SHANGHAI, Aug. 20, 2020
/PRNewswire/ -- Four Seasons Education (Cayman) Inc. ("Four Seasons
Education" or the "Company") (NYSE: FEDU), a leading Shanghai-based educational company dedicated
to providing comprehensive after-school education services with a
focus on high-quality math education, today announced its unaudited
financial results for the first quarter fiscal year 2021, ended
May 31, 2020.
First Quarter Fiscal Year 2021 Financial and Operational
Highlights
- Revenue decreased by 31.5% to RMB58.7
million (US$8.2 million) from
RMB85.6 million in the same period of
last year.
- Gross profit decreased by 43.1% to RMB22.4 million (US$3.1
million) from RMB39.4 million
in the same period of last year.
- Operating loss was RMB12.5
million (US$1.8 million),
compared with RMB2.1 million in the
same period of last year.
- Adjusted operating loss(1) (non-GAAP) was
RMB4.8 million (US$0.7 million), compared with adjusted operating
income of RMB7.8 million in the same
period of last year.
- Net loss was RMB11.5 million
(US$1.6 million), compared with net
income of RMB4.2 million in the same
period of last year.
- Adjusted net loss(2) (non-GAAP) was RMB0.6 million (US$0.1
million), compared with adjusted net income of RMB11.2 million in the same period of last
year.
- Basic and diluted net loss per American Depositary Share
("ADS") attributable to ordinary shareholders were both
RMB0.23 (US$0.03), compared with net income of both
RMB0.08, for the same period of last
year. Each two ADSs represent one ordinary share.
- Adjusted basic and diluted net income per ADS attributable to
ordinary shareholders(3) (non-GAAP) were both
RMB0.01 (US$0.00), compared with both RMB0.22, for the same period of last year.
- Number of learning centers was 50 as of May 31, 2020, compared with 52 as of May 31, 2019.
- Total student enrollment(4) was 44,634, compared
with 69,100 during the same period of last year. The decrease was
primarily due to the impact of the outbreak of COVID-19.
(1) Adjusted
operating income/loss is defined as operating income/loss excluding
share-based compensation expenses.
|
(2) Adjusted net
income/loss is defined as net income/loss excluding
share-based compensation expenses and fair value change of
investments.
|
(3) Adjusted
basic/diluted net income/loss per ADS attributable to ordinary
shareholders is defined as basic/diluted net income/loss per ADS
attributable to ordinary shareholders excluding share-based
compensation expenses per ADS attributable to ordinary shareholders
and fair value change of investments per ADS attributable to
ordinary shareholders.
|
For more information
on these adjusted financial measures, please see the section
captioned under "About Non-GAAP Financial Measures" and the tables
captioned "Reconciliation of GAAP and non-GAAP Results" set forth
at the end of this release.
|
(4) Total student
enrollment is defined as the cumulative number of courses enrolled
in and paid for by the Company's students during the
respective period, including multiple courses enrolled in and paid
for by the same student.
|
"In the first quarter of fiscal 2021, amid the ongoing outbreak
of the COVID-19, we have been diligently operating our online
classes while preparing ourselves for the market recovery," said
Ms. Yi (Joanne) Zuo, the Director
and Chief Executive Officer of Four Seasons Education. "During this
quarter, most of our courses were delivered online as offline
classes only started to resume in late May. In addition to academic
subject tutoring courses, we have also converted some of our
interest-based courses online to provide more options for our
students. With the growth of our online operation, we made a
strategic investment in Fuxi Network, an online education and
training service provider, to further strengthen our online
capability in building a comprehensive online-merging-offline
("OMO") model.
"While the spread of the pandemic has generally been under
control in China, currently, over
90% of our existing learning centers have resumed offline classes
after obtaining approvals from government authorities who have
reviewed and evaluated the compliance status of our facilities. We
have implemented strict sanitary and disinfection measures to
protect students' health and safety when studying at our
learning centers. Furthermore, we are privileged to have been
selected again as an organizer of Trusted Summer Childcare to
provide a superior environment and fulfilling summer experience for
kids. Our organization of this program is a testament to our
best-in-class education, well-equipped facilities, and
high-standard operation of learning centers.
