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 March 31, 2023.
First Quarter 2023 Financial
Highlights
- Total
revenues were US$18.0 million, representing an increase of
15.3% from US$15.6 million in the first quarter of 2022.
- Gross
profit was US$8.6 million, representing an increase of
47.4% from US$5.8 million in the first quarter of 2022.
- Income from
operations was US$2.1 million, compared to a loss from
operations of US$7.6 million in the first quarter of 2022.
- Net
income was US$2.1 million, compared to a net loss of
US$7.9 million in the first quarter of 2022.
- Adjusted
net income (non-GAAP) was US$1.8 million, compared to an
adjusted net loss of US$4.3 million in the first quarter of
2022.
-
Adjusted EBITDA (non-GAAP) was US$2.1 million,
compared to negative US$3.9 million in the first quarter of
2022.
First Quarter 2023 Operational
Highlights
- Total data consumed
in the first quarter through the Company’s platform was 43,936
terabytes (5,138 terabytes procured by the Company and 38,798
terabytes procured by our business partners), representing an
increase of 4.5% from 42,049 terabytes in the first quarter of
2022.
- Average daily
active terminals in the first quarter were 304,121 (3,483 owned by
the Company and 300,638 owned by our business partners),
representing an increase of 11.0% from 273,870 in the first quarter
of 2022. 57.3% of daily active terminals were from uCloudlink 2.0
local data connectivity services and 42.7% of daily active
terminals were from uCloudlink 1.0 international data connectivity
services during the first quarter of 2023. Average daily data usage
per terminal was 1.62 GB in March 2023.
- As of March 31,
2023, the Company had served 2,377 business partners in 60
countries and regions. The Company had 177 patents with 139
approved and 38 pending approval, while the pool of SIM cards was
from 351 MNOs globally as of March 31, 2023.
Executive Commentary
“We were pleased to achieve a year-over-year
growth of 15.3% on the top line, resulting in US$18.0 million in
total revenues during the first quarter of 2023, which was driven
by the growth in both international and local data connectivity
services, particularly as international travel continued to pick
up. We significantly improved our bottom line and were able to keep
generating cash inflow from operations and strengthening our
financial position. The average daily active terminals continued to
be in an upward trend and reached a historical high of over 300,000
in this quarter as we continued to expand our global PaaS and SaaS
ecosystem. To initiate our one-stop mobile data traffic sharing
marketplace application, we are actively leveraging existing
resources in research and development to expand our portfolio of
innovative offerings in those markets where we have a strong
presence. We remain optimistic about the outlook for the remainder
of 2023 as international travel continues to progress toward
pre-pandemic levels, and we are well-prepared to take advantage of
the peak season of international travel during the summer. Our
company continues to serve its existing partners while exploring
various opportunities including 5G applications and Internet of
Things (‘IoT’) scenarios like Wi-Fi router, IP camera, and electric
vehicles, among others. We are committed to redefining and
improving the mobile data connectivity experience for our business
partners and users, and we believe that we are able to execute our
growth strategies while creating long-term value for our
shareholders,” said Chaohui Chen, Director and Chief Executive
Officer of UCLOUDLINK.
First Quarter 2023 Financial
Results
Revenues
Total Revenues were US$18.0 million,
representing an increase of 15.3% from US$15.6 million in the same
period of 2022.
- Revenues
from services were US$12.9 million, representing an
increase of 31.4% from US$9.8 million in the same period of 2022.
This increase was primarily attributable to the increase in
revenues from data connectivity services.
- Revenues
from data connectivity services were US$10.0 million,
representing an increase of 38.2% from US$7.2 million in the same
period of 2022. This increase was primarily attributable to an
increase in revenues from international data connectivity services
to US$7.8 million in the first quarter of 2023 from US$5.6 million
in the first quarter of 2022, and an increase in revenues from
local data connectivity services to US$2.2 million in the first
quarter of 2023 from US$1.6 million in the first quarter of 2022.
This increase in revenues from data connectivity services was
mainly attributable to the accelerated recovery of international
travel and the continuous development of the local data
connectivity services.
- Revenues
from PaaS and SaaS services were US$2.6 million,
representing an increase of 3.7% from US$2.5 million in the same
period of 2022.
- Revenues
from sales of products were US$5.1 million, representing a
decrease of 12.0% from US$5.8 million in the same period of 2022,
primarily due to the decrease in sales of data related
products.
