BEIJING, March 27, 2013 /PRNewswire/ -- ChinaEdu
Corporation (NASDAQ: CEDU) ("ChinaEdu" or the "Company"), a leading
online educational services provider in China, today announced its unaudited financial
results for the fourth quarter and fiscal year ended December 31, 2012.[1]
Fourth Quarter 2012
Highlights
- Total net revenue for the fourth quarter of 2012 was
$21.8 million, a 12.4 percent
increase from $19.4 million in the
corresponding period in 2011. Total net revenue exceeded Company
guidance for the quarter.
- Net revenue from online degree programs was $17.7 million, an increase of 13.9 percent from
$15.5 million in the corresponding
period of 2011.
- Net income attributable to ChinaEdu was $2.4 million, an increase of 552.8 percent from
$0.4 million in the corresponding
period of 2011.
- Adjusted net income attributable to ChinaEdu[2] was
$2.9 million, an increase of 257.9
percent from $0.8 million in the
corresponding period of 2011.
- Net income attributable to ChinaEdu per diluted ADS[3] was
$0.144, an increase of 542.9 percent
from $0.022 in the corresponding
period of 2011.
- Adjusted net income attributable to ChinaEdu per diluted ADS[4]
was $0.173, an increase of 248.4
percent from $0.050 in the
corresponding period of 2011.
- The number of revenue students[5] enrolled in online degree
programs during the Fall 2012 semester increased 5.1 percent
year-over-year to approximately 207,000 students.
Full Year 2012 Highlights
- Total net revenue for 2012 was $78.4
million, a 12.0 percent increase from $70.0 million in 2011.
- Net revenue from online degree programs was $63.1 million, an increase of 13.3 percent from
$55.7 million in 2011.
- Net income attributable to ChinaEdu was $6.1 million, an increase of 125.7 percent from
$2.7 million in the corresponding
period of 2011.
- Adjusted net income attributable to ChinaEdu was $9.0 million, an increase of 102.4 percent from
$4.4 million in 2011.
- Net income attributable to ChinaEdu per diluted ADS was
$0.362, an increase of 126.0 percent
from $0.161 in 2011.
- Adjusted net income attributable to ChinaEdu per diluted ADS
was $0.535, an increase of 103.0
percent from $0.263 in 2011.
- The number of revenue students in online degree programs during
2012 increased roughly 12.4 percent over 2011 to approximately
400,000 students.
Julia Huang, executive chairman
of ChinaEdu commented, "2012 was another successful year for
ChinaEdu. Remaining focused on growth in our online degree
programs, we expanded enrollment during the year to 400,000 revenue
students. There were exciting developments in other areas of our
business in 2012 as well. Particularly, several non-degree
continued education programs for teachers were launched in 2012 and
our recently expanded K-12 online interactive tutoring and Q&A
programs have already gained traction and are showing encouraging
results. Furthermore, enrollments at our private schools grew
beyond expectations during the year as our brand name continues to
draw in talented students." She continued, "As we look to 2013, we
will continue to grow our core business and explore opportunities
that leverage our online-learning enabling capabilities. We remain
committed to technological innovation in education and will
continue to develop next generation technology platforms and
interactive and mobile learning applications. Online learning has
become more acceptable to users and mobile devices have become more
readily available. We plan to penetrate the market further,
applying our technological advantage across all areas of our
business platform."
Mr. Simon Mei, chief financial
officer commented, "Recognizing our success in 2012 and the
opportunities that lay ahead, the Company recently decided to make
a major reinvestment in our business by negotiating a repurchase of
shares. The repurchase program was completed at the end of
February 2013. The Company
repurchased 19,695,552 ordinary shares or the equivalent 6,565,184
ADSs. This is equal to 36.9% of the total issued ordinary shares of
53,428,219 prior to the transaction. The completion of the stock
repurchase reflects the board of directors' and management's
continued commitment to enhancing stockholder value, as well as
confidence for the company's future business perspectives. Other
factors being equal, the stock repurchase will increase the
Company's earnings per share."
Financial Results for the Fourth Quarter
Ended December 31,
2012
Net Revenue
Total net revenue for the fourth quarter of 2012 was
$21.8 million, a 12.4 percent
increase from $19.4 million in the
corresponding period in 2011.
Net revenue from online degree programs for the fourth quarter
of 2012 was $17.7 million, a 13.9
percent increase over $15.5 million
in the corresponding period in 2011. The increase in net revenue
from online degree programs was primarily related to continued
expansion and optimization of the Company's learning centers
network, as well as organic growth in revenue students enrolled in
online degree programs. Enrollment for the 2012 Fall semester
online degree programs was approximately 207,000 revenue students,
a 5.1 percent increase from approximately 197,000 revenue students
enrolled in the Fall semester in 2011.
As of December 31 2012, ChinaEdu's
learning centers network was providing recruiting services for 22
universities with 118 operational learning centers, of which 57
were proprietary centers[6] and 61 were contracted centers[7]. This
compares to 105 operational learning centers as of December 31, 2011, of which 61 were proprietary
and 44 were contracted centers.
Net revenue from non-degree programs, including online tutoring
programs, private primary and secondary schools and international
and elite curriculum programs in the fourth quarter of 2012 was
$4.1 million, a 6.4 percent increase
from $3.8 million in the fourth
quarter of 2011. Of that, approximately $0.4
million was attributable to increased enrollment at our
private school in the city of Anqing.
Cost of Revenue
Total cost of revenue for the fourth quarter of 2012 was
$9.8 million, an increase of 13.3
percent, from $8.7 million in the
corresponding period of 2011.
Cost of revenue for online degree programs in the fourth quarter
of 2012 was $6.8 million, an increase
of 16.2 percent compared to $5.8
million in the corresponding period of 2011. The increase in
cost of revenue is mainly attributable to increased staff related
costs.
