First Quarter Net Revenues up by 22.1%
Year-Over-Year, exceeding guidance
First Quarter Student Enrollment up by 10.3%
Year-Over-Year
First Quarter Student Enrollment in kid
education programs up by 291.9% Year-Over-Year
BEIJING, June 4, 2018 /PRNewswire/ -- Tarena
International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a
leading provider of professional education services in China, today announced its unaudited financial
results for the first quarter ended March
31, 2018.
First Quarter 2018 Highlights
- Net revenues increased by 22.1% year-over-year to RMB406.3 million from RMB332.7 million in the same period in 2017.
- Gross profit increased by 3.0% year-over-year to RMB211.2 million from RMB204.9 million in the same period in 2017.
- Operating loss was RMB188.1
million, compared to an operating loss of RMB34.1 million in the same period in 2017.
- Non-GAAP operating loss, which excluded share-based
compensation expenses, was RMB153.4
million, compared to a non-GAAP operating loss of
RMB23.0 million in the same period in
2017.
- Net loss was RMB180.5 million, compared to a net loss
of RMB24.6 million in the same period in 2017.
- Non-GAAP net loss, which excluded share-based compensation
expenses, was RMB145.7 million,
compared to a non-GAAP net loss of RMB13.5 million in the same
period in 2017.
- Basic and diluted loss per American Depositary Share ("ADS")
was RMB3.21. Non-GAAP basic and
non-GAAP diluted loss per ADS, which excluded share-based
compensation expenses, was RMB2.59.
Each ADS represents one Class A ordinary share.
- Cash, cash equivalents and time deposits totaled RMB1,020.0 million as of March 31, 2018, compared to RMB1,119.7 million as of December 31, 2017.
- Deferred revenue totaled RMB500.3
million as of March 31, 2018,
compared to RMB302.2 million as of
December 31, 2017, representing an
increase of 65.6%.
- Total course enrollments[1], defined as the cumulative
number of courses enrolled in by our students, in the first quarter
of 2018 increased by 13.8% year-over-year to 27,893.
- Total student enrollments[2], defined as the total number of
new students recruited and registered, in the first quarter of 2018
increased by 10.3% year-over-year to 30,647.
- Total number of learning centers[3] increased to 200 as of
March 31, 2018, from 160 as of
March 31, 2017.
- Total student enrollments in kid education programs, defined as
the total number of students recruited and registered in our kid
education programs, in the first quarter of 2018 increased by
291.9% year-over-year to 3,895.
- On February 27, 2018, the Company
acquired 100% of equity interest of Wuhan Haoxiaozi Robot
Technology Co., Ltd, ("RTEC"), which provides K-12 robotics
programming education services. The total consideration was
RMB58.2 million in cash and the
transaction was accounted for as a business combination.
"We are pleased to start the fiscal year 2018 with strong growth
in both the professional education and kid education businesses. We
are extremely proud to provide excellent education programs to more
than 539,000 students since inception. Despite the seasonal
fluctuations caused by Chinese New Year, our top line growth for
the first quarter was 22.1%, exceeding the high end of our previous
guidance. This increase was driven mostly by an increase in both
course enrollment and our standard tuition fee. We are also
continuing to roll out advanced technology courses in high growth
and high demand topics in order for our students to be prepared for
future employment needs in AI. This includes courses already
released for Linux, Big Data, and Python, with many more new
courses being developed." said Mr. Shaoyun
Han, Tarena's Chairman and Chief Executive Officer.
"During this quarter, our kid education business achieved rapid
growth of 292% year over year with accumulated 3,895 students
enrolled. Including 21 centers from the acquired company, RTEC, we
have 80 centers in our kid education business. Considering the
broad market of quality-oriented children programming education, we
will continue to accelerate our investment in kid education
business, opening more centers, and looking for appropriate M&A
target companies. In this way, we will ensure our kid education
business to maintain a continuous robust growth." Mr. Han
concluded.
