Olink Holding AB (publ) (“Olink”) (Nasdaq: OLK) today announced its
unaudited financial results for the fourth quarter ended
December 31, 2023.
Highlights
- Fourth quarter 2023 revenue totaled
$68.6 million, representing year over year growth of 18% on a
reported basis and 17% on a constant currency adjusted
like-for-like basis
- Full year revenue 2023 revenue totaled
$169.6 million, achieving year over year growth of 21% on a
reported basis and 21% on a constant currency adjusted
like-for-like basis
- Total Explore customer installations
reached 107, with 20 installations during the fourth quarter
- Total Signature Q100 placements
reached 186, with 33 placements during the fourth quarter
- Explore revenue of $50.6 million
accounted for 74% of total fourth quarter revenue, with Explore Kit
revenue totaling $30.8 million, or 61% of total Explore
revenues
- Fourth quarter kits revenue and
analysis services revenue represented 58% and 34% of total revenue,
respectively
- Fourth quarter 2023 net loss was
$(7.6) million, with adjusted EBITDA of $13.3 million; compared to
fourth quarter 2022 net profit of $5.4 million and adjusted EBITDA
of $14.9 million
- Exited fourth quarter 2023 with a cash
balance of $121 million.
On March 20, 2024, Thermo Fisher Scientific received clearance
from the Swedish Inspectorate of Strategic Products with respect to
the proposed transaction. The parties continue to work
cooperatively with the applicable regulators and continue to expect
the offer to be completed by mid-2024.
Fourth quarter and full
year financial resultsTotal revenue for
the fourth quarter of 2023 was $68.6 million, as compared to $57.9
million for the fourth quarter of 2022, growing 18% year over year
and driven primarily by strength in our kit business. Reported full
year 2023 revenue grew 21% to $169.6 million, as compared to
$139.8 million for 2022.
Fourth quarter 2023 kits revenue of $39.7 million
represented 58% of our total revenue, compared to 53% for the
fourth quarter of 2022; and grew 30% year over year as a result of
continued Explore and Target revenue growth in combination with the
launch of Explore HT. Full year 2023 kits revenue grew 59%,
totaling $87.5 million, versus $55.1 million during 2022.
Analysis services revenue for the fourth quarter of
2023 was $23.2 million, as compared to $23.4 million for the fourth
quarter of 2022. Full year 2023 analysis service revenue totaled
$66.0 million, versus $73.0 million for 2022, representing (10%)
decrease. The decrease in revenue compared to prior year follows
the externalization strategy to sales of Kits.
Other revenue was $5.7 million for the fourth
quarter of 2023, as compared to $3.9 million for the fourth quarter
of 2022. Other revenue growth was driven by Signature Q100
placements and other hardware revenue. Full year 2023 other revenue
totaled $16.1 million, versus $11.7 million for 2022.
By geography, revenue during the fourth quarter of
2023 was $33.3 million in America, $27.6 million in EMEA (including
Sweden), and $7.6 million in China and RoW (including Japan). By
geography, revenue during the full year 2023 was $78.8 million in
America, $69.1 million in EMEA (including Sweden), and $21.7
million in China and RoW (including Japan).
Reported gross profit was $48.7 million in the
fourth quarter of 2023, as compared to $43.1 million in the fourth
quarter of 2022. Full year 2023 gross profit totaled $114.5
million, versus 94.5 million for 2022. Adjusted gross profit was
$49.8 million in the fourth quarter of 2023, as compared to $44.0
million in the fourth quarter of 2022. Full year 2023 adjusted
gross profit totaled $118.3 million, versus $97.9 million for
2022
Reported gross profit margin for kits was 84% for
the fourth quarter of 2023, as compared to 87% for the fourth
quarter of 2022. Adjusted gross profit margin for kits was 85% for
the fourth quarter of 2023, as compared to 88% for the fourth
quarter of 2022. Full year 2023 adjusted gross profit margin for
kits was 84%, versus 88% for 2022; and full year 2023 reported
gross profit margin for kits was 83%, versus 87% for 2022.
Reported gross profit margin for analysis services
was 59% as compared to 64% in the fourth quarter of 2022. Adjusted
gross profit margin for analysis services was 62% for the fourth
quarter of 2023, as compared to 67% in the fourth quarter of 2022.
