Business
KLDiscovery Inc. Achieves First Quarter Revenue of $78.3 Million, Up 4.3% Year-over-Year
KLDiscovery Inc. Achieves First Quarter Revenue of $78.3 Million, Up 4.3% Year-over-Year.
About this update from Kldiscovery Inc.
[{"type":"text","content":"\nKLDiscovery Inc. (“KLDiscovery” or the “Company”), a leading global provider of electronic discovery, information governance and data recovery services, announced today that revenue for the first quarter ended March 31, 2020 was $78.3 million, an increase of 4.3% over revenue of $75.0 million for first quarter of 2019.\n\n\nNet loss for the first quarter ended March 31, 2020 was $12.5 million compared to net loss of $13.5 million for the first quarter of 2019. EBITDA for the first quarter of 2020 was $12.5 million, an increase of 11.4% compared to EBITDA of $11.2 million for the first quarter of 2019.\n\n\nAdjusted EBITDA (which excludes management fees and stock-based compensation, acquisition financing and transaction costs and other items as described below) for the first quarter of 2020, was $15.0 million compared to adjusted EBITDA of $15.1 million for the first quarter of 2019. Reconciliations of EBITDA and Adjusted EBITDA to their GAAP basis results are shown in detail below, along with definitions for those terms.\n\n\nAs of March 31, 2020, the Company had approximately $50.6 million in cash and cash equivalents.\n\n\n“I am extremely proud of achieving a very good first quarter of 2020 while operating under the challenging circumstances resulting from the COVID-19 global pandemic,” said Christopher Weiler, CEO of KLDiscovery Inc. “Business activity is strong as we continue to add clients and expand existing contracts including: facilitating a large second request, supporting a major international company that is facing a variety of COVID-19 related actions, and other significant wins with new clients in the legal, financial and retail industries. In the first quarter of 2020, our revenue was up 4.3% year-over-year and EBITDA increased 11.4% year-over year. As COVID-19 restrictions are eased, and global businesses work towards resuming normal operations, we believe we will experience an increase in new business opportunities. In addition to pent-up demand, there will likely be a material amount of litigation and investigations which occur as a result of the COVID-19 crisis.”\n\n\nWeiler continued, “We have proactively taken steps to ensure continuity of operations during this crisis. Virtually all full-time employees are working from home and we have taken precaution...