KIT digital, Inc. (NASDAQ: KITD), a leading premium cloud-based
software solutions and technology services provider for multiscreen
video management and delivery, reported fourth quarter and full
year 2011 results for the period ended December 31, 2011. All
figures are listed in U.S. dollars.
Q4 2011 Highlights
- Revenue up 12% sequentially to record $70.0 million and up 82%
over Q4 2010
- Non-GAAP operating income (formerly referred to as operating
EBITDA) was up 15% sequentially to $16.5 million and up 144% over
Q4 2010
- Cash-based adjusted EPS totaled $0.37 in Q4 2011, from $0.02 in
2010
- Achieved positive free cash flow in the month of December 2011
of $2.5 million
Full Year 2011 Highlights
- Revenue up 102% to record $214.9 million from $106.6 million in
2010
- Non-GAAP operating income increased 159% to $47.4 million from
$18.3 million in 2010
- Cash-based adjusted EPS totaled $0.56 in 2011, an improvement
from $(0.15) in 2010
- GAAP net loss was $25.4 million or $(0.61) per basic and
diluted share in 2011, an improvement from a net loss of $35.3
million or $(1.63) per basic and diluted share in 2010
Other Q4 2011 Financial Results
The company estimates approximately 69% of the revenues in Q4
2011 were related to video platform fees, and approximately 31%
were derived from fees related to broadcast systems integration,
solutions and interface design, content transformation and other
professional services.
GAAP net income was $2.2 million or $0.05 per basic share in Q4
2011, compared to $4.8 million or $0.11 per basic share in the
previous quarter, and an improvement from a net loss of $8.5
million or $(0.31) per basic and diluted share in Q4 2010.
Non-GAAP operating income increased 15% to $16.5 million from
$14.3 million in the previous quarter, and increased 144% from $6.7
million in Q4 2010 (see important discussion of non-GAAP operating
income in "About Presentation of Non-GAAP Metrics," below).
Cash-based adjusted EPS in Q4 2011 totaled $0.37, an improvement
from $0.31 in Q3 2011 and $0.02 in Q4 2010 (see important
discussion of cash-based adjusted EPS in "About Presentation of
Non-GAAP Metrics," below).
Research and development (R&D) expenses in Q4 2011 were
estimated at approximately 6-7% of total revenue. While the company
will continue to expense rather than capitalize R&D as an
accounting policy, it plans to report R&D expenses in its
public filings starting in 2012.
Cash and cash equivalents at December 31, 2011 totaled $47.8
million, as compared to $60.0 million at September 30, 2011. It is
important to note that the cash level at the end of the year was
after approximately $10.5 million in acquisition consideration paid
out in cash in Q4.
Common shares outstanding at December 31, 2011 were 46.3
million.
Operating Metrics Summary
Q1-11 Q2-11 Q3-11 Q4-11
Customers (~) 2,200 2,300 2,400 2,450
Monthly Recurring Revenue per Client
(MRR) (~) $ 3,200 $ 4,800 $ 6,200 $ 6,600
Pipeline Growth (weighted probability
method) (~) 2.3% 2.9% 4.1% 4.0%
Revenue Churn 0.3% 0.4% 0.4% 0.2%
DSOs (adjusted for intra-period
acquisitions) 83 89 93 86
Q4 2011 Commercial Wins
KIT digital added more than 25 net new client contracts during
Q4 2011, with estimated average monthly revenue per client in
excess of $35,000. This increased the company's client base to
approximately 2,450 customers at December 31, 2011.
The company experienced significant additional utilization and,
in some cases, contract extensions with AT&T, BSkyB, The Walt
Disney Company and other tier 1 customers.