"During the quarter, we continued to optimize our learning
center network, while taking into consideration the impact of
COVID-19, so as to more cost-efficiently allocate our offline
resources and utilize our budget. In light of the evolving pandemic
situation and the prevailing trend of online-offline integration,
we will continue to offer online courses with enhanced learning
experiences in addition to our offline classes. This approach
provides more options for our students and allows us greater
flexibility enabling smooth class delivery in any situation. It is
encouraging that enrollments for both our online and offline
courses demonstrated sequential growth in the first quarter of
fiscal 2021, which drove deferred revenue up by 44.1% compared with
the level as of February 29, 2020.
This is a positive indication of the gradual recovery of demand for
our education services. We are confident that with an efficient OMO
model, we are able to better serve a wider student population that
are attracted by our high-quality education and superior class
experience," Ms. Zuo concluded.
First Quarter Fiscal Year 2021 Financial Results
Revenue decreased by 31.5% to RMB58.7 million (US$8.2
million) for the first quarter of fiscal year 2021 from
RMB85.6 million in the same period of
last year, primarily due to the impact of the outbreak of
COVID-19.
Cost of revenue decreased by 21.6% to RMB36.3 million (US$5.1
million) for the first quarter of fiscal year 2021 from
RMB46.3 million in the same period of
last year.
Gross profit decreased by 43.1% to RMB22.4 million (US$3.1
million) for the first quarter of fiscal year 2021 from
RMB39.4 million in the same period of
last year.
General and administrative expenses decreased by
16.6% to RMB28.0 million
(US$3.9 million) for the first
quarter of fiscal year 2021 from RMB33.5
million in the same period of last year.
Sales and marketing expenses decreased by 11.5% to
RMB7.0 million (US$1.0 million) for the first quarter of fiscal
year 2021 from RMB7.9 million in
the same period of last year, primarily attributable to the
decrease of advertising due to the impact of COVID-19.
Operating loss was RMB12.5
million (US$1.8 million) for
the first quarter of fiscal year 2021, compared with RMB2.1 million in the same period of last year.
Adjusted operating loss(1) (non-GAAP), which is
calculated as operating loss excluding share-based compensation
expenses, was RMB4.8 million
(US$0.7 million) for the first
quarter of fiscal year 2021, compared with adjusted operating
income of RMB7.8 million in the same
period of last year.
Other expense, net was RMB2.8
million (US$0.4 million) for
the first quarter of fiscal year 2021, compared with other income
of RMB2.4 million in the same period
of last year, primarily due to investment fair value change.
Income tax benefit was RMB0.4
million (US$0.1 million) for
the first quarter of fiscal year 2021, compared with income tax
expense of RMB4.5 million in the same
period of last year.
Net loss was RMB11.5
million (US$1.6 million)
during the first quarter of fiscal year 2021, compared with net
income of RMB4.2 million in the
same period of last year. Adjusted net loss(2)
(non-GAAP), which is calculated as net loss excluding share-based
compensation expenses and fair value change of the Company's
investments, was RMB0.6 million
(US$0.1 million), compared with
adjusted net income of RMB11.2
million in the same period of last year.
Basic and diluted net loss per ADS attributable to ordinary
shareholders for the first quarter of fiscal year 2021 were
both RMB0.23 (US$0.03), compared with net income of both RMB0.08, for the same period of last
year. Adjusted basic and diluted net income per ADS
attributable to ordinary
shareholders(3) (non-GAAP), which is
calculated as basic/diluted net income/loss per ADS attributable to
ordinary shareholders excluding share-based compensation expenses
per ADS attributable to ordinary shareholders and fair value change
of investments measured at fair value per ADS attributable to
ordinary shareholders, were both RMB0.01 (US$0.00) for the first quarter of fiscal
year 2021, compared with both RMB0.22, for the same period of last year.
Cash and cash equivalents. As of May 31, 2020, the Company had cash and cash
equivalents of RMB430.3 million
(US$60.3 million), compared with
RMB404.7 million as of February 29, 2020.
Business Outlook
For the second quarter of fiscal year 2021, the Company expects
to generate revenue in the range of RMB79.9 million to RMB86.3 million.
