ATA Inc. ("ATA" or the "Company", Nasdaq: ATAI), a
company focused on providing students with quality educational
experiences and services in China and abroad, today announced
preliminary unaudited financial results for the three months and
year ended December 31, 2018.
2018 Annual Highlights
- ATA paid a special cash dividend of US$6.00 per ADS on August
24, 2018, in connection with the final closing of the sale of its
former subsidiary ATA Online (Beijing) Education Technology Co,
Ltd. (“ATA Online”) (the “Transaction”).
- RMB190.6 million (US$27.7 million) in cash and cash equivalents
as of December 31, 2018
Company Formally Launches ATA Project
Based Learning Business, or “PBL”
For several years, ATA has noted in its
traditional business a market need for ancillary services that
provide students the opportunity to achieve their educational goals
in a manner that is both specific to interests and global in
nature. Over the past year, the Company has dedicated its
resources to creating a project-based learning educational
experience complementary to classroom-based learning for students
in China.
ATA has formally named the foregoing initiative
as “ATA Project-Based Learning Business,” or PBL. ATA has appointed
Ms. Nan Sun as Chief Executive Officer of PBL, utilizing her 18
years of experience in the international education space and US
market. The Company expects to launch a fully integrated subject
based program for students by the end of 2019, and will continue to
update investors on its progress over the coming months.
This new program will be split into three
stages, including: 1) a preparatory stage offering online learning
courses designed to prepare students in necessary skills in an area
of their choosing; 2) an overseas stage which integrates
classroom-based learning, and out of school guided-learning tours
that allow students to discover and be “hands on” within the
specific subject area either as a group or individually; and3) a
final presentation stage designed to encourage students to showcase
their learning and achievement in various forms.
Management Commentary
Mr. Jack Huang, ATA’s President, stated, “We are
very excited to move forward with PBL, which we believe is an
important step in offering students in China with a completely new
method of integrated learning. This immersive experience is unique
to ATA, and we anticipate continuing to build the infrastructure
and foster the necessary academic connections in the coming months
for anticipated enrollment growth beginning in 2019. Our goal has
been to transform ATA into a leading international education
service provider, leveraging our previous expertise in testing and
services with an expanding breath of technology to provide students
in China with new options to further their educational goals.”
Mr. Huang concluded, “We have sufficient capital
to grow PBL while simultaneously exploring other opportunities
within the education sector that can enhance our enrollment
capabilities or strength of this project-based learning program.
Our management team has a history of improving shareholder value
and returning capital to our loyal international shareholder base,
as evidenced by our completion of the special cash dividend
following the closing of our sale of ATA Online.”
Update on Beijing Biztour
Acquisition
The Company has terminated the acquisition
(“Acquisition”) of Beijing Biztour International Travel Service
Co., Ltd. and its affiliates (“Beijing Biztour”) because Beijing
Biztour and the shareholders of Beijing Biztour did not satisfy
certain closing conditions for the Acquisition.
While the Acquisition is terminated, both
parties have agreed to form a strategic partnership utilizing
mutual strengths and resources, in particularly ATA’s new product
vision of adopting PBL concepts coupled with tailored online
learning courses to transform conventional study tour experiences
to allow students to experience, discover, learn and achieve
through ATA’s new product offerings.
The Company also filed a Form 6-K on March 6,
2019, containing additional information regarding the termination
of the Acquisition, which investors may access on the SEC Filings
page on ATA’s website or on the U.S. Securities and Exchange
Commission website at www.sec.gov.
GAAP Results
Impact of ATA Online Transaction on the
Company’s Financial StatementsDue to the closing of the
Transaction, balance sheet items related to the disposed business
lines have no longer been consolidated into ATA’s financial
statements since the completion date of the Transaction. For the
periods presented in this press release, the results of
discontinued operations, less applicable income taxes, pertaining
to the time period prior to the disposal date are reported as two
separate components of income (loss) on the consolidated statements
of comprehensive income (loss) as applicable: 1) income (loss) from
operations of discontinued operations, net of income taxes, and 2)
gain from disposal of discontinued operations, net of income
taxes.
