BEIJING, Sept. 15, 2020
/PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the
"Company") (NYSE American: AMBO), a leading national provider of
educational and career enhancement services in China, today announced its unaudited financial
and operating results for the three-month and six-month periods
ended June 30, 2020.
Dr. Jin Huang, Ambow's President
and Chief Executive Officer, said, "Since various measures
that the Chinese government implemented to constrain the COVID-19
outbreak were gradually relaxed during the second quarter, the
majority of our schools, tutoring centers and training offices
reopened with operations gradually returning to normalcy. As such,
our second quarter financial performance significantly improved on
a quarter-over-quarter basis, highlighted by a 2,600 basis points
increase in Gross Margin. We maintained healthy operating
efficiency and profitability with a positive net income in the
first half of 2020, demonstrating our capability to navigate the
dynamic market during the unprecedented challenging times. Striving
for increasing enrollment across all Ambow programs while also
deploying stringent cost controls, we are confident in our ability
to drive profitable growth and strengthen our leadership position
in the career enhancement market in China."
"Amid pandemic-related and broad-based economic challenges, we
remain focused on delivering high quality educational technologies
and services to address personalized learning needs in a dynamic
learning environment. With the outbreak of COVID-19, the
integration of technology into education was further accelerated,
which has significantly boosted the demand for online-based
education from both students and professionals. To enhance the
learning and teaching experience in the COVID-19 environment, Ambow
rolled out its next-generation online-to-offline education SaaS
platform, Huanyujun Education Hub, which is equipped with our
proprietary technologies including hologram live streaming, AI and
IoT, all of which are built on our cloud-based infrastructure.
Simultaneously drawing upon our extensive educational resources and
assets spanning the globe, we believe this mobile-based platform is
uniquely positioned to exploit the booming trend in the e-learning
industry across a wide spectrum of educational scenarios," concluded Dr. Huang.
Second Quarter 2020 Financial Highlights
- Net revenues for the second quarter of 2020 decreased by
8.7% to US$22.0 million from
US$24.1 million in the same period of
2019. The decrease was primarily due to a reduction in the
recognition of deferred revenue in the period as a result of the
one-month extension of spring semester 2020 at the Company's K-12
schools, which used to concluded at the end of June, and fewer
services provided at the Company's tutoring centers and training
offices as a result of social distance and counter measures to
COVID-19. This was partially offset by revenue from NewSchool of
Architecture and Design, LLC ("NewSchool"), acquired in the first
quarter of 2020.
- Gross profit for the second quarter of 2020 decreased by
14.1% to US$8.5 million from
US$9.9 million in the same period of
2019. Gross profit margin was 38.6%, compared with 41.1% for the
second quarter of 2019. The decrease in gross profit and margin was
mainly attributable to the decrease in net revenues.
- Operating expenses for the second quarter of
2020 slightly increased by 1.2% to US$8.5
million from US$8.4 million
for the same period of 2019.
- Net income attributable to ordinary shareholders was
US$0.7 million, or US$0.02 per basic and diluted share, compared
with a net income of US$1.3 million,
or US$0.03 per basic and diluted
share, for the second quarter of 2019.
- As of June 30, 2020, Ambow
maintained strong cash resources of US$27.2
million, comprised of cash and cash equivalents of
US$13.9 million and short-term
investments of US$13.3 million.
First Six Months 2020 Financial Highlights
- Net revenues for the first six months of 2020 decreased
by 15.9% to US$34.8 million from
US$41.4 million in the same period of
2019. The decrease was primarily due to due to a reduction in the
recognition of deferred revenue in the period as a result of an
one-month extension of spring semester 2020 at the Company's K-12
schools, which used to conclude at the end of June, and fewer
services provided at the Company's tutoring centers and training
offices, as operations during the period were temporarily suspended
due to the outbreak of COVID-19. This was partially offset by
revenue from NewSchool, acquired in the period.
