Earnings call transcript Q2 2023

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Operator

Thanks, and welcome to the KORE Group Holdings second quarter earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation [Operator Instructions].

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Charley Brady, Vice President of Investor Relations. you. Thank

begin. may You

Charley Brady

release On which XXXX we'll be earnings with, Investor XXXX at the follow operator. the page that the second Relations be company's helpful referring found second along quarter press as well quarter presentation both as this today's you, afternoon be details of call, results, to to filed can Thank ir.korewireless.com. that our will on

website beliefs section later the of will available assumptions of call expect, this the are similar beliefs Investors includes as about company's containing of anticipate Please Finally, statements, our requiring on expressions believe, and as such forward-looking webcast today. on be will, that and note statements the and could, statements words today. based and may, forward-looking the expectations company's are

you factors does materially company and Commission, encourages and from statements webcast. this identifies on risk specific in in the any with the disclaimers differ events publicly or The described safe company's as statements. revise as review slide that other and or to well Exchange results risk this update harbor forward-looking filings factors which Securities company forward-looking our undertake statements, contained those to today's release press The to not after actual cause may the

generally we'll The information the to in supplement information on with company prepared is GAAP. non-GAAP accepted discussing information or in that also a principles as this accounting providing notes financial be United call. that The accordance States company

presentation. these provided today's GAAP in tables results reconciliation in You reported can and the release find metrics to of company's the a earnings reconciliation

Officer. Bahl, Kore's to I'll now and President Romil turn Chief the over Executive call

Romil Bahl

me today quarter call. joining thank XXXX you Charley. Kore's Officer. you, everyone, With Good Holtz, our second Thank Paul Financial us Chief for earnings for afternoon, is and

our call. meat of get team, the our Before earnings and newest started, of IoT joined the to with Twilio's of let's to welcome we many the acquisition Kore whom IoTers business, a warm get now

with by brief and key events start followed announcements second our a I'll from who overview financial the Paul, discuss and As always, be quarter, the will will of I results.

Q&A finish We a with will session.

IoT Slide June connectivity X, opportunities acquisition the remain and the world-class closed our milestone by journey apart IoT a business. we Twilio adding expands business, to hyper-scaler. four quarter. IoT marking of presents the deploy, position proposition. one-stop accelerating second in and the from key This world's value providing a in product the key being from some additional On the our scale announcements Super SIM we created first build Twilio's acquisition, IoT Kore about of shop to manage Needless growth to combination by Kore's say, excited us

to expand solutions delivery consumer-facing and restaurants attack Retailers, FWA our Kore's companies, launch been multisite multiple with market. locations. available we only and Kore May, FWA. a solution of FWA high-bandwidth fixed restaurants services are XG ordering offer wireless other allow our This solution retailers, digital Internet through wireline has across to customers preconfigured through integrating access will high-bandwidth seeing and announced In access the high-speed or and case XG solution to support of to applications. the point-of-sale benefits connectivity cellular addressable third-party positions that other growing managed use increasingly traditionally further devices, companies

good. are role part, As Kore a play where initiatives, I'm With investors. sure you IoT companies increasingly for we and topics IoT are ESG become with seeing our and in all for purpose opportunities supporting more aware, sustainability a have ESG statement, important aligning playing can

quarter, in the Kore announced of sustainability its support lines, second participation two and these initiatives. Along

XXX AgTech farmlands company, them to to project and with hectares protect to connect three adapting change has goal Syngenta. globe climate X billion connected We a biodiversity project analytics is next will a over over improving aid of years. provide sensor scalable connecting biodiversity hectares Last land digitally farmers to global the IoT biodiversity to Syngenta the and by across in connectivity provide crops. Syngenta's conducted to year,

