BEIJING, Dec. 17, 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 nine-month periods ended September 30,
2020.
"While our business continued to be impacted by COVID-19-related
macro headwinds during the third quarter of 2020, I am pleased to
report that after a solid start to the new fall semester, revenue
from the K-12 schools segment increased 18.8% year-over-year.
Encouragingly, deferred revenue related to tuition and course fees
and our education service platform increased 12.4% to US$37.9 million from the year-ago period and
reached its highest level since 2015, reflecting the resilience of
our business. Supported by ample cash resources and a healthy
balance sheet, our core strength and fundamentals remain solid
across our key segments," noted Dr. Jin
Huang, Ambow's President and Chief Executive Officer. "We
are excited that in September we won the bid for a Technical and
Vocational Education and Training (TVET) Center project that is
financially supported by the Asian Development Bank as a part of
its inclusive growth project in Ziyang City of Sichuan Province.
This achievement demonstrates our exceptional capabilities and
leading position in the vocational and technical education
sector."
"We continued to execute our key strategies to pursue more
balanced growth, while providing high quality educational services
that better engage students against the challenging backdrop of the
COVID-19 environment. Leveraging our 20-year proven track record in
curriculum development, professional training, job placement and
education technology innovation, we are making massive progress in
building out our online-to-offline education SaaS platform,
Huanyujun Education Hub. We have gradually started rolling out
Amazon Web Services (AWS) and Cisco-authorized certification and
training courses on the Huanyujun Education Hub, which is already
supported by our cutting-edge educational solutions such as Ambow
Panorama Digital Teaching System and Ambow Cloud Platform. We
believe these best-in-class educational services and course
offerings will broaden our appeal to a wider student base as they
pursue professional certifications for their technology careers."
"Going forward, we will maintain our strategic efforts to enrich
our educational service offerings, optimize operating efficiencies,
and increase student enrollments and engagement. We remain
confident that our efforts will support the long-term
sustainability of our overall business," concluded Dr. Huang.
Third Quarter 2020 Financial Highlights
- Net revenues for the third quarter of 2020 decreased by
6.2% to US$16.6 million from
US$17.7 million in the same period of
2019. The decrease was primarily from fewer services provided at
the Company's tutoring centers, training offices and college
campuses. This was partially offset by the increase in the revenue
from K-12 schools driven by higher enrollment and the revenue from
NewSchool of Architecture and Design, LLC ("NewSchool"), acquired
in the first quarter of 2020.
- Gross profit for the third quarter of 2020 decreased by
77.8% to US$1.0 million from
US$4.5 million in the same period of
2019. Gross profit margin was 6.0%, compared with 25.4% for the
third quarter of 2019. The decreases in gross profit and margin
were mainly attributable to the decrease in net revenues from
CP&CE Programs.
- Operating expenses for the third quarter of 2020
decreased by 3.4% to US$14.0 million
from US$14.5 million for the same
period of 2019. The decrease was primarily attributable to
stringent expense controls to improve operating efficiency, and
partially offset by operating expenses related to NewSchool.
- Net loss attributable to ordinary shareholders was
US$12.5 million, or US$0.29 per basic and diluted share, compared
with a net loss of US$10.2 million,
or US$0.23 per basic and diluted
share, for the third quarter of 2019.
- As of September 30, 2020, Ambow
maintained strong cash resources of US$44.0
million, comprised of cash and cash equivalents of
US$12.7 million and short-term
investments of US$31.3 million.
- As of September 30, 2020, the
Company's deferred revenue balance was US$37.9 million, representing a 59.9% increase
from US$23.7 million as of
December 31, 2019, mainly
attributable to the tuition and fees collected at K-12 schools for
the fall semester of the 2020-2021 academic year, and deferred
revenue collected from our colleges for the fall semester of
2020.
