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, 2022
Commission File Number: 001-39340
AGORA, INC.
(Translation of registrant’s name into English)
Floor 8, Building 12
Phase III of ChuangZhiTianDi
333 Songhu Road
Yangpu District, Shanghai
People’s Republic of China
(Address of principal executive office)
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 ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): ☐
EXHIBIT INDEX
|
|
Exhibit |
Description |
99.1 |
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, thereto duly authorized.
AGORA, INC. |
|
|
|
By: |
/s/ Jingbo Wang |
Name: |
Jingbo Wang |
Title: |
Chief Financial Officer |
Date: November 22, 2022
Agora, Inc. Reports Third Quarter 2022 Financial Results
SANTA CLARA, Calif., November 21, 2022 (Globe Newswire) – Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its unaudited financial results for the third quarter ended September 30, 2022.
“We delivered robust operational results this quarter despite a very challenging global macroeconomic environment,” said Tony Zhao, founder, chairman and CEO of Agora. “In recent months, we have been working hard to improve our operational efficiency and focus our efforts on priorities including enhancing the quality of experience and ease of use of our core products, strengthening our go-to-market efforts, and winning benchmark customers, which will help us navigate near term uncertainties and emerge as a stronger and healthier company.”
Third Quarter 2022 Highlights
Third Quarter 2022 Financial Results
Revenues
Total revenues were $41.0 million in the third quarter of 2022, a decrease of 9.0% from $45.0 million in the same period last year, primarily due to a challenging global macro environment and restrictive regulations in certain markets, which were offset in part by our business expansion and usage growth in other sectors and regions.
Cost of Revenues
Cost of revenues was $16.6 million in the third quarter of 2022, an increase of 6.1% from $15.7 million in the same period last year, primarily due to the increase in bandwidth and co-location costs.
Gross Profit and Gross Margin
Gross profit was $24.3 million in the third quarter of 2022, a decrease of 17.0% from $29.3 million in the same period last year. Gross margin was 59.4% in the third quarter of 2022, a decrease of 5.8% from 65.2% in the same period last year, mainly due to an increase in revenue from our broadcast streaming product which had lower gross margin.
Operating Expenses
Operating expenses were $55.6 million in the third quarter of 2022, an increase of 10.4% from $50.4 million in the same period last year.
Other Operating Income
Other operating income was $2.4 million in the third quarter of 2022, compared to $0.2 million in the same period last year, primarily due to the receipt of government subsidies in the third quarter of 2022.
Loss from Operations
Loss from operations was $28.9 million in the third quarter of 2022, compared to $20.8 million in the same period last year.
Interest income
Interest income was $2.5 million in the third quarter of 2022, compared to $2.2 million in the same period last year, primarily due to the increase in interest rate.
Net Loss
Net loss was $27.7 million in the third quarter of 2022, compared to $21.1 million in the same period last year.
Net Loss per American Depositary Share attributable to ordinary shareholders
Net loss per American Depositary Share (“ADS”)1 attributable to ordinary shareholders was $0.25 in the third quarter of 2022, compared to $0.19 in the same period last year.
1 One ADS represents four Class A ordinary shares. |
Share Repurchase Program
During the quarter ended September 30, 2022, we repurchased approximately 3.5 million of our class A ordinary shares (equivalent to approximately 0.9 million ADSs) for approximately US$3.5 million under our share repurchase program, representing 2% of our US$200 million share repurchase program. During the nine months ended September 30, 2022, we repurchased approximately 13.2 million of our class A ordinary shares (equivalent to approximately 3.3 million ADSs) for approximately US$23.2 million under our share repurchase program, representing 12% of our US$200 million share repurchase program. As of September 30, 2022, we had approximately 463.6 million ordinary shares (equivalent to approximately 115.9 million ADSs) issued and outstanding. Our current share repurchase program will expire by the end of February 2023.
Financial Outlook
Based on currently available information, Agora has adjusted the previous guidance and now expects that total revenues for the fiscal year ending December 31, 2022 are estimated to be between $160 million and $162 million. This revised outlook reflects Agora’s current and preliminary views on the market and operational conditions, and the outlook ranges for the year ending December 31, 2022 reflect various assumptions that are subject to change based on uncertainties, including but not limited to the impact of the COVID-19 pandemic.
