ATA Inc. ("ATA" or the "Company") (Nasdaq:ATAI),
leading provider of advanced testing technologies and
testing-related services in China, today announced preliminary
unaudited financial results for its fiscal fourth quarter and year
ended March 31, 2017 (“Fourth Quarter 2017” and “Fiscal Year 2017,”
respectively).
Fiscal Year 2017
Financial and Operating Highlights (percentage changes and
comparisons against the fiscal year ended March
31, 2016 (“Fiscal Year
2016”))
- Declared a cash dividend of US$0.205 per common share, or
US$0.41 per American Depositary Share (ADS)
- Record net revenues of RMB472.4 million (US$68.6 million), a
13.2% increase from RMB417.1 million, met the Company’s previously
raised net revenue guidance range of RMB455.0 million to RMB475.0
million and was primarily driven by increased volumes from new and
existing exams in both public and private sectors
- Gross profit of RMB232.5 million (US$33.8 million), an 11.2%
increase from RMB209.1 million
- Income from operations of RMB71.8 million (US$10.4 million), an
increase of 38.8%
- Net loss attributable to ATA Inc. of RMB9.7 million (US$1.4
million), compared to net income attributable to ATA Inc. of
RMB26.1 million, due to an accrual of RMB22.6 million in dividend
withholding taxes, as well as impairment losses associated with the
Company’s strategic investments
- Adjusted net loss attributable to ATA Inc. excluding
share-based compensation expense and foreign currency exchange loss
(non-GAAP) of RMB2.7 million (US$0.4 million), compared to adjusted
net income attributable to ATA Inc. of RMB36.7 million
- Basic and diluted losses per ADS attributable to ATA Inc. were
both RMB0.42 (US$0.06). Basic and diluted losses per ADS
attributable to ATA Inc. excluding share-based compensation expense
and foreign currency exchange loss (non-GAAP) for Fiscal Year 2017
were both RMB0.12 (US$0.02).
- Delivered approximately 12.1 million billable tests, compared
to 10.3 million billable tests in Fiscal Year 2016
- RMB222.4 million (US$32.3 million) in cash and cash equivalents
as of March 31, 2017
Fourth Quarter
2017 Financial and Operating Highlights
(percentage changes and comparisons against the fiscal fourth
quarter ended March 31, 2016 (“Fourth Quarter
2016”)
- Net revenues were RMB36.9 million (US$5.4 million), compared to
RMB44.7 million, primarily due to a change in timing of the
National Tax Adviser Occupational Qualification Exam (“CTA exam”),
which was held in November of Fiscal Year 2017 as opposed to
February of Fiscal Year 2016. Excluding the CTA exam, which
contributed RMB18.7 million in revenues in Fourth Quarter 2016,
Fourth Quarter 2017 net revenues increased 41.9% from the
prior-year period as a result of increased exam volumes from ATA’s
other exam projects.
- Gross profit of RMB16.0 million (US$2.3 million), compared to
RMB20.9 million
- Loss from operations of RMB23.9 million (US$3.5 million),
compared to RMB14.8 million, due to increased labor costs and
share-based compensation expenses related to new share options that
were issued in January 2017
- Net loss attributable to ATA Inc. of RMB53.7 million (US$7.8
million), compared to RMB15.4 million, due to an accrual of RMB22.6
million in dividend withholding taxes, as well as impairment losses
associated with the Company’s strategic investments
- Adjusted net loss attributable to ATA Inc. excluding
share-based compensation expense and foreign currency exchange loss
(non-GAAP) of RMB49.8 million (US$7.2 million), compared to RMB14.0
million
- Basic and diluted losses per ADS attributable to ATA Inc. were
both RMB2.34 (US$0.34). Basic and diluted losses per ADS
attributable to ATA Inc. excluding share-based compensation expense
and foreign currency exchange loss (non-GAAP) for Fourth Quarter
2017 were both RMB2.18 (US$0.32).
- Delivered approximately 0.7 million billable tests, compared to
0.9 million billable tests in Fourth Quarter 2016
Change in Fiscal Year End
- On May 29, 2017, the Board of Directors of the Company approved
a change in the Company’s fiscal year end from March 31 to December
31 to better reflect the business cycle of the Company and its
subsidiaries as well as to manage and streamline its financial
reporting processes by aligning its reporting schedule with its ATA
Online subsidiary, which has been listed on the Nationals Equities
Exchange and Quotations (also known as the New Third Board) in
China since 2015. The Company will file a transition report on Form
20-F after December 31, 2017, to account for the transition period
from April 1, 2017, to December 31, 2017 (“Nine-month Transition
Period 2017”), to reflect this change.