Full year 2023 adjusted gross profit margin for analysis services
was 61%, versus 60% for 2022; and full year 2023 reported gross
profit margin for analysis services was 57%, versus 56% for
2022.
Reported and adjusted gross profit margin for All
other segments was 27% for the fourth quarter of 2023, as compared
to 41% for the fourth quarter of 2022. Full year 2023 adjusted and
reported gross profit margin for All other segment was 25%, versus
45% for 2022.
Total operating expenses for the fourth quarter of
2023 were $55.0 million, as compared to $34.9 million for the
fourth quarter of 2022. The increase was largely due to continued
investments in the business, and expenses related to the proposed
acquisition of Olink by Thermo Fisher. Full year 2023 total
operating expenses were $164.7 million, as compared to $125.1
million for 2022. The increase in full year 2023 was largely due to
continued investment in Olink's commercial organization and
research and development. The increase is also related to the
overall growth of the business and expenses related to the proposed
acquisition.
Net loss was $(7.6) million for the fourth quarter
of 2023 and adjusted EBITDA was $13.3 million, as compared to a net
income of $5.4 million and adjusted EBITDA of $14.9 million for the
fourth quarter of 2022. Full year 2023 net loss was $(31.6) million
and adjusted EBITDA was $(5.8) million, versus a net loss of
$(12.9) million and adjusted EBITDA of $(3.9) million for 2022.
Net loss per share for the fourth quarter of 2023
was $(0.06) based on a weighted average number of outstanding
shares of 124,342,715 as compared to a net profit per share of
$0.05 in the fourth quarter of 2022 based on a weighted average
number of outstanding shares of 119,943,003. Full year 2023 net
loss per share totaled $(0.25), versus $(0.11) per share in
2022.
Webcast and conference callDue to
the pending acquisition of Olink by Thermo Fisher Scientific Inc.,
Olink will not be hosting a conference call.
Statement regarding use of non IFRS
financial measuresWe present certain non-IFRS financial
measures because they are used by our management to evaluate our
operating performance and formulate business plans. We believe that
the use of these non-IFRS measures facilitates investors’
assessment of our operating performance. We caution readers that
amounts presented in accordance with our definitions of adjusted
EBITDA, adjusted gross profit, adjusted gross profit margin,
adjusted gross profit margin by segment, and constant currency
revenue growth, may not be the same as similar measures used by
other companies. Not all companies and Wall Street analysts
calculate the non-IFRS measures we use in the same manner. We
compensate for these limitations by reconciling each of these
non-IFRS measures to the nearest IFRS performance measure, which
should be considered when evaluating our performance. We encourage
you to review our financial information in its entirety and not
rely on a single financial measure.
We are not able to forecast constant currency
revenue on a forward-looking basis without unreasonable efforts due
to the high variability and difficulty in predicting foreign
currency exchange rates and, as a result, are unable to provide a
reconciliation to forecasted constant currency revenue.
Investor contactDavid Deuchler,
CFAGilmartin Groupolink@gilmartinir.com
Media contactMichael B. GonzalesVP
Global MarketingMobile: +1 415 308
6467michael.gonzales@olink.com
Forward-looking statementsThis
press release contains express or implied “forward-looking
statements” as defined under the Private Securities Litigation
Reform Act of 1995 that are based on management’s beliefs and
assumptions and on information currently available to management.
