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 and nine months ended
December 31, 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.
Financial and Operating Highlights for
the Three Months Ended December 31, 2017 (“Quarter
ended December 31, 2017”) (percentage changes and
comparisons against the quarter
ended December 31, 2016)
- Entered into share purchase agreement (the “Share Purchase
Agreement”) with a group of investors with respect to the sale of
ATA Online (Beijing) Education Technology Co., Ltd. (“ATA Online”),
the Company’s wholly-owned subsidiary, for a total consideration of
US$200 million in cash on February 6, 2018
- Net revenues of RMB316.4 million (US$48.6 million), up 15.7%,
driven by exam volume growth from several exams including the
National Unified Certified Public Accountants (“CPA”) Exam and the
National Tax Adviser Occupational Qualification (“CTA”) Exam
- Gross profit of RMB153.9 million (US$23.6 million), up
10.7%
- Income from operations of RMB91.5 million (US$14.1 million),
compared to RMB93.8 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 income attributable to ATA Inc. of RMB54.1 million (US$8.3
million), compared to RMB75.4 million, due to RMB15.2 million in
impairment charges associated with one of the Company’s strategic
investments as well as increased consulting fees particularly
related to the review and evaluation of the proposal to acquire ATA
Online
- Adjusted net income attributable to ATA Inc. excluding
share-based compensation expense and foreign currency exchange gain
(non-GAAP) of RMB58.6 million (US$9.0 million), compared to RMB76.5
million
- Basic and diluted earnings per ADS attributable to ATA Inc.
were both RMB2.16 (US$0.34). Basic and diluted earnings per ADS
attributable to ATA Inc. excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) were RMB2.36
(US$0.36).
- Delivered approximately 7.3 million billable tests, compared to
7.0 million billable tests in prior-year period
- RMB256.1 million (US$39.4 million) in cash and cash equivalents
as of December 31, 2017
Mr. Kevin Ma, ATA’s Chairman and Chief Executive
Officer, stated, “We achieved record net revenues of RMB316.4
million in the Quarter ended December 31, 2017. On October 14-15,
2017, we successfully delivered the CPA Exam to about 2.9 million
test takers, compared to 2.2 million last year, working closely
with the China Institute of Certified Public Accountants for the
sixth consecutive year. During the period, we also saw increased
exam volumes from the CTA Exam, National Tour Guide Qualification
Examination, and the Qualification Exam for Housing and Urban-Rural
Construction Field Professionals, which contributed to top line
growth. In addition, ATA delivered new exams such as the National
Real Estate Broker Associate Qualification Exam and National Tax
System Tax Staff Enforcement Qualification Test. The National and
Local Tax Law Knowledge Contests continued to expand to new cities
and provinces in China, which included Yunnan, Hunan, Guizhou,
Qinghai and Nanjing. Revenue contributions from our online
education services business also saw growth primarily from projects
for the China Banking Association and Fund Practitioner
Association. Our bottom line was impacted by increased operating
expenses due to higher labor costs and share-based compensation
expense, an RMB15.2 million impairment charge associated with one
of the Company’s strategic investments, and increased consulting
fees particularly related to the proposal to acquire ATA
Online.”
Mr. Ma continued, “Last month, we announced that
the Company has entered into a share purchase agreement with a
group of investors with respect to the sale of our testing
technologies and related services business housed under our
wholly-owned subsidiary ATA Online. With the first closing of the
transaction expected to be completed by early second quarter, we
continue working with all parties involved. The Company intends to
remain a publicly traded company and expects to continue the
development of K-12 assessment tools and content, while exploring
acquisition opportunities within the education sector.”
Update on ATA Online
AcquisitionOn February 6, 2018, ATA announced that it
entered into a share purchase agreement with a group of investors
including two entities affiliated with funds managed by CDH
Investments, a major Chinese alternative asset management firm
based in Beijing; New Beauty Holdings Limited, a company controlled
by ATA’s Chairman and Chief Executive Officer Mr. Kevin Xiaofeng
Ma; and four holding companies controlled by certain management
members of ATA Online, with respect to the sale of ATA Online
(collectively, the “Buyer Group”).