Mr. Kevin Ma, ATA’s Chairman and Chief Executive
Officer, stated, “In Fiscal Year 2017, ATA had continued success in
growing its traditional testing services business, achieving yet
another year of record net revenues and billable tests delivered.
We delivered approximately 12.1 million billable tests during
Fiscal Year 2017, an increase of 17.5% compared to the prior fiscal
year. We saw growth in revenue from both existing exams, including
the Fund Practitioners Certification Exam and the National Unified
Certified Public Accountants (‘CPA’) exam, and new exams, including
the Ministry of Housing and Urban-Rural Development (‘MOHURD’) exam
and the National Tour Guide Qualification Exam. These successes
more than offset the loss of revenue from the Securities
Association of China (‘SAC’) exam. We administered and delivered
the MOHURD exam in eight provinces in Fiscal Year 2017 and
anticipate expanding this exam into new provinces over the next
several months. ATA was pleased to work closely with the China
National Tourism Administration on the successful delivery of its
first National Tour Guide Qualification Exam across 31 provinces,
municipalities and autonomous regions in China in November 2016,
and we look forward to developing this successful partnership on
this exam in the years to come. We also delivered new testing exam
projects such as the 2017 campus recruitment exam for the
Agricultural Development Bank of China and the Ability Gradation
exam for the Jiangsu Provincial Office of State Administration of
Taxation, an extension of the CTA exam. We are currently exploring
the possibility of expanding this exam nationwide.”
Mr. Ma continued, “We sustained a net loss in
Fiscal Year 2017 as a result of an RMB22.6 million accrual in
dividend withholding taxes and impairment losses associated with
the Company’s strategic investments that fell short of management’s
expectations. We continue to closely monitor the developments of
our investee companies and are taking a cautious approach when
considering new business opportunities that complement ATA’s core
competency in testing technologies and online education. We remain
confident in the strength of ATA’s business and our ability to
generate positive cash flow going forward, and are pleased that the
Board has approved a cash dividend that will allow us to return
capital to our loyal shareholders.”
Operating ReviewIn Fourth
Quarter 2017, ATA delivered a total of 0.7 million billable tests,
compared to 0.9 million billable tests in Fourth Quarter 2016. This
decrease was largely because the CTA exam was held in November of
Fiscal Year 2017 as opposed to February of Fiscal Year 2016. In
Fiscal Year 2017, ATA delivered 12.1 million billable tests,
compared to 10.3 million in Fiscal Year 2016. The Company had a
network of 3,147 authorized test centers throughout China as of
March 31, 2017, which the Company believes is the largest test
center network in China operated by a single commercial testing
service provider. ATA has delivered a total of approximately 88.4
million billable tests since it began operations in 1999.
GAAP Results
Fiscal Year 2017For Fiscal Year 2017, ATA’s
total net revenues increased 13.2% to RMB472.4 million (US$68.6
million), from RMB417.1 million in Fiscal Year 2016, primarily
driven by increased revenue contributions from the testing services
business.
Net revenues from the testing services business
increased 11.8% to RMB430.1 million (US$62.5 million), from
RMB384.8 million in Fiscal Year 2016, primarily due to increased
revenue contributions from various exams ATA delivered throughout
the year, including the Fund Practitioners Certification Exam and
the CPA exam, as well as increased revenues from new testing
clients and projects.
Net revenues from the online education services
business were RMB7.5 million (US$1.1 million) in Fiscal Year 2017,
compared to RMB4.9 million in Fiscal Year 2016.
Other revenues were RMB34.9 million (US$5.1
million) in Fiscal Year 2017, compared to RMB27.4 million in Fiscal
Year 2016.
Gross profit for Fiscal Year 2017 increased
11.2% to RMB232.5 million (US$33.8 million), from RMB209.1 million
in Fiscal Year 2016. Gross margin was 49.2% in Fiscal Year 2017,
compared to 50.1% in Fiscal Year 2016. The decrease in gross margin
was primarily due to increased labor costs associated with salary
increases, as well as a change in revenue mix.
Operating expenses for Fiscal Year 2017
increased 2.1% to RMB160.7 million (US$23.4 million), from RMB157.4
million in Fiscal Year 2016, primarily due to increased labor and
marketing expenses, as well as new business consulting fees.