Earnings Call
Agora will host a conference call to discuss the financial results at 5 p.m. Pacific Time / 8:00 p.m. Eastern Time on the same day. Details for the conference call are as follows:
Event title: Agora, Inc. 3Q 2022 Financial Results
The call will be available at https://edge.media-server.com/mmc/p/6rshpuvm
Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below:
https://register.vevent.com/register/BIe9583c1e69af4c4e991651496aa4b338
Please visit Agora’s investor relations website at https://investor.agora.io/investor-relations on November 21, 2022 to view the earnings release and accompanying slides prior to the conference call.
Use of Non-GAAP Financial Measures
Agora has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Agora uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Agora’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, financing related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets. Agora believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, financing related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets that it includes in its cost of revenues, total operating expenses and net income (loss). Agora believes that all such non-GAAP financial measures also 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.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Agora’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of Agora’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation.
Definitions of Agora’s non-GAAP financial measures included in this press release are presented below.
Non-GAAP Net Income (Loss)
Agora defines non-GAAP net income (loss) as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, financing related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets.
Adjusted EBITDA
Agora defines Adjusted EBITDA as net income (loss) before exchange gain (loss), interest income, investment income (loss), other income, equity in income of affiliates, income taxes, depreciation of property and equipment, and adjusted to exclude the effects of share-based compensation expenses, acquisition related expenses, financing related expenses and amortization expenses of acquired intangible assets.
Free Cash Flow
Agora defines free cash flow as net cash provided by operating activities less purchases of property and equipment. Agora considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.
Operating Metrics
Agora also uses other operating metrics included in this press release and defined below to assess the performance of its business.
Active Customers
Agora defines an active customer at the end of any particular period as an organization or individual developer from which Agora generated more than $100 of revenue during the preceding 12 months. Agora counts customers based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications.
Constant Currency Dollar-Based Net Expansion Rate
Agora calculates Dollar-Based Net Expansion Rate for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. Constant Currency Dollar-Based Net Expansion Rate is calculated the same way as Dollar-Based Net Expansion Rate but using fixed exchange rates based on the daily average exchange rates prevailing during the prior 12-month period to remove the impact of foreign currency translations. Agora believes Constant Currency Dollar-Based Net Expansion Rate facilitates operating performance comparisons on a period-to-period basis as Agora does not consider the impact of foreign currency fluctuations to be indicative of its core operating performance.
Safe Harbor Statements
This press release contains ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Agora’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on Agora’s current expectations and involve risks and uncertainties. Agora’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; Agora’s ability to manage its growth and expand its operations; the continued impact of the COVID-19 pandemic on global markets and Agora’s business, operations and customers; Agora’s ability to attract new developers and convert them into customers; Agora’s ability to retain existing customers and expand their usage of Agora’s platform and products; Agora’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; Agora’s fluctuating operating results; competition; the effect of broader technological and market trends on Agora’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in our filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Agora undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
About Agora
Agora’s mission is to make real-time engagement ubiquitous, allowing everyone to interact with anyone, in any app, anytime and anywhere. Agora’s cloud platform provides developers simple, flexible and powerful application programming interfaces, or APIs, to embed real-time video, voice and chat experiences into their applications. Agora maintains dual headquarters in Shanghai, China and Santa Clara, California.
For more information, please visit: www.agora.io.
