UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2024
Commission
File Number: 001-39302
UCLOUDLINK
GROUP INC.
(Registrant’s
Name)
Unit
2214-Rm1, 22/F, Mira Place Tower A
132
Nathan Road, Tsim Sha Tsui
Kowloon,
Hong Kong
(Address
of Principal Executive Offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
UCLOUDLINK GROUP INC. |
| |
|
|
| |
By: |
/s/ Chaohui Chen |
| |
Name: |
Chaohui Chen |
| |
Title: |
Director and Chief Executive Officer |
Date: November 26, 2024
Exhibit 99.1
UCLOUDLINK
GROUP INC. Announces Unaudited Third Quarter 2024 Financial Results
Hong
Kong, November 26, 2024 – 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
September 30, 2024.
Third
Quarter 2024 Financial Highlights
| ● | Total
revenues were US$25.2 million, representing an increase of 5.6% from US$23.9 million
in the third quarter of 2023. |
| ● | Gross
profit was US$12.19 million, representing a decrease of 0.1% from US$12.21 million in
the third quarter of 2023. |
| ● | Income
from operations was US$3.3 million, compared to US$3.3 million in the third quarter of
2023. |
| ● | Net
income was US$3.4 million, compared to US$3.5 million in the third quarter of 2023. |
| ● | Adjusted
net income (non-GAAP) was US$3.7 million, compared to US$3.8 million in the third quarter
of 2023. |
| ● | Adjusted
EBITDA (non-GAAP) was US$4.4 million, compared to US$4.1 million in the third quarter
of 2023. |
Third
Quarter 2024 Operational Highlights
| ● | Total
data consumed in the third quarter through the Company’s platform was 44,994 terabytes
(7,755 terabytes procured by the Company and 37,239 terabytes procured by our business partners),
representing a decrease of 3.5% from 46,630 terabytes in the third quarter of 2023. |
| ● | Average
daily active terminals in the third quarter were 320,452 (20,177 owned by the Company and
300,275 owned by our business partners), representing a decrease of 1.4% from 325,078 in
the third quarter of 2023. 55.4% of daily active terminals were from uCloudlink 1.0 international
data connectivity services and 44.6% of daily active terminals were from uCloudlink 2.0 local
data connectivity services during the third quarter of 2024. Average daily data usage per
terminal was 1.52 GB in September 2024. |
| ● | As
of September 30, 2024, the Company had served 2,759 business partners in 61 countries and
regions. The Company had 183 patents with 158 approved and 25 pending approval, while the
pool of SIM cards was from 389 MNOs globally as of September 30, 2024. |
Executive
Commentary
Mr.
Chaohui Chen, Director and Chief Executive Officer of UCLOUDLINK, said, “Revenues were in-line with our expectations during the
third quarter of 2024, increasing 5.6% year-over-year to US$25.2 million as we drive growth momentum. Our financial position remains
solid, with a net income reaching US$3.4 million and a positive net cash inflow from operations of US$2.0 million. Our 1.0 international
data connectivity services business continued to grow, with full-speed 5G network coverage increasing to 75 countries and regions, fueled
by the recovery of international travel and increasing demand across key markets. We further consolidated our leading position in the
roaming market and expanded our market share in mainland China and Japan.”
“Following
the introduction of our GlocalMe Life products series at Viva Technology in May and their commercial launch in July 2024, we
further enhanced our market exposure by attending other leading global expos such as Travel Meet Asia, Pet & Vet Expo, and IFA
Berlin 2024. Additionally, we made breakthroughs in developing retail channels, signing with one of North America’s largest
airport retail channels to make UniCord, RoamPlug, and KeyTracker, among other products, available at airports across the U.S. We
will develop strategic partnerships with other key channel partners across the U.S. and Europe in the coming quarters. In terms of GlocalMe
SIM, we continued to expand the market presence of over-the-air (OTA) SIM as more users resubscribed to our data plan service,
paving the way for our innovative “ALL SIM” solutions. Our innovative “ALL SIM” solution is under commercial
testing and is expected to commercially launch in the near future. In terms of GlocalMe IoT, we are leveraging our soft cloud
SIM technology, which is compatible with various chipset platforms, to engage with several leading manufacturers in the security
camera, dashboard camera, and related sectors. Some products with our embedded technology are already in small-scale commercial
application, demonstrating the strength and capabilities of our solutions to a broader audience in the Internet of Things (IoT)
industry.”
