Q1 2024 Kaltura Inc Earnings Call Transcript
Key Points
- Kaltura Inc (KLTR) reported a record total revenue of $44.8 million for Q1 2024, marking a 3% year-over-year increase.
- Subscription revenue also saw a rise, reaching $41.2 million, up 2% year-over-year.
- Adjusted EBITDA was positive at $0.6 million, indicating a third consecutive quarter of adjusted EBITDA profitability.
- Cash consumption from operations improved significantly, down to $1.1 million from $7.4 million in Q1 2023.
- Gross retention rate continued to improve for the third consecutive quarter, reaching the highest level in five quarters.
- Despite the overall revenue growth, the increase was modest at only 3% year-over-year.
- New bookings were slow in Q1 2024, with several large deals slipping into the second quarter.
- The company's net dollar retention rate for the quarter was 98%, showing no change from Q4 2023 but down from 103% in Q1 2023.
- Total revenue and subscription revenue forecasts for Q2 2024 indicate a modest low single-digit sequential decline.
- The remaining performance obligations were down 1% year-over-year, reflecting potential challenges in future revenue recognition.
Good morning, everyone, and welcome to Telx tours First Quarter 2024 earnings conference call. At this time, all participants on only If you require any assistance during the conference, please press star zero on your telephone keypad. All material contained in this webcast is the sole property and copyright of Kotura with all rights reserved for opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Thank you. Please go ahead.
Thank you, operator, and good morning. I'm joined by Ron Utell, Cal tours, Co-Founder, Chairman President and Chief Executive Officer, and John Doherty, Chief Financial Officer. Ron will begin with a summary of results for the first quarter ended March 31, 2024, and provide a business update. John will then review the financial results for the first quarter of 2024 in greater detail, followed by the company's outlook for the second quarter and full year of 2024. We will then open the call for questions.
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