KORE - Earnings call transcript Q2 2024 | KORE Group Holdings, Inc.

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Operator

Greetings, and welcome to the KORE Group Holdings, Inc.

Second Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to your host, Vik Vijayvergiya, Vice President, Investor Relations. Vik. ahead, go Please

Vik Vijayvergiya

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

website section later the of will available of call the Investors company's Finally, a recording today. on be the

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

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

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

the and Chief President Ron Executive company's turn now Totton, over call I'll to the Officer.

Ronald Totton

joining second Good us Financial Thank XXXX our Chief Thank Paul call. for for today Officer. you, Vik. is With KORE's Holtz, morning, you everyone. earnings quarter me

our X, the we for Slide laid out objectives On have call.

session. update announced our Q&A in days the then first a of I further the outlook putting in results are today, XX-plus to time QX talking the Paul role, in a first observed to host in financial address for want place what reviewing a will and addition our In about moment, I We'll restructuring plan XXXX. to newly bit we spend which my

concentrated X my Board including priority strategic to share insights the My first these on the gained team, senior key how and initial to priorities our as I groups, I'll customers. the spend and we understand multiple and Slide partners, employees can customers our first my areas. stakeholder In days, response. On X, better leadership with serve CEO, time was XX

Second, culture focused third efficiency, And was to immediate on customer and people identifying full our of I optimize the empowerment. and potential ways unlock elevate accountability costs. fostering improve a of to by experience our operational

leading and the of verticals, of and period greater across this market, I a AI. solutions believe data, IoT billion, intersection which of to addressable real one, of lies a evaluation, at Following wide serving connectivity vast on KORE the time, multiple provider continue $XX range capitalizing cloud is, industry that than cases use

by with of reductions a growth positioned cost uniquely across powered Two, offerings mission-critical for SIM best-in-class and revenue technology IoT tangible advanced diverse that deliver portfolio efficiencies, industries. customers operational

And delivering committed three, IoT industry for innovation bench industry and me, -- a experts, excuse value our customers. of backed to experience exceptional deep by driving

apparent to we realign structure. need cost our became me also it that, review, my Following first, to

years, X in than growth rate revenue. in Over the the last the doubled rate cost growth has more and of

rationalization XX more the cost occurred months, is some has in While past needed.

to org experienced customer that organization, first, culture a customer more and we area. this an Second, unwavering investments third, commitment simplified our further And as a business strong structure, discipline into teams need our and the needed success putting satisfaction. prioritize high-growth strong, connectivity to an and reinforces our and

foundation senior customer the leadership to the team on efficiency, from operational growth. restructuring on Slide our announced strengthening plan drive full guiding with principles, have Based we on of we with focused the the support developed long-term enhancing X. Together restructuring a these improving plan which Board, shown and profitable relationships the and

cost streamline optimize The reduce including, initiatives we implement plan measures expenses operating where to to one, operations processes reduction and multiple features and elements, customer support.

workforce third needs approximately the both This including us current most realignment better actions and end contractors, these taken prospects. with that before full-time reduce XX%, of of our with quarter. employees Two, headcount will by align resources see the will and business

new a order business investing customers includes strategies and targeting experiencing to focused well as those conducting as with on focus market-leading R&D the go-to-market increase on Three, demand. are the innovation our of and offerings. in generation related This areas investment in that stickiness strong both next of existing

strengthen levels through of support service enhanced delivering us and satisfaction capable an focus, allowing relationships And and loyalty. of an commitment improved customer to higher four, even

This plan, million thereafter is before expected any before end $X to XXXX to to third the from which current quarter, rate million we cash $X company expect the burn moment. which and million a $XX the of its discuss save in $XX in to I'll million execute investment,

prosper longer A key in and those to prompt opportunities portion best that action these term. required around and it set we of reductions, to for invest savings stronger over especially footing, would areas the of see focused us selectively the allow used company difficult, profitable growth. a connectivity were business that was decisions the one these will be where to of workforce some decisive on the more was While clear

innovation in working to an to technology the Operating IoT helping KORE these support, held play ABB enhance Chief a sustainable Infor in with I senior and the and role operational restructuring to sector, am as efficiencies, initiatives, highly all GeoDigital, has Vice work growth, I roles X decades who experienced and to is as KORE's solidify Over Descartes a plan, Bruce to privilege foster previously. Bruce Officer, with President have Executive support Ventyx, drive and customer reputation implementing the leader. Gordon Bruce To welcome operator. pleased business had transforming will critical

the appointment February Simon BMP which company of In another driving a Connected the in was Deith, great has His acquired appointed led the and Vice and track global with experience significant KORE with connected IoT, in success. President, and health organizational IoT leadership change, the Jared growth recently executive record and strong Jared Health. telco sustainable sector. indirect further a were deep co-founder Executive strengthens XXXX, for channel team for