Income from operations in Fiscal Year 2017
increased 38.8% to RMB71.8 million (US$10.4 million), from RMB51.7
million in Fiscal Year 2016.
Net loss attributable to ATA Inc. for Fiscal
Year 2017 was RMB9.7 million (US$1.4 million), compared to net
income attributable to ATA Inc. of RMB26.1 million in Fiscal Year
2016. The net loss was primarily due to an accrual of RMB22.6
million in dividend withholding taxes, as well as an RMB32.5
million impairment loss and increased investment losses associated
with the Company’s investee companies.
For Fiscal Year 2017, basic and diluted losses
per common share attributable to ATA Inc. were both RMB0.21
(US$0.03), compared to basic and diluted earnings per common share
attributable to ATA Inc. of RMB0.57 in Fiscal Year 2016. Basic and
diluted losses per ADS attributable to ATA Inc. were both RMB0.42
(US$0.06) in Fiscal Year 2017, compared to basic and diluted
earnings per ADS attributable to ATA Inc. of RMB1.14 in Fiscal Year
2016.
Fourth Quarter 2017For Fourth Quarter 2017,
ATA’s total net revenues were RMB36.9 million (US$5.4 million),
compared to RMB44.7 million in Fourth Quarter 2016. This was
primarily due to a change in timing of the CTA exam, which was held
in November of Fiscal Year 2017 as opposed to February of Fiscal
Year 2016, and was partially offset by increased exam volumes from
other exams such as the Fund Practitioners Certification Exam, the
Ministry of Housing and Urban-Rural Development exam, and the
National Tour Guide Qualification Exam.
Gross profit for Fourth Quarter 2017 was RMB16.0
million (US$2.3 million), compared to RMB20.9 million in Fourth
Quarter 2016. Gross margin was 43.3% in the Fourth Quarter 2017,
compared to 46.7% in Fourth Quarter 2016. The decrease in gross
margin was primarily due to the change in timing of the CTA exam
and increased fixed costs associated with share-based compensation
expenses and labor costs.
Loss from operations in Fourth Quarter 2017 was
RMB23.9 million (US$3.5 million), compared to RMB14.8 million in
Fourth Quarter 2016, due to increased labor costs and share-based
compensation expenses related to new share options that were issued
in January 2017.
Net loss attributable to ATA Inc. for Fourth
Quarter 2017 was RMB53.7 million (US$7.8 million), compared to
RMB15.4 million in Fourth Quarter 2016, primarily due to the same
reasons mentioned in the Fiscal Year 2017 results summary.
For Fourth Quarter 2017, basic and diluted
losses per common share attributable to ATA Inc. were both RMB1.17
(US$0.17), compared to RMB0.34 in Fourth Quarter 2016. Basic and
diluted losses per ADS attributable to ATA Inc. were both RMB2.34
(US$0.34) in Fourth Quarter 2017, compared to RMB0.68 in Fourth
Quarter 2016.
Non-GAAP MeasuresAdjusted net loss attributable
to ATA Inc. for Fiscal Year 2017, which excludes share-based
compensation expense and foreign currency exchange loss (non-GAAP),
was RMB2.7 million (US$0.4 million), compared to adjusted net
income of RMB36.7 million in the prior fiscal year. Basic and
diluted losses per common share attributable to ATA Inc. excluding
share-based compensation expense and foreign currency exchange loss
(non-GAAP) for Fiscal Year 2017 were both RMB0.06 (US$0.01).
Basic and diluted losses per ADS attributable to
ATA Inc. excluding share-based compensation expense and foreign
currency exchange loss (non-GAAP) for Fiscal Year 2017 were both
RMB0.12 (US$0.02), compared to non-GAAP basic and diluted earnings
per ADS attributable to ATA Inc. of RMB1.60 in the prior fiscal
year.
Please see the note about non-GAAP measures and
the reconciliation table at the end of this press release.
Dividend of US$0.41 per ADSATA
also announced that its Board of Directors has declared a dividend
of US$0.205 per common share, or US$0.41 per ADS. The total amount
of cash distributed in the dividend is expected to be approximately
US$10.0 million. The dividend will be paid on or around June 30,
2017, to all shareholders of record as of the close of business on
June 12, 2017.
Other DataThe number of weighted average ADSs
used to calculate both basic and diluted earnings per ADS for
Fourth Quarter 2017 and for Fiscal Year 2017 was 22.9 million. Each
ADS represents two common shares.