- Geographic
Distribution During the first quarter of 2023, Japan
contributed 43.1%, North America contributed 33.6%, Mainland China
contributed 5.1% and other countries and regions contributed the
remaining 18.2% of the total revenues, compared to 40.2%, 37.9%,
3.9% and 18.0%, respectively, in the first quarter of 2022.
Cost of Revenues
Cost of revenues was US$9.4 million,
representing a decrease of 3.8% from US$9.8 million in the same
period of 2022. This decrease was mainly attributable to lower
costs associated with the decrease in revenues from sales of
products.
- Cost of
services was US$5.1 million, representing an increase of
1.8% from US$5.0 million in the same period of 2022.
- Cost of
products sold was US$4.3 million,
representing a decrease of 9.7% from US$4.8 million in the same
period of 2022.
Gross Profit
Overall gross profit was US$8.6 million,
compared to US$5.8 million in the same period of 2022. Overall
gross margin was 47.8% in the first quarter of 2023, compared to
37.4% in the same period of 2022.
Our gross profit on services was US$7.8 million,
compared to US$4.8 million in the same period of 2022. Our gross
margin on services was 60.5% in the first quarter of 2023, compared
to 49.0% in the same period of 2022.
Our gross profit on sales of products was US$0.8
million, compared to US$1.0 million in the same period of 2022. Our
gross margin on sales of products was 15.5% in the first quarter of
2023, compared to 17.6% in the same period of 2022.
Operating Expenses
Total operating expenses were US$7.6 million,
compared to US$10.1 million in the same period of 2022.
- Research
and development expenses were US$1.3 million, representing
a decrease of 51.4% from US$2.7 million in the same period of 2022.
This decrease was primarily due to a decrease of US$1.2 million in
staff costs related to cost control measures and a decrease of
US$0.2 million in testing and certification expenses.
- Sales and
marketing expenses were US$2.9 million, representing an
increase of 4.8% from US$2.8 million in the same period of
2022.
- General and
administrative expenses were US$3.4 million, representing
a decrease of 25.0% from US$4.6 million in the same period of 2022.
This decrease was primarily due to a decrease of US$0.6 million in
professional service fees and a decrease of US$0.2 million in staff
costs related to cost control measures.
Income/(Loss) from
Operations
Income from operations was US$2.1 million,
compared to a loss from operations of US$7.6 million in the same
period of 2022.
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 expenses and depreciation and
amortization, was US$2.1 million, compared to negative US$3.9
million in the same period of 2022.
Net Interest Expenses
Net interest expenses were US$0.04 million,
compared to net interest expenses of US$0.2 million in the same
period of 2022.
Net Income/(Loss)
Net income was US$2.1 million, compared to a net
loss of US$7.9 million in the same period of 2022.
Adjusted Net Income/(Loss)
(Non-GAAP)
Adjusted net income, 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$1.8 million, compared to an adjusted net loss of
US$4.3 million in the same period of 2022.
Basic and Diluted Earnings/(Loss) per
ADS
Basic and diluted earnings per ADS attributable
to ordinary shareholders were US$0.06 in the first quarter of 2023,
compared to basic and diluted loss per ADS of US$0.27 in the same
period of 2022.
Cash and Cash Equivalents, and
Short-Term Deposits
As of March 31, 2023, the Company had cash and
cash equivalents, and short-term deposits of US$16.7 million,
compared to US$15.1 million as of December 31, 2022. The increase
was primarily attributable to the net inflow of US$1.6 million for
operations and proceeds of US$2.6 million from bank borrowings,
partially offset by repayments of US$2.4 million for bank and other
borrowings.
Capital Expenditures
(“CAPEX”)
CAPEX was US$0.4 million compared to US$6
thousand in the same period of 2022.
Business Outlook
For the second quarter of 2023, UCLOUDLINK
expects total revenues to be between US$21.5 million and US$22.5
million, representing an increase of 19.4% to 25.0% from the same
period of 2022.
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 had a severe and negative impact on the
global economy since the first quarter of 2020, presents continuous
and various global risks with the full impact of the outbreak
continuing to evolve. We will continue to carefully monitor
COVID-19 related factors.
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
income/(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 income/(loss) is defined as net income/(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 income/(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 expenses and depreciation and
amortization.