Selected new client wins included:
- Grupo Clarin, the largest media company in Argentina chose the
KIT Video Platform to support its online and mobile broadcasting
initiatives;
- Iusacell, one of Mexico's largest telecommunications companies,
selected KIT digital for multiple next-generation video services
for its mobile network operations and fiber-to-the-home
business;
- Initial launch customers for KIT digital's newly released
extensions to its connected device framework that allow video to be
controlled on the Xbox game console using gesture and voice control
included Channel Four, Channel Five, Prisa (Spain), and other
broadcasters and network operators in Europe and Asia;
- OSN, the largest satellite TV provider in the MENA region,
chose the KIT Video Platform to provide advanced over-the-top VOD
and live TV platform;
- RTE, a leading Irish broadcaster, engaged KIT digital to
develop the RTE Player, a catch-up TV service available on iPad,
IPhone and iPod Touch;
- Liberty Global, a leading international multi-systems cable
operator, selected KIT digital for extension to its video platform
that is being rolled out across all of Liberty Global's worldwide
subsidiaries. The service provides subscribers with the flexibility
to access video content on multiple devices anywhere there is a
broadband connection;
- SATV, the largest integrated entertainment television
broadcaster in Bangladesh, selected KIT digital to deploy a
next-generation TV infrastructure solution in advance of its launch
in Bangladesh;
- IBM was added as a key new technology, marketing and deployment
partner for the KIT Video Platform.
Management Commentary
"Our strong organic growth is reflected in these quarterly and
annual record results," said KIT digital's chairman and CEO, Kaleil
Isaza Tuzman. "We grew organically at an annualized rate of more
than 50% in Q4, as we won tier 1 network-operator and media client
deals in all three of our regions. When adjusting for the effect of
acquired companies in the comparable periods, we grew organically
by 33% in 2011 over 2010.
"In addition to growing our customer base, we increased the
amount of high-margin recurring revenue generated from each
customer. Our monthly recurring revenue per customer more than
doubled during the course of the year. We see this as evidence of
the growth within our recurring, high-margin license and
utilization fees segments (together, 'platform fees'), particularly
among large customers.
"The investments we are making now support our conviction that
we have set the stage for a strong 2012 and beyond. We are seeing a
growing stream of formal RFPs and OTT deployment opportunities
globally, fueled by an 'arms race' between and amongst MSOs/service
providers, content owners, and consumer electronics manufacturers
who act as 'virtual network operators.'"
Gavin Campion, KIT digital's president, added: "Our organization
has implemented more tier 1 OTT platforms than any of our
competitors on a global basis, and demand in the marketplace is
increasing. We foresee rapid growth in coming quarters and years
across the world, with particular acceleration in emerging markets
like Latin America, the Middle East and Southeast Asia.
"Our additional commitment of resources in Q4 and our
incremental investment and rationalization plan of approximately
$16 million in the first half of 2012 should reinforce our
leadership position. This increased investment will go towards
sales and marketing, R&D, and client services capabilities to
support future growth, and we expect the rationalization of certain
offices and client service centers to lead to savings of up to $10
million in 2013."
Growth Outlook KIT digital reaffirmed its
full year 2012 guidance:
- Revenue to range between $320 million and $330 million,
representing an increase over 2011 of approximately 30% organically
(using pro forma 2011 revenues of $246 million)
- Non-GAAP operating income margin between 23.5% and 25.5%
- Finish the year with a run-rate non-GAAP operating income
margin in the range of 27% to 29%
- Cash-based adjusted EPS expected to range between $1.35 to
$1.45 per share
Management adds to this outlook for 2012 an expectation of free
cash flow to range between $25 million and $35 million (after
taking into account previously mentioned additional investments in
1H 2012, as well as changes in working capital).
The company also reaffirmed its previous Q1 2012 guidance:
- Revenue of at least $72 million, representing a 3% sequential
and organic increase over Q4 2011, and up 109% from $34.5 million
in Q1 2011
- Cash-based adjusted EPS expected to range between $0.25 and
$0.30 per share
Management does not expect to generate positive free cash flow
in the first quarter due to the additional investments and
rationalization in the business that are expected to come largely
in Q1 and Q2. There are also specific temporary outlays of cash in
Q1 required to support certain larger client implementations -- for
example, to fund letters of credit and performance bonds -- which
are expected to be returned to the company over a short period of
time. The timing of these uses is such that the company expects to
see a significant 'step function' into positive cash flow in the
second quarter, with growth in free cash flow from that point
forward during the year.