Mr. Yuduo Yang, Tarena's Chief Financial Officer, said, "The
late timing of Chinese New Year, which fell near the end of
February, reduced the business days and volume of the first quarter
of 2018, which is seasonally the lowest of the year. We added 16
new centers in the quarter for professional education business,
which involved hiring more teaching staff and developing new
courses, incurring related costs and expenses ahead of student
enrollment which lowered our margin. However, by the end of the
quarter, these investments increased our seat capacity to 58,959,
representing a year over year increase of 11.6% with a utilization
rate of 68.0% and has laid a solid foundation for revenue growth in
the future. With strong enrollment and healthy business
fundamentals, we are confident in achieving our business outlook
for the full year of 2018."
First Quarter 2018 Results
Net Revenues
Net revenues increased by 22.1% to RMB406.3 million in the first quarter of 2018,
from RMB332.7 million in the same
period in 2017. RMB22.2 million of
net revenue was contributed by our kid education business in the
quarter. The increase in our adult education programs was primarily
due to increased course enrollments and to a lesser extent, an
increase in the standard tuition fees.
Total course enrollments[4] in the first quarter of 2018
increased by 13.8% to 27,893 from 24,500 in the same period in
2017, which was mainly driven by the expansion in seat capacity and
the popularity of our course offerings. The total seat
capacity[5] in our
learning centers increased by 11.6% to 58,959 as of March 31, 2018 from 52,822 as of March 31, 2017 to cater to the increased demand
for our courses.
We charge students enrolled through the retail channel our
standard tuition fee and provide students enrolled through the
university channel a discount of approximately RMB4,000 per person per course. Our student
enrollment mix from retail and university channel was 86%/14% and
91%/9% in the first quarter of 2018 and 2017, respectively.
Cost of Revenues
Cost of revenues increased by 52.7% to RMB195.2 million in the first quarter of 2018,
from RMB127.8 million in the same
period in 2017. Our kid program contributed RMB23.2 million of cost of revenues in the first
quarter of 2018. The increase in our adult education programs was
mainly due to an increase in personnel cost and welfare expenses
resulting from growing number of teaching and advisory staff at our
learning centers, rental cost resulting from higher seat capacity,
as well as depreciation expenses and other supplier cost for the
growing number of learning centers.
Gross Profit and Gross Margin
Gross profit increased by 3.0% to RMB211.2 million in the first quarter of 2018,
from RMB204.9 million in the same
period in 2017. Gross margin was 52.0% in the first quarter of
2018, compared with 61.6% in the same period in 2017.The decrease
in gross margin was mainly due to an increase in personnel cost and
welfare expenses for teaching and advisory staff, as well as the
rapid expansion of our learning centers in kid education
programs.
Operating Expenses
Total operating expenses increased by 67.0% to RMB399.3 million in the first quarter of 2018,
from RMB239.1 million in the same
period in 2017. Total non-GAAP operating expenses, which excluded
share-based compensation expenses, increased by 60.1% to
RMB365.3 million in the first quarter
of 2018, from RMB228.1 million in the
same period in 2017. Total share-based compensation expenses
allocated to the related operating expenses increased by 210.6% to
RMB34.0 million in the first quarter
of 2018, from RMB10.9 million in the
same period in 2017.
Selling and marketing expenses increased by 61.5% to
RMB227.9 million in the first quarter
of 2018, from RMB141.1 million in the
same period in 2017. The increase was due to an increase in
personnel cost and welfare expenses related to the growth in our
selling and marketing headcount, and expanded marketing efforts as
we expanded our course offerings and network of learning
centers.
General and administrative expenses increased by 65.3% to
RMB131.8 million in the first quarter
of 2018, from RMB79.8 million in the
same period in 2017. The increase was mainly due to an increase in
personnel cost and welfare expenses for our increased number of
general and administrative personnel to support our growing
operations. Non-GAAP general and administrative expenses, which
excluded share-based compensation expenses, increased by 50.6% to
RMB106.7 million, from RMB70.8 million in the same period in 2017.
Research and development expenses increased by 117.2% to
RMB39.6 million in the first quarter
of 2018, from RMB18.2 million in the
same period in 2017. The increase was mainly due to an increase in
personnel cost and welfare expenses of our instructors allocated to
their content development activities for our courses, as well as
growing number of research and development staff as we expanded our
course offerings and operations.
