that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE's expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

KORE Investor Contact:

Vik Vijayvergiya

Vice President, IR, Corporate Development and Strategy

vvijayvergiya@korewireless.com

(770) 280-0324

 
                                    KORE GROUP HOLDINGS, INC. 
                           RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA 
                                            (UNAUDITED) 
 
                                Three Months Ended                     Nine Months Ended 
                                   September 30,                          September 30, 
                       -------------------------------------  ------------------------------------ 
(in thousands)                2024               2023               2024               2023 
                       ------------------  -----------------  -----------------  ----------------- 
Net loss               $         (19,408)  $        (95,361)  $       (120,628)  $       (133,350) 
 Income tax benefit                 (412)            (3,093)            (2,486)            (3,957) 
 Interest expense, 
  net                              13,059             10,615             38,349             31,217 
 Depreciation and 
  amortization                     14,214             14,457             42,243             43,094 
                       ------------------  -----------------  -----------------  ----------------- 
EBITDA                              7,453           (73,382)           (42,522)           (62,996) 
 Goodwill impairment                   --             78,255             65,864             78,255 
 Change in fair value 
  of warrant 
  liability                           337               (14)            (6,349)               (14) 
 Transformation 
  expenses                             --              1,876                 --              5,434 
 Acquisition costs                     --                 --                 --              1,776 
 Integration-related 
  restructuring 
  costs                             5,574              3,011             14,262              8,333 
 Stock-based 
  compensation                        532              3,435              7,202              9,010 
 Foreign currency 
  loss                            (1,003)                781              1,199              1,018 
 Other (1)                             93                197              (494)                910 
                       ------------------  -----------------  -----------------  ----------------- 
Adjusted EBITDA         $          12,986  $          14,159  $          39,162  $          41,726 
                       ==================  =================  =================  ================= 
 
 
 
(1) "Other" adjustments are comprised of adjustments for certain indirect or 
non-income based taxes. 
 
 
KORE GROUP HOLDINGS, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING 
                 ACTIVITIES TO FREE CASH FLOW (UNAUDITED) 
 
                                   Nine Months Ended September 30, 
                           ----------------------------------------------- 
(in thousands)                      2024                     2023 
                           -----------------------  ---------------------- 
Net cash provided by 
 operating activities       $                7,066  $                4,493 
Purchases of property and 
 equipment                                 (1,944)                 (3,410) 
Additions to intangible 
 assets                                   (10,233)                (12,186) 
                           -----------------------  ---------------------- 
Free cash flow             $               (5,111)  $             (11,103) 
                           =======================  ====================== 
 

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SOURCE KORE Group Holdings, Inc.

(END) Dow Jones Newswires

November 19, 2024 16:05 ET (21:05 GMT)