Annuncio pubblicitario
Italia markets open in 7 hours 54 minutes
  • Dow Jones

    39.065,26
    -605,78 (-1,53%)
     
  • Nasdaq

    16.736,03
    -65,51 (-0,39%)
     
  • Nikkei 225

    39.103,22
    +486,12 (+1,26%)
     
  • EUR/USD

    1,0817
    -0,0001 (-0,01%)
     
  • Bitcoin EUR

    62.551,61
    -1.296,18 (-2,03%)
     
  • CMC Crypto 200

    1.466,35
    -36,31 (-2,42%)
     
  • HANG SENG

    18.868,71
    -326,89 (-1,70%)
     
  • S&P 500

    5.267,84
    -39,17 (-0,74%)
     

UCLOUDLINK GROUP INC. Announces Unaudited Second Quarter 2022 Financial Results

HONG KONG, Aug. 24, 2022 (GLOBE NEWSWIRE) -- UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ: UCL), the world’s first and leading mobile data traffic sharing marketplace, today announced its unaudited financial results for the three months ended June 30, 2022.

Second Quarter 2022 Financial Highlights

  • Total revenues were US$18.0 million, representing a decrease of 6.3% from US$19.2 million in the second quarter of 2021.

  • Gross profit was US$8.0 million, representing an increase of 47.2% from US$5.4 million in the second quarter of 2021.

  • Loss from operations was US$5.8 million, compared to a loss from operations of US$8.2 million in the second quarter of 2021.

  • Net loss was US$6.3 million, compared to a net loss of US$8.2 million in the second quarter of 2021.

  • Adjusted net loss (non-GAAP) was US$1.5 million, compared to an adjusted net loss of US$6.1 million in the second quarter of 2021.

  • Adjusted EBITDA (non-GAAP) was negative US$1.0 million, compared to negative US$5.5 million in the second quarter of 2021.

Second Quarter 2022 Operational Highlights

  • Total data consumed in the second quarter through the Company’s platform was 43,402 terabytes (4,405 terabytes procured by the Company and 38,997 terabytes procured by our business partners), representing an increase of 6.4% from 40,777 terabytes in the second quarter of 2021.

  • Average daily active terminals in the second quarter were 292,432 (1,223 owned by the Company and 291,209 owned by our business partners), representing an increase of 23.6% from 236,553 in the second quarter of 2021. 68.0% of daily active terminals was from uCloudlink 2.0 local data connectivity services and 32.0% of daily active terminals was from uCloudlink 1.0 international data connectivity services during the second quarter of 2022. Average daily data usage per terminal was 1.58 GB in June 2022.

  • As of June 30, 2022, we had served 2,275 business partners in 56 countries and regions. We had 184 patents with 116 approved and 68 pending approval, while our pool of SIM cards was from 311 MNOs globally as of June 30, 2022.

ANNUNCIO PUBBLICITARIO

Executive Commentary

“We are more than pleased to announce that our total revenues reached US$18.0 million during the second quarter of 2022, which was slightly above our previous projection range due to a faster-than-expected recovery of international data connectivity services and development of local data connectivity services. We successfully achieved a positive operating cash flow for the first time since the second quarter of 2020 during the COVID-19 pandemic. During the quarter, we delivered mass 5G products to the global market, and these premium products have been exceptionally well received by customers in Japan and the United States. On the IoT side, our IP Camera launched last quarter with a domestic focus has been actively promoted internationally, and we expect to launch more 5G and IoT solutions and products that cater to the needs of a diverse set of enterprise and individual customers in the future. We believe our international data connectivity services business will continue to rebound and our innovative global 5G roaming solutions and technologies will facilitate us to strengthen the leading position in international data connectivity services. Leveraging our patented technologies such as cloud SIM technology and hyper-connectivity solution, our unique partnership base allows us to operate across more than 140 countries and regions, and our customized service alternatives allow us to provide reliable, high-quality and innovative mobile data connection. We believe that the transformation from ‘connected’ to ‘better connection’ is an inevitable trend of the information age, and we are committed to building a PaaS and SaaS ecosystem that offers flexible data connectivity solutions for our customers. This continues to be an important part of our growth strategy that we anticipate fueling long-term prosperity for the Company.” said Chaohui Chen, Director and CEO of UCLOUDLINK.

