First Quarter Net Revenues up by 23.5%
Year-Over-Year, exceeding guidance
First Quarter Student
Enrollment up by 20.6% Year-Over-Year
Reaffirms Full Year 2017 Net Revenues Guidance of
RMB1,990-2,070 million
BEIJING, May 22, 2017 /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, 2017.
First Quarter 2017 Highlights
- Net revenues increased by 23.5% year-over-year to RMB332.7 million from RMB269.5 million in the same period in 2016.
- Gross profit increased by 18.1% year-over-year to RMB204.9 million from RMB173.5 million in the same period in 2016.
- Operating loss was RMB34.1
million, compared to an operating loss of RMB19.7 million in the same period in 2016.
- Non-GAAP operating loss, which excluded share-based
compensation expenses, was RMB23.0
million, compared to a non-GAAP operating loss of
RMB3.9 million in the same period in
2016.
- Net loss was RMB24.6 million, compared to a net loss
of RMB24.5 million in the same period in 2016.
- Non-GAAP net loss, which excluded share-based compensation
expenses and loss on foreign currency forward contract, was
RMB13.5 million, compared to a
non-GAAP net income of RMB10.9 million in the same period in
2016.
- Basic and diluted loss per American Depositary Share ("ADS")
were RMB0.44. Non-GAAP basic and
non-GAAP diluted loss per ADS, which excluded share-based
compensation expenses and loss on foreign currency forward
contract, were RMB0.24. Each ADS
represents one Class A ordinary share.
- Net cash inflow from operating activities for the first quarter
of 2017 was approximately RMB177.5
million.
- Cash and time deposits totaled RMB1,450.2 million as of March 31, 2017, compared to RMB1,286.1 million as of December 31, 2016.
- Deferred revenue totaled RMB399.1million as of March 31, 2017, compared to RMB229.2 million as of March 31, 2016, representing a year-over-year
increase of approximately 74.1%.
- Total course enrollments[1], defined as the cumulative number
of courses enrolled in by our students, in the first quarter of
2017 increased by 16.0% year-over-year to 24,500.
- Total student enrollments[2], defined as the total number of
new students recruited and registered, in the first quarter of 2017
increased by 20.6% year-over-year to 27,785.
- Total seat capacity[3], defined as the total number of seats
available in our learning centers, increased by 20.0% to 52,822 as
of March 31, 2017, from 44,004 as of
March 31, 2016.
- Total number of learning centers[4] increased to 160 as of
March 31, 2017, from 135 as of
March 31, 2016.
- Total student enrollments in kid education programs, defined as
the total number of students recruited and registered in our kid
education programs, in the first quarter of 2017 increased by
304.1% year-over-year to 994.
"We are very pleased to start fiscal year 2017 by delivering
strong financial and operational results. Top line growth for the
first quarter was 23.5%, exceeding the high end of our expected
range and driven largely by a healthy 20.6% increase in student
enrollments. Our professional education business continued its
strong momentum during the quarter, despite the seasonal
fluctuations created by Chinese New
Year. We are especially proud that we continued to deliver
excellent education quality and outcomes, achieving once again the
6-month post-course job placement rate of above 95%. Our new
collaborations recently with globally renowned IT companies such as
Microsoft, HP and Intel will also help build our brand recognition
and solidify our leading position in China's professional education
industry. Such results are strong validation of the market demand
for our high quality professional education services in both IT and
non-IT verticals," said Mr. Shaoyun
Han, Tarena's Chairman and Chief Executive Officer.
"As we look ahead, well-paced expansion of our learning center
network will remain a key strategic way to drive long term growth.
In the first quarter, we entered into 5 new cities and added a net
of 15 learning centers, achieving a total of 52,822 seat capacity
which represents 20.0% year-over-year growth. We are also committed
to investing in new courses and contents development in existing
courses to advance curriculum system. Our new initiatives in kid
education programs has started to bear fruit and we successfully
enrolled 994 students in our kid education programs in the first
quarter. We believe solid business execution in the first quarter
2017 lays good foundation for us to continue performance and
deliver long-term value for all our shareholders," Mr. Han
concluded.