The above guidance reflects the Company's current and
preliminary view, which is subject to change, particularly in
consideration of uncertainties related to the COVID-19 outbreak,
among others.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
August 20, 2020 (8:00 PM Beijing/Hong
Kong time on August 20, 2020)
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong Kong, China
(toll free):
|
800-905-945
|
Hong Kong,
China:
|
852-3018-4992
|
Mainland China (toll
free):
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for "Four
Seasons Education."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at http://ir.sijiedu.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until August 27, 2020, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10147342
|
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a leading Shanghai-based educational company dedicated
to providing comprehensive after-school education services with a
focus on high-quality math education. The Company's vision is to
unlock students' intellectual potential through high quality and
effective education that can profoundly benefit students' academic,
career and life prospects. The Company provides educational
programs that are primarily focused on elementary-level math and
have expanded in recent years to also include other subjects,
including physics, chemistry, and languages, and other grade
levels, including kindergarten-level and middle school-level
programs. The Company's proprietary educational content is designed
to cultivate students' interests and enhance their cognitive and
logic abilities. The Company develops its educational content
through a systematic development process and updates it regularly
based on student performance and feedback. Such process allows the
Company to effectively drive better learning outcomes and serve
students of different ages, aptitude levels and learning
objectives. The Company's faculty is led by a group of experienced
senior educators, including recognized scholars, award-winning
teachers. Over the years, the quality of the Company's education
services has been demonstrated by its student outstanding
academic performance.
About Non-GAAP Financial Measures
In evaluating the Company's business, the Company considers and
uses certain non-GAAP measures, including primarily adjusted
operating income/loss, adjusted net income/loss and adjusted basic
and diluted net income/loss per ADS attributable to ordinary
shareholders, as supplemental measures to review and assess the
Company's operating performance. Adjusted operating income/loss is
defined as operating income/loss excluding share-based compensation
expenses. Adjusted net income/loss is defined as net income/loss
excluding share-based compensation expenses and fair value change
of the Company's investments. Adjusted basic/ diluted net
income/loss per ADS attributable to ordinary shareholders is
defined as basic/diluted net income/loss per ADS attributable to
ordinary shareholders excluding share-based compensation expenses
per ADS attributable to ordinary shareholders and fair value change
of investments measured at fair value per ADS attributable to
ordinary shareholders. 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 U.S. GAAP.
The Company believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based expenses, fair
value change of investments measured at fair value and impairment
loss on intangible assets and goodwill (where applicable) that may
not be indicative of the Company's operating performance from a
cash perspective. The Company 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 the Company's historical
performance and liquidity. The Company also believes these non-GAAP
financial measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in the Company's financial and operational decision
making. A limitation of using non-GAAP measures is that these
non-GAAP measures exclude share-based compensation charges and fair
value change of investments measured at fair value (where
applicable) that have been and will continue to be for the
foreseeable future a significant recurring expense in the Company's
business. The Company compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables have more
details on the reconciliations between GAAP financial measures that
are most directly comparable to non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB7.1348 to US$1.00, the rate set forth in the H.10
statistical release of the U.S. Federal Reserve Board on
May 29, 2020.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract new students
and retain existing students, its ability to deliver a satisfactory
learning experience and improving their academic performance, PRC
regulations and policies relating to the education industry in
China, general economic conditions
in China, and the Company's
ability to meet the standards necessary to maintain listing of its
ADSs on the NYSE or other stock exchange, including its ability to
cure any non-compliance with the NYSE's continued listing criteria.
All information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or 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, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual reports on Form 20-F.
For investor and media inquiries, please contact:
In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: IR@fsesa.com
The Piacente Group, Inc.
