BEIJING, May 23, 2016 /PRNewswire/ -- Tarena
International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a
leading provider of professional education services in China, today announced its unaudited financial
results for the first quarter ended March
31, 2016.
First Quarter 2016 Highlights
- Net revenues increased by 46.5% year-over-year to US$41.3 million from US$28.2 million in the same period in 2015.
- Gross profit increased by 54.3% year-over-year to US$26.6 million from US$17.2 million in the same period in 2015.
- Operating loss was US$3.0
million, compared to an operating loss of US$4.7 million in the same period in 2015.
- Non-GAAP operating loss, which excluded share-based
compensation expenses, was US$0.6
million, compared to a non-GAAP operating loss of
US$3.6 million in the same period in
2015.
- Net loss was US$3.8 million, compared to a net loss
of US$2.5 million in the same period in 2015.
- Non-GAAP net income, which excluded share-based compensation
expenses and loss on foreign currency forward contract, was
US$1.7 million, compared to a net
loss of US$1.4 million in the same period in 2015.
- Basic and diluted net loss per American Depositary Share
("ADS") were US$0.07. Non-GAAP basic
and non-GAAP diluted net income per ADS, which excluded share-based
compensation expenses and loss on foreign currency forward
contract, were US$0.03. Each ADS
represents one Class A ordinary share.
- Cash, time deposits and restricted time deposits totaled
US$197.6 million as of March 31, 2016, compared to US$189.1 million as of December 31, 2015.
- Deferred revenue totaled US$35.5
million as of March 31, 2016,
compared to US$25.3 million as of
December 31, 2015.
- Total course enrollments, defined as the cumulative number of
courses enrolled in by our students, in the first quarter of 2016
increased by 48.2% year-over-year to 21,121.
- Total student enrollments, defined as the total number of new
students recruited and registered, in the first quarter of 2016
increased by 51.8% year-over-year to 23,030.
- Total seat capacity, defined as the total number of seats
available in our learning centers, increased by 26.3% to 44,004 as
of March 31, 2016, from 34,845 as of
March 31, 2015.
- Total number of learning centers increased to 135 as of
March 31, 2016, from 122 as of
March 31, 2015.
"I am pleased to report that our top line results in our first
quarter of 2016 once again exceeded our expectations. We drove
revenue mainly through student enrollment growth. In this quarter,
we recorded an outstanding student enrollment of 23,030,
representing 51.8% year-over-year growth. This enrollment result
brings us strong confidence in achieving our revenue growth target
for fiscal year 2016. In addition, from the first quarter of 2016,
we started to implement our "Teaching at Appropriate Levels"
strategy and launched our advanced-level courses in Java, iOS,
Android, Web front-end development, and Digital art, and as a
result we successfully attracted more students," said Mr.
Shaoyun Han, Tarena's Chairman and
Chief Executive Officer.
"We launched our kid education programs Tongcheng and
Tongmei featuring IT training courses and non-IT training
courses last December. In late March
2016, we rolled out kid programs in 5 more cities outside
Beijing. In the first quarter of
2016, the total student enrollment of kid education programs was
246. We expect the kid education program course enrollment will
further grow in the coming quarters." Mr. Han continued.
"Although we only increased one learning center on a net basis
in the first quarter of 2016, we took opportunities to optimize our
facility resources, by opening four learning centers, merging three
learning centers, and expanding existing facilities where
appropriate. As a result, our total seat capacity increased from
42,434 as of December 31, 2015 to
44,004 as of March 31, 2016. Over the
coming quarters and years, we will continue to focus on delivering
high quality and differentiated education services to our students,
enhancing their learning experiences and outcomes, and
strengthening our leading position in professional education
market. "Mr. Han concluded.
Mr. Yuduo Yang, Tarena's Chief Financial Officer, added, "On the
cost and expense side, our focus remains on optimizing our existing
resources to drive better margin results. We are particularly
pleased with the significant year-over-year improvement in gross
profit margin and operating margin, which resulted from greater
business scale, higher seat utilization and lower advertising
spending on student acquisition. During the first quarter of 2016,
we improved seat utilization to 71% as compared to the same period
last year, resulting in our gross margin in the first quarter of
2016 increasing by 3.3 percentage points year-over-year. Non-GAAP
operating margin in the first quarter of 2016 improved by 11.4
percentage points year-over-year, and GAAP operating margins in the
first quarter of 2016 improved by 9.3 percentage points
year-over-year. Thus we are confident in achieving the objective we
set at the beginning of the year to further improve center
utilization and profitability, which we believe will position us
well for sustainable growth in 2016 and beyond. "
First Quarter 2016 Results
Net Revenues
Net revenues increased by 46.5% to US$41.3 million in the first quarter of 2016,
from US$28.2 million in the same
period in 2015. The increase was primarily due to increased course
enrollments and to a lesser extent, an increase in the standard
tuition fees.
