ATA Inc. ("ATA" or the "Company") (Nasdaq:ATAI), a
leading provider of advanced testing technologies and
testing-related services in China, today announced preliminary
unaudited financial results for the three months ended September
30, 2017 (“Quarter ended September 30, 2017”).
As previously disclosed on the Company’s Form
6-K filing with the SEC on June 2, 2017, ATA’s Board of Directors
approved a change in the Company’s fiscal year end from March 31 to
December 31. This change was made to better reflect the business
cycle of the Company as well as to allow ATA to manage and
streamline its financial reporting processes by aligning its
reporting schedule with statutory requirements in China. The
Company will file a transition report on Form 20-F after December
31, 2017, to account for the transition period from April 1, 2017,
to December 31, 2017 (“Nine-month Transition Period 2017”), as a
result of this change. The Company will continue to report
financial results on a quarterly basis during this transition
period.
Financial and Operating Highlights for
the Quarter Ended September 30, 2017 (percentage changes and
comparisons against the quarter
ended September 30, 2016)
- Net revenues of RMB69.6 million (US$10.5 million), up 6.8%
- Gross profit of RMB30.8 million (US$4.6 million), compared to
RMB29.6 million
- Loss from operations of RMB16.7 million (US$2.5 million),
compared to RMB9.3 million, primarily due to increased operating
expenses related to labor costs for new hires and incremental
remuneration packages, as well as higher share-based compensation
expense
- Net loss attributable to ATA Inc. of RMB16.0 million (US$2.4
million), compared to RMB35.6 million, an improvement due to the
RMB21.9 million impairment loss taken in the prior-year period
- Adjusted net loss attributable to ATA Inc. excluding
share-based compensation expense and foreign currency exchange gain
(non-GAAP) of RMB11.0 million (US$1.6 million), compared to RMB34.6
million
- Basic and diluted losses per ADS attributable to ATA Inc. were
both RMB0.68 (US$0.10). Basic and diluted losses per ADS
attributable to ATA Inc. excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) were RMB0.46
(US$0.06).
- Delivered approximately 1.4 million billable tests, compared to
1.8 million billable tests in prior-year period
- RMB166.2 million (US$25.0 million) in cash and cash equivalents
as of September 30, 2017
Mr. Kevin Ma, ATA’s Chairman and Chief Executive
Officer, stated, “We were pleased to achieve top line growth for
the Quarter ended September 30, 2017. After successfully
administering the junior level Accounting Professional and
Technical Qualification Exam in the city of Nanchang last quarter,
we delivered the mid-level version of this exam title in Nanchang
and other major cities and provinces, including Beijing, Shanghai
and Fujian, during the period. In addition, we delivered new exams
and related services for events such as the National and Local Tax
Law Knowledge Contests, which were launched in various provinces in
China including Shanxi, Yunnan, Hunan, Guizhou, and Inner Mongolia.
ATA also provided HR Select services to local financial
institutions, including the Sichuan Rural Credit Cooperative in
Sichuan province, with which we forged a partnership this year.
Furthermore, we announced in August that ATA has entered into a
test preparation partnership with ACT, Inc. (‘ACT’) this past
April. In September, ATA successfully delivered the ACT test in
Jeju Island, Korea, and Global Assessment Certificate schools in
mainland China. The seamless execution of the exam was notable as
ACT cancelled a number of their scheduled tests across Asia due to
a suspected security breach of test materials.”
Mr. Ma continued, “ATA is undertaking several
initiatives to strengthen our core testing services business. We
have been adding resources to our research and development team,
and actively evaluating our platforms as we aim to bring our
clients the latest technologies in test delivery and preparation.
In addition, we have decentralized our sales and marketing
functions to enable ATA to take better advantage of local business
opportunities. With new provincial representative offices, we
believe we are well positioned to become a major market player in
more geographically focused exams. As a result of all these
initiatives, as well as costs associated with incremental
remuneration packages, increased operating expenses ultimately
impacted our bottom line for the Quarter ended September 30, 2017.
The last quarter of the calendar year has generally been our
strongest due to the timing of campus recruitment and client exams.
