# EDGAR Filing Document

**Accession Number:** 0001719489
**File Stem:** 0001193125-23-040204
**Filing Date:** 2023-2
**Character Count:** 64777
**Document Hash:** 677408c6dc1d81f6324f2d5dc237464e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-040204.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001193125-23-040204

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kaleyra, Inc.
- **CENTRAL INDEX KEY:** 0001719489
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **IRS NUMBER:** 823027430
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38320
- **FILM NUMBER:** 23635430

**BUSINESS ADDRESS:**
- **STREET 1:** 17 STATE STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** (917) 508-9185

**MAIL ADDRESS:**
- **STREET 1:** 17 STATE STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GigCapital, Inc.
- **DATE OF NAME CHANGE:** 20171012

?xml version="1.0" encoding="utf-8" ? 8-K

------

### 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<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>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<br>Symbols** | **Name of each exchange<br>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 <u>www.kaleyra.com</u>, 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.

------

---

| | |
|:---|:---|
| **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**<br> **Number** |  |
| 99.1 | [Press Release dated February 15, 2023.](d413066dex991.htm) |
| 99.2 | [Investor Presentation dated February 15, 2023.](d413066dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### 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 |

---

## Exhibit 99.1

**Exhibit 99.1**

![LOGO](g413066img01.jpg)

**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 – <u>Kaleyra, Inc.</u> (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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Full year 2022 operating expenses** of $157.6 million, including an impairment loss on intangible
assets of $49.4 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Delivered** 51.5 billion messages and connected 8.1 billion voice calls in the full year 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expanded integration portfolio** to include partnerships with Shopify, Hubspot, CleverTap, Zoho and
WooCommerce

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selected** as a preferred SMS provider for Amazon Pay India, enhancing end-customer experiences and satisfaction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 <u>KLR@mzgroup.us</u>.

The conference call will be broadcast live and available for replay <u>here</u> and via the Investor Relations section of Kaleyra's <u>website</u>.

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 <u>www.kaleyra.com</u>.

***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:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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;* 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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 Statements****This 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

<u>colin.gillis@kaleyra.com</u>

Shannon Devine

203-741-8811KLR

<u>@mzgroup.us</u>

**-Financial Tables to Follow-** 

------

**KALEYRA, INC.** 

**Consolidated Balance Sheets** 

**(Unaudited, in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **ASSETS** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $77500 | $90001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 480 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 587 | 6236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables, net | 86783 | 85945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred cost | 319 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 3989 | 5357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 3387 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 173045 | 192180 |
|  Property and equipment, net | 23826 | 18811 |
|  Operating Right-of-use assets | 2931 |  |
|  Intangible assets, net | 57400 | 125396 |
|  Goodwill | 111526 | 110465 |
|  Deferred tax assets |  | 1230 |
|  Other long-term assets | 1445 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $370173 | $448481 |
|  **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $82258 | $70942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of notes payable | 405 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lines of credit | 3955 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of bank and other borrowings | 11419 | 10508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 3528 | 9553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payroll and payroll related accrued liabilities | 5993 | 6907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 9431 | 8274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 116989 | 111440 |
|  Long-term portion of bank and other borrowings | 13459 | 22910 |
|  Long-term portion of notes payable | 191777 | 190147 |
|  Long-term portion of employee benefit obligation | 2373 | 2338 |
|  Deferred tax liabilities |  | 2384 |
|  Other long-term liabilities | 3362 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 327960 | 331059 |
|  Stockholders' equity: |  |  |
|  Common stock | 5 | 4 |
|  Additional paid-in capital | 278469 | 251659 |
|  Treasury stock, at cost | (30431) | (30431) |
|  Accumulated other comprehensive loss | (5212) | (2010) |
|  Accumulated deficit | (200618) | (101800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 42213 | 117422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $370173 | $448481 |

---

------

**KALEYRA, INC.** 

**Consolidated Statements of Operations** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  Revenue | $93662 | $90008 | $339168 | $267739 |
|  Cost of revenue | 76635 | 68895 | 269063 | 210228 |
|  Gross profit | 17027 | 21113 | 70105 | 57511 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 2834 | 4143 | 19235 | 18456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 7763 | 6286 | 29270 | 21077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 14179 | 15360 | 59651 | 50957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible asset impairment | 49446 |  | 49446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 74222 | 25789 | 157602 | 90490 |
|  Loss from operations | (57195) | (4676) | (87497) | (32979) |
|  Other income, net | 65 | 27 | 185 | 185 |
|  Financial expense, net | (3775) | (3626) | (13971) | (8795) |
|  Foreign currency loss | (2315) | (99) | (1400) | (97) |
|  Loss before income tax benefit | (63220) | (8374) | (102683) | (41686) |
|  Income tax benefit | (5375) | (1081) | (4155) | (7689) |
|  Net loss | $(57845) | $(7293) | $(98528) | $(33997) |
|  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 | 45240704 | 41914099 | 43887423 | 37031698 |