Operating Loss
Operating loss was RMB188.1
million for the first quarter of 2018, compared to
RMB34.1 million in the same period in
2017. Non-GAAP operating loss, which excluded share-based
compensation expenses, was RMB153.4
million, compared to RMB23.0
million in the same period in 2017. Kid education program
contributed RMB35.1 million of
operating loss and RMB34.5 million of
non-GAAP operating loss, which excluded share-based compensation
expenses in the first quarter of 2018.
Interest Income
Interest income was RMB8.8 million
in the first quarter of 2018, compared to RMB3.5 million in the same period in 2017.
Interest income in both periods consisted of interest earned on our
cash, cash equivalents and time deposits in commercial banks and
interest income recognized in relation to our installment payment
plan for students. The increase in interest income was primarily
due to higher tuition interest income in relation to our
installment payment plan for students, as well as higher bank
deposits.
Foreign Exchange Loss
Foreign exchange loss was RMB4.4
million in the first quarter of 2018, compared to
RMB0.5 million foreign exchange loss
in the same period in 2017. The loss was mainly attributable to the
appreciation of China's RMB against U.S. Dollar as the Company had
converted its offshore bank deposits previously in RMB into US
dollars in May 2016.
Income Tax Expense
The Company recorded an income tax benefit of RMB1.5 million in the first quarter of 2018,
compared to RMB0.5 million income tax
expense in the same period in 2017. The tax benefit was due to that
the Company recognized deferred tax assets for the losses incurred
in this quarter.
Net Loss
As a result of the foregoing, net loss was RMB180.5 million in the first quarter of 2018,
compared to RMB24.6 million in the
same period in 2017. Non-GAAP net loss, which excluded share-based
compensation expenses, was RMB145.7
million, compared to a non-GAAP net loss of RMB13.5 million in the same period in 2017.
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS were RMB3.21 in the first quarter of 2018. Non-GAAP
basic and non-GAAP diluted loss per ADS, which excluded share-based
compensation expenses, were RMB2.59.
Cash Flow
Net cash inflow from operating activities for the first quarter
of 2018 was RMB16.3 million,
including cash receipt from our kid education business of
RMB30.0 million. Capital expenditures
for the quarter were RMB52.3
million.
Shares Issued and Outstanding
As of March 31, 2018, the Company
had 49,223,572 Class A and 7,206,059 Class B ordinary shares
outstanding. Each ADS represents one Class A ordinary share.
Business Outlook
Based on the Company's current estimates, total net revenues for
the second quarter of 2018 are expected to be between RMB500.0 million and RMB520.0 million, representing an increase of
9.7% to 14.0% on a year-over-year basis.
The Company also expects its total net revenues for the full
year of 2018 to be between RMB2,300.0
million and RMB2,450.0
million, representing an increase of 16.5% to 24.1% on a
year-over-year basis.
This guidance is based on the current market conditions and
reflects the Company's current and preliminary estimates of market
and operating conditions, which are subject to change.
Conference Call
The Company will host a conference call and live webcast to
discuss its financial results for the first quarter of 2018 at
9:00 p.m. Eastern Time on
June 4, 2018 (9:00 a.m. Beijing time on June 5,
2018).
The dial-in details for the live conference call are as
follows:
United States: +1 845 675 0437
or +1 866 519 4004
Hong Kong: +852 3018 6771 or 800
906
601
China Mainland: 800 819 0121 or 400
620 8038
Taiwan: +886 255723895 or 0
809 091 568
Canada: +1 866 386 1016
United Kingdom: 0 808 234 6646
International: +65 6713 5090
Conference ID: 8295935
A replay of the call will be available approximately 2 hours
after the conclusion of the conference call through June 13, 2018.
The dial-in details for the replay are:
Hong Kong: 800 963 117
China Mainland: 800 870 0206
United States: +1 855 452 5696
Japan: 0 120 959 034
Malaysia: 1 800 813 755
Singapore: +65 3158 3682
New Zealand: 0 800 453 213
Australia: +61 2 8199 0299
International: +61 2 8199 0299
Conference ID:
8295935
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of Tarena's website at
http://ir.tedu.cn.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Tarena may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including any business outlook and
statements about Tarena's beliefs and expectations, are
forward-looking statements. Many factors, risks and uncertainties
could cause actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: Tarena's goals and strategies; its future
business development, financial condition and results of
operations; its ability to continue to attract students to enroll
in its courses; its ability to continue to recruit, train and
retain qualified instructors and teaching assistants; its ability
to continually tailor its curriculum to market demand and enhance
its courses to adequately and promptly respond to developments in
the professional job market; its ability to maintain or enhance its
brand recognition, its ability to maintain high job placement rate
for its students, and its ability to maintain cooperative
relationships with financing service providers for student loans.
