1Q22 Added 19,673 New
Subscribers
Revenues Up 12.2% YoY to RMB315.2 Million ($48.8
Million)
Gross Profit Up 12.6% YoY to RMB267.3 Million ($41.4
Million)
Operating Income Up
17.3% YoY to RMB156.6 Million
($24.2 Million)
Non-GAAP
Operating Income Up 15.5% YoY to RMB168.5
Million ($26.1
Million)
Conference Call to be Held on
August 31, 2021, at 8:00 a.m. ET
HONG KONG, Aug. 30, 2021 /PRNewswire/ -- Global Cord Blood
Corporation (NYSE: CO) ("GCBC" or the "Company"), China's leading provider of cord blood
collection, laboratory testing, hematopoietic stem cell processing
and stem cell storage services, today announced its unaudited
financial results for the first quarter of fiscal 2022, ended
June 30, 2021.
First Quarter of Fiscal 2022 Highlights
- Revenues increased by 12.2% year-over-year ("YoY") to
RMB315.2 million ($48.8 million).
- New subscribers and accumulated subscriber base were 19,673 and
920,195[1],
respectively.
- Gross profit increased by 12.6% YoY to RMB267.3 million ($41.4
million).
- Operating income increased by 17.3% YoY to RMB156.6 million ($24.2
million).
- Operating income before depreciation and
amortization[2]
("non-GAAP operating income") increased by 15.5% YoY to
RMB168.5 million ($26.1 million).
- Net income attributable to the Company's shareholders increased
by 3.0% YoY to RMB136.4 million
($21.1 million).
"We recorded 19,673 new subscribers during the first quarter of
fiscal 2022, as China's approach
largely kept COVID-19 under control and consumer concerns gradually
alleviated." said Ms. Ting Zheng, Chairperson and Chief Executive
Officer of GCBC. "However, despite current policy stimulus on
newborn, we remain cautious about our near-term outlook due to
factors that include the recent reimplementation of COVID-related
lockdowns, general regulatory uncertainty, potential changes to the
market dynamics affecting China's
cord blood banking industry and the downward newborn trend in our
operating markets. With a focus on enhancing our risk-resistance
capacities, we continue to prepare for potential structural and
regulatory changes to ensure the long-term growth of the
Company."
Summary – First Quarter Ended June 30,
2020 and 2021
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
2020
|
|
2021
|
|
|
|
(in
thousands)
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
Revenues
|
|
|
280,913
|
|
|
315,174
|
|
|
48,814
|
|
|
|
Gross
Profit
|
|
|
237,450
|
|
|
267,333
|
|
|
41,405
|
|
|
|
Operating
Income[3]
|
|
|
133,509
|
|
|
156,556
|
|
|
24,249
|
|
|
|
Change in Fair Value
of Equity Securities
|
|
|
18,405
|
|
|
5,601
|
|
|
867
|
|
|
|
Dividend
Income
|
|
|
-
|
|
|
1,120
|
|
|
173
|
|
|
|
Net Income
Attributable to the Company's
Shareholders
|
|
|
132,509
|
|
|
136,421
|
|
|
21,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Ordinary
Share (RMB/US$)
– Basic
|
|
|
1.09
|
|
|
1.12
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
–
Diluted
|
|
|
1.09
|
|
|
1.12
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Breakdown
(%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing Fees and
Other Services
|
|
|
57.5%
|
|
|
58.6%
|
|
|
|
|
|
|
Storage
Fees
|
|
|
42.5%
|
|
|
41.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Subscribers
(persons)
|
|
|
17,233
|
|
|
19,673
|
|
|
|
|
|
|
Total Accumulated
Subscribers (persons)
|
|
|
849,933
|
|
|
920,195[1]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary – Selected Cash Flow Statement Items
|
|
Three Months Ended
June 30,
|
|
|
|
|
2020
|
|
|
2021
|
|
|
(in
thousands)
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
Net cash provided by
operating activities
|
|
|
99,829
|
|
|
|
172,823
|
|
|
|
26,767
|
|
|
Net cash used in
investing activities
|
|
|
(7,444)
|
|
|
|
(2,546)
|
|
|
|
(394)
|
|
|
Net cash used in
financing activities
|
|
|
-
|
|
|
|
(7,729)
|
|
|
|
(1,197)
|
|
|
First Quarter of Fiscal 2022 Financial Results
REVENUES. Revenues increased by 12.2% YoY to
RMB315.2 million ($48.8 million) in the first quarter of fiscal
2022. The increase was mainly attributable to the increase in
processing fee revenues due to the increase in new subscribers as
well as increase in storage fee revenues as a result of an enlarged
subscriber base.
