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This content is a press release from our partner Globe Newswire. The AP newsroom and editorial departments were not involved in its creation.

Aurora Mobile Limited Announces Fourth Quarter and Fiscal Year 2018 Unaudited Financial Results

February 28, 2019

SHENZHEN, China, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ:JG), a leading mobile big data solutions platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2018.

Fourth Quarter 2018 Financial Highlights

-- Revenues were RMB225.9 million (US$32.8 million), an increase of 102% year-over-year. -- Cost of revenues was RMB163.6 million (US$23.8 million), an increase of 106% year-over-year. -- Gross profit was RMB62.3 million (US$9.1 million), an increase of 90% year-over-year. -- Total operating expenses were RMB86.8 million (US$12.6 million), an increase of 84% year-over-year. -- Net losswas RMB23.6 million (US$3.4 million), compared with net loss of RMB14.8 million for the same period of last year. -- Adjusted EBITDA (non-GAAP)was negative RMB3.5 million (US$0.5 million), compared with negative RMB10.2 million for the same period of last year.

Fiscal Year 2018 Financial Highlights

-- Revenues were RMB714.1 million (US$103.9 million), an increase of 151% year-over-year. -- Cost of revenues was RMB517.1 million (US$75.2 million), an increase of 142% year-over-year. -- Gross profit was RMB197.1 million (US$28.7 million), an increase of 176% year-over-year. -- Total operating expenses were RMB289.9 million (US$42.2 million), an increase of 77% year-over-year. -- Net losswas RMB66.2 million (US$9.6 million), compared with net loss of RMB90.3 million in 2017. -- Adjusted EBITDA (non-GAAP)was negative RMB37.5 million (US$5.5 million), compared with negative RMB77.0 million in 2017.

Fourth Quarter 2018 Operational Highlights

-- Number of mobile appsutilizing at least one of the Company’s developer services, or the cumulative app installations, increased to approximately 1,076,000 as of December 31, 2018 from approximately 707,000 as of December 31, 2017. -- Number of monthly active unique mobile devicesincreased to 1.04 billion in December 2018 from 864 million in December 2017. -- Cumulative SDK installations increased to 19.8 billion as of December 31, 2018 from 11.4 billion as of December 31, 2017. -- Number of paying customers increased to 2,096 in the fourth quarter of 2018 from 1,379 in the fourth quarter of 2017.

Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented: “This is another very strong quarter. Since turning public in July 2018, we have successfully exceeded our goals in every quarter since. In the fourth quarter of 2018, the number of mobile applications that use our services grew from 707,000 at the end of 2017, to 991,000 as of September 30, 2018, and now to approximately 1,076,000 as of December 31, 2018.

The number of monthly active unique devices we covered increased from 864 million in December 2017 and 1.03 billion in September 2018 to 1.04 billion in December 2018. Cumulative SDK installations increased sequentially from 17.4 billion and 11.4 billion during the fourth quarter last year to 19.8 billion.

The number of paying customers increased from 1,877 last quarter and 1,379 during the fourth quarter of 2017 to 2,096 in the fourth quarter of 2018.”

“With this solid foundation in our operations, the fourth quarter revenues grew to RMB225.9 million from RMB196.8 million last quarter and RMB112.1 million during the fourth quarter last year, an increase of 15% sequentially and 102% year over year, respectively. We noted that both a higher number of paying customers and higher average spending per paying customer contributed to the increase in revenues.”

Mr. Fei Chen, President of Aurora Mobile, commented: “Developer services continued to show solid results where the revenues increased by 44% year-over-year from RMB12.1 million to RMB17.4 million, primarily due to growth in the number of paying customers from 858 to 1,265.

Within Data Solutions, targeted marketing revenue increased by 111% from RMB86.9 million to RMB183.2 million year-over-year. The increase was fueled by an increase in both the number of customers and the average spend per paying customer. Our targeted marketing business, which is purely performance based, continued to expand its customer base as well as increase customers’ wallet share. We have generated sequential growth in 8 consecutive quarters since we launched this business two years ago, despite the volatile advertising market environment. We believe our ability to generate higher ROI for our advertising customers contributed to this continued market share gain.

