BEIJING, May 17, 2022 /PRNewswire/ -- Tarena
International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a
leading provider of adult professional education and childhood
& adolescent quality education services in China, today announced its unaudited financial
results for the first quarter ended March 31, 2022.
First Quarter 2022 Highlights
- Net revenues increased by 16.8% year-over-year to RMB623.5 million (US$98.4
million), from RMB533.8
million in the same period of 2021.
- Net revenue from childhood & adolescent quality education
business, which represented 56.8% of the total net revenues,
increased by 27.2% year-over-year to RMB353.9 million (US$55.8
million), from RMB278.3
million in the same period of 2021.
- Net revenue from adult professional education business, which
represented 43.2% of the total net revenues, increased by 5.5%
year-over-year to RMB269.6 million
(US$42.5 million), from RMB255.5 million in the same period of 2021.
- Gross profit increased by 43.6% year-over-year to RMB358.9 million (US$56.6
million), from RMB249.9
million in the same period of 2021.
- Gross profit margin increased by 10.8% points year-over-year to
57.6%, from 46.8% in the same period of 2021.
- Operating income was RMB28.6
million (US$4.5 million),
compared to operating loss of RMB129.5
million in the same period of 2021. Operating margin
improved year-over-year to 4.6% from -24.3% in the same period of
2021.
- Non-GAAP operating income, which excluded share-based
compensation expenses, was RMB30.0
million (US$4.7 million),
compared to non-GAAP operating loss of RMB122.6 million in the same period of 2021.
- Income tax expense was RMB5.4
million (US$0.9 million),
compared to income tax benefit of RMB7.4
million in the same period of 2021.
- Net income was RMB27.1 million
(US$4.3 million), compared to net
loss of RMB121.9 million in the same
period of 2021.
- Non-GAAP net income, which excluded share-based compensation
expenses, was RMB28.5 million
(US$4.5 million), compared to
non-GAAP net loss of RMB115.0 million
in the same period of 2021.
- Basic income per ordinary share was RMB0.48 (US$0.08),
compared to loss per ordinary share of RMB2.17 in the first quarter of 2021. Diluted
income per ordinary share was RMB0.47 (US$0.07),
compared to loss per ordinary share of RMB2.17 in the first quarter of 2021.
- Cash, cash equivalents and time deposits, including current and
non-current, and restricted cash totaled RMB416.4 million (US$65.7
million) as of March 31, 2022,
compared to RMB430.4 million as of
December 31, 2021.
- Net cash outflow from operating activities in the first quarter
of 2022 was RMB18.9 million
(US$3.0 million). Capital
expenditures in the first quarter of 2022 were RMB10.6 million (US$1.7
million).
- Deferred revenue totaled RMB1,974.2
million (US$311.4 million) as
of March 31, 2022, compared to
RMB2,024.9 million as of December 31, 2021, representing a decrease of
2.5%.
- Total student enrollments in childhood & adolescent quality
education business, defined as the total number of students who
attended at least one paid lesson during that period or have
deposit balances in their accounts at the end of that period, in
the first quarter of 2022 reached 173,100, increased by 27.7%,
compared to the student enrollments of 135,500 in the same period
of 2021.
- Total number of learning centers in childhood & adolescent
quality education decreased to 232 as of March 31, 2022, from 236 as of March 31, 2021.
- Total student enrollments in adult professional education
business, defined as the total number of courses enrolled by
students during that period, including multiple courses enrolled by
the same student, in the first quarter of 2022 decreased by 5.5%
year-over-year to 29,300.
- Total number of learning centers in adult professional
education increased to 99 as of March 31,
2022, from 96 as of March 31,
2021.