During the first quarter our new subscriber numbers for the
reporting period increased by 14.2% YoY to 19,673, due in part to
China's effective control of 2019
novel coronavirus ("COVID-19") gradually alleviating consumer
concerns over childbirth and spending; combined with a relatively
low base in the first quarter of last fiscal year early in the
COVID-19 pandemic. Revenues generated from processing fees and
other services in the reporting quarter increased accordingly by
14.3% YoY to RMB184.7 million
($28.6 million).
By the end of June 2021, the
Company's accumulated subscriber base expanded to
920,195[1], as revenues
generated from storage fees increased by 9.4% YoY to RMB130.5 million ($20.2
million) in the reporting quarter. Storage fee revenues
represented 41.4% of total revenues, down from 42.5% in the prior
year period.
GROSS PROFIT. Gross profit for the reporting
quarter increased by 12.6% YoY to RMB267.3
million ($41.4 million), in
line with topline growth. Gross margin improved slightly to 84.8%
from 84.5% in the prior year period.
OPERATING INCOME. With slower increase in sales
and marketing and general and administrative expenses, operating
income for the reporting quarter increased by 17.3% YoY to
RMB156.6 million ($24.2 million). Operating margin expanded to
49.7% in the reporting quarter from 47.5% in the prior year period.
Depreciation and amortization expenses for the first quarter
amounted RMB11.9 million
($1.8 million). Non-GAAP operating
income[2] improved by
15.5% YoY to RMB168.5 million
($26.1 million).
Research and Development
Expenses. Research and development expenses for the first
quarter increased by 17.3% YoY to RMB5.1
million ($0.8 million), in
line with management expectations.
Sales and Marketing
Expenses. As the Company cautiously rode the tide of
consumer sentiment recovery, sales and marketing expenses for the
reporting quarter increased by 7.9% YoY to RMB59.4 million ($9.2
million) due to higher sales performance incentives,
partially offset by controlled marketing spending. Sales and
marketing expenses as a percentage of revenues decreased to 18.8%
from 19.6% in the prior year period.
General and Administrative
Expenses. General and administrative expenses for the first
quarter increased by 3.9% YoY to RMB46.3
million ($7.2 million), mainly
driven by increases in provisions and professional fees, partially
offset by lower overhead. General and administrative expenses as a
percentage of revenues decreased to 14.7% from 15.9% in the prior
year period.
OTHER INCOME AND EXPENSES.
Change in Fair Value of
Equity Securities. In the first quarter, the Company
recognized an increase in fair value of equity securities, or
"mark-to-market gains," of RMB5.6
million ($0.9 million),
compared to RMB18.4 million in the
prior year period. The changes were mainly attributable to the
valuation of the Company's investments in equity securities.
Dividend Income. In
the reporting quarter, the Company received RMB1.1 million ($0.2
million) dividend income from the Company's equity
investments, whereas no such income was recorded in the prior year
period.
NET INCOME ATTRIBUTABLE TO THE COMPANY'S
SHAREHOLDERS. As a result of the increases in operating
income and dividend income, partially compensated by the decrease
in mark-to-market gains, income before income tax for the first
quarter increased by 7.4% YoY to RMB172.3
million ($26.7 million).