Cost of revenue for non-degree programs in the fourth quarter of
2012 was $3.0 million, an increase of
7.4 percent from $2.8 million in the
fourth quarter of 2011. The increase is attributable to increases
in staff related costs and service fees for the private school in
Anqing as well as the online tutoring program.
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2012 was $11.9 million, compared to $10.7 million in the corresponding period of
2011. Gross margin decreased slightly to 54.8 percent, compared to
55.1 percent for the corresponding period in 2011.
Gross margin for online degree programs decreased slightly to
61.6 percent, from 62.3 percent in the fourth quarter of 2011. The
decrease was primarily due to an overall increase in the percentage
of total net revenue contributed by the Company's learning centers
network. The learning centers network's sales and service based
model results in a higher cost of sales, whereas the joint venture
model is more operationally driven. In general, more revenue
generated from learning centers results in lower gross margin for
our overall online degree programs.
Gross margin for online tutoring programs decreased to 37.7
percent, from 55.7 percent in fourth quarter of 2011, mainly due to
the increased service fees associated with the expansion of the
Company's interactive course offerings.
Gross margin for private schools in the fourth quarter of 2012
decreased to 20.4 percent, compared to 24.8 percent in the
corresponding period in 2011. The decrease of gross margin was
primarily due to increased labor costs at our private school in
Anqing.
Operating Expenses
Total operating expenses were $7.6
million in the fourth quarter of 2012, a decrease of 3.6
percent, from $7.9 million in the
corresponding period in 2011. As a percentage of net revenue, total
operating expenses decreased to 34.8 percent, compared to 40.6
percent in the corresponding period in 2011. The decrease in total
operating expense was the result of the following:
- General and administrative expenses for the fourth quarter of
2012 were $3.7 million, a decrease of
4.8 percent from $3.9 million in the
corresponding period in 2011. As a percentage of net revenue,
general and administrative expenses decreased to 16.9 percent from
20.0 percent in the same period in 2011.
- Selling and marketing expenses were $2.3
million in the fourth quarter of 2012, a decrease of 6.8
percent compared to $2.5 million in
the corresponding period in 2011. As a percentage of net revenue,
selling and marketing expenses decreased to 10.6 percent from 12.7
percent in the same period in 2011. The decrease in selling and
marketing expenses was primarily due to a reduction in barter
transactions related to online tutoring programs.
- Research and development expenses for the fourth quarter of
2012 were $1.6 million, an increase
of 4.6 percent compared to $1.5
million in the corresponding period in 2011. As a percentage
of net revenue, the research and development expense was 7.3
percent in the fourth quarter of 2012, decreasing from 7.9 percent
in the same period of 2011. The slight increase in research and
development expenses was primarily attributable to increased staff
costs.
Income from Operations
Income from operations in the fourth quarter of 2012 was
$4.3 million, an increase of 54.5
percent compared to $2.8 million in
the corresponding period of 2011. Operating margin increased to
19.9 percent in the fourth quarter of 2012, compared to 14.5
percent in the corresponding period of 2011.
Adjusted income from operations, a non-GAAP measure defined as
income from operations excluding share-based compensation,
amortization of intangible assets, land use rights and intangible
assets impairment, was $4.9 million
for the fourth quarter of 2012, an increase of 48.6 percent
compared to $3.3 million in the
corresponding period of 2011.
Adjusted operating margin, a non-GAAP measure defined as the
ratio of adjusted income from operations (non-GAAP) over net
revenue, for the fourth quarter of 2012 increased to 22.3 percent,
compared to 16.9 percent for the corresponding period of 2011.
Interest and Investment Income
Interest and investment income for the fourth quarter of 2012
remained stable at $0.5 million,
compared to the corresponding quarter of 2011.
Income Tax Expense
In the fourth quarter of 2012, income tax expense was
$0.9 million and the effective income
tax rate was 17.5 percent.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests remained
stable at $1.8 million in the fourth
quarter of 2012, compared to $1.7
million in the corresponding period in 2011.
Net Income Attributable to ChinaEdu
Net income attributable to ChinaEdu, which is net income,
excluding net income attributable to non-controlling interests, was
$2.4 million in the fourth quarter of
2012, representing a significant increase of 552.8 percent from
$0.4 million in the corresponding
period of 2011. The increase was primarily due to an increase in
gross profit across online degree programs, as well as effective
expenses control.
Net income attributable to ChinaEdu per basic and diluted ADS
was $0.154 and $0.144, respectively, for the fourth quarter of
2012, compared to $0.024 and
$0.022, respectively, for the
corresponding period in 2011.
Adjusted net income attributable to ChinaEdu (non-GAAP) was
$2.9 million in the fourth quarter of
2012, compared to $0.8 million in the
corresponding period of 2011. Adjusted net margin, a non-GAAP
measure defined as the ratio of adjusted net income attributable to
ChinaEdu (non-GAAP) over net revenue, was 13.5 percent in the
fourth quarter of 2012, compared to 4.2 percent in the
corresponding period of 2011.
Adjusted net income attributable to ChinaEdu per basic and
diluted ADS (non-GAAP) was $0.185 and
$0.173 respectively, for the fourth
quarter of 2012, compared to $0.051
and $0.050, respectively, for the
corresponding period of 2011.
Deferred Revenue
As of December 31, 2012, deferred
revenue was $23.2 million, consisting
of current deferred revenue in the amount of $21.5 million and non-current deferred revenue in
the amount of $1.7 million.
In general, Fall semester tuition for online degree programs is
received during the fourth quarter but is recognized both in the
fourth quarter of the current year and the first quarter of the
following year.