First Nine Months 2020 Financial Highlights
- Net revenues for the first nine months of 2020 decreased
by 8.0% to US$52.8 million from
US$57.4 million in the same period of
2019. The decrease was primarily from fewer boarding and other
ancillary services provided for K-12 schools as result of temporary
COVID-19-related campus closures in the first half of 2020, and
fewer services provided at the Company's tutoring centers, training
offices and college campuses. This was partially offset by the
revenue from NewSchool which was acquired in the period.
- Gross profit for the first nine months of 2020 decreased
by 40.5% to US$11.6 million from
US$19.5 million in the same period of
2019. Gross profit margin was 22.0%, compared with 34.0% for the
first nine months of 2019. The decreases in gross profit and margin
were mainly attributable to the decrease in net revenues from
CP&CE Programs.
- Operating expenses for the first nine months of 2020
decreased by 1.9% to US$30.4 million
from US$31.0 million for the same
period of 2019. The decrease was primarily attributable to lower
expenditures due to the temporary suspension of operations at
training offices and tutoring centers in the period as a part of
the national pandemic containment efforts, as well as stringent
expense controls to improve operating efficiency, and partially
offset by NewSchool's operating expenses.
- Net loss attributable to ordinary shareholders was
US$10.9 million, or US$0.25 per basic and diluted share, compared
with a net loss of US$12.3 million,
or US$0.28 per basic and diluted
share, for the first nine months of 2019.
On October 5, 2020, the Company
completed a registered direct offering of 1,507,538 American
Depositary Shares ("ADSs", representing 3,015,076 Class A Ordinary
Shares), at a purchase price of $3.98
per ADS. The Company also issued to investors registered warrants
to purchase up to an aggregate amount of 603,016 ADSs (representing
1,206,032 Class A Ordinary Shares). Net proceeds from this offering
were approximately US$5.2
million.
The Company's financial and operating results for the
third quarter and first nine months of 2020 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 third quarter and first nine months of 2020
are based on the effective exchange rate of 6.7896 as of
September 30, 2020; all amounts
translated from RMB to U.S. dollars for the third quarter and first
nine months of 2019 are based on the effective exchange rate of
7.1477 as of September 30, 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 September
30,
|
|
As of December
31,
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
US$
|
|
RMB
|
|
RMB
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
12,677
|
|
86,072
|
|
157,600
|
|
Restricted
cash
|
|
|
2,006
|
|
13,621
|
|
-
|
|
Short term
investments, available for sale
|
|
|
26,898
|
|
182,629
|
|
57,487
|
|
Short term
investments, held to maturity
|
|
|
4,419
|
|
30,000
|
|
31,000
|
|
Accounts receivable,
net
|
|
|
3,616
|
|
24,549
|
|
17,939
|
|
Amounts due from
related parties
|
|
|
907
|
|
6,159
|
|
2,318
|
|
Prepaid and other
current assets, net