Further information regarding these and other risks, uncertainties
or factors is included in Tarena's filings with the U.S. Securities
and Exchange Commission. All information provided in this press
release is current as of the date of the press release, and Tarena
does not undertake any obligation to update such information,
except as required under applicable law.
About Tarena International, Inc.
Tarena International, Inc. (NASDAQ: TEDU) is a leading provider
of professional education services in China. Through its innovative education
platform combining live distance instruction, classroom-based
tutoring and online learning modules, Tarena offers professional
education courses in IT and non-IT subjects. Tarena also offers kid
education programs. Its professional education courses provide
students with practical skills to prepare them for jobs in
industries with significant growth potential and strong hiring
demand. Since its inception in 2002, Tarena has trained over
539,000 students, cooperated with approximately 757 universities
and colleges and placed students with approximately 141,000
corporate employers in a variety of industries. For further
information, please visit http://ir.tedu.cn.
About Non-GAAP Financial Measures
Beginning in the second quarter of 2016, the Company revised its
non-GAAP financial measures to exclude gain or loss on derivative
instruments, goodwill impairment, impairment of intangibles via
acquisitions of businesses and the related tax impact, in addition
to its historical practice of excluding share-based compensation
expenses for non-GAAP results.
To supplement Tarena's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Tarena's management uses non-GAAP measures of
cost of revenues, operating expenses, operating income, net income,
and basic and diluted net income per ADS, which are adjusted from
results based on GAAP to exclude the share-based compensation
expenses, gain or loss on derivative instruments, goodwill
impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact. These non-GAAP financial
measures should be considered in addition to results prepared in
accordance with GAAP, but should not be considered a substitute
for, or superior to, GAAP results. In addition, calculation of the
non-GAAP financial measures may be different from the calculation
used by other companies, and therefore comparability may be
limited.
Tarena's management believes that excluding the share-based
compensation expenses, gain or loss on derivative instruments,
goodwill impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact provides meaningful
supplemental information regarding our performance and liquidity by
excluding certain items identified as non-recurring and infrequent
in nature, and non-cash charges. The amount of share-based
compensation expenses, gain or loss on derivative instruments,
goodwill impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact are not built into the
Company's annual budgets and quarterly forecasts, which generally
will be the basis for information Tarena provides to analysts and
investors as guidance for future operating performance.
The non-GAAP financial measures are provided to enhance
investors' overall understanding of Tarena's current financial
performance and prospects for the future. A limitation of using
non-GAAP cost of revenues, operating expenses, operating income
(loss) and net income (loss), excluding the share-based
compensation expenses, gain or loss on derivative instruments,
goodwill impairment, impairment of intangibles via acquisitions of
businesses and the related tax impact is that the share-based
compensation charge has been and will continue to be a recurring
expense in the Company's business for the foreseeable future, and
gain or loss on derivative instruments, goodwill impairment,
impairment of intangibles via acquisitions of businesses and the
related tax impact may recur in the future. In order to mitigate
these limitations the Company has provided specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables include details on the reconciliation between
GAAP financial measures that are most directly comparable to the
non-GAAP financial measures the Company has presented.
[1] Excluding course
enrollments in kid education programs
[2] Excluding student enrollments in kid education programs
[3] Excluding learning centers that are for kid education programs
only
[4] Excluding kid education programs
[5] Excluding seat capacity that are for kid education programs
only
|
For further information, please contact:
Lei Song
Investor Relations Contact
Tarena International Inc.