All statements contained in this release other than statements of
historical fact are forward-looking statements, including
statements regarding the proposed acquisition of Olink by Thermo
Fisher (the “Proposed Acquisition”), our Explore externalizations,
our ability to develop, commercialize and achieve market acceptance
of our current and planned products and services, our research and
development efforts, and other matters regarding our business
strategies, use of capital, results of operations and financial
position, and plans and objectives for future operations. Important
factors that could cause actual results to differ materially from
those indicated by forward-looking statements include risks and
uncertainties relating to: the COVID-19 pandemic, the need to
develop new products and adapt to significant technological change;
implementation of strategies for improving growth; general economic
conditions and related uncertainties; dependence on customers’
capital spending policies and government funding policies; the
effect of economic and political conditions and exchange rate
fluctuations on international operations; use and protection of
intellectual property; the effect of changes in governmental
regulations; any natural disaster, public health crisis or other
catastrophic event; and the effect of laws and regulations
governing government contracts; the ability of the parties to
satisfy the closing conditions of the Proposed Acquisition on a
timely basis, if at all; the possibility of regulatory approvals
required for the Proposed Acquisition not being timely obtained, if
obtained at all, or being obtained subject to conditions;
uncertainties as to how many of Olink’s shareholders will tender
their shares in the offer; the possibility that competing offers
will be made; the occurrence of events that may give rise to a
right of one or both of Thermo Fisher and Olink to terminate the
Purchase Agreement; negative effects of the announcement of the
Proposed Acquisition on the market price of Olink’s common stock;
prior to the completion of the Proposed Acquisition, Olink’s
business experiencing disruptions due to uncertainty or other
factors related to the Proposed Acquisition making it more
difficult to maintain relationships with employees, customers,
licensees, other business partners or governmental entities;
difficulty retaining key employees; the outcome of any legal
proceedings related to the Proposed Acquisition; and the parties
being unable to successfully implement integration strategies or to
achieve expected synergies and operating efficiencies within the
expected timeframe for completing the Proposed Acquisition, or at
all. In some cases, you can identify forward-looking statements by
the words “may,” “might,” “will,” “could,” “would,” “should,”
“expect,” “intend,” “seek,” “plan,” “outlook,” “objective,”
“anticipate,” “believe,” “estimate,” “predict,” “project,”
“potential,” “continue,” “currently,” “ongoing” or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. These risks, uncertainties and
other factors are described under the caption "Risk Factors" in our
Form 20-F for the fiscal year ended December 31, 2023 (Commission
file number 001-40277) and elsewhere in the documents we file or
furnish with the Securities and Exchange Commission from time to
time. We caution you that forward-looking statements are based on a
combination of facts and factors currently known by us and our
projections for the future, about which we cannot be certain. As a
result, the forward-looking statements may not prove to be
accurate. The forward-looking statements in this press release
represent our views as of the date hereof. We undertake no
