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Kaltura (KLTR)

Kaltura (NASDAQ: KLTR) – Kaltura’s mission is to power any video experience for any organization. Our Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying our products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at

Company profile

Ticker
KLTR
Exchange
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Kaltura Asia Pte. Ltd. • Kaltura Brasil Internet Video Software e Servicos Limitada • Kaltura Europe Ltd. • Kaltura Germany GmbH • Kaltura Ltd. • Watchitoo Ltd. ...

KLTR stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$2.75
Low target
$2.50
High target
$3.00
Deutsche Bank
Maintains
Hold
$3.00
10 Aug 22
Goldman Sachs
Maintains
Neutral
$2.50
14 Jul 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 57.16M 57.16M 57.16M 57.16M 57.16M 57.16M
Cash burn (monthly) 20.93M (no burn) 5.17M 5.68M 292K 202.75K
Cash used (since last report) 63.8M n/a 15.75M 17.3M 889.96K 617.94K
Cash remaining -6.64M n/a 41.41M 39.86M 56.27M 56.54M
Runway (months of cash) -0.3 n/a 8.0 7.0 192.7 278.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
21 Jul 22 Michal Tsur Common Stock Option exercise Acquire M No No 0.08 170,626 13.65K 4,545,392
21 Jul 22 Michal Tsur Employee Stock Option Common Stock Option exercise Acquire M No No 0.08 170,626 13.65K 0
15 Jun 22 Richard Levandov Common Stock Grant Acquire A No No 0 98,361 0 98,361
15 Jun 22 Faier Ronen Common Stock Grant Acquire A No No 0 98,361 0 98,361
15 Jun 22 Shay David Common Stock Grant Acquire A No No 0 98,361 0 826,429
15 Jun 22 Naama Halevi-Davidov Common Stock Grant Acquire A No No 0 98,361 0 272,736
68.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 49 59 -16.9%
Opened positions 14 54 -74.1%
Closed positions 24 0 NEW
Increased positions 10 1 +900.0%
Reduced positions 20 1 +1900.0%
13F shares Current Prev Q Change
Total value 160.83M 159.43M +0.9%
Total shares 63.82M 66.98M -4.7%
Total puts 500K 652.3K -23.3%
Total calls 0 17.1K EXIT
Total put/call ratio Infinity 38.1 +Infinity%
Largest owners Shares Value Change
Nexus India Capital Ii 16.05M $54.1M 0.0%
GS Goldman Sachs 14.44M $28.75M -0.0%
Avalon Ventures VII L P 8.96M $30.2M 0.0%
Sapphire Ventures, L.L.C. 7.98M $15.88M 0.0%
INTC Intel 4.07M $8.1M -28.6%
Edenbrook Capital 3.43M $6.82M +27.3%
Russell Investments 1.84M $3.65M NEW
Vanguard 1.73M $3.44M -27.6%
Horrell Capital Management 785.18K $1.56M +18.9%
Millennium Management 545.72K $1.09M NEW
Largest transactions Shares Bought/sold Change
BLK Blackrock 253.35K -1.87M -88.1%
Russell Investments 1.84M +1.84M NEW
INTC Intel 4.07M -1.63M -28.6%
Tenzing Global Management 0 -900K EXIT
Edenbrook Capital 3.43M +734.89K +27.3%
Vanguard 1.73M -659.08K -27.6%
Millennium Management 545.72K +545.72K NEW
Vector Capital Management 535.3K +535.3K NEW
Geode Capital Management 183.35K -460.78K -71.5%
STT State Street 48.98K -419.34K -89.5%

