that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
KORE Investor Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
KORE GROUP HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------------- ------------------------------------
(in thousands) 2024 2023 2024 2023
------------------ ----------------- ----------------- -----------------
Net loss $ (19,408) $ (95,361) $ (120,628) $ (133,350)
Income tax benefit (412) (3,093) (2,486) (3,957)
Interest expense,
net 13,059 10,615 38,349 31,217
Depreciation and
amortization 14,214 14,457 42,243 43,094
------------------ ----------------- ----------------- -----------------
EBITDA 7,453 (73,382) (42,522) (62,996)
Goodwill impairment -- 78,255 65,864 78,255
Change in fair value
of warrant
liability 337 (14) (6,349) (14)
Transformation
expenses -- 1,876 -- 5,434
Acquisition costs -- -- -- 1,776
Integration-related
restructuring
costs 5,574 3,011 14,262 8,333
Stock-based
compensation 532 3,435 7,202 9,010
Foreign currency
loss (1,003) 781 1,199 1,018
Other (1) 93 197 (494) 910
------------------ ----------------- ----------------- -----------------
Adjusted EBITDA $ 12,986 $ 14,159 $ 39,162 $ 41,726
================== ================= ================= =================
(1) "Other" adjustments are comprised of adjustments for certain indirect or
non-income based taxes.
KORE GROUP HOLDINGS, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING
ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
Nine Months Ended September 30,
-----------------------------------------------
(in thousands) 2024 2023
----------------------- ----------------------
Net cash provided by
operating activities $ 7,066 $ 4,493
Purchases of property and
equipment (1,944) (3,410)
Additions to intangible
assets (10,233) (12,186)
----------------------- ----------------------
Free cash flow $ (5,111) $ (11,103)
======================= ======================
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SOURCE KORE Group Holdings, Inc.
(END) Dow Jones Newswires
November 19, 2024 16:05 ET (21:05 GMT)
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