Yimeng Shi, Chief Financial Officer of UCLOUDLINK, stated, “In the second quarter of 2022, revenues from services were US$11.2 million, representing an increase of 20.7% from US$9.3 million in the same period of 2021. Parallel to revenue from services outperformance, we also saw significant increase in gross margin on services to 56.2% from 45.4% in the prior-year period, which was primarily attributable to higher margin profiles from international data connectivity services. Excluding share-based compensation, operating expenses as a percentage of total revenues decreased to 41% in the second quarter of 2022 from 61% during the same period of 2021, showcasing tangible results from the Company’s efficiency improvement strategy on business operation. We believe we will continue strengthening our solid financial and operational position as we look to accelerate growth.”

Second Quarter 2022 Financial Results

Revenues

Total Revenues were US$18.0 million, representing a decrease of 6.3% from US$19.2 million in the same period of 2021.

  • Revenues from services were US$11.2 million, representing an increase of 20.7% from US$9.3 million in the same period of 2021. This increase was primarily attributable to the increase in revenues from international and local data connectivity services, partially offset by a decrease in revenues from PaaS and SaaS services.

    • Revenues from data connectivity services were US$8.6 million, representing an increase of 42.5% from US$6.0 million in the same period of 2021. This increase was primarily attributable to an increase in revenues from international data connectivity services to US$6.8 million in the second quarter of 2022 from US$4.8 million in the same period of 2021, and an increase in revenues from local data connectivity services to US$1.8 million in the second quarter of 2022 from US$1.2 million in the same period of 2021. This increase in revenues from data connectivity services was mainly attributable to the gradual recovery of international travel and the continuous development of our local data connectivity services.

    • Revenues from PaaS and SaaS services were US$2.5 million, representing a decrease of 21.9% from US$3.2 million in the same period of 2021. This decrease was primarily due to a decrease in certain customized software upgrade services provided compared to the same period of 2021.

  • Revenues from sales of products were US$6.8 million, representing a decrease of 31.7% from US$9.9 million in the same period of 2021, primarily due to the decrease in sales of data related products and others.

  • Geographic Distribution 

    During the second quarter of 2022, as a percentage of our total revenues, Japan contributed 38.1%, Mainland China contributed 1.4% and other countries and regions contributed the remaining 60.5%, compared to 52.6%, 8.3% and 39.1%, respectively, in the same period of 2021.

Cost of Revenues

Cost of revenues was US$10.0 million, representing a decrease of 27.2% from US$13.8 million in the same period of 2021. This decrease was mainly attributable to lower costs associated with the decrease in sales of products.

  • Cost of services was US$4.9 million, representing a decrease of 3.0% from US$5.1 million in the same period of 2021.

  • Cost of products sold was US$5.1 million, representing a decrease of 41.3% from US$8.7 million in the same period of 2021.

Gross Profit

Overall gross profit was US$8.0 million, compared to US$5.4 million in the same period of 2021. Overall gross margin was 44.1% in the second quarter of 2022, compared to 28.1% in the same period of 2021.

Our gross profit on services was US$6.3 million, compared to US$4.2 million in the same period of 2021. Our gross margin on services was 56.2% in the second quarter of 2022, compared to 45.4% in the same period of 2021.

Our gross profit on sales of products was US$1.7 million, compared to US$1.2 million in the same period of 2021. Our gross margin on sales of products was 24.1% in the second quarter of 2022, compared to 11.8% in the same period of 2021.

Operating Expenses

Total operating expenses were US$8.3 million, compared to US$12.9 million in the same period of 2021.