Total course enrollments in the first quarter of 2016 increased
by 48.2% to 21,121 from 14,248 in the same period in 2015, which
was driven mainly by the number and the popularity of our course
offerings. The number of our course offerings increased to 16 from
13 in the first quarter year-over-year, while the total seat
capacity in our learning centers increased by 26.3% to 44,004 as of
March 31,2016 from 34,845 as of
March 31, 2015 to cater to the
increased demand for our courses.
Beginning in the second quarter of 2015, we raised the standard
tuition fees on most of our courses by RMB1,000 per course to RMB17,800. We raised our tuition fees on selected
courses by another RMB1,000 in
March 2016. We charge students
enrolled through the retail channel our standard tuition fee and
provide students enrolled through the university channel a discount
of approximately RMB4,000 per person
per course. Our student enrollment mix from retail and university
channel was 93%/7% and 89%/11% in the first quarter of 2016 and
2015, respectively.
Cost of Revenues
Cost of revenues increased by 34.2% to US$14.7 million in the first quarter of 2016,
from US$11.0 million in the same
period in 2015. The increase was mainly due to higher personnel
cost and welfare expenses resulting from increased number of
teaching and advisory staff at our learning centers and higher
average salary, higher rental cost resulting from increased seat
capacity, as well as higher depreciation expenses for our learning
centers.
Gross Profit and Gross Margin
Gross profit increased by 54.3% to US$26.6 million in the first quarter of 2016,
from US$17.2 million in the same
period in 2015. Gross margin increased to 64.4% in the first
quarter of 2016 from 61.1% in the same period in 2015. The
improvement in gross margin was mainly due to increased operational
scale for our learning centers. Our overall center utilization rate
in the first quarter of 2016 increased to 71% from 69% in the same
period in 2015, mainly due to increased student enrollment.
Operating Expenses
Total operating expenses increased by 35.1% to US$29.6 million in the first quarter of 2016,
from US$21.9 million in the same
period in 2015, as a result of increases in our selling and
marketing, general and administrative and research and development
expenses. Total non-GAAP operating expenses, which excluded
share-based compensation expenses, increased by 30.7% to
US$27.2 million in the first quarter
of 2016, from US$20.9 million in the
same period in 2015. Total share-based compensation expenses
allocated to the related operating expenses increased by 123.2% to
US$2.3 million in the first quarter
of 2016, from US$1.1 million in the
same period in 2015.
Selling and marketing expenses increased by 42.7% to
US$17.3 million in the first quarter
of 2016, from US$12.1 million in the
same period in 2015. The increase was due to higher personnel cost
and welfare expenses related to the growth in our selling and
marketing headcount and higher average salary, and expanded
marketing efforts primarily as a result of increased spending on
advertising as we expanded our course offerings and network of
learning centers.
General and administrative expenses increased by 20.9% to
US$9.9 million in the first quarter
of 2016, from US$8.2 million in the
same period in 2015. The increase was mainly due to higher
compensation cost for our increased number of general and
administrative personnel to support our growing operations, and
higher share-based compensation expenses. Non-GAAP general and
administrative expenses, which excluded share-based compensation
expenses, increased by 10.8% to US$8.0
million, from US$7.2 million
in the same period in 2015.
Research and development expenses increased by 49.4% to
US$2.4 million in the first quarter
of 2016, from US$1.6 million in the
same period in 2015. The increase was mainly due to higher
personnel cost and welfare expenses of our instructors allocated to
their content development activities for our courses, as well as
increased number of research and development staff as we expanded
our course offerings and operations.
Operating Loss
Operating loss was US$3.0 million
for the first quarter of 2016, compared to an operating loss of
US$4.7 million in the same period in
2015. Non-GAAP operating loss, which excluded share-based
compensation expenses, was US$0.6
million, compared to a non-GAAP operating loss of
US$3.6 million in the same period in
2015.
