would mean a better customer experience. Additionally, products and services such as Chatbots can help businesses reduce labor costs by using AI-powered bots to answer customer questions. Kaleyra's features, such as API Integration, will make it easier for the company to understand its customers by processing data efficiently. Overall, I believe that digitalization and 5G integration will be prevalent in the future, increasing the demands of communication platforms, products, and services that Kaleyra offers. Combined with the company's expanding its geographical footprint: Our geographical footprint continues to expand into a healthy global balance that we will look to build on moving forward, especially, with Tier 1 mobile operators and enterprise customers. - Dario Calogero Kaleyra Q3'22 Earnings Call Kaleyra can potentially acquire more customers in different locations and is well-positioned for growth. Specifically, creating more opportunities to acquire clients such as the Fincons Group, which has a long-term relationship with Flowe. This is why I think this is the start of the company's ability to acquire partnerships. Kaleyra's Partnership with Fincons and Flowe On December 2022, Kaleyra partnered with Fincons Group and Flowe, an Italian digital bank, to integrate Kaleyra Video, its proprietary audio, and video solution, into Flowe's mobile application. The collaboration has enabled Flowe to offer its customers a personalized and secure experience by using Kaleyra Video to improve customer identification and fraud detection processes. The integration of Kaleyra Video allows Flowe's bankers to initiate and manage digital collaboration interactions with customers from within their app, improving the response rate and reinforcing trust in their services. The branded calls sent from Flowe's app also help customers immediately recognize a contact request from bank staff, reducing the risk of vishing attacks. Additionally, the Kaleyra Video click-to-call feature allows users to connect with the bank in just one click from Flowe's app without disclosing personal data, ensuring an outstanding user experience. Additionally, I think this partnership with Flowe and Fincons Group will contribute to Kaleyra's growth as a company in several ways: It expands Kaleyra's presence in the financial services sector, a significant market with a growing demand for secure and reliable communication solutions. By partnering with Flowe, a new-age digital bank in Italy, Kaleyra can showcase its capabilities and reach a broader customer base. This partnership proves Kaleyra's ability to acquire partnerships and customers, demonstrating its competitiveness and value proposition in the market. If Kaleyra continues to acquire new partners and customers, it will further strengthen its position as a leading provider of communication services, which can lead to further growth and success for the company. Overall, I believe this partnership with Flowe and Fincons Group is a strategic move for Kaleyra as it expands its presence in the financial services sector and continues growing its platform and customer base. It also aligns with Kaleyra's mission of providing safe and secure communication services to its clients. The importance of cybersecurity and privacy, especially in the banking and financial services sector, is increasing, and partnering with companies like Flowe and Fincons Group that prioritize these values can help Kaleyra build trust and credibility with its customers. Financial Analysis Financial strength is essential for CPaaS businesses because it allows them to weather economic downturns, invest in new technologies and services, and meet financial obligations, such as paying employee salaries and vendor bills. A financially strong CPaaS business is also more attractive to customers and partners, as it can provide higher stability and security. Additionally, strong financials can give a CPaaS business the ability to pursue growth opportunities and expand its market presence.

Seeking Alpha • Dec 12

Kaleyra announces CEO transition plan, board enhancements

Kaleyra (NYSE:KLR) Founder and CEO Dario Calogero to transition to the company's Chief Strategy Officer upon the appointment of his successor as CEO. The board has engaged Independent executive search firm to assist with the CEO search process. The company appoints two accomplished executives Kathleen Miller and Karin-Joyce ("K.J.") Tjon with decades of experience in Telecommunications and Software to the board. Prior to her retirement, Ms. Miller served as Chief Financial Officer of Nitro Software, a high-growth SaaS-based workflow productivity company that she led through its initial public offering, from January 2019 to December 2020. Most recently, Ms. Tjon served as Chief Financial Officer of Alorica, Inc., a fast-growing business process outsourcing company.

분석 기사 • Dec 01

Are Investors Undervaluing Kaleyra, Inc. (NYSE:KLR) By 36%?

Today we will run through one way of estimating the intrinsic value of Kaleyra, Inc. ( NYSE:KLR ) by taking the...