Private school revenue is received in September, but amortized
over 6 or 12 months while online tutoring program revenue can be
received at program enrollment and is mostly amortized within 12
months.
Cash and Cash Equivalents and Term Deposits
As of December 31, 2012, the
Company reported cash and cash equivalents and term deposits of
$76.7 million, which primarily
consisted of cash and cash equivalents, and term deposits with
original maturity terms of greater than three months but less than
one year.
Amounts Due from Related Parties
Amounts due from related parties, which represents cash owed to
the Company by collaborative alliance partners, were $48.5 million as of December 31, 2012 compared to $38.2 million as of December 31, 2011.
Fiscal Year 2012 Results
Net Revenue
Total net revenue in 2012 was $78.4
million, an increase of 12.0 percent from $70.0 million in 2011.
Net revenue from online degree programs in 2012 was $63.1 million, a 13.3 percent increase from
$55.7 million in 2011. This increase
was primarily attributable to strong enrollment growth in online
degree programs in 2012, particularly through our learning centers
network. In aggregate, the number of revenue students enrolled in
online degree programs was approximately 400,000 in 2012, a 12.4
percent increase from approximately 356,000 revenue students
enrolled in online degree programs in 2011.
Net revenue from non-degree programs in 2012 was $15.2 million, compared to $14.2 million in 2011. The 7.0 percent increase
was primarily attributable to increased student enrollments and
increased tuition fees at our Anqing private school.
Cost of Revenue
Total cost of revenue in 2012 was $32.4
million, an increase of 8.9 percent from $29.8 million in 2011.
Cost of revenue for online degree programs in 2012 was
$22.1 million, an increase of 10.8
percent compared to $19.9 million in
2011. The increase in cost of revenue was primarily due to an
increase in staff costs resulting from headcount increases across
the Company, as well as an increase in courseware costs related to
new training courses and the growth of student body. Additionally,
the learning centers network's sales and service based model
results in a higher cost of sales. The more revenue generated from
learning centers, the higher the cost of revenue incurred.
Cost of revenue for non-degree programs in 2012 was $10.3 million, an increase of 5.0 percent
compared to $9.8 million in 2011. The
increase was primarily attributable to increased staff and
transportation costs at the Anqing School, as well as an increase
in service costs and leasing costs related to our online tutoring
business.
Gross Profit
Gross profit for 2012 was $45.9
million, an increase of 14.4 percent compared with
$40.2 million in 2011.
Gross margin in 2012 was 58.6 percent, compared with gross
margin of 57.4 percent in 2011. The increase was primarily due to
an increase in net revenue coupled with stringent cost controls
over the year.
Operating Expenses
Total operating expenses in 2012 were $31.3 million, a 4.1 percent increase from
$30.1 million in 2011. The increase
was primarily attributable to the following:
- General and administrative expenses in 2012 were $16.1 million, a 6.7 percent increase from
$15.1 million in 2011. The increase
was mainly the result of an early termination of a lease agreement,
an increase in stock related expenses due to the granting of
restricted shares for staff, as well as an increase in conference
attendance and travel costs.
- Selling and marketing expenses in 2012 were $7.8 million, an 8.3 percent decrease from
$8.5 million in 2011. The decrease in
selling and marketing expenses was primarily attributable to a
significant decrease in marketing activities surrounding
international and elite curriculum programs.
- Research and development expenses in 2012 were $6.5 million, flat with 2011.
- The Company incurred an intangible asset impairment charge in
relation to the BCIT (British Columbia Institute of Technology) and
FEC (Friendly Experimental Class) programs in the international and
elite curriculum division in the third quarter of 2012, resulting
in an aggregate non-cash charge of $0.9
million (RMB5.9 million).
- Share-based compensation in 2012, which was allocated to the
related cost of revenue and operating expense line items, was
$1.3 million, increased 27.4% percent
from $1.0 million in 2011.
Income from Operations
Income from operations was $14.6
million in 2012, an increase of 44.9 percent from
$10.1 million in 2011. Operating
margin was 18.7 percent in 2012, compared to 14.4 percent in
2011.
Adjusted income from operations (non-GAAP) in 2012 was
$17.6 million, an increase of 48.1
percent compared to $11.9 million in
2011. Adjusted operating margin (non-GAAP) was 22.5 percent in
2012, compared to 17.0 percent in 2011.
Interest Income and Investment Income
Interest income and investment income increased 52.1 percent to
$2.4 million in 2012, compared to
$1.6 million in 2011. Interest income
increased $0.7 million while
investment income increased $0.1
million in 2012.
Income Tax Expense
Income tax expense in 2012 was $4.2
million, compared with $2.7
million in 2011. The 2012 effective tax rate was 24.1
percent, compared with 23.2 percent of 2011.
Net Income Attributable to Non-controlling
Interests
Net income attributable to non-controlling interests was
$7.3 million in 2012, an increase of
14.1 percent compared to $6.4 million
in 2011. The increase was primarily due to the non-controlling
interest impact related to the increase in net income from online
degree programs.
Net Income attributable to ChinaEdu
Net income attributable to ChinaEdu was $6.1 million in 2012, representing an increase of
125.7 percent from $2.7 million in
2011. Net margin was 7.8 percent in 2012, compared to 3.9 percent
in 2011.
Adjusted net margin was 11.5 percent in 2012, compared to 6.4
percent in 2011.
First Quarter 2013
Guidance
ChinaEdu management expects total net revenue in the first
quarter of 2013 to range from RMB116 million
to RMB120 million or $18.6 million to
$19.3 million, representing a 1.8 percent to 5.3 percent
increase from RMB114 million or
$18.3 million compared to the
corresponding period in 2012.