X, was million, looking QX in breakeven essentially at cash results I'll our Slide cash revenue adjusted was speak flow. was detail. Paul at level, $XX.X the resulting million, $XX.X and to EBITDA million, in On high numbers a more operations QX $X from free let

growth. the focus its are and stable This over in him, revenue. in where with of more real results, the our call flattish wanted the to strength XX% to The that and point delivered is we despite TCV But profitable intend with where investment. along line connectivity I before primary growth we turning connectivity quarter, business business top our is out to the focus seeing our business continued

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

our mentioned, to decided on revenue. reduce we previously hardware we have As focus low-profit

reduces the While the note of of half, the total number funnel, first closed it's our deals relatively were of important this decision the to the to in continued size that as has improve. large that pipelines quality

million $XXX period million quarter, potential opportunities we than with generated incremental of up year. includes same $XX $XX pipeline TCV approximately in from of TCV estimated more million In second won, $XX million. the sales last X,XXX the an an Our

a of the in the versus ago. TCV total $XX $XX same million For million a in X first have we year months period added of XXXX,

schedules. majority different As recognized recognize is TCV the which a over important TCV aggregated is services, reminder, the years, to X our that of on figure revenue and revenue sold all is as note it closed across

of believe the mentioned, As growth TCV we indicative that business in longer-term connectivity particular. in and is the the compelling potential continued of

call, we on As second some X our did wins Slide the key last from highlights quarter. earnings customer

logistics their SIM for AI-driven an usage manage a that AI-driven TCV. represents them Super KORE's in improve focused benchmark monitor use This better safety case. with equipment. and fuel million a across First, and costs, leverages This utilization industries. best-in-class the client deliver by software enabling on market construction, to asset estimated and I'd customers analytics an $X.X provides track emissions, This new like help marine sustainability start deal to energy, management platform to win opens customer and

Secondly, global begun will business. The to IoT and rollout companies. of solutions their content we support next-generation digital their for win enterprise KORE beverage the is estimated world's this are providing tailored to products the their multiple KORE one connectivity has already highlighting with provide approximately as an global be TCV IoT that largest win to consolidate consumers. of million. seeks the customer $X.X food

how our worker in cloud-based system platform. exciting safety chose of client rollouts a SIM America million. our for This and are emergency platform and an an their hotels, large will response including industries, will their venues. win is be to This another to The of customers other Super improve and courses our supporting Europe. range and personal across of TCV example estimated support used golf clients for Latin is of customers $X their deliver safety wide solutions Third a

want I RVs. to advanced hardware, as manufacturer. life proactive enable win connectivity, with revenue products KORE and highlights that support our that lifestyle hardware management maintenance will North leading growth in-vehicle diagnostics includes mention that for of American manufacturer a a and cycle finally, full capabilities managed drive such And outdoor will solution this services

expect to deliver TCV. million in We $X.X this win

by these demonstrate IoT as leadership market evidenced continues to in KORE its solutions wins. connectivity recent

business across diverse solidifying industries end-to-end driving tailored position and trusted in as deliver to connectivity our partner. ability solutions is Our a our IoT growth

of I positive bodes longer-term the guidance future our would address Slide XXXX now the medium sales X. on momentum The well like business. for from our for wins and to

key electing largely financial into early on downwards. slipping revise purchasing the guidance XXXX, XXXX our and of slower cost-conscious the behavior are we However, cycles, customer increasingly based implementations timing to customer

is largely to loss an implementation, timing business. customer the and like that reiterate reflect anticipated Regarding doesn't I'd issue of this a

basis, million million to $XXX million full now $XXX $XX to to and we from expect EBITDA our to adjusted revenue in $XX for are at On and previously $XX $XXX $XX between $XXX XXXX. million this million year come guidance million versus lowering million million to

expect will savings growth the provide the profitable and are meaningfully to term. from improve contribute solid under and changes performance forward, the including drive Going that beyond the over fully foundation plan, we the which longer restructuring financial XXXX making a to in business, we in and both reinvestment our associated

and the year-to-date review detail. in QX With to that, performance greater I'm call Paul? Paul over going our now to turn to