obligation to update any forward-looking statements for any reason,
except as required by law.
About OlinkOlink Holding AB
(Nasdaq: OLK) is a company dedicated to accelerating proteomics
together with the scientific community, across multiple disease
areas to enable new discoveries and improve the lives of patients.
Olink provides a platform of products and services which are
deployed across major biopharmaceutical companies and leading
clinical and academic institutions to deepen the understanding of
real-time human biology and drive 21st century healthcare through
actionable and impactful science. The Company was founded in 2016
and is well established across Europe, North America, and Asia.
Olink is headquartered in Uppsala, Sweden.
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
|
|
Three months endedDecember 31 |
|
Twelve months endedDecember 31 |
|
Amounts in thousands of U.S. Dollars unless otherwise
stated |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenue |
|
68,553 |
|
57,885 |
|
169,597 |
|
139,848 |
|
Cost of revenue |
|
(19,883 |
) |
(14,760 |
) |
(55,136 |
) |
(45,349 |
) |
Gross profit |
|
48,670 |
|
43,125 |
|
114,461 |
|
94,499 |
|
Selling expenses |
|
(15,593 |
) |
(13,379 |
) |
(54,479 |
) |
(44,673 |
) |
Administrative expenses |
|
(27,761 |
) |
(13,882 |
) |
(75,648 |
) |
(54,274 |
) |
Research and development expenses |
|
(11,482 |
) |
(6,584 |
) |
(34,183 |
) |
(26,345 |
) |
Other operating income |
|
1,079 |
|
1 |
|
2,243 |
|
4,464 |
|
Other operating expense |
|
(1,242 |
) |
(1,103 |
) |
(2,670 |
) |
(4,273 |
) |
Operating (loss)/income |
|
(6,329 |
) |
8,178 |
|
(50,276 |
) |
(30,602 |
) |
Interest income |
|
1,377 |
|
1,119 |
|
6,514 |
|
1,159 |
|
Interest expense |
|
(319 |
) |
(124 |
) |
(858 |
) |
(531 |
) |
Foreign exchange, net |
|
(4,454 |
) |
(2,847 |
) |
4,137 |
|
14,059 |
|
Other finance income |
|
— |
|
508 |
|
578 |
|
508 |
|
(Loss)/income before tax |
|
(9,725 |
) |
6,834 |
|
(39,905 |
) |
(15,407 |
) |
Income tax benefit/(expense) |
|
2,175 |
|
(1,404 |
) |
8,305 |
|
2,556 |
|
Net (loss)/income for the period (Attributable to
shareholders of the Parent) |
|
(7,550 |
) |
5,430 |
|
(31,600 |
) |
(12,851 |
) |
Other comprehensive (loss)/income: |
|
|
|
|
|
Items that may be reclassified to profit or
loss: |
|
|
|
|
|
Exchange differences from translation of foreign operations |
|
34,569 |
|
23,772 |
|
16,293 |
|
(60,289 |
) |
Other comprehensive (loss)/income for the period, net of tax |
|
34,569 |
|
23,772 |
|
16,293 |
|
(60,289 |
) |
Total comprehensive (loss)/income for the period, net of tax |
|
27,019 |
|
29,202 |
|
(15,307 |
) |
(73,140 |
) |
Total comprehensive (loss)/income for the period
(Attributable to shareholders of the Parent) |
|
27,019 |
|
29,202 |
|
(15,307 |
) |
(73,140 |
) |
Basic and diluted (loss)/earnings per share |
|
(0.06 |
) |
0.05 |
|
(0.25 |
) |
(0.11 |
) |
|
|
|
|
|
|
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEET (UNAUDITED)
Amounts in thousands of U.S. Dollars |
|
December 31, 2023 |
December 31, 2022 |
ASSETS |
|
|
|
Non-current assets |
|
|
|
Goodwill and Intangible assets |
|
258,681 |
|
257,480 |
|
Property, plant and equipment |
|
30,039 |
|
15,056 |
|
Right-of-use asset |
|
26,987 |
|
9,891 |
|
Deferred tax assets |
|
21,285 |
|
10,846 |
|
Other long-term receivables |
|
1,794 |
|
571 |
|
Total non-current assets |
|
338,786 |
|
293,844 |
|
Current assets |
|
|
|
Inventories |
|
66,436 |
|
44,246 |
|
Trade receivables |
|
62,795 |
|
52,743 |
|
Other receivables |
|
3,443 |
|
2,562 |
|
Prepaid expenses and accrued income |
|
9,835 |
|
7,786 |
|
Cash at bank and in hand |
|
120,957 |
|
75,109 |
|
Total current assets |
|
263,466 |
|
182,446 |
|
TOTAL ASSETS |
|
602,252 |
|
476,290 |
|
EQUITY |
|
|
|