As we anticipate a strong quarter for the three-month period ending
December 31, 2017, we are reiterating our previously provided net
revenue guidance for the Nine-Month Transition Period 2017.”
Update on Preliminary Proposal to
Acquire ATA OnlineATA provided an update on the previously
announced preliminary non-binding proposal (the “Proposal”) from
Mr. Kevin Ma to acquire ATA’s 100% equity interest in ATA Online
(Beijing) Education Technology Co., Ltd. (“ATA Online”), a
wholly-owned subsidiary of the Company, for a total consideration
of US$150 million. The Board-established special committee,
comprising two of ATA’s independent directors Mr. Alec Tsui and Ms.
Hope Ni, has retained a financial advisor and U.S. legal counsel,
and continues working with these advisors in reviewing and
evaluating the Proposal.
Operating ReviewIn the Quarter
ended September 30, 2017, ATA delivered a total of approximately
1.4 million billable tests, compared to 1.8 million billable tests
in the three months ended September 30, 2016. The Company had a
network of 3,256 authorized test centers throughout China as of
September 30, 2017, which the Company believes is the largest test
center network in China operated by a single commercial testing
service provider. ATA has delivered a total of approximately 93.4
million billable tests since it began operations in 1999.
GAAP Results for the Quarter Ended
September 30, 2017ATA’s total net revenues for the Quarter
ended September 30, 2017 were RMB69.6 million (US$10.5 million), a
6.8% increase from RMB65.1 million in the prior-year period.
Gross profit for the Quarter ended September 30,
2017 was RMB30.8 million (US$4.6 million), compared to RMB29.6
million in the prior-year period. Gross margin was 44.3% during the
period, compared to 45.4% in the prior-year period. The decrease in
gross margin was primarily due to increased costs related to the
delivery of the Accounting Professional and Technical Qualification
Exam, a new exam title in a number of major cities and provinces
that incurred higher expenses during the initial implementation
phase, as well as increased licensing fees and higher share-based
compensation expense related to new share options issued in January
2017.
Loss from operations for the Quarter ended
September 30, 2017 was RMB16.7 million (US$2.5 million), compared
to RMB9.3 million, primarily due to increased operating expenses
related to labor costs for new hires and incremental remuneration
packages, as well as higher share-based compensation expense.
Net loss attributable to ATA Inc. for the
Quarter ended September 30, 2017 improved to RMB16.0 million
(US$2.4 million), compared to RMB35.6 million in the prior-year
period when the Company recorded an RMB21.9 million impairment loss
related to an equity method investment in an associated
company.
For the Quarter ended September 30, 2017, basic
and diluted losses per common share attributable to ATA Inc. were
both RMB0.34 (US$0.05), compared to RMB0.78 for the prior-year
period. Basic and diluted losses per ADS attributable to ATA Inc.
were both RMB0.68 (US$0.10) in the Quarter ended September 30,
2017, compared to RMB1.56 in the prior-year period.
Non-GAAP MeasuresAdjusted net loss attributable
to ATA Inc. for the Quarter ended September 30, 2017, which
excludes share-based compensation expense and foreign currency
exchange gain (non-GAAP), was RMB11.0 million (US$1.6 million),
compared to RMB34.6 million in the prior-year period.
Basic and diluted losses per common share
attributable to ATA Inc. excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) for the Quarter ended
September 30, 2017 were both RMB0.23 (US$0.03). Basic and diluted
losses per ADS attributable to ATA Inc. excluding share-based
compensation expense and foreign currency exchange gain (non-GAAP)
for the Quarter ended September 30, 2017 were both RMB0.46
(US$0.06), compared to RMB1.50 in the prior-year period.
Please see the note about non-GAAP measures and
the reconciliation table at the end of this press release.
Other Data
The number of weighted average ADSs used to
calculate both basic and diluted earnings per ADS for the Quarter
ended September 30, 2017 was 22.9 million. Each ADS represents two
common shares.