“Looking
ahead, we will continue to leverage GlocalMe Life, GlocalMe SIM, GlocalMe IoT and their integrated innovative core
HyperConn and cloud SIM solutions, to expand our global presence and cooperate with additional business partners and channels. This will
allow us to scale up and diversify our end user base in the future. This transition will diversify our revenue streams from primarily
mobile data traffic solutions to a mix of value-added services and mobile data traffic solutions, and will drive the ongoing consolidation
and development of our GlocalMe ecosystem, positioning UCLOUDLINK as a leading global mobile data traffic sharing marketplace
while creating long-term sustainable value for our shareholders.”
Third
Quarter 2024 Financial Results
Revenues
Total
Revenues were US$25.2 million, representing an increase of 5.6% from US$23.9 million in the same period of 2023.
| ● | Revenues
from services were US$17.3 million, representing an increase of 3.9% from US$16.6 million in the same period of 2023. This increase
was primarily attributable to increases in revenues from data connectivity services and from PaaS and SaaS services. |
| ● | Revenues
from data connectivity services were US$14.0 million, representing an increase of 1.9%
from US$13.8 million in the same period of 2023. This increase was primarily attributable
to (i) an increase in revenues from international data connectivity services to US$11.5 million
in the third quarter of 2024 from US$11.4 million in the same period of 2023, as the recovery
of international travel accelerated, and (ii) an increase in revenues from local data connectivity
services to US$2.5 million in the third quarter of 2024 from US$2.4 million in the same period
of 2023, as the Company continued to develop the local data connectivity services business. |
| ● | Revenues
from PaaS and SaaS services were US$3.0 million, representing an increase of 29.1% from
US$2.3 million in the same period of 2023. This increase was primarily attributable to business
partners increasingly utilizing PaaS and SaaS services to enhance operational efficiency. |
| ● | Revenues
from sales of products were US$7.9 million, representing an increase of 9.3% from US$7.3 million in the same period of 2023. This
increase was primarily attributable to the increase of US$2.4 million in sales of data related products, which was partially offset by
the decrease of US$1.7 million in sales of terminals. |
During
the third quarter of 2024, as a percentage of our total revenues, Japan contributed 46.6%, mainland China contributed 27.8%, North America
contributed 12.8%, and other countries and regions contributed the remaining 12.8%, compared to 44.2%, 17.2%, 26.3% and 12.3%, respectively,
in the same period of 2023.
Cost
of Revenues
Cost
of revenues was US$13.0 million, representing an increase of 11.5% from US$11.7 million in the same period of 2023. This increase was
primarily due to an increase in cost of products sold.
| ● | Cost
of services was US$6.9 million, representing a decrease of 5.5% from US$7.3 million in the same period of 2023. |
| ● | Cost
of products sold was US$6.1 million, representing an increase of 40.4% from US$4.4 million in the same period of 2023, primarily
due to product mix. |
Gross
Profit
Overall
gross profit was US$12.19 million, compared to US$12.21 million in the same period of 2023. Overall gross margin was 48.4% in the third
quarter of 2024, compared to 51.2% in the same period of 2023.
Gross
profit on services was US$10.4 million, compared to US$9.3 million in the same period of 2023. Gross margin on services was 60.0% in
the third quarter of 2024, compared to 55.9% in the same period of 2023.
Gross
profit on sales of products was US$1.8 million, compared to US$2.9 million in the same period of 2023. Gross margin on sales of products
was 23.1% in the third quarter of 2024, compared to 40.1% in the same period of 2023.
Operating
Expenses
Total
operating expenses were US$10.0 million, compared to US$9.2 million in the same period of 2023.
| ● | Research
and development expenses were US$1.4 million, representing a decrease of 10.3% from US$1.6 million in the same period of 2023, primarily
attributable to a decrease of US$0.3 million in staff costs, which was partially offset by an increase of US$0.2 million in professional
service fees. |
| ● | Sales
and marketing expenses were US$5.4 million, representing an increase of 41.5% from US$3.8 million in the same period of 2023, primarily
due to an increase of US$1.2 million in promotional fees and an increase of US$0.2 million in staff costs. |
| ● | General
and administrative expenses were US$3.2 million, representing a decrease of 16.2% from US$3.8 million in the same period of 2023,
primarily attributable to decreases of US$0.7 million in staff costs and US$0.2 million in share-based compensation expenses, which was
partially offset by an increase of US$0.2 million in professional service fees. |
Income
from Operations
Income
from operations was US$3.3 million, compared to US$3.3 million in the same period of 2023.