Seeking Alpha • Nov 10

Kaleyra GAAP EPS of -$0.26, revenue of $83.9M

Kaleyra (NYSE:KLR): Q3 GAAP EPS of -$0.26. Revenue of $83.9M (-0.1% Y/Y). Gross profit decreased 15% to $16.7 million from $19.6 million in the comparable year-ago period. Adjusted gross profit, a non-GAAP measurement of operating performance reconciled below, decreased 14% to $18.1 million from $21.0 million in the comparable year-ago period. At the end of the third quarter, cash and cash equivalents, restricted cash, and short-term investments were $87.6 million, compared to $97.9 million as of December 31, 2021. Fourth Quarter 2022: Total revenue is expected to be in the range of $86 – $90 million vs $91.70M compared to $90.0 million in the comparable year-ago period. Full Year 2022: Total revenue is expected to be in the range of $331.5 – $335.5 million vs $337.80M compared to $267.7 million in 2021.

분석 기사 • Nov 09

Is Kaleyra (NYSE:KLR) Weighed On By Its Debt Load?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Seeking Alpha • Oct 04

Kaleyra to provide SMS services for Amazon Pay India; stock gains 5% premarket

Kaleyra (NYSE:KLR) stock gained 5% premarket on Tuesday after the CPaaS firm said it will provide SMS services for Amazon Pay India as a preferred SMS provider. KLR's API solution, which is already integrated into the Amazon Pay platform, will trigger messages for one-time passwords, and confirm payment details for vendors and end users. Shares of KLR have declined ~90% YTD.

Seeking Alpha • Sep 20

Kaleyra, Inc.: Buffeted By Global Headwinds

Summary Today, we put Kaleyra, Inc. in the spotlight for the first time here on The Busted IPO Forum. The stock of this Communications Platform as a Service vendor has dropped sharply recently on reduced guidance and global headwinds. Are the shares of this 'Busted IPO' now in bargain territory? An investment analysis follows in the paragraphs below. I'm not anti-social. I'm just not social."― Woody Allen We take our first look at Kaleyra, Inc. (KLR) in today's feature article. The company came public in June of 2020 at $4.50 a share. The shares quickly quadrupled but have been in a downward spiral ever since and are now firmly in Busted IPO territory. So, Is KLR a falling knife or now in oversold status? An analysis follows below. Seeking Alpha Company Overview: Kaleyra, Inc. is based in Milan, Italy. The company's platform and Application Programming Interface (APIs) help manage multi-channel integrated communication services globally consisting of messaging, push notifications, e-mail, voice services, video capabilities, and chatbots. Kaleyra's clients include financial institutions, e-commerce players, software companies, logistic enablers, healthcare providers, retailers as well as customers in other industries. Basically the company's platform enables businesses to connect with their customers via different methods (emails, texts, voice, video, WhatsApp, etc..). June Company Presentation Currently the stock trades just below $1.50 a share and sports an approximate market capitalization of $65 million. June Company Presentation Second Quarter Results: On August 8th, the company posted second quarter numbers. Kaleyra broke even on a Non-GAAP basis, 16 cents a share below the consensus. Revenues rose 50% on a year-over-year basis to just over $81 million, roughly in line with expectations. Kaleyra had a dollar-based net expansion rate of 103% during the quarter. The company delivered 13.4 billion billable messages and connected 1.8 billion voice calls during the quarter. This represents 58% and 32 growth over 2Q2021, respectively. Management then ratcheted down forward guidance for both the third quarter and for FY2022, which the company said was due to the following on its earnings press release: A slowing global economy with contraction in the United States and major European economies, increased caution from enterprise executives weighing new initiatives, and consumers who are facing food and energy costs that consume more disposable income than before. When combined with pressure from a strengthening U.S. dollar and industry-wide demand and pricing considerations, we believe that it is prudent to revise our revenue for the third quarter and full year to reflect the current global economic and geopolitical environment." The new guidance is as follows: Third Quarter 2022: Total revenue is expected to be in the range of $83 - $87 million, compared to $84.0 million in the comparable year-ago period. Full Year 2022: Total revenue is expected to be in the range of $345 - $350 million, compared to $267.7 million in the comparable year-ago period. Analyst Commentary & Balance Sheet: Since mid-July, Northland Securities ($9 price target, down from $18 previously), Oppenheimer ($6 price target) and Cowen & Co. ($10 price target) have reissued Buy/Outperform ratings while Craig-Hallum ($2.75 price target) have maintained their Hold rating on KLR.