Paul Holtz

morning, good and Ron, everyone. Thanks,

Now let's on second results at Slide look financial XX. our quarter

quarter million, Breaking down by revenue lines, from Twilio Connectivity result second X% customers. of KORE's from second XX% net X% approximately million of existing XX% $XX.X that Organically, $XX.X the up prior acquisition, as and decreased activations grew IoT XX% largely represented year-over-year, in Connectivity increased revenue quarter year-over-year. revenue, year. of year-over-year by IoT of a the primarily driven business new IoT

or XX% The previously decline Health second various million customers $XX.X working IoT as Connected trials clinical decision Solutions to of quarter deals help the low-profit declined due to to new the XX% timing year-over-year and as year-over-year capital. we hardware turn was away revenue. their of improve disclosed to well

depreciation revenue. of Connectivity excluding Total amortization, of revenue to and an second a reflecting Twilio XX.X%, percentage, profitable XXXX. minus minus cost was full IoT of XXXX percentage, quarter QX cost points of to points revenue excluding XX.X%, IoT total year-over-year basis down total basis a line, quarter compared Connectivity amortization, inclusion the revenue depreciation a total By was as IoT of XXX in business as a Connectivity and increase lower XXX

from and cost remain rest fiscal revenue the XX% range amortization, a IoT of depreciation stable in excluding to connectivity the is in XX.X% of total XXXX. first forecast of year and minus sequentially to However, Connectivity total is quarter XX% the flat as XXXX for percentage,

as range this amortization, are to and of revenue the is more as profit. hardware IoT in percentage quarterly a fluctuations be of cost in the IoT Solutions hardware IoT revenue percentage, revenue, uneven minus for a year-over-year basis total mix revenue excluding basis XXX XX.X%. percentage but Total a IoT is due to the continued points mid- minus was Solutions XX% depreciation low to to a total increase at on high in to XXXX. mainly Solutions cost Solutions rest The up less Total of the predict forecasted to the difficult due nature and of

second approximately quarter year-over-year. Total an connections the connections was of due communicated increase total limited year-over-year year. CS a to in prior one decline The growth to XXX,XXX previously a low connections alone deactivations in from end of the million, was in from single of at connections connections total Europe. XX.X were compared this ARPU The million customer customer the X the

increase month CS data compared higher QX the and XXXX. consumption just use customer the in $X per per Europe in by loss Average revenue second expected higher The to or user, ARPU of year-over-year quarter the described. $X.XX ARPU, cases driven bandwidth from in was for was

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

reminder, compared to from same-store are Connectivity it period. as to Twilio a in in similar growth months that June the trailing customer gained year-ago calculation. is the measures the of This XXXX As cohort acquisition means XX customers customers the excluded in existing sales IoT DBNER the from IoT the same

quarter, Next customers will of this included. be cohort

current from Solutions customers. calculation some in to continues declines Our DBNER impacted revenue by of IoT be our the

example, XXX% for to in last same the the XXX% IoT only this revenue Connectivity compared approximately approximately customers For was DBNER period year. quarter

increase million were expenses $XX.X Operating QX XXXX. an the including and Slide $XX.X amortization or to quarter, million depreciation compared XXX% $XX.X to charge noncash Turning and of second a million impairment goodwill in XX.

addition attributable acquisition to is headcount-related from goodwill the IoT the in In noncash costs mainly to Twilio June increase XXXX. charge, higher the impairment

expenses, borrowing our interest costs year-over-year increased on placement in the increase in due and QX $XX.X XXXX. debt deferred XXXX. quarter the refinanced of higher of to is financing completed $XX amortization Second stock million preferred This million quarter to including fees, second versus

$XX.X Net of $XX.X impairment loss attributable quarter in the million increase The to million. of loss million goodwill charge to is prior was noncash the year. year-over-year million our in $XX.X in net $XX.X the second compared

approximately $X.X was the EBITDA XX% a quarter year. in million million, prior second Adjusted decrease the to compared $XX.X or of