Other vertical data solutions revenues increased by 93% year-over-year from RMB13.1 million to RMB25.3 million. This was mainly due to the 93% increase in the number of paying customers.”

Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “We continued to record strong year-over-year growth in both the revenue and gross profit, of 102% and 90% respectively. Together with the scalability of our business model, we continued to narrow the Adjusted EBITDA to negative of RMB3.5 million in the fourth quarter of 2018, compared to a negative of RMB10.2 million in the same quarter last year and a negative of RMB6.9 million the quarter prior.”

Fourth Quarter 2018 Financial Results

Revenues were RMB225.9 million (US$32.8 million), an increase of 102% from RMB112.1 million in the same quarter of last year, mainly due to an increase in the number of customers by 52% from 1,379 in the fourth quarter of 2017 to 2,096 in the fourth quarter of 2018, and an increase in average spending per customer by 33% from RMB81,300 in the fourth quarter of 2017 to RMB107,800 in the fourth quarter of 2018.

Cost of revenues was RMB163.6 million (US$23.8 million), an increase of 106% from RMB79.3 million in the fourth quarter of 2017. The increase was mainly due to the increases in the cost of media inventory by RMB80.0 million, bandwidth cost by RMB3.2 million and depreciation of servers by RMB0.8 million.

Gross profit was RMB62.3 million (US$9.1 million), an increase of 90% from RMB32.8 million year-over-year, mainly due to the significant revenue growth during the same period.

Total operating expenses were RMB86.8 million (US$12.6 million), an increase of 84% from RMB47.2 million in the same quarter of last year.

-- Research and development expenseswere RMB41.1 million (US$6.0 million), an increase of 91% from RMB21.5 million in the same quarter of last year, mainly due to increases in staff cost by RMB12.0 million, bandwidth and cloud cost by RMB3.5 million, and depreciation of servers by RMB2.1 million. -- Sales and marketing expenses were RMB20.6 million (US$3.0 million), an increase of 20% from RMB17.2 million in the same quarter of last year, mainly due to an increase in the staff cost by RMB1.9 million and marketing expense of RMB0.8 million.. -- General and administrative expenses were RMB25.1 million (US$3.6 million), an increase of 195% from RMB8.5 million in the same quarter of last year, mainly due to increases in professional fees by RMB7.6 million and staff cost by RMB6.8 million.

Loss from operations was RMB24.5 million (US$3.6 million), compared with RMB14.4 million in the same quarter of last year.

Net Loss was RMB23.6 million (US$3.4 million), compared with RMB14.8 million in the same quarter of last year.

Adjusted net loss (non-GAAP) was negative RMB12.5 million (US$1.8 million), compared with negative RMB13.0 million for the same period of last year.

Adjusted EBITDA (non-GAAP) was negative RMB3.5 million (US$0.5 million) compared with negative RMB10.2 million for the same period of last year.

As of December 31, 2018, the Company had cash and cash equivalents and restricted cash of RMB576.7 million (US$83.9 million), compared with RMB208.3 million as of December 31, 2017.

Fiscal Year 2018 Financial Results

Revenues were RMB714.1 million (US$103.9 million), an increase of 151% from RMB284.7 million in 2017, mainly due to both the increases in the number of customers and an increase in average spending per customer.

Cost of revenues was RMB517.1 million (US$75.2 million), an increase of 142% from RMB213.4 million in 2017. The increase was mainly due to increases in the cost of media inventory by RMB281.2 million, bandwidth cost by RMB10.0 million, staff cost by RMB3.5 million and depreciation of servers by RMB2.8 million.

Gross profit was RMB197.1 million (US$28.7 million), an increase of 176% from RMB71.3 million year-over-year, mainly due to the significant revenue growth during the same period.

Total operating expenses were RMB289.9 million (US$42.2 million), an increase of 77% from RMB163.8 million last year.