Balance Sheet Highlights
As of September 30, 2017, ATA’s cash and cash
equivalents were RMB166.2 million (US$25.0 million), working
capital was RMB156.1 million (US$23.5 million), and total
shareholders’ equity was RMB308.6 million (US$46.4 million);
compared to RMB222.4 million, RMB192.9 million, and RMB392.5
million, respectively, as of March 31, 2017.
Guidance for Nine-month
Transition Period 2017 and
Quarter Ending December 31, 2017
For the quarter ending December 31, 2017, ATA
expects net revenues of between RMB312.0 million and RMB317.0
million.
For the nine months ending December 31, 2017,
ATA is reiterating its expectation of net revenues between RMB490.0
million and RMB510.0 million.
Estimated Financial Results(RMB in
millions)
|
|
|
|
Estimated for the nine months ending December 31, 2017 |
Actual
for the nine months ended December 31, 2016 |
|
|
|
Net
Revenues |
490.0-510.0 |
435.4 |
|
|
|
|
Estimated for the quarter ending December 31, 2017 |
Actual
for the quarter ended December 31, 2016 |
|
|
|
Net
Revenues |
312.0-317.0 |
273.5 |
|
|
|
These are ATA’s current projections, which are
subject to change. You are cautioned that the operating results in
the Quarter ended September 30, 2017, are not necessarily
indicative of operating results for any future periods.
Conference Call and Webcast Information (With
Accompanying Presentation)
ATA will host a conference call at 8 p.m.
Eastern Time on Thursday, November 9, 2017, during which management
will discuss the results of the Quarter ended September 30, 2017.
To participate in the conference call, please use the following
dial-in numbers about 10 minutes prior to the scheduled conference
call time:
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|
|
U.S. & Canada
(Toll-Free): |
+1 (888) 419-5570 |
|
International
(Toll): |
+1 (617) 896-9871 |
|
|
|
|
|
Toll-Free |
Local Access |
China: |
(800) 990 1344 |
(400) 881 1630 |
Hong Kong: |
|
3002 1672 |
|
|
|
Participant
Passcode: |
41083271 |
|
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|
|
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/274/23187.
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.
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 a leading provider of advanced testing
technologies in China. The Company offers comprehensive services
for the creation and delivery of assessments based on its
proprietary testing technologies and test delivery platform. ATA’s
testing technologies are used for professional licensure and
certification tests in various industries, including information
technology services, banking, teaching, asset management,
insurance, and accounting. As of September 30, 2017, ATA's test
center network comprised 3,256 authorized test centers located
throughout China. The Company believes that it has the largest test
center network of any commercial testing service provider in
China.
ATA has delivered approximately 93.4 million
billable tests since ATA started operations in 1999. 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, the Company’s guidance relating to
anticipated financial and operating results for the quarter and
nine months ending December 31, 2017, and statements regarding
market demand and trends, the delivery of various new exams and
related services including the National and Local Tax Law Knowledge
Contests, the HR Select services provided for Sichuan Rural Credit
Cooperative, the junior level and mid-level Accounting Professional
and Technical Qualification Exam, the ACT test preparation
services, and the Company’s future growth and results of
operations.
The factors that could cause the Company’s
actual financial and operating results to differ from what the
Company currently anticipates can include its ability to meet
challenges associated with its rapid expansion, its ability to meet
the expectations of current and future clients, its ability to
deploy new test titles, its ability to win new enterprise
contracts, its ability to convert its existing contracts into
actual revenues, 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 fiscal year ended March 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 condition, results of operations, and prospects, please
see the "Risk Factors" section of the Company's Form 20-F for the
fiscal year ended March 31, 2017.
The preliminary results for the Quarter ended
September 30, 2017 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 to changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations 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
TranslationThe Company's financial information is stated
in Renminbi (“RMB”), the currency of the People’s Republic of
China. The translation of RMB amounts for the Quarter ended
September 30, 2017 into U.S. dollars are included solely for the
convenience of readers and have been made at the rate of RMB6.6533
to US$1.00, the noon buying rate as of September 30, 2017, 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. GAAP.
About Non-GAAP Financial
MeasuresTo supplement ATA's consolidated financial
information presented in accordance with U.S. generally accepted
accounting principles ("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:
At the Company ATA Inc.