To an XX%. reduce to further used amount card waste plastic SIM bodies of by Kore support initiative in reduction, the has and launched sustainability

addition to by by SIM SIM initiative In waste SIM and costs cutting Kore's half, card footprint XX% this XX%. shipping related to card plastic lower will reduced by carbon cards

and quarter to Now let's slide our turn five. on second results financial XXXX guidance

from the LTE ‘XX, primarily with quarter declined Our of X%. XG a a by project approximately X%, first by the the revenue had quarter customers revenue increasing momentum sequentially second continued our the $XX.X revenue XG, QX and quarter established customer. basis, at On in second year-over-year which from transition slightly results due to to difficult comparison million, largest first of the quarter

XG, the quarter XG in revenue X% and XXXX, Absent project transition over XXXX year-over-year. LTE revenue increased second

Our true and the evident quarter growth year-over-year second quarterly last LTE the revenue XXXX organic by the impacted the forward. transition was comparison company will more project be going of

IoT in third to at a continue growth and the delays some few sequential quarter. revenue customers, we experienced of quarterly the expect remainder growth for have revenue in we beginning solutions XXXX While year-over-year

XXX year-over-year XX.X% of mix and and from to benefited increased lower continuing basis hardware revenue. margin a Gross optimization points carrier cost

XX adjusted Second sequentially from XX.X%. quarter, basis points EBITDA and of approximately million adjusted quarter the margin XXXX EBITDA X% $XX.X to from increased first improved XX.X%

of XXXX, second Compared declined adjusted XX%. quarter EBITDA approximately to the

our revenue reiterating guidance. and EBITDA XXXX are adjusted We

a partial from sunsets by the in in This year-over-year to headwinds the at somewhat largest the revenue mid-teens, Twilio revenue acquisition. absorbing LTE of million million. contribution the million in transition expect the IoT customer, includes $XX business the low U.S. XG offset in the and grow year of $XXX range $XXX and to project guidance in resulting XG We our to

we we made of we'll much remain see to initially and solutions mentioned. in the quarter adjusted potential started to than $XX delays second faster projected, approximately of the the the in margin that any will quarter range Twilio from assume guidance as revenue improving in should and revenue $XX in of are confident business offset which reiterated third up guidance I pushback IoT million We the slightly QX. XX% Our IoT million see impact in that EBITDA margins our be

Paul over in cover now to detail. With the that, financials to I will Paul? call the hand more

Paul Holtz

and Thanks, everyone. afternoon, good Romil,

Turning sequentially million, did to X% $XX.X compared quarter second second in XXXX million from and X% the slide increase six, on the first of to $XX.X revenue declined our of year-over-year results quarter to quarter XXXX.

years By to connectivity XXXX. first segment, month and to rest revenue the the connectivity XG, million, of by $XX.X including sequentially acquisition from connectivity is that affected in IoT XG of of U.S. Twilio XXXX forecasted in the one IoT IoT QX revenue the increased sunsets revenue year-over-year. sequentially the was IoT marked X% year-over-year not quarter many grow revenue

revenue Moving quarter year-over-year decline our $XX.X in the comparison, IoT XX% by solutions, of declined LTE year. million. revenue difficult the year-over-year to prior the The The customer transition the driven transition XXXX. project to was to second project LTE in largest at due concluded again

quarterly this the impact year-over-year forward, not going So will comparison.

gross an XXXX was margin Total in increase QX basis XXX of XX.X%, points year-over-year.

The since Kore second the XXXX. margin of marks public quarter the quarter went highest gross third in

the that, thought the throughout from with than but IoT was XXXX. mentioned, Twilio from are as have down IoT to the year-over-year. rest overall IoT business acquisition. improve margin IoT addition connectivity slightly Twilio margins of of range, remained XXXX, the of quarters the the gross Connectivity news, the we slightly XX% XX.X% IoT Romil for lower-margin expected connectivity in the The second-half revenue decline gross last good stable in will of margins four is quicker

of margins IoT second acquisition at the rate. solutions approximately just connections quarter connections year-over-year. mainly to of points Total IoT decline million hardware from the approximately the gross service declined end the the basis The was $XX.X XX mix including were Twilio business. million, of due versus $X.X

Excluding IoT the of in Kore’s Twilio by quarter XXXX. connections the organic connections, $XXX,XXX increased second