  • Research and development expenses were US$2.4 million, representing a decrease of 20.4% from US$3.0 million in the same period of 2021. This decrease was primarily due to a decrease of US$0.8 million in staff costs related to cost control measures, partially offset by an increase of US$0.3 million in share-based compensation expenses.

  • Sales and marketing expenses were US$2.5 million, representing a decrease of 33.7% from US$3.8 million in the same period of 2021. This decrease was primarily due to a decrease of US$0.8 million in promotional fees and a decrease of US$0.4 million in staff costs related to cost control measures.

  • General and administrative expenses were US$3.4 million, representing a decrease of 44.1% from US$6.1 million in the same period of 2021. This decrease was primarily due to a decrease of US$1.5 million in professional service fees, a decrease of US$0.8 million in staff costs related to cost control measures, and a decrease of US$0.4 million in share-based compensation expenses.

Loss from Operations

Loss from operations was US$5.8 million, compared to a loss from operations of US$8.2 million in the same period of 2021.

Adjusted EBITDA (Non-GAAP)

Adjusted EBITDA (Non-GAAP), which excludes the impact of share-based compensation, fair value gain/loss in other investments, share of profit/loss in equity method investment, net of tax, interest expense, income tax credit/expenses and depreciation and amortization, was negative US$1.0 million, compared to negative US$5.5 million in the same period of 2021.

Net Interest Expenses

Net interest expenses were US$0.2 million, compared to net interest expenses of US$0.05 million in the same period of 2021.

Net Loss

Net loss was US$6.3 million, compared to a net loss of US$8.2 million in the same period of 2021.

Adjusted Net Loss (Non-GAAP)

Adjusted net loss, which excludes the impact of share-based compensation, fair value gain/loss in other investments and share of profit/loss in equity method investment, net of tax, was US$1.5 million, compared to an adjusted net loss US$6.1 million in the same period of 2021.

Basic and Diluted Loss per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were US$0.22 in the second quarter of 2022, basic and diluted loss per ADS was US$0.29 in the same period of 2021.

Cash and Cash Equivalents and Short-Term Deposits

As of June 30, 2022, the Company had cash and cash equivalents and short-term deposits of US$12.2 million, compared to US$11.2 million as of March 31, 2022. This increase was primarily contributed to net inflow of US$2.5 million from operations and net proceeds of US$2.2 million from bank borrowings, partially offset by a repayment of US$2.9 million for bank borrowings.

Capital Expenditures (“CAPEX”)

CAPEX was US$0.2 million compared to US$0.3 million in the same period of 2021.

Business Outlook

For the third quarter of 2022, UCLOUDLINK expects total revenues to be between US$18.0 million and US$19.0 million, representing a decrease of 1.6% to 6.7% compared to the same period of 2021.

The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions and customer demand. The global outbreak of COVID-19, which has had a severe and negative impact on the global economy since the first quarter of 2020, continues to present various global risks, the full impact of which are still evolving. We will carefully monitor COVID-19 related factors such as vaccine rollouts, the impact of which is difficult to analyze and predict, and subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents, adjusted net loss and adjusted EBITDA, as supplemental measures to review and assess the Company’s operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted net loss is defined as net loss excluding share-based compensation, fair value gain/loss in other investments and share of profit/loss in equity method investment, net of tax. Adjusted EBITDA is defined as net loss excluding share-based compensation, fair value gain/loss in other investments, share of profit/loss in equity method investment, net of tax, interest expense, income tax credit/expenses and depreciation and amortization.

The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non- GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation, fair value gain/loss in other investments and share of profit/loss in equity method investment, net of tax, have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of adjusted net loss. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensate for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call

UCLOUDLINK will hold a conference call at 8:30 a.m. Eastern Time on Wednesday, August 24, 2022 (8:30 p.m. Beijing Time on the same day) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:

International:

+1-412-902-4272

US (Toll Free):

+1-888-346-8982

UK (Toll Free):

0-800-279-9489

UK (Local Toll):

0-207-544-1375

Mainland China (Toll Free):

400-120-1203

Hong Kong (Toll Free):

800-905-945

Hong Kong (Local Toll):

+852-3018-4992

Singapore (Toll Free):

800-120-6157

Australia (Toll Free):

1-800-121301

Participants should dial in at least 10 minutes before the scheduled start time and ask to be connected to the call for “UCLOUDLINK GROUP INC.”