- Gross profit for the first six months of 2020 decreased
by 34.6% to US$10.2 million from
US$15.6 million in the same period of
2019. Gross profit margin was 29.3%, compared with 37.7% for the
first six months of 2019. The decrease in gross profit and margin
was mainly attributable to the decrease of net revenues.
- Operating expenses for the first six months of 2020
decreased by 8.7% to US$15.7 million
from US$17.2 million for the same
period of 2019. The decrease was primarily attributable to lower
expenditures due to the temporary suspension of operations at
schools and tutoring centers in the period as part of the national
pandemic containment effort, as well as stringent expense controls
to improve operating efficiency.
- Net income attributable to ordinary shareholders was
US$1.5 million, or US$0.04 per basic and diluted share, compared
with a net loss of US$2.2 million, or
US$0.05 per basic and diluted share,
for the first six months of 2019.
The Company's second quarter and first half 2020 financial
and operating results can also be found on its Form 6-K filed with
the U.S. Securities and Exchange Commission
at www.sec.gov.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all amounts translated from RMB
to U.S. dollars for the second quarter and first half of 2020 are
based on the effective exchange rate of 7.0651 as of
June 30, 2020; all amounts translated
from RMB to U.S. dollars for the second quarter and first half of
2019 are based on the effective exchange rate of 6.8650 as of
June 28, 2019; all amounts translated
from RMB to U.S. dollars as of December 31,
2019 are based on the effective exchange rate of
6.9618 as of December 31, 2019.
The exchange rates were according to the middle rate as set forth
in the H.10 statistical release of the U.S. Federal Reserve
Board.
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. is a leading national provider of
educational and career enhancement services in China, offering high-quality, individualized
services and products. With its extensive network of regional
service hubs complemented by a dynamic proprietary learning
platform and distributors, Ambow provides its services and products
to students in 15 out of the 34 provinces and autonomous regions
within China.
Follow us on Twitter: @Ambow_Education
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other
things, the outlook and quotations from management in this
announcement, as well as Ambow's strategic and operational plans,
contain forward-looking statements. Ambow may also make written or
oral forward-looking statements in its reports filed or furnished
to the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statements, including but not limited to the
following: the Company's goals and strategies, expansion plans, the
expected growth of the content and application delivery services
market, the Company's expectations regarding keeping and
strengthening its relationships with its customers, and the general
economic and business conditions in the regions where the Company
provides its solutions and services. Further information regarding
these and other risks is included in the Company's filings with the
U.S. Securities and Exchange Commission. All information
provided in this press release is as of the date of this press
release, and Ambow undertakes no duty to update such information,
except as required under applicable law.
For investor and media inquiries please contact:
Ambow Education Holding Ltd.
Tel: +86-10-6206-8000
The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: ambow@tpg-ir.com
AMBOW EDUCATION
HOLDING LTD.
UNAUDITED
CONSOLIDATED BALANCE SHEETS
(All amounts in
thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June
30,
|
|
As of December
31,