Income tax expense for the reporting quarter was RMB33.3 million ($5.2
million). Net income attributable to the Company's
shareholders for the reporting quarter increased by 3.0% YoY to
RMB136.4 million ($21.1 million). Net margin for the first quarter
was 43.3%.
EARNINGS PER SHARE. Basic and diluted earnings per
ordinary share for the first quarter fiscal 2022 increased by 2.8%
YoY to RMB1.12 ($0.17).
Corporate Developments
- On March 2, 2021, the Board of
Directors of the Company (the "Board") received a non-binding
proposal letter (the "Alternate Ocean Offer") from Alternate Ocean
Investment Company Limited ("Alternate Ocean"), pursuant to which
Alternate Ocean, acting on behalf of certain funds and/or entities
(the "Acquirer") that it manages and/or advises, proposed to
acquire all of the outstanding ordinary shares of the Company for
$5.00 per ordinary share in cash,
subject to certain conditions.
- On March 15, 2021, the Board
announced it had formed a special committee of independent
directors who are not affiliated with Alternate Ocean (the "Special
Committee") to evaluate the Alternate Ocean Offer. The Special
Committee consists of Mr. Mark D.
Chen, Dr. Ken Lu, Mr.
Jack Chow, and Mr. Jacky Cheng, each of whom currently serves as an
independent director on the Board with Mr. Chen serving as the
chair of the Special Committee.
- The Company cautions its shareholders and others considering
trading its ordinary shares that no decisions have been made with
respect to the Company's response to the proposed transaction. The
proposed transaction is still subject to various conditions,
including but not limited to, completion of due diligence, parties
entering into definitive agreement, and/or the Acquirer and the
Company each obtaining the relevant regulatory and shareholders'
approval. There can be no assurance that any definitive offer will
be made, that any agreement will be executed, or that this or any
other transaction will be approved or consummated.
Conference Call
The Company will host a conference call at 8:00 a.m. ET on
Tuesday, August 31, 2021 to discuss
its financial performance and give a brief overview of the
Company's recent developments, followed by a question and answer
session. Interested parties can access the audio webcast through
the Company's IR website at http://ir.globalcordbloodcorp.com. A
replay of the webcast will be accessible two hours after the
conference call and available for seven days at the same URL above.
Listeners can also access the call by dialing 1-855-824-5644 or
1-646-722-4977 for US callers, or +852-3027-6500 for Hong Kong callers, access code: 54240817#.
[1] During the
three months ended June 30, 2021,
19,673 new subscribers were recruited. During the three months
ended June 30, 2021, the Company
determined that the recoverability of 915 private cord blood units
was remote and therefore, the Company terminated their subscription
services according to the subscription contracts. Out of these
prior private cord blood units, 715 prior private cord blood units
were being treated as if they were donated cord blood units and
will be part of the Company's non-current inventories. Hence, the
net accumulated subscriber base was 920,195 as of June 30, 2021.
[2] See exhibit
3 to this press release for a reconciliation of non-GAAP operating
income to exclude the non-cash items related to the depreciation
and amortization expenses to the comparable financial measure
prepared in accordance with U.S. generally accepted accounting
principles ("U.S. GAAP").
[3] The reported
operating income for the three months ended June 30, 2020 and 2021 included depreciation and
amortization expenses related to property, plant and equipment and
intangible assets of RMB12.4 million
and RMB11.9 million ($1.8 million), respectively.
Use of Non-GAAP Financial Measures
GAAP results for the three months ended June 30, 2021 include non-cash items related to
depreciation and amortization expenses. To supplement the Company's
unaudited condensed consolidated financial statements presented on
a U.S. GAAP basis, the Company has provided adjusted financial
information excluding the impact of these items in this press
release. The non-GAAP financial measure represents non-GAAP
operating income. Such adjustment is a departure of U.S. GAAP;
however, the Company's management believes that these adjusted
measures provide investors with a better understanding of how the
results relate to the Company's historical performance. Also,
management uses non-GAAP operating income as a measurement tool for
evaluating actual operating performance compared to budget and
prior periods. These adjusted measures should not be considered an
alternative to operating income, or any other measure of financial
performance or liquidity presented in accordance with U.S. GAAP.