Under the terms of the Share Purchase Agreement,
the Buyer Group has agreed to acquire all of the outstanding equity
interests of ATA Online, which is currently held directly or
indirectly by ATA, for a total consideration of US$200 million in
cash (the “Transaction”). The US$200 million in cash consideration
payable by the Buyer Group for ATA Online represents an 87.4%
premium over ATA’s market capitalization (calculated based on the
closing trading price of ATA’s ADSs on February 5, 2018).
Mr. Ma has paid a cash deposit in the amount of
US$20 million to ATA as collateral and security for the payment
obligations of the Buyer Group as agreed under the Share Purchase
Agreement.
The closing of the Transaction is expected to
take place in three stages subject to the satisfaction of various
conditions precedent in the Share Purchase Agreement. The first of
the three closings is expected to take place within 30 business
days after the date of the Share Purchase Agreement, and the
Company expects the Transaction to be completed in the third
quarter of 2018. The Company will continue to provide updates
throughout the process but cautions investors that there are no
assurances that all of the conditions for the closing stated in the
Share Purchase Agreement will be satisfied or that the Transaction
will ultimately be completed.
If the Transaction is not completed, ATA will
continue to conduct ATA Online-related businesses and may consider
and evaluate other strategic opportunities. In such a circumstance,
there can be no assurances that ATA’s continued operation of the
ATA Online-related businesses or any alternative strategic
opportunities will result in the same or greater value to
shareholders as with the sale of ATA Online.
The Company also filed a Form 6-K on February 6,
2018, containing additional information regarding the Transaction,
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.
Operating ReviewIn the Quarter
ended December 31, 2017, ATA delivered a total of approximately 7.3
million billable tests, compared to 7.0 million billable tests in
the three months ended December 31, 2016. The Company had a network
of 3,344 authorized test centers throughout China as of December
31, 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 100.7 million
billable tests since it began operations in 1999.
GAAP Results
Quarter Ended December 31, 2017ATA’s total net
revenues for the Quarter ended December 31, 2017, were RMB316.4
million (US$48.6 million), a 15.7% increase from RMB273.5 million
in the prior-year period.
Gross profit for the Quarter ended December 31,
2017, was RMB153.9 million (US$23.6 million), a 10.7% increase from
RMB138.9 million in the prior-year period. Gross margin was 48.6%
during the period, compared to 50.8% in the prior-year period. The
decrease in gross margin was primarily due to increased test
monitoring costs, as well as increased licensing fees and higher
share-based compensation expense related to new share options and
restricted shares issued in January 2017.
Income from operations for the Quarter ended
December 31, 2017, was RMB91.5 million (US$14.1 million), compared
to RMB93.8 million in the prior-year period, 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 income attributable to ATA Inc. for the
Quarter ended December 31, 2017, was RMB54.1 million (US$8.3
million), compared to RMB75.4 million in the prior-year period,
primarily due to an RMB15.2 million impairment charge associated
with one of the Company’s investee companies as well as increased
consulting fees particularly related to the review and evaluation
of the proposal to acquire ATA Online.
For the Quarter ended December 31, 2017, basic
and diluted earnings per common share attributable to ATA Inc. were
both RMB1.08 (US$0.17), compared to RMB1.65 for the prior-year
period. Basic and diluted earnings per ADS attributable to ATA Inc.
were both RMB2.16 (US$0.34) in the Quarter ended December 31, 2017,
compared to RMB3.30 in the prior-year period.
Nine-month Transition Period 2017For Nine-month
Transition Period 2017, ATA’s total net revenues increased 12.5% to
RMB490.1 million (US$75.3 million), from RMB435.4 million in the
prior-year period, primarily driven by increased revenue
contributions from the testing services business.
Gross profit for Nine-month Transition Period
2017 increased 6.7% to RMB231.0 million (US$35.5 million), from
RMB216.6 million in the prior-year period. Gross margin was 47.1%
in Nine-month Transition Period 2017, compared to 49.7% in the
prior-year period. The decrease in gross margin was primarily due
to the same reasons listed above.