Mr.Yuduo Yang, Tarena's Chief Financial Officer, said, "As we
mentioned before, we experienced seasonal fluctuation due to
Chinese New Year in the first quarter
of each year. Our costs associated with the new centers and new
courses were incurred ahead of the enrollment and revenue ramp,
which contributed to the net loss of RMB24.6
million in the first quarter 2017, compared with a net loss
of RMB 24.5 million in the same
period last year. However, given the strong enrollment result in
the first quarter and the healthy business fundamentals, we are
confident in our overall revenue growth outlook for the full year
of 2017."
First Quarter2017 Results
Net Revenues
Net revenues increased by 23.5% to RMB332.7 million in the first quarter of 2017,
from RMB269.5 million in the same
period in 2016. The increase was primarily due to increased course
enrollments and to a lesser extent, an increase in the standard
tuition fees.
Total course enrollments[5] in the first quarter of 2017
increased by 16.0% to 24,500 from 21,121 in the same period in
2016, which was driven mainly by the number and the popularity of
our course offerings. The number of our course offerings increased
to 18 from 16 in the first quarter year-over-year, while the total
seat capacity in our learning centers[6] increased by 20.0% to
52,822 as of March 31,2017 from
44,004 as of March 31, 2016 to cater
to the increased demand for our courses.
Beginning in the second quarter of 2016, we raised the standard
tuition fees on most of our courses by RMB1,000 to RMB
2000 per course. 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
91%/9% and 93%/7% in the first quarter of 2017 and 2016,
respectively.
Cost of Revenues
Cost of revenues increased by 33.2% to RMB127.8 million in the first quarter of 2017,
from RMB95.9 million in the same
period in 2016. The increase was mainly due to an increase in
personnel cost and welfare expenses resulting from growing number
of teaching and advisory staff at our learning centers, rental cost
resulting from higher seat capacity, as well as depreciation
expenses for the growing number of learning centers.
Gross Profit and Gross Margin
Gross profit increased by 18.1% to RMB204.9 million in the first quarter of 2017,
from RMB173.5 million in the same
period in 2016. Gross margin was 61.6% in the first quarter of
2017, compared with 64.4% in the same period in 2016.The decrease
in gross margin was mainly due to expansion of our learning centers
and course offerings. Our overall center utilization rate in the
first quarter of 2017 was 69%, compared with 71% in the same period
in 2016, mainly due to increased seat capacity.
Operating Expenses
Total operating expenses increased by 23.7% to RMB239.1 million in the first quarter of 2017,
from RMB193.2 million in the same
period in 2016. Total non-GAAP operating expenses, which excluded
share-based compensation expenses, increased by 28.2% to
RMB228.1 million in the first quarter
of 2017, from RMB177.9 million in the
same period in 2016. Total share-based compensation expenses
allocated to the related operating expenses reduced by 28.6% to
RMB10.9 million in the first quarter
of 2017, from RMB15.3 million in the
same period in 2016.
Selling and marketing expenses increased by 24.9% to
RMB141.1 million in the first quarter
of 2017, from RMB112.9 million in the
same period in 2016. The increase was due to an increase in
personnel cost and welfare expenses related to the growth in our
selling and marketing headcount, and expanded marketing efforts as
we expanded our course offerings and network of learning
centers.
General and administrative expenses increased by 23.7% to
RMB79.8 million in the first quarter
of 2017, from RMB64.5 million in the
same period in 2016. The increase was mainly due to an increase in
personnel cost and welfare expenses for our increased number of
general and administrative personnel to support our growing
operations. Non-GAAP general and administrative expenses, which
excluded share-based compensation expenses, increased by 35.3% to
RMB70.8 million, from RMB52.3 million in the same period in 2016.
Research and development expenses increased by 15.3% to
RMB18.2 million in the first quarter
of 2017, from RMB15.8 million in the
same period in 2016. The increase was mainly due to an increase in
personnel cost and welfare expenses of our instructors allocated to
their content development activities for our courses, as well as
growing number of research and development staff as we expanded our
course offerings and operations.