Balance Sheet HighlightsAs of March 31, 2017,
ATA’s cash and cash equivalents were RMB222.4 million (US$32.3
million), working capital was RMB192.9 million (US$28.0 million),
and total shareholders’ equity was RMB392.5 million (US$57.0
million); compared to RMB247.7 million, RMB242.1 million, and
RMB394.2 million, respectively, as of March 31, 2016.
Guidance for Nine-month
Transition Period 2017 and
Quarter Ending June 30, 2017For the quarter ending June
30, 2017, ATA expects net revenues of between RMB91.0 million and
RMB96.0 million.
For the nine months ending December 31, 2017,
ATA expects net revenues of between RMB490.0 million and RMB510.0
million.
Estimated Financial Results |
(RMB in millions) |
|
|
|
Estimated for the nine months ending December 31, 2017 |
|
Actual
for the nine months ended December 31, 2016 |
|
|
|
|
|
Net
Revenues |
|
490.0-510.0 |
|
435.4 |
|
|
|
|
|
|
|
Estimated for the quarter ending June 30, 2017 |
|
Actual
for the quarter ended June 30, 2016 |
|
|
|
|
|
Net
Revenues |
|
91.0-96.0 |
|
96.8 |
Mr. Ma concluded, “During the Nine-month Transition Period 2017,
ATA expects to leverage the positive momentum we built through our
successful new business efforts in Fiscal Year 2017 to continue
strengthening our position as the leading provider of testing
technologies and delivery services in China. We believe our
superior service offerings and dedication to client satisfaction
will continue to differentiate ATA from our competitors as we work
to deepen client relationships and win new business. In February
2017, we were pleased to announce a partnership with MOOC-CN
Investment, which became a strategic investor in ATA’s assessment
business subsidiary. By leveraging MOOC-CN Investment’s resources
and authority within the education space, we believe the Company
will be able to penetrate China’s K-12 education system more
quickly.”
These are ATA’s current projections, which are
subject to change. You are cautioned that the operating results in
Fourth Quarter 2017 and Fiscal Year 2017 are not necessarily
indicative of operating results for any future periods.
Conference Call and Webcast Information (With
Accompanying Presentation)ATA will host a conference call
at 8 p.m. Eastern Time on Thursday, June 1, 2017, during which
management will discuss the results of Fourth Quarter 2017 and
Fiscal Year 2017. To participate in the conference call, please use
the following dial-in numbers about 10 minutes prior to the
scheduled conference call time:
U.S. &
Canada (Toll-Free): |
|
+1 (888) 419-5570 |
International
(Toll): |
|
+1 (617) 896-9871 |
|
|
|
|
|
|
Toll-Free |
Local
Access |
China: |
|
(800) 990
1344 |
(400)
881 1630 |
Hong
Kong: |
|
(800) 96
3844 |
3002
1672 |
|
|
|
|
Participant
Passcode: |
|
77449774 |
|
A live webcast of the conference call can be accessed at the
investor relations section of ATA’s website at www.atai.net.cn or
by clicking the following link:
https://www.webcaster4.com/Webcast/Page/274/21040.
An accompanying slide presentation in PDF format
will also be made available 30 minutes prior to the conference call
on the same investor relations section of ATA’s website. To listen
to the webcast, please visit ATA’s website a few minutes prior to
the start of the call to register, download, and install any
necessary audio software.
A replay will be available shortly after the
call on the investor relations section of ATA's website and will
remain available for 90 days.
About ATA Inc.ATA is a leading provider of
advanced testing technologies in China. The Company offers
comprehensive services for the creation and delivery of assessments
based on its proprietary testing technologies and test delivery
platform. ATA’s testing technologies are used for professional
licensure and certification tests in various industries, including
information technology services, banking, teaching, asset
management, insurance, and accounting. As of March 31, 2017, ATA's
test center network comprised 3,147 authorized test centers located
throughout China. The Company believes that it has the largest test
center network of any commercial testing service provider in
China.
ATA has delivered more than 88.4 million
billable tests since ATA started operations in 1999. For more
information, please visit ATA’s website at www.atai.net.cn.
Cautionary Note Regarding Forward-looking
StatementsThis announcement 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 as defined in the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements can be
identified by terms such as "anticipate," "believe," "could,"
"estimate," "expect," "forecast," "future," "intend," "look forward
to," "outlook," "plan," "should," "will," and similar terms and
include, among other things, the Company’s guidance relating to
anticipated financial and operating results for the quarter ending
June 30, 2017 and nine months ending December 31, 2017 and
statements regarding market demand and trends, the delivery of and
expansion of region coverage for various new exams including the
Qualification Exam for Housing and Urban-Rural Construction Field
Professionals, the anticipated benefits of listing of ATA Online on
the New Third Board and the completion of its private placement
transaction, the plan of investment in the K-12 education
assessment and recruitment sectors, the anticipated benefits of
investment by a strategic investor in ATA Learning Data &
Technology (Beijing) Limited and the Company’s future growth and
results of operations.