Additionally, a live and archived webcast of the conference call will be available at https://ir.ucloudlink.com.

A telephone replay will be available one hours after the end of the conference until August 31, 2022 by dialing:

US (Toll Free):

+1-877-344-7529

International:

+1-412-317-0088

Canada (Toll Free):

855-669-9658

Replay Passcode:

4943035

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world’s first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the financial guidance and quotations from management in this announcement, as well as UCLOUDLINK’s strategic and operational plans, contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: UCLOUDLINK’s strategies; UCLOUDLINK’s future business development, financial condition and results of operations; UCLOUDLINK’s ability to increase its user base and usage of its mobile data connectivity services, and improve operational efficiency; competition in the global mobile data connectivity service industry; changes in UCLOUDLINK’s revenues, costs or expenditures; governmental policies and regulations relating to the global mobile data connectivity service industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic to UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and UCLOUDLINK undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

UCLOUDLINK GROUP INC.

Jillian Zeng

Tel: +852-2180-6111

E-mail: ir@ucloudlink.com

 

Investor Relations:

The Equity Group Inc.

Alice Zhang, Investor Relations Analyst

Tel: +1-212-836-9610

E-mail: azhang@equityny.com

 

In China:

Lucy Ma, Associate

Tel: +86 10 5661 7012

E-mail: lma@equityny.com

UCLOUDLINK GROUP INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of US$, except for share and per share data)

 

As of December 31,

 

 

As of June 30,

 

2021

 

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

7,868

 

 

 

 

11,985

 

Short-term deposit

 

196

 

 

 

 

195

 

Accounts receivable, net

 

14,923

 

 

 

 

12,919

 

Inventories

 

6,133

 

 

 

 

4,937

 

Prepayments and other current assets

 

6,225

 

 

 

 

5,078

 

Other investments

 

12,587

 

 

 

 

10,177

 

Amounts due from related parties

 

1,153

 

 

 

 

271

 

Total current assets

 

49,085

 

 

 

 

45,562

 

Non-current assets

 

 

 

 

 

 

Prepayments

 

1,310

 

 

 

 

916

 

Long-term investments

 

1,867

 

 

 

 

1,853

 

Other investments

 

12,058

 

 

 

 

7,738

 

Property and equipment, net

 

1,796

 

 

 

 

1,455

 

Intangible assets, net

 

1,009

 

 

 

 

887

 

Total non-current assets

 

18,040

 

 

 

 

12,849

 

TOTAL ASSETS

 

67,125

 

 

 

 

58,411

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short term borrowings

 

3,177

 

 

 

 

5,224

 

Accrued expenses and other liabilities

 

27,580

 

 

 

 

25,282

 

Accounts payable

 

12,986

 

 

 

 

9,952

 

Amounts due to related parties

 

1,453

 

 

 

 

1,376

 

Contract liabilities

 

1,575

 

 

 

 

1,492

 

Convertible promissory notes

 

-

 

 

 

 

4,524

 

Financial derivative instrument

 

-

 

 

 

 

672

 

Total current liabilities

 

46,771

 

 

 

 

48,522

 

Non-current liabilities

 

 

 

 

 

 

Other non-current liabilities

 

262

 

 

 

 

233

 

Total non-current liabilities

 

262

 

 

 

 

233

 

TOTAL LIABILITIES

 

47,033

 

 

 

 

48,755

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Class A ordinary shares

 

8

 

 

 

 

8

 

Class B ordinary shares

 

6

 

 

 

 

6

 

Additional paid-in capital

 

230,048

 

 

 

 

231,984

 