Xi Zhang
Tel: +86 (10) 6508-0677
E-mail: fourseasons@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: fourseasons@tpg-ir.com
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)
|
|
|
As
of
|
|
|
|
February
29,
|
|
|
May
31,
|
|
|
May
31,
|
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
404,652
|
|
|
|
430,336
|
|
|
|
60,315
|
|
Accounts receivable
and contract assets
|
|
|
1,261
|
|
|
|
348
|
|
|
|
49
|
|
Amounts due from
related parties
|
|
|
-
|
|
|
|
191
|
|
|
|
27
|
|
Other receivables,
deposits and other assets
|
|
|
18,484
|
|
|
|
17,695
|
|
|
|
2,480
|
|
Short-term
investments
|
|
|
10,000
|
|
|
|
10,000
|
|
|
|
1,402
|
|
Long-term investment
under fair value - current
|
|
|
181,821
|
|
|
|
-
|
|
|
|
-
|
|
Total current
assets
|
|
|
616,218
|
|
|
|
458,570
|
|
|
|
64,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
37,703
|
|
|
|
10,536
|
|
|
|
1,477
|
|
Property and
equipment, net
|
|
|
19,749
|
|
|
|
17,582
|
|
|
|
2,464
|
|
Operating lease
right-of-use assets
|
|
|
190,074
|
|
|
|
189,043
|
|
|
|
26,496
|
|
Intangible assets,
net
|
|
|
8,765
|
|
|
|
8,286
|
|
|
|
1,161
|
|
Goodwill
|
|
|
35,163
|
|
|
|
36,967
|
|
|
|
5,181
|
|
Deferred tax
assets
|
|
|
13,445
|
|
|
|
15,779
|
|
|
|
2,212
|
|
Equity method
investments
|
|
|
1,295
|
|
|
|
42,952
|
|
|
|
6,020
|
|
Long-term investments
under fair value
|
|
|
104,414
|
|
|
|
280,857
|
|
|
|
39,364
|
|
Rental
deposits—non-current
|
|
|
10,790
|
|
|
|
11,790
|
|
|
|
1,652
|
|
Total non-current
assets
|
|
|
421,398
|
|
|
|
613,792
|
|
|
|
86,027
|
|
TOTAL
ASSETS
|
|
|
1,037,616
|
|
|
|
1,072,362
|
|
|
|
150,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due to related
parties
|
|
|
1,323
|
|
|
|
1,090
|
|
|
|
153
|
|
Accrued expenses and
other current liabilities
|
|
|
75,118
|
|
|
|
77,937
|
|
|
|
10,924
|
|
Operating lease
liabilities – current
|
|
|
51,842
|
|
|
|
54,819
|
|
|
|
7,683
|
|
Income tax
payable
|
|
|
12,789
|
|
|
|
7,749
|
|
|
|
1,086
|
|
Deferred
revenue
|
|
|
71,946
|
|
|
|
103,648
|
|
|
|
14,527
|
|
Total current
liabilities
|
|
|
213,018
|
|
|
|
245,243
|
|
|
|
34,373
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)
|
|
|
As
of
|
|
|
|
February
29,
|
|
|
May
31,
|
|
|
May
31,
|
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
2,136
|
|
|
|
2,020
|
|
|
|
283
|
|
Operating lease
liabilities – non-current
|
|
|
147,510
|
|
|
|
144,458
|
|
|
|
20,247
|
|
Total non-current
liabilities
|
|
|
149,646
|
|
|
|
146,478
|
|
|
|
20,530
|
|
TOTAL
LIABILITIES
|
|
|
362,664
|
|
|
|
391,721
|
|
|
|
54,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
674,952
|
|
|
|
680,641
|
|
|
|
95,397
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
1,037,616
|
|
|
|
1,072,362
|
|
|
|
150,300
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data and per share data)
|
|
|
Three Months Ended
May 31,
|
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Revenue
|
|
|
85,644
|
|
|
|
58,678
|
|
|
|
8,224
|
|
Cost of
revenue
|
|
|
(46,291)
|
|
|
|
(36,271)
|
|
|
|
(5,084)
|
|
Gross
profit
|
|
|
39,353
|
|
|
|
22,407
|
|
|
|
3,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
(33,519)
|
|
|
|
(27,954)
|
|
|
|
(3,918)
|
|
Sales and marketing
expenses
|
|
|
(7,887)
|
|
|
|
(6,983)
|
|
|
|
(979)
|
|
Operating
loss
|
|
|
(2,053)
|
|
|
|
(12,530)
|
|
|
|
(1,757)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidy
income
|
|
|
7,372
|
|
|
|
3,507
|
|
|
|
492
|
|
Interest income,
net
|
|
|
1,078
|
|
|
|
986
|
|
|
|
138
|
|
Other income
(expenses), net
|
|
|
2,367
|
|
|
|
(2,757)
|
|
|
|
(386)
|
|
Income (loss)
before income taxes and loss from
equity
method investments
|
|
|
8,764
|
|
|
|
(10,794)
|
|
|
|
(1,513)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
|
(4,515)
|
|
|
|
387
|
|
|
|
54
|
|
Loss from equity
method investments
|
|
|
(81)
|
|
|
|
(1,134)
|
|
|
|
(159)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
4,168
|
|
|
|
(11,541)
|
|
|
|
(1,618)
|
|
Net income (loss)
attributable to non-controlling interest
|
|
|
399
|
|
|
|
(854)
|
|
|
|
(120)
|
|
Net income (loss)
attributable to Four Seasons Education
(Cayman)
Inc.
