BEIJING, March 9 /PRNewswire-Asia/ -- China Finance Online Co. Limited , a leading Chinese online financial information and listed company data provider, today announced its financial results for the fourth quarter and the full year ended December 31, 2008:
Q4 2008 Highlights Fourth Quarter 2008 2007 1) Financial Data: (in thousands of U.S. dollars, except per ADS data) Net revenues $15,281 $8,882 GAAP net income (loss) 6,192 (8,369) Non-GAAP net income 7,811 3,633 GAAP net income per ADS Basic $0.31 ($0.43) Diluted $0.28 ($0.43) Non-GAAP net income per ADS Basic $0.39 $0.18 Diluted $0.36 $0.16 2) Operating Data: Registered users 11,320,000 9,000,000 Active paid individual subscribers 116,200 56,200 -- Net revenues reached $15.28 million for Q4 2008, up 72% year-over-year and flat from the third quarter of 2008, exceeding the high end of the Company's prior guidance of $14.5 to 15.0 million. -- GAAP net income was $6.19 million for Q4 2008, compared to net loss of $8.37 million for the fourth quarter of 2007. Both basic and diluted GAAP net income per share were $0.06 for Q4 2008, and basic and diluted GAAP net income per ADS were $0.31 and $0.28 for Q4 2008, respectively. -- Non-GAAP net income, which is defined as net income excluding stock- based compensation expenses, was $7.81 million for Q4 2008. Non-GAAP basic and diluted net income per share were $0.08 and $0.07 for Q4 2008, respectively. And non-GAAP basic and diluted net income per ADS were $0.39 and $0.36 for Q4 2008, respectively. -- Registered user accounts of jrj.com and stockstar.com grew to 11.32 million, an increase of 420,000 from the previous quarter. Active paid individual subscribers, which refer to individual investors who subscribe for a fee to our products through downloading, via web or by mobile phones, grew to 116,200. As of December 31, 2008, our Hong Kong brokerage operation Daily Growth, which was acquired in November, 2007, had approximately 1,250 customer accounts.
Explanation of the Company's non-GAAP financial measures and the related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Measures" and " Reconciliations from net income to EBITDA and adjusted EBITDA".
Full year 2008 Highlights Year ended Dec. 31 2008 2007 (in thousands of U.S. dollars, except per ADS data) Net revenues $56,243 $25,903 GAAP net income (loss) 19,034 (4,130) Non-GAAP net income 26,597 9,943 GAAP net income per ADS Basic $0.96 ($0.22) Diluted $0.84 ($0.22) Non-GAAP net income per ADS Basic $1.34 $0.51 Diluted $1.18 $0.45 -- Net revenues increased by 117% to $56.24 million in 2008 from $25.90 million in 2007. -- Non-GAAP net income, excluding stock-based compensation expenses of $7.56 million, was $26.60 million for the full year 2008, up 167% year- on-year. Non-GAAP basic and diluted net income per share were $0.27 and $0.24, respectively, and non-GAAP basic and diluted net income per ADS were $1.34 and $1.18 for 2008, respectively. Q4 2008 Financial Results Net Revenues:
For the fourth quarter of 2008, China Finance Online reported net revenues of $15.28 million, compared to $8.88 million for the same period in 2007, and $15.23 million for the third quarter of 2008, up 72% year-over-year and almost flat quarter-over-quarter. Revenues from subscription service fees paid by individual customers were $12.27 million in the fourth quarter of 2008, representing 80% of net revenues for the quarter. Revenues from mobile value added services were $197,000, representing 1% of net revenues for the quarter. Revenues from subscription service fees paid by institutional customers were $248,000 in the fourth quarter of 2008, representing 2% of net revenues for the quarter. Revenues from advertising-related business for the quarter contributed $839,000, representing 6% of net revenues for the quarter. Revenues from brokerage-related services, provided by Daily Growth, the Hong Kong securities brokerage firm which was acquired in November 2007, were $187,000 in the fourth quarter of 2008, representing 1% of net revenue for the quarter. Other revenues were $1.54 million, which mainly came from IT project outsourcing, representing 10% of net revenues for the quarter.