The factors that could cause the Company’s
actual financial and operating results to differ from what the
Company currently anticipates can include its ability to meet
challenges associated with its rapid expansion, its ability to meet
the expectations of current and future clients, its ability to
deploy new test titles, its ability to win new enterprise
contracts, its ability to convert its existing contracts into
actual revenues, the economy of China, uncertainties with respect
to China’s legal and regulatory environments, and other factors
stated in the Company’s filings with the U.S. Securities and
Exchange Commission (“SEC”).
The financial information contained in this
release should be read in conjunction with the consolidated
financial statements and related notes included in the Company’s
annual report on Form 20-F for its fiscal year ended March 31,
2016, and other filings that ATA has made with the SEC. The filings
are available on the SEC’s website at www.sec.gov and at ATA’s
website at www.atai.net.cn. For additional information on the risk
factors that could adversely affect the Company’s business,
financial condition, results of operations, and prospects, please
see the "Risk Factors" section of the Company's Form 20-F for the
fiscal year ended March 31, 2016.
The preliminary results for Fourth Quarter 2017
and Fiscal Year 2017 remain subject to the finalization of the
Company’s year-end closing and reporting processes.
The forward-looking statements in this release
involve known and unknown risks and uncertainties and are based on
current expectations, assumptions, estimates, and projections about
ATA and the markets in which it operates. The Company undertakes no
obligation to update forward-looking statements, which speak only
as of the date of this release, to reflect subsequent events or
circumstances, or to changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, the Company cannot assure you that its expectations and
assumptions will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
Currency Convenience
TranslationThe Company's financial information is stated
in Renminbi (“RMB”), the currency of the People’s Republic of
China. The translation of RMB amounts for Fourth Quarter 2017 and
Fiscal Year 2017 ended March 31, 2017, into U.S. dollars are
included solely for the convenience of readers and have been made
at the rate of RMB6.8832 to US$1.00, the noon buying rate as of
March 31, 2017, in New York for cable transfers in RMB per U.S.
dollar as set forth in the H.10 weekly statistical release of the
Federal Reserve Board. Such translations should not be construed as
representations that RMB amounts could be converted into U.S.
dollars at that rate or any other rate, or to be the amounts that
would have been reported under U.S. GAAP.
About Non-GAAP Financial
MeasuresTo supplement ATA's consolidated financial
information presented in accordance with U.S. generally accepted
accounting principles ("GAAP"), ATA uses the following non-GAAP
financial measures: net income (loss) excluding share-based
compensation expense and foreign currency exchange gain or loss,
and basic and diluted earnings (losses) per common share and ADS
excluding share-based compensation expense and foreign currency
exchange gain or loss.
The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. ATA believes these non-GAAP financial
measures provide meaningful supplemental information about its
performance by excluding share-based compensation expense and
foreign currency exchange gains or losses, which may not be
indicative of its operating performance.
ATA believes that both management and investors
benefit from these non-GAAP financial measures in assessing its
performance and when planning and forecasting future periods. These
non-GAAP financial measures also facilitate management's internal
comparisons to ATA's historical performance. ATA computes its
non-GAAP financial measures using a consistent method from period
to period. ATA believes these non-GAAP financial measures are
useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of using
non-GAAP net income (loss) excluding share-based compensation
expense and foreign currency exchange gains or losses and basic and
diluted earnings (losses) per common share and per ADS excluding
share-based compensation expense and foreign currency exchange gain
or loss is that share-based compensation charges and foreign
currency exchange gains or losses have been, and are expected to
continue to be for the foreseeable future, a significant recurring
expense in ATA's business.
Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The table captioned "Reconciliations of
Non-GAAP Measures to the Most Comparable GAAP Measures" shown at
the end of this news release has more details on the
reconciliations between GAAP financial measures that are most
directly comparable to the non-GAAP financial measures used by
ATA.