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$4.4 million,
compared to US$4.1 million in the same period of 2023.
Net
Interest Expenses
Net
interest expenses were US$0.03 million, compared to US$0.01 million in the same period of 2023.
Net
Income
Net
income was US$3.4 million, compared to US$3.5 million in the same period of 2023.
Adjusted
Net Income (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$3.7 million, compared to US$3.8 million in the same period of 2023.
Basic
and Diluted Earnings per ADS
Basic
and diluted earnings per ADS attributable to ordinary shareholders were US$0.09 in the third quarter of 2024, compared to US$0.09 in
the same period of 2023.
Cash
and Cash Equivalents and Short-Term Deposits
As
of September 30, 2024, the Company had cash and cash equivalents of US$27.7 million, compared to US$26.8 million as of June 30, 2024.
This increase was primarily attributable to the net inflow of US$2.0 million from operations and net proceeds of US$1.1 million from
bank borrowings, which were partially offset by a repayment of US$1.8 million for bank borrowings and a cash outflow of US$1.1 million
for procurement of property and equipment.
Capital
Expenditures (“CAPEX”)
CAPEX
was US$1.1 million, compared to US$0.8 million in the same period of 2023.
Business
Outlook
For
the fourth quarter of 2024, UCLOUDLINK expects total revenues to be between US$25.0 million and US$30.0 million, representing an increase
of 15.2% to 38.2% compared to the same period of 2023.
The
above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions
and customer demand.
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
The
Company will host a conference call to discuss its financial results at 8:30 a.m. U.S. Eastern Time on Tuesday, November 26, 2024 (9:30
p.m. Beijing Time on the same day).
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 hour after the end of the conference until December 3, 2024 by dialing:
| US (Toll Free): |
+1-877-344-7529 |
| International: |
+1-412-317-0088 |
| Canada (Toll Free): |
855-669-9658 |
| Replay Passcode: |
4843023 |
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. |
| Daniel Gao |
| Tel: +852-2180-6111 |
| E-mail: ir@ucloudlink.com |
| |
| Investor Relations: |
| Christensen Advisory |
| Christian Arnell, Managing
Director |
| Tel: +852-2117-0861 |
| E-mail: ucloudlink@christensencomms.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
September 30, | |
| | |
2023 | | |
2024 | |
| ASSETS | |
| | |
| |
| Current assets | |
| | |
| |
| Cash and cash equivalents | |
| 23,371 | | |
| 27,678 | |
| Accounts receivable, net | |
| 6,489 | | |
| 7,982 | |
| Inventories | |
| 2,183 | | |
| 2,085 | |
| Prepayments and other current assets | |
| 6,416 | | |
| 6,348 | |
| Other investments | |
| 7,613 | | |
| 6,973 | |
| Amounts due from related parties | |
| 2,945 | | |
| 472 | |
| Total current assets | |
| 49,017 | | |
| 51,538 | |
| Non-current assets | |
| | | |
| | |
| Prepayments | |
| 228 | | |
| - | |
| Long-term investments | |
| 1,956 | | |
| 1,966 | |
| Property and equipment, net | |
| 2,433 | | |
| 4,235 | |
| Right-of-use assets, net | |
| 2,321 | | |
| 1,520 | |
| Intangible assets, net | |
| 652 | | |
| 555 | |
| Total non-current assets | |
| 7,590 | | |
| 8,276 | |
| TOTAL ASSETS | |
| 56,607 | | |
| 59,814 | |
| | |
| | | |
| | |
| LIABILITIES | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Short term borrowings | |
| 5,297 | | |
| 3,996 | |
| Accrued expenses and other liabilities | |
| 24,755 | | |
| 23,192 | |
| Accounts payable | |