Investor Contact:
Fionna Chen
investor@agora.io
Media Contact:
Timothy Gray
press@agora.io
Agora, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in US$ thousands)
|
As of |
|
As of |
|
September 30, |
|
December 31, |
|
2022 |
|
2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
30,819 |
|
285,668 |
Short-term investments |
452,587 |
|
469,636 |
Accounts receivable, net |
33,130 |
|
32,619 |
Prepayments and other current assets |
7,639 |
|
8,801 |
Contract assets |
1,316 |
|
962 |
Total current assets |
525,491 |
|
797,686 |
Property and equipment, net |
13,616 |
|
19,194 |
Operating lease right-of-use assets |
4,194 |
|
7,436 |
Intangible assets |
4,947 |
|
6,697 |
Goodwill |
56,142 |
|
56,142 |
Long-term investments |
63,388 |
|
53,925 |
Other non-current assets |
167,960 |
|
3,919 |
Total assets |
835,738 |
|
944,999 |
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
8,551 |
|
5,309 |
Advances from customers |
9,027 |
|
9,068 |
Taxes payable |
852 |
|
2,435 |
Current operating lease liabilities |
3,278 |
|
3,957 |
Accrued expenses and other current liabilities |
41,827 |
|
53,034 |
Total current liabilities |
63,535 |
|
73,803 |
Long-term payable |
546 |
|
495 |
Long-term operating lease liabilities |
793 |
|
3,452 |
Deferred tax liabilities |
735 |
|
988 |
Total liabilities |
65,609 |
|
78,738 |
|
|
|
|
Shareholders’ equity: |
|
|
|
Class A ordinary shares |
38 |
|
37 |
Class B ordinary shares |
8 |
|
8 |
Additional paid-in-capital |
1,126,441 |
|
1,099,369 |
Treasury shares, at cost |
(23,221) |
|
- |
Accumulated other comprehensive income |
(11,516) |
|
3,149 |
Accumulated deficit |
(321,621) |
|
(236,302) |
Total shareholders’ equity |
770,129 |
|
866,261 |
Total liabilities and shareholders’ equity |
835,738 |
|
944,999 |
Agora, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, in US$ thousands, except share and per ADS amounts)
|
Three Month Ended |
|
Nine Month Ended |
||
|
September 30, |
|
September 30, |
||
|
2022 |
2021 |
|
2022 |
2021 |
Real-time engagement service revenues |
38,860 |
42,390 |
|
115,120 |
122,234 |
Other revenues |
2,128 |
2,648 |
|
5,432 |
5,362 |
Total revenues |
40,988 |
45,038 |
|
120,552 |
127,596 |
Cost of revenues |
16,639 |
15,689 |
|
45,520 |
49,016 |
Gross profit |
24,349 |
29,349 |
|
75,032 |
78,580 |
Operating expenses: |
|
|
|
|
|
Research and development |
29,771 |
29,668 |
|
93,247 |
81,887 |
Sales and marketing |
14,607 |
12,734 |
|
41,580 |
32,478 |
General and administrative |
11,257 |
7,996 |
|
29,439 |
20,988 |
Total operating expenses |
55,635 |
50,398 |
|
164,266 |
135,353 |
Other operating income |
2,365 |
210 |
|
3,593 |
840 |
Loss from operations |
(28,921) |
(20,839) |
|
(85,641) |
(55,933) |
Exchange gain (loss) |
62 |
(189) |
|
(4,969) |
(208) |
Interest income |
2,490 |
2,154 |
|
6,468 |
6,280 |
Investment loss |
(971) |
(2,314) |
|
(1,059) |
(967) |
Loss before income taxes |
(27,340) |
(21,188) |
|
(85,201) |
(50,828) |
Income taxes |
(132) |
93 |
|
(384) |
(353) |
Equity in income of affiliates |
(227) |
- |
|
264 |
- |
Net loss |
(27,699) |
(21,095) |
|
(85,321) |
(51,181) |
Net loss attributable to ordinary shareholders |
(27,699) |
(21,095) |
|
(85,321) |
(51,181) |
Other comprehensive loss: |
|
|
|
|
|
Foreign currency translation adjustments |
(11,696) |
493 |
|
(13,526) |
882 |
Unrealized (loss) gain on available-for-sale debt securities |
(613) |
65 |
|
(1,139) |
152 |
Total comprehensive loss attributable to ordinary shareholders |
(40,008) |
(20,537) |
|
(99,986) |
(50,147) |