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

very the with adjusted margin margin beginning structure EBITDA year-over-year, where adjusted overall one the and is year-over-year, get back decline the expenses decline difficult this be year the the XXXX. rest in above the revenue adjusted a fiscal The it margin headcount-related EBITDA from EBITDA the in combined in This increases for plan was help needs our and to to led in merit decision QX. announced earlier morning annual increase at will need quarterly including filing. and necessary This, our cost bring for XX% and of of restructuring decline

as cash used by operations XXXX, Free for year operations provided the $X.X by to XX, Cash cash flow, months moving cash up operations flow. $X Finally, used approximately provided in by million from period. X was ended million, June QX prior measured million in cash the interest investing cash activities, was also essentially to on shares feature This driven in by PIK improved and preferred on year-over-year the from XXXX. QX significant improvement expense management. focus XXXX negative in breakeven the continued $X less paid due to less

continue with are quarters, will next remainder payments for cash current costs the the will throughout cash but expected cash in in quarter couple estimated through the the on laser-focused be of to These especially pressure put costs. onetime be the expected recovered savings XXXX. of to cash Management on severance-related

million XXXX. XXXX, and as million compared December of of $XX.X XX, to as As were XX, June cash of $XX.X cash equivalents XXXX, million and $XX.X June XX,

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

Ronald Totton

Paul. you, Thank

the call summarize just to our questions, talking opening points today. to for want Before key I

our profitable and quickly our existing decisively didn't strength areas meet on to QX solid base, long-term for targeted thorough reinvestment that market a Although potential over the in are we an near business and room and business including cost are and focusing of that both greatest our period continue to term. After of fully connectivity of large we growth. the have see acting remains plenty longer on review, and streamline for operations, resources revenue very the we with expectations, growth growth and TCV the in IoT

a a to in restructuring more meaningful the contribution we fulsome XXXX, expect XXXX. we While expect in impact from see

to our are about these capitalize the turning and KORE's entrusting over say and are points on and to to of of the any I'm call role to before positioned But potential like key ahead. revisit We opportunities happy the we I'm passionate Q&A. I'd Board member. during to with CEO the me believe operator, for President Board well grateful deeply

our work you, we've Thank commitment to I Our will steps are outlined your questions. journey. look accelerate our and foundation of and today The team's the hard success. forward

Operator

from coming Instructions] Lance first Vitanza Our question Cowen. [Operator is from

Lance Vitanza

this. workforce, nor And Ron, it's restructurings I the XX% easy come that laying simply to of but never layer off the million to temptation of prior projected $XX million course, sort $XX to the and fun. to you're the just of simple. in These that and sorry are types of forecast is I'm guess savings never incremental increase it's accordingly, of on revenue EBITDA sometimes

revenue Or lower result layoffs? you Can prior to a a such of as need hit now you revenue necessarily a those new forecast staff? with smaller projections create the do

Ronald Totton

great for mean, believe aren't business. our the you business, taking around see Paul and of we're focus And actions connectivity The the appreciate the and opportunities growth. and, the revenue Thanks we business, us connectivity highlighted, confident focus, solutions the in I again, terms perspective, acknowledging has Yes. our But easy, we great see particularly this quite question. opportunities the I'm cyclical. will I as in actually From ahead, that. in revenue terms help restructuring growth TCV of growth. profitable obviously, we been

But us that restructuring revenue think actually ahead. will believe around of to forward-making close we I'd statements Paul. growth going terms I to saying In facilitate in more I'll drive this prior leave that actually estimates, up improved

Paul Holtz

of savings Lance. line, million Yes, your anything adjusted we're mentioned, or profitable guidance also to types in not EBITDA to of that little leading From the forth. obviously be million savings case. that have going as capitalization amount, $XX growth. revenue percentage business we to add, less less $XX obviously, with help just taking will of But I'll it as to on point reinvest more bit cash not bottom some will use to the we But giving yet. that we're a the first to XXXX the so any that's on whole and

Lance Vitanza

you just the XXXX first what and that thinking year with versus recognize And as stage? half a basis this half XXXX? would a more then for perhaps if think it's the of -- you year-over-year about XXXX, should and thinking XXXX second even down about kind too I when your I how stabilization of the around maybe we sequential early would be this improvement Or could in of at on we follow-up, of on characterize guidance, or but for --

Paul Holtz

Yes.