Interest Income
Interest income was US$1.4 million
in the first quarter of 2016, compared to US$1.5 million in the same period in 2015.
Interest income in both periods consisted of interest earned on our
cash, cash equivalents and time deposits in commercial banks and
interest income recognized in relation to our installment payment
plan for students. The decrease in interest income was primarily
due to lower bank deposits and interest rate partially offset by
higher tuition interest income in relation to our installment
payment plan for students.
Foreign Exchange Gain (Loss)
Foreign exchange gain was US$0.4
million in the first quarter of 2016, compared to
US$0.2 million foreign exchange loss
in the same period in 2015. The gain was attributable to the
appreciation of China's RMB against U.S. Dollar as a significant
portion of the Company's IPO proceeds in April 2014 had been converted into RMB and placed
in bank deposits.
Loss on foreign currency forward contract
Loss on foreign currency forward contract was US$3.0 million in the first quarter of 2016, due
to the fluctuation in the exchange rate between U.S. dollars and
RMB. In January 2016, the Company
entered into a foreign currency forward contract to offset the
changes in the carrying amounts of RMB deposits due to fluctuations
in RMB to US dollar exchange rate. The contract has been settled in
May 2016.
Income Tax Expense (Benefit)
The Company recorded an income tax expense of US$22,031 in the first quarter of 2016, compared
to an income tax benefit of US$0.2
million in the same period in 2015. The change was mainly
due to the increase in profit before income tax in one of our
wholly owned subsidiaries that is qualified as a "Newly Established
Software Enterprise" under the PRC Enterprise Income Tax Law, which
provides a two-year full exemption from enterprise income tax from
2014 to 2015 followed by a three-year 50% exemption from 2016 to
2018.
Net Income
As a result of the foregoing, net loss was US$3.8 million in the first quarter of 2016,
compared to US$2.5 million in the
same period in 2015. Non-GAAP net income, which excluded
share-based compensation expenses and loss on foreign currency
forward contract, was US$1.7 million,
compared to a net loss of US$1.4
million in the same period in 2015.
Basic and Diluted Net Income (Loss) per ADS
Basic and diluted net loss per ADS were US$0.07 in the first quarter of 2016. Non-GAAP
basic and non-GAAP diluted net income per ADS, which excluded
share-based compensation expenses and loss on foreign currency
forward contract, were US$0.03.
Cash Flow
Net operating cash flow for the first quarter of 2016 was
approximately US$9.4 million. Capital
expenditures for the quarter were US$2.7
million.
Shares Issued and Outstanding
As of March 31, 2016, the Company
had 45,143,523 Class A and 10,574,896 Class B ordinary shares
outstanding. Each ADS represents one Class A ordinary share.
Business Outlook
Taking into consideration the significant change in RMB exchange
rate against the U.S. dollar compared with same period in 2015,
based on the Company's current estimates, total net revenues for
the second quarter of 2016 are expected to be between US$51.5 million and US$52.5 million, representing
an increase of 25% to 27% on a year-over-year basis. If not
including the impact from the depreciation of RMB against the U.S.
Dollar, the projected revenue growth rate is expected to be in the
range of 33% to 35% on a year-over-year basis for the second
quarter of 2016.
The Company also expects its total net revenues for the full
year of 2016 to be between US$230 million
and US$236 million, representing an increase of 22% to 25%
on a year-over-year basis. If not including the impact from the
depreciation of RMB against the U.S. Dollar, the projected revenue
growth rate is expected to be in the range of 28% to 31% on a
year-over-year basis for the fiscal year 2016.
This guidance is based on the current market conditions and
reflects the Company's current and preliminary estimates of market
and operating conditions, which are subject to change.
Conference Call
The Company will host a conference call and live webcast to
discuss its financial results for the first quarter of 2016 at
9:00 p.m. Eastern Daylight Time on
May 23, 2016 (9:00 a.m. Beijing time on May 24,
2016).
The dial-in details for the live conference call are as
follows:
United States: 1 855 298
3404
International: +1 631 514 2526
Hong Kong: 800 905 927
Singapore: 800 616 3222
Taiwan: +886 2 7708
3282
United Kingdom: 0800 015 9725
China Mainland: 400 120 0539
Conference ID: 8072399
A replay of the call will be available approximately 2 hours
after the conclusion of the conference call through May 29, 2016. The dial-in details for the replay
are:
U.S. Toll Free: 1 866 846 0868
International: 1800 008 585
Hong Kong: 800 966 697
Singapore: 800 616 2127
Taiwan: 801 232 352
United Kingdom: 800 169 7301
China Mainland: 400 184 2240
Conference ID: 8072399
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of Tarena's website at
http://ir.tedu.cn.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Tarena may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including the business outlook for
the second quarter and full year of 2016 and statements about
Tarena's beliefs and expectations, are forward-looking statements.