|
|
|
3,769
|
|
|
|
(10,687)
|
|
|
|
(1,498)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.16
|
|
|
|
(0.46)
|
|
|
|
(0.06)
|
|
Diluted
|
|
|
0.15
|
|
|
|
(0.46)
|
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating
net income
(loss) per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
24,061,293
|
|
|
|
23,131,195
|
|
|
|
23,131,195
|
|
Diluted
|
|
|
24,831,899
|
|
|
|
23,131,195
|
|
|
|
23,131,195
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
(in thousands, except share data and per share data)
|
|
|
Three Months Ended
May 31,
|
|
|
|
2019
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Net income
(loss)
|
|
|
4,168
|
|
|
|
(11,541)
|
|
|
|
(1,618)
|
|
Other
comprehensive income, net of
tax
of nil
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
16,075
|
|
|
|
8,725
|
|
|
|
1,223
|
|
Comprehensive
income (loss)
|
|
|
20,243
|
|
|
|
(2,816)
|
|
|
|
(395)
|
|
Less: Comprehensive
income (loss) attributable to non-controlling interest
|
|
|
399
|
|
|
|
(854)
|
|
|
|
(120)
|
|
Comprehensive
income (loss) attributable to
Four
Seasons Education (Cayman) Inc.
|
|
|
19,844
|
|
|
|
(1,962)
|
|
|
|
(275)
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(in thousands, except share data and per share data)
|
|
|
Three Months Ended
May 31,
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
Operating
loss
|
|
(2,053)
|
|
(12,530)
|
|
(1,757)
|
Add: share-based
compensation expenses
|
|
9,815
|
|
7,689
|
|
1,078
|
Adjusted operating
income (loss) (non-GAAP)
|
|
7,762
|
|
(4,841)
|
|
(679)
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
4,168
|
|
(11,541)
|
|
(1,618)
|
Add: share-based
compensation expenses (net of tax effect of nil)
|
|
9,815
|
|
7,689
|
|
1,078
|
Add: fair value
change of investments, excluding foreign currency
translation
adjustment (net of tax effect of nil)
|
|
(2,780)
|
|
3,234
|
|
453
|
Adjusted net
income (loss) (non-GAAP)
|
|
11,203
|
|
(619)
|
|
(87)
|
|
|
|
|
|
|
|
Basic net income
(loss) per ADS attributable to ordinary shareholders
|
|
0.08
|
|
(0.23)
|
|
(0.03)
|
Add: share-based
compensation expenses per ADS attributable to
ordinary
shareholders
|
|
0.20
|
|
0.17
|
|
0.02
|
Add: fair value
change of investments per ADS attributable to
ordinary
shareholders
|
|
(0.06)
|
|
0.07
|
|
0.01
|
Adjusted basic net
income per ADS attributable to
ordinary
shareholders (non-GAAP)
|
|
0.22
|
|
0.01
|
|
0.00
|
Diluted net income
(loss) per ADS attributable to
ordinary
shareholders
|
|
0.08
|
|
(0.23)
|
|
(0.03)
|
Add: share-based
compensation expenses per ADS attributable to
ordinary
shareholders
|
|
0.20
|
|
0.17
|
|
0.02
|
Add: fair value
change of investments per ADS attributable to
ordinary
shareholders
|
|
(0.06)
|
|
0.07
|
|
0.01
|
Adjusted diluted
net income per ADS attributable
to ordinary
shareholders (non-GAAP)
|
|
0.22
|
|
0.01
|
|
0.00
|
Weighted average ADSs
used in calculating earnings per ADS
|
|
|
|
|
|
|
Basic
|
|
48,122,586
|
|
46,262,390
|
|
46,262,390
|
Diluted
|
|
49,663,797
|
|
46,262,390
|
|
46,262,390
|
View original
content:http://www.prnewswire.com/news-releases/four-seasons-education-reports-first-quarter-fiscal-2021-unaudited-financial-results-301115546.html
SOURCE Four Seasons Education Inc.