So I marks, QX, in growing business, don't we and XXXX. that single-digit of QX is mentioned in going that of pretty likely to first, and the will would from The we happen the see delay say that's and at stable connectivity changing. IoT lumpiness this start this project one that's Solutions,

want So because timing I one of lower don't project this that half second the going to that's of say been than to that's be delayed. the

determine, lumpiness again, will XXXX. that of our So the in revenue

Operator

Your Searle Capital from next question coming Partners. is Scott from ROTH

Scott Searle

second appointment. Maybe -- we're growth side the formal sequential could wondering what like like And Ron, if then that organic the think, just organic congratulations included of build. Twilio. a if the immediate year-over-year growth third expecting clarifications. us quarter, of quarter. about seems or calibrate the I'm some I'm couple was Paul, look modest connectivity but wondering XX%, it continues on increases. the you terms into to you in in in the outlook fourth and the the services gave I quick figure,

decent in early XXXX. on we Lance's but I you question, the could know of to that's give would Ron, seem to you're year-to-date, into I into indicate 'XX. clip, a a it connectivity some follow-up going you 'XX if into I connectivity which on rolling that, TCV if guess, this are at adding on a then, see kind wonder side, bit translate sales little And is, of thoughts good how that to growth continue

Ronald Totton

it control, Yes, pass see year. changes connectivity think wouldn't a to I few XXXX a I year. take obviously growth it's of we make wouldn't stabilization the that wins, to business revenue I where good is can TCV, growth in of sure. in the the your XXXX. a first I'll I look agreement terms question it then our as as a potential slightly or characterize a I I and I faster, over the structuring mean as try at the in Yes, Paul. differently, converting it in stabilization types see one. year. describe

versus a you at of when half So restructuring, with business look this we more million to first we're growth the in have $XX prior the going focus connectivity. it. TCV at the year year, healthy even million And $XX on

course. of optimistic, quite I'm so And

Given on I'm really this and anything in months restructuring, to the us have to we this only, connectivity if still would free this business, up believe see is I I X and focus going role again, else. acceleration,

But Paul?

Paul Holtz

growth QX revenue could in But onetime connectivity for and year-over-year. down because pretty firstly, did of Scott, be mention forward mention, so side, for was the and of QX on on sequential, organic on forth. but, was be it QX, lumpy shipments. we the a -- the X% we some QX, script overages in a flattish in we based going didn't to stuff From but expect solutions do again, little then bit timing connectivity

Scott Searle

in Very where could, racking guess, that helpful. the of I feedback, winning terms some losing to? question, the another company's miles Synthesizing in versus you've And of up are in you I'm here. been curious world early competitive is strength? the otherwise of of kind I if are and Ron, landscape? tour. run features -- customer terms of a higher-level from real Why you sure I'm Great. the Who terms

Those areas. investment. to the areas expensive do like invest AI. play But you those cost are manage to and continue that analytics referenced how types does and you've then you're into of sounds how And those It going in investments? of in

Ronald Totton

a give and lot you need follow-up you Sure. to A be. answer I'll there. if in that try

decisions would that move that into as new are -- with expertise them we to been customers, that -- road They our continue around They balance, spent new on on as the country. make service. I I've In and, feedback the happy. of some navigating they help out are about growth quality customers with countries like the in in has have time even teams talk or cases, have, very terms the the hardware of our the

existing So strong is customers. the our very feedback from on balance

Of think I for support. believe you improvement course, comments, my have of and see we our some in in announcements customer what I room

perspective, today. balance, And spot than we're customers can they're of so on say, a the -- doing I It I better time But very real think I from first that think the my spent days over out. the I've do we very for was bright happy. XX would

me, In this terms there's use right? been So in are field, point. winning, a where looking multi, the of terms carrier as multi, customers we're the have provide differentiation to ability cases certainly, seem multi-country, liking multi lot in to multiple our Certainly, solutions backup, of at be multi-country. that definitely resonates of that a to customers proposition

would services, at full-service deals to of earlier, the the capability. a winning our that due the connected deal full think managed commented in that say, we're I I company least on particularly, I few RV where

we're providing but device as obviously, them SIM just but support actually the technology, the them, not providing We're we're providing analytics them management. some well. logistics So also

