Cheetah Mobile Announces Third Quarter 2024 Unaudited Consolidated Financial Results

2024-12-18 Cheetah Mobile HaiPress

BEIJING,Dec. 17,2024 -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"),a China-based IT company,today announced its unaudited consolidated financial results for the third quarter ended September 30,2024.

Management Commentary

Mr. Sheng Fu,Cheetah Mobile's Chairman and Chief Executive Officer,remarked,"Our third-quarter results demonstrate strong momentum,with accelerated revenue growth fueled by robust performance in our service robotics and internet businesses. We're seeing rising demand for service robots as a supplement to human labor,particularly in hospitality,manufacturing,and logistics sectors. Drawing on our extensive experience delivering service robots worldwide,we continue to innovate by refining product experiences and introducing targeted solutions to address specific industry needs. Looking ahead,the integration of large language models represents a pivotal opportunity to enhance our robots' intelligence and deployment efficiency,unlocking new avenues for growth. With a clear strategy and a focus on innovation,we're well-positioned to capitalize on the immense potential of the trillion-dollar robotics market."

Mr. Thomas Ren,Chief Financial Officer of Cheetah Mobile,commented: "In the third quarter,we continued to make meaningful progress in reducing our operating losses. This marks the second consecutive quarter of sequential improvement,driven by ongoing efforts to enhance operational efficiency. Notably,the operating margin for our internet business,excluding share-based compensation,improved to 10.3%—an increase of 4 percentage points compared to 6.2% in the same period last year "

Third Quarter 2024 Financial Highlight

Total revenues grew by 16.6% year-over-year,accelerating to RMB192.1 million (US$27.4 million) in the third quarter of 2024.

Gross profit increased by 13.9% year-over-year and 7.3% quarter-over-quarter,to RMB130.4 million (US$18.6 million) in the third quarter of 2024. On a non-GAAP basis,gross profit rose by 13.9% year-over-year and 7.0% quarter-over-quarter to RMB130.5 million (US$18.6 million).

Operating loss narrowed to RMB72.0 million (US$10.3 million) in the third quarter of 2024,improving from RMB77.5 in the previous quarter. However,the number was RMB41.0 million in the same period of last year. On a non-GAAP basis,operating loss in the third quarter of 2024 improved from RMB62.5 million in the previous quarter to RMB60.5 million (US$8.6 million). However,the number was RMB33.0 million in the same period of last year.

Net loss attributable to Cheetah Mobile shareholders was RMB46.9 million (US$6.7 million),a significant improvement from RMB123.8 million in the previous quarter. However,the number was RMB24.3 million in the same period of last year. On a non-GAAP basis,net loss attributable to Cheetah Mobile shareholders was RMB35.4 million (US$5.0 million), a significant improvement from RMB108.8 million in the previous quarter. However,the number was RMB16.3 million in the same period of last year.

As of September 30,2024,the Company had cash and cash equivalents of RMB1,530.5 million (US$218.1 million),ensuring strong liquidity.

As of September 30,the Company had long-term investments of RMB885.9 million (US$126.2 million).

Third Quarter 2024 Consolidated Financial Results

Total revenuesgrew by 16.6% year over year to RMB192.1 million (US$27.4 million) in the third quarter of 2024.

Revenues from internet business increased by 25.8% year over year to RMB134.3 million (US$19.1 million) in the third quarter of 2024,as our legacy business remained resilient.

Revenues from AI and others remained relatively flat year over year to RMB57.8 million (US$8.2 million) in the third quarter of 2024. This stability was achieved despite an approximately 68% year-over-year decline in revenue from the overseas advertising agency business,which was offset by an increase in revenue from sale of service robots following the acquisition of Beijing OrionStar in November 2023.

Cost of revenuesincreased by 22.6% year over year to RMB61.7 million (US$8.8 million) in the third quarter of 2024. The increases were primarily attributable to the increase in the hardware-related costs for the Company's service robots. Non-GAAP cost of revenues increased by 22.6% year over year to RMB61.6 million (US$8.8 million) in the third quarter of 2024.

Gross profit increased by 13.9% year over year to RMB130.4 million (US$18.6 million) in the third quarter of 2024. Non-GAAP gross profit increased by 13.9% year over year to RMB130.5 million (US$18.6 million) in the third quarter of 2024.