Financial report summary

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Competition
HarmonicQumuSeachange InternationalComcastTwilioVimeo
Risks
  • Our recent growth may not be indicative of our future growth, and we may not be able to sustain our revenue growth rate in the future. Our growth also makes it difficult to evaluate our current business and future prospects and may increase the risk that we will not be successful.
  • We have a history of losses and may not be able to achieve or maintain profitability.
  • The ongoing COVID-19 outbreak could adversely affect our business, financial condition, and results of operations.
  • The markets for our offerings are new and evolving and may develop more slowly or differently than we expect. Our future success depends on the growth and expansion of these markets and our ability to adapt and respond effectively to evolving market conditions.
  • Our results of operations are likely to fluctuate from quarter to quarter and year to year, which could adversely affect the trading price of our common stock.
  • We have identified a material weakness in our internal control over financial reporting which, if not remediated, could cause us to fail to timely and accurately report our financial results and result in restatements of our consolidated financial statements. As a consequence, stockholders could lose confidence in our financial reporting and our stock price could suffer.
  • The loss of one or more of our significant customers, or any other reduction in the amount of revenue we derive from any such customer, would adversely affect our business, financial condition, results of operations and growth prospects.
  • If we are not able to keep pace with technological and competitive developments and develop or otherwise introduce new products and solutions and enhancements to our existing offerings, our offerings may become less marketable, less competitive or obsolete, and our business, financial condition and results of operations may be adversely affected.
  • If we do not maintain the interoperability of our offerings across devices, operating systems, and third-party applications that we do not control, and if we are not able to maintain and expand our relationships with third-party technology partners to integrate our offerings with their products and solutions, our business, financial condition, and results of operations may be adversely affected.
  • A version of our Media Services is licensed to the public under an open source license, which could negatively affect our ability to monetize our offerings and protect our intellectual property rights.
  • The markets in which we compete are nascent and highly fragmented, and we may not be able to compete successfully against current and future competitors, some of whom have greater financial, technical, and other resources than we do. If we do not compete successfully, our business, financial condition and results of operations could be harmed.
  • If we are unable to increase sales of our subscriptions to new customers, expand the offerings to which our existing customers subscribe, or expand the value of our existing customers’ subscriptions, our future revenue and results of operations will be adversely affected.
  • If our existing customers do not renew their subscriptions, or if they renew on terms that are less economically beneficial to us, it could have an adverse effect on our business, financial condition, and results of operations.
  • We recognize a significant portion of revenue from subscriptions over the term of the relevant subscription period, and as a result, downturns or upturns in sales are not immediately reflected in full in our results of operations.
  • If we fail to meet contractual commitments under our customer agreements, we could be subject to contractual penalties, litigation, and other liabilities, and could experience an increase in contract terminations or decrease in contract renewals in future periods, which would lower our revenue, increase our costs, and otherwise adversely affect our business, financial condition, and results of operations.
  • We rely on third parties, including third parties outside the United States, for some of our software development, quality assurance, operations, and customer support.
  • We depend on our management team and other key employees, and the loss of one or more of these employees or an inability to attract and retain highly skilled employees could adversely affect our business.
  • If we are not able to maintain and enhance awareness of our brand, especially among developers and IT operators, our business, financial condition, and results of operations may be adversely affected.
  • Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and entrepreneurial spirit we have worked to foster, which could adversely affect our business.
  • Our failure to offer high quality customer support would have an adverse effect on our business, reputation, and results of operations.
  • The failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our offerings.
  • The sales prices of our offerings may change, which may reduce our revenue and gross profit and adversely affect our financial results.
  • We expect our revenue mix to vary over time, which could negatively impact our gross margin and results of operations.
  • The length of our sales cycle can be unpredictable, particularly with respect to sales to large customers, and our sales efforts may require considerable time and expense.
  • Our international operations and expansion expose us to risk.
  • If we are not successful in sustaining and expanding our international business, we may incur additional losses and our revenue growth could be adversely affected.
  • Currency exchange rate fluctuations affect our results of operations, as reported in our financial statements.
  • A portion of our revenue is generated by sales to government entities, which are subject to a number of challenges and risks.
  • If we are unable to consummate acquisitions at our historical rate and at acceptable prices, and to enter into other strategic transactions and relationships that support our long-term strategy, our growth rate and the trading price of our common stock could be negatively affected. These transactions and relationships also subject us to certain risks.
  • A real or perceived bug, defect, security vulnerability, error, or other performance failure involving our platform, products or solutions could cause us to lose revenue, damage our reputation, and expose us to liability.
  • If we or our third-party service providers experience a security breach, data loss or other compromise, including if unauthorized parties obtain access to our customers’ data, our reputation may be harmed, demand for our platform, products and solutions may be reduced, and we may incur significant liabilities.
  • Incorrect implementation or use of, or our customers’ failure to update, our software could result in customer dissatisfaction and negatively affect our business, financial condition, results of operations and growth prospects.
  • Insufficient investment in, or interruptions or performance problems associated with, our technology and infrastructure, including in connection with our ongoing expansion of our use of public cloud infrastructure, and our reliance on technologies from third parties, may adversely affect our business operations and financial results.
  • Failure to protect our proprietary technology, or to obtain, maintain, protect, and enforce sufficiently broad intellectual property rights therein, could substantially harm our business, financial condition, and results of operations.