I say would as that would So the it parts first of comments to probably question. initial my relates be those your X

and focus want investment. to our strengthening the In the I like around we the as if capabilities that areas company being the use I case increasing really the business, terms company. connectivity make console and guess think our of you our And our say around terms to that footprint, in being investments investments, of is of me, and I AI was really the are would what an investing, will, the features,

Scott Searle

could Very Okay. if just maybe Ron, add helpful. on. I

I to think a Certainly, hardware business? improvement to we're the this margins. if In terms seems or historically in conversation guys product customer years hardware this are was and in you necessary X see product evil. quarter, the of now, X having gross been it necessarily But like your conversations, nice from always it's the

Ronald Totton

good Yes. a question. It's

a important is Looking there hesitant highlight sit X sitting several want to full-service the need. are me where the I would And customers years to question. out, customers nature to what deliver our I them. answer of the say bit is I that offering we What to feel really today,

the said, for ways address part us. being to the looking provides we this That that business challenges are some at of of

for can we're in partner partner, example, case. area. leverage this a we'll we in Europe, others at others' logistics in expertise So terms the Connected we're actual that signing particular deal in in of an a close have relationships Health And also very looking where where to

growth device But one management changes and of with also me, them in navigating we the navigate and is the our on the the strength helping to like real devices that areas and field. upgrades people with the have just

so say, more logistics So capabilities. are towards I physical would management the partnerships, the more those device than or types of

Operator

next today Stanley. Morgan question Marshall from is from Meta Our coming

Unknown Analyst

is Or just the cautiousness as around Meta cost-conscious to you like This from a ramping and is [ up Mary on the I more well? for extending cautiousness RFP on had you're behavior ] Marshall. activity deals? activity that seeing question RFP customers. Are seeing healthy

Paul Holtz

off passing say it's at or that are our we say suspension When devices mode looking and business would I so their cost-conscious traffic in base twofold. customers, aren't making and shut they're forth. into put sure being

base optimizing their and lot their to a looking they're closer costs. So

top still and certain deployments customers. ramp-up then slower when so so is obviously, And hit we some takes but in then forth, comes to line. our some issues forth, a optimize, it that supply and a they there on chain So customers are when seeing have

it's both. So

Operator

is from next from Bank. Deutsche coming Your question Matt Niknam

Michael Allen

on Michael in a of ARPU. little dig Allen on I Matt. to This just more wanted is kind for

decline just you pretty drove it about still give a but it sequentially. what talked was to you could year-over-year, was I So wondering just a if grew meaningful that. little on more

Paul Holtz

Yes.

a particular there customer. a said, onetime couple overage big I as QX, in that had was So for we

you'll a do that calculation you bump. get particular when So within a quarter,

$X.XX, do stable remain and or we be here even to bandwidth So But to like number. dollar business of a That our we into at blips normalized $X.XX expect for we new range forward. it don't programs. the or forecast back these were at big -- the going that anything higher QX, continues lot we higher as

Operator

from next is Latimore The Capital. coming Northland question Mike from

Aditya Dagaonkar

tell please you Could main debt me Latimore. Mike of year? behalf on what for Aditya covenants this is your is This

Paul Holtz

and covenants year. debt and have those the the total for -- X ones covenant X issues are main on Those debt this no covenant. first lien we have, are We a main

Aditya Dagaonkar

right. exiting you flow All you cash give target on Do still free could also, being this And cash some the color positive free year? flow?

Paul Holtz

Yes.

be the the So timing forth, depending of we so to plan, severance XXXX, exiting do now restructuring costs on with and expect positive.

Operator

We've closing or over turn to session. further the end comments. the to question-and-answer floor for I'd of reached our management like back any

Ronald Totton

our our third earnings today's Thank you, a for progress in quarter call. updating Have restructuring you results against day. joining plan good look everyone, We forward with on to our November.

Operator

That and teleconference conclude does you. webcast. Thank today's

line You time, at this a today. your may wonderful thank have for day. you your We participation and disconnect

KORE (KORE) 15 Aug 242024 Q2 Earnings call transcript