|
|
|
23,150
|
|
157,177
|
|
133,296
|
|
Total current
assets
|
|
|
73,673
|
|
500,207
|
|
399,640
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
21,603
|
|
146,678
|
|
157,463
|
|
Land use rights,
net
|
|
|
254
|
|
1,726
|
|
1,759
|
|
Intangible assets,
net
|
|
|
8,168
|
|
55,458
|
|
56,607
|
|
Goodwill
|
|
|
3,787
|
|
25,710
|
|
60,353
|
|
Deferred tax assets,
net
|
|
|
538
|
|
3,653
|
|
10,195
|
|
Operating lease
right-of-use asset
|
|
|
38,704
|
|
262,787
|
|
257,361
|
|
Finance lease
right-of-use asset
|
|
|
884
|
|
6,000
|
|
6,450
|
|
Other non-current
assets, net
|
|
|
12,429
|
|
84,388
|
|
70,971
|
|
Total non-current
assets
|
|
|
86,367
|
|
586,400
|
|
621,159
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
160,040
|
|
1,086,607
|
|
1,020,799
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
borrowings *
|
|
|
2,948
|
|
20,013
|
|
-
|
|
Deferred revenue
*
|
|
|
37,906
|
|
257,368
|
|
165,111
|
|
Accounts payable
*
|
|
|
2,284
|
|
15,500
|
|
14,718
|
|
Accrued and other
liabilities *
|
|
|
27,277
|
|
185,203
|
|
192,957
|
|
Income taxes payable,
current *
|
|
|
27,060
|
|
183,729
|
|
180,715
|
|
Amounts due to related
parties *
|
|
|
718
|
|
4,876
|
|
1,971
|
|
Operating lease
liability, current *
|
|
|
7,459
|
|
50,642
|
|
53,512
|
|
Total current
liabilities
|
|
|
105,652
|
|
717,331
|
|
608,984
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Income taxes payable,
non-current *
|
|
|
5,094
|
|
34,589
|
|
32,152
|
|
Operating lease
liability, non-current *
|
|
|
34,723
|
|
235,756
|
|
216,067
|
|
Total non-current
liabilities
|
|
|
39,817
|
|
270,345
|
|
248,219
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
145,469
|
|
987,676
|
|
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 September 30,
2020)
|
|
|
-
|
|
-
|
|
-
|
|
Class A
Ordinary shares
|
|
|
|
|
|
|
|
|
(US$0.003 par value;
66,666,667 and
66,666,667 shares authorized, 38,858,199
and 38,895,700 shares issued and
outstanding as of December 31, 2019 and
September 30, 2020, respectively)
|
|
|
108
|
|
731
|
|
730
|
|
Class C
Ordinary shares
|
|
|
|
|
|
|
|
|
(US$0.003 par value;
8,333,333 and 8,333,333
shares authorized, 4,708,415 and 4,708,415
shares issued and outstanding as of
December 31, 2019 and September 30,
2020, respectively)
|
|
|
13
|
|
90
|
|
90
|
|
Additional paid-in
capital
|
|
|
516,868
|
|
3,509,330
|
|
3,508,745
|
|
Statutory
reserve
|
|
|
620
|
|
4,210
|
|
20,185
|
|
Accumulated
deficit
|
|
|
(505,202)
|
|
(3,430,122)
|
|
(3,371,815)
|
|
Accumulated other
comprehensive income
|
|
|
2,420
|
|
16,429
|
|
6,341
|
|
Total Ambow
Education Holding Ltd.'s equity
|
|
|
14,827
|
|
100,668
|
|
164,276
|
|
Non-controlling
interests
|
|
|
(256)
|
|
(1,737)
|
|
(680)
|
|
Total
equity
|
|
|
14,571
|
|
98,931
|
|
163,596
|
|
Total liabilities
and equity
|
|
|
160,040
|
|
1,086,607
|
|
1,020,799
|
|
|
|
|
|
|
|
|
|
|
* All of the
VIE's assets can be used to settle obligations of their primary
beneficiary. Liabilities recognized as a result of
consolidating these VIEs do not represent additional claims on the
Company's general assets.
|
|
|
AMBOW EDUCATION
HOLDING LTD.