ATA recognized a gain from the disposal of
discontinued operations, net of income taxes, of RMB937.6 million
(US$136.4 million) for the twelve months ended December 31, 2018.
Income tax incurred for the disposal of discontinued operations was
RMB188.9 million (US$27.5 million) for the twelve months ended
December 31, 2018.
2018 Fourth Quarter
ATA’s total net revenues for the three months
ended December 31, 2018, were RMB0.2 million (US$0.03 million),
compared to RMB2.1 million in the prior period. This decrease was
primarily due to the reclassification of approximately RMB1.5
million in rental income from net revenues to other operating
income, net, as a result of the adoption of new revenue guidance
ASC 606, effective January 1, 2018. Related costs of approximately
RMB0. 5 million were also reclassified from cost of revenues to
other operating income, net.
Loss from continuing operations, net of income
taxes, for the three months ended December 31, 2018, improved to
RMB25.9 million (US$3.8 million), compared to RMB39.7 million in
the prior period, primarily due to the consulting fees of RMB 10.8
million associated with investing and financing activities recorded
in prior period.
Balance Sheet Highlights
As of December 31, 2018, ATA’s cash and cash
equivalents were RMB190.6 million (US$27.7 million), working
capital was RMB193.6 million (US$28.2 million), and total
shareholders’ equity was RMB276.2 million (US$40.2 million);
compared to RMB53.5 million, RMB225.1 million, and RMB365.1
million, respectively, as of December 31, 2017.
Conference Call and Webcast Information (With
Accompanying Presentation)
ATA will host a conference call at 9 p.m.
Eastern Time on Thursday, March 14, 2019, during which management
will discuss the results of the quarter ended December 31, 2018. 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)
339-2688 |
International
(Toll): |
+1 (617)
847-3007 |
|
|
|
Toll-Free |
Local Access |
China: |
(800) 990 1344 |
(400) 881
1630 |
Hong Kong: |
|
3002 1672 |
|
|
|
Participant
Passcode: |
771 192 07 |
|
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/274/29462.
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.
Investors are welcomed to send any questions in
advance of the Conference Call either through the webcast portal or
via email to the Company at the contacts below.
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 focused on providing quality educational
experiences and services for students throughout China and abroad.
ATA aims to offer online and on-campus education programs through a
network of global education partners. For more information, please
visit ATA’s website at www.atai.net.cn.
Cautionary Note Regarding Forward-looking
Statements
This 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, statements regarding the Transaction,
ATA’s future growth and results of operations; ATA’s plans for
mergers and acquisitions generally; ATA’s plan and anticipated
benefits to develop international education services, carry out new
business, launch PBL and new programs; ATA’s cooperation with
Beijing Biztour; and ATA’s subsequent business activities.
The factors that could cause the Company’s
actual financial and operating results to differ from what the
Company currently anticipates may include its ability to leverage
its existing competency-focused assessment and education service
capabilities, its ability to identify and execute on M&A
opportunities within the education sector, 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 nine-month transition period
ended December 31, 2017, 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 conditions, results of operations,
and prospects, please see the "Risk Factors" section of the
Company's Form 20-F for the nine-month transition period ended
December 31, 2017.
The preliminary results for the quarter ended
December 31, 2018, 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 changes in its expectations, except as may be
required by law. Although the Company believes that its
expectations and assumptions 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 Translation
The Company's financial information is stated in
Renminbi (“RMB”), the currency of the People’s Republic of China.
The translations of RMB amounts for the quarter ended December 31,
2018, into U.S. dollars are included solely for the convenience of
readers and have been made at the rate of RMB6.8755 to US$1.00, the
noon buying rate as of December 31, 2018, 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.
generally accepted accounting principles ("GAAP").
About Non-GAAP Financial
Measures
To supplement ATA's consolidated financial
information presented in accordance with U.S. 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 gain or loss, 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 gain or loss 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 gain or loss 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.