These measures are not necessarily comparable to a similarly titled
measure of another company. A reconciliation of the adjustments to
U.S. GAAP results appears in exhibit 3 accompanying this press
release. This additional adjusted information is not meant to be
considered in isolation or as a substitute for U.S. GAAP
financials. The adjusted financial information that the Company
provides also may differ from the adjusted information provided by
other companies.
About Global Cord Blood Corporation
Global Cord Blood Corporation is the first and largest umbilical
cord blood banking operator in China in terms of geographical coverage and
the only cord blood banking operator with multiple licenses. Global
Cord Blood Corporation provides cord blood collection, laboratory
testing, hematopoietic stem cell processing and stem cell storage
services. For more information, please visit the Company's website
at:
http://www.globalcordbloodcorp.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. These
statements relate to future events or the Company's future
financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"intends", "may", "plans", "potential", "predict", "should" or
"will" or the negative of these terms or other comparable
terminology. These statements are only predictions, uncertainties
and other factors may cause the Company's actual results, levels of
activity, performance or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. The information in this press release is not intended
to project future performance of the Company. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, the Company does not guarantee future
results, levels of activity, performance or achievements. The
Company expectations are as of the date this press release is
issued, and the Company does not intend to update any of the
forward-looking statements after the date this press release is
issued to conform these statements to actual results, unless
required by law.
The forward-looking statements included in this press release
are subject to risks, uncertainties and assumptions about the
Company's businesses and business environments. These statements
reflect the Company's current views with respect to future events
and are not a guarantee of future performance. Actual results of
the Company's operations may differ materially from information
contained in the forward-looking statements as a result of risk
factors some of which include, among other things: the ongoing
impact of COVID-19, including the partial lockdowns implemented in
various cities in the PRC and the imposition by some hospitals in
the PRC of restrictions on entrance to solely to hospital staff and
patients; levels of consumer confidence in the healthcare services
sector generally in the PRC as a result of the outbreak; the length
of the COVID-19 outbreak and severity of such outbreak across the
globe; the pace of recovery following the COVID-19 outbreak;
continued compliance with government regulations regarding cord
blood banking in the People's Republic of
China, or PRC and any other jurisdiction in which the
Company conducts its operations; changing legislation or regulatory
environments in the PRC (including but not limited to cord blood
license related regulations, Biosecurity laws, antitrust laws) and
any other jurisdiction in which the Company conducts its
operations; the acceptance by subscribers of the Company's
different pricing and payment options and reaction to the
introduction of the Company's premium-quality pricing strategy;
demographic trends in the regions of the PRC in which the Company
is the exclusive licensed cord blood banking operator; labor and
personnel relations; the existence of a significant shareholder
able to influence and direct the corporate policies of the Company;
credit risks affecting the Company's revenue and profitability;
changes in the healthcare industry, including those which may
result in the use of stem cell therapies becoming redundant or
obsolete; the Company's ability to effectively manage its growth,
including maintaining effective controls and procedures and
attracting and retaining key management and personnel; changing
interpretations of generally accepted accounting principles; the
availability of capital resources, including in the form of capital
markets financing opportunities, in light of legislative
developments in the U.S. affecting listed issuers whose independent
registered public accounting firms are based in China and not subject to U.S. Public Company
Accounting Oversight Board inspections, international pressure on
trade and currency against the PRC and its potential impact on the
PRC consumer behavior, as well as general economic conditions, the
non-binding proposal letter from Alternate Ocean and the potential
transaction contemplated by such letter, and other relevant risks
detailed in the Company's filings with the Securities and Exchange
Commission in the United
States.
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars as of and for the period ending
June 30, 2021 were made at the noon
buying rate of RMB6.4566 to
$1.00 on June
30, 2021 in the City of New
York for cable transfers in Renminbi per U.S. dollar as
certified for customs purposes by the Federal Reserve Bank of
New York. Global Cord Blood
Corporation makes no representation that the Renminbi or U.S.
dollar amounts referred to in this press release could have been or
could be converted into U.S. dollars or Renminbi, at any particular
rate or at all.