|
|
|
|
|
|
Net loss per ADS attributable to ordinary shareholders, basic and diluted |
(0.25) |
(0.19) |
|
(0.76) |
(0.47) |
|
|
|
|
|
|
Weighted-average shares outstanding used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted |
448,554,483 |
443,732,607 |
|
448,733,032 |
438,984,051 |
|
|
|
|
|
|
Share-based compensation expenses included in: |
|
|
|
|
|
Cost of revenues |
165 |
152 |
|
760 |
456 |
Research and development expenses |
4,150 |
5,873 |
|
14,342 |
15,053 |
Sales and marketing expenses |
1,244 |
1,326 |
|
5,050 |
3,603 |
General and administrative expenses |
1,671 |
1,179 |
|
5,492 |
4,017 |
Agora, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in US$ thousands)
|
Three Month Ended |
|
Nine Month Ended |
||
|
September 30, |
|
September 30, |
||
|
2022 |
2021 |
|
2022 |
2021 |
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
(27,699) |
(21,095) |
|
(85,321) |
(51,181) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
Share-based compensation expense |
7,230 |
8,530 |
|
25,644 |
23,129 |
Allowance for current expected credit losses |
788 |
1,758 |
|
3,697 |
3,031 |
Depreciation of property and equipment |
2,334 |
1,994 |
|
7,231 |
5,978 |
Amortization of intangible assets |
576 |
574 |
|
1,732 |
1,355 |
Deferred tax expense |
(84) |
(84) |
|
(252) |
(199) |
Amortization of right-of-use asset and interest on lease liabilities |
1,013 |
985 |
|
3,124 |
2,727 |
Change in the fair value of investments |
976 |
2,345 |
|
861 |
1,064 |
Interest income on available-for-sale debt securities |
(101) |
(101) |
|
(300) |
(194) |
Equity in income of affiliates |
227 |
(66) |
|
(264) |
(66) |
Changes in assets and liabilities, net of effect of acquisition: |
|
|
|
|
|
Accounts receivable |
155 |
(4,456) |
|
(6,545) |
(10,559) |
Contract assets |
(34) |
(97) |
|
(498) |
(273) |
Prepayments and other current assets |
(163) |
(344) |
|
(6) |
(897) |
Other non-current assets |
3,142 |
(344) |
|
3,112 |
(299) |
Accounts payable |
2,088 |
(1,611) |
|
4,031 |
(1,476) |
Advances from customers |
671 |
49 |
|
784 |
(121) |
Taxes payable |
(631) |
(167) |
|
(1,509) |
(732) |
Operating lease liabilities |
(1,148) |
(1,150) |
|
(3,335) |
(2,972) |
Deferred income |
- |
185 |
|
145 |
185 |
Accrued expenses and other liabilities |
1,827 |
(887) |
|
(822) |
6,450 |
Net cash used in operating activities |
(8,833) |
(13,982) |
|
(48,491) |
(25,050) |
Cash flows from investing activities: |
|
|
|
|
|
Purchase of short-term investments |
(159,340) |
(42,298) |
|
(531,279) |
(432,745) |
Proceeds from sale and maturity of short-term investments |
193,501 |
157,834 |
|
542,631 |
407,912 |
Purchase of long-term investment |
(1,657) |
(20,759) |
|
(19,762) |
(47,111) |
Prepayment for long-term investments |
(1,476) |
- |
|
(1,949) |
- |
Withdrawal of long-term investments |
2,113 |
- |
|
2,113 |
- |
Purchase of property and equipment |
(1,085) |
(1,638) |
|
(2,707) |
(10,081) |
Purchase of intangible assets |
- |
(42) |
|
- |
(243) |
Deposit for land use right purchase |
- |
- |
|
(34,159) |
- |
Withdrawal of deposit for land use right purchase |
34,159 |
- |
|
34,159 |
- |
Prepayment for land use right purchase |
(171,592) |
- |
|
(171,592) |
- |
Cash paid for an acquisition |
- |
(20,902) |
|
- |
(36,630) |
Net cash (used in) generated from investing activities |
(105,377) |
72,195 |
|
(182,545) |
(118,898) |
Cash flows from financing activities: |
|
|
|
|
|
Proceeds from the private placement, net of issuance costs paid |
- |
- |
|
- |
249,950 |