Operating expenses for Nine-month Transition
Period 2017 increased 33.6% to RMB161.5 million (US$24.8 million),
from RMB120.8 million in the prior-year period, primarily due to
the RMB10.0 million expenditure relating to the Tsinghua University
academic project, increased consulting fees particularly related to
the review and evaluation of the proposal to acquire ATA Online,
and increased labor costs for new hires and incremental
remuneration packages, as well as higher share-based compensation
expense.
Income from operations in Nine-month Transition
Period 2017 was RMB69.5 million (US$10.7 million), compared to
RMB95.7 million in the prior-year period.
Net income attributable to ATA Inc. for
Nine-month Transition Period 2017 was RMB29.6 million (US$4.6
million), compared to RMB44.0 million in the prior-year period.
For Nine-month Transition Period 2017, basic and
diluted earnings per common share attributable to ATA Inc. were
both RMB0.48 (US$0.07), compared to RMB0.96 in the prior-year
period. Basic and diluted earnings per ADS attributable to ATA Inc.
were both RMB0.96 (US$0.14) in Nine-month Transition Period 2017,
compared to RMB1.92 in the prior-year period.
Non-GAAP MeasuresAdjusted net income
attributable to ATA Inc. for the Quarter ended December 31, 2017,
which excludes share-based compensation expense and foreign
currency exchange gain (non-GAAP), was RMB58.6 million (US$9.0
million), compared to RMB76.5 million in the prior-year period.
Basic and diluted earnings per common share
attributable to ATA Inc. excluding share-based compensation expense
and foreign currency exchange gain (non-GAAP) for the Quarter ended
December 31, 2017, were both RMB1.18 (US$0.18). Basic and diluted
earnings per ADS attributable to ATA Inc. excluding share-based
compensation expense and foreign currency exchange gain (non-GAAP)
for the Quarter ended December 31, 2017, were both RMB2.36
(US$0.36), compared to RMB3.34 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 DataThe number of weighted average ADSs
used to calculate both basic and diluted earnings per ADS for the
quarter and nine-month transition period ended December 31, 2017,
was 22.9 million. Each ADS represents two common shares.
Balance Sheet HighlightsAs of December 31,
2017, ATA’s cash and cash equivalents were RMB256.1 million
(US$39.4 million), working capital was RMB225.1 million (US$34.6
million), and total shareholders’ equity was RMB365.1 million
(US$56.1 million); compared to RMB222.4 million, RMB192.9 million,
and RMB392.5 million, respectively, as of March 31, 2017.
Conference Call and Webcast Information (With
Accompanying Presentation)ATA will host a conference call
at 9 p.m. Eastern Time on Monday, March 19, 2018, during which
management will discuss the results of the quarter and nine-month
transition period ended December 31, 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): |
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+1 (888) 419-5570 |
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International
(Toll): |
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+1 (617) 896-9871 |
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Toll-Free |
Local Access |
China: |
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(800) 990 1344 |
(400) 881 1630 |
Hong Kong: |
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3002 1672 |
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Participant
Passcode: |
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28612768 |
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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/274/24850.