Operating Loss
Operating loss was RMB34.1 million
for the first quarter of 2017, compared to an operating loss of
RMB19.7 million in the same period in
2016.Non-GAAP operating loss, which excluded share-based
compensation expenses, was RMB23.0
million, compared to a non-GAAP operating loss of
RMB3.9 million in the same period in
2016.
Interest Income
Interest income was RMB3.5 million
in the first quarter of 2017, compared to RMB9.2 million in the same period in 2016.
Interest income in both periods consisted of interest earned on our
cash 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, as well as lower tuition
interest income in relation to our installment payment plan for
students.
Foreign Exchange
(Loss) Gain
Foreign exchange loss was RMB0.5
million in the first quarter of 2017, compared to
RMB2.8 million foreign exchange gain
in the same period in 2016. The loss was attributable to the
appreciation of China's RMB against U.S. Dollar as the Company had
converted its offshore bank deposits previously in RMB into US
dollars under a foreign currency forward contract. The contract had
been settled in May 2016.
Income Tax Expense
The Company recorded an income tax expense of RMB0.5 million in the first quarter of 2017,
compared to RMB0.1 million in the
same period in 2016. The change was mainly due to an increase in
the effective income tax rate from recognition of valuation
allowances for deferred income tax assets of certain
subsidiaries.
Net Loss (income)
As a result of the foregoing, net loss was RMB24.6 million in the first quarter of 2017,
compared to RMB24.5 million in the
same period in 2016. Non-GAAP net loss, which excluded share-based
compensation expenses and loss on foreign currency forward
contract, was RMB13.5 million,
compared to a non-GAAP net income of RMB10.9
million in the same period in 2016.
Basic and Diluted Earnings (Loss) per ADS
Basic and diluted loss per ADS were RMB0.44 in the first quarter of 2017. Non-GAAP
basic and non-GAAP diluted loss per ADS, which excluded share-based
compensation expenses, were RMB0.24.
Cash Flow
Net cash inflow from operating activities for the first quarter
of 2017 was approximately RMB177.5
million. Capital expenditures for the quarter were
RMB28.0 million.
Shares Issued and Outstanding
As of March 31, 2017, the Company
had 50,108,451 Class A and 7,206,059 Class B ordinary shares
outstanding. Each ADS represents one Class A ordinary share.
Business Outlook
Based on the Company's current estimates, total net revenues for
the second quarter of 2017 are expected to be between RMB443.5 million and RMB 456.5 million,
representing an increase of 21.4% to 25.0% on a year-over-year
basis.
The Company also expects its total net revenues for the full
year of 2017 to be between RMB1,990.0
million and RMB2,070.0 million, representing an increase of
26.0% to 31.0% on a year-over-year basis.
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 2017 at
9:00 p.m. Eastern Daylight Time on
May 22, 2017 (9:00 a.m. Beijing time on May 23,
2017).
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: 7811563
A replay of the call will be available approximately 2 hours
after the conclusion of the conference call through May 29, 2017. 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: 7811563
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 first quarter of 2017andfor the full fiscal year 2017and
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 twelve IT subjects and three non-IT subjects.