Total operating expensesincreased by 30.2% year over year to RMB202.4 million (US$28.8 million) in the third quarter of 2024. Total non-GAAP operating expenses increased by 29.4% year over year to RMB190.9 million (US$27.2 million) in the third quarter of 2024.

Research and development expenses increased by 44.8% year over year to RMB66.3 million (US$9.4 million) in the third quarter of 2024,primarily due to: 1) increased amortization of intangible assets resulting from the acquisition of a controlling stake in Beijing OrionStar; and 2) higher R&D personnel-related expenses following the acquisition of Beijing OrionStar. Non-GAAP research and development expenses increased by 31.2% year over year to RMB59.9 million (US$8.5 million) in the third quarter of 2024.

Selling and marketing expenses increased by 62.1% year over year to RMB89.0 million (US$12.7 million) in the third quarter of 2024,primarily due to: 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses following the acquisition of in Beijing OrionStar. Non-GAAP selling and marketing expenses increased by 61.9% year over year to RMB88.8 million (US$12.7 million) in the third quarter of 2024.

General and administrative expenses decreased by 14.8% year over year to RMB47.3 million (US$6.7 million) in the third quarter of 2024,primarily due to: 1) reduced stock-based compensation expenses,2) reduced professional and legal service fees,3) a reduction in the provision for credit losses. Non-GAAP general and administrative expenses decreased by 11.2% year over year to RMB42.5 million (US$6.1 million) in the third quarter of 2024.

Operating loss narrowed toRMB72.0 million (US$10.3 million) in the third quarter of 2024,improving from RMB77.5 in the previous quarter. However,the number was RMB41.0 million in the same period of last year. Non-GAAP operating loss improved to RMB60.5 million (US$8.6 million) in the third quarter of 2024,from RMB62.5 million in the previous quarter. However,the number was RMB33.0 million in the same period of last year.

By segment,operating margin excluding share-based compensation expense for internet business improved to10.3% in the third quarter of 2024,from 6.2% in the same period of last year.

Net loss attributable to Cheetah Mobile shareholderswas RMB46.9 million (US$6.7 million),a significant improvement from RMB123.8 million in the previous quarter. However,the number was RMB24.3 million in the same period of last year. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB35.4 million (US$5.0 million),a significant improvement from RMB108.8 million in the previous quarter. However,the number was RMB16.3 million in the same period of last year.

Balance Sheet

As of September 30,2024,the Company had cash and cash equivalents of RMB1, the Company had long-term investments of RMB885.9 million (US$126.2 million).

Conference Call Information

The Company will hold a conference call on December 17th,at 6:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:

International: 1-412-317-6061


United States Toll Free: 1-888-317-6003


Mainland China Toll Free: 4001-206115


Hong Kong Toll Free: 800-963976


Conference ID:7464171

English Translation:


International: 1-412-317-6061


United States Toll Free: 1-888-317-6003


Mainland China Toll Free: 4001-206115


Hong Kong Toll Free: 800-963976


Conference ID: 0402119

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted,all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.0176 to US$1.00,the exchange rate in effect as of September 30,as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate,or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time,it actively engages in the independent research and development of AI technologies,including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide,value-added services including the sale of premium membership to its users,multi-cloud management platform to companies globally,as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies,including LLM technologies,to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements,including management quotes and business outlook,constitute forward-looking statements under 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" and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements,including but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development,financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information,future events or otherwise,except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures,including but not limited to:

Non-GAAP cost of revenues excludes share-based compensation expenses;

Non-GAAP gross profit excludes share-based compensation expenses;

Non-GAAP gross margin excludes share-based compensation expenses;

Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP general and administrative expenses exclude share-based compensation expenses;

Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;

Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions;and

Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation,interest income,depreciation and amortization,net income attributable to noncontrolling interests,other income/expenses,net and income tax expenses.

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning,forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses and amortization of intangible assets resulting from business acquisitions,which have been and will continue to be significant recurring expenses in its business. However,the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition,because non-GAAP financial measures are not measured in the same manner by all companies,they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations,you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures,please see the tables captioned "Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results".