ATA INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
March 31, |
|
March 31, |
|
|
March 31, |
|
|
|
2016 |
|
2017 |
|
|
2017 |
|
|
|
RMB |
|
RMB |
|
|
USD |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
247,667,737 |
|
|
222,448,413 |
|
|
32,317,587 |
|
Accounts
receivable, net |
|
|
50,552,034 |
|
|
56,161,255 |
|
|
8,159,178 |
|
Receivable due from shareholder |
|
|
10,000,000 |
|
|
10,000,000 |
|
|
1,452,813 |
|
Prepaid
expenses and other current assets |
|
|
8,268,380 |
|
|
7,335,824 |
|
|
1,065,758 |
|
Total current assets |
|
|
316,488, 151 |
|
|
295,945,492 |
|
|
42,995,336 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments |
|
|
50,685,846 |
|
|
88,891,687 |
|
|
12,914,297 |
|
Property
and equipment, net |
|
|
57,229,727 |
|
|
51,868,914 |
|
|
7,535,581 |
|
Goodwill |
|
|
31,011,902 |
|
|
32,523,983 |
|
|
4,725,125 |
|
Intangible assets, net |
|
|
750,895 |
|
|
11,326,513 |
|
|
1,645,530 |
|
Restricted cash |
|
|
- |
|
|
30,000,000 |
|
|
4,358,438 |
|
Other
assets |
|
|
14,294,609 |
|
|
9,283,527 |
|
|
1,348,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
470,461,130 |
|
|
519,840,116 |
|
|
75,523,029 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
Accrued
expenses and other payables |
|
|
57,739,627 |
|
|
89,358,847 |
|
|
12,982,166 |
|
Short
term loans |
|
|
- |
|
|
3,449,650 |
|
|
501,170 |
|
Deferred
revenues |
|
|
16,612,164 |
|
|
10,221,897 |
|
|
1,485,050 |
|
Total current liabilities |
|
|
74,351,791 |
|
|
103,030,394 |
|
|
14,968,386 |
|
|
|
|
|
|
|
|
|
|
Deferred
revenues |
|
|
1,878,751 |
|
|
1,731,622 |
|
|
251,572 |
|
Deferred
income tax liabilities |
|
|
- |
|
|
22,620,872 |
|
|
3,286,389 |
|
Total liabilities |
|
|
76, 230,542 |
|
|
127,382,888 |
|
|
18,506,347 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Common
shares |
|
|
3,530,704 |
|
|
3,533,912 |
|
|
513,411 |
|
Treasury
shares |
|
|
(27,737,073 |
) |
|
(27,737,073 |
) |
|
(4,029,677 |
) |
Additional paid-in capital |
|
|
395,876,282 |
|
|
402,631,430 |
|
|
58,494,803 |
|
Accumulated other comprehensive loss |
|
|
(25,174,129 |
) |
|
(25,069,771 |
) |
|
(3,642,168 |
) |
Retained
earnings |
|
|
47,734,804 |
|
|
38,018,802 |
|
|
5,523,420 |
|
Total equity attributable to ATA Inc. |
|
|
394,230,588 |
|
|
391,377,300 |
|
|
56,859,789 |
|
Noncontrolling interests |
|
|
- |
|
|
1,079,928 |
|
|
156,893 |
|
Total shareholders’ equity |
|
|
394,230,588 |
|
|
392,457,228 |
|
|
57,016,682 |
|
Total liabilities and shareholders’ equity |
|
|
470,461,130 |
|
|
519,840,116 |
|
|
75,523,029 |
|
|
ATA INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME |
|
|
Three-month Period Ended |
|
|
|
March
31, |
|
March
31, |
|
|
|
March
31, |
|
|
|
2016 |
|
2017 |
|
|
|
2017 |
|
|
|
RMB |
|
RMB |
|
|
|
USD |
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Testing
services |
|
|
|
38,212,400 |
|
|
27,507,258 |
|
|
3,996,289 |
|
|
Online
education services |
|
|
|
258,568 |
|
|
392,459 |
|
|
57,017 |
|
|
Other
revenue |
|
|
|
6,266,523 |
|
|
9,049,573 |
|
|
1,314,734 |
|
|
Total net revenues |
|
|
|
44,737,491 |
|
|
36,949,290 |
|
|
5,368,040 |
|
|
Cost of
revenues |
|
|
|
23,850,016 |
|
|
20,967,271 |
|
|
3,046,152 |
|
|
Gross profit |
|
|
|
20,887,475 |
|
|
|
|
|
15,982,019 |
|
2,321,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
|
9,150,192 |
|
|
|
10,110,509 |
|
1,468,867 |
|
Sales and