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
US$
|
|
RMB
|
|
RMB
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
13,935
|
|
98,455
|
|
157,600
|
|
Restricted
cash
|
|
|
2,004
|
|
14,160
|
|
-
|
|
Short term
investments, available for sale
|
|
|
11,160
|
|
78,849
|
|
57,487
|
|
Short term
investments, held to maturity
|
|
|
2,123
|
|
15,000
|
|
31,000
|
|
Accounts receivable,
net
|
|
|
2,914
|
|
20,589
|
|
17,939
|
|
Amounts due from
related parties
|
|
|
1,030
|
|
7,274
|
|
2,318
|
|
Prepaid and other
current assets, net
|
|
|
21,721
|
|
153,464
|
|
133,296
|
|
Total current
assets
|
|
|
54,887
|
|
387,791
|
|
399,640
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
21,159
|
|
149,489
|
|
157,463
|
|
Land use rights,
net
|
|
|
246
|
|
1,737
|
|
1,759
|
|
Intangible assets,
net
|
|
|
8,515
|
|
60,156
|
|
56,607
|
|
Goodwill
|
|
|
8,678
|
|
61,313
|
|
60,353
|
|
Deferred tax assets,
net
|
|
|
636
|
|
4,497
|
|
10,195
|
|
Operating lease
right-of-use asset
|
|
|
42,476
|
|
300,100
|
|
257,361
|
|
Finance lease
right-of-use asset
|
|
|
870
|
|
6,150
|
|
6,450
|
|
Other non-current
assets, net
|
|
|
12,419
|
|
87,743
|
|
70,971
|
|
Total non-current
assets
|
|
|
94,999
|
|
671,185
|
|
621,159
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
149,886
|
|
1,058,976
|
|
1,020,799
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
1,473
|
|
10,409
|
|
-
|
|
Deferred revenue
*
|
|
|
16,328
|
|
115,358
|
|
165,111
|
|
Accounts payable
*
|
|
|
1,561
|
|
11,047
|
|
14,718
|
|
Accrued and other
liabilities *
|
|
|
27,428
|
|
193,780
|
|
192,957
|
|
Income taxes payable,
current *
|
|
|
26,787
|
|
189,253
|
|
180,715
|
|
Amounts due to related
parties *
|
|
|
525
|
|
3,706
|
|
1,971
|
|
Operating lease
liability, current *
|
|
|
8,254
|
|
58,314
|
|
53,512
|
|
Total current
liabilities
|
|
|
82,356
|
|
581,867
|
|
608,984
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Income taxes payable,
non-current *
|
|
|
4,785
|
|
33,803
|
|
32,152
|
|
Operating lease
liability, non-current *
|
|
|
36,954
|
|
261,087
|
|
216,067
|
|
Total non-current
liabilities
|
|
|
41,739
|
|
294,890
|
|
248,219
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
124,095
|
|
876,757
|
|
857,203
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Preferred
shares
|
|
|
|
|
|
|
|
|
(US$ 0.003 par
value;1,666,667 shares authorized,
nil issued and outstanding as of
December 31, 2019 and June 30,
2020)
|
|
|
-
|
|
-
|
|
-
|
|
Class A
Ordinary shares
|
|
|
|
|
|
|
|
|
(US$0.003 par value;
66,666,667 and
66,666,667 shares authorized,
38,858,199
and 38,883,199 shares issued and
outstanding as of December 31,
2019 and
June 30, 2020,
respectively)
|
|
|
103
|
|
731
|
|
730
|
|
Class C
Ordinary shares
|
|
|
|
|
|
|
|
|
(US$0.003 par value;
8,333,333 and 8,333,333
shares authorized, 4,708,415 and
4,708,415
shares issued and outstanding as
of
December 31, 2019 and June 30,
2020,
respectively)
|
|
|
13
|
|
90
|
|
90
|
|
Additional paid-in
capital
|
|
|
496,698
|
|
3,509,224
|
|
3,508,745
|
|
Statutory
reserve
|
|
|
667
|
|
4,712
|
|
20,185
|
|
Accumulated
deficit
|
|
|
(473,608)
|
|
(3,346,090)
|
|
(3,371,815)
|
|
Accumulated other
comprehensive income
|
|
|
2,115
|
|
14,941
|
|
6,341
|
|
Total Ambow
Education Holding Ltd.'s equity
|
|
|
25,988
|
|
183,608
|
|
164,276
|
|
Non-controlling
interests
|
|
|
(197)
|
|
(1,389)
|
|
(680)
|
|
Total
equity
|
|
|
25,791
|
|
182,219
|
|
163,596
|
|
Total liabilities
and equity
|
|
|
149,886
|
|
1,058,976
|
|
1,020,799
|
|
|
|
|
|
|
|
|
|
|
* All of the
VIE's assets can be used to settle obligations of their primary
beneficiary. Liabilities recognized as a result of
consolidating these VIEs do not represent additional claims on the
Company's general assets.
|
|
|
AMBOW EDUCATION
HOLDING LTD.