Seeking Alpha • Aug 05

Kaleyra Q2 2022 Earnings Preview

Kaleyra (NYSE:KLR) is scheduled to announce Q2 earnings results on Monday, August 8th, after market close. The consensus EPS Estimate is $0.16 (+1500.0% Y/Y) and the consensus Revenue Estimate is $81.35M (+50.6% Y/Y). Over the last 1 year, KLR has beaten EPS estimates 75% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 1 upward revision and 2 downward. Revenue estimates have seen 0 upward revisions and 4 downward.

분석 기사 • Jul 21

Does Kaleyra (NYSE:KLR) Have A Healthy Balance Sheet?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Seeking Alpha • Jul 12

Kaleyra stock jumps on TCR Acquisition's offer to acquire Campaign Registry for $19.46M

Kaleyra (NYSE:KLR) stock jumped 12.5% on Tuesday after TCR Acquisition made a formal offer to acquire the operating business of Campaign Registry from KLR for $19.46M. The proposed purchase price reflects ~25% of KLR's total market cap. Campaign Registry works with North American mobile operators in the messaging business to register Application-to-Person (A2P) text messaging campaigns. TCR Acquisition considers U.S. ownership to be critical to Campaign Registry's services and the data it handles. "Campaign Registry's operations and network constitute 'critical infrastructure' of importance to national security. While current foreign ownership of Campaign Registry has never undergone a CFIUS review, it must be independently owned by a U.S. entity," said TCR CEO Frederick Joyce. TCR Acquisition will honor all existing customer agreements and all U.S.-based employment deals. TCR Acquisition will make significant investments in improving Campaign Registry's services, including deployment of AI technology to reduce spam traffic. Around 8.9M KLR shares changed as of 1.20 pm ET vs. its average trading volume of ~446.4K. KLR stock has declined ~75% YTD.