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 December 31, 2017,
ATA's test center network comprised 3,344 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 100.7 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
StatementsThis 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 market demand and
trends, the delivery of various exams and related services
including the National Unified Certified Public Accountants Exam,
National Tax Adviser Occupational Qualification Exam, National Tour
Guide Qualification Examination, Qualification Exam for Housing and
Urban-Rural Construction Field Professionals, National Real Estate
Broker Associate Qualification Exam, National Tax System Tax Staff
Enforcement Qualification Test, National and Local Tax Law
Knowledge Contests, online education services delivered to China
Banking Association and Fund Practitioner Association, the
Transaction 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
December 31, 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 and nine
months ended December 31, 2017, into U.S. dollars are included
solely for the convenience of readers and have been made at the
rate of RMB6.5063 to US$1.00, the noon buying rate as of December
31, 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 Relations The Equity Group
Inc.Carolyne Y. Sohn, Senior
Associate415-568-2255csohn@equityny.com
Adam Prior, Senior Vice President
212-836-9606aprior@equityny.com
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ATA INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
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March 31, |
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December 31, |
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December 31, |
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2017 |
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2017 |
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2017 |
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RMB |
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RMB |
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USD |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
222,448,413 |
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|
256,090,942 |
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39,360,457 |
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Accounts receivable, net |
56,161,255 |
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100,105,027 |
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15,385,861 |
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Receivable due from shareholder |
10,000,000 |
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— |
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— |
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Prepaid expenses and other current assets |
7,335,824 |
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10,620,434 |
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1,632,331 |
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Total current assets |
295,945,492 |
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366,816,403 |
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56,378,649 |
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Long-term investments |
88,891,687 |
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75,121,700 |
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11,545,994 |
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Property and equipment, net |
51,868,914 |
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52,460,885 |
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8,063,090 |
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Goodwill |
32,523,983 |
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32,009,025 |
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4,919,697 |
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Intangible assets, net |
11,326,513 |
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25,683,937 |
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3,947,549 |
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Restricted cash |
30,000,000 |
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— |
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— |
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Deferred income tax assets |
3,388,760 |
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2,110,862 |
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324,434 |
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Other assets |
5,894,767 |
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14,238,695 |
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2,188,447 |
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Total assets |
519,840,116 |
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568,441,507 |
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87,367,860 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Short-term loan |
3,449,650 |
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— |
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— |
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Accrued expenses and other payables |
89,358,847 |
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130,960,979 |
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20,128,333 |
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Deferred revenues |
10,221,897 |
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10,804,951 |
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1,660,691 |
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Total current liabilities |
103,030,394 |
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141,765,930 |