-- Research and development expenseswere RMB134.4 million (US$19.5 million), an increase of 87% from RMB71.7 million in last year, mainly due to increases in staff cost by RMB42.3 million, bandwidth and cloud cost by RMB10.2 million, and depreciation of servers by RMB5.5 million. -- Sales and marketing expenses were RMB83.9 million (US$12.2 million), an increase of 41% from RMB59.7 million last year, mainly due to increases in staff cost by RMB19.4 million and marketing expenses by RMB2.6 million. -- General and administrative expenses were RMB71.6 million (US$10.4 million), an increase of 121% from RMB32.4 million in last year, mainly due to increases in professional fees by RMB13.9 million, staff cost by RMB14.3 million and bad debt provision of RMB4.0 million.

Loss from operations was RMB92.8 million (US$13.5 million), compared with RMB92.4 million in 2017.

Net Loss was RMB66.2 million (US$9.6 million), compared with RMB90.3 million in 2017.

Adjusted net loss (non-GAAP) was RMB62.9 million (US$9.2 million), compared with RMB82.0 million in 2017.

Adjusted EBITDA (non-GAAP) was negative RMB37.5 million (US$5.5 million) compared with negative RMB77.0 million in 2017.

Business Outlook

For the first quarter of 2019, the Company expects total revenues to be between RMB228 million and RMB233 million, representing year-over-year growth of approximately 81% to 85%.

The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

Update on Share Repurchase

On November 20, 2018, the Company announced that its board of directors had approved a share repurchase program, under which the Company may repurchase up to US$10 million of its shares over the following six months.

As of December 31, 2018, 69,455 ADS amounting to US$467,711 have been repurchased at the average purchase price of US$6.73.

Conference Call

The Company will host an earnings conference call on Thursday, February 28, 2019 at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Hong Kong time on the same day).

Dial-in details for the live conference call are as follows:

International: +65 6713-5090 U.S.: +1 845-675-0437 Hong Kong: +852 3018-6771 China: 400-620-8038 Passcode: 4554219

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 p.m. U.S. Eastern Time, March 15, 2019.

The dial-in details for the replay are as follows:

International: +61 2 8199 0299 U.S. Toll Free: 1-855-452-5696 Passcode: 4554219

A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at http://ir.jiguang.cn/.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measures to review and assess its 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. The Company defines adjusted net loss as net loss excluding share-based compensation and change in fair value of derivative liability. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, income tax (expense) benefit, share-based compensation and change in fair value of derivate liability.

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 it includes 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 the management in their 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. 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 compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

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 Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile 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 Aurora Mobile’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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China 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 Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading mobile big data solutions platform in China, and a pioneer in providing mobile developer services such as push notification, instant messaging, analytics, sharing and short message service (SMS). Aurora Mobile has accumulated data from approximately 1.08 million mobile applications that have utilized the Company’s developer services and nearly 19.8 billion installations of the Company’s software development kits (SDKs), with monthly active unique device base of nearly 1.04 billion, as of December 2018. Based on Aurora Mobile’s vast data coverage and insights garnered, the Company has expanded its offerings into big data solutions, including targeted marketing, financial risk management, market intelligence and location-based intelligence. By utilizing artificial intelligence and machine learning, Aurora Mobile strives to help improve productivity for businesses and society through harnessing the power of mobile big data to derive actionable insights and knowledge.

For more information, please visit http://ir.jiguang.cn/

For investor and media inquiries, please contact:

Aurora Mobile Limited ir@jiguang.cn

ChristensenIn ChinaMr. Christian ArnellPhone: +86-10-5900-1548E-mail: carnell@christensenir.com

In U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email: lbergkamp@ChristensenIR.com

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Footnote:

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 6.8755 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2018.