Tel: +8610 56219451
Email: ir@tedu.cn
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands,
except share data and per share data)
|
|
As
of
|
|
March 31
|
|
December 31
|
|
2018
|
|
2017
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
708,719
|
|
|
686,691
|
Time
deposits
|
|
310,859
|
|
|
432,536
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
245,071
|
|
|
216,700
|
Amounts due from a
related party
|
|
265
|
|
|
231
|
Prepaid expenses and
other current assets
|
|
187,960
|
|
|
156,360
|
Total current
assets
|
|
1,452,874
|
|
|
1,492,518
|
Time
deposits
|
|
398
|
|
|
505
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
8,945
|
|
|
14,582
|
Property and
equipment, net
|
|
551,238
|
|
|
519,691
|
Long-term
investments
|
|
118,669
|
|
|
101,920
|
Other non-current
assets(a)
|
|
188,398
|
|
|
153,429
|
Total
assets
|
|
2,320,522
|
|
|
2,282,645
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
15,027
|
|
|
11,351
|
Income taxes
payable
|
|
119,781
|
|
|
125,971
|
Deferred
revenue
|
|
500,288
|
|
|
302,163
|
Accrued expenses and
other current liabilities
|
|
218,401
|
|
|
184,646
|
Total current
liabilities
|
|
853,497
|
|
|
624,131
|
Other non-current
liabilities
|
|
3,700
|
|
|
4,329
|
Total
liabilities
|
|
857,197
|
|
|
628,460
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
Class A ordinary
shares
|
|
328
|
|
|
327
|
Class B ordinary
shares
|
|
74
|
|
|
74
|
Treasury
stock(b)
|
|
(255,103)
|
|
|
(255,103)
|
Additional paid-in
capital
|
|
1,130,391
|
|
|
1,094,872
|
Accumulated other
comprehensive income
|
|
51,259
|
|
|
54,122
|
Retained
earnings
|
|
536,451
|
|
|
759,893
|
Total equity
attributable to Tarena International, Inc.
|
|
1,463,400
|
|
|
1,654,185
|
Non-controlling
interest
|
|
(75)
|
|
|
—
|
Total liabilities
and shareholders' equity
|
|
2,320,522
|
|
|
2,282,645
|
|
|
|
|
|
|
Note:
(a) The intangible
assets and goodwill arising from the acquisition of RTEC are
included in the other non-current assets for this report due to
that the evaluation of purchase price allocation is still under
review.
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
(in thousands,
except share data and per share data)
|
|
For the Three Months Ended
March 31
|
|
2018
|
|
2017
|
|
RMB
|
|
RMB
|
Net
revenues
|
|
406,321
|
|
|
332,748
|
Cost of
revenues(a)
|
|
(195,169)
|
|
|
(127,814)
|
Gross
profit
|
|
211,152
|
|
|
204,934
|
Selling and marketing
expenses(a)
|
|
(227,863)
|
|
|
(141,067)
|
General and
administrative expenses(a)
|
|
(131,837)
|
|
|
(79,758)
|
Research and
development expenses(a)
|
|
(39,588)
|
|
|
(18,228)
|
Operating
loss
|
|
(188,136)
|
|
|
(34,119)
|
Interest
income
|
|
8,763
|
|
|
3,474
|
Other
income
|
|
1,824
|
|
|
7,071
|
Foreign exchange
loss
|
|
(4,401)
|
|
|
(547)
|
Loss before income
taxes
|
|
(181,950)
|
|
|
(24,121)
|
Income tax benefits
(expense)
|
|
1,498
|
|
|
(512)
|
Net
loss
|
|
(180,452)
|
|
|
(24,633)
|
Less: Net loss
attributable to non-controlling interests
|
|
(75)
|
|
|
—
|
Net loss
attributable to Class A and Class B ordinary
shareholders
|
|
(180,377)
|
|
|
(24,633)
|
|
|
|
|
|
|
Loss per Class A
and Class B ordinary share:
|
|
|
|
|
|
Basic and
diluted
|
|
(3.21)
|
|
|
(0.44)
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
Basic and
diluted
|
|
56,258,187
|
|
|
56,326,455
|
|
|
|
|
|
|
Net
loss
|
|
(180,452)
|
|
|
(24,633)
|
Other
comprehensive loss
