Kaltura Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Kaltura, Inc. Reports Second Quarter 2024 Financial Results
Overview: Kaltura, Inc. ("Kaltura" or the "Company"), a leader in the video experience cloud industry, has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | Change YoY | Change QoQ | Consensus Estimate |
|---|---|---|---|---|---|
| Total Revenue | $44.0M | $43.9M | +0.2% | +1.8% | $43.2M |
| GAAP EPS | $-0.07 | $-0.08 | +12.5% | -12.5% | $-0.02 |
| Non-GAAP EPS | $-0.01 | $-0.02 | +50% | -50% | |
| GAAP Gross Profit | $28.7M | $28.6M | +0.3% | +0.7% | |
| GAAP Operating Loss | $8.6M | $9.6M | +10.4% | -14.0% | |
| Adjusted EBITDA | $1.6M | $-1.0M | N/A | +23.1% | |
| Net Cash Used in Ops | $1.6M | $4.1M | -61.0% | -20.0% |
Interpretation: Kaltura demonstrated commendable performance with a slight increase in total revenue year-over-year (YoY) and quarter-over-quarter (QoQ). The company came in above revenue consensus estimates, driven by record ARR and sustained growth in new bookings. Additionally, Kaltura posted its highest Adjusted EBITDA since Q3 2020, highlighting the effectiveness of its profitability initiatives.
Revenue Performance by Segment:
| Segment | Q2 2024 | Q2 2023 | Change YoY |
|---|---|---|---|
| Subscription Revenue | $41.0M | $40.7M | +0.7% |
| Annualized Recurring Revenue (ARR) | $165.2M | $163.4M | +1% |
Interpretation: The subscription revenue and ARR both exhibited modest growth, reflecting Kaltura's solid retention rates and successful customer upsell strategies.
Key Operational Data:
| Operational Highlights |
|---|
| Closed 23 six-digit deals across various industries |
| Highest new bookings since Q4 2022 |
| Launched multiple AI product enhancements, including AI-based Automatic Speech Recognition and sentiment analysis |
| Hosts "Kaltura Connect on the Road 2024" to boost business results with AI videos |
| Won several industry awards for virtual and hybrid event platforms |
Comments from Company Officers: CEO Ron Yekutiel emphasized the recurring theme of digital transformation and expressed optimism about strong tailwinds from hybrid work models, Gen-Z & millennial employees, and Gen-AI.
Dividends or Share Repurchase Program: No dividends or share repurchase programs were announced.
Forward Guidance:
| Metric | Q3 2024 Guidance | FY 2024 Guidance |
|---|---|---|
| Subscription Revenue | $40.5M - $41.2M | $163.2M - $165.2M |
| Total Revenue | $42.6M - $43.3M | $174.7M - $176.7M |
| Adjusted EBITDA | $-0.3M - $0.7M | $2.0M - $3.0M |
Kaltura has provided clear forward guidance with expectations of steady subscription revenue and modest total revenue growth for the third quarter and full year 2024.
Stock Price Movement: Following the earnings release, Kaltura’s stock observed a slight positive movement with a 0.88% increase.
Overall, Kaltura, Inc. has shown stable financial growth, positively surpassing consensus estimates, and positioning itself for a strong remainder of 2024 through strategic initiatives and prudent financial management.
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