Kaltura (KLTR) Announces Stock Repurchase Program

Kaltura, Inc. (“Kaltura” or the “Company”) (Nasdaq: KLTR), the Video Experience Cloud, today announced that its Board of Directors has authorized a stock repurchase program for up to $5 million of the Company’s common stock.

“This repurchase authorization underscores the Board and Management’s strong conviction that our current share price is undervalued relative to our long-term opportunity. We remain committed to strategically deploying capital where we believe it can generate shareholder value,” said Ron Yekutiel, Chairman, President and Chief Executive Officer.

Under the program, the Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transactions, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, timing, and manner of any repurchases will be determined at the Company’s discretion, subject to general market conditions, as well as the Company’s management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The repurchase program does not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of the Board of Directors. The Company currently expects to fund the repurchase program from existing cash and cash equivalents, short-term investments and/or future cash flows.

The Company is also reaffirming its second quarter and full year 2024 Subscription Revenue, Total Revenue and Adjusted EBITDA guidance as was provided in the Company’s financial results press release for the first quarter of 2024, dated May 8, 2024.

Financial Outlook:

For the second quarter of 2024, Kaltura expects:

• Subscription Revenue to be between $39.6 million and $40.3 million.
• Total Revenue to be between $42.7 million and $43.5 million.
• Adjusted EBITDA to be between negative $0.6 million to positive $0.4 million.

For the full year ending December 31, 2024, Kaltura expects:

• Subscription Revenue to be between $161.2 million and $164.2 million.
• Total Revenue to be between $173.7 million and $176.7 million.
• Adjusted EBITDA to be in the range of $0 million to $1 million.

The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Adjusted EBITDA is defined as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses, adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses, facility exit and transition costs, restructuring charges and other non-recurring operating expenses.

Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company's current expectations relating to the macro-economic climate trends.

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