Seeking Alpha • Jul 05

Kaleyra Is Too Cheap To Ignore

Kaleyra is a CPaaS player with recognized leadership and a broad offering. Juniper and Gartner rewarded the company for its products. The stock price was punished harshly as it reduced its 2022 outlook. Its margins are improving, and it works towards positive free cash flows in 2022. Kaleyra trades at a meager 0.29 P/S ratio with double-digit growth expectations over the next couple of years. Kaleyra (KLR) is a promising CPaaS provider with a turbulent stock market history. The shares shed 77% since the start of the year. The company started the year off optimistically and quickly had to adjust as it published the first-quarter results. A mix of challenges hit the company simultaneously. It suffers from foreign exchange headwinds, the war in Ukraine, and intense pricing competition in Brazil. I believe the stock market overreacted to these headwinds and provides a good entry point into this fast-growing company. Data by YCharts The whole CPaaS market took a significant hit, with competitors like Twilio (TWLO) and Bandwidth (BAND) also down significantly. Consider this article an update of my earlier write-up in January. About Kaleyra For those unfamiliar with the company, I'll deliver a short introduction. Kaleyra is a CPaaS (Communications Platform as a Service) vendor. It enables businesses to connect with customers through text messages, WhatsApp, voice calls, video calls, emails, etc. KLR 10-K (Seeking Alpha) It has a strong foothold in its origin country Italy. It's also well-positioned in India and the U.S. since acquiring mGage. In terms of verticals, it's firmly positioned amongst European banks. Kaleyra is a trusted service that can attract confidential businesses like financial institutions and healthcare. KLR Investor Presentation (Seeking Alpha) Kaleyra receives regular recognition for its services from research companies like Juniper and Gartner. Growth Strong 2021 Growth Through Acquisitions Looking back at 2021, Kaleyra posted 267.7M in revenue for 82% revenue growth. An impressive feat but primarily boosted by the acquisitions of mGage and Bandyer. Its legacy business displayed 25% organic growth. Reduced Outlook Since Q1 Kaleyra's $80.5M revenue came in notably below the $84M - $86M outlook. It grew only 12.4% organically. It also reduced the full-year outlook to $360M - $365M from $400 - $405M. A sharp 10% reduction. The new view implies 35% growth at the midpoint. That's the bad news. The good news is that the margins came in better than expected. It also managed to squeeze out a slightly positive free cash flow. Looking Forward To 2022 And Beyond The updated outlook with 35% growth in 2022 points towards ~11.8% organic growth as mGage and Bandyer contribute for the first full year. Organic growth should pick up again in 2023 as the CPaaS market expands further and Kaleyra executes its growth strategy. It will expand geographically, expand its omnichannel offering, and focus on being a secure, trusted, and reliable service. Analysts currently expect 20% and 22% revenue growth in 2023 and 2024, respectively. Margins Improve Kaleyra consistently improved its margins since going public. The acquisitions helped as they added higher-margin products like voice and video. These are also growing faster. In Q1, messaging grew 20%, voice 33%, and video wasn't disclosed. The Voice margin is double of messaging, and the video's margin is 3x or 4x the messaging. Data by YCharts The company expects to improve these margins with a better product mix. The situation in Brazil showed how Kaleyra favors margins over revenue. The company couldn't achieve the margins it wanted and decided to avoid comprising its business fundamentals. Free Cash Flow Follows Free cash flow is vital as this is what a company could use for shareholder returns. Potential buybacks or dividends are only possible if the company produces enough cash. Data by YCharts Looking at the free cash flow conversion in the past, Kaleyra hasn't had a positive twelve-month period yet. Recently, it swings quarter to quarter between negative and slightly positive free cash flows. The trend looks good, obviously. It focused on positive cash flows from Q1 and expected a positive full year as well. Data by YCharts An important note about the free cash flow is the exclusion of SBC. Kaleyra has a reasonable amount of stock-based compensation. It has dropped as a percentage of revenue and should come down further. Shareholder Returns I don't expect any shareholder returns soon. The free cash flow first needs to be consistently positive. The SBC will continue to dilute shareholders slightly. A dividend won't be declared soon either, as Kaleyra states in its 10-K. Kaleyra also has a decent amount of debt that it looks to service first. It plans to pay down $10M in 2022. Balance Sheet Kaleyra expanded its debt position significantly to acquire mGage. It issued $200M convertible notes that mature in 2026. It also has a small amount of conventional debt with banks. Data by YCharts It does have enough cash to continue its business. As it expects to be cash-flow positive, the cash position should remain pretty stable as it pays down a bit of debt. Valuation Kaleyra's only measurable metric is the PS ratio. It doesn't produce positive earnings yet and the FCF is also negative. The PS isn't my favorite metric. It excludes debt and doesn't tell anything about the profitability. It'll have to do, though.

분석 기사 • May 04

At US$6.58, Is Kaleyra, Inc. (NYSE:KLR) Worth Looking At Closely?

Kaleyra, Inc. ( NYSE:KLR ), is not the largest company out there, but it saw a double-digit share price rise of over...

Seeking Alpha • Apr 28

Kaleyra: Fast-Growing CPaaS Company Trading At A Significant Discount

Kaleyra has significant growth runway with their product expansion and geographical expansion. Gross profit margins are expanding rapidly thanks to better product mix, cross-selling synergies, and tier 1 telecom relationships. Valuation of the KLR stock remains very disconnected compared to other CPaaS and tech companies amid its strong revenue growth.

분석 기사 • Apr 10

Is There An Opportunity With Kaleyra, Inc.'s (NYSE:KLR) 40% Undervaluation?

Does the April share price for Kaleyra, Inc. ( NYSE:KLR ) reflect what it's really worth? Today, we will estimate the...

Seeking Alpha • Mar 19

Kaleyra: Punished By The Market For No Good Reason

Kaleyra has been mercilessly sold down, hitting levels not seen since the 2020 pandemic. I see no logical reason for the decline. The company, since 2020 has dramatically upped its game through the mGage and Bandyer acquisitions. While not profitable yet on a GAAP basis, the company is growing margins at an impressive rate and now sells for under 1 on a 2022 S/EV metric. The risk-reward, in my opinion, at current levels is asymmetric if continued progress is made in coming quarters.