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in
thousands, except for share and per share data)
|
|
|
For the nine
months ended September 30,
|
|
For the three
months ended September 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational
program and
services
|
52,742
|
|
358,098
|
|
409,367
|
|
16,560
|
|
112,439
|
|
126,729
|
Intelligent program
and
services
|
52
|
|
352
|
|
1,193
|
|
40
|
|
269
|
|
(173)
|
Total net
revenues
|
52,794
|
|
358,450
|
|
410,560
|
|
16,600
|
|
112,708
|
|
126,556
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
Educational
program and
services
|
(40,898)
|
|
(277,683)
|
|
(265,454)
|
|
(15,518)
|
|
(105,359)
|
|
(92,934)
|
Intelligent program
and
services
|
(345)
|
|
(2,340)
|
|
(5,818)
|
|
(130)
|
|
(882)
|
|
(1,109)
|
Total cost of
revenues
|
(41,243)
|
|
(280,023)
|
|
(271,272)
|
|
(15,648)
|
|
(106,241)
|
|
(94,043)
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
11,551
|
|
78,427
|
|
139,288
|
|
952
|
|
6,467
|
|
32,513
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
(5,576)
|
|
(37,861)
|
|
(40,778)
|
|
(2,011)
|
|
(13,655)
|
|
(15,607)
|
General and
administrative
|
(18,739)
|
|
(127,230)
|
|
(140,510)
|
|
(6,331)
|
|
(42,987)
|
|
(48,116)
|
Research and
development
|
(656)
|
|
(4,456)
|
|
(1,555)
|
|
(259)
|
|
(1,758)
|
|
(1,087)
|
Impairment
loss
|
(5,405)
|
|
(36,699)
|
|
(38,754)
|
|
(5,405)
|
|
(36,699)
|
|
(38,754)
|
Total operating
expenses
|
(30,376)
|
|
(206,246)
|
|
(221,597)
|
|
(14,006)
|
|
(95,099)
|
|
(103,564)
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS
|
(18,825)
|
|
(127,819)
|
|
(82,309)
|
|
(13,054)
|
|
(88,632)
|
|
(71,051)
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
1,053
|
|
7,150
|
|
3,343
|
|
444
|
|
3,015
|
|
1,823
|
Foreign exchange gain
(loss),
net
|
5
|
|
31
|
|
46
|
|
(1)
|
|
(4)
|
|
45
|
Other income (loss),
net
|
124
|
|
840
|
|
193
|
|
(105)
|
|
(712)
|
|
7
|
Gain from
deregistration of
subsidiaries
|
584
|
|
3,967
|
|
1,279
|
|
10
|
|
70
|
|
-
|
Gain on disposal of
subsidiaries
|
111
|
|
752
|
|
-
|
|
111
|
|
752
|
|
-
|
Gain on the bargain
purchase
|
5,932
|
|
40,273
|
|
-
|
|
-
|
|
-
|
|
-
|
Gain on sale of
investment
available for sale
|
365
|
|
2,477
|
|
422
|
|
209
|
|
1,421
|
|
3
|
Total other
income
|
8,174
|
|
55,490
|
|
5,283
|
|
668
|
|
4,542
|
|
1,878
|
LOSS BEFORE
INCOME
TAX AND NON-
CONTROLLING
INTEREST
|
(10,651)
|
|
(72,329)
|
|
(77,026)
|
|
(12,386)
|
|
(84,090)
|
|
(69,173)
|
Income tax
expense
|
(353)
|
|
(2,399)
|
|
(11,032)
|
|
(114)
|
|
(776)
|
|
(3,634)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
(11,004)
|
|
(74,728)
|
|
(88,058)
|
|
(12,500)
|
|
(84,866)
|
|
(72,807)
|
Less:
Net(loss)/income
attributable to non-
controlling interest
|
(153)
|
|
(1,040)
|
|
(269)
|
|
(49)
|
|
(332)
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE
TO ORDINARY
SHAREHOLDERS
|
(10,851)
|
|
(73,688)
|
|
(87,789)
|
|
(12,451)
|
|
(84,534)
|
|
(72,811)
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
(11,004)
|
|
(74,728)
|
|
(88,058)
|
|
(12,500)
|
|
(84,866)
|
|
(72,807)
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE
INCOME, NET OF TAX
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation
adjustments
|
1,581
|
|
10,731
|
|
(3,267)
|
|
354
|
|
2,403
|
|
(93)
|
Unrealized
gains on short term
investments
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
holding gains
arising during period
|
224
|
|
1,518
|
|
1,238
|
|
85
|
|
578
|
|
538
|
Less:
reclassification
adjustment for gains