Share capital |
|
32,221 |
|
30,988 |
|
Other contributed capital |
|
620,219 |
|
514,133 |
|
Reserves/(Deficit) |
|
(42,294 |
) |
(58,588 |
) |
Accumulated Deficit |
|
(107,448 |
) |
(75,848 |
) |
Total equity attributable to shareholders of the
Parent |
|
502,698 |
|
410,685 |
|
LIABILITIES |
|
|
|
Non-current liabilities |
|
|
|
Lease liabilities |
|
22,765 |
|
7,322 |
|
Deferred tax liabilities |
|
21,302 |
|
22,196 |
|
Total non-current liabilities |
|
44,067 |
|
29,518 |
|
Current liabilities |
|
|
|
Interest-bearing loans and borrowings |
|
4,024 |
|
2,113 |
|
Accounts payable |
|
18,758 |
|
6,885 |
|
Current tax liabilities |
|
1,320 |
|
1,389 |
|
Other current liabilities |
|
31,385 |
|
25,700 |
|
Total current liabilities |
|
55,487 |
|
36,086 |
|
Total liabilities |
|
99,554 |
|
65,605 |
|
TOTAL EQUITY AND LIABILITIES |
|
602,252 |
|
476,290 |
|
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS (UNAUDITED)
|
|
Twelve months ended December 31 |
|
Amounts in thousands of U.S. Dollars |
|
2023 |
|
2022 |
|
Operating activities |
|
|
|
Loss before tax |
|
(39,905 |
) |
(15,407 |
) |
Adjustments reconciling loss before tax to operating cash
flows: |
|
|
|
Depreciation and amortization |
|
19,000 |
|
17,326 |
|
Net finance income |
|
(10,371 |
) |
(15,164 |
) |
Loss on sale of assets |
|
159 |
|
465 |
|
Share-based compensation expense |
|
11,060 |
|
7,907 |
|
Other |
|
(515 |
) |
233 |
|
Changes in working capital: |
|
|
|
(Increase) in inventories |
|
(19,569 |
) |
(18,934 |
) |
(Increase) in accounts receivable |
|
(7,791 |
) |
(13,867 |
) |
(Increase) in other current receivables |
|
(3,126 |
) |
(1,950 |
) |
(Decrease)/Increase in trade payables |
|
11,759 |
|
(751 |
) |
Increase in other current liabilities |
|
4,745 |
|
7,643 |
|
Interest received |
|
6,388 |
|
1,159 |
|
Interest paid |
|
(858 |
) |
(531 |
) |
Other finance income |
|
578 |
|
508 |
|
Tax paid/received |
|
(1,538 |
) |
1,297 |
|
Cash flow used in operating activities |
|
(29,984 |
) |
(30,066 |
) |
Investing activities |
|
|
|
Purchase of intangible assets |
|
(2,268 |
) |
(1,378 |
) |
Purchase of property, plant and equipment |
|
(18,991 |
) |
(7,173 |
) |
Proceeds from sale of property, plant and equipment |
|
10 |
|
— |
|
Investments in other non-current financial assets |
|
(1,376 |
) |
(162 |
) |
Repayment of other non-current financial assets |
|
191 |
|
— |
|
Cash flow used in investing activities |
|
(22,434 |
) |
(8,713 |
) |
Financing activities |
|
|
|
Proceeds from issue of share capital |
|
100,260 |
|
24 |
|
Share issue costs |
|
(5,081 |
) |
— |
|
Payment of principal portion of lease liability |
|
(2,683 |
) |
(2,908 |
) |
Cash flow from/(used in) financing activities |
|
92,496 |
|
(2,884 |
) |
Net cash flow during the period |
|
40,078 |
|
(41,663 |
) |
Cash at bank and in hand at the beginning of the period |
|
75,109 |
|
118,096 |
|
Net foreign exchange difference |
|
5,770 |
|
(1,324 |
) |
Cash at bank and in hand at the end of the
period |
|
120,957 |
|
75,109 |
|
Reconciliations of adjusted gross profit to
gross profit, the most directly comparable IFRS measure, by segment
(unaudited):
|
Three months ended December 31 |
|
Twelve months ended December 31 |
|
Amounts in thousands of U.S. Dollars unless otherwise
stated |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Kit |
|
|
|
|
Revenue |
39,652 |
|
30,555 |
|
87,493 |
|
55,091 |
|
Cost of revenue |
(6,258 |
) |
(4,011 |
) |
(14,946 |
) |
(7,131 |
) |
Gross profit |
33,394 |
|
26,544 |
|
72,547 |
|
47,960 |
|
Gross profit margin |
84.2 |
% |
86.9 |
% |
82.9 |
% |
87.1 |
% |
Less: |
|
|
|
|
Depreciation charges |
283 |
|
157 |
|
887 |
|
569 |
|
Share-based compensation expenses |
81 |
|
57 |
|
275 |
|
176 |
|