For
more information on our company, please contact the following
individuals: |
|
|
Investor
Relations |
At the Company |
|
The Equity Group
Inc. |
ATA Inc. |
|
Adam Prior, Senior Vice
President |
Amy Tung,
CFO |
|
212-836-9606 |
+86 10 6518 1133 x
5518 |
|
aprior@equityny.com |
amytung@atai.net.cn |
|
|
|
|
Katherine Yao, Senior
Associate |
|
|
+86 10 6587 6435 |
|
|
kyao@equityny.com |
|
|
|
|
|
|
ATA INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
|
|
December
31, |
|
|
December
31, |
|
|
December
31, |
|
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
53,478,494 |
|
|
190,586,342 |
|
|
27,719,634 |
|
Accounts receivable, net |
|
52,907 |
|
|
439,783 |
|
|
63,964 |
|
Prepaid expenses and other current assets |
|
3,270,988 |
|
|
7,836,092 |
|
|
1,139,712 |
|
Loan receivable |
|
— |
|
|
14,532,685 |
|
|
2,113,691 |
|
Current assets of discontinued operations |
|
310,014,014 |
|
|
— |
|
|
— |
|
Total current assets |
|
366,816,403 |
|
|
213,394,902 |
|
|
31,037,001 |
|
|
|
|
|
|
|
|
|
|
|
Long-term investments |
|
70,021,700 |
|
|
66,383,000 |
|
|
9,655,007 |
|
Property and equipment, net |
|
42,302,632 |
|
|
37,430,741 |
|
|
5,444,075 |
|
Intangible assets, net |
|
5,745,565 |
|
|
17,122,578 |
|
|
2,490,376 |
|
Other assets |
|
4,004,039 |
|
|
799,652 |
|
|
116,305 |
|
Assets of discontinued operations |
|
79,551,168 |
|
|
— |
|
|
— |
|
Total assets |
|
568,441,507 |
|
|
335,130,873 |
|
|
48,742,764 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accrued expenses and other payables |
|
28,018,521 |
|
|
18,111,939 |
|
|
2,634,272 |
|
Deferred revenues |
|
2,026,319 |
|
|
1,633,976 |
|
|
237,652 |
|
Liabilities of discontinued operations |
|
111,721,090 |
|
|
— |
|
|
— |
|
Total current liabilities |
|
141,765,930 |
|
|
19,745,915 |
|
|
2,871,924 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities of discontinued operations |
|
25,298,567 |
|
|
— |
|
|
— |
|
Total liabilities |
|
167,064,497 |
|
|
19,745,915 |
|
|
2,871,924 |
|
|
|
|
|
|
|
|
|
|
|
Mezzanine equity-redeemable
non-controlling
interests |
|
36,304,276 |
|
|
39,208,619 |
|
|
5,702,657 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Common shares |
|
3,534,871 |
|
|
3,534,871 |
|
|
514,126 |
|
Treasury shares |
|
(27,737,073 |
) |
|
(27,737,073 |
) |
|
(4,034,190 |
) |
Additional paid-in capital |
|
389,897,690 |
|
|
410,195,990 |
|
|
59,660,532 |
|
Accumulated other comprehensive loss |
|
(26,850,955 |
) |
|
(38,288,364 |
) |
|
(5,568,812 |
) |
Retained earnings (Accumulated deficit) |
|
25,884,905 |
|
|
(71,896,483 |
) |
|
(10,456,909 |
) |
Total shareholders’ equity attributable to ATA
Inc. |
|
364,729,438 |
|
|
275,808,941 |
|
|
40,114,747 |
|
Non-redeemable non-controlling interests |
|
343,296 |
|
|
367,398 |
|
|
53,436 |
|
Total shareholders’ equity |
|
365,072,734 |
|
|
276,176,339 |
|
|
40,168,183 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders’
equity |
|
568,441,507 |
|
|
335,130,873 |
|
|
48,742,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATA INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
Three-month Period Ended |
|
|
December
31, |
|
|
December
31, |
|
|
December
31, |
|