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
(2,863)
|
|
|
(1,839)
|
Unrealized gain on
available for sale securities, net of nil and RMB879 income taxes
for the first quarter of 2018 and 2017
|
|
—
|
|
|
14,730
|
Less:
reclassification adjustment for gain on available for sale
securities realized in net loss, net of nil and RMB879 income taxes
for the first quarter of 2018 and 2017
|
|
—
|
|
|
(4,980)
|
Comprehensive
loss
|
|
(183,315)
|
|
|
(16,722)
|
|
|
|
|
|
|
Notes:
(a)
Includes share-based compensation expense as follows:
|
|
|
|
|
|
|
|
For the Three Months Ended
March 31
|
|
|
2018
|
|
2017
|
|
|
RMB
|
|
RMB
|
Cost of
revenues
|
|
766
|
|
|
177
|
Selling and marketing
expenses
|
|
3,073
|
|
|
258
|
General and
administrative expenses
|
|
25,140
|
|
|
8,911
|
Research and
development expenses
|
|
5,747
|
|
|
1,764
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
(in thousands,
except share data and per share data)
|
|
For the Three Months Ended
March 31
|
|
2018
|
|
2017
|
|
RMB
|
|
RMB
|
GAAP Cost of
revenues
|
|
195,169
|
|
|
127,814
|
Share-based
compensation expense in cost of revenues
|
|
766
|
|
|
177
|
Non-GAAP Cost of
revenues
|
|
194,403
|
|
|
127,637
|
|
|
|
|
|
|
GAAP Selling and
marketing expenses
|
|
227,863
|
|
|
141,067
|
Share-based
compensation expense in selling and marketing expenses
|
|
3,073
|
|
|
258
|
Non-GAAP Selling
and marketing expenses
|
|
224,790
|
|
|
140,809
|
|
|
|
|
|
|
GAAP General and
administrative expenses
|
|
131,837
|
|
|
79,758
|
Share-based
compensation expense in general and administrative
expenses
|
|
25,140
|
|
|
8,911
|
Non-GAAP General
and administrative expenses
|
|
106,697
|
|
|
70,847
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
39,588
|
|
|
18,228
|
Share-based
compensation expense in research and development
expenses
|
|
5,747
|
|
|
1,764
|
Non-GAAP Research
and development expenses
|
|
33,841
|
|
|
16,464
|
|
|
|
|
|
|
Operating
loss
|
|
(188,136)
|
|
|
(34,119)
|
Share-based
compensation expenses
|
|
34,726
|
|
|
11,110
|
Non-GAAP Operating
loss
|
|
(153,410)
|
|
|
(23,009)
|
|
|
|
|
|
|
Net
loss
|
|
(180,452)
|
|
|
(24,633)
|
Share-based
compensation expenses
|
|
34,726
|
|
|
11,110
|
Non-GAAP net
loss
|
|
(145,726)
|
|
|
(13,523)
|
Less: Net loss
attributable to non-controlling interests
|
|
(75)
|
|
|
—
|
Non-GAAP net loss
attributable to Class A and Class B ordinary
shareholders
|
|
(145,651)
|
|
|
(13,523)
|
|
|
|
|
|
|
Non-GAAP loss per
Class A and Class B ordinary share(a)
|
|
|
|
|
|
Basic
|
|
(2.59)
|
|
|
(0.24)
|
Diluted
|
|
(2.59)
|
|
|
(0.24)
|
Weighted average
number of ordinary shares outstanding used in calculating
Non-GAAP loss per Class A and Class B ordinary
share(a)
|
|
|
|
|
|
Basic
|
|
56,258,187
|
|
|
56,326,455
|
Diluted
|
|
56,258,187
|
|
|
56,326,455
|
|
|
|
|
|
|
Notes:
(a) The Non-GAAP loss per Class A and Class B ordinary share is
computed using Non-GAAP net loss attributable to Class A and Class
B ordinary shareholders and the same number of ordinary shares used
in GAAP basic and diluted loss per Class A and Class B ordinary
share calculation.
(b) There was no tax impact of share-based compensation expenses
for the first quarter ended March 31, 2018 and 2017.
|
View original
content:http://www.prnewswire.com/news-releases/tarena-international-inc-announces-first-quarter-2018-results-300659334.html
SOURCE Tarena International, Inc.