Conference Call
ChinaEdu's management will hold an earnings conference call at
8:00 a.m. U.S. Eastern Time on
March 28, 2013 (8:00 p.m. Beijing/Hong Kong Time on March 28, 2013).
Dial-in details for the earnings conference call are as
follows:
International:
|
+65 67239382
|
Hong
Kong:
|
+852 25214709
|
United
States:
|
+1 (718)
354-1231
|
|
|
Toll-free China,
Mobile:
|
4006208038
|
Toll-free
China:
|
8008190121
|
Toll-free United
States:
|
1 (866)
519-4004
|
Conference
ID:
|
21948711
|
Conference Password:
|
ChinaEdu
|
A live and archived webcast of the conference call will be
available on the investor relations page of ChinaEdu's website at
http://ir.chinaedu.net and a replay of the conference call may be
accessed by phone until April 5,
2013.
Dial-in numbers for the replay are as follows:
Toll Free United
States
|
+1 (855)
452-5696
|
International
|
+61 2 8199
0299
|
Conference
ID:
|
21948711
|
Conference
Password:
|
ChinaEdu
|
Non-GAAP Financial Measures
To supplement the unaudited condensed consolidated financial
information presented in accordance with Generally Accepted
Accounting Principles in the United
States of America ("GAAP"), the Company uses non-GAAP
measures of income from operations and net income attributable to
ChinaEdu, which are adjusted from results based on GAAP to exclude
certain non-cash items of share-based compensation, amortization of
intangible assets and land use rights and intangible assets
impairment. Adjusted operating margin is defined as the ratio of
adjusted operating income from operation over net revenue. Adjusted
net income attributable to ChinaEdu per basic and diluted ADS are
non-GAAP measures which are computed using adjusted net income
attributable to ChinaEdu over the number of ADSs used in net income
attributable to ChinaEdu per basic and diluted ADS calculation.
These non-GAAP financial measures are provided to enhance the
investors' overall understanding of the Company's current and past
financial performance in on-going core operations as well as
prospects for the future. These measures should be considered in
addition to results prepared and presented in accordance with GAAP,
but should not be considered a substitute for or superior to GAAP
results. Management considers the non-GAAP information as important
measures internally and therefore deems it important to provide all
of this information to investors.
About ChinaEdu
ChinaEdu Corporation is an educational services provider in
China, incorporated as an exempted
limited liability company in the Cayman
Islands. Established in 1999, the Company's primary business
is to provide comprehensive services to the online degree programs
of leading Chinese universities. These services include academic
program development, technology services, enrollment marketing,
student support services and finance operations. The Company's
other lines of businesses include the operation of private primary
and secondary schools, online interactive tutoring services and
providing marketing, support for international and elite curriculum
programs and online learning community for adult students.
The Company believes it is the largest service provider to
online degree programs in China in
terms of the number of higher education institutions that are
served and the number of student enrollments supported. The Company
currently has entered into collaborative alliances with 12
universities, ranging from 10 to 50 years in length. The Company
has also entered into technology agreements with 6 universities.
Besides, ChinaEdu performs recruiting services for 22 universities
through nationwide learning center network.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. Forward-looking statements involve known and unknown
risks, uncertainties and contingencies, many of which are beyond
our control which may cause actual results, levels of activity,
performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed
or implied by such forward-looking statements. The Company's actual
results could differ materially from those contained in the
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Annual Report on Form 20-F for the year ended
December 31, 2011, and in documents subsequently filed by the
Company from time to time with the Securities and Exchange
Commission. Unless required by law, the Company undertakes no
obligation to (and expressly disclaim any such obligation to)
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
[1]
|
The reporting currency
of the Company is RMB, but for the convenience of the reader, the
amounts for the three months and the years ended on December 31,
2012 and 2011 are presented in U.S. dollars. Unless otherwise
stated, all translations from RMB to U.S. dollars were made at the
rate of RMB6.2301 to $1.00, the noon buying rate in effect on
December 31, 2012 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the RMB or
U.S. dollar amounts referred could be converted into
U.S. dollars or RMB, as the case may be, at any particular
rate or at all. For analytical presentation, all percentages are
calculated using the numbers presented in the financial statements
contained in this earnings release. An explanation of the Company's
non-GAAP financial measures is included in the section entitled
"Non-GAAP Financial Measures" below, and the related
reconciliations to GAAP financial measures are presented in the
accompanying financial statements.
|
[2]
|
"Adjusted net income
attributable to ChinaEdu" is a non-GAAP measure defined as net
income attributable to ChinaEdu excluding share-based compensation
net of non-controlling interests' portion, amortization of
intangible assets and land use rights, and intangible assets
impairment.
|
[3]
|
"ADS" is American
Depositary Share. Each ADS represents three ordinary
shares.
|
[4]
|
"Adjusted net income
attributable to ChinaEdu per diluted ADS" is a non-GAAP measure
which is computed using adjusted net income attributable to
ChinaEdu over the number of ADSs used in net income attributable to
ChinaEdu per diluted ADS calculation.
|
[5]
|
"Revenue students"
refers to students of university online degree programs who have
paid tuitions. The numbers for the three months ended December 31,
2012 and 2011 are revenue students in fall 2012 and fall 2011,
respectively. The numbers for the years ended December 31, 2012 and
2011 are total revenue students in spring 2012 and fall 2012, in
spring 2011 and fall 2011 respectively.
|
[6]
|
Proprietary centers
refer to self-owned learning centers operated either under the
Company's own brand name or the brand name of a university pursuant
to a licensing arrangement with that university.
|
[7]
|
Contracted centers refer
to agreement with third party learning centers pursuant to which
the Company only provides assistance applying for approval from
provincial level education authorities as well as securing
additional university online degree programs. In return, the
Company receives a percentage of the tuition earned by these third
party learning centers.