분석 기사 • Mar 03

We Think Kaleyra (NYSE:KLR) Has A Fair Chunk Of Debt

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Seeking Alpha • Feb 18

Kaleyra Earnings Tick All The Boxes

Kaleyra has made 2 acquisitions that have completely transformed their business and give them many more growth avenues. Gross profit margins remain the key to Kaleyra's long-term worth. If they can keep expanding product mix and margins along with it, I expect Kaleyra to be worth 3-6x higher in the next few years.

Seeking Alpha • Jan 13

Kaleyra: Cheap CPaaS Stock, Just Posted An Optimistic Update

Kaleyra grows fast: 120% in the last quarter, of which 30% was organic. It just confirmed it has at least met its outlook of another 100% growth quarter. Kaleyra has a complete omnichannel offering for companies to communicate with customers. Cheap valuation leaves a healthy upside. KLR compares well against peers.

Seeking Alpha • Dec 03

Kaleyra: Undervalued, Competitive, And A Potential Acquisition Target

The CPaaS market is a highly dynamic one, with a lot of competition as well as consolidation through M&As. Kaleyra, contrarily to Vonage generates much higher growth, but, still, shares are in negative territory. This could be due to its lower gross margins and high debt/equity metric, but things are changing with profitability improving and management having a clear strategy for sustainable growth. At the current share price of $10, it is attractively valued relative to the IT sector by over 60%. Its small market cap and undervaluation could also turn it into an acquisition target, just like Vonage, which was acquired by Ericsson.

분석 기사 • Nov 02

Calculating The Intrinsic Value Of Kaleyra, Inc. (NYSE:KLR)

Does the November share price for Kaleyra, Inc. ( NYSE:KLR ) reflect what it's really worth? Today, we will estimate...

분석 기사 • Sep 28

Would Kaleyra (NYSE:KLR) Be Better Off With Less Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

이자보상배율	n/a
현금	US$64.50m
자본	US$26.38m
총부채	US$313.75m
총자산	US$340.13m

데이터	최종 업데이트 (UTC 시간)
기업 분석	2023/10/05 19:14
종가	2023/10/04 00:00
수익	2023/06/30
연간 수익	2022/12/31

패키지	데이터	기간	미국 소스 예시 ^*
기업 재무제표	10년	손익계산서 현금흐름표 대차대조표	SEC 양식 10-K SEC 양식 10-Q
분석가 컨센서스 추정치	+3년	재무 예측 분석가 목표주가	분석가 리서치 보고서 Blue Matrix
시장 가격	30년	주가 배당, 분할 및 기타 조치	ICE 시장 데이터 SEC 양식 S-1
지분 구조	10년	주요 주주 내부자 거래	SEC 양식 4 SEC 양식 13D
경영진	10년	리더십 팀 이사회	SEC 양식 10-K SEC 양식 DEF 14A
주요 개발	10년	회사 공시	SEC 양식 8-K

분석가	기관
George Sutton	Craig-Hallum Capital Group LLC
Allen Klee	Maxim Group
Michael Latimore	Northland Capital Markets

This company has been acquired

Kaleyra 대차대조표 건전성

재무 건전성 기준 점검 2/6

핵심 정보

최근 재무 건전성 업데이트

Kaleyra to Cease Trading and to be Longer Listed on the NYSE Exchange Following the Acquisition by Tata Communications

Is Kaleyra (NYSE:KLR) Weighed On By Its Debt Load?

Does Kaleyra (NYSE:KLR) Have A Healthy Balance Sheet?

We Think Kaleyra (NYSE:KLR) Has A Fair Chunk Of Debt

Would Kaleyra (NYSE:KLR) Be Better Off With Less Debt?

Recent updates

Tata Communications Limited (NSEI : TATACOMM) completed the acquisition of Kaleyra, Inc. (NYSE : KLR) from group of shareholders.

Kaleyra to Cease Trading and to be Longer Listed on the NYSE Exchange Following the Acquisition by Tata Communications

Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

Tata Communications Limited (NSEI : TATACOMM) entered into a definitive agreement to acquire Kaleyra, Inc. (NYSE : KLR).