Key Financial Results
|
|
For the Three Months Ended
March
31,
|
Variance
|
% of
change
|
|
|
|
2021
|
|
2022
|
|
RMB
|
|
|
|
|
Unaudited
|
|
Unaudited
|
|
|
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
(in thousands,
except for percentages)
|
|
Net
revenues
|
|
533,786
|
|
623,506
|
|
89,720
|
16.8
|
|
Cost of
revenues(a)
|
|
(283,843)
|
|
(264,588)
|
|
19,255
|
-6.8
|
|
Gross
profit
|
|
249,943
|
|
358,918
|
|
108,975
|
43.6
|
|
Gross
margin
|
|
46.8%
|
|
57.6%
|
|
10.8%
|
|
|
Selling and marketing
expenses(a)
|
|
(213,758)
|
|
(172,400)
|
|
41,358
|
-19.3
|
|
General and
administrative expenses(a)
|
|
(143,192)
|
|
(141,585)
|
|
1,607
|
-1.1
|
|
Research and
development expenses(a)
|
|
(22,468)
|
|
(16,342)
|
|
6,126
|
-27.3
|
|
Total operating
expenses
|
|
(379,418)
|
|
(330,327)
|
|
49,091
|
-12.9
|
|
Operating
income/(loss)
|
|
(129,475)
|
|
28,591
|
|
158,066
|
122.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes share-based compensation expenses.
|
"In the first quarter of 2022, we ended our long streak of
quarterly net losses to achieve a net income. This marked the
beginning of a healthy trajectory for our business. Our net income
reached RMB27.1 million, operating
income reached RMB28.6 million, and
operating margin reached 4.6%. Even under the impact of seasonal
factors of the Chinese New Year, our cash balance remained
relatively well preserved at RMB416.4
million.
Such financial performance resulted from the effective
implementation and execution of our sound long-term business
strategy, with revenue growth and continued cost reduction. In the
first quarter of 2022, our net revenues increased by 16.8%
year-over-year, with the adult professional education business
enjoying renewed year-over-year growth of 5.5%; the childhood &
adolescent quality education business has seen positive
year-over-year growth for seven consecutive quarters since the
outbreak of the pandemic, with 27.2% year-over-year increase in the
first quarter of 2022. On the other hand, in the first quarter of
2022, our cost of revenues and operating expenses decreased by 6.8%
and 12.9% year-over-year respectively, thanks to continued
effective cost management." remarked Ms. Ying Sun, the Chief Executive Officer of
Tarena.
"Our core competitive advantages are backed by the constant
optimization and upgrading of our business procedures and
processes, which include our Online-Merge-Offline (OMO) customer
acquisition model and omni-channel service delivery capability.
This ability was tested in the first quarter, when we kept the
business running smoothly, even when a resurgence of COVID-19 cases
emerged in certain areas in China.
Looking ahead, we will continue to focus on the core advantages
of 'adaptation of the Online-Merge-Offline (OMO) model to develop
and deliver our comprehensive products', 'offline learning center
operation capability' and 'customer acquisition capability' to
continually improve operational efficiency and maintain positive
and healthy development." concluded Ms. Ying Sun.
First Quarter 2022 Results
Net Revenues
Total net revenues increased by 16.8% to RMB623.5 million (US$98.4
million) in the first quarter of 2022, from RMB533.8 million in the same period of 2021.
Net revenue from childhood & adolescent quality education
business increased by 27.2% to RMB353.9
million (US$55.8 million) in
the first quarter of 2022, from RMB278.3
million in same period of 2021. The increase was primarily
due to increase in student enrollments from 135,500 in the first
quarter of 2021 to 173,100 in the same period of 2022.
Net revenue from adult professional education business increased
by 5.5% to RMB269.6 million
(US$42.5 million) in the first
quarter of 2022, from RMB255.5
million in same period of 2021. The increase was mainly
attributable to the increase in certificate revenue, partially
offset by a drop in student enrollments from 31,000 in the first
quarter of 2021 to 29,300 in the same period of 2022.
Cost of Revenues
Cost of revenues decreased by 6.8% to RMB264.6 million (US$41.7
million) in the first quarter of 2022, from RMB283.8 million in the same period of 2021. The
decrease was primarily due to decline in personnel-related cost
resulting from decrease in the accrual of performance-based bonus
and decrease in depreciation expenses.