|
For investor and media inquiries, please contact:
Helen Plummer
Senior Investor Relations Coordinator
ChinaEdu Corporation
Phone: +1 908-442-9395
E-mail: helen@chinaedu.net
Simon Mei
Chief Financial Officer
ChinaEdu Corporation
Phone: +86 13810568391
E-mail: simon@chinaedu.net
ChinaEdu
Corporation
|
Unaudited Condensed
Consolidated Balance Sheets
|
(in thousands, unaudited)
|
|
|
December 31,
2011
|
December 31,
2012
|
December 31,
2012
|
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
273,746
|
385,922
|
61,945
|
|
Term
deposits
|
98,163
|
92,028
|
14,772
|
|
Short-term
investments
|
34,648
|
23,575
|
3,784
|
|
Accounts receivable,
net
|
31,478
|
34,917
|
5,605
|
|
Prepaid expenses and
other current assets
|
22,725
|
23,455
|
3,763
|
|
Amounts due from related
parties-current
|
238,016
|
260,184
|
41,762
|
|
Deferred tax
assets-current
|
5,697
|
9,571
|
1,536
|
Total current
assets
|
704,473
|
829,652
|
133,167
|
|
Property and equipment,
net
|
239,210
|
238,563
|
38,292
|
|
Amounts due from related
party-non-current
|
-
|
41,979
|
6,739
|
|
Land use
rights
|
26,657
|
26,049
|
4,181
|
|
Deposits paid for
acquisition of property and equipment
|
17,902
|
3,873
|
622
|
|
Deferred tax
assets-non-current
|
8,217
|
2,085
|
335
|
|
Long-term
investments
|
-
|
801
|
129
|
|
Rental
deposits
|
2,213
|
1,497
|
240
|
|
Acquired intangible
assets, net
|
63,638
|
54,499
|
8,748
|
|
Goodwill
|
43,255
|
43,255
|
6,943
|
Total
assets
|
1,105,565
|
1,242,253
|
199,396
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable (including accounts payable of the consolidated VIE without recourse to the
Group of 1,975 and 2,007 as of December 31, 2011 and
December 31, 2012, respectively)
|
2,239
|
2,401
|
385
|
|
Deferred revenues-current (including deferred revenues of the consolidated VIE without recourse to
the Group of 20,525 and 23,518 as of December 31, 2011 and
December 31, 2012, respectively)
|
125,332
|
134,175
|
21,537
|
|
Accrued expenses and
other current liabilities (including accrued expenses and other
current
liabilities of the consolidated VIE without recourse to the
Group of 18,644 and 22,113
as of December 31, 2011 and December 31, 2012,
respectively)
|
91,980
|
113,558
|
18,228
|
|
Amounts due to related
parties-current (including amounts due to related parties of the consolidated
VIE without recourse to the Group of 1,953 and 1,926 as of December
31, 2011 and December 31, 2012,
respectively)
|
13,146
|
35,507
|
5,699
|
|
Income taxes payable
(including income taxes payable of the consolidated VIE without
recourse to the
Group of 8,893 and 10,004 as of December 31, 2011 and
December 31, 2012, respectively)
|
51,448
|
49,294
|
7,912
|
|
Other taxes payable
(including other taxes payable of the consolidated VIE without
recourse to the
Group of 3,047 and 4,442 as of December 31, 2011 and
December 31, 2012, respectively)
|
21,970
|
27,294
|
4,381
|
Total current
liabilities
|
306,115
|
362,229
|
58,142
|
|
Deferred
revenues-non-current (including deferred revenues of the
consolidated VIE without recourse
to the Group of 33 and 29 as of December 31, 2011 and
December 31, 2012, respectively)
|
12,059
|
10,654
|
1,710
|
|
Deferred tax
liabilities-non-current (including deferred tax liabilities of the
consolidated VIE without
recourse to the Group of 1,017 and 978 as of December 31, 2011 and December 31, 2012, respectively)
|
9,243
|
13,473
|
2,163
|
|
Unrecognized tax benefit
(including unrecognized tax benefit of the consolidated VIE
without
recourse to the Group of 2,364 and 3,555 as of December 31, 2011 and December 31, 2012, respectively)
|
6,089
|
8,795
|
1,412
|
Total
liabilities
|
333,506
|
395,151
|
63,427
|
|
|
|
|
|
ChinaEdu shareholders' equity
|
604,806
|
650,191
|
104,363
|
|
Noncontrolling
interests
|
167,253
|
196,911
|
31,606
|
Total
equity
|
772,059
|
847,102
|
135,969
|
Total liabilities and
equity
|
1,105,565
|
1,242,253
|
199,396
|
ChinaEdu
Corporation
|
Unaudited Condensed
Consolidated Statements of Operations
|
(in thousands,except for percentage, share, and per share information)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue
*
|
|
123,127
|
|
135,889
|
|
21,812
|
|
453,116
|
|
504,052
|
|
80,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Tax
|
|
2,569
|
|
347
|
|
55
|
|
17,257
|
|
15,730
|
|
2,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
96,760
|
|
110,230
|
|
17,693
|
|
347,107