XX, was the DBNER XX%, prior compared expansion ended XX-months June net Dollar-based year. to in XXXX, the for rate for XXX%

a in to much customers rate. growth DBNER the As same-store compared sales the period, growth ago XX-months, customer trailing from the like the reminder, year cohort same measures in existing

As I with now first acquisition BNP the our call this [Indiscernible]. last said year, in on in of the the customers anniversary these included quarter Simon are the of quarterly

be June June DBNER the LTE by from largest and year-over-year from continues began in customers to XXXX revenue new are acquisition XXXX. project not our Twilio that customer the IoT in included. ended impacted The transition

period, project. second would have quarter from our If events customer, more this revenue exclude compared because significant of time of of revenue XXXX. XXX%, largest this total customer's the largest non-recurring at this XXX% the we During end end one-time been from than doubled DBNER the to quarter our at the of

year. XXXX costs, of Operating in attributed depreciation including IoT $X.X million the compensation expense, in of were million, second amortization year. the amortization BNP period the and compared prior increase in is increase last increase an depreciation and higher compared XX%, same the or stock-based headcount-related to Twilio to acquisition QX the quarter expenses, an due to business, to inclusion The $XX.X the and

Second million in depreciation year-over-year in increased expense, due in secured under Twilio inclusion to compared and deferred headcount, million loss partially lower operating year tax of $X.X to financing year-over-year same QX $XX.X loss amortization senior costs was versus including in $XX.X Net increased term XXXX, quarter the our to borrowing interest the loan. quarter second $XX.X of million, fees, million to and the attributed compared net to the interest period in the to increase quarter. higher the prior ago expense expense, a year. due increased IoT expenses, income The were was amortization increased benefit, which the

compared million, a the decline quarter $X.X second period to or last the in XX%, same EBITDA $XX.X of Adjusted year. approximately was million

margin adjusted period Our points, XXX to prior quarter was down the compared second in same the the in EBITDA XX.X%, basis year.

from quarter did of point a experience However, a adjusted margin EBITDA improvement this EBITDA basis XX first in X% sequential the year. and improvement adjusted in we

cost for invest company’s and in decline compliance. to Twilio's and were increased including to headcount in impacted year-over-year by IoT The enhance and additional the systems, costs SOX- EBITDA public growth, the adjusted adjusted EBITDA processes margin company headcount

Cash compared year. the cash Moving approximately of in for due June operations operations was XXXX to QX $XX.X for $X.X abnormally XXXX, million three customer period high from transition ended in largest The million, prior by flow. change the our used to LTE their related provided XX, same cash months the mainly in collections was to to projects.

QX cash in offset the revenue headcount acquisition were outflows Twilio These related quarter. in outflows XXXX incremental the begin from acquisition IoT collection XXXX. Twilio any incremental we the not to QX by paid to incremental won't plus as compares until their costs Twilio This cash

$XX.X the interest was acquisition, of cash, as IoT tax and At cash change million, cash annual flows quarter, XX, increase restricted compared the excluding payments. end in the December bonus million $XX.X the income was to payments primarily XXXX. and of Twilio This second from

on Before passing are annual of would couple to comments it back to EBITDA. XXXX our adjusted guidance for like Romil, make both that and revenue maintaining I we a

Twilio no U.S., IoT IoT acquisition. strong sunset growth XD XD, of had the from the connectivity a For the revenue, in completion we and in the first-half organic headwinds year the of with positive

IoT positive In year, the momentum, to we IoT expected months business. of will and from Twilio have second-half of continue the six its revenue connectivity the revenue full is a

regarding IoT further, meaning XXXX. quarter, have We are to customers risk are, orders more some flip the of the increases these solutions even cautious revenue pushing as however, could fourth these indicated orders that the they into which

At IoT this year QX being lowest quarter the been typically when has our of point, solutions largest we quarter. the it for see

the We of momentum improving IoT because are more much a Twilio faster and IoT confident margins. of in connectivity adjusted EBITDA our strong

needed. OpEx the incremental delay sales the our XXXX, if in could side, which we of guidance we On second-half headcount built had into in