Accumulated other comprehensive (loss)/income

 

(446

)

 

 

 

1,386

 

Accumulated losses

 

(209,524

)

 

 

 

(223,728

)

TOTAL SHAREHOLDERS’ EQUITY

 

20,092

 

 

 

 

9,656

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

67,125

 

 

 

 

58,411

 

 

 

 

 

 

 

 

 

 

UCLOUDLINK GROUP INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands of US$, except for share and per share data)

 

 

For the three months ended

 

 

For the six months ended

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

Revenues

 

 

19,240

 

 

 

 

18,024

 

 

 

 

36,934

 

 

 

 

33,637

 

Revenues from services

 

 

9,327

 

 

 

 

11,257

 

 

 

 

17,710

 

 

 

 

21,084

 

Sales of products

 

 

9,913

 

 

 

 

6,767

 

 

 

 

19,224

 

 

 

 

12,553

 

Cost of revenues

 

 

(13,837

)

 

 

 

(10,069

)

 

 

 

(26,000

)

 

 

 

(19,847

)

Cost of services

 

 

(5,090

)

 

 

 

(4,936

)

 

 

 

(10,460

)

 

 

 

(9,947

)

Cost of products sold

 

 

(8,747

)

 

 

 

(5,133

)

 

 

 

(15,540

)

 

 

 

(9,900

)

Gross profit

 

 

5,403

 

 

 

 

7,955

 

 

 

 

10,934

 

 

 

 

13,790

 

Research and development expenses

 

 

(3,040

)

 

 

 

(2,419

)

 

 

 

(6,839

)

 

 

 

(5,101

)

Sales and marketing expenses

 

 

(3,775

)

 

 

 

(2,503

)

 

 

 

(7,216

)

 

 

 

(5,290

)

General and administrative expenses

 

 

(6,098

)

 

 

 

(3,408

)

 

 

 

(17,046

)

 

 

 

(7,988

)

Other expense, net

 

 

(714

)

 

 

 

(5,440

)

 

 

 

(3,378

)

 

 

 

(8,776

)

Loss from operations

 

 

(8,224

)

 

 

 

(5,815

)

 

 

 

(23,545

)

 

 

 

(13,365

)

Interest income

 

 

5

 

 

 

 

2

 

 

 

 

9

 

 

 

 

5

 

Interest expenses

 

 

(50

)

 

 

 

(184

)

 

 

 

(89

)

 

 

 

(346

)

Amortization of beneficial conversion feature

 

 

-

 

 

 

 

(237

)

 

 

 

-

 

 

 

 

(456

)

Loss before income tax

 

 

(8,269

)

 

 

 

(6,234

)

 

 

 

(23,625

)

 

 

 

(14,162

)

Income tax credit/(expense)

 

 

4

 

 

 

 

(118

)

 

 

 

4

 

 

 

 

(119

)

Share of profit in equity method investment, net of tax

 

 

53

 

 

 

 

63

 

 

 

 

53

 

 

 

 

77

 

Net loss

 

 

(8,212

)

 

 

 

(6,289

)

 

 

 

(23,568

)

 

 

 

(14,204

)

Attributable to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity holders of the Company

 

 

(8,212

)

 

 

 

(6,289

)

 

 

 

(23,568

)

 

 

 

(14,204

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share for Class A and Class B ordinary shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.03

)

 

 

 

(0.02

)

 

 

 

(0.08

)

 

 

 

(0.05

)

Diluted

 

 

(0.03

)

 

 

 

(0.02

)

 

 

 

(0.08

)

 

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per ADS (10 Class A shares equal to 1 ADS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.29

)

 

 

 

(0.22

)

 

 

 

(0.83

)

 

 

 

(0.49

)

Diluted

 

 

(0.29

)

 

 

 

(0.22

)

 

 

 

(0.83

)

 

 

 

(0.49

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in earnings per Class A and Class B ordinary share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

283,299,397

 

 

 

 

289,747,650

 