|
|
393,343
|
|
63,135
|
Online tutoring
programs
|
|
6,057
|
|
6,843
|
|
1,099
|
|
25,755
|
|
25,266
|
|
4,055
|
Private primary and
secondary schools
|
|
14,088
|
|
16,275
|
|
2,613
|
|
49,653
|
|
59,937
|
|
9,620
|
International and elite
curriculum programs
|
|
3,653
|
|
2,194
|
|
352
|
|
13,344
|
|
9,776
|
|
1,569
|
Total net
revenue
|
|
120,558
|
|
135,542
|
|
21,757
|
|
435,859
|
|
488,322
|
|
78,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
36,433
|
|
42,353
|
|
6,798
|
|
124,242
|
|
137,689
|
|
22,101
|
Online tutoring
programs
|
|
2,683
|
|
4,262
|
|
684
|
|
9,107
|
|
11,861
|
|
1,904
|
Private primary and
secondary schools
|
|
10,589
|
|
12,962
|
|
2,081
|
|
36,127
|
|
42,713
|
|
6,856
|
International and elite
curriculum programs
|
|
4,393
|
|
1,741
|
|
279
|
|
16,128
|
|
9,846
|
|
1,580
|
Total cost of
revenue
|
|
54,098
|
|
61,318
|
|
9,842
|
|
185,604
|
|
202,109
|
|
32,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
60,327
|
|
67,877
|
|
10,895
|
|
222,865
|
|
255,654
|
|
41,034
|
Online tutoring
programs
|
|
3,374
|
|
2,581
|
|
415
|
|
16,648
|
|
13,405
|
|
2,151
|
Private primary and
secondary schools
|
|
3,499
|
|
3,313
|
|
532
|
|
13,526
|
|
17,224
|
|
2,764
|
International and elite
curriculum programs
|
|
(740)
|
|
453
|
|
73
|
|
(2,784)
|
|
(70)
|
|
(11)
|
Total gross
profit
|
|
66,460
|
|
74,224
|
|
11,915
|
|
250,255
|
|
286,213
|
|
45,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
62.3%
|
|
61.6%
|
|
61.6%
|
|
64.2%
|
|
65.0%
|
|
65.0%
|
Online tutoring
programs
|
|
55.7%
|
|
37.7%
|
|
37.7%
|
|
64.6%
|
|
53.1%
|
|
53.1%
|
Private primary and
secondary schools
|
|
24.8%
|
|
20.4%
|
|
20.4%
|
|
27.2%
|
|
28.7%
|
|
28.7%
|
International and elite
curriculum programs
|
|
(20.3%)
|
|
20.6%
|
|
20.6%
|
|
(20.9%)
|
|
(0.7%)
|
|
(0.7%)
|
Gross margin
|
|
55.1%
|
|
54.8%
|
|
54.8%
|
|
57.4%
|
|
58.6%
|
|
58.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
24,121
|
|
22,961
|
|
3,685
|
|
93,950
|
|
100,204
|
|
16,084
|
Selling and
marketing
|
|
15,362
|
|
14,313
|
|
2,297
|
|
52,777
|
|
48,407
|
|
7,770
|
Research and
development
|
|
9,487
|
|
9,927
|
|
1,593
|
|
40,589
|
|
40,512
|
|
6,503
|
Intangible assets
impairment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,901
|
|
947
|
Total operating
expenses
|
|
48,970
|
|
47,201
|
|
7,575
|
|
187,316
|
|
195,024
|
|
31,304
|
Income from
operations
|
|
17,490
|
|
27,023
|
|
4,340
|
|
62,939
|
|
91,189
|
|
14,634
|
Operating
margin
|
|
14.5%
|
|
19.9%
|
|
19.9%
|
|
14.4%
|
|
18.7%
|
|
18.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
2,641
|
|
3,330
|
|
536
|
|
8,843
|
|
13,253
|
|
2,127
|
Gain on disposal of
assets
|
|
-
|
|
894
|
|
143
|
|
-
|
|
2,197
|
|
353
|
Investment
income
|
|
166
|
|
-
|
|
-
|
|
832
|
|
1,460
|
|
234
|
Other income
|
|
284
|
|
459
|
|
74
|
|
1,003
|
|
1,376
|
|
221
|
Income before income tax
and equity method investments
|
|
20,581
|
|
31,706
|
|
5,093
|
|
73,617
|
|
109,475
|
|
17,569
|
Income tax
expense
|
|
(7,691)
|
|
(5,603)
|
|
(899)
|
|
(17,044)
|
|
(26,427)
|
|
(4,242)
|
Net income before income
from equity method investments
|
|
12,890
|
|
26,103
|
|
4,194
|
|
56,573
|
|
83,048
|
|
13,327
|
Income from equity
method investments, net of taxes
|
|
-
|
|
261
|
|
42
|
|
-
|
|
261
|
|
42
|
Net income
|
|
12,890
|
|
26,364
|
|
4,236
|
|
56,573
|
|
83,309
|
|
13,369
|
Net income attributable
to the noncontrolling interests
|
|
(10,557)
|
|
(11,134)
|
|
(1,787)
|
|
(39,752)
|
|
(45,338)
|
|
(7,277)
|
Net income attributable
to ChinaEdu
|
|
2,333
|
|
15,230
|
|
2,449
|
|
16,821
|
|
37,971
|
|
6,092
|
Net margin
|
|
1.9%
|
|
11.2%
|
|
11.2%
|
|
3.9%
|
|
7.8%
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to ChinaEdu per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.15
|
|
0.96
|
|
0.154
|
|
1.06
|
|
2.40
|
|
0.385
|
Diluted
|
|
0.14
|
|
0.90
|
|
0.144
|
|
1.00
|
|
2.26
|
|
0.362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
aggregate number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
15,756,432
|
|
15,880,826
|
|
15,880,826
|
|
15,817,977
|
|
15,841,125
|
|
15,841,125
|
Diluted
|
|
16,569,830
|
|
17,001,590
|
|
17,001,590
|
|
16,889,743
|
|
16,829,078
|
|
16,829,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Gross revenue is
detailed as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Online degree
programs
|
|
98,978
|
|
110,363
|
|
17,714
|
|
362,888
|
|
407,869