Amy Tung, CFO
+86 10 6518 1122 x
5518
amytung@atai.net.cn
Investor RelationsThe Equity Group Inc.Carolyne
Y. Sohn, Senior Associate415-568-2255csohn@equityny.com
Adam Prior, Senior Vice President
212-836-9606aprior@equityny.com
|
|
ATA INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
March 31, |
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2017 |
|
|
2017 |
|
|
2017 |
|
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
222,448,413 |
|
|
166,219,394 |
|
|
24,983,000 |
|
|
Accounts receivable, net |
|
56,161,255 |
|
|
61,896,441 |
|
|
9,303,119 |
|
|
Receivable due from shareholder |
|
10,000,000 |
|
|
— |
|
|
— |
|
|
Prepaid expenses and other current assets |
|
7,335,824 |
|
|
25,315,871 |
|
|
3,805,010 |
|
|
Total current assets |
|
295,945,492 |
|
|
253,431,706 |
|
|
38,091,129 |
|
|
|
|
|
|
|
|
|
|
Long-term investments |
|
88,891,687 |
|
|
92,288,740 |
|
|
13,871,123 |
|
|
Property and equipment, net |
|
51,868,914 |
|
|
51,197,629 |
|
|
7,695,073 |
|
|
Goodwill |
|
32,523,983 |
|
|
32,523,983 |
|
|
4,888,399 |
|
|
Intangible assets, net |
|
11,326,513 |
|
|
10,012,340 |
|
|
1,504,868 |
|
|
Restricted cash |
|
30,000,000 |
|
|
— |
|
|
— |
|
|
Deferred income tax assets |
|
3,388,760 |
|
|
2,695,449 |
|
|
405,130 |
|
|
Other assets |
|
5,894,767 |
|
|
14,684,870 |
|
|
2,207,155 |
|
|
Total assets |
|
519,840,116 |
|
|
456,834,717 |
|
|
68,662,877 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short-term loan |
|
3,449,650 |
|
|
— |
|
|
— |
|
|
Accrued expenses and other payables |
|
89,358,847 |
|
|
60,404,354 |
|
|
9,078,857 |
|
|
Deferred revenues |
|
10,221,897 |
|
|
36,949,709 |
|
|
5,553,591 |
|
|
Total current liabilities |
|
103,030,394 |
|
|
97,354,063 |
|
|
14,632,448 |
|
|
|
|
|
|
|
|
|
|
Deferred revenues |
|
1,731,622 |
|
|
1,841,952 |
|
|
276,848 |
|
|
Deferred income tax liabilities |
|
22,620,872 |
|
|
12,403,596 |
|
|
1,864,277 |
|
|
Other non-current liabilities |
|
— |
|
|
1,015,826 |
|
|
152,680 |
|
|
Total liabilities |
|
127,382,888 |
|
|
112,615,437 |
|
|
16,926,253 |
|
|
|
|
|
|
|
|
|
|
Mezzanine equity-redeemable non-controlling interests |
|
— |
|
|
35,606,818 |
|
|
5,351,753 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
Common shares |
|
3,533,912 |
|
|
3,534,871 |
|
|
531,296 |
|
|
Treasury shares |
|
(27,737,073 |
) |
|
(27,737,073 |
) |
|
(4,168,920 |
) |
|
Additional paid-in capital |
|
402,631,430 |
|
|
382,818,572 |
|
|
57,538,150 |
|
|
Accumulated other comprehensive loss |
|
(25,069,771 |
) |
|
(26,345,701 |
) |
|
(3,959,794 |
) |
|
Retained earnings |
|
38,018,802 |
|
|
(24,418,428 |
) |
|
(3,670,124 |
) |
|
Total shareholders’ equity attributable to ATA
Inc. |
|
391,377,300 |
|
|
307,852,241 |
|
|
46,270,608 |
|
|
Non-controlling interests |
|
1,079,928 |
|
|
760,221 |
|
|
114,263 |
|
|
Total shareholders’ equity |
|
392,457,228 |
|
|
308,612,462 |
|
|
46,384,871 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders’
equity |
|
519,840,116 |
|
|
456,834,717 |
|
|
68,662,877 |
|
|
|
|
ATA INC. AND SUBSIDIARIES |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
Three-month Period
Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2016 |
|
|
2017 |
|