  • We could incur substantial costs and otherwise suffer harm as a result of any claim of infringement, misappropriation or other violation of another party’s intellectual property or proprietary rights.
  • We may become subject to claims for remuneration or royalties for assigned service invention rights by our employees and consultants, which could result in litigation and would adversely affect our business.
  • Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, misappropriation, violation, and other losses.
  • Our use of open source software could negatively affect our ability to sell our offerings and subject us to possible litigation.
  • We are subject to stringent and changing laws, regulations, standards, and contractual obligations related to privacy, data protection, and data security. Our actual or perceived failure to comply with such obligations could adversely affect our business.
  • We rely on software and services licensed from other parties. The loss of software or services from third parties could increase our costs and limit the features available in our platform, products, and solutions.
  • Our failure to raise additional capital or generate the significant capital necessary to expand our operations and invest in new offerings could reduce our ability to compete and could adversely affect our business.
  • Our indebtedness could adversely affect our ability to raise additional capital to fund operations, limit our ability to react to changes in the economy or our industry and prevent us from meeting our financial obligations.
  • Legal, political, and economic uncertainty surrounding the exit of the United Kingdom from the European Union may be a source of instability to international markets, create significant currency fluctuations, adversely affect our operations in the United Kingdom and pose additional risks to our business, financial condition, and results of operations.
  • We are subject to various governmental export control, trade sanctions, and import laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate these controls.
  • Changes in laws and regulations related to the internet, changes in the internet infrastructure itself, or increases in the cost of internet connectivity and network access may diminish the demand for our offerings and could harm our business.
  • Our business may be adversely affected by third-party claims, including by governmental bodies, regarding the content and advertising distributed through our offerings.
  • Actions by governments to restrict access to our offerings in their countries or to require us to disclose or provide access to information in our possession could harm our business, financial condition, and results of operations.
  • Failure to comply with anti-bribery, anti-corruption, anti-money laundering laws, and similar laws, could subject us to penalties and other adverse consequences.
  • Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our results of operations.
  • Changes in U.S. and foreign tax laws could have a material adverse effect on our business, cash flow, results of operations, or financial conditions.
  • Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could expose us to greater than anticipated tax liabilities.
  • Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would adversely affect our results of operations.
  • We could be required to collect additional sales, use, value added, digital services or other similar taxes or be subject to other liabilities that may increase the costs our clients would have to pay for our offerings and adversely affect our results of operations.
  • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
  • Political, economic, and military conditions in Israel could materially and adversely affect our business.
  • Certain tax benefits that are available to us require us to continue to meet various conditions and may be terminated or reduced in the future, which could increase our costs and taxes.
  • The market price for our common stock may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the price at which you purchased your shares.
  • An active public trading market may not develop or be sustained.
  • Our principal stockholders continue to have significant influence over us.
  • Future sales of substantial amounts of our common stock in the public markets, or the perception that such sales might occur, could reduce the price that our common stock might otherwise attain.
  • Your ownership and voting power may be diluted by the issuance of additional shares of our common stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise.
  • We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.
  • Anti-takeover provisions in our governing documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management, and depress the market price of our common stock.
  • Our Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, and federal district courts will be the sole and exclusive forum for Securities Act claims, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • Our Certificate of Incorporation provides that the doctrine of “corporate opportunity” will not apply with respect to any director or stockholder who is not employed by us or our subsidiaries.
  • Our management team has limited experience managing a public company, and the requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain qualified board members.
  • We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • We do not anticipate paying dividends on our common stock in the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • Unfavorable conditions in our industry or the global economy or reductions in information technology spending could limit our ability to grow our business and negatively affect our results of operations.
  • From time to time we may provide estimates of market opportunity and forecasts of market growth. These estimates may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, our business could fail to grow at similar rates, or at all.
  • If industry or financial analysts do not publish research or reports about our business, or if they issue inaccurate or unfavorable research regarding our common stock, the market price and trading volume of our common stock could decline.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • If our estimates or judgments relating to our critical accounting policies are based on assumptions that change or prove to be incorrect, our results of operations could fall below the expectations of securities analysts and investors, resulting in a decline in the trading price of our common stock.
Management Discussion
  • Total EE&T revenue increased by $38.5 million, or 48%, to $118.9 million for the year ended December 31, 2021, from $80.4 million for the year ended December 31, 2020. Approximately $6.6 million of this increase is attributable to revenue from new customers and the remaining $31.9 million is attributable to growth from existing customers.
  • EE&T subscription revenue increased by $34.4 million or 46%, to $108.8 million for the year ended December 31, 2021, from $74.5 million for the year ended December 31, 2020.
  • EE&T professional services revenue increased by $4.1 million, or 69%, to $10.1 million for the year ended December 31, 2021, from $6.0 million for the year ended December 31, 2020.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
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Removed: add, aggregation, AI, broaden, capitalization, dedicate, demonstrated, demonstrating, field, grouped, hire, impacted, inside, interactivity, internationally, leverage, medium, monetization, personalization, reach, reseller, smart, sustained, syndication, target, vertical, website, worldwide