Summary of Refinancing Transaction
Why Invest In KORE?
1
2
3
4
KORE is the Only Public loT Pure-Play
KORE's singular focus is on helping customers adopt loT. We simplify
the complexities that have held loT back, and we help our customers
Deploy, Manage and Scale their loT use cases. KORE orchestrates the
IoT ecosystem, and provides loT connectivity, solutions, and analytics
services.
Significant Recurring Revenue
Approximately 85% of KORE's revenue is recurring. KORE's IoT
Connectivity customers may have thousands of devices deployed
for multiple years with high switching costs.
Accelerating Long-Term Organic Growth
KORE is targeting mid-to-high single-digit revenue growth in 2023, a
mid-to-high teens growth rate in 2024, positioning KORE to be a 20%
top line grower with an EBITDA margin in excess of 20% by 2025 (Rule
of 40).
Refinanced Balance Sheet/Improved Cash Flow
KORE has reduced total debt from ~$424 million to $305 million
through a term loan refinancing and $150 million strategic investment
from Searchlight Capital, which as increased cash flow flexibility and
added cash to the balance sheet.
KORE
5
6
7
Diverse Revenue Base
KORE serves over 4,000 customers with over 90% of revenues
derived from the top 300 customers and no customer
accounting for greater than 10% percent of total revenue.
Well Positioned In Growth Industries
like Connected Health
KORE's Connected Health vertical accounts for 35% - 40% of
total revenue; Fleet is over 15% and combined with Industrial
IoT, Asset Monitoring and Communications Services Providers &
Retail, KORE targets industries with over 80% of the lot spend in
the marketplace today.
Strong Competitive Moat
The company's strong portfolio of intellectual property
and its 45 carrier integrations provide KORE with a competitive
moat that is difficult for competitors to replicate.
15View entire presentation