The company has completed a four-year aggressive consolidation
phase and is now focused on a "normalized" M&A activity
appropriate to a software company at its growth rate and current
stage of development. Key elements of the company's M&A
strategy include targeting small acquisitions that:
- Support the company's R&D organization by adding discrete
technology and intellectual property that pass the "Buy versus
Build" test;
- Bolster resources in key growth regions (e.g., South East Asia,
Latin America, Middle East) to support local implementations and
client services;
- Expand commercial footprint in specific growth regions or
client verticals;
The company maintains a bias towards using operating free cash
flow and debt where possible, with equity an option particularly
for small services-led acquisitions. This could include, for
example, small acquisitions in the Asia-Pacific and Latin American
regions the company is currently considering to bolster delivery
and client service resources in those regions.
The company intends to file for a short-term extension for the
submission of its 2011 Form 10-K, to allow for verification of
intangibles valuation and completion of other items related to
accounting for acquisitions completed in 2011.
Conference Call
KIT digital's executive management team will host an online
video broadcast to discuss its fourth quarter and full year 2011
results today (Thursday, March 15) at 10:30 a.m. Eastern time (3:30
p.m. Central European time). The presentation will be followed by a
question and answer period.
The video broadcast of the presentation will be streamed online
via a link provided in the Investor Relations section of the
company's website. Please go to the website at least a few minutes
before the call in order to register your name and access the video
player page.
The Q&A session will not be video webcasted. For
participants who wish to listen to and participate in the Q&A
session, or access the call via telephone only, please dial the
conference telephone number below at least 5-10 minutes prior to
the scheduled start time:
Date: Thursday, March 15, 2012 Time: 10:30 a.m. Eastern time
(3:30 p.m. Central European time) Dial-in # (North America):
1-877-941-4774 Dial-in # (outside of North America): 1-480-629-9760
Conference ID: 4523402
If you are planning to watch the video broadcast, but will also
dial in to participate in the Q&A session following
management's presentation, please remember to place your telephone
handset down until the Q&A session begins and listen to
management's presentation through your computer speakers. This will
help avoid the necessary audio lag time between the phone line and
the Internet audio streaming.
If you have any difficulty connecting with the conference call,
please contact Liolios Group at +1-949-574-3860.
An online replay of the entire broadcast and Q&A will be
available via the Investor Relations section of the company's
website later today. A telephone replay of the call will also be
available after 1:30 p.m. Eastern time and until April 15,
2012:
Toll-free replay # (North America): 1-877-870-5176 International
replay # (outside of North America): 1-858-384-5517 Replay pin
number: 4523402
About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a premium provider of end-to-end
video management software and related services. The KIT Video
Platform, the company's cloud-based video asset management system,
enables enterprise, media & entertainment and network operator
clients to produce, manage and deliver multiscreen socially-enabled
video experiences to audiences wherever they are. KIT digital
services nearly 2,500 clients in 50+ countries including some of
the world's biggest brands, such as Airbus, The Associated Press,
AT&T, BBC, Bristol-Myers Squibb, BSkyB, Disney-ABC, FedEx,
Google, HP, Mediaset, MTV, News Corp, Telecom Argentina, Telefonica
O2, Universal Studios, Verizon, Vodafone and Volkswagen. KIT
digital maintains executive offices in New York and its operational
headquarters in Prague, Czech Republic, with offices in 21
countries around the world. Visit the company at www.kitd.com or
follow on Twitter at www.twitter.com/KITdigital.
About Cash-Based Adjusted EPS, Free Cash Flow
and Non-GAAP Operating Income
As noted in previous quarterly press releases and conference
calls, beginning with Q4 2011 results, KIT digital will report
cash-based adjusted EPS, a non-GAAP metric defined as GAAP EPS
after adding back non-cash items, including derivative income/loss,
stock-based compensation, impairment of property and equipment,
depreciation and amortization, as well as legal, accounting and
financial advisory fees directly related to mergers and
acquisitions. Management believes this metric provides an effective
view of normalized free cash flow generated from operations (i.e.,
excluding unusual items and changes in working capital), once
adjusted for capital expenditures. The company estimates its
capital expenditures to be 3.5% to 4.5% of revenues, mostly related
to maintenance-level capex since the company does not capitalize
research and development costs. In calculating cash-based adjusted
EPS, the company does not add back acquisition-related
restructuring and integration expenses. Company references to free
cash flow generated during completed periods (including its
reference to $2.5 million of free cash-flow generated in December
2011) refer to actual cash flow from operations less capital
expenditures.