And to with back that, I'll Romil. pass it

Romil Bahl

Paul. Thanks,

transition customer year-over-year and complete, largest project LTE the you've now quarter second difficult from reiterate, heard to with the our at revenue behind the us. is growth comparison As

result, further, growth increasing year-over-year evidenced track generate we by As to our third global are achieve in a and XXXX the quarter, expect revenue on beginning in pipeline. as growth double-digit sales we to

our of sales XX, June of as global snapshot a presents eight XXXX. pipeline Slide

an of or million Our incremental total the X,XXX In opportunities an closed dig TCV, sales value, TCV, we pipeline of includes now almost $XX second contract bringing $XXX one million. approximately the with year quarter, to million. estimated generated potential to total $XX

growth. a exceeding consecutive the to We in closed year of million continue $XXX TCV XXXX progress fifth delivering towards one and TCV

the important is durations reminder, four sold TCV a of of lines, note over that recognized of As have closed across our revenue aggregated years, all and revenue TCV majority is figure is recognition. to which it the business as different

and ramp we For beyond instance, a four the calculations. for go TCV years IoT revenue connectivity out slower tends to have use can

revenue are in recurring include three years. generally projects to While years revenue one that both over and services IoT managed two recognized usually recognized one-time

care new Kore that the quarter nine increasing closed contracts $X.X wins a Slide from consolidating growth examples customers. $XX contributed These with customers second million, few our use single showcases quarter, our the effectiveness success improve platform, we of million second efficiency fleet, operational strategy products. respectively. on million. of has IoT wallet and TCV of have our a health connectivity for in three asset the single In These success contract demonstrate secured of $X of TCVs the at expansion to in $X to seeking cases are and tracking in share markets, the continued over and wins partner existing million and recent Kore. in customers the by its one highlight to to

We see of continue Kore's product support capabilities growth. to advantage taking offerings of full customers to range and their

services TCV recently and seeking example, for For Kore engagement managed a won usage-based company logistics. $XXX,XXX to support insurance a improve upgrade to IoT their

customers' services locations wireless major has Kore and chain land example these and with a of XG execution, expand restaurant XXX This locations Kore of win provide access whereby the TCV fixed a technology. an effective to of upgrade on engagement, at As followed $XXX,XXX. another to a will recent will contract

to continue fleet remote also In support U.S. headquartered contracts the customers U.S. entries a QX, monitoring contracts combined France TCV provider of win U.K. patient in medical leader million. Kore their the in video approximately based leading have AI the a into These We market. from telematics outside equipment and $X.X to and one a in

and growth. with in to as by through We quarterly On the this the call, of started which I sequential slide, at We connections good million said the million organically $XX beginning year final quarter. grew slide second X.X continued we XX SIMs. added TCE momentum, delivered the

growth the quarter. revenue continue expect to of year, year-over-year in and each sequentially into we we As quarter increase generate to the beginning second-half the importantly, move third

our X,XXX TCV funnel growth pipeline coming provides the covered business on is opportunities years. sales of $XXX million, As chart, solid global new our backdrop approaching which a with approximately over a potential for

with recurring that goal thus XX% sales EBITDA better, Rule our top XX% of medium-term can becoming a revenue approximately achieve revenue at XX% of an confidence we pipeline, generating growth margin This of of line us with gives our coupled least company. XX or

value we and always, As are priority, believe top shareholders our do for a to positioned we creating that. remains well

and are I closing, our of drive all Kore global wish IO In customers. to growth serve day hard to the working every employees, thank our tiers

With that, let's Q&A. start with

Operator

Markets. conducting be is session. of now Northland question-and-answer [Operator question will Our We a Michael line from Instructions] come the first Latimore with Capital

Michael Latimore

that very business? Twilio Thanks much. Does TCV The nicely. include organic? large, that very is great. grew Hi, the funnel Or is