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in
thousands, except for share and per share data)
|
|
|
For the six months
ended June 30,
|
|
For the three
months ended June 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational
program and
services
|
34,771
|
|
245,659
|
|
282,638
|
|
21,994
|
|
155,392
|
|
164,453
|
Intelligent program
and
services
|
12
|
|
83
|
|
1,366
|
|
10
|
|
71
|
|
905
|
Total net
revenues
|
34,783
|
|
245,742
|
|
284,004
|
|
22,004
|
|
155,463
|
|
165,358
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational program
and
services
|
(24,391)
|
|
(172,324)
|
|
(172,520)
|
|
(13,431)
|
|
(94,891)
|
|
(94,323)
|
Intelligent program
and
services
|
(206)
|
|
(1,458)
|
|
(4,709)
|
|
(23)
|
|
(160)
|
|
(2,851)
|
Total cost of
revenues
|
(24,597)
|
|
(173,782)
|
|
(177,229)
|
|
(13,454)
|
|
(95,051)
|
|
(97,174)
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
10,186
|
|
71,960
|
|
106,775
|
|
8,550
|
|
60,412
|
|
68,184
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
(3,426)
|
|
(24,206)
|
|
(25,171)
|
|
(1,933)
|
|
(13,657)
|
|
(11,083)
|
General and
administrative
|
(11,924)
|
|
(84,243)
|
|
(92,394)
|
|
(6,375)
|
|
(45,042)
|
|
(46,776)
|
Research and
development
|
(382)
|
|
(2,698)
|
|
(468)
|
|
(222)
|
|
(1,567)
|
|
(300)
|
Total operating
expenses
|
(15,732)
|
|
(111,147)
|
|
(118,033)
|
|
(8,530)
|
|
(60,266)
|
|
(58,159)
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
(LOSS)
INCOME
|
(5,546)
|
|
(39,187)
|
|
(11,258)
|
|
20
|
|
146
|
|
10,025
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
585
|
|
4,135
|
|
1,520
|
|
304
|
|
2,145
|
|
1,132
|
Foreign exchange gain,
net
|
5
|
|
35
|
|
1
|
|
1
|
|
9
|
|
32
|
Other income (loss),
net
|
220
|
|
1,552
|
|
186
|
|
21
|
|
146
|
|
(474)
|
Gain from
deregistration of
subsidiaries
|
552
|
|
3,897
|
|
1,279
|
|
552
|
|
3,897
|
|
-
|
Gain on the bargain
purchase
|
5,700
|
|
40,273
|
|
-
|
|
-
|
|
-
|
|
-
|
Gain on sale of
investment
available for sale
|
149
|
|
1,056
|
|
419
|
|
75
|
|
530
|
|
140
|
Total other
income
|
7,211
|
|
50,948
|
|
3,405
|
|
953
|
|
6,727
|
|
830
|
INCOME (LOSS)
BEFORE
INCOME TAX AND NON-
CONTROLLING
INTEREST
|
1,665
|
|
11,761
|
|
(7,853)
|
|
973
|
|
6,873
|
|
10,855
|
Income tax
expense
|
(230)
|
|
(1,623)
|
|
(7,398)
|
|
(334)
|
|
(2,362)
|
|
(2,257)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
1,435
|
|
10,138
|
|
(15,251)
|
|
639
|
|
4,511
|
|
8,598
|
Less: Net loss
attributable to
non-controlling interest
|
(100)
|
|
(708)
|
|
(273)
|
|
(42)
|
|
(296)
|
|
(180)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
ATTRIBUTABLE TO
ORDINARY
SHAREHOLDERS
|
1,535
|
|
10,846
|
|
(14,978)
|
|
681
|
|
4,807
|
|
8,778
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
1,435
|
|
10,138
|
|
(15,251)
|
|
639
|
|
4,511
|
|
8,598
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE
INCOME, NET OF TAX
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
1,179
|
|
8,328
|
|
(3,174)
|
|
1,117
|
|
7,895
|
|
(746)
|
Unrealized gains on
short term
investments
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
holding gains
arising during period
|
133
|
|
940
|
|
700
|
|
71
|
|
499
|
|
420
|
Less:
reclassification
adjustment for gains
included in net income
|
95
|
|
668
|
|
452
|
|
54
|
|
381
|
|
247
|
Other comprehensive
income
(loss)
|
1,217
|
|
8,600
|
|
(2,926)
|
|
1,134
|
|
8,013
|
|
(573)
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE
INCOME (LOSS)
|
2,652
|
|
18,738
|
|
(18,177)
|
|
1,773
|
|
12,524
|
|
8,025
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share -
basic
|
0.04
|
|
0.25
|
|
(0.34)
|
|
0.02
|
|
0.11
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share -
diluted
|
0.04
|
|
0.25
|
|
(0.34)
|
|
0.02
|
|
0.11
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used
in calculating basic net
income (loss) per share
|
43,577,168
|
|
43,577,168
|
|
43,469,610
|
|
43,583,418
|
|
43,583,418
|
|
43,503,109
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used
in calculating diluted net
income (loss) per share
|
43,577,168
|
|
43,577,168
|
|
43,469,610
|
|
43,583,418
|
|
43,583,418
|
|
43,647,645
|
AMBOW EDUCATION
HOLDING LTD.