Cash-based adjusted EPS is defined as GAAP EPS after adding back
non-cash items, including derivative income/loss, stock-based
compensation, impairment of property and equipment, depreciation
and amortization, as well as legal, accounting and financial
advisory fees directly related to mergers and acquisitions.
Management believes this metric provides an effective view of
normalized free cash flow generated from operations (i.e.,
excluding unusual items and changes in working capital), once
adjusted for capital expenditures.
Non-GAAP operating income, which the company previously referred
to as operating EBITDA, is defined as earnings before non-cash
derivative income/loss, non-cash stock-based compensation,
impairment of property and equipment, merger and acquisition
expenses, restructuring and integration expenses, and depreciation
and amortization. It is important to note that the company did not
report any restructuring and integration expenses in Q4 2011.
GAAP to non-GAAP
Reconciliation Three months ended Years ended
(amounts in
thousands) December 31, December 31,
------------------------- -------------------------
2011 2010 2011 2010
----------- ----------- ----------- -----------
Consolidated
Statement of
Operations
Reconciliation
Net income (loss) on
a GAAP basis $ 2,160 $ (8,502) $ (25,356) $ (35,260)
Non-cash stock-
based
compensation 6,373 1,796 18,330 4,705
Merger and
acquisition and
investor
relations
expenses 2,075 2,037 18,739 5,448
Depreciation and
amortization 6,288 2,258 14,912 8,368
Restructuring
charges - - 3,352 3,481
Integration
expenses - 5,705 21,022 16,539
Impairment of
intangible assets - 438 - 438
Interest income (42) (49) (217) (82)
Interest expense 641 297 1,983 860
Amortization of
deferred
financing costs 104 19 302 52
Derivative
(income) expense (9) 2,365 (3,679) 12,891
Other (income)
expense (1,486) (110) (2,495) 365
Income tax expense 347 494 473 518
----------- ----------- ----------- -----------
Non-GAAP Operating
income $ 16,451 $ 6,748 $ 47,366 $ 18,323
=========== =========== =========== ===========
Consolidated
Statement of
Operations
Reconciliation per
Share
Basic net income
(loss) per share on
a GAAP basis $ 0.05 $ (0.31) $ (0.61) $ (1.63)
Non-cash stock-
based
compensation 0.14 0.07 0.44 0.22
Merger and
acquisition and
investor
relations
expenses 0.04 0.07 0.45 0.25
Depreciation and
amortization 0.14 0.08 0.36 0.39
Restructuring
charges - - 0.08 0.16
Integration
expenses - 0.21 0.51 0.77
Impairment of
intangible assets - 0.02 - 0.02
Interest income - - - -
Interest expense 0.01 0.01 0.05 0.04
Amortization of
deferred
financing costs - - 0.01 -
Derivative
(income) expense - 0.09 (0.09) 0.60
Other (income)
expense (0.03) (0.01) (0.06) 0.01
Income tax expense 0.01 0.02 0.01 0.02
----------- ----------- ----------- -----------
Non-GAAP Operating
income per share $ 0.36 $ 0.25 $ 1.15 $ 0.85
=========== =========== =========== ===========
Basic weighted
average common
shares outstanding 46,282,273 27,537,967 41,355,265 21,586,655
=========== =========== =========== ===========
GAAP to non-GAAP
Reconciliation Three months ended Twelve Months ended
(amounts in
thousands) December 31, December 31,
------------------------- -------------------------
2011 2010 2011 2010
----------- ----------- ----------- -----------
Consolidated
Statement of
Operations
Reconciliation
Net income (loss) on
a GAAP basis $ 2,160 $ (8,502) $ (25,356) $ (35,260)
Non-cash stock-
based
compensation 6,373 1,796 18,330 4,705
Merger and
acquisition and
investor
relations
expenses 2,075 2,037 18,739 5,448
Depreciation and
amortization 6,288 2,258 14,912 8,368
Impairment of
intangible assets - 438 - 438
Amortization of
deferred
financing costs 104 19 302 52
Derivative
(income) expense (9) 2,365 (3,679) 12,891
----------- ----------- ----------- -----------
Cash-Based Adjusted
income $ 16,991 $ 411 $ 23,248 $ (3,358)
=========== =========== =========== ===========
Consolidated
Statement of
Operations
Reconciliation per
Share
Basic net income
(loss) per share on
a GAAP basis $ 0.05 $ (0.31) $ (0.61) $ (1.63)
Non-cash stock-
based
compensation 0.14 0.07 0.44 0.22
Merger and
acquisition and
investor
relations
expenses 0.04 0.07 0.45 0.25
Depreciation and
amortization 0.14 0.08 0.36 0.39