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
Net
revenues |
|
2,087,038 |
|
|
189,151 |
|
|
27,511 |
|
Cost
of revenues |
|
1,722,435 |
|
|
208,996 |
|
|
30,397 |
|
Gross profit (loss) |
|
364,603 |
|
|
(19,845 |
) |
|
(2,886 |
) |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
5,549,332 |
|
|
7,121,243 |
|
|
1,035,742 |
|
Sales and marketing |
|
1,512,071 |
|
|
1,898,992 |
|
|
276,197 |
|
General and administrative |
|
19,679,238 |
|
|
12,763,383 |
|
|
1,856,357 |
|
Total operating expenses |
|
26,740,641 |
|
|
21,783,618 |
|
|
3,168,296 |
|
Other
operating income, net |
|
— |
|
|
978,874 |
|
|
142,371 |
|
Loss from continuing
operations |
|
(26,376,038 |
) |
|
(20,824,589 |
) |
|
(3,028,811 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
Share of net loss of equity method investments |
|
(501,563 |
) |
|
— |
|
|
— |
|
Impairment loss of long-term investments |
|
(15,216,510 |
) |
|
(6,388,700 |
) |
|
(929,198 |
) |
Interest income, net of interest expenses |
|
(251,928 |
) |
|
1,322,307 |
|
|
192,322 |
|
Foreign currency exchange gain (loss), net |
|
421,411 |
|
|
(30,271 |
) |
|
(4,403 |
) |
Loss from continuing operations before
income taxes |
|
(41,924,628 |
) |
|
(25,921,253 |
) |
|
(3,770,090 |
) |
Income tax expense (benefit) |
|
(2,249,545 |
) |
|
— |
|
|
— |
|
Loss from continuing
operations, net of income taxes |
|
(39,675,083 |
) |
|
(25,921,253 |
) |
|
(3,770,090 |
) |
Discontinued operations: |
|
|
|
|
|
|
Income from operations of discontinued operations, net of income
taxes |
|
92,794,768 |
|
|
— |
|
|
— |
|
Net income (loss) |
|
53,119,685 |
|
|
(25,921,253 |
) |
|
(3,770,090 |
) |
Net loss
attributable to redeemable non-controlling interests from
continuing operations |
|
(899,894 |
) |
|
(943,835 |
) |
|
(137,275 |
) |
Net loss
attributable to non-redeemable non-controlling interests
fromcontinuing operations |
|
— |
|
|
(1,132,602 |
) |
|
(164,730 |
) |
Net
income (loss) attributable to non-redeemable non-controlling
interests from discontinued operations |
|
(32,394 |
) |
|
— |
|
|
— |
|
Net income (loss) attributable to ATA
Inc. |
|
54,051,973 |
|
|
(23,844,816 |
) |
|
(3,468,085 |
) |
Net loss from continuing operations
attributable to ATA Inc. |
|
(38,775,189 |
) |
|
(23,844,816 |
) |
|
(3,468,085 |
) |
Net income from discontinued operations
attributable to ATA Inc. |
|
92,827,162 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
|
(1,059,124 |
) |
|
(154,437 |
) |
|
(22,462 |
) |
Reclassification adjustment for loss on available-for-sale
investment included in net income, net of nil income tax |
|
553,870 |
|
|
— |
|
|
— |
|
Comprehensive income (loss) attributable
to ATA Inc. |
|
53,546,719 |
|
|
(23,999,253 |
) |
|
(3,490,547 |
) |
|
|
|
|
|
|
|
Basic
and diluted earnings (losses) per common share attributable to ATA
Inc. |
|
1.08 |
|
|
(0.56 |
) |
|
(0.08 |
) |
Basic and diluted
earnings (losses) per ADS attributable to ATA Inc. |
|
2.16 |
|
|
(1.12 |
) |
|
(0.16 |
) |
Basic
and diluted losses from continuing operations per common
share attributable to ATA Inc. |
|
(0.84 |
) |
|
(0.56 |
) |
|
(0.08 |
) |
Basic
and diluted earnings from discontinued operations per common