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited,amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))


As of


December 31,2023


September 30,2024


RMB


RMB


USD

ASSETS


Current assets:


Cash and cash equivalents

2,020,191


1,530,493


218,094

Short-term investments

1,023


345


49

Accounts receivable,net

401,064


418,555


59,644

Prepayments and other current assets,net

973,127


1,352,467


192,725

Due from related parties,net

71,505


107,418


15,307

Total current assets

3,466,910


3,409,278


485,819


Non-current assets:


Property and equipment,net

53,884


55,522


7,912

Operating lease right-of-use assets

30,451


28,839


4,110

Intangible assets,net

218,559


197,152


28,094

Goodwill

576,989


576,989


82,220

Long-term investments

937,460


885,852


126,233

Deferred tax assets

188,503


193,229


27,535

Other non-current assets

160,428


86,583


12,338

Total non-current assets

2,166,274


2,024,166


288,442


Total assets

5,633,184


5,433,444


774,261


LIABILITIES,MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY


Current liabilities:


Bank loans

5,000


-


-

Accounts payable

170,185


176,321


25,126

Accrued expenses and other current liabilities

2,437,210


2,405,699


342,811

Due to related parties

84,147


87,171


12,422

Income tax payable

31,603


35,220


5,019

Total current liabilities

2,728,145


2,704,411


385,378


Non-current liabilities:


Deferred tax liabilities

54,540


50,242


7,159

Other non-current liabilities

189,943


172,365


24,562

Total non-current liabilities

244,483


222,607


31,721


Total liabilities

2,972,628


2,927,018


417,099


Mezzanine equity:


Redeemable noncontrolling interests

105,978


187,688


26,745


Shareholders' equity:


Ordinary shares

244


247


35

Additional paid-in capital

2,711,875


2,719,399


387,511

Accumulated deficit

(613,102)


(865,405)


(123,319)

Accumulated other comprehensive income

356,854


349,765


49,841

Total Cheetah Mobile Inc. shareholders' equity

2,455,871


2,204,006


314,068

Noncontrolling interests

98,707


114,732


16,349


Total shareholders' equity

2,554,578


2,318,738


330,417


Total liabilities,mezzanine equity and

shareholders' equity

5,261

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited,amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),except for number of shares and per share(or ADS) data)


For The Three Months Ended


For The Nine Months Ended


September30,2023


September30,2024


September30,2024


RMB


RMB


USD


RMB


RMB


USD

Revenues


164,804


192,083


27,372


502,189


569,788


81,194

Internet business


106,778


134,287


19,136


342,423


357,036


50,877

AI and others


58,026


57,796


8,236


159,766


212,752


30,317

Cost of revenues (a)


(50,348)


(61,714)


(8,794)


(163,697)


(197,365)


(28,124)

Gross profit


114,456


130,369


18,578


338,492


372,423


53,070


Operating income and

expenses:


Research and development (a)


(45,769)


(66,269)


(9,443)


(138,623)


(177,885)


(25,348)

Selling and marketing (a)


(54,938)


(89,038)


(12,688)


(185,765)


(237,570)


(33,853)

General and administrative (a)


(55,588)


(47,349)


(6,747)


(166,047)


(188,104)


(26,805)

Other operating income,net


838


278


40


3,053


1,014


144

Total operating income and

expenses


(155,457)


(202,378)


(28,838)


(487,382)


(602,545)


(85,862)


Operating loss


(41,001)


(72,009)


(10,260)


(148,890)


(230,122)


(32,792)

Other income/(expenses):


Interest income,net


17,912


9,471


1,350


45,150


34,560


4,925

Foreign exchange gains/ (losses)


5,392


21,351


3,042


(28,829)


10,510


1,498

Other (expense)/income,net


(1,974)


1,738


248


(156,126)


(57,469)


(8,189)


Loss before taxes


(19,671)


(39,449)


(5,620)


(288,695)


(242,521)


(34,558)

Income tax (expenses)/ benefits


(218)


(2,387)


(340)


(3,979)


3,806


542

Net loss


(19,889)


(41,836)


(5,960)


(292,674)


(238,715)


(34,016)