|
2017 |
|
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
|
Testing services |
|
56,059,335 |
|
|
56,923,543 |
|
|
8,555,686 |
|
|
Online education services |
|
2,712,937 |
|
|
2,105,360 |
|
|
316,438 |
|
|
Other revenue |
|
6,359,584 |
|
|
10,524,777 |
|
|
1,581,888 |
|
|
Total net revenues |
|
65,131,856 |
|
|
69,553,680 |
|
|
10,454,012 |
|
|
Cost of revenues |
|
35,580,720 |
|
|
38,738,765 |
|
|
5,822,489 |
|
|
Gross profit |
|
29,551,136 |
|
|
30,814,915 |
|
|
4,631,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
10,191,341 |
|
|
13,087,567 |
|
|
1,967,079 |
|
|
Sales and marketing |
|
12,489,548 |
|
|
14,263,117 |
|
|
2,143,766 |
|
|
General and administrative |
|
16,187,709 |
|
|
20,132,554 |
|
|
3,025,950 |
|
|
Total operating expenses |
|
38,868,598 |
|
|
47,483,238 |
|
|
7,136,795 |
|
|
Loss from operations |
|
(9,317,462 |
) |
|
(16,668,323 |
) |
|
(2,505,272 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Share of net loss of equity method investments |
|
(3,980,587 |
) |
|
(768,114 |
) |
|
(115,449 |
) |
|
Impairment loss of equity method investment |
|
(21,904,611 |
) |
|
— |
|
|
— |
|
|
Interest income, net of interest expenses |
|
732,121 |
|
|
921,450 |
|
|
138,495 |
|
|
Foreign currency exchange gain (loss), net |
|
(14,733 |
) |
|
2,281 |
|
|
343 |
|
|
Loss before income taxes |
|
(34,485,272 |
) |
|
(16,512,706 |
) |
|
(2,481,883 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
1,092,287 |
|
|
8,782 |
|
|
1,320 |
|
|
Net loss |
|
(35,577,559 |
) |
|
(16,521,488 |
) |
|
(2,483,203 |
) |
|
Net
loss attributable to non-controlling interests |
|
— |
|
|
(138,007 |
) |
|
(20,743 |
) |
|
Net loss attributable to redeemable non-controlling interests |
|
— |
|
|
(424,615 |
) |
|
(63,820 |
) |
|
Net loss attributable to ATA
Inc. |
|
(35,577,559 |
) |
|
(15,958,866 |
) |
|
(2,398,640 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
|
(1,713 |
) |
|
(154,844 |
) |
|
(23,273 |
) |
|
Comprehensive loss
attributable to ATA Inc. |
|
(35,579,272 |
) |
|
(16,113,710 |
) |
|
(2,421,913 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted losses |
|
|
|
|
|
|
|
|
|
|
per
common share attributable to ATA Inc. |
|
(0.78 |
) |
|
(0.34 |
) |
|
(0.05 |
) |
|
Basic
and diluted losses |
|
|
|
|
|
|
|
|
|
|
per
ADS attributable to ATA Inc. |
|
(1.56 |
) |
|
(0.68 |
) |
|
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATA INC. AND SUBSIDIARIES |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
Six-month Period
Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2016 |
|
|
2017 |
|
|
2017 |
|
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
Net
revenues: |
|
|
|
|
|
|
|
Testing services |
|
145,613,013 |
|
|
155,374,915 |
|
|
23,353,060 |
|
|
Online education services |
|
3,775,820 |
|
|
2,617,976 |
|
|
393,485 |
|
|
Other revenue |
|
12,587,042 |
|
|
15,618,157 |
|
|
2,347,430 |
|
|
Total net revenues |
|
161,975,875 |
|
|
173,611,048 |
|
|
26,093,975 |
|
|
Cost of revenues |
|
84,347,971 |
|
|
96,452,598 |
|
|
14,496,956 |
|
|
Gross profit |
|
77,627,904 |
|
|
77,158,450 |
|
|
11,597,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
19,338,971 |
|
|
23,734,320 |
|
|
3,567,300 |
|
|