Impairment of
intangible assets - 0.02 - 0.02
Amortization of
deferred
financing costs - - 0.01 -
Derivative
(income) expense - 0.09 (0.09) 0.60
----------- ----------- ----------- -----------
Cash-Based Adjusted
income per share $ 0.37 $ 0.02 $ 0.56 $ (0.15)
=========== =========== =========== ===========
Basic weighted
average common
shares outstanding 46,282,273 27,537,967 41,355,265 21,586,655
=========== =========== =========== ===========
About Presentation of Non-GAAP Metrics
Non-GAAP metrics referred to herein include non-GAAP operating
income, cash-based adjusted EPS, and free cash flow. None of these
metrics are calculated in accordance with U.S. generally accepted
accounting principles (GAAP) and should not be considered in
isolation, or as an alternative to net income, operating income or
other financial measures reported under GAAP. Other companies
(including the company's competitors) may define these metrics
differently. The company presents these metrics because it believes
them to be important supplemental measures of performance.
Management also uses some of this information internally for
forecasting, budgeting and performance-based executive
compensation. It may not be indicative of the historical operating
results of KIT digital nor is it intended to be predictive of
potential future results.
Important Cautions Regarding Forward-Looking
Statements This press release contains certain
"forward-looking statements" related to the businesses of KIT
digital, Inc., which can be identified by the use of
forward-looking terminology, such as "believes," "estimates,"
"expects," "intends," "anticipates", "will continue," "projects,"
"plans" and variations of such words or similar expressions, but
their absence does not mean that the statement is not
forward-looking. Statements in this announcement that are
forward-looking include, but are not limited to, statements made by
management regarding estimated levels of revenues, non-GAAP
operating margin, and cash-based adjusted EPS in the first quarter
and full year of 2012, estimated capital expenditures as a
percentage of revenues, expected revenue contributions from its
Sezmi acquisition, anticipated organic annual growth rate,
potential strategic transactions and future stock listing on the
LSE. Such forward-looking statements involve known and unknown
risks and uncertainties, including uncertainties relating to
product development and commercialization, integration of acquired
businesses, the ability to obtain or maintain patent and other
proprietary intellectual property protection, market acceptance,
future capital requirements, regulatory actions or delays,
competition in general and other factors that may cause actual
results to be materially different from those described herein.
Certain of these risks and uncertainties are or will be described
in greater detail in our public filings with the U.S. Securities
and Exchange Commission. Except as required by U.S. federal
securities laws, KIT digital is not under obligation to (and
expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
KIT DIGITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands, Except Share Data)
December 31, December 31,
2011 2010
------------- -------------
Assets:
Current assets:
Cash and cash equivalents $ 47,764 $ 141,233
Restricted cash 238 2,000
Investment 1,915 1,050
Accounts receivable, net 73,970 29,349
Unbilled revenue 13,899 537
Inventory, net 1,338 301
Loan receivable, current portion 2,756 2,486
Other current assets 11,350 5,104
------------- -------------
Total current assets 153,230 182,060
------------- -------------
Property and equipment, net 12,070 5,987
Loan receivable, net of current 5,876 8,361
Deferred tax assets 4,556 -
Intangible assets 65,242 13,248
Goodwill 268,884 89,004
------------- -------------
Total assets $ 509,858 $ 298,660
============= =============
Liabilities and Stockholders' Equity:
Current liabilities:
Capital lease and other obligations,
current portion $ 171 $ 608
Secured notes payable, net of debt
discount, current portion 6,406 1,709
Notes payable 2,525 -
Accounts payable 18,245 12,740
Accrued expenses 6,651 6,411
Deferred revenue 5,276 4,223
Income tax payable 1,207 858
Deferred tax liability 17,795 682