Less: net income attributable to

noncontrolling interests


4,403


5,061


721


9,011


12,058


1,718

Net loss attributable to

Cheetah Mobile shareholders


(24,292)


(46,897)


(6,681)


(301,685)


(250,773)


(35,734)


Net loss per share


Basic


(0.0144)


(0.0323)


(0.0046)


(0.2029)


(0.1711)


(0.0244)

Diluted


(0.0144)


(0.0323)


(0.0046)


(0.2031)


(0.1711)


(0.0244)


Net loss per ADS


Basic


(0.7196)


(1.6150)


(0.2300)


(10.1463)


(8.5542)


(1.2200)

Diluted


(0.7206)


(1.6150)


(0.2300)


(10.1549)


(8.5569)


(1.2200)


Weighted average number of

shares outstanding


Basic


1,492,599,000


1,509,057,830


1,465,560,326


1,499,799,151


1,151

Diluted


1,151

Weighted average number of

ADSs outstanding


Basic


29,851,980


30,181,157


30,157


29,311,207


29,995,983


29,983

Diluted


29,983


Other comprehensive

(loss)/income,net of tax of nil


Foreign currency translation

adjustments


(33,261)


(32,036)


(4,565)


74,881


(2,622)


(374)

Unrealized gains/(loss) on

available-for-sale securities,net


-


2,799


399


(43,494)


(4,635)


(660)

Other comprehensive (loss)/

income


(33,261)


(29,237)


(4,166)


31,387


(7,257)


(1,034)

Total comprehensive loss


(53,150)


(71,073)


(10,126)


(261,287)


(245,972)


(35,050)

Less: Total comprehensive

income attributable to

noncontrolling interests


3,835


7,346


1,047


7,712


11,890


1,694

Total comprehensive loss

attributable to Cheetah Mobile

shareholders


(56,985)


(78,419)


(11,173)


(268,999)


(257,862)


(36,744)


For The Three Months Ended


For The Nine Months Ended


September30,

2023


September30,

2024


September30,

2024

(a) Share-based compensation expenses


RMB


RMB


USD


RMB


RMB


USD

Cost of revenues


73


92


13


299


541


77

Research and development


136


236


34


1,006


644


92

Selling and marketing


46


(277)


(39)


437


(167)


(24)

General and administrative


7,738


4,863


693


24,381


19,939


2,841

Total


7,993


4,914


701


26,123


20,957


2,986

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited,except for per share data )


For The Three Months Ended September 30,2024


For The Nine Months Ended September 30,2024


GAAP


Share-based


Amortization of


Non-GAAP


GAAP


Share-based


Amortization of


Non-GAAP


Result


Compensation


intangible

assets*


Result


Result


Compensation


intangible

assets*


Result


RMB


RMB


RMB


RMB


USD


RMB


RMB


RMB


RMB


USD

Revenues

192,083


-


-


192,083


27,372


569,788


-


-


569,788


81,194

Cost of revenues

(61,714)


92


-


(61,622)


(8,781)


(197,365)


541


-


(196,824)


(28,047)

Gross profit

130,369


92


-


130,461


18,591


372,423


541


-


372,964


53,147


Research and development

(66,269)


236


6,156


(59,877)


(8,532)


(177,885)


644


18,468


(158,773)


(22,625)

Selling and marketing

(89,038)


(277)


469


(88,846)


(12,660)


(237,570)


(167)


1,407


(236,330)


(33,676)

General and administrative

(47,349)


4,863


-


(42,486)


(6,054)


(188,104)


19,939


-


(168,165)


(23,964)

Other operating income,net

278


-


-


278


40


1,014


-


-


1,014


144

Total operating income and expenses

(202,378)


4,822


6,625


(190,931)


(27,206)


(602,545)


20,416


19,875


(562,254)


(80,121)


Operating loss

(72,009)


4,914


6,625


(60,470)


(8,615)


(230,122)


20,957


19,875


(189,290)


(26,974)

Net loss attributable to Cheetah Mobile

shareholders

(46,897)


4,625


(35,358)


(5,036)


(250,773)


20,875


(209,941)


(29,916)


Diluted losses per ordinary share (RMB)

(0.0323)


0.0033


0.0044


(0.0246)


(0.1711)


0.0140


0.0132


(0.1439)