The Company believes that adjusted net
income/(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 income/(loss) from operations
and net income/(loss). The Company believes that adjusted net
income/(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
income/(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
income/(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 Thursday, May 18, 2023 (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 May 25, 2023 by dialing:
|
US (Toll Free): |
+1-877-344-7529 |
|
International: |
+1-412-317-0088 |
|
Canada (Toll Free): |
855-669-9658 |
|
Replay Passcode: |
7710485 |
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, Associate |
|
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 March 31, |
|
|
2022 |
|
|
2023 |
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
14,921 |
|
|
|
16,524 |
|
|
Short-term deposit |
|
197 |
|
|
|
195 |
|
|
Accounts receivable, net |
|
5,961 |
|
|
|
6,982 |
|
|
Inventories |
|
3,624 |
|
|
|
2,290 |
|
|
Prepayments and other current assets |
|
4,255 |
|
|
|
4,269 |
|
|
Other investments |
|
11,690 |
|
|
|
12,620 |
|
|
Amounts due from related parties |
|
698 |
|
|
|
1,374 |
|
|
Total current assets |
|
41,346 |
|
|
|
44,254 |
|
|
Non-current assets |
|
|
|
|
|
|
Prepayments |
|
688 |
|
|
|
573 |
|
|
Long-term investments |
|
1,711 |
|
|
|
1,802 |
|
|
Property and equipment, net |
|
1,181 |
|
|
|
1,419 |
|
|
Right-of-use assets, net |
|
206 |
|
|
|
248 |
|
|
Intangible assets, net |
|
802 |
|
|
|
777 |
|
|
Total non-current assets |
|
4,588 |
|
|
|
4,819 |
|
|
TOTAL ASSETS |
|
45,934 |
|
|
|
49,073 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short term borrowings |
|
2,876 |
|
|
|
3,112 |
|
|
Accrued expenses and other liabilities |
|
24,014 |
|
|
|
23,736 |
|
|
Accounts payable |
|
6,832 |
|
|
|
7,072 |
|
|
Amounts due to related parties |
|
1,481 |
|
|
|
1,322 |
|
|
Contract liabilities |
|
1,052 |
|
|
|
1,073 |
|
|
Lease liabilities |
|
184 |
|
|
|
147 |
|
|
Total current liabilities |
|
36,439 |
|
|
|
36,462 |
|
|
Non-current liabilities |
|
|
|
|
|
|
Lease liabilities |
|
- |
|
|
|
51 |
|
|
Other non-current liabilities |
|
204 |
|
|
|
189 |
|
|
Total non-current liabilities |
|
204 |
|
|
|
240 |
|
|
TOTAL LIABILITIES |
|
36,643 |
|
|
|
36,702 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Class A ordinary shares |
|
12 |
|
|
|
12 |
|
|
Class B ordinary shares |
|
6 |
|
|
|
6 |
|
|
Additional paid-in capital |
|
236,774 |
|
|
|
237,556 |
|
|
Accumulated other comprehensive income |
|
1,876 |
|
|
|
2,100 |
|
|
Accumulated losses |
|
(229,377 |
) |
|
|
(227,303 |
) |
|
TOTAL SHAREHOLDERS’ EQUITY |
|
9,291 |
|
|
|
12,371 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
45,934 |
|
|
|
49,073 |
|
|
UCLOUDLINK GROUP INC. |
|
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS) |
|
(In thousands of US$, except for share and per share
data) |
|
|
|
|
For the three months ended |
|
|
March 31,2022 |
|
March 31,2023 |
|
Revenues |
|
15,613 |
|
|
|
18,006 |
|
|
Revenues from services |
|
9,827 |
|
|
|
12,916 |
|
|
Sales of products |
|
5,786 |
|
|
|
5,090 |
|
|
Cost of revenues |
|
(9,778 |
) |
|
|
(9,405 |
) |
|
Cost of services |
|
(5,011 |
) |
|
|
(5,102 |
) |
|
Cost of products sold |
|
(4,767 |
) |
|
|
(4,303 |
) |
|
Gross profit |
|
5,835 |
|
|
|
8,601 |
|
|
Research and development expenses |
|
(2,682 |
) |
|
|
(1,303 |
) |
|
Sales and marketing expenses |
|
(2,787 |
) |
|
|
(2,921 |
) |
|
General and administrative expenses |
|
(4,580 |
) |
|
|
(3,435 |