Revenues breakdown is summarized in the following table: Three months ended December 31, September 30, December 31, 2008 2008 2007 (In thousands of U.S. dollars) 1) Subscription service fees paid by individual customers 12,272 80% 13,377 88% 7,759 87% 2) Revenues from mobile value added services 197 1% 170 1% 384 4% 3) Subscription service fees paid by institutional customers 248 2% 407 3% 229 3% 4) Revenues from advertising- related business 839 6% 764 5% 408 5% 5) Revenues from brokerage- related services 187 1% 496 3% 81 1% 6) Revenues from others 1,538 10% 14 <1% 21 <1% Total net revenues 15,281 100% 15,228 100% 8,882 100% Gross Profit:
Gross profit for the quarter was $12.50 million, compared to $7.56 million for the same period in 2007 and $12.46 million for the third quarter of 2008. Gross margin was 82% in the fourth quarter, compared to 85% in the same period of 2007 and 82% in the third quarter of 2008.
A large portion of costs of revenue are website maintenance expenses, which consist of bandwidth costs, personnel-related expenses, server depreciation expenses, and content expenses for our jrj.com and stockstar.com websites. Website maintenance expenses for the fourth quarter of 2008 was $1.08 million in the quarter, compared to $903,000 for the fourth quarter of 2007 and $1.33 million for the previous quarter. As a percentage of net revenue, website maintenance expenses for the fourth quarter of 2008 was 7%, compared to 10% for the fourth quarter of 2007 and 9% for the previous quarter.
Operating Expenses:
Operating expenses for the fourth quarter of 2008 totalled $9.13 million compared to $5.93 million for the same period in 2007 and $8.56 million for the previous quarter. Excluding stock-based compensation of $1.62 million, operating expenses was $7.51 million for the fourth quarter of 2008, compared to $5.05 million for the fourth quarter of 2007 and $6.95 million for the third quarter of 2008. As a percentage of net revenue for the quarter, operating expenses excluding stock-based compensation were 49%, compared to 57% for the fourth quarter of 2007 and 46% for the third quarter of 2008.
-- General and administrative expenses for the quarter were $3.43 million, compared to $2.63 million for the same period in 2007 and $3.42 million from the previous quarter. Excluding stock-based compensation of $1.59 million, general and administrative expenses were $1.85 million for the fourth quarter, compared to $1.83 million in the fourth quarter of 2007 and $1.88 million in the previous quarter. As a percentage of net revenue, general and administrative expenses excluding stock-based compensation for the fourth quarter was 12%, and compared to 21% for the fourth quarter of 2007 and 12% for the third quarter of 2008. -- Sales and marketing expenses for the fourth quarter were $3.79 million, compared to $2.43 million for the same period in 2007 and $3.64 million for the previous quarter. Excluding stock-based compensation of $19,000, sales and marketing expenses was $3.77 million for the fourth quarter, compared to $2.39 million in the fourth quarter of 2007 and $3.58 million in the previous quarter. As a percentage of net revenue, sales and marketing expenses excluding stock-based compensation for the fourth quarter was 25%, and decreased from 27% for the same quarter in 2007, and increase from 24% for the third quarter of 2008. -- Product development expenses for the fourth quarter were $1.91 million, compared to $865,000 for the same period in 2007 and $1.49 million for the previous quarter. Excluding stock-based compensation of $12,000, product development expenses were $1.89 million, compared to $832,000 in the fourth quarter of 2007 and $1.48 million in the previous quarter. As a percentage of net revenue, product development expenses excluding stock-based compensation for the fourth quarter was 12%, increased from 9% for the fourth quarter of 2007, and 10% for the previous quarter. Income from Operations:
Income from operations for the fourth quarter of 2008 was $3.81 million, compared to $1.77 million for the same quarter in 2007 and $3.90 million for the third quarter of 2008. Adjusted income from operations (non-GAAP), which is defined as income from operations excluding stock-based compensation expenses of $1.62 million, was $5.43 million for the quarter, compared to $2.64 million for the same quarter in 2007 and $5.52 million for the third quarter of 2008.