Many factors, risks and uncertainties could cause actual results to
differ materially from those in the forward-looking statements.
Such factors and risks include, but not limited to the following:
Tarena's goals and strategies; its future business development,
financial condition and results of operations; its ability to
continue to attract students to enroll in its courses; its ability
to continue to recruit, train and retain qualified instructors and
teaching assistants; its ability to continually tailor its
curriculum to market demand and enhance its courses to adequately
and promptly respond to developments in the professional job
market; its ability to maintain or enhance its brand recognition,
its ability to maintain high job placement rate for its students,
and its ability to maintain cooperative relationships with
financing service providers for student loans. Further information
regarding these and other risks, uncertainties or factors is
included in Tarena's filings with the U.S. Securities and Exchange
Commission. All information provided in this press release is
current as of the date of the press release, and Tarena does not
undertake any obligation to update such information, except as
required under applicable law.
About Tarena International, Inc.
Tarena International, Inc. (NASDAQ: TEDU) is a leading provider
of professional education services in China. Through its innovative education
platform combining live distance instruction, classroom-based
tutoring and online learning modules, Tarena offers professional
education courses in eleven IT subjects and three non-IT subjects.
Tarena also offers two kid education programs. Its professional
education courses provide students with practical skills to prepare
them for jobs in industries with significant growth potential and
strong hiring demand. Since its inception in 2002, Tarena has
trained over 297,000 students, cooperated with more than 600
universities and colleges and placed students with approximately
78,000 corporate employers in a variety of industries. For further
information, please visit http://ir.tedu.cn.
About Non-GAAP Financial Measures
Beginning in the first quarter of 2016, the Company revised its
non-GAAP financial measures to exclude gain or loss on derivative
instruments, goodwill impairment, impairment of intangibles via
acquisitions of businesses and the related tax impact, in addition
to its historical practice of excluding share-based compensation
expenses for non-GAAP results.
To supplement Tarena's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Tarena's management uses non-GAAP measures of
cost of revenues, operating expenses, operating income (loss), net
income (loss), and net income (loss) per ADS, which are adjusted
from results based on GAAP to exclude the share-based compensation
expenses, gain or loss on derivative instruments, goodwill
impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact. These non-GAAP financial
measures should be considered in addition to results prepared in
accordance with GAAP, but should not be considered a substitute
for, or superior to, GAAP results. In addition, calculation of the
non-GAAP financial measures may be different from the calculation
used by other companies, and therefore comparability may be
limited.
Tarena's management believes that excluding the share-based
compensation expenses, gain or loss on derivative instruments,
goodwill impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact provides meaningful
supplemental information regarding our performance and liquidity by
excluding certain items identified as non-recurring and infrequent
in nature, and non-cash charges. The amount of share-based
compensation expenses, gain or loss on derivative instruments,
goodwill impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact are not built into the
Company's annual budgets and quarterly forecasts, which generally
will be the basis for information Tarena provides to analysts and
investors as guidance for future operating performance.
The non-GAAP financial measures are provided to enhance
investors' overall understanding of Tarena's current financial
performance and prospects for the future. A limitation of using
non-GAAP cost of revenues, operating expenses, operating income
(loss) and net income (loss), excluding the share-based
compensation expenses, gain or loss on derivative instruments,
goodwill impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact is that the share-based
compensation charge has been and will continue to be a recurring
expense in the Company's business for the foreseeable future, gain
or loss on derivative instruments, goodwill impairment, impairment
of intangibles via acquisitions of businesses and the related tax
impact may recur in the future. In order to mitigate these
limitations the Company has provided specific information regarding
the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables include details on the reconciliation between
GAAP financial measures that are most directly comparable to the
non-GAAP financial measures the Company has presented.
For further information, please contact:
Helen Song
Investor Relations
Tarena International Inc.