Proceeds from exercise of employees’ share options |
87 |
382 |
|
970 |
1,835 |
Payment of financing cost |
- |
- |
|
(621) |
- |
Repurchase of Class A ordinary shares |
(3,079) |
- |
|
(22,839) |
- |
Net cash (used in) provided by financing activities |
(2,992) |
382 |
|
(22,490) |
251,785 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
(2,829) |
194 |
|
(1,326) |
270 |
Net (decrease) increase in cash, cash equivalents and restricted cash |
(120,031) |
58,789 |
|
(254,852) |
108,107 |
Cash, cash equivalents and restricted cash at beginning of period * |
151,004 |
160,616 |
|
285,825 |
111,298 |
Cash, cash equivalents and restricted cash at end of period ** |
30,973 |
219,405 |
|
30,973 |
219,405 |
Supplemental disclosure of cash flow information: |
|
|
|
|
|
Income taxes paid |
- |
- |
|
55 |
966 |
Cash payments included in the measurement of operating lease liabilities |
1,148 |
1,150 |
|
3,335 |
2,972 |
Right-of-use assets obtained in exchange for operating lease obligations |
198 |
2,148 |
|
198 |
3,636 |
Non-cash financing and investing activities: |
|
|
|
|
|
Payables for acquisition |
- |
- |
|
- |
18,539 |
Proceeds receivable from exercise of employees’ share options |
66 |
33 |
|
66 |
33 |
Deposits utilized for employees’ share option exercises |
- |
- |
|
7 |
- |
Payables for property and equipment |
228 |
917 |
|
228 |
917 |
Payables for long-term investment |
- |
5,897 |
|
- |
5,897 |
Payables for treasury shares, at cost |
383 |
|
|
383 |
|
* includes restricted cash balance |
155 |
156 |
|
156 |
80 |
** includes restricted cash balance |
154 |
156 |
|
154 |
156 |
Agora, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited, in US$ thousands, except share and per ADS amounts)
|
Three Month Ended |
|
Nine Month Ended |
||
|
September 30, |
|
September 30, |
||
|
2022 |
2021 |
|
2022 |
2021 |
GAAP net loss |
(27,699) |
(21,095) |
|
(85,321) |
(51,181) |
Add: |
|
|
|
|
|
Share-based compensation expense |
7,230 |
8,530 |
|
25,644 |
23,129 |
Acquisition related expenses |
236 |
656 |
|
749 |
5,355 |
Financing related expenses |
2,166 |
- |
|
2,166 |
- |
Amortization expense of acquired intangible assets |
556 |
556 |
|
1,668 |
1,305 |
Income tax related to acquired intangible assets |
(84) |
(84) |
|
(252) |
(199) |
Non-GAAP net loss |
(17,595) |
(11,437) |
|
(55,346) |
(21,591) |
|
|
|
|
|
|
Net loss |
(27,699) |
(21,095) |
|
(85,321) |
(51,181) |
Excluding: |
|
|
|
|
|
Exchange gain (loss) |
62 |
(189) |
|
(4,969) |
(208) |
Interest income |
2,490 |
2,154 |
|
6,468 |
6,280 |
Investment loss |
(971) |
(2,314) |
|
(1,059) |
(967) |
Equity in income of affiliates |
(227) |
- |
|
264 |
- |
Income taxes |
(132) |
93 |
|
(384) |
(353) |
Depreciation of property and equipment |
2,334 |
1,994 |
|
7,231 |
5,978 |
Share-based compensation expense |
7,230 |
8,530 |
|
25,644 |
23,129 |
Acquisition related expenses |
236 |
656 |
|
749 |
5,355 |
Financing related expenses |
2,166 |
- |
|
2,166 |
- |
Amortization expense of acquired intangible assets |
556 |
556 |
|
1,668 |
1,305 |
Adjusted EBITDA |
(16,399) |
(9,103) |
|
(48,183) |
(20,166) |
|
|
|
|
|
|
Net cash used in operating activities |
(8,833) |
(13,982) |
|
(48,491) |
(25,050) |
Purchase of property and equipment |
(1,085) |
(1,638) |
|
(2,707) |
(10,081) |
Free Cash Flow |
(9,918) |
(15,620) |
|
(51,198) |
(35,131) |
Net cash (used in) generated from investing activities |
(105,377) |
72,195 |
|
(182,545) |
(118,898) |
Net cash (used in) provided by financing activities |
(2,992) |
382 |
|
(22,490) |
251,785 |