Romil Bahl

say, recognition That's as we're We owned forth. know, so only office the really even just for going back a organic, and so in by Mike. of, IoT Twilio I'll actually month kind business revenue forth, so you QX, and provided far, and so Twilio off

to haven't consolidate we're we a QX, had you when about we'll quite in have But to done. that everything. So chance speaking hopefully, mid-November

Michael Latimore

most And pronounced what cases applications sort use are funnel? of that in or

Romil Bahl

in the with $XX of and these fleet, just in beginning see lift, really we fleet. lot use about inexorable to the in high some of We've continuing million right year at the of closed the We're XX% of a since cases, QX fleet. fact, momentum sort an of Mike, seen bandwidth in

chain telematics as at people here saw at So lot of video a in announced put bandwidth that that you others, out I the large a had But of of restaurant things. follow-up saw on those and we to more are in I kinds that we -- release and QX. there's look continuing fact, at suspect a there's edge, higher right? AI chain, win you a mean we more press

TCV growing. there, a hence, sort is in of and dollars quicker add the there momentum FWA up funnel So good the

Michael Latimore

second-half. back in year-over-year think to quarter, you you're In Great, of, year-over-year kind organic -- the do third ex- Twilio? get you're good expecting obviously, and will Yes. growth, the you going growth to

Romil Bahl

and the there, pushbacks solutions yes. But we that fairly the Yes, we're net falls case from be we're despite that about what IoT seeing both believe certainly to Paul growth organic talked that this services, where all still depending I around out, confident customers. managed

Michael Latimore

lot. a Great. Thanks

Operator

you. Thank

questions Scott ROTH next proceed your with questions. Please Our Searle from line come of with MKM. the

Scott Searle

question. for Mike's quickly good Thanks Hey, Maybe afternoon. to my on taking follow-up question.

not heard In us third part us board Twilio that could in many of to I growth the returning transaction? Remind you on I'm organic contribution wondering on I'm calibrate a terms how quarter. the second quarter, also are as employees if sure in of coming the number front?

Romil Bahl

It's so count. account their of Yes, from and we of all the own had haven't that. end small our of this of we connections got of we course, Scott, at of connection kind we generally but we because material, could, so disclosed because any sort did and of disclose June, them not time,

ours. ARPUs see could Their you are there. a million $X.X around right kind number So of

idea So but not se. general it's I you guess per we've there, just disclosed could from something a size get of

Paul Holtz

we it's then, will electing bit Scott And have people just to be on a the That XX people over over. the in QX. disclose, little

Scott Searle

Right.

or and Romil, go it wireless dig wondering just into of little imagine could maybe to managed the more I'm doing I device it back guys much if are like opportunity. as was could great, you also well. Okay, access? that service full doing I'd are you you you that to I to ARPUs. frame FWA bit the the the understand detail. management in a comes for opportunity wondering higher if fixed And if capability with there

broad-based as expectations to kind use hands I'd for of ‘XX? case around an would ’XX, that market what's into get of love So my that get and we be your or end type

Romil Bahl

scent was was when we case can sort in right, gosh, or Wi-Fi all what's and the the in the cellular In failover, like technology first say area. we've years about and first now those put people though, we three and terms possible primary, thing It fails, use our kind just to Yes, bounds years the of Well, years backup. by power are prioritize there, it's is four it talking I'll back the days, fails, general a go a it now since cellular since out like solution you as just this to first up. four right? so in about of leaps great question, we're grown whatever, Scott, Remember, right? bandwidth of was started and

about just and to the places cellular ground can primary. speed We when particular of the kind getting on right? we're sort solution, in of fiber enables true and So lines it's cord a as supports specifically a put entirely This XG, managed and need get we on definition fully partnerships market our hardware fixed holes service, the the -- dig a by going solution into it the on talked hardware point, it's that your on about to like and that businesses connectivity, the landlines the side solid as got here of a mean we're for to [Technical highlighted in with. and into just I and includes we're right, we it's cutting those and consumption Difficulty] way, cord talked customers, to then release press -- and homes, yes, easy cut basically the call