---

------

**KALEYRA, INC.** 

**Consolidated Statements of Cash Flows** 

**(Unaudited, in thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  **Cash Flows from Operating Activities:** |  |  |
|  Net loss | $(98528) | $(33997) |
|  *Adjustments to reconcile net loss to net cash provided by (used in) operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 23509 | 15004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 21170 | 19991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of intangible assets | 49446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash reduction to the right-of-use asset | (310) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for doubtful accounts | 2321 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains on marketable securities | 22 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefit obligation | 501 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of warrant liability | (863) | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of accrued interest on forward share purchase agreement |  | (659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash interest expense | 2048 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes | (4709) | (8052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Change in operating assets and liabilities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | (5917) | (16879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 296 | (2396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred costs | 22 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability | 257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | (1164) | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 14876 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 3238 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (5775) | 5609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term liabilities | 250 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | 690 | (11932) |
|  **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of short-term investments | (1165) | (52224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sale of short-term investments | 6521 | 50741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment | (2101) | (1857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized software development costs | (8144) | (5226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of intangible assets | (17) | (31) |
|  Acquisition of mGage, net of cash acquired |  | (195346) |
|  Acquisition of Bandyer, net of cash acquired | (1005) | (13304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (5911) | (217247) |
|  Cash Flows from Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from (repayments on) line of credit, net | (1117) | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings on term loans | 2519 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments on term loans | (9170) | (7728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of convertible notes, net of issuance costs |  | 188637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments on notes |  | (7500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receipts related to forward share purchase agreements |  | 17045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of common stock in Private Investment in Public Equity offering (PIPE), net of issuance costs |  | 99051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds related to settlement of non-forfeited 2020 Sponsor Earnout Shares |  | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of common stock warrants |  | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of warrants |  | (5474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments on capital lease | (242) | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | $(8010) | $289605 |
|  Effect of exchange rate changes on cash, cash equivalents and restricted cash | (491) | (1694) |
|  Net increase (decrease) in cash, cash equivalents and restricted cash | (13722) | 58732 |
|  Cash, cash equivalents and restricted cash, beginning of period | $91702 | $32970 |
|  Cash, cash equivalents and restricted cash, end of period | $77980 | $91702 |

---

------

**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,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Consolidated Gross Profit** | $**17027** | $**21113** | $**70105** | $**57511** |
|  **Consolidated Gross Profit Margin %** | 18.2% | 23.5% | 20.7% | 21.5% |
|  Amortization of acquired intangibles | 1369 | 1651 | 5925 | 3845 |
|  One-off contingencies | 617 |  | 617 |  |
|  **Non-GAAP Adjusted Gross Profit** | $**19013** | $**22764** | $**76647** | $**61356** |
|  **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<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Net loss** | $**(57845)** | $**(7293)** | $**(98528)** | $**(33997)** |
|  Other income, net | (65) | (27) | (185) | (185) |
|  Financial expense, net | 3775 | 3626 | 13971 | 8795 |
|  Foreign currency loss | 2315 | 99 | 1400 | 97 |
|  Income tax benefit | (5375) | (1081) | (4155) | (7689) |
|  **Loss from operations** | $**(57195)** | $**(4676)** | $**(87497)** | $**(32979)** |
|  Depreciation and amortization | 5952 | 6027 | 23509 | 15003 |
|  Intangible asset impairment | 49446 |  | 49446 |  |
|  Stock-based compensation and others | (3638) | 7111 | 21170 | 25611 |
|  Transaction and one-off costs | 7902 | 779 | 11963 | 10637 |
|  Company restructuring |  | 365 | 85 | 365 |
|  **Adjusted EBITDA** | $**2467** | $**9606** | $**18676** | $**18637** |

---

------

**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<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Net Loss** | $**(57845)** | $**(7293)** | $**(98528)** | $**(33997)** |
|  Stock-based compensation and others | 7902 | 779 | 11963 | 10637 |
|  Transaction and one-off costs (incl. severance) | (3638) | 7111 | 21170 | 25611 |
|  Amortization of acquired intangibles | 4143 | 4478 | 16295 | 10836 |
|  Intangible asset impairment | 49446 |  | 49446 |  |
|  Amortization of debt discount and issuance costs for convertible debt | 537 | 500 | 2035 | 1105 |
|  Estimated tax effects of adjustments (1) | (4964) | (1661) | (3823) | (1549) |
|  Net tax benefits related to discrete tax items |  |  | 220 | (6586) |
|  **Non-GAAP Net Income (Loss)** | $**(4419)** | $**3914** | $**(1222)** | $**6057** |
|  **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) | 45240704 | 41914099 | 43887423 | 37031698 |
|  Weighted Average number of Shares Outstanding (diluted) | 45240704 | 51943454 | 43887423 | 48085571 |

---

(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

![](g413066ex99_2p1g1.jpg)

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

------

![](g413066ex99_2p2g1.jpg)

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

------

![](g413066ex99_2p3g1.jpg)

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

------

![](g413066ex99_2p4g1.jpg)

Over view 4

------

![](g413066ex99_2p5g1.jpg)

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

------

![](g413066ex99_2p6g1.jpg)

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

------

![](g413066ex99_2p7g1.jpg)

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

------

![](g413066ex99_2p8g1.jpg)

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

------

![](g413066ex99_2p9g1.jpg)

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

------

![](g413066ex99_2p10g1.jpg)

------

![](g413066ex99_2p11g1.jpg)

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

------

![](g413066ex99_2p12g1.jpg)

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

------

![](g413066ex99_2p13g1.jpg)

Financial Over view Q4 2022 13

------

![](g413066ex99_2p14g1.jpg)

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

------

![](g413066ex99_2p15g1.jpg)

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

------

![](g413066ex99_2p16g1.jpg)

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

------

![](g413066ex99_2p17g1.jpg)

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

------

![](g413066ex99_2p18g1.jpg)

Appendix 18

------

![](g413066ex99_2p19g1.jpg)

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

------

![](g413066ex99_2p20g1.jpg)

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

------

![](g413066ex99_2p21g1.jpg)

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

------

![](g413066ex99_2p22g1.jpg)

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

------

![](g413066ex99_2p23g1.jpg)

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

------

![](g413066ex99_2p24g1.jpg)

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

------

![](g413066ex99_2p25g1.jpg)

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