included in net income
|
318
|
|
2,161
|
|
489
|
|
220
|
|
1,493
|
|
37
|
Other comprehensive
income
(loss)
|
1,487
|
|
10,088
|
|
(2,518)
|
|
219
|
|
1,488
|
|
408
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMPREHENSIVE
LOSS
|
(9,517)
|
|
(64,640)
|
|
(90,576)
|
|
(12,281)
|
|
(83,378)
|
|
(72,399)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share –
basic and
diluted
|
(0.25)
|
|
(1.69)
|
|
(2.02)
|
|
(0.29)
|
|
(1.94)
|
|
(1.67)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used
in calculating basic and
diluted net loss per share
|
43,583,448
|
|
43,583,448
|
|
43,496,848
|
|
43,595,871
|
|
43,595,871
|
|
43,512,447
|
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
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
239
|
|
-
|
|
-
|
|
-
|
|
-
|
|
239
|
Issuance of ordinary
shares
for restricted stock award
|
|
12,501
|
|
0
|
|
-
|
|
-
|
|
(0)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Foreign currency
translation
adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,403
|
|
-
|
|
2,403
|
Unrealized gain
on
investment, net of income
taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(915)
|
|
-
|
|
(915)
|
Deregistration of
subsidiary
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(16)
|
|
(16)
|
Disposal of
subsidiaries
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(133)
|
|
(502)
|
|
502
|
|
-
|
|
-
|
|
(133)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(84,534)
|
|
-
|
|
(332)
|
|
(84,866)
|
Balance as of
September 30, 2020
|
|
38,895,700
|
|
731
|
|
4,708,415
|
|
90
|
|
3,509,330
|
|
4,210
|
|
(3,430,122)
|
|
16,429
|
|
(1,737)
|
|
98,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Share-based
compensation
|
|
-
|
|
-
|
|
-
|
|
-
|
|
244
|
|
-
|
|
-
|
|
-
|
|
-
|
|
244
|
Foreign currency
translation
adjustment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(93)
|
|
-
|
|
(93)
|
Unrealized gain
on
investment, net of income
taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
501
|
|
-
|
|
501
|
Net (loss) /
income
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(72,811)
|
|
-
|
|
4
|
|
(72,807)
|
Balance as of
September 30, 2019
|
|
38,804,032
|
|
729
|
|
4,708,415
|
|
90
|
|
3,508,504
|
|
20,149
|
|
(3,359,627)
|
|
5,787
|
|
(1,553)
|
|
174,079
|
Discussion of
Segment Operations
(All amounts in
thousands)
|
|
|
For the nine
months ended September 30,
|
|
For the three
months ended September 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
27,360
|
|
185,766
|
|
203,214
|
|
8,685
|
|
58,966
|
|
52,256
|
CP&CE
Programs
|
25,434
|
|
172,684
|
|
207,346
|
|
7,915
|
|
53,742
|
|
74,300
|
Total net
revenues
|
52,794
|
|
358,450
|
|
410,560
|
|
16,600
|
|
112,708
|
|
126,556
|
COST OF
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
(17,670)
|
|
(119,972)
|
|
(128,887)
|
|
(6,692)
|
|
(45,430)
|
|
(38,794)
|
CP&CE
Programs
|
(23,573)
|
|
(160,051)
|
|
(142,385)
|
|
(8,956)
|
|
(60,811)
|
|
(55,249)
|
Total cost of
revenues
|
(41,243)
|
|
(280,023)
|
|
(271,272)
|
|
(15,648)
|
|
(106,241)
|
|
(94,043)
|
GROSS
PROFIT
|
|
|
|
|
|
|
|
|
|
|
|
K-12 Schools
|
9,690
|
|
65,794
|
|
74,327
|
|
1,993
|
|
13,536
|
|
13,462
|
CP&CE
Programs
|
1,861
|
|
12,633
|
|
64,961
|
|
(1,041)
|
|
(7,069)
|
|
19,051
|
Total gross
profit
|
11,551
|
|
78,427
|
|
139,288
|
|
952
|
|
6,467
|
|
32,513
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/ambow-education-announces-third-quarter-2020-financial-results-301194787.html
SOURCE Ambow Education Holding Ltd.