) |
|
Other (expense)/income, net |
|
(3,336 |
) |
|
|
1,121 |
|
|
(Loss)/income from operations |
|
(7,550 |
) |
|
|
2,063 |
|
|
Interest income |
|
3 |
|
|
|
5 |
|
|
Interest expenses |
|
(162 |
) |
|
|
(49 |
) |
|
Amortization of beneficial conversion feature |
|
(219 |
) |
|
|
- |
|
|
(Loss)/income before income tax |
|
(7,928 |
) |
|
|
2,019 |
|
|
Income tax expenses |
|
(1 |
) |
|
|
(13 |
) |
|
Share of profit in equity method investment, net of tax |
|
14 |
|
|
|
68 |
|
|
Net (loss)/income |
|
(7,915 |
) |
|
|
2,074 |
|
|
Attributable to: |
|
|
|
|
|
|
Equity holders of the Company |
|
(7,915 |
) |
|
|
2,074 |
|
|
|
|
|
|
|
|
|
(Loss)/earnings per share for Class A and Class B ordinary
shares |
|
|
|
|
|
|
Basic |
|
(0.03 |
) |
|
|
0.01 |
|
|
Diluted |
|
(0.03 |
) |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
(Loss)/earnings per ADS (10 Class A shares equal to 1 ADS) |
|
|
|
|
|
|
Basic |
|
(0.27 |
) |
|
|
0.06 |
|
|
Diluted |
|
(0.27 |
) |
|
|
0.06 |
|
|
|
|
|
|
|
|
|
Shares used in loss/earnings per Class A and Class B ordinary share
computation: |
|
|
|
|
|
|
Basic |
|
289,158,353 |
|
|
|
369,438,171 |
|
|
Diluted |
|
289,158,353 |
|
|
|
369,438,171 |
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(7,915 |
) |
|
|
2,074 |
|
|
Other comprehensive (loss)/income, net of tax |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(48 |
) |
|
|
224 |
|
|
Total comprehensive (loss)/income |
|
(7,963 |
) |
|
|
2,298 |
|
|
UCLOUDLINK GROUP INC. |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(In thousands of US$) |
|
|
|
|
For the three months ended |
|
|
March 31,2022 |
|
March 31,2023 |
|
Net cash (used in)/generated from operating activities |
|
(4,438 |
) |
|
|
1,644 |
|
|
Net cash generated from/(used in) investing activities |
|
7 |
|
|
|
(302 |
) |
|
Net cash generated from financing activities |
|
7,721 |
|
|
|
197 |
|
|
Increase in cash, cash equivalents |
|
3,290 |
|
|
|
1,539 |
|
|
Cash, cash equivalents at beginning of the period |
|
7,868 |
|
|
|
14,921 |
|
|
Effect of exchange rates on cash, cash equivalents |
|
(148 |
) |
|
|
64 |
|
|
Cash, cash equivalents at end of the period |
|
11,010 |
|
|
|
16,524 |
|
|
UCLOUDLINK GROUP INC. |
|
UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP
RESULTS |
|
(In thousands of US$) |
|
|
|
|
For the three months ended |
|
|
March 31,2022 |
|
March 31,2023 |
|
Reconciliation of Net (Loss)/Income to Adjusted Net
(Loss)/Income |
|
|
|
|
|
|
Net (loss)/income |
|
(7,915 |
) |
|
|
2,074 |
|
|
Add: share-based compensation |
|
700 |
|
|
|
733 |
|
|
fair value loss/(gain) in other investments |
|
2,909 |
|
|
|
(931 |
) |
|
Less: share of profit in equity method investment, net of tax |
|
(14 |
) |
|
|
(68 |
) |
|
Adjusted net (loss)/income |
|
(4,320 |
) |
|
|
1,808 |
|
|
|
For the three months ended |
|
|
March 31,2022 |
|
March 31,2023 |
|
Reconciliation of Net (Loss)/Income to Adjusted
EBITDA |
|
|
|
|
|
|
Net (loss)/income |
|
(7,915 |
) |
|
|
2,074 |
|
|
Add: |
|
|
|
|
|
|
Interest expense |
|
162 |
|
|
|
49 |
|
|
Income tax expenses |
|
1 |
|
|
|
13 |
|
|
Depreciation and amortization |
|
294 |
|
|
|
208 |
|
|
EBITDA |
|
(7,458 |
) |
|
|
2,344 |
|
|
Add: share-based compensation |
|
700 |
|
|
|
733 |
|
|
fair value loss/(gain) in other investments |
|
2,909 |
|
|
|
(931 |
) |
|
Less: share of profit in equity method investment, net of tax |
|
(14 |
) |
|
|
(68 |
) |
|
Adjusted EBITDA |
|
(3,863 |
) |
|
|
2,078 |
|
uCloudlink (NASDAQ:UCL)
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