Tarena also offers three 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 408,000 students, cooperated with more than 630
universities and colleges and placed students with approximately
100,000 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 basic and diluted 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, and
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
[1] excluding course enrollments in kid education programs
[2] excluding student enrollments in kid education programs
[3] excluding seat capacity that is for kid education programs
only
[4] excluding learning centers that are for kid education programs
only
[5] excluding course enrollments in kid education programs
[6] excluding learning centers that are for kid education programs
only
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands,
except share data and per share data)
|
|
|
|
|
|
|
|
As
of
|
|
March 31
|
|
December 31
|
|
2017
|
|
2016
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash
|
|
975,927
|
|
|
810,672
|
Time
deposits
|
|
414,764
|
|
|
416,724
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
94,873
|
|
|
97,374
|
Amounts due from a
related party
|
|
189
|
|
|
—
|
Prepaid expenses and
other current assets
|
|
122,584
|
|
|
126,088
|
Total current
assets
|
|
1,608,337
|
|
|
1,450,858
|
Time
deposits
|
|
59,524
|
|
|
58,667
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
1,116
|
|
|
1,176
|
Property and
equipment, net
|
|
444,999
|
|
|
437,337
|
Goodwill
|
|
3,365
|
|
|
3,365
|
Long-term
investments
|
|
51,506
|
|
|
41,760
|
Other non-current
assets
|
|
94,676
|
|
|
91,849
|
Total
assets
|
|
2,263,523
|
|
|
2,085,012
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
9,730
|
|
|
4,502
|
Amounts due to a
related party
|
|
—
|
|
|
79
|
Income taxes
payable
|
|
89,750
|
|
|
91,240
|
Deferred
revenue
|
|
399,130
|
|
|
266,061
|
Accrued expenses and
other current liabilities
|
|
215,014
|
|
|
117,867
|
Total current
liabilities
|
|
713,624
|
|
|
479,749
|
Other non-current
liabilities
|
|
6,360
|
|
|
7,043
|
Total
liabilities
|
|
719,984
|
|
|
486,792
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Class A ordinary
shares
|
|
312
|
|
|
302
|
Class B ordinary
shares
|
|
84
|
|
|
86
|
Treasury
stock(a)
|
|
(93,761)
|
|
|
(93,761)
|
Additional paid-in
capital
|
|
1,020,243
|
|
|
995,216
|
Accumulated other
comprehensive income
|
|
66,115
|
|
|
58,204
|
Retained
earnings
|
|
550,546
|
|
|
638,173
|
Total
shareholders' equity
|
|
1,543,539
|
|
|
1,598,220
|
Total liabilities
and shareholders' equity
|
|
2,263,523
|
|
|
2,085,012
|
|
|
|
|
|
|
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 (RMB 133,556,000) 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, 2017, the Company
repurchased 1,574,980 Class A ordinary shares from the open market
with the consideration of US$14.4 million (RMB
93,761,156).
|
|
|
|
|
|
|
|
|
|
|
|
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(in thousands,
except share data and per share data)
|
|
|
|
|
|
|
|
For the Three Months Ended
March 31
|
|
2017
|
|
2016
|
|
RMB
|
|
RMB
|
Net
revenues
|
|
332,748
|
|
|
269,468
|
Cost of
revenues(a)
|
|
(127,814)
|
|
|
(95,940)
|
Gross
profit
|
|
204,934
|
|
|
173,528
|
Selling and marketing
expenses(a)
|
|
(141,067)
|
|
|
(112,903)
|
General and
administrative expenses(a)
|
|
(79,758)
|
|
|
(64,474)
|
Research and
development expenses(a)
|
|
(18,228)
|
|
|
(15,816)
|
Operating
loss
|
|
(34,119)
|
|
|
(19,665)
|
Interest
income
|
|
3,474
|
|
|
9,195
|
Other
income
|
|
7,071
|
|
|
2,976
|
Loss from fair value
change of foreign currency forward
|
|
—
|
|
|
(19,660)
|
Foreign exchange
(loss)gain
|
|
(547)
|
|
|
2,799
|
Loss before income
taxes
|
|
(24,121)
|
|
|
(24,355)
|
Income tax
expense
|
|
(512)
|
|
|
(144)
|
Net
loss
|
|