share attributable to ATA Inc. |
|
1.92 |
|
|
— |
|
|
— |
|
Basic
and diluted losses from continuing operations per ADS
attributable to ATA Inc. |
|
(1.68 |
) |
|
(1.12 |
) |
|
(0.16 |
) |
Basic
and diluted earnings from discontinued operations per ADS
attributable to ATA Inc. |
|
3.84 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATA INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
Nine-monthPeriod Ended |
|
Twelve-month Period
Ended |
|
|
December
31, |
|
|
December
31, |
|
|
December
31, |
|
|
December
31, |
|
|
|
2017 |
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
USD |
|
Net
revenues |
|
5,185,822 |
|
|
7,389,371 |
|
|
1,338,592 |
|
|
194,690 |
|
Cost
of revenues |
|
3,785,865 |
|
|
4,957,647 |
|
|
4,251,451 |
|
|
618,348 |
|
Gross profit (loss) |
|
1,399,957 |
|
|
2,431,724 |
|
|
(2,912,859 |
) |
|
(423,658 |
) |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
15,415,780 |
|
|
19,712,994 |
|
|
19,594,484 |
|
|
2,849,900 |
|
Sales and marketing |
|
4,539,473 |
|
|
5,632,608 |
|
|
5,570,169 |
|
|
810,147 |
|
General and administrative |
|
40,132,709 |
|
|
48,758,479 |
|
|
43,507,856 |
|
|
6,327,955 |
|
Total operating expenses |
|
60,087,962 |
|
|
74,104,081 |
|
|
68,672,509 |
|
|
9,988,002 |
|
Other
operating income, net |
|
— |
|
|
— |
|
|
3,793,418 |
|
|
551,730 |
|
Loss from continuing
operations |
|
(58,688,005 |
) |
|
(71,672,357 |
) |
|
(67,791,950 |
) |
|
(9,859,930 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
Share of net loss of equity method investments |
|
(1,395,234 |
) |
|
(1,958,875 |
) |
|
— |
|
|
— |
|
Impairment loss of long-term investments |
|
(15,216,510 |
) |
|
(15,216,510 |
) |
|
(6,388,700 |
) |
|
(929,198 |
) |
Change in fair value of long-term investment |
|
— |
|
|
— |
|
|
2,750,000 |
|
|
399,971 |
|
Interest income, net of interest expenses |
|
608,405 |
|
|
970,265 |
|
|
2,409,090 |
|
|
350,387 |
|
Foreign currency exchange gain (loss), net |
|
(221,605 |
) |
|
(221,883 |
) |
|
960,188 |
|
|
139,654 |
|
Loss from continuing operations before
income taxes |
|
(74,912,949 |
) |
|
(88,099,360 |
) |
|
(68,061,372 |
) |
|
(9,899,116 |
) |
Income tax expense |
|
(2,109,096 |
) |
|
(591,290 |
) |
|
— |
|
|
— |
|
Loss from continuing
operations, net of income taxes |
|
(72,803,853 |
) |
|
(87,508,070 |
) |
|
(68,061,372 |
) |
|
(9,899,116 |
) |
Discontinued operations: |
|
|
|
|
|
|
|
|
Income (Loss) from operations of discontinued operations, net of
income taxes |
|
100,640,933 |
|
|
61,431,845 |
|
|
(18,950,969 |
) |
|
(2,756,304 |
) |
Gain from disposal of discontinued operations, net of income
taxes |
|
— |
|
|
— |
|
|
937,605,948 |
|
|
136,369,129 |
|
Income from discontinued operations, net of income
taxes |
|
100,640,933 |
|
|
61,431,845 |
|
|
918,654,979 |
|
|
133,612,825 |
|
Net income (loss) |
|
27,837,080 |
|
|
(26,076,225 |
) |
|
850,593,607 |
|
|
123,713,709 |
|
Net loss
attributable to redeemable non-controlling interests from
continuing operations |
|
(1,444,363 |
) |
|
(1,444,363 |
) |
|
(3,181,199 |
) |
|
(462,686 |
) |
Net loss
attributable to non-redeemable non-controlling interests from
continuing operations |
|
— |
|
|
— |
|
|
(1,132,602 |
) |