Scott Searle

to if it going they're that you product lastly, big a up time there some XXXX XXXX, looking look to into like like could, going catalyze like the return this I opportunities and to ex-Twilio sounds sounds sales. out quarter and device around ending setting it's Great, deployments year, some growth period. are for the It Okay. organic nice fourth in

it a connectivity early kind to in little 'XX? on be Thanks. we're is organic a growth Or bit So call? making still IoT back of that to XX%-plus

Romil Bahl

will that also will in hoped Obviously, have time June year than smaller hey back is on, QX sort right? imbalance question contribute, We XXX-day so delay call for ago, in Twilio so to was the us this between and here, Paul had would normally year-over-year of some and when forecasts customers placed contribution, a we POs QX. asked on while QX, first earlier And we that ago, for we Scott, as delay. then the QX, organic of said, their frame said to just XX-day May, are growth the years -- Yes, again, to right? X.X saw this

regardless, out that's theory, in into QX, looked but of those revenue if be with in, that quarter the you certainly good all that and growth, sequential -- So continues streak hopefully, we QX growth and that's even moving right? back move, eat continues if organic end. very And should from should QX come in then it and QX, at effectively sort very, and yes,

we I Now connectivity. stop next on ready question of bullish. talk mean, XX% saying on sort the of about that, is short to are of I'll again, year, we're

is QX You just X% saw type over which an connectivity, very growth encouraging. QX on

sure down. the than we to the economy there. yes, and to think need XXs. XXXX. are need and we stop we settle upward promising and XXs do to macro supply do can I'll chain in movement on for settle see possible just We Xs ARPU, of We get the all So need which will We that? higher to creep it certainly How happen. XXs short down, issues we of get the think how we

Scott Searle

Great. Thank you, nice to see a return to growth.

Romil Bahl

you. thank Yes,

Operator

Thank you.

questions with next Stanley. from line of proceed come with Meta Please Morgan Our your Marshall the questions.

Meta Marshall

to hands over kind on that of hold get the were excited now Maybe you been thanks. talent just -- to just most you've on able it you're your key kind different about? that organization of wanted to engineering Great, of actually I it on how is of to comes it get Twilio, and sense some see question that a sounds able first and

Romil Bahl

is next-generation cost, Meta. the as which as we Kore visit acquisition. them we're we visit you productive having forward to of, best savings was year guys a obviously, terms sort clearly rationale when in mentioned. I early I'll place think about that the an consumption talked for the remains market, business the Thanks, end, the road say all seeing digital digital, building with in to how the map about thing model engineering so of -- seeing did is born of talent able IoT, Look, build team them, strategic accelerated that deal actually absolutely just here the and forward in the in help Yes. of first this this is we're much have combined looking very of excited lower plan Germany, cost with Much easily quarter network to really that us at a digital we're these out sort of product to front and looking

of sort very mean, of rationale say going some also very I better sort would point and faster year than confident and that kind here to really In I we is right? could here all obviously, I have hoped margin with Germany, can becomes de-risked, U.K., including, respects, to by fit stay to We've encouraged. strategic but quarter, excellent year, the So in accretive which this line, even of also of the as get had of we way, in The therefore, integration being those is the nice much completely alluded United place. in promise get points the States. our them. meetings cultural in on the fourth is gross in breakeven sort next the of

we to to negative scratch So at, sort terms kind plan sort what far supposed again, we they're XX were the comment of the and the obviously tampered a getting you they is if and ago of say plan growth even rate to in were when of be today said. entity hoping alluding only and smaller to that that, revenue off that than of is the I had thing that for saw my months would what

start to rumors heard people attrition, strategic force, future Twilio, that, the of XX with just obviously, first that were of this and distraction it's very sell and not sales Some XX then months looking to confirmation for in they for of our it's they force. really, hard of especially sales their have team -- jobs. had They've look, sort when

the come we've embraced in So but smaller, yes, they've challenge.

rebuilding the we all our can the to leaders working accretive CRO on, Twilio growth. be and know new they over that have can Our I'll with momentum say, is