|
|
65,466
|
Online tutoring
programs
|
|
6,177
|
|
7,025
|
|
1,128
|
|
26,381
|
|
25,874
|
|
4,153
|
Private primary and
secondary schools
|
|
14,106
|
|
16,289
|
|
2,615
|
|
49,726
|
|
60,066
|
|
9,641
|
International and elite
curriculum programs
|
|
3,866
|
|
2,212
|
|
355
|
|
14,121
|
|
10,243
|
|
1,644
|
ChinaEdu
Corporation
|
Unaudited Condensed
Consolidated Statements of Comprehensive
Income
|
(in thousands, unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net income
|
12,890
|
|
26,364
|
|
4,236
|
|
56,573
|
|
83,309
|
|
13,369
|
Other comprehensive income, net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
1,143
|
|
(94)
|
|
(15)
|
|
(751)
|
|
(87)
|
|
(14)
|
Change in fair
value of available for sale investments
|
(539)
|
|
290
|
|
47
|
|
187
|
|
1,247
|
|
200
|
Comprehensive
income
|
13,494
|
|
26,560
|
|
4,268
|
|
56,009
|
|
84,469
|
|
13,555
|
Less: comprehensive income attributable to the noncontrolling interests
|
11,627
|
|
12,694
|
|
2,038
|
|
46,020
|
|
47,836
|
|
7,678
|
Comprehensive income
attributable to Chinaedu
|
1,867
|
|
13,866
|
|
2,230
|
|
9,989
|
|
36,633
|
|
5,877
|
ChinaEdu
Corporation
|
Unaudited Condensed
Consolidated Statements of Cash Flow
|
(in thousands, unaudited)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
12,890
|
|
26,364
|
|
4,236
|
|
56,573
|
|
83,309
|
|
13,369
|
Adjustments to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
1,660
|
|
2,262
|
|
363
|
|
6,483
|
|
8,258
|
|
1,326
|
Depreciation and amortization of property and
equipment
|
|
|
6,637
|
|
6,414
|
|
1,030
|
|
23,900
|
|
25,377
|
|
4,073
|
Amortization of land use rights
|
|
|
152
|
|
152
|
|
24
|
|
608
|
|
608
|
|
98
|
Amortization of acquired intangible assets
|
|
|
1,078
|
|
847
|
|
136
|
|
4,171
|
|
3,903
|
|
626
|
Accounts receivable write-off
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
340
|
|
55
|
Intangible assets impairment
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,901
|
|
947
|
Investment income
|
|
|
(166)
|
|
-
|
|
-
|
|
201
|
|
(1,460)
|
|
(234)
|
Gain on disposal of assets
|
|
|
-
|
|
(894)
|
|
(143)
|
|
-
|
|
(2,197)
|
|
(353)
|
Income from equity method investments
|
|
|
-
|
|
219
|
|
35
|
|
-
|
|
219
|
|
35
|
Loss from disposal of property and equipment
|
|
|
81
|
|
197
|
|
32
|
|
234
|
|
1,611
|
|
259
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(8,033)
|
|
4,072
|
|
654
|
|
3,613
|
|
(3,779)
|
|
(607)
|
Inventory
|
|
|
-
|
|
-
|
|
-
|
|
358
|
|
-
|
|
-
|
Prepaid expenses and other current assets
|
|
|
4,436
|
|
2,565
|
|
411
|
|
7,458
|
|
532
|
|
86
|
Amounts due from related parties
|
|
|
(8,708)
|
|
(44,974)
|
|
(7,221)
|
|
8,646
|
|
(64,325)
|
|
(10,324)
|
Rental deposits
|
|
|
409
|
|
(17)
|
|
(3)
|
|
(1,277)
|
|
716
|
|
115
|
Accounts payable
|
|
|
(8,449)
|
|
(7,627)
|
|
(1,224)
|
|
(2,013)
|
|
162
|
|
26
|
Deferred revenues
|
|
|
81,115
|
|
81,946
|
|
13,153
|
|
21,858
|
|
7,438
|
|
1,195
|
Accrued expenses and other current liabilities
|
|
|
(9,464)
|
|
(5,958)
|
|
(956)
|
|
8,700
|
|
20,851
|
|
3,348
|
Amounts due to related parties
|
|
|
(10,136)
|
|
14,847
|
|
2,381
|
|
(19,717)
|
|
22,468
|
|
3,606
|
Income tax payable
|
|
|
9,319
|
|
965
|
|
155
|
|
6,836
|
|
(2,154)
|
|
(346)
|
Other taxes payable
|
|
|
3,480
|
|
3,167
|
|
508
|
|
1,462
|
|
5,324
|
|
855
|
Deferred income taxes
|
|
|
(2,894)
|
|
615
|
|
99
|
|
(6,034)
|
|
6,488
|
|
1,041
|
Unrecognized tax benefit
|
|
|
667
|
|
844
|
|
135
|
|
2,398
|
|
2,706
|
|
434
|
Net cash provided by
operating activities
|
|
|
74,074
|
|
86,006
|
|
13,805
|
|
124,458
|
|
122,296
|
|
19,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(2,702)
|
|
(3,538)
|
|
(568)
|
|
(20,788)
|
|
(12,407)
|
|
(1,991)
|
Proceeds from disposal of assets
|
|
|
-
|
|
1,335
|
|
214
|
|
-
|
|
5,430
|
|
872
|
Deposits paid for acquisition of property and
equipment
|
|
|
(3,873)
|
|
-
|
|
-
|
|
(18,863)
|
|
-
|
|
-
|
(Purchase) maturity of term deposits
|
|
|
(11,000)
|
|
107,000
|
|
17,175
|
|
22,337
|
|
6,135
|
|
985
|
Purchase of investments
|
|
|
(2,556)
|
|
-
|
|
-
|
|
(19,556)
|
|
(13,591)
|
|
(2,182)
|
Proceeds from the sale of short term investments
|
|
|
4,119
|
|
-
|
|
-
|
|
16,306
|
|
26,187
|
|
4,203
|
Purchase of exclusive partnership with
universities
|
|
|
-
|
|
-
|
|
-
|
|
(1,960)
|
|
(980)
|
|
(157)
|
Proceeds from disposal of property and equipment
|
|
|
20
|
|
-
|
|
-
|
|
275
|
|
-
|
|
-
|