New major risk - Share price stability

Kaleyra: Improving Profitability, Leveraging AI, But High Debt

First quarter 2023 earnings: EPS and revenues exceed analyst expectations

Kaleyra, Inc. Provides Revenue Guidance for the Second Quarter and Full Year of 2023

Kaleyra, Inc. to Report Q1, 2023 Results on May 10, 2023

Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Key Executive notifies of intention to sell stock

Kaleyra, Inc.'s (NYSE:KLR) Intrinsic Value Is Potentially 34% Above Its Share Price

Now 25% undervalued after recent price drop

Kaleyra: More Clarity Needed (Rating Downgrade)

Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Kaleyra, Inc. Provides Revenue Guidance for the First Quarter of 2023

Kaleyra GAAP EPS of -$1.28 misses by $1.15, revenue of $93.7M beats by $6.21M, FQ1 revenue initiated

Kaleyra, Inc. to Report Q4, 2022 Results on Feb 15, 2023

At US$1.27, Is Kaleyra, Inc. (NYSE:KLR) Worth Looking At Closely?

Now 25% undervalued

Kaleyra: The Global Chase Of Digitalization Is The Key To Growth

Kaleyra announces CEO transition plan, board enhancements

Are Investors Undervaluing Kaleyra, Inc. (NYSE:KLR) By 36%?

Now 22% undervalued after recent price drop

Price target decreased to US$4.00

Kaleyra GAAP EPS of -$0.26, revenue of $83.9M

Is Kaleyra (NYSE:KLR) Weighed On By Its Debt Load?

Third quarter 2022 earnings: EPS misses analyst expectations

Kaleyra to provide SMS services for Amazon Pay India; stock gains 5% premarket

Kaleyra, Inc.: Buffeted By Global Headwinds

Founder notifies of intention to sell stock

Key Executive recently sold US$92k worth of stock

Independent Director recently sold US$67k worth of stock

Independent Director notifies of intention to sell stock

Consensus EPS estimates fall by 71%

Second quarter 2022 earnings: EPS misses analyst expectations

Kaleyra Q2 2022 Earnings Preview

Does Kaleyra (NYSE:KLR) Have A Healthy Balance Sheet?

Kaleyra stock jumps on TCR Acquisition's offer to acquire Campaign Registry for $19.46M

Kaleyra Is Too Cheap To Ignore

Key Executive recently sold US$53k worth of stock

Executive VP & Chief Business Officer recently bought US$53k worth of stock

Consensus EPS estimates fall by 47%

Now 65% undervalued after recent price drop

First quarter 2022 earnings: EPS and revenues miss analyst expectations

At US$6.58, Is Kaleyra, Inc. (NYSE:KLR) Worth Looking At Closely?

Kaleyra: Fast-Growing CPaaS Company Trading At A Significant Discount

Price target decreased to US$20.25

Is There An Opportunity With Kaleyra, Inc.'s (NYSE:KLR) 40% Undervaluation?

Kaleyra: Punished By The Market For No Good Reason

Independent Chairman of the Board recently sold US$489k worth of stock

Independent Director recently sold US$154k worth of stock

Independent Director notifies of intention to sell stock

We Think Kaleyra (NYSE:KLR) Has A Fair Chunk Of Debt

Consensus forecasts updated

Kaleyra Earnings Tick All The Boxes

Full year 2021 earnings: EPS exceeds analyst expectations

Kaleyra: Cheap CPaaS Stock, Just Posted An Optimistic Update

Founder recently sold US$542k worth of stock

Kaleyra: Undervalued, Competitive, And A Potential Acquisition Target

Key Executive recently sold US$615k worth of stock

No longer forecast to breakeven

Third quarter 2021 earnings released: US$0.28 loss per share (vs US$0.19 loss in 3Q 2020)

Calculating The Intrinsic Value Of Kaleyra, Inc. (NYSE:KLR)

Would Kaleyra (NYSE:KLR) Be Better Off With Less Debt?

Chairman of the Board recently sold US$1.1m worth of stock

Consensus forecasts updated

Consensus forecasts updated

Second quarter 2021 earnings released: US$0.13 loss per share (vs US$0.39 loss in 2Q 2020)