Tel: +8610 56219451
Email: ir@tedu.cn
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
As
of
|
|
|
March 31
|
|
|
December 31
|
|
|
2016
|
|
|
2015
|
|
|
US$
|
|
|
US$
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
|
|
|
88,129,102
|
|
|
|
79,145,296
|
Time
deposits
|
|
|
92,533,571
|
|
|
|
69,280,200
|
Restricted time
deposits
|
|
|
-
|
|
|
|
23,099,668
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
|
25,259,876
|
|
|
|
22,637,451
|
Prepaid expenses and
other current assets
|
|
|
11,835,251
|
|
|
|
10,179,811
|
Total current
assets
|
|
|
217,757,800
|
|
|
|
204,342,426
|
Time
deposits
|
|
|
16,974,347
|
|
|
|
17,590,693
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
|
970,288
|
|
|
|
1,196,747
|
Property and
equipment, net
|
|
|
19,724,330
|
|
|
|
19,690,779
|
Goodwill
|
|
|
520,738
|
|
|
|
-
|
Cost method
investments
|
|
|
3,714,480
|
|
|
|
3,695,946
|
Other non-current
assets
|
|
|
8,178,224
|
|
|
|
8,178,969
|
Total
assets
|
|
|
267,840,207
|
|
|
|
254,695,560
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS 'EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
406,182
|
|
|
|
679,549
|
Amounts due to a
related party
|
|
|
82,028
|
|
|
|
135,393
|
Income taxes
payable
|
|
|
8,732,185
|
|
|
|
8,669,015
|
Deferred
revenue
|
|
|
35,474,489
|
|
|
|
25,336,265
|
Accrued expenses and
other current liabilities
|
|
|
23,590,738
|
|
|
|
12,294,473
|
Total current
liabilities
|
|
|
68,285,622
|
|
|
|
47,114,695
|
Other non-current
liabilities
|
|
|
1,343,706
|
|
|
|
1,437,238
|
Total
liabilities
|
|
|
69,629,328
|
|
|
|
48,551,933
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
|
46,069
|
|
|
|
44,914
|
Class B ordinary
shares
|
|
|
10,575
|
|
|
|
10,575
|
Treasury
shares(a)
|
|
|
(7,738,834)
|
|
|
|
(7,738,834)
|
Additional paid-in
capital
|
|
|
148,354,581
|
|
|
|
144,776,619
|
Accumulated other
comprehensive loss
|
|
|
(4,303,031)
|
|
|
|
(4,905,419)
|
Retained
earnings
|
|
|
61,841,519
|
|
|
|
73,955,772
|
Total shareholders'
equity
|
|
|
198,210,879
|
|
|
|
206,143,627
|
Total liabilities
and shareholders' equity
|
|
|
267,840,207
|
|
|
|
254,695,560
|
|
Note:
(a) On August 20, 2015, the
Board of Directors approved a share repurchase plan under which the
Company may repurchase up to US$20 million of its shares over the
next 12 months. According to the plan, the share repurchases may be
made from time to time on the open market at prevailing market
prices, in privately negotiated transactions, in block trades
and/or through other legally permissible means, depending on market
conditions and in accordance with applicable rules and regulations.
As of March 31, 2016, the Company repurchased 926,113 Class A
ordinary shares from the open market with the net consideration of
US$7,738,834.