marketing |
|
|
|
10,815,017 |
|
|
|
10,576,272 |
|
1,536,534 |
|
General and
administrative |
|
|
|
17,464,420 |
|
|
|
18,501,708 |
|
2,687,952 |
|
Provision for (reversal
of) doubtful accounts |
|
|
|
(1,753,334 |
) |
|
|
695,032 |
|
|
|
100,975 |
|
Total operating expenses |
|
|
|
35,676,295 |
|
|
|
39,883,521 |
|
|
|
5,794,328 |
|
Loss
from operations |
|
|
|
(14,788,820 |
) |
|
|
(23,901,502 |
) |
|
|
(3,472,440 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Share of net loss of
equity |
|
|
|
|
|
|
|
|
|
|
|
|
method investments |
|
|
|
(3,246,515 |
) |
|
|
(4,252,620 |
) |
(617,826 |
) |
Impairment loss of
long-term investments |
|
|
|
- |
|
|
|
(10,594,761 |
) |
(1,539,220 |
) |
Interest expense |
|
|
|
- |
|
|
|
(28,630 |
) |
(4,159 |
) |
Interest income |
|
|
|
1,111,713 |
|
|
|
1,462,406 |
|
212,460 |
|
Foreign currency
exchange gain (loss), net |
|
|
|
(3,752 |
) |
|
|
2,949 |
|
|
|
428 |
|
Total other loss |
|
|
|
(2,138,554 |
) |
|
|
(13,410,656 |
) |
(1,948,317 |
) |
Loss
before income taxes |
|
|
|
(16,927,374 |
) |
|
|
(37,312,158 |
) |
(5,420,757 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense) |
|
|
|
1,556,133 |
|
|
|
(16,601,147 |
) |
|
|
(2,411,836 |
) |
Net
loss |
|
|
|
(15,371,241 |
) |
|
|
(53,913,305 |
) |
|
|
(7,832,593 |
) |
Net loss attributable
to noncontrolling interests |
|
|
|
- |
|
|
|
(219,404 |
) |
|
|
(31,875 |
) |
Net loss attributable
to ATA Inc. |
|
|
|
(15,371,241 |
) |
|
|
(53,693,901 |
) |
(7,800,718 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net |
|
|
|
|
|
|
|
|
|
|
|
|
of nil income
taxes |
|
|
|
(99,062 |
) |
|
|
(70,558 |
) |
|
|
(10,251 |
) |
Comprehensive loss |
|
|
|
(15,470,303 |
) |
|
|
(53,764,459 |
) |
|
|
(7,810,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
losses |
|
|
|
|
|
|
|
|
|
|
|
|
per common share
attributable to ATA Inc. |
|
|
|
(0.34 |
) |
|
|
(1.17 |
) |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
losses per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
attributable to ATA
Inc. |
|
|
|
(0.68 |
) |
|
|
(2.34 |
) |
(0.34 |
) |
ATA INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME |
|
|
|
Year Ended |
|
|
|
|
March
31, |
|
|
March
31, |
|
|
March
31, |
|
|
|
|
|
|
2016 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Testing
services |
|
|
|
384,799,721 |
|
|
|
430,056,696 |
|
|
|
62,479,181 |
|
|
|
Online
education services |
|
|
|
4,896,879 |
|
|
|
7,462,036 |
|
|
|
1,084,094 |
|
|
|
Other
revenue |
|
|
|
27,443,369 |
|
|
|
34,866,984 |
|
|
|
5,065,519 |
|
|
|
Total net revenues |
|
|
|
417,139,969 |
|
|
|
472,385,716 |
|
|
|
68,628,794 |
|
|
|
Cost of revenues |
|
|
|
208,017,208 |
|
|
|
239,852,504 |
|
|
|
34,846,075 |
|
|
|
Gross profit |
|
|
|
209,122,761 |
|
|
|
232,533,212 |
|
|
|
33,782,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
|
36,529,145 |
|
|
|
43,430,385 |
|
|
|
6,309,621 |
|
|
|
Sales and
marketing |
|
|
|
42,645,682 |
|
|
|
47,823,235 |
|
|
|
6,947,820 |
|
|
|
General and
administrative |
|
|
|
78,341,173 |
|
|
|
68,778,028 |
|
|
|
9,992,159 |
|
|
|
Provision for (reversal
of) doubtful accounts |
|
|
|
(127,852 |
) |
|
|
694,460 |
|
|
|
100,892 |
|
|
|
Total operating expenses |
|
|
|
157,388,148 |
|
|
|
160,726,108 |
|
|
|
23,350,492 |
|
|
|
Income
from operations |
|
|
|
51,734,613 |
|
|
|
71,807,104 |
|
|
|
10,432,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Share of net loss of