Net cash (used in)
provided by investing activities
|
|
|
(15,992)
|
|
104,797
|
|
16,821
|
|
(22,249)
|
|
10,774
|
|
1,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred payment of purchase of property and
equipment
|
|
|
(1,479)
|
|
-
|
|
-
|
|
(1,479)
|
|
-
|
|
-
|
Cash dividends paid to noncontrolling shareholders
|
|
|
(49)
|
|
-
|
|
-
|
|
(13,510)
|
|
(21,441)
|
|
(3,442)
|
Capital contributions by noncontrolling
shareholders
|
|
|
-
|
|
-
|
|
-
|
|
2,960
|
|
-
|
|
-
|
Proceeds from exercise of share options
|
|
|
20
|
|
1,330
|
|
213
|
|
598
|
|
5,068
|
|
813
|
Prepayment for shares repurchase
|
|
|
(38)
|
|
-
|
|
-
|
|
(168)
|
|
-
|
|
-
|
Repurchase and cancellation of ordinary shares
|
|
|
(688)
|
|
(1,846)
|
|
(296)
|
|
(7,437)
|
|
(4,574)
|
|
(734)
|
Repayment of loan from related party
|
|
|
(14,500)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loan from related party
|
|
|
10,000
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net cash used in
financing activities
|
|
|
(6,734)
|
|
(516)
|
|
(83)
|
|
(19,036)
|
|
(20,947)
|
|
(3,363)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
exchange rate changes
|
|
|
(23)
|
|
57
|
|
10
|
|
80
|
|
53
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
|
|
222,421
|
|
195,578
|
|
31,392
|
|
190,493
|
|
273,746
|
|
43,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
|
|
273,746
|
|
385,922
|
|
61,945
|
|
273,746
|
|
385,922
|
|
61,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents
|
|
|
51,325
|
|
190,344
|
|
30,553
|
|
83,253
|
|
112,176
|
|
18,006
|
ChinaEdu
Corporation
|
Unaudited
reconciliations from income from operations to adjusted income from
operations
(non-GAAP) and adjusted operating margin
(non-GAAP)
|
(in thousands,
unaudited)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
120,558
|
|
135,542
|
|
21,757
|
|
435,859
|
|
488,322
|
|
78,379
|
Income from
operations
|
|
17,490
|
|
27,023
|
|
4,340
|
|
62,939
|
|
91,189
|
|
14,634
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,660
|
|
2,262
|
|
363
|
|
6,483
|
|
8,258
|
|
1,326
|
Amortization of intangible assets and land use rights
|
|
1,230
|
|
999
|
|
160
|
|
4,779
|
|
4,511
|
|
724
|
Intangible assets
impairment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,901
|
|
947
|
Adjusted income from
operations (non-GAAP)
|
|
20,380
|
|
30,284
|
|
4,863
|
|
74,201
|
|
109,859
|
|
17,631
|
Adjusted operating
margin (non-GAAP)
|
|
16.9%
|
|
22.3%
|
|
22.3%
|
|
17.0%
|
|
22.5%
|
|
22.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChinaEdu
Corporation
|
Unaudited
reconciliations from net income attributable to ChinaEdu to
adjusted net income attributable to ChinaEdu (non-GAAP), adjusted
net margin
(non-GAAP) and adjusted net income per ADS
(non-GAAP)
|
(in thousands,
unaudited)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
December 31,
2011
|
|
December 31,
2012
|
|
December 31,
2012
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
120,558
|
|
135,542
|
|
21,757
|
|
435,859
|
|
488,322
|
|
78,379
|
Net income attributable
to ChinaEdu
|
|
2,333
|
|
15,230
|
|
2,449
|
|
16,821
|
|
37,971
|
|
6,092
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
1,660
|
|
2,262
|
|
363
|
|
6,483
|
|
8,258
|
|
1,326
|
Share-based
compensation attributable to the noncontrolling interest
|
|
(110)
|
|
(193)
|
|
(31)
|
|
(376)
|
|
(562)
|
|
(90)
|
Amortization of
intangible assets and land use rights
|
|
1,230
|
|
999
|
|
160
|
|
4,779
|
|
4,511
|
|
724
|
Intangible assets
impairment
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,901
|
|
947
|
Adjusted net income
attributable to ChinaEdu (non-GAAP)
|
|
5,113
|
|
18,298
|
|
2,941
|
|
27,707
|
|
56,079
|
|
8,999
|
Adjusted net margin
(non-GAAP)
|
|
4.2%
|
|
13.5%
|
|
13.5%
|
|
6.4%
|
|
11.5%
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to ChinaEdu per ADS (non-GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.32
|
|
1.15
|
|
0.185
|
|
1.75
|
|
3.54
|
|
0.568
|
Diluted
|
|
0.31
|
|
1.08
|
|
0.173
|
|
1.64
|
|
3.33
|
|
0.535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
aggregate number of ADSs outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
15,756,432
|
|
15,880,826
|
|
15,880,826
|
|
15,817,977
|
|
15,841,125
|
|
15,841,125
|
Diluted
|
|
16,569,830
|
|
17,001,590
|
|
17,001,590
|
|
16,889,743
|
|
16,829,078
|
|
16,829,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE ChinaEdu Corporation