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21,789,024 |
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Deferred revenues |
1,731,622 |
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1,831,173 |
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|
281,446 |
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Deferred income tax liabilities |
22,620,872 |
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22,797,747 |
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3,503,950 |
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Other non-current liabilities |
— |
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669,647 |
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|
102,923 |
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Total liabilities |
127,382,888 |
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167,064,497 |
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25,677,343 |
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Mezzanine equity-redeemable
non-controlling
interests |
— |
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36,304,276 |
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5,579,865 |
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Shareholders’ equity: |
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Common shares |
3,533,912 |
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3,534,871 |
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543,300 |
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Treasury shares |
(27,737,073 |
) |
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(27,737,073 |
) |
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(4,263,110 |
) |
Additional paid-in capital |
402,631,430 |
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389,897,690 |
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59,926,178 |
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Accumulated other comprehensive loss |
(25,069,771 |
) |
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(26,850,955 |
) |
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(4,126,917 |
) |
Retained earnings |
38,018,802 |
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25,884,905 |
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3,978,437 |
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Total shareholders’ equity attributable to ATA
Inc. |
391,377,300 |
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364,729,438 |
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|
56,057,888 |
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Non-redeemable non-controlling interests |
1,079,928 |
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|
343,296 |
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|
52,764 |
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Total shareholders’ equity |
392,457,228 |
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|
365,072,734 |
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|
56,110,652 |
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Commitments and contingencies |
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Total liabilities, mezzanine equity and shareholders’
equity |
519,840,116 |
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568,441,507 |
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87,367,860 |
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ATA INC. AND SUBSIDIARIES |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS) |
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Three-month Period
Ended |
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December 31, |
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December 31, |
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December 31, |
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|
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2016 |
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2017 |
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2017 |
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RMB |
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RMB |
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USD |
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Net
revenues: |
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Testing services |
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256,936,425 |
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297,850,120 |
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45,778,725 |
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Online education services |
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3,293,757 |
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3,934,623 |
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|
604,740 |
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Other revenue |
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|
13,230,369 |
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|
14,663,308 |
|
|
2,253,710 |
|
|
Total net revenues |
|
|
|
273,460,551 |
|
|
316,448,051 |
|
|
48,637,175 |
|
|
Cost of revenues |
|
|
|
134,537,262 |
|
|
162,597,155 |
|
|
24,990,725 |
|
|
Gross profit |
|
|
|
138,923,289 |
|
|
153,850,896 |
|
|
23,646,450 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
13,980,905 |
|
|
14,193,606 |
|
|
2,181,517 |
|
|
Sales and marketing |
|
|
|
13,083,485 |
|
|
14,375,277 |
|
|
2,209,440 |
|
|
General and administrative |
|
|
|
18,054,222 |
|
|
33,742,208 |
|
|
5,186,082 |
|
|
Total operating expenses |
|
|
|
45,118,612 |
|
|
62,311,091 |
|
|
9,577,039 |
|
|
Income from operations |
|
|
|
93,804,677 |
|
|
91,539,805 |
|
|
14,069,411 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Share of net loss of equity method investments |