Net Income and Non-GAAP Net Income:
Net income for the fourth quarter was $6.19 million, compared to net loss of $8.37 million for the fourth quarter of 2007 and net income of $4.77 million for the third quarter of 2008. Net income margin was 41% for Q4 2008, compared to -94% for the same period in 2007 and 31% for the third quarter of 2008.
Total income tax benefit for the quarter was $2.18 million, compared to $398,000 for the same period in 2007 and $248,000 for the previous quarter.
Non-GAAP net income, which is defined as net income excluding stock-based compensation expenses, was $7.81 million for the fourth quarter of 2008, compared to $3.63 million for the fourth quarter of 2007, and $6.38 million for the third quarter of 2008. Excluding stock-based compensation expenses, non-GAAP net income margin for the fourth quarter of 2008 was 51%, compared to non-GAAP net income margin of 41% for the same period in 2007 and 42% for the third quarter of 2008.
As part of the net income for the fourth quarter, the Company recorded a foreign exchange loss of $123,000, compared with net foreign exchange gain of $220,000 from the fourth quarter of 2007 and $184,000 from the previous quarter.
Deferred Revenue:
Deferred revenue at the end of the fourth quarter of 2008, which represents prepaid service fees made by customers for subscription services that have not been rendered as of December 31, 2008, was $36.99 million, with current deferred revenue of $28.20 million and non-current deferred revenue of $8.79 million.
Cash and Cash Equivalents:
Balance of cash and cash equivalents was approximately $97.54 million at the end of the fourth quarter of 2008, including cash denominated in RMB with an equivalent to $80.31 million and cash denominated in other foreign currencies with an equivalent to $17.23 million.
Cash Flow:
Cash inflow from subscription services provided to individual customers was $13.92 million, compared to $13.73 million for the fourth quarter of 2007 and $14.53 million for the previous quarter.
Adjusted EBITDA (Non-GAAP):
Adjusted EBITDA (non-GAAP), which is defined as earnings before interest, taxes, depreciation, amortization, other non-operating income, loss from impairment of cost method investment and stock-based compensation expenses, was $6.11 million for the fourth quarter of 2008, compared to $2.96 million in the fourth quarter of 2007 and $6.10 million in the previous quarter.
Full year 2008 Financial Results
For the full year ended December 31, 2008 net revenues increased by 117% to $56.24 million from $25.90 million in 2007.
Gross profit in 2008 increased by 118% to $46.88 million from $21.47 million in 2007. Gross margin in 2008 was 83% compared with 83% in 2007.
Total operating expenses in 2008 were $34.05 million, compared to $16.98 million in 2007.
Income from operations in 2008 was $13.26 million, compared to $4.64 million in 2007.
Non-GAAP net income in 2008, excluding stock-based compensation expenses of $7.56 million, was $26.60 million, up 167% from $9.94 million, excluding stock-based compensation expenses of $2.95 million and the investment impairment of $11.13 million in Moloon in 2007.
Non-GAAP net income margin in 2008 was 47%, compared to non-GAAP net income margin of 38% in 2007.
Net income in 2008 was $19.03 million, compared to net loss in 2007 was $4.13 million. Net income margin was 34% in 2008, and -16% for full year 2007.
Other Operating Metrics
As of December 31, 2008, the Company has 11.32 million registered user accounts on its two websites jrj.com and stockstar.com, compared to 10.90 million in the previous quarter, an increase of 420,000 quarter-on-quarter.
Active paid individual subscribers grew to 116,200 at the end of the fourth quarter 2008.
As of December 31, 2008, our Hong Kong based brokerage service Daily Growth, which was acquired in November 2007, had approximately 1,250 customer accounts.
Outlook for First Quarter 2009 and Full Year 2009
The Company currently expects to generate net revenues in an amount ranging from $10.5 million to $11.5 million for the first quarter of 2009, compared to $11.05 million in the corresponding period in 2008, and $15.28 million in the prior quarter.
The projected sequential decline in net revenues in the first quarter of 2009 primarily reflects the termination of TopView product starting January 1st, 2009 and continued challenging market environment. While we started to offer alternative products to TopView customers during the fourth quarter of 2008, the negative impact from the termination of TopView may still be material to our business in 2009. We also expect a broader and deeper global recession in the coming quarters that may meaningfully impact our operations through 2009 as Chinese investors turning more cautious.
