Kaltura Announces Financial Results for Fourth Quarter and Full Year 2021

Kaltura, Inc., the video experience cloud, today announced reported financial results for the fourth quarter and full year ended December 31, 2021, as well as outlook for the first quarter and full year 2022.

“Video is increasingly at the heart of digital experiences, and so is Kaltura. In the fourth quarter of 2021, we introduced two important product enhancements. We released a new version of our events platform, which builds on our success with powering large flagship virtual events and provides customers with a single platform to create and manage virtual and hybrid events of all types and sizes across their entire organization. We also released newly designed flows for purchasing our self-serve offerings for Webinars, Virtual Classroom, and Media Services directly from our website,” said Ron Yekutiel, Co-founder, Chairman and Chief Executive Officer of Kaltura. “These releases are expected to grow our target customer base, expand the use of products by our customers, shorten our sales and deployment cycles, and increase our gross margins. Along with our earlier product releases in 2020 and 2021, our strong retention rates, and the scaling up of our sales team, we have promising growth engines in place for 2022.”

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Fourth Quarter 2021 Financial Highlights:

  • Revenue for the fourth quarter of 2021 was $42.7 million, an increase of 21% compared to $35.2 million for the fourth quarter of 2020.
  • Subscription revenue for the fourth quarter of 2021 was $38.5 million, an increase of 33% compared to $29.0 million for the fourth quarter of 2020.
  • Annualized Recurring Revenue (ARR) was $150.8 million, an increase of 29% compared to $116.6 million in 2020.
  • GAAP Gross profit for the fourth quarter of 2021 was $26.8 million, representing a gross margin of 63% compared to a GAAP gross profit of $21.2 million and gross margin of 60% for the fourth quarter of 2020.
  • Non-GAAP Gross profit for the fourth quarter of 2021 was $27.1 million, representing a non-GAAP gross margin of 63%, compared to a non-GAAP gross profit of $21.5 million and non-GAAP gross margin of 61% for the fourth quarter of 2020.
  • GAAP Operating loss was $(12.4) million for the fourth quarter of 2021, compared to an operating loss of $(1.3) million for the fourth quarter of 2020.
  • Non-GAAP Operating income (loss) was $(8.1) million for the fourth quarter of 2021, compared to a non-GAAP operating income of $1.3 million for the fourth quarter of 2020.
  • GAAP Net loss was $15.9 million or $0.12 per diluted share for the fourth quarter of 2021, compared to a GAAP net loss of $36.3 million, or $1.56 per diluted share, for the fourth quarter of 2020.
  • Non-GAAP Net loss was $11.6 million or $0.09 per diluted share for the fourth quarter of 2021, compared to a non-GAAP net loss of $2.3 million, or $0.02 per diluted share, for the fourth quarter of 2020.
  • Adjusted EBITDA was $(7.7) million for the fourth quarter of 2021, compared to adjusted EBITDA of $1.5 million for the fourth quarter of 2020.
  • Net cash provided (used in) operating activities was $(10.7) million for the fourth quarter of 2021, compared to $4.1 million provided by operating activities in the fourth quarter of 2020.

Full Year 2021 Financial Highlights:

  • Revenue for the full year of 2021 was $165.0 million, an increase of 37% compared to $120.4 million for the full year of 2020.
  • Subscription revenue for the full year of 2021 was $145.0 million, an increase of 39% compared to $104.1 million for the full year of 2020.
  • GAAP Gross profit for the full year of 2021 was $102.7 million, representing a gross margin of 62% compared to a GAAP gross profit of $72.8 million and gross margin of 60% for the full year of 2020.
  • Non-GAAP Gross profit for the full year of 2021 was $104.1 million, representing a gross margin of 63% compared to a non-GAAP gross profit of $73.6 million and gross margin of 61% for the full year of 2020.
  • GAAP Operating loss was $(32.7) million for the full year of 2021, compared to an operating loss of $(8.5) million for the full year of 2020.
  • Non-GAAP Operating income (loss) was $(13.6) million for the full year of 2021, compared to a non-GAAP operating income of $1.5 million for the full year of 2020.
  • GAAP Net loss was $59.4 million or $0.95 per diluted share for the full year of 2021, compared to a GAAP net loss of $58.8 million, or $2.83 per diluted share, for the full year of 2020.
  • Non-GAAP Net loss was $25.3 million or $0.22 per diluted share for the full year of 2021, compared to a non-GAAP net loss of $7.3 million, or $0.07 per diluted share, for the full year of 2020.
  • Adjusted EBITDA was $(12.2) million for the full year of 2021, compared to Adjusted EBITDA of $4.3 million for the full year of 2020.
  • Net cash provided (used in) operating activities was $(22.1) million for the full year of 2021, compared to $5.8 million provided by operating activities in the full year of 2020.

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Fourth Quarter 2021 Business Highlights:

  • Net Dollar Retention Rate of 120%, up from 103% in the fourth quarter of 2020.
  • 75% year-over-year growth in number of customers over $1 million ARR and 25% year-over-year growth in number of customers over $100,000 ARR.
  • Expanded our events platform, automating the creation and management at scale of any size virtual and hybrid events across the entire organization, building on our success in powering flagship events.
  • Launched our new experience for the self-serve purchase of our Webinar, Virtual Classroom, and Media Services offerings through our website.

Financial Outlook:

For the first quarter of 2022, Kaltura currently expects:

  • Subscription Revenue to grow by 12%-15% year-over-year to between $36.2 million and $37.2 million.
  • Total Revenue to grow by 5%-8% year-over-year to between $39.6 million and $40.7 million.
  • Adjusted EBITDA to be negative in the range of $9 million to $12 million.

For the full year ending December 31, 2022, Kaltura currently expects:

  • Subscription Revenue to grow by 10%-13% year-over-year to between $159.5 million and $163.8 million.
  • Total Revenue to grow by 5%-8% year-over-year to between $173.3 million and $178.2 million.
  • Adjusted EBITDA to be negative in the range of $27 million to $32 million.

The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on current expectations relating to COVID-19 and its variants.

Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

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