Acquisition liabilities, current portion 15,765 2,115
Derivative liability 557 6,096
Other current liabilities 25,503 2,887
------------- -------------
Total current liabilities 100,101 38,329
Capital lease and other obligations, net of
current 201 175
Secured notes payable, net of current 11,868 4,127
Acquisition liabilities, net of current 41,990 10,405
------------- -------------
Total liabilities 154,160 53,036
------------- -------------
Equity:
Stockholders' equity:
Common stock, $0.0001 par value:
authorized 150,000,000 shares; issued
and outstanding 46,342,851 and
33,196,952, respectively 5 3
Additional paid-in capital 514,145 375,578
Accumulated deficit (154,559) (129,203)
Accumulated other comprehensive income
(loss) (3,893) (754)
------------- -------------
Total stockholders' equity 355,698 245,624
------------- -------------
Total liabilities and stockholders' equity $ 509,858 $ 298,660
============= =============
KIT DIGITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Amounts in Thousands, Except Share and Per Share Data)
Three months ended Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2011 2010 2011 2010
----------- ----------- ----------- -----------
Revenue $ 70,018 $ 38,432 $ 214,932 $ 106,597
----------- ----------- ----------- -----------
Variable and direct
third party costs:
Cost of goods and
services (exclusive
of depreciation
shown separately
below) 10,519 15,165 43,819 37,355
Hosting, delivery,
reporting and
content costs 3,468 1,620 10,703 5,401
Direct third party
creative production
costs 519 767 1,856 3,387
----------- ----------- ----------- -----------
Total variable and
direct third party
costs 14,506 17,552 56,378 46,143
----------- ----------- ----------- -----------
Gross profit 55,512 20,880 158,554 60,454
----------- ----------- ----------- -----------
General and
administrative
expenses:
Compensation, travel
and associated costs
(including non-cash
stock-based
compensation of
$6,373, $1,796,
$18,330 and $4,705,
respectively) 38,157 9,496 106,355 31,041
Legal, accounting,
audit and other
professional service
fees 1,172 1,225 3,423 2,870
Office, marketing and
other corporate
costs 6,105 5,207 19,740 12,925
Merger and
acquisition and
investor relations
expenses 2,075 2,037 18,739 5,448
Depreciation and
amortization 6,288 2,258 14,912 8,368
Restructuring charges - - 3,352 3,481
Integration expenses - 5,705 21,022 16,539
Impairment of
intangible assets - 438 - 438
----------- ----------- ----------- -----------
Total general and
administrative
expenses 53,797 26,366 187,543 81,110
----------- ----------- ----------- -----------
Income (loss) from
operations 1,715 (5,486) (28,989) (20,656)
----------- ----------- ----------- -----------
Interest income 42 49 217 82
Interest expense (641) (297) (1,983) (860)
Amortization of
deferred financing
costs and debt
discount (104) (19) (302) (52)
Derivative income
(expense) 9 (2,365) 3,679 (12,891)
Other (expense)
income 1,486 110 2,495 (365)
----------- ----------- ----------- -----------
Net income (loss)
before income taxes 2,507 (8,008) (24,883) (34,742)
Income tax benefit
(expense) (347) (494) (473) (518)
----------- ----------- ----------- -----------
Net income (loss)
available to common
shareholders $ 2,160 $ (8,502) $ (25,356) $ (35,260)
=========== =========== =========== ===========
Basic net income (loss)
per common share $ 0.05 $ (0.31) $ (0.61) $ (1.63)
=========== =========== =========== ===========
Basic weighted average
common shares
outstanding 46,282,273 27,537,967 41,355,265 21,586,655
=========== =========== =========== ===========
Comprehensive income
(loss):
Net income (loss) $ 2,160 $ (8,502) $ (25,356) $ (35,260)
Foreign currency
translation (1,693) (530) (3,186) (557)
Change in unrealized
gain on investments,
net 43 15 52 133
----------- ----------- ----------- -----------
Comprehensive income
(loss): $ 510 $ (9,017) $ (28,489) $ (35,684)
=========== =========== =========== ===========
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KIT digital Investor Contacts: Murray Arenson VP,
Investor Relations & Corporate Development Tel. +1-646-553-4900
Email Contact Matt Glover or Geoffrey Plank Liolios Group, Inc.
Tel. +1-949-574-3860 Email Contact
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