UNAUDITED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(All amounts in
thousands, except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Attributable to
Ambow Education Holding Ltd.'s Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
Class A
Ordinary
|
|
|
Class C
Ordinary
|
|
|
Additional
|
|
|
|
|
|
Earnings
|
|
|
other
|
|
Non-
|
|
|
|
|
|
|
|
shares
|
|
|
shares
|
|
|
paid-in
|
|
|
Statutory
|
|
|
(Accumulated
|
|
|
comprehensive
|
|
controlling
|
|
|
Total
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
reserves
|
|
|
deficit)
|
|
|
income
|
|
Interest
|
|
|
Equity
|
|
|
|
|
|
|
|
RMB
|
|
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
RMB
|
|
|
RMB
|
|
Balance as of
January 1,
2020
|
|
|
|
38,858,199
|
|
|
|
730
|
|
|
|
4,708,415
|
|
|
|
90
|
|
|
|
3,508,745
|
|
|
|
20,185
|
|
|
|
(3,372,409)
|
|
|
6,341
|
|
|
|
|
(680)
|
|
|
|
163,002
|
|
|
Share-based
compensation
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
238
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
238
|
|
|
Issuance of ordinary
shares
for restricted stock award
|
|
|
|
12,500
|
|
|
|
0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0)
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Foreign currency
translation
adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
433
|
|
|
|
|
-
|
|
|
|
433
|
|
|
Unrealized gain
on
investment, net of income
taxes
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
154
|
|
|
|
|
-
|
|
|
|
154
|
|
|
Net
income/(loss)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,039
|
|
|
-
|
|
|
|
|
(412)
|
|
|
|
5,627
|
|
|
Balance as of
March 31,
2020
|
|
|
|
38,870,699
|
|
|
|
730
|
|
|
|
4,708,415
|
|
|
|
90
|
|
|
|
3,508,983
|
|
|
|
20,185
|
|
|
|
(3,366,370)
|
|
|
6,928
|
|
|
|
|
(1,092)
|
|
|
|
169,454
|
|
|
Share-based
compensation
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
242
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
242
|
|
|
Issuance of ordinary
shares
for restricted stock award
|
|
|
|
12,500
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1)
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Foreign currency
translation
adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
7,895
|
|
|
|
|
-
|
|
|
|
7,895
|
|
|
Unrealized gain
on
investment, net of income
taxes
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
118
|
|
|
|
|
-
|
|
|
|
118
|
|
|
Deregistration of
subsidiaries
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(15,473)
|
|
|
|
15,473
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Net
income/(loss)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,807
|
|
|
-
|
|
|
|
|
(297)
|
|
|
|
4,510
|
|
|
Balance as of
June 30,
2020
|
|
|
|
38,883,199
|
|
|
|
731
|
|
|
|
4,708,415
|
|
|
|
90
|
|
|
|
3,509,224
|
|
|
|
4,712
|
|
|
|
(3,346,090)
|
|
|
14,941
|
|
|
|
|
(1,389)
|
|
|
|
182,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1,
2019
|
|
|
|
38,756,289
|
|
|
|
728
|
|
|
|
4,708,415
|
|
|
|
90
|
|
|
|
3,507,123
|
|
|
|
20,149
|
|
|
|
(3,271,838)
|
|
|
8,305
|
|
|
|
|
(1,786)
|
|
|
|
262,771
|
|
|
Share-based
compensation
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