| 5,314 | | |
| 6,976 | |
| Amounts due to related parties | |
| 1,250 | | |
| 531 | |
| Contract liabilities | |
| 1,425 | | |
| 991 | |
| Operating lease liabilities | |
| 1,082 | | |
| 1,015 | |
| Total current liabilities | |
| 39,123 | | |
| 36,701 | |
| Non-current liabilities | |
| | | |
| | |
| Operating lease liabilities | |
| 1,286 | | |
| 566 | |
| Other non-current liabilities | |
| 145 | | |
| 102 | |
| Total non-current liabilities | |
| 1,431 | | |
| 668 | |
| TOTAL LIABILITIES | |
| 40,554 | | |
| 37,369 | |
| | |
| | | |
| | |
| SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Class A ordinary shares | |
| 13 | | |
| 13 | |
| Class B ordinary shares | |
| 6 | | |
| 6 | |
| Additional paid-in capital | |
| 240,137 | | |
| 241,156 | |
| Accumulated other comprehensive income | |
| 2,463 | | |
| 1,776 | |
| Accumulated losses | |
| (226,566 | ) | |
| (220,506 | ) |
| TOTAL SHAREHOLDERS’ EQUITY | |
| 16,053 | | |
| 22,445 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 56,607 | | |
| 59,814 | |
UCLOUDLINK
GROUP INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In
thousands of US$, except for share and per share data)
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September
30,
2023 | | |
September
30,
2024 | | |
September
30,
2023 | | |
September
30,
2024 | |
| Revenues | |
| 23,863 | | |
| 25,192 | | |
| 63,846 | | |
| 65,675 | |
| Revenues from services | |
| 16,631 | | |
| 17,285 | | |
| 43,643 | | |
| 44,987 | |
| Sales of products | |
| 7,232 | | |
| 7,907 | | |
| 20,203 | | |
| 20,688 | |
| Cost of revenues | |
| (11,656 | ) | |
| (13,002 | ) | |
| (33,173 | ) | |
| (32,488 | ) |
| Cost of services | |
| (7,326 | ) | |
| (6,921 | ) | |
| (18,355 | ) | |
| (17,287 | ) |
| Cost of products sold | |
| (4,330 | ) | |
| (6,081 | ) | |
| (14,818 | ) | |
| (15,201 | ) |
| Gross profit | |
| 12,207 | | |
| 12,190 | | |
| 30,673 | | |
| 33,187 | |
| Research and development expenses | |
| (1,600 | ) | |
| (1,436 | ) | |
| (4,457 | ) | |
| (4,404 | ) |
| Sales and marketing expenses | |
| (3,786 | ) | |
| (5,356 | ) | |
| (10,223 | ) | |
| (13,698 | ) |
| General and administrative expenses | |
| (3,824 | ) | |
| (3,206 | ) | |
| (11,125 | ) | |
| (9,890 | ) |
| Other income/(expense), net | |
| 322 | | |
| 1,148 | | |
| (423 | ) | |
| 908 | |
| Income from operations | |
| 3,319 | | |
| 3,340 | | |
| 4,445 | | |
| 6,103 | |
| Interest income | |
| 12 | | |
| 11 | | |
| 36 | | |
| 51 | |
| Interest expenses | |
| (25 | ) | |
| (42 | ) | |
| (105 | ) | |
| (145 | ) |
| Income before income tax | |
| 3,306 | | |
| 3,309 | | |
| 4,376 | | |
| 6,009 | |
| Income tax (expense)/credit | |
| (23 | ) | |
| 2 | | |
| (67 | ) | |
| (66 | ) |
| Share of profit in equity method investment, net of tax | |
| 202 | | |
| 80 | | |
| 333 | | |
| 117 | |
| Net income | |
| 3,485 | | |
| 3,391 | | |
| 4,642 | | |
| 6,060 | |
| Attributable to: | |
| | | |
| | | |
| | | |
| | |
| Equity holders of the Company | |
| 3,485 | | |
| 3,391 | | |
| 4,642 | | |
| 6,060 | |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings per share for Class A and Class B ordinary shares | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.01 | | |
| 0.01 | | |
| 0.01 | | |
| 0.02 | |
| Diluted | |
| 0.01 | | |
| 0.01 | | |
| 0.01 | | |
| 0.02 | |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings per ADS (10 Class A shares equal to 1 ADS) | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.09 | | |
| 0.09 | | |
| 0.13 | | |
| 0.16 | |
| Diluted | |
| 0.09 | | |
| 0.09 | | |
| 0.13 | | |
