$KORE
KORE Group Holdings, Inc.

2023 Q3 Form 10-Q Financial Statement

#000185545723000017 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $68.63M $69.54M
YoY Change 2.99% -1.16%
Cost Of Revenue $31.00M $31.70M
YoY Change -1.8% -6.42%
Gross Profit $37.60M $37.80M
YoY Change 7.21% 3.62%
Gross Profit Margin 54.78% 54.36%
Selling, General & Admin $32.78M $32.89M
YoY Change 13.65% 11.83%
% of Gross Profit 87.18% 87.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.50M $14.50M
YoY Change 5.77% 5.27%
% of Gross Profit 38.56% 38.36%
Operating Expenses $125.5M $47.40M
YoY Change 194.92% 9.76%
Operating Profit -$87.85M -$9.584M
YoY Change 1074.66% 42.85%
Interest Expense $10.62M $10.41M
YoY Change 29.36% 42.62%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$98.50M -$20.00M
YoY Change 532.83% 43.88%
Income Tax -$3.093M -$495.0K
% Of Pretax Income
Net Earnings -$95.36M -$19.50M
YoY Change 632.14% 75.02%
Net Earnings / Revenue -138.94% -28.04%
Basic Earnings Per Share -$1.10 -$0.24
Diluted Earnings Per Share -$1.10 -$0.24
COMMON SHARES
Basic Shares Outstanding 86.55M shares 76.54M shares
Diluted Shares Outstanding 86.66M shares 79.85M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.80M $22.90M
YoY Change -53.87% -43.37%
Cash & Equivalents $19.77M $22.92M
Short-Term Investments
Other Short-Term Assets $1.222M $659.0K
YoY Change -90.82% -92.75%
Inventory $9.925M $7.368M
Prepaid Expenses $9.114M $8.400M
Receivables $48.22M $47.03M
Other Receivables $400.0K $400.0K
Total Short-Term Assets $92.23M $88.84M
YoY Change -13.37% -19.9%
LONG-TERM ASSETS
Property, Plant & Equipment $22.00M $22.90M
YoY Change -2.53% 15.63%
Goodwill $294.6M $373.1M
YoY Change -30.78% -12.45%
Intangibles $176.0M $185.2M
YoY Change -12.54% -12.58%
Long-Term Investments
YoY Change
Other Assets $947.0K $651.0K
YoY Change 45.02% 70.87%
Total Long-Term Assets $494.0M $582.4M
YoY Change -24.13% -11.55%
TOTAL ASSETS
Total Short-Term Assets $92.23M $88.84M
Total Long-Term Assets $494.0M $582.4M
Total Assets $586.2M $671.3M
YoY Change -22.61% -12.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.46M $21.60M
YoY Change 23.37% 11.99%
Accrued Expenses $24.54M $16.38M
YoY Change 71.72% 6.69%
Deferred Revenue $7.931M $8.695M
YoY Change 13.11% 12.95%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.268M $4.817M
YoY Change -19.76% 52.2%
Total Short-Term Liabilities $62.84M $53.98M
YoY Change 33.48% 13.01%
LONG-TERM LIABILITIES
Long-Term Debt $412.6M $412.9M
YoY Change -0.49% -0.23%
Other Long-Term Liabilities $15.67M $12.39M
YoY Change 226.89% 184.87%
Total Long-Term Liabilities $428.3M $425.2M
YoY Change 2.1% 1.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.84M $53.98M
Total Long-Term Liabilities $428.3M $425.2M
Total Liabilities $515.1M $508.2M
YoY Change 1.79% 0.54%
SHAREHOLDERS EQUITY
Retained Earnings -$381.6M -$286.2M
YoY Change 120.63% 78.97%
Common Stock $9.000K $9.000K
YoY Change 12.5% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.11M $163.0M
YoY Change
Total Liabilities & Shareholders Equity $586.2M $671.3M
YoY Change -22.61% -12.76%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$95.36M -$19.50M
YoY Change 632.14% 75.02%
Depreciation, Depletion And Amortization $14.50M $14.50M
YoY Change 5.77% 5.27%
Cash From Operating Activities $3.190M -$610.0K
YoY Change -67.57% -104.16%
INVESTING ACTIVITIES
Capital Expenditures $5.350M $5.410M
YoY Change -212.09% -243.35%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.350M -$5.410M
YoY Change 12.09% 15.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.110M -1.330M
YoY Change -3.06% 47.12%
NET CHANGE
Cash From Operating Activities 3.190M -610.0K
Cash From Investing Activities -5.350M -5.410M
Cash From Financing Activities -1.110M -1.330M
Net Change In Cash -3.270M -7.350M
YoY Change -183.46% -181.05%
FREE CASH FLOW
Cash From Operating Activities $3.190M -$610.0K
Capital Expenditures $5.350M $5.410M
Free Cash Flow -$2.160M -$6.020M
YoY Change -114.79% -132.64%

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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements requires the Company to make a number of significant estimates. These include estimates of revenue recognition, fair value measurements of assets acquired and liabilities assumed in business combinations, assessments of indicators of impairment regarding various assets including goodwill, calculation of capitalized software costs, accounting for uncertainties in income tax positions, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported periods. Changes in these estimates may occur in the near term. The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material.</span></div>
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Files In Submission

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