872
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
872
|
|
|
Issuance of ordinary
shares
for restricted stock award
|
|
|
|
28,646
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1)
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Foreign currency
translation
adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
(2,428)
|
|
|
|
|
-
|
|
|
|
(2,428)
|
|
|
Unrealized gain
on
investment, net of income
taxes
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
75
|
|
|
|
|
-
|
|
|
|
75
|
|
|
Net loss
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(23,756)
|
|
|
-
|
|
|
|
|
(93)
|
|
|
|
(23,849)
|
|
|
Balance as of
March 31,
2019
|
|
|
|
38,784,935
|
|
|
|
729
|
|
|
|
4,708,415
|
|
|
|
90
|
|
|
|
3,507,994
|
|
|
|
20,149
|
|
|
|
(3,295,594)
|
|
|
5,952
|
|
|
|
|
(1,879)
|
|
|
|
237,441
|
|
|
Share-based
compensation
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
266
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
266
|
|
|
Issuance of ordinary
shares
for restricted stock award
|
|
|
|
19,097
|
|
|
|
0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0)
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
Foreign currency
translation
adjustment
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
(746)
|
|
|
|
|
-
|
|
|
|
(746)
|
|
|
Unrealized gain
on
investment, net of income
taxes
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
173
|
|
|
|
|
-
|
|
|
|
173
|
|
|
Addition of
noncontrolling
interests resulting from
new subsidiaries
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
|
502
|
|
|
|
502
|
|
|
Net income
(loss)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,778
|
|
|
-
|
|
|
|
|
(180)
|
|
|
|
8,598
|
|
|
Balance as of
June 30,
2019
|
|
|
|
38,804,032
|
|
|
|
729
|
|
|
|
4,708,415
|
|
|
|
90
|
|
|
|
3,508,260
|
|
|
|
20,149
|
|
|
|
(3,286,816)
|
|
|
5,379
|
|
|
|
|
(1,557)
|
|
|
|
246,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discussion of
Segment Operations
|
(All amounts in
thousands)
|
|
|
For the six months
ended June 30,
|
|
For the three
months ended June 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
17,948
|
|
126,800
|
|
150,958
|
|
12,086
|
|
85,389
|
|
87,165
|
CP&CE
Programs
|
16,835
|
|
118,942
|
|
133,046
|
|
9,918
|
|
70,074
|
|
78,193
|
Total net
revenues
|
34,783
|
|
245,742
|
|
284,004
|
|
22,004
|
|
155,463
|
|
165,358
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
(10,550)
|
|
(74,542)
|
|
(90,093)
|
|
(5,820)
|
|
(41,113)
|
|
(47,797)
|
CP&CE
Programs
|
(14,047)
|
|
(99,240)
|
|
(87,136)
|
|
(7,634)
|
|
(53,938)
|
|
(49,377)
|
Total cost of
revenues
|
(24,597)
|
|
(173,782)
|
|
(177,229)
|
|
(13,454)
|
|
(95,051)
|
|
(97,174)
|
GROSS
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
7,398
|
|
52,258
|
|
60,865
|
|
6,266
|
|
44,276
|
|
39,368
|
CP&CE
Programs
|
2,788
|
|
19,702
|
|
45,910
|
|
2,284
|
|
16,136
|
|
28,816
|
Total gross
profit
|
10,186
|
|
71,960
|
|
106,775
|
|
8,550
|
|
60,412
|
|
68,184
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/ambow-education-announces-second-quarter-2020-financial-results-301131011.html
SOURCE Ambow Education Holding Ltd.