AURORA MOBILE LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) Three months ended Twelve months ended -------------------------------------------- --------------------------------- December September December 31, December December 31, 31, 30, 31, 2017 2018 2018 2017 2018 --------- ---------- --------------------- ---------- --------------------- RMB RMB RMB US$ RMB RMB US$ Revenues 112,070 196,771 225,853 32,849 284,709 714,141 103,868 Cost of revenues (79,275 ) (143,616 ) (163,554 ) (23,788 ) (213,370 ) (517,074 ) (75,205 ) Gross profit 32,795 53,155 62,299 9,061 71,339 197,067 28,663 ------- - -------- - -------- - ------- - -------- - -------- - ------- - Operating expenses Research and development (21,489 ) (37,200 ) (41,134 ) (5,983 ) (71,651 ) (134,358 ) (19,542 ) Sales and marketing (17,199 ) (24,156 ) (20,637 ) (3,002 ) (59,673 ) (83,853 ) (12,196 ) General and administrative (8,486 ) (17,554 ) (25,067 ) (3,645 ) (32,431 ) (71,641 ) (10,419 ) ------- - -------- - -------- - ------- - -------- - -------- - ------- - Total operating expenses (47,174 ) (78,910 ) (86,838 ) (12,630 ) (163,755 ) (289,852 ) (42,157 ) ------- - -------- - -------- - ------- - -------- - -------- - ------- - Loss from operations (14,379 ) (25,755 ) (24,539 ) (3,569 ) (92,416 ) (92,785 ) (13,494 ) Foreign exchange (loss) gain, (550 ) 921 338 49 (2,724 ) 264 38 net Interest income 67 965 2,553 371 314 3,657 532 Interest expense (56 ) (2,494 ) (2,598 ) (377 ) (122 ) (7,054 ) (1,026 ) Other income 120 5,772 641 93 677 8,449 1,229 Change in fair value of - 12,008 - - - 21,302 3,098 derivative liability ------- - -------- - -------- - ------- - -------- - -------- - ------- - Loss before income taxes (14,798 ) (8,583 ) (23,605 ) (3,433 ) (94,271 ) (66,167 ) (9,623 ) Income tax (expenses)/benefit 11 - (35 ) (5 ) 3,980 (30 ) (4 ) ------- - -------- - -------- - ------- - -------- - -------- - ------- - Net loss (14,787 ) (8,583 ) (23,640 ) (3,438 ) (90,291 ) (66,197 ) (9,627 ) ------- - -------- - -------- - ------- - -------- - -------- - ------- -

AURORA MOBILE LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS (continued) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) Three months ended Twelve months ended ------------------------------------------------------ ---------------------------------------- December 31, September December 31, December 31, December 31, 30, 2017 2018 2018 2017 2018 ------------ ------------ -------------------------- ------------ -------------------------- RMB RMB RMB US$ RMB RMB US$ Net loss attributable to Aurora (14,787 ) (8,583 ) (23,640 ) (3,438 ) (90,291 ) (66,197 ) (9,627 ) Mobile Limited’s shareholders Accretion of contingently redeemable (6,098 ) (2,938 ) - - (26,391 ) (24,094 ) (3,504 ) convertible preferred shares ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - Net loss attributable (20,885 ) (11,521 ) (23,640 ) (3,438 ) (116,682 ) (90,291 ) (13,131 ) to common shareholders ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - Net loss per share: Basic (0.49 ) (0.17 ) (0.31 ) (0.05 ) (2.73 ) (1.57 ) (0.23 ) Diluted (0.49 ) (0.17 ) (0.31 ) (0.05 ) (2.73 ) (1.57 ) (0.23 ) Shares used in net loss per share computation: Basic 42,666,670 67,374,846 76,586,251 76,586,251 42,666,670 57,442,188 57,442,188 Diluted 42,666,670 67,374,846 76,586,251 76,586,251 42,666,670 57,442,188 57,442,188 Other comprehensive loss Foreign currency (1,776 ) 8,160 9,212 1,340 (7,563 ) 11,688 1,700 translation adjustments Total other comprehensive (1,776 ) 8,160 9,212 1,340 (7,563 ) 11,688 1,700 loss, net of tax ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - Comprehensive (16,563 ) (423 ) (14,428 ) (2,098 ) (97,854 ) (54,509 ) (7,927 ) loss ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - ---------- - Comprehensive loss attributable (16,563 ) (423 ) (14,428 ) (2,098 ) (97,854 ) (54,509 ) (7,927 ) to Aurora Mobile Limited