|
(164,730 |
) |
Net loss attributable to non-redeemable non-controlling interests
from discontinued operations |
|
(352,101 |
) |
|
(571,505 |
) |
|
(10,608 |
) |
|
(1,543 |
) |
Net income (loss) attributable to ATA
Inc. |
|
29,633,544 |
|
|
(24,060,357 |
) |
|
854,918,016 |
|
|
124,342,668 |
|
Net loss from continuing operations
attributable to ATA Inc. |
|
(71,359,490 |
) |
|
(86,063,707 |
) |
|
(63,747,571 |
) |
|
(9,271,700 |
) |
Net income from discontinued operations
attributable to ATA Inc. |
|
100,993,034 |
|
|
62,003,350 |
|
|
918,665,587 |
|
|
133,614,368 |
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
|
(2,335,054 |
) |
|
(2,405,612 |
) |
|
(11,437,409 |
) |
|
(1,663,502 |
) |
Unrealized loss on available-for-sale investment, net of nil income
tax |
|
— |
|
|
(553,870 |
) |
|
— |
|
|
— |
|
Reclassification adjustment for loss on available-for-sale
investment included in net income, net of nil income tax |
|
553,870 |
|
|
553,870 |
|
|
— |
|
|
— |
|
Comprehensive income (loss) attributable
to ATA Inc. |
|
27,852,360 |
|
|
(26,465,969 |
) |
|
843,480,607 |
|
|
122,679,166 |
|
|
|
|
|
|
|
|
|
|
Basic
and diluted earnings (losses) per common share attributable to ATA
Inc. |
|
0.48 |
|
|
(0.69 |
) |
|
18.25 |
|
|
2.65 |
|
Basic and diluted
earnings (losses) per ADS attributable to ATA Inc. |
|
0.96 |
|
|
(1.38 |
) |
|
36.50 |
|
|
5.30 |
|
Basic
and diluted losses from continuing operations per common
share attributable to ATA Inc. |
|
(1.72 |
) |
|
(2.04 |
) |
|
(1.81 |
) |
|
(0.26 |
) |
Basic
and diluted earnings from discontinued operations per common
share attributable to ATA Inc. |
|
2.20 |
|
|
1.35 |
|
|
20.06 |
|
|
2.91 |
|
Basic
and diluted losses from continuing operations per ADS
attributable to ATA Inc. |
|
(3.44 |
) |
|
(4.08 |
) |
|
(3.62 |
) |
|
(0.52 |
) |
Basic
and diluted earnings from discontinued operations per ADS
attributable to ATA Inc. |
|
4.40 |
|
|
2.70 |
|
|
40.12 |
|
|
5.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP
MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
|
|
Three-month Period Ended |
|
Twelve-month Period Ended |
|
|
December
31, |
|
|
December
31, |
|
|
December
31, |
|
|
December
31, |
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
|
|
|
|
|
|
|
|
GAAP
net income (loss) attributable to ATA Inc. |
|
54,051,973 |
|
|
(23,844,816 |
) |
|
(24,060,357 |
) |
|
854,918,016 |
|
Share-based compensation expenses |
|
4,927,831 |
|
|
6,986,644 |
|
|
19,013,707 |
|
|
20,591,898 |
|
Foreign currency exchange loss (gain), net |
|
(421,411 |
) |
|
30,271 |
|
|
214,466 |
|
|
(6,220,268 |
) |
Non-GAAP net income (loss) attributable to ATA Inc. |
|
58,558,393 |
|
|
(16,827,901 |
) |
|
(4,832,184 |
) |
|
869,289,646 |
|
|
|
|
|
|
|
|
|
|
GAAP earnings (losses)
per common share attributable to ATA Inc. |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
1.08 |
|
|
(0.56 |
) |
|
(0.69 |
) |
|
18.25 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings
(losses) per common share attributable to ATA Inc. |
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
1.18 |
|
|
(0.40 |
) |
|
(0.27 |
) |
|
18.56 |
|
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