For more information, please contact:
Global Cord Blood Corporation
Investor Relations Department
Tel: (+852) 3605-8180
Email: ir@globalcordbloodcorp.com
ICR, Inc.
William Zima
Tel: (+86) 10-6583-7511
U.S. Tel: (646) 405-5185
Email: William.zima@icrinc.com
EXHIBIT
1
|
|
GLOBAL CORD BLOOD
CORPORATION
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
As of March 31 and
June 30, 2021
|
|
|
|
|
March
31,
|
|
June
30,
|
|
|
2021
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(in thousands
except share data)
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
6,075,798
|
|
6,237,406
|
|
966,051
|
|
Accounts receivable,
less allowance for credit
losses
(March 31, 2021: RMB137,961;
|
|
|
|
|
|
|
June 30, 2021:
RMB147,293 (US$22,813))
|
130,298
|
|
135,415
|
|
20,973
|
|
Inventories
|
44,257
|
|
36,960
|
|
5,724
|
|
Prepaid expenses and
other receivables
|
47,788
|
|
66,912
|
|
10,363
|
|
Total current
assets
|
6,298,141
|
|
6,476,693
|
|
1,003,111
|
|
Property, plant and
equipment, net
|
498,656
|
|
488,803
|
|
75,706
|
|
Operating lease
right-of-use assets
|
5,039
|
|
4,504
|
|
698
|
|
Non-current
deposits
|
344,752
|
|
346,446
|
|
53,658
|
|
Non-current accounts
receivable, less allowance
for credit
losses (March 31, 2021: RMB67,095;
|
|
|
|
|
|
|
June 30,
2021: RMB65,799 (US$10,191))
|
217,208
|
|
228,986
|
|
35,465
|
|
Inventories
|
91,446
|
|
92,449
|
|
14,319
|
|
Intangible assets,
net
|
88,202
|
|
87,047
|
|
13,482
|
|
Investment in equity
securities at fair value
|
117,911
|
|
121,875
|
|
18,876
|
|
Other equity
investment
|
189,129
|
|
189,129
|
|
29,292
|
|
Deferred tax
assets
|
55,845
|
|
59,024
|
|
9,142
|
|
Total
assets
|
7,906,329
|
|
8,094,956
|
|
1,253,749
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
9,479
|
|
13,883
|
|
2,150
|
|
Accrued expenses and
other payables
|
136,448
|
|
144,110
|
|
22,320
|
|
Operating lease
liabilities
|
1,636
|
|
1,655
|
|
256
|
|
Deferred
revenue
|
449,359
|
|
453,659
|
|
70,263
|
|
Income tax
payable
|
29,547
|
|
31,246
|
|
4,839
|
|
Total current
liabilities
|
626,469
|
|
644,553
|
|
99,828
|
|
Non-current deferred
revenue
|
2,392,906
|
|
2,418,456
|
|
374,571
|
|
Non-current operating
lease liabilities
|
147
|
|
99
|
|
15
|
|
Other non-current
liabilities
|
482,224
|
|
489,344
|
|
75,790
|
|
Deferred tax
liabilities
|
16,132
|
|
17,013
|
|
2,635
|
|
Total
liabilities
|
3,517,878
|
|
3,569,465
|
|
552,839
|
|
EQUITY
|
|
|
|
|
|
|
Shareholders'
equity of Global Cord Blood
Corporation
|
|
|
|
|
|
|
Ordinary
shares
|
|
|
|
|
|
|
- US$0.0001 par value,
250,000,000 shares
authorized, 121,687,974 and
121,551,075 shares issued and
outstanding
as of March 31 and June 30, 2021,
respectively
|
83
|
|
83
|
|
13
|
|
Additional paid-in
capital
|
2,101,582
|
|
2,101,582
|
|
325,494
|
|
Treasury stock, at
cost (March 31 and June 30,
|
|
|
|
|
|
|
2021: 136,899 shares,
respectively)
|
(2,815)
|
|
(2,815)
|
|
(436)
|
|
Accumulated other
comprehensive losses
|
(103,179)
|
|
(105,125)
|
|
(16,282)
|
|
Retained
earnings
|
2,386,187
|
|
2,522,608
|
|
390,703
|
|
Total equity
attributable to Global Cord Blood
|
|
|
|
|
|
|
Corporation
|
4,381,858
|
|
4,516,333
|
|
699,492
|
|
Non-controlling
interests
|
6,593
|
|
9,158
|
|
1,418
|
|
Total
equity
|
4,388,451
|
|
4,525,491
|
|
700,910
|
|
Total liabilities
and equity
|
7,906,329
|
|
8,094,956
|
|
1,253,749
|
|
EXHIBIT
2
|
|
|
GLOBAL CORD BLOOD
CORPORATION
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UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
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For the Three Months
Ended June 30, 2020 and 2021
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Three months ended
June 30,
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2020
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2021
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RMB
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RMB
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US$
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(in
thousands except per share data)
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Revenues
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280,913
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315,174
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48,814
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Cost of
revenues
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(43,463)
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(47,841)
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(7,409)
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Gross
profit
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237,450
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267,333
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41,405
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Operating
expenses
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Research and
development
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(4,345)
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(5,098)
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(790)
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Sales and
marketing
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(55,060)
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(59,403)
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(9,199)
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General and
administrative
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(44,536)
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(46,276)
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(7,167)
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Total operating
expenses
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(103,941)
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(110,777)
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(17,156)
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Operating
income
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133,509
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156,556
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24,249
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Other
income
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Interest
income
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6,767
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8,190
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1,268
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Foreign currency