For 2009, the Company will focus effort and invest resources to upgrade key areas of its operations, such as people, data, products, customers, technologies and execution, thus build a solid foundation to sustain healthy long-term growth. At the same time, management understand challenges ahead and will be extremely prudent to manage balance sheet while deploying necessary resources in core areas. The Company intends to achieve free cash flow positive in 2009 on a full year basis, excluding potential M&A activities.
The above forecast reflects the Company's current and preliminary view, which is subject to change. A number of important factors including, but not limited to, fluctuation in the Chinese stock market, could cause the actual results to differ materially from those contained in the above guidance.
Conference Call
China Finance Online's management team will host a conference call at 8:00PM Eastern Standard Time on March 9, 2009 (or 8:00AM March 10, 2009 in the Beijing/HK time zone) following the announcement to discuss detailed operating results
The conference call will be available on webcast live and replay at: http://tinyurl.com/bsb3rz . The call will be archived for 12 months at this website.
The dial-in details for the live conference call: U.S Toll Free Number +1-877-847-0047, Hong Kong Dial In Number +852-3006-8101, and France Toll Free Number 0800-910-584, Password for all regions: 1133.
A replay of the conference call will be available from approximately 12:00PM Eastern Standard Time on March 9, 2009 (or 12:00AM March 10, 2009, in the Beijing/HK time zone) to 12:00PM Eastern Standard Time on March 16, 2009 (or 12:00AM March 17, 2009 in the Beijing/HK time zone). The dial-in details for the replay: U.S. Toll Free Number +1-866-572-7808, Hong Kong Dial-in Number +852-3012-8000, and access code: 021525.
About China Finance Online Co. Limited
China Finance Online Co. Limited is the market leader in providing online financial and listed company data, information and analytics in China. Through its websites, http://www.jrj.com/ and http://www.stockstar.com/, the company provides individual users with subscription-based service packages that integrate financial and listed company data, information and analytics from multiple sources with features and functions such as data and information search, retrieval, delivery, storage and analysis. These features and functions are delivered through proprietary software available by download, through internet or through mobile handsets. Through its subsidiary, Shenzhen Genius Information Technology Co. Ltd, the company provides financial information database and analytics to institutional customers including domestic securities and investment firms. Through its subsidiary, Daily Growth Investment Company Limited, the company provides securities brokerage services for stocks listed on Hong Kong Stock Exchange.
Safe Harbor Statements
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.
Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but not limited to, the impact of the global economic crisis, our historical and possible future losses, limited operating history, uncertain regulatory landscape in the People's Republic of China, fluctuations in quarterly operating results, our ability to successfully compete against new and existing competitors, our reliance on relationships with Chinese stock exchanges and raw data providers, changes in accounting policies, our ability to successful acquire and integrate businesses and the impact of our investments on our financial results. Further information regarding these and other risks is included in China Finance Online's annual report on Form 20-F for the year ended December 31, 2007, and other filings with the Securities and Exchange Commission. China Finance Online does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Non-GAAP Measures
To supplement the unaudited condensed consolidated financial information presented in accordance with Accounting Principles Generally Accepted in the United States of America ("GAAP"), the Company uses non-GAAP measures of income from operations, net income, net income per share and net income per ADS, which are adjusted from results based on GAAP to exclude the stock-based compensation expenses due to the adoption of SFAS 123R, which became effective on January 1, 2006. Adjusted EBITDA (non-GAAP) is defined as earnings before interest, taxes, depreciation, amortization, other non-operating income, loss from impairment of cost method investment and stock-based compensation expenses. The non-GAAP financial measures are provided to enhance the investors' overall understanding of the Company's current and past financial performance in on-going core operations as well as prospects for the future. These measures should be considered in addition to results prepared and presented in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and therefore deems it important to provide all of this information to investors.