equity method investments |
|
|
|
(8,829,140 |
) |
|
|
(16,121,334 |
) |
|
|
(2,342,128 |
) |
|
|
Impairment loss of
long-term investments |
|
|
|
- |
|
|
|
(32,499,372 |
) |
|
|
(4,721,550 |
) |
|
|
Gain from disposal of
long-term investment |
|
|
|
- |
|
|
|
1,600,000 |
|
|
|
232,450 |
|
|
|
Interest expense |
|
|
|
- |
|
|
|
(75,918 |
) |
|
|
(11,029 |
) |
|
|
Interest income |
|
|
|
3,572,711 |
|
|
|
3,989,868 |
|
|
|
579,653 |
|
|
|
Foreign currency
exchange loss, net |
|
|
|
(1,505,518 |
) |
|
|
(72,769 |
) |
|
|
(10,572 |
) |
|
|
Total other loss |
|
|
|
(6,761,947 |
) |
|
|
(43,179,525 |
) |
|
|
(6,273,176 |
) |
|
|
Income
before income taxes |
|
|
|
44,972,666 |
|
|
|
28,627,579 |
|
|
|
4,159,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
(18,921,479 |
) |
|
|
(38,596,986 |
) |
|
|
(5,607,419 |
) |
|
|
Net
income (loss) |
|
|
|
26,051,187 |
|
|
|
(9,969,407 |
) |
|
|
(1,448,368 |
) |
|
|
Net loss attributable
to noncontrolling interests |
|
|
|
- |
|
|
|
(253,405 |
) |
|
|
(36,815 |
) |
|
|
Net income (loss)
attributable to ATA Inc. |
|
|
|
26,051,187 |
|
|
|
(9,716,002 |
) |
|
|
(1,411,553 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net |
|
|
|
|
|
|
|
|
|
|
|
|
of nil income
taxes |
|
|
|
2,002,553 |
|
|
|
104,358 |
|
|
|
15,161 |
|
|
|
Comprehensive income (loss) |
|
|
|
28,053,740 |
|
|
|
(9,611,644 |
) |
|
|
(1,396,392 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
per common share
attributable to ATA Inc. |
|
|
|
0.57 |
|
|
|
(0.21 |
) |
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings (losses) per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
attributable to ATA
Inc. |
|
|
|
1.14 |
|
|
|
(0.42 |
) |
|
|
(0.06 |
) |
|
|
RECONCILIATIONS OF NON-GAAP
MEASURES |
TO THE MOST COMPARABLE GAAP
MEASURES |
|
|
|
Three-month PeriodEnded |
|
|
Year Ended |
|
|
|
March
31, |
|
|
March
31, |
|
|
March
31, |
|
|
March
31, |
|
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
attributable to ATA Inc. |
|
(15,371,241 |
) |
|
|
(53,693,901 |
) |
|
|
26,051,187 |
|
|
(9,716,002 |
) |
|
Share-based
compensation expenses |
|
1,408,535 |
|
|
|
3,878,061 |
|
|
|
9,164,822 |
|
|
6,958,403 |
|
|
Foreign currency
exchange loss (gain), net |
|
3,752 |
|
|
|
(2,949 |
) |
|
|
1,505,518 |
|
|
72,769 |
|
|
Non-GAAP net income
(loss) attributable to ATA Inc. |
|
(13,958,954 |
) |
|
|
(49,818,789 |
) |
|
|
36,721,527 |
|
|
(2,684,830 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings (losses)
per common share |
|
|
|
|
|
|
|
|
|
|
|
|
attributable to ATA
Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
(0.34 |
) |
|
|
(1.17 |
) |
|
|
0.57 |
|
|
(0.21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
(losses) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
attributable to ATA
Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
(0.31 |
) |
|
|
(1.09 |
) |
|
|
0.80 |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information on our company, please contact the following individuals:
At the Company
ATA Inc.
Amy Tung, CFO
+86 10 6518 1122 x 5518
amytung@atai.net.cn
Investor Relations
The Equity Group Inc.
Carolyne Y. Sohn, Senior Associate
415-568-2266
csohn@equityny.com
Adam Prior, Senior Vice President
212-836-9606
aprior@equityny.com
ATAI Life Sciences NV (NASDAQ:ATAI)
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