exchange gains
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42
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146
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23
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Change in fair value of
equity securities
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18,405
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5,601
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867
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Dividend
income
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-
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1,120
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173
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Others
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1,723
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639
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99
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Total other
income
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26,937
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15,696
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2,430
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Income before income
tax
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160,446
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172,252
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26,679
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Income tax
expense
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(26,021)
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(33,266)
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(5,152)
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Net
income
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134,425
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138,986
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21,527
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Net income attributable
to non-controlling interests
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(1,916)
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(2,565)
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(397)
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Net income
attributable to Global Cord
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Blood
Corporation's shareholders
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132,509
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136,421
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21,130
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Earnings per
share:
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Attributable to
ordinary shares
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-
Basic
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1.09
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1.12
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0.17
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-
Diluted
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1.09
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1.12
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0.17
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Other
comprehensive losses,
net of nil income taxes
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- Foreign currency
translation adjustments
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(439)
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(1,946)
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(301)
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Comprehensive
income
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133,986
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137,040
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21,226
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Comprehensive income
attributable to
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non-controlling interests
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(1,916)
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(2,565)
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(397)
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Comprehensive income
attributable to
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Global Cord Blood
Corporation's shareholders
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132,070
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134,475
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20,829
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EXHIBIT
3
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GLOBAL CORD BLOOD
CORPORATION
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RECONCILIATION OF
NON-GAAP OPERATING INCOME
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For the Three Months
Ended June 30, 2020 and 2021
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Three months ended
June 30,
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2020
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2021
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RMB
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RMB
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US$
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(in
thousands)
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GAAP amount of
operating income
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133,509
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156,556
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24,249
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Depreciation and
amortization expenses[4]
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12,356
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11,895
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1,842
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Non-GAAP operating
income
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145,865
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168,451
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26,091
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________________________________________
[4] Depreciation
and amortization expenses related to property, plant and equipment
and intangible assets respectively.
View original
content:https://www.prnewswire.com/news-releases/global-cord-blood-corporation-reports-financial-results-for-the-first-quarter-of-fiscal-2022-301365033.html
SOURCE Global Cord Blood Corporation