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
|
|
For the Three Months Ended
March 31
|
|
|
2016
|
|
2015
|
|
|
US$
|
|
US$
|
Net
revenues
|
|
41,278,850
|
|
28,182,595
|
Cost of
revenues(a)
|
|
(14,696,675)
|
|
(10,954,261)
|
Gross
profit
|
|
26,582,175
|
|
17,228,334
|
Selling and marketing
expenses(a)
|
|
(17,295,126)
|
|
(12,117,839)
|
General and
administrative expenses(a)
|
|
(9,876,480)
|
|
(8,166,517)
|
Research and
development expenses(a)
|
|
(2,422,845)
|
|
(1,622,058)
|
Operating
loss
|
|
(3,012,276)
|
|
(4,678,080)
|
Interest
income
|
|
1,408,476
|
|
1,512,558
|
Other
income
|
|
455,953
|
|
716,673
|
Loss on foreign
currency forward contract
|
|
(3,011,644)
|
|
-
|
Foreign exchange
gains (losses)
|
|
428,812
|
|
(225,137)
|
Loss before income
taxes
|
|
(3,730,679)
|
|
(2,673,986)
|
Income tax benefit
(expense)
|
|
(22,031)
|
|
175,918
|
Net
loss
|
|
(3,752,710)
|
|
(2,498,068)
|
Net loss
attributable to Class A and Class B ordinary
shareholders
|
|
(3,752,710)
|
|
(2,498,068)
|
|
|
|
|
|
Net loss per Class
A and Class B ordinary share:
|
|
|
|
|
Basic and
diluted
|
|
(0.07)
|
|
(0.05)
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
Basic and
diluted
|
|
54,711,833
|
|
52,451,846
|
Net
loss
|
|
(3,752,710)
|
|
(2,498,068)
|
Other
comprehensive income (loss)
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
602,388
|
|
(331,664)
|
Comprehensive
loss
|
|
(3,150,322)
|
|
(2,829,732)
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
(a) Includes share-based
compensation expense as follows:
|
|
|
|
|
|
For the Three Months Ended
March 31
|
|
|
2016
|
|
2015
|
|
|
US$
|
|
US$
|
Cost of
revenues
|
|
71,299
|
|
20,875
|
Selling and marketing
expenses
|
|
231,858
|
|
56,620
|
General and
administrative expenses
|
|
1,858,069
|
|
930,786
|
Research and
development expenses
|
|
255,508
|
|
63,520
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
|
|
|
For the Three Months Ended March 31
|
|
|
2016
|
|
|
2015
|
|
|
US$
|
|
|
US$
|
GAAP Cost of
revenues
|
|
|
14,696,675
|
|
|
|
10,954,261
|
Share-based
compensation expense in cost of revenues
|
|
|
71,299
|
|
|
|
20,875
|
Non-GAAP cost of
revenues
|
|
|
14,625,376
|
|
|
|
10,933,386
|
|
|
|
|
|
|
|
|
GAAP Selling and
marketing expenses
|
|
|
17,295,126
|
|
|
|
12,117,839
|
Share-based
compensation expense in selling and marketing expenses
|
|
|
231,858
|
|
|
|
56,620
|
Non-GAAP selling
and marketing expenses
|
|
|
17,063,268
|
|
|
|
12,061,219
|
|
|
|
|
|
|
|
|
GAAP General and
administrative expenses
|
|
|
9,876,480
|
|
|
|
8,166,517
|
Share-based
compensation expense in general and administrative
expenses
|
|
|
1,858,069
|
|
|
|
930,786
|
Non-GAAP general
and administrative expenses
|
|
|
8,018,411
|
|
|
|
7,235,731
|
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
|
2,422,845
|
|
|
|
1,622,058
|
Share-based
compensation expense in research and development
expenses
|
|
|
255,508
|
|
|
|
63,520
|
Non-GAAP research
and development expenses
|
|
|
2,167,337
|
|
|
|
1,558,538
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
(3,012,276)
|
|
|
|
(4,678,080)
|
Share-based
compensation expenses
|
|
|
2,416,734
|
|
|
|
1,071,801
|
Non-GAAP operating
loss
|
|
|
(595,542)
|
|
|
|
(3,606,279)
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(3,752,710)
|
|
|
|
(2,498,068)
|
Share-based
compensation expense
|
|
|
2,416,734
|
|
|
|
1,071,801
|
Loss on foreign
currency forward contract
|
|
|
3,011,644
|
|
|
|
-
|
Non-GAAP net
income (loss)
|
|
|
1,675,668
|
|
|
|
(1,426,267)
|
Non-GAAP net
income (loss) attributable to Class A and Class B ordinary
shareholders
|
|
|
1,675,668
|
|
|
|
(1,426,267)
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) per Class A and Class B ordinary
share(a)
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
0.03
|
|
|
|
(0.03)
|
Weighted average
number of ordinary shares outstanding used in calculating Non-GAAP
net income (loss) per Class A and Class B ordinary
share
|
|
|
|
|
|
|
|
Basic(a)
|
|
|
54,711,833
|
|
|
|
52,451,846
|
Diluted
|
|
|
57,982,805
|
|
|
|
52,451,846
|
|
Notes:
(a) The Non-GAAP net
income (loss) per share is computed using Non-GAAP net income
(loss) attributable to ordinary shareholders and the same number of
ordinary shares used in GAAP basic and diluted net income (loss)
per share calculation.
|
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visit:http://www.prnewswire.com/news-releases/tarena-international-inc-announces-first-quarter-2016-results-300273203.html
SOURCE Tarena International, Inc.