Adjusted Gross Profit |
33,758 |
|
26,758 |
|
73,709 |
|
48,705 |
|
Adjusted Gross Profit % |
85.1 |
% |
87.6 |
% |
84.2 |
% |
88.4 |
% |
|
|
|
|
|
Service |
|
|
|
|
Revenue |
23,206 |
|
23,389 |
|
66,048 |
|
73,012 |
|
Cost of revenue |
(9,459 |
) |
(8,407 |
) |
(28,191 |
) |
(31,776 |
) |
Gross profit |
13,747 |
|
14,982 |
|
37,857 |
|
41,236 |
|
Gross profit margin |
59.2 |
% |
64.1 |
% |
57.3 |
% |
56.5 |
% |
Less: |
|
|
|
|
Depreciation charges |
621 |
|
563 |
|
2,343 |
|
2,448 |
|
Share-based compensation expenses |
108 |
|
105 |
|
371 |
|
220 |
|
Adjusted Gross Profit |
14,476 |
|
15,650 |
|
40,571 |
|
43,904 |
|
Adjusted Gross Profit % |
62.4 |
% |
66.9 |
% |
61.4 |
% |
60.1 |
% |
|
|
|
|
|
All other segments |
|
|
|
|
Revenue |
5,695 |
|
3,940 |
|
16,056 |
|
11,745 |
|
Cost of revenue |
(4,166 |
) |
(2,342 |
) |
(11,999 |
) |
(6,442 |
) |
Gross profit |
1,529 |
|
1,598 |
|
4,057 |
|
5,303 |
|
Gross profit margin |
26.8 |
% |
40.6 |
% |
25.3 |
% |
45.2 |
% |
Less: |
|
|
|
|
Depreciation charges |
— |
|
— |
|
— |
|
— |
|
Share-based compensation expenses |
— |
|
— |
|
— |
|
— |
|
Adjusted Gross Profit |
1,529 |
|
1,598 |
|
4,057 |
|
5,303 |
|
Adjusted Gross Profit % |
26.8 |
% |
40.6 |
% |
25.3 |
% |
45.2 |
% |
Reconciliation of constant currency revenue
growth to revenue growth as reported under IFRS, the most directly
comparable IFRS measure (unaudited):
We use the non-IFRS measure of constant currency
growth, which we define as our total revenue growth from one fiscal
year to the next on a constant currency exchange rate basis. We
measure our constant currency revenue growth by applying the
current fiscal period’s average exchange rate to the prior year
fiscal period.
|
Three months ended December 31 |
|
Twelve months ended December 31 |
|
Amounts in thousands of U.S. Dollars, unless otherwise
stated |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenue |
68,553 |
|
57,885 |
|
169,597 |
|
139,848 |
|
Revenue growth (IFRS) |
18 |
% |
33 |
% |
21 |
% |
47 |
% |
Foreign exchange impact |
1 |
% |
(4 |
%) |
— |
% |
(6) % |
Constant currency revenue growth |
17 |
% |
37 |
% |
21 |
% |
53 |
% |
Reconciliation of consolidated adjusted
gross profit to gross profit, the most directly comparable IFRS
measure (unaudited):
|
Three months ended December 31 |
|
Twelve months ended December 31 |
|
Amounts in thousands of U.S. Dollars, unless otherwise
stated |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Revenue |
68,553 |
|
57,885 |
|
169,597 |
|
139,848 |
|
Cost of revenue |
(19,883 |
) |
(14,760 |
) |
(55,136 |
) |
(45,349 |
) |
Gross Profit |
48,670 |
|
43,125 |
|
114,461 |
|
94,499 |
|
Gross Profit % |
71.0 |
% |
74.5 |
% |
67.5 |
% |
67.6 |
% |
Less: |
|
|
|
|
Depreciation charges |
904 |
|
720 |
|
3,230 |
|
3,017 |
|
Share-based compensation expenses |
189 |
|
162 |
|
646 |
|
396 |
|
Adjusted Gross Profit |
49,763 |
|
44,007 |
|
118,337 |
|
97,912 |
|
Adjusted Gross Profit % |
72.6 |
% |
76.0 |
% |
69.8 |
% |
70.0 |
% |
Reconciliation of adjusted EBITDA to
operating loss, the most directly comparable IFRS measure
(unaudited):
|
Three months ended December 31 |
Twelve months ended December 31 |
|
Amounts in thousands of U.S. Dollars |
2023 |
|
2022 |
2023 |
|
2022 |
|
Operating income/(loss) |
(6,329 |
) |
8,178 |
(50,277 |
) |
(30,602 |
) |
Add: |
|
|
|
|
Amortization |
2,785 |
|
2,682 |
11,029 |
|
11,212 |
|
Depreciation |
2,344 |
|
1,610 |
7,971 |
|
6,114 |
|
EBITDA |
(1,200 |
) |
12,470 |
(31,277 |
) |
(13,276 |
) |
Management Adjustments |
11,559 |
|
298 |
14,432 |
|
1,288 |
|
Share-based compensation expenses |
2,918 |
|
2,084 |
11,060 |
|
8,047 |
|
Adjusted EBITDA |
13,277 |
|
14,852 |
(5,785 |
) |
(3,941 |
) |
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