Sales and marketing |
|
24,163,478 |
|
|
28,001,446 |
|
|
4,208,655 |
|
|
General and administrative |
|
32,221,526 |
|
|
47,454,473 |
|
|
7,132,472 |
|
|
Total operating expenses |
|
75,723,975 |
|
|
99,190,239 |
|
|
14,908,427 |
|
|
Income (loss) from
operations |
|
1,903,929 |
|
|
(22,031,789 |
) |
|
(3,311,408 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
Gain from disposal of long-term investment |
|
— |
|
|
457,236 |
|
|
68,723 |
|
|
Share of net loss of equity method investments |
|
(8,110,341 |
) |
|
(1,612,158 |
) |
|
(242,310 |
) |
|
Impairment loss of equity method investment |
|
(21,904,611 |
) |
|
— |
|
|
— |
|
|
Interest income, net of interest expenses |
|
1,705,897 |
|
|
1,940,811 |
|
|
291,707 |
|
|
Foreign currency exchange losses, net |
|
(46,143 |
) |
|
(638,826 |
) |
|
(96,016 |
) |
|
Loss before income taxes |
|
(26,451,269 |
) |
|
(21,884,726 |
) |
|
(3,289,304 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
4,982,928 |
|
|
3,397,879 |
|
|
510,706 |
|
|
Net loss |
|
(31,434,197 |
) |
|
(25,282,605 |
) |
|
(3,800,010 |
) |
|
Net
loss attributable to non-controlling interests |
|
— |
|
|
(319,707 |
) |
|
(48,052 |
) |
|
Net loss attributable to redeemable non-controlling interests |
|
— |
|
|
(544,469 |
) |
|
(81,834 |
) |
|
Net loss attributable to ATA
Inc. |
|
(31,434,197 |
) |
|
(24,418,429 |
) |
|
(3,670,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
|
239,413 |
|
|
(1,275,930 |
) |
|
(191,774 |
) |
|
Comprehensive loss
attributable to ATA Inc. |
|
(31,194,784 |
) |
|
(25,694,359 |
) |
|
(3,861,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted losses |
|
|
|
|
|
|
|
|
|
|
per
common share attributable to ATA Inc. |
|
(0.69 |
) |
|
(0.66 |
) |
|
(0.10 |
) |
|
Basic
and diluted losses |
|
|
|
|
|
|
|
|
|
|
per
ADS attributable to ATA Inc. |
|
(1.38 |
) |
|
(1.32 |
) |
|
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP
MEASURES |
TO THE MOST COMPARABLE GAAP
MEASURES |
|
|
|
Three-month Period
Ended |
|
Six-month Period
Ended |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
|
|
|
|
|
|
|
|
GAAP
net loss attributable to ATA Inc. |
|
(35,577,559 |
) |
|
(15,958,866 |
) |
|
(31,434,197 |
) |
|
(24,418,429 |
) |
Share-based compensation expenses |
|
1,008,925 |
|
|
4,995,707 |
|
|
2,048,235 |
|
|
10,207,815 |
|
Foreign currency exchange loss (gain), net |
|
14,733 |
|
|
(2,281 |
) |
|
46,143 |
|
|
638,826 |
|
Non-GAAP net loss attributable to ATA Inc. |
|
(34,553,901 |
) |
|
(10,965,440 |
) |
|
(29,339,819 |
) |
|
(13,571,788 |
) |
|
|
|
|
|
|
|
|
|
GAAP losses per common
share attributable to ATA Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
(0.78 |
) |
|
(0.34 |
) |
|
(0.69 |
) |
|
(0.66 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP losses per
common share attributable to ATA Inc. |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
(0.75 |
) |
|
(0.23 |
) |
|
(0.64 |
) |
|
(0.43 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ATAI Life Sciences NV (NASDAQ:ATAI)
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From Mar 2024 to Apr 2024
ATAI Life Sciences NV (NASDAQ:ATAI)
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From Apr 2023 to Apr 2024