Diluted losses per ADS (RMB)

(1.6150)


0.1650


0.2200


(1.2300)


(8.5569)


0.7000


0.6619


(7.1950)


Diluted losses per ADS (USD)

(0.2300)


0.0235


0.0312


(0.1753)


(1.2200)


0.0997


0.0950


(1.0253)


For The Three Months Ended September 30,2023


For The Nine Months Ended September 30,2023


GAAP


Share-based


Non-GAAP


GAAP


Share-based


Non-GAAP


Result


Compensation


Result


Result


Compensation


Result


RMB


RMB


RMB


RMB


RMB


RMB

Revenues

164,804


-


164,804


502,189


-


502,189

Cost of revenues

(50,348)


73


(50,275)


(163,697)


299


(163,398)

Gross profit

114,456


73


114,529


338,492


299


338,791


Research and development

(45,769)


136


(45,633)


(138,623)


1,006


(137,617)

Selling and marketing

(54,938)


46


(54,892)


(185,765)


437


(185,328)

General and administrative

(55,588)


7,738


(47,850)


(166,047)


24,381


(141,666)

Other operating income,net

838


-


838


3,053


-


3,053

Total operating income and expenses

(155,457)


7,920


(147,537)


(487,382)


25,824


(461,558)


Operating loss

(41,001)


7,993


(33,008)


(148,890)


26,123


(122,767)

Net loss attributable to Cheetah Mobile shareholders

(24,292)


7,993


(16,299)


(301,685)


26,123


(275,562)


Diluted losses per ordinary share (RMB)

(0.0144)


0.0053


(0.0091)


(0.2031)


0.0178


(0.1853)

Diluted losses per ADS (RMB)

(0.7206)


0.2656


(0.4550)


(10.1549)


0.8899


(9.2650)


* This represents amortization of intangible assets resulting from business acquisitions.

CHEETAH MOBILE INC.

Information about Segment

(Unaudited,except for percentage)


For The Three Months Ended September 30,2024


Internet

Business


AI and others


Unallocated*


Consolidated


Internet

Business


AI and others


Unallocated*


Consolidated


RMB


RMB


RMB


RMB


USD


RMB


RMB


RMB


RMB


USD

Revenue


134,287


57,796


-


192,372


357,036


212,752


-


569,194

Operating profit/(loss)


13,805


(80,900)


(4,914)


(72,009)


(10,260)


36,626


(245,791)


(20,957)


(230,122)


(32,792)

Operating margin


10.3%


(140.0)%


-


(37.5)%


(37.5)%


10.3%


(115.5)%


-


(40.4)%


(40.4)%


For The Three Months Ended September 30,2023


Internet Business


AI and others


Unallocated*


Consolidated


Internet Business


AI and others


Unallocated*


Consolidated


RMB


RMB


RMB


RMB


RMB


RMB


RMB


RMB

Revenue


106,778


58,026


-


164,804


342,423


159,766


-


502,189

Operating profit/(loss)


6,646


(39,654)


(7,993)


(41,001)


16,771


(139,538)


(26,123)


(148,890)

Operating margin


6.2%


(68.3)%


-


(24.9)%


4.9%


(87.3)%


-


(29.6)%


*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

CHEETAH MOBILE INC.

Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited,amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))


For The Three Months Ended


For The Nine Months Ended


September30,

2024


RMB


RMB


USD


RMB


RMB


USD

Net loss attributable to Cheetah Mobile

shareholders


(24,292)


(46,897)


(6,681)


(301,685)


(250,773)


(35,734)

Add:


Income tax expenses/ (benefits)


218


2,387


340


3,979


(3,806)


(542)

Interest income,net


(17,912)


(9,471)


(1,350)


(45,150)


(34,560)


(4,925)

Depreciation and other amortization


6,881


12,205


1,739


23,987


36,834


5,249

Net income attributable to noncontrolling

interests


4,718

Other (income)/ expense,net


(3,418)


(23,089)


(3,290)


184,955


46,959


6,691

Share-based compensation


7,993


4,914


701


26,123


20,957


2,986

Adjusted EBITDA


(26,127)


(54,890)


(7,820)


(98,780)


(172,331)


(24,557)

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