 

 

 

283,008,578

 

 

 

 

291,887,614

 

Diluted

 

 

283,299,397

 

 

 

 

289,747,650

 

 

 

 

283,008,578

 

 

 

 

291,887,614

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(8,212

)

 

 

 

(6,289

)

 

 

 

(23,568

)

 

 

 

(14,204

)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(283

)

 

 

 

1,880

 

 

 

 

432

 

 

 

 

1,832

 

Total comprehensive loss

 

 

(8,495

)

 

 

 

(4,409

)

 

 

 

(23,136

)

 

 

 

(12,372

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UCLOUDLINK GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US$)

 

 

For the three months ended

 

 

For the six months ended

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

Net cash (used in)/generated from operating activities

 

 

(6,143

)

 

 

 

2,462

 

 

 

 

(12,851

)

 

 

 

(1,976

)

Net cash used in investing activities

 

 

(195

)

 

 

 

(186

)

 

 

 

(480

)

 

 

 

(179

)

Net cash (used in)/generated from financing activities

 

 

(52

)

 

 

 

(719

)

 

 

 

1,844

 

 

 

 

7,002

 

(Decrease)/increase in cash, cash equivalents and restricted cash

 

 

(6,390

)

 

 

 

1,557

 

 

 

 

(11,487

)

 

 

 

4,847

 

Cash, cash equivalents and restricted cash at beginning of the period

 

 

24,715

 

 

 

 

11,010

 

 

 

 

30,226

 

 

 

 

7,868

 

Effect of exchange rates on cash, cash equivalents and restricted cash

 

 

56

 

 

 

 

(582

)

 

 

 

(358

)

 

 

 

(730

)

Cash, cash equivalents at end of the period

 

 

18,381

 

 

 

 

11,985

 

 

 

 

18,381

 

 

 

 

11,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UCLOUDLINK GROUP INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(In thousands of US$)

 

 

For the three months ended

 

 

For the six months ended

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

Reconciliation of Net Loss to Adjusted Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(8,212

)

 

 

 

(6,289

)

 

 

 

(23,568

)

 

 

 

(14,204

)

Add: share-based compensation

 

 

1,159

 

 

 

 

1,011

 

 

 

 

6,706

 

 

 

 

1,711

 

fair value loss in other investments

 

 

1,027

 

 

 

 

3,822

 

 

 

 

3,551

 

 

 

 

6,731

 

Less: share of profit in equity method investment, net of tax

 

 

(53

)

 

 

 

(63

)

 

 

 

(53

)

 

 

 

(77

)

Adjusted net loss

 

 

(6,079

)

 

 

 

(1,519

)

 

 

 

(13,364

)

 

 

 

(5,839

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

For the three months ended

 

 

For the six months ended

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

Reconciliation of Net Loss to Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(8,212

)

 

 

 

(6,289

)

 

 

 

(23,568

)

 

 

 

(14,204

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

50

 

 

 

 

184

 

 

 

 

89

 

 

 

 

346

 

Income tax (credit)/expense

 

 

(4

)

 

 

 

118

 

 

 

 

(4

)

 

 

 

119

 

Depreciation and amortization

 

 

568

 

 

 

 

228

 

 

 

 

1,144

 

 

 

 

522

 

EBITDA

 

 

(7,598

)

 

 

 

(5,759

)

 

 

 

(22,339

)

 

 

 

(13,217

)

Add: share-based compensation

 

 

1,159

 

 

 

 

1,011

 

 

 

 

6,706

 

 

 

 

1,711

 

fair value loss in other investments

 

 

1,027

 

 

 

 

3,822

 

 

 

 

3,551

 

 

 

 

6,731

 

Less: share of profit in equity method investment, net of tax

 

 

(53

)

 

 

 

(63

)

 

 

 

(53

)

 

 

 

(77

)

Adjusted EBITDA

 

 

(5,465

)

 

 

 

(989

)

 

 

 

(12,135

)

 

 

 

(4,852

)