Meta Marshall

Great, thanks. question. a And maybe follow-up just

base? is If of project you remind you the much would more of us what could business how solutions deem kind recurring of just kind of versus

Paul Holtz

so PO rough Yes, customers, vary it depends order who one basis. quarterly on but Again, has consistent either XX-XX. or it quarter, been order is on it’s annually, that But XX% pretty will yes, each it XX-XX. a

Romil Bahl

call Sort programmatically as we of, recurring, yes. it,

Meta Marshall

perfect, okay, so Got thanks guys. it, much

Romil Bahl

Meta. you, operator? Thank [Indiscernible]

Operator

Computer Yes, apologize, mike. Thank you. I’m here. I froze.

proceed line next from Niknam your comes Please questions. the line Bank. Deutsche with Our of with Matt

Matt Niknam

Hey, the guys. Thanks question. for taking

under So you've so on EBITDA, year-to-date, a maybe generated first $XX little million. I think adjusted

for Twilio upfront, maybe initially, just mentioned optimism expectation there deal maybe bridge in us reaffirming can more about XX% EBITDA wondering, to for would be so second-half think so the the year. I the guide profitability around you little the XX% we dilutive about I'm the -- target? wondering, as just think You're the somewhat the bit to think was I'm the a adjusted you help of prospects, hitting if year the just

XQ? of And orders Thanks. show the maybe assumption the help the and pushout from secondarily, just I'm challenged headwind about orders, XQ deferred maybe you as IoT up in if is and Solutions the you wondering business, think can that quantify the remains then still

Paul Holtz

take one. so profitability the Okay, I'll

first done year-to-date, yes, XX.X%. we've XX%, in quarter XX%-ish around So so the and

from of do see -- so did throughout typically year the Matt, back Just year from remember, grow we front-end costs to have a we QX, that the growing. the loaded so there, going we the really cost and forth are perspective, first-half you audit and as EBITDA is additional

the make accretive we will of quarter the perspective to But then chance which in, a by with for be Twilio a the being to to it have your a and get business from will originally to of XX% to revenue the right are QX year us point, from being QX, good positive get in the really, but back all bridge we're lot additional expect the of XXXX, we where solutions growth as growth XX% we but connectivity that out that at XX% the June, range. Romil and revenue them coming get-go, is we the then obviously where margins the into come breakeven to of improvement, which seeing XX%, biggest higher they and negative, had were mentioned

that We a look take end also if and for bit now, can needed. incremental that had buffer as forth. we on growth in mentioned built in of monitor And the I so again, the what was some with had at but pushback, a right and little we'll solution goes see we headcount use a like back that that

Sorry, and I forget.

Matt Niknam

a question just in much confidence of the the then up well, around about -- was should push QX? there pushback how Then the and back quantifying amount

Paul Holtz

we of back end most we so depending end, for June $X QX $XX is, million, at million the in the between expect that between back QX. the again, the end so in in here of starting the so number where estimate half mainly year, saw timing, about QX, at QX do and Yes, $X that in we the be and on to million

Romil Bahl

Right, million we’ll $X QX. million we clear move, be to hope QX to only from and so $XX between

Matt Niknam

So -- clear, just to Romil million. assuming was about fall, June we're be $X so

accumulation this assuming and to kind you $XX that in You're into That million? gets XQ falls that XQ. of

Romil Bahl

Correct. That's right. Yes.

Matt Niknam

Okay, great. you. Thank

Romil Bahl

Thank you.

Operator

further Thank like no floor Romil to turn back over [Operator the comments. closing questions at Instructions] you. I'm Bahl to showing time. for this I would

Romil Bahl

your you to to look much second with Good-bye. forward we and appreciate quarter ask in here very questions. Thank We in taking your you attention the you results. mid-November our to for third time certainly today updating on quarter listen call, our

Paul Holtz

Thanks.

Operator

Thank teleconference. does today's you. This conclude

enjoy lines your the at your participation, disconnect you rest evening. your this for and You of time. may Thank

KORE (KORE) 9 Aug 232023 Q2 Earnings call transcript