(24,633)
|
|
|
(24,499)
|
Net loss
attributable to Class A and Class B ordinary
shareholders
|
|
(24,633)
|
|
|
(24,499)
|
|
|
|
|
|
|
Loss per Class A
and Class B ordinary share:
|
|
|
|
|
|
Basic and
diluted
|
|
(0.44)
|
|
|
(0.45)
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
Basic and
diluted
|
|
56,326,455
|
|
|
54,711,833
|
|
|
|
|
|
|
Net
loss
|
|
(24,633)
|
|
|
(24,499)
|
Other
comprehensive income(loss)
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
(1,839)
|
|
|
(1,597)
|
Unrealized gain on
available for sale securities, net of RMB879 income
taxes
|
|
14,730
|
|
|
—
|
Less:
reclassification adjustment for gain on available for sale
securities realized in net income, net of RMB879 income
taxes
|
|
(4,980)
|
|
|
—
|
Comprehensive
loss
|
|
(16,722)
|
|
|
(26,096)
|
Notes:
|
|
|
|
|
|
(a)
Includes share-based compensation expense as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
March 31
|
|
2017
|
|
2016
|
|
RMB
|
|
RMB
|
Cost of
revenues
|
|
177
|
|
|
465
|
Selling and marketing
expenses
|
|
258
|
|
|
1,514
|
General and
administrative expenses
|
|
8,911
|
|
|
12,129
|
Research and
development expenses
|
|
1,764
|
|
|
1,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
|
(in thousands,
except share data and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March
31
|
|
2017
|
|
2016
|
|
RMB
|
|
RMB
|
GAAP Cost of
revenues
|
|
127,814
|
|
|
95,940
|
Share-based
compensation expense in cost of revenues
|
|
177
|
|
|
465
|
Non-GAAP Cost of
revenues
|
|
127,637
|
|
|
95,475
|
|
|
|
|
|
|
GAAP Selling and
marketing expenses
|
|
141,067
|
|
|
112,903
|
Share-based
compensation expense in selling and marketing expenses
|
|
258
|
|
|
1,514
|
Non-GAAP Selling
and marketing expenses
|
|
140,809
|
|
|
111,389
|
|
|
|
|
|
|
GAAP General and
administrative expenses
|
|
79,758
|
|
|
64,474
|
Share-based
compensation expense in general and administrative
expenses
|
|
8,911
|
|
|
12,129
|
Non-GAAP General
and administrative expenses
|
|
70,847
|
|
|
52,345
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
18,228
|
|
|
15,816
|
Share-based
compensation expense in research and development
expenses
|
|
1,764
|
|
|
1,668
|
Non-GAAP Research
and development expenses
|
|
16,464
|
|
|
14,148
|
|
|
|
|
|
|
Operating
loss
|
|
(34,119)
|
|
|
(19,665)
|
Share-based
compensation expenses
|
|
11,110
|
|
|
15,776
|
Non-GAAP Operating
loss
|
|
(23,009)
|
|
|
(3,889)
|
|
|
|
|
|
|
Net
loss
|
|
(24,633)
|
|
|
(24,499)
|
Share-based
compensation expenses
|
|
11,110
|
|
|
15,776
|
Loss on foreign
currency forward contract
|
|
—
|
|
|
19,660
|
Non-GAAP net
(loss) income
|
|
(13,523)
|
|
|
10,937
|
Non-GAAP net
(loss) income attributable to Class A and Class B ordinary
shareholders
|
|
(13,523)
|
|
|
10,937
|
|
|
|
|
|
|
Non-GAAP (loss)
earnings per Class A and Class B ordinary
share(a)
|
|
|
|
|
|
Basic
|
|
(0.24)
|
|
|
0.20
|
Diluted
|
|
(0.24)
|
|
|
0.19
|
Weighted average
number of ordinary shares outstanding used in calculating Non-GAAP
(loss) earnings per Class A and Class B ordinary
share(a)
|
|
|
|
|
|
Basic
|
|
56,326,455
|
|
|
54,711,833
|
Diluted
|
|
56,326,455
|
|
|
57,982,805
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
(a) The Non-GAAP
(loss) earnings per Class A and Class B ordinary share is computed
using Non-GAAP net (loss) income attributable to Class A and Class
B ordinary shareholders and the same number of ordinary shares used
in GAAP basic and diluted (loss) earnings per Class A and Class B
ordinary share calculation.
|
(b) There was no tax
impact of share-based compensation expenses for the first quarter
ended March 31, 2017 and 2016.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tarena-international-inc-announces-first-quarter-2017-results-300461549.html
SOURCE Tarena International, Inc.