|
|
|
(3,758,373 |
) |
|
(266,014 |
) |
|
(40,886 |
) |
|
Impairment loss of long-term investment |
|
|
|
— |
|
|
(15,216,510 |
) |
|
(2,338,735 |
) |
|
Gain from disposal of long-term investments |
|
|
|
1,600,000 |
|
|
2,787,221 |
|
|
428,388 |
|
|
Interest income, net of interest expenses |
|
|
|
774,277 |
|
|
(135,858 |
) |
|
(20,881 |
) |
|
Foreign currency exchange gain (loss), net |
|
|
|
(29,575 |
) |
|
421,411 |
|
|
64,770 |
|
|
Income before income taxes |
|
|
|
92,391,006 |
|
|
79,130,055 |
|
|
12,162,067 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
17,012,911 |
|
|
26,010,370 |
|
|
3,997,721 |
|
|
Net income |
|
|
|
75,378,095 |
|
|
53,119,685 |
|
|
8,164,346 |
|
|
Net loss attributable to non-redeemable non-controlling
interests |
|
|
|
(34,001 |
) |
|
(32,394 |
) |
|
(4,979 |
) |
|
Net loss attributable to redeemable non-controlling interests |
|
|
|
— |
|
|
(899,894 |
) |
|
(138,311 |
) |
|
Net income attributable to ATA
Inc. |
|
|
|
75,412,096 |
|
|
54,051,973 |
|
|
8,307,636 |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
|
|
|
(64,497 |
) |
|
(505,254 |
) |
|
(77,656 |
) |
|
Comprehensive income attributable to ATA
Inc. |
|
|
|
75,347,599 |
|
|
53,546,719 |
|
|
8,229,980 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted earnings |
|
|
|
|
|
|
|
|
|
per
common share attributable to ATA Inc. |
|
|
|
1.65 |
|
|
1.08 |
|
|
0.17 |
|
|
Basic
and diluted earnings |
|
|
|
|
|
|
|
|
|
per
ADS attributable to ATA Inc. |
|
|
|
3.30 |
|
|
2.16 |
|
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATA INC. AND SUBSIDIARIES |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
Nine-month Period
Ended |
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
|
2016 |
|
|
2017 |
|
|
2017 |
|
|
|
|
|
|
RMB |
|
|
RMB |
|
|
USD |
|
|
Net
revenues: |
|
|
|
|
|
|
|
|
|
Testing services |
|
|
|
402,549,438 |
|
|
453,225,035 |
|
|
69,659,412 |
|
|
Online education services |
|
|
|
7,069,577 |
|
|
6,552,599 |
|
|
1,007,116 |
|
|
Other revenue |
|
|
|
25,817,411 |
|
|
30,281,465 |
|
|
4,654,176 |
|
|
Total net revenues |
|
|
|
435,436,426 |
|
|
490,059,099 |
|
|
75,320,704 |
|
|
Cost of revenues |
|
|
|
218,885,233 |
|
|
259,049,753 |
|
|
39,815,218 |
|
|
Gross profit |
|
|
|
216,551,193 |
|
|
231,009,346 |
|
|
35,505,486 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
33,319,876 |
|
|
37,927,926 |
|
|
5,829,415 |
|
|
Sales and marketing |
|
|
|
37,246,963 |
|
|
42,376,723 |
|
|
6,513,183 |
|
|
General and administrative |
|
|
|
50,275,748 |
|
|
81,196,681 |
|
|
12,479,702 |
|
|
Total operating expenses |
|
|
|
120,842,587 |
|
|
161,501,330 |
|
|
24,822,300 |
|
|
Income from operations |
|
|
|
95,708,606 |
|
|
69,508,016 |
|
|
10,683,186 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Gain from disposal of long-term investments |
|
|
|
1,600,000 |
|
|
3,244,457 |
|
|
498,664 |
|
|
Share of net loss of equity method investments |
|
|
|
(11,868,714 |
) |
|
(1,878,172 |
) |
|
(288,670 |
) |
|
Impairment loss of long-term investment |
|
|
|
(21,904,611 |
) |
|
(15,216,510 |
) |
|
(2,338,735 |
) |
|
Interest income, net of interest expenses |
|
|
|
2,480,174 |
|
|
1,804,953 |
|
|
277,417 |
|
|
Foreign currency exchange losses, net |
|
|
|
(75,718 |
) |
|
(217,415 |
) |
|
(33,416 |
) |
|
Income before income taxes |
|
|
|
65,939,737 |
|
|
57,245,329 |
|
|
8,798,446 |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
|
21,995,839 |
|
|
29,408,249 |
|
|
4,519,965 |
|
|
Net income |
|
|
|
43,943,898 |
|
|
27,837,080 |
|
|
4,278,481 |
|
|
Net loss attributable to non-controlling interests |
|
|
|
(34,001 |
) |
|
(352,101 |
) |
|
(54,116 |
) |
|
Net loss attributable to redeemable non-controlling interests |
|
|
|
— |
|
|
(1,444,363 |
) |
|
(221,995 |
) |
|
Net income attributable to ATA
Inc. |
|
|
|
43,977,899 |
|
|
29,633,544 |
|
|
4,554,592 |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
|
|
|
174,916 |
|
|
(1,781,184 |
) |
|
(273,763 |
) |
|
Comprehensive income attributable to ATA
Inc. |
|
|
|
44,152,815 |
|
|
27,852,360 |
|
|
4,280,829 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted earnings |
|
|
|
|
|
|
|
|
|
per
common share attributable to ATA Inc. |
|
|
|
0.96 |
|
|
0.48 |
|
|
0.07 |
|
|
Basic
and diluted earnings |
|
|
|
|
|
|
|
|
|
per
ADS attributable to ATA Inc. |
|
|
|
1.92 |
|
|
0.96 |
|
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP
MEASURES |
TO THE MOST COMPARABLE GAAP
MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
Three-month Period
Ended |
|
Nine-month Period
Ended |
|
|
|
|
December 31, |
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
|
|
2016 |
|
2017 |
|
|
2016 |
|
2017 |
|
|
|
|
RMB |
|
RMB |
|
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
|
|
|
GAAP
net income attributable to ATA Inc. |
|
|
|
75,412,096 |
|
54,051,973 |
|
|
43,977,899 |
|
29,633,544 |
Share-based compensation expenses |
|
|
|
1,032,107 |
|
4,927,831 |
|
|
3,080,342 |
|
15,135,646 |
Foreign currency exchange loss (gain), net |
|
|
|
29,575 |
|
(421,411 |
) |
|
75,718 |
|
217,415 |
Non-GAAP net income attributable to ATA Inc. |
|
|
|
76,473,778 |
|
58,558,393 |
|
|
47,133,959 |
|
44,986,605 |
|
|
|
|
|
|
|
|
|
|
|
GAAP
earnings per common share attributable to ATA Inc. |
|
|
|
|
|
|
Basic and diluted |
|
|
|
1.65 |
|
1.08 |
|
|
0.96 |
|
0.48 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per common share attributable to ATA Inc. |
|
|
|
|
|
|
Basic and diluted |
|
|
|
1.67 |
|
1.18 |
|
|
1.03 |
|
0.82 |
ATAI Life Sciences NV (NASDAQ:ATAI)
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From Feb 2024 to Mar 2024
ATAI Life Sciences NV (NASDAQ:ATAI)
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From Mar 2023 to Mar 2024