China Finance Online Co. Limited UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) Dec. 2008 Dec. 2007 Assets Current assets: RMB account 80,308 51,129 Foreign currency account 17,236 23,600 Cash and cash equivalents 97,544 74,729 Trust bank balances held on behalf of customers 2,010 2,850 Advance to employees 161 1,673 Accounts receivable, net 2,876 1,491 Prepaid expenses and other current assets 8,464 2,947 Deferred tax assets, current 2,069 1,130 Total current assets 113,124 84,820 Cost method investment 1,480 1,480 Property and equipment, net 8,589 5,455 Acquired intangible assets, net 3,473 1,938 Rental deposits 592 500 Goodwill 12,019 9,652 Deferred tax assets, non-current 1,747 14 Other deposits 218 25 Total assets 141,242 103,884 Liabilities and shareholders' equity Current liabilities: Deferred revenue, current 28,202 20,457 Accrued expenses and other current liabilities 4,779 6,951 Amount due to customers for trust bank balances held on behalf of customers 2,010 2,850 Accounts payable 222 764 Income taxes payable 142 12 Total current liabilities 35,355 31,034 Deferred tax liability, non-current 623 352 Deferred revenue, non-current 8,786 4,665 Total liabilities 44,764 36,051 Minority interests -- 471 Total shareholders' equity 96,478 67,362 Total liabilities and shareholders' equity 141,242 103,884 China Finance Online Co. Limited CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands of U.S. dollars, except per share data) Three months ended Year ended Dec. 31 Dec.31, Dec.31, Sep.30, 2008 2007 2008 2007 2008 Net revenues 15,281 8,882 15,228 56,243 25,903 Cost of revenues (includes share- based compensation expenses of $0, $0, $0, $0 and $16 respectively) (2,781) (1,323) (2,768) (9,367) (4,427) Gross profit 12,500 7,559 12,460 46,876 21,476 Operating expenses General and administrative (includes share- based compensation expenses of $1,588, $797, $1,539, $7,291 and $2,668 respectively) (3,434) (2,631) (3,422) (14,894) (7,784) Sales and marketing (includes share- based compensation expenses of $19, $45, $61, $213 and $139 respectively) (3,789) (2,430) (3,641) (13,521) (6,924) Product development (includes share- based compensation expenses of $12, $33, $11, $59 and $123 respectively) (1,906) (865) (1,493) (5,635) (2,269) Total operating expenses (9,129) (5,926) (8,556) (34,050) (16,977) Subsidy income 437 136 -- 437 136 Income from operations 3,808 1,769 3,904 13,263 4,635 Interest income 404 355 515 1,608 1,105 Investment loss (59) -- (76) (135) -- Other income (loss), net (22) 1 (3) (34) 9 Exchange gain (loss), net (123) 220 184 1,490 424 Income before income tax benefit 4,008 2,345 4,524 16,192 6,173 Income tax benefit 2,184 398 248 2,584 809 Purchased pre- acquisition earning -- -- -- 227 -- Minority interests in net income of consolidated subsidiary -- 15 -- 31 15 Loss from impairment of cost method investment -- (11,127) -- -- (11,127) Net income (loss) 6,192 (8,369) 4,772 19,034 (4,130) Income (loss) attributable to ordinary shareholders 6,192 (8,369) 4,772 19,034 (4,130) Income (loss) per share Basic 0.06 (0.09) 0.05 0.19 (0.04) Diluted 0.06 (0.09) 0.04 0.17 (0.04) Income (loss) per ADS Basic 0.31 (0.43) 0.24 0.96 (0.22) Diluted 0.28 (0.43) 0.21 0.84 (0.22) Weighted average ordinary shares Basic 99,287,039 98,191,578 99,059,916 98,957,993 94,500,529 Diluted 109,617,128 98,191,578 113,911,176 113,020,865 94,500,529 Weighted average ADSs Basic 19,857,408 19,638,316 19,811,983 19,791,599 18,900,106 Diluted 21,923,426 19,638,316 22,782,235 22,604,173 18,900,106 China Finance Online Co. Limited UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of U.S. dollars) Three months ended Dec. 31, Dec. 31, Sep. 30, 2008 2007 2008 Cash flows from operating activities: Net income (loss) 6,192 (8,369) 4,772 Minority interests -- (15) -- Adjustments to reconcile net income (loss) to net cash provided by operating activities: Stock-based compensation 1,619 875 1,611 Depreciation and amortization 681 316 580 Deferred taxes (2,320) (349) (249) Income from disposal of cost method investment -- 11,127 -- Loss on disposal of property and equipment 5 23 16 Loss from short term investments 59 -- 76 Changes in assets and liabilities: Accounts receivable 1,535 667 56 Prepaid expenses and other current assets 2,749 (420) (4,446) Advance to employees 2,555 (233) (500) Trust bank balances held on behalf of customers 214 (465) 2,567 Rental deposits 1 (380) (2) Deferred revenue 1,870 5,660 54 Accounts payable (13) (98) 38 Amount due to customers for trust bank balances held on behalf of customers (214) 465 (2,567) Accrued expenses and other current liabilities (705) 2,114 (1,312) Income taxes payable 142 (43) (6) Net cash provided by operating activities 14,370 10,875 688 Cash flows from investing activities: Acquisition of businesses 1,520 (994) (3,583) Purchase of property and equipment (633) (1,567) (1,325) Proceeds from disposal of fixed assets -- 2 -- Net cash provided (used) in investing activities 887 (2,559) (4,908) Cash flows from financing activities: Proceeds from stock options exercised by employees 12 876 194 Proceeds from exercise of options granted to non-employee 8 261 42 Net cash provided by financing activities 20 1,137 236 Effect of exchange rate changes (128) 1,194 451 Net increase (decrease) in cash and cash equivalents 15,149 10,647 (3,533) Cash and cash equivalents, beginning of quarter 82,395 64,082 85,928 Cash and cash equivalents, end of quarter 97,544 74,729 82,395 Non-GAAP Measures Three months ended Three months ended Three months ended Dec. 31, 2008 Dec. 31, 2007 Sep. 30, 2008 (U.S. Dollar in (U.S. Dollar in (U.S. Dollar in thousands) thousands) thousands) Non- Non- Non- GAAP Adjust- GAAP GAAP Adjust- GAAP GAAP Adjust- GAAP Result ment Results Result ment Results Result ment Result (a) (a) (a) Income from operations 3,808 1,619 5,427 1,769 875 2,644 3,904 1,611 5,515 Year ended Dec. 31, 2008 Year ended Dec. 31, 2007 (U.S. Dollar in thousands) (U.S. Dollar in thousands) GAAP Adjust- Non-GAAP GAAP Adjust- Non-GAAP Result ment Results Result ment Results (a) (a) Income from operations 13,263 7,563 20,826 4,635 2,946 7,581 Three months ended Three months ended Three months ended Dec. 31, 2008 Dec. 31, 2007 Sep. 30, 2008 (U.S. Dollar in (U.S. Dollar in (U.S. Dollar in thousands) thousands) thousands) Non- Non- Non- GAAP Adjust- GAAP GAAP Adjustment GAAP GAAP Adjust- GAAP Result ment Results Result Results Result ment Result (a) (a) (b) (a) Net Income (loss) 6,192 1,619 7,811 (8,369) 875 11,127 3,633 4,772 1,611 6,383 Year ended Dec. 31, 2008 Year ended Dec. 31, 2007 (U.S. Dollar in thousands) (U.S. Dollar in thousands) GAAP Adjust- Non-GAAP GAAP Adjustment Non-GAAP Result ment Results Result Results (a) (a) (b) Net income (loss) 19,034 7,563 26,597 (4,130) 2,946 11,127 9,943 (a) The adjustment is for share-based compensation expenses. (b) The adjustment is for investment impairment. Reconciliations from net income to EBITDA and adjusted EBITDA Three months Three months Three months ended ended ended Dec. 31 Dec. 31 Sep. 30 2008 2007 2008 (U.S. Dollar in thousands) Net income (loss) 6,192 (8,369) 4,772 Adjustment Interest income (404) (355) (515) Income tax benefit (2,184) (398) (248) Loss from impairment of cost method investment -- 11,127 -- Other income and expenses 204 (236) (105) Depreciation 576 241 498 Amortization of intangibles and others 105 75 82 Share-based compensation 1,619 875 1,611 Adjusted EBITDA 6,108 2,960 6,095