| 0.16 | |
| | |
| | | |
| | | |
| | | |
| | |
| Shares used in earnings per Class A and Class B ordinary share computation: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 372,334,114 | | |
| 377,117,817 | | |
| 370,796,417 | | |
| 375,798,078 | |
| Diluted | |
| 372,334,114 | | |
| 377,117,817 | | |
| 370,796,417 | | |
| 375,798,078 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 3,485 | | |
| 3,391 | | |
| 4,642 | | |
| 6,060 | |
| Other comprehensive income, net of tax | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| (200 | ) | |
| (828 | ) | |
| 1,111 | | |
| (687 | ) |
| Total comprehensive income | |
| 3,285 | | |
| 2,563 | | |
| 5,753 | | |
| 5,373 | |
UCLOUDLINK
GROUP INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands of US$)
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September
30,
2023 | | |
September
30,
2024 | | |
September
30,
2023 | | |
September
30,
2024 | |
| Net cash generated from operating activities | |
| 2,765 | | |
| 1,989 | | |
| 7,820 | | |
| 8,646 | |
| Net cash used in investing activities | |
| (834 | ) | |
| (992 | ) | |
| (1,511 | ) | |
| (3,178 | ) |
| Net cash used in financing activities | |
| (252 | ) | |
| (704 | ) | |
| (394 | ) | |
| (1,329 | ) |
| Increase in cash and cash equivalents | |
| 1,679 | | |
| 293 | | |
| 5,915 | | |
| 4,139 | |
| Cash and cash equivalents at beginning of the period | |
| 18,628 | | |
| 26,831 | | |
| 14,921 | | |
| 23,371 | |
| Effect of exchange rates on cash and cash equivalents | |
| (51 | ) | |
| 554 | | |
| (580 | ) | |
| 168 | |
| Cash and cash equivalents at end of the period | |
| 20,256 | | |
| 27,678 | | |
| 20,256 | | |
| 27,678 | |
UCLOUDLINK
GROUP INC.
UNAUDITED
RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS
(In
thousands of US$)
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September
30,
2023 | | |
September
30,
2024 | | |
September
30,
2023 | | |
September
30,
2024 | |
| Reconciliation of Net Income to Adjusted Net Income | |
| | |
| | |
| | |
| |
| Net income | |
| 3,485 | | |
| 3,391 | | |
| 4,642 | | |
| 6,060 | |
| Add: share-based compensation | |
| 520 | | |
| 250 | | |
| 2,854 | | |
| 1,019 | |
| fair value (gain)/loss in other investments | |
| (12 | ) | |
| 141 | | |
| 272 | | |
| 639 | |
| Less: share of profit in equity method investment, net of tax | |
| (202 | ) | |
| (80 | ) | |
| (333 | ) | |
| (117 | ) |
| Adjusted net income | |
| 3,791 | | |
| 3,702 | | |
| 7,435 | | |
| 7,601 | |
| | |
For the three months ended | | |
For the nine months ended | |
| | |
September
30,
2023 | | |
September
30,
2024 | | |
September
30,
2023 | | |
September
30,
2024 | |
| Reconciliation of Income to Adjusted EBITDA | |
| | |
| | |
| | |
| |
| Net income | |
| 3,485 | | |
| 3,391 | | |
| 4,642 | | |
| 6,060 | |
| Add: | |
| | | |
| | | |
| | | |
| | |
| Interest expense | |
| 25 | | |
| 42 | | |
| 105 | | |
| 145 | |
| Income tax expense/(credit) | |
| 23 | | |
| (2 | ) | |
| 67 | | |
| 66 | |
| Depreciation and amortization | |
| 303 | | |
| 665 | | |
| 750 | | |
| 1,604 | |
| EBITDA | |
| 3,836 | | |
| 4,096 | | |
| 5,564 | | |
| 7,875 | |
| Add: share-based compensation | |
| 520 | | |
| 250 | | |
| 2,854 | | |
| 1,019 | |
| fair value (gain)/loss in other investments | |
| (12 | ) | |
| 141 | | |
| 272 | | |
| 639 | |
| Less: share of profit in equity method investment, net of tax | |
| (202 | ) | |
| (80 | ) | |
| (333 | ) | |
| (117 | ) |
| Adjusted EBITDA | |
| 4,142 | | |
| 4,407 | | |
| 8,357 | | |
| 9,416 | |
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