AURORA MOBILE LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) As of ----------------------------------- December 31, 2017 December 31, 2018 ----------------- ---------------- RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 208,161 576,562 83,857 Restricted cash 115 115 17 Accounts receivable 49,594 147,567 21,463 Prepayments and other current assets 34,228 80,578 11,719 Amounts due from related parties 1,260 4,564 664 ----------------- ------- ------- Total current assets 293,358 809,386 117,720 Non-current assets: Other non-current assets 1,806 14,237 2,071 Long-term investments 10,980 79,696 11,591 Property and equipment, net 53,023 92,874 13,508 Intangible assets, net 283 1,531 223 Total non-current assets 66,092 188,338 27,393 ----------------- ------- ------- Total assets 359,450 997,724 145,113 ----------------- ------- ------- LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts payable 8,340 18,811 2,736 Deferred revenue and customer deposits 49,557 65,139 9,474 Accrued liabilities and other current liabilities 52,639 76,666 11,151 Amounts due to related parties 6,110 8,864 1,289 ----------------- ------- ------- Total current liabilities 116,646 169,480 24,650 ----------------- ------- ------- Non-current liabilities: Other non-current liabilities 216 140 20 Deferred tax liabilities 5 - - Deferred revenue 330 10,265 1,493 Convertible notes - 216,179 31,442 ----------------- ------- ------- Total non-current liabilities 551 226,584 32,955 ----------------- ------- ------- Total liabilities 117,197 396,064 57,605 ----------------- ------- -------

AURORA MOBILE LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (continued) (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) As of --------------------------------- December December 31, 2018 31, 2017 ---------- --------------------- RMB RMB US$ Mezzanine equity 466,637 - - Shareholders’ (deficit) equity Common shares 26 48 7 Treasury shares - (3,165 ) (460 ) Additional paid-in capital 13,689 944,500 137,372 Accumulated deficit (234,810 ) (348,123 ) (50,632 ) Accumulated other comprehensive loss (3,289 ) 8,400 1,221 Total shareholders’ (deficit) equity (224,384 ) 601,660 87,508 -------- - -------- - ------- - Total liabilities, mezzanine equity and shareholders’ deficit 359,450 997,724 145,113 -------- - -------- - ------- -

AURORA MOBILE LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) Three months ended Twelve months ended ----------------------------------------- ------------------------------ December September December 31, December December 31, 31, 30, 31, 2017 2018 2018 2017 2018 --------- --------- ------------------- --------- ------------------- RMB RMB RMB US$ RMB RMB US$ Reconciliation of Net Loss to Adjusted Net Loss: Net loss (14,787 ) (8,583 ) (23,640 ) (3,438 ) (90,291 ) (66,197 ) (9,627 ) Add: Share-based compensation 1,767 6,493 11,174 1,625 8,275 24,561 3,572 Change in fair value of derivative - (12,008 ) - - - (21,302 ) (3,098 ) liability ------- - ------- - ------- - ------ - ------- - ------- - ------ - Adjusted net loss (13,020 ) (14,098 ) (12,466 ) (1,813 ) (82,016 ) (62,938 ) (9,153 ) ------- - ------- - ------- - ------ - ------- - ------- - ------ - Reconciliation of Net Loss to Adjusted EBITDA: Net loss (14,787 ) (8,583 ) (23,640 ) (3,438 ) (90,291 ) (66,197 ) (9,627 ) Add: Interest expense 56 2,494 2,598 377 122 7,054 1,026 Depreciation of property and 2,791 4,599 6,160 896 8,805 18,084 2,630 equipment Amortization of intangible assets 26 71 183 27 35 308 45 Income tax benefit (11 ) - 35 5 (3,980 ) 30 4 ------- - ------- - ------- - ------ - ------- - ------- - ------ - EBITDA (11,925 ) (1,419 ) (14,664 ) (2,133 ) (85,309 ) (40,721 ) (5,922 ) Add: Share-based compensation 1,767 6,493 11,174 1,625 8,275 24,561 3,572 Change in fair value of derivative - (12,008 ) - - - (21,302 ) (3,098 ) liability ------- - ------- - ------- - ------ - ------- - ------- - ------ - Adjusted EBITDA (10,158 ) (6,934 ) (3,490 ) (508 ) (77,034 ) (37,462 ) (5,448 ) ------- - ------- - ------- - ------ - ------- - ------- - ------ -