Gross Profit and Gross Margin
Gross profit increased by 43.6% to RMB358.9 million (US$56.6
million) in the first quarter of 2022, from RMB249.9 million in the same period of 2021.
Gross margin, which is equal to gross profit divided by net
revenues, was 57.6% in the first quarter of 2022, compared to 46.8%
in the same period of 2021. The increase in gross margin was
primarily attributable to the increase in net revenue and decrease
in cost of revenues in both childhood & adolescent quality
education and adult professional education businesses.
Operating Expenses
Total operating expenses decreased by 12.9% to RMB330.3 million (US$52.1
million) in the first quarter of 2022, from RMB379.4 million in the same period of 2021.
Total non-GAAP operating expenses, which excluded share-based
compensation expenses, decreased by 11.8% to RMB328.9 million (US$51.9
million) in the first quarter of 2022, from RMB372.7 million in the same period of 2021.
Total share-based compensation expenses allocated to operating
expenses decreased by 79.1% to RMB1.4
million (US$0.2 million) in
the first quarter of 2022, from RMB6.7
million in the same period of 2021.
Selling and marketing expenses decreased by 19.3% to
RMB172.4 million (US$27.2 million) in the first quarter of 2022,
from RMB213.8 million in the same
period of 2021. The decrease was mainly due to decrease in
personnel-related cost resulting from the drop in the number of
sales staffs and decline in advertising expenses in the first
quarter of 2022 as compared to the same period of
2021.
General and administrative expenses decreased slightly by 1.1%
to RMB141.6 million (US$22.3 million) in the first quarter of 2022,
from RMB143.2 million in the same
period of 2021.
Research and development expenses decreased by 27.3% to
RMB16.3 million (US$2.6 million) in the first quarter of 2022,
from RMB22.5 million in the same
period of 2021. The decrease was mainly due to decrease in
personnel-related expense in the first quarter of 2022.
Operating Income/(Loss)
Operating income was RMB28.6
million (US$4.5 million) in
the first quarter of 2022, compared to operating loss of
RMB129.5 million in the same period
of 2021. Non-GAAP operating income, which excluded share-based
compensation expenses, was RMB30.0
million (US$4.7 million) in
the first quarter of 2022, compared to non-GAAP operating loss of
RMB122.6 million in the same period
of 2021.
Interest Income
Net interest income was RMB0.3
million (US$0.05 million) in
the first quarter of 2022, compared to net interest income of
RMB0.6 million in the same period of
2021.
Other Income
Other income was RMB3.7 million
(US$0.6 million) in the first quarter
of 2022, compared to RMB0.3 million
in other income in the same period of 2021. The increase was
primarily attributable to the gain realized in the disposal of a
long-term investment.
Foreign Exchange Loss
Foreign exchange loss was RMB0.1
million (US$0.01 million) in
the first quarter of 2022, compared to RMB0.7 million foreign exchange loss in the same
period of 2021.
Income Tax (Expense)/Benefit
The Company recorded an income tax expense of RMB5.4 million (US$0.9
million) in the first quarter of 2022, compared to income
tax benefit of RMB7.4 million in the
same period of 2021. The increase in tax expense was mainly because
the Company has made profits in the first quarter of 2022.
Net Income/(Loss)
As a result of the foregoing, net income was RMB27.1 million (US$4.3
million) in the first quarter of 2022, compared to net loss
of RMB121.9 million in the same
period of 2021. Non-GAAP net income, which excluded share-based
compensation expenses, was RMB28.5
million (US$4.5 million) in
the first quarter of 2022, compared to non-GAAP net loss of
RMB115.0 million in the same period
of 2021.
Basic and Diluted Income/(Loss) per
ordinary share
Basic income per ordinary share was RMB0.48 (US$0.08)
in the first quarter of 2022, compared to loss per
ordinary share of RMB2.17 in the
first quarter of 2021. Diluted income per ordinary share was
RMB0.47 (US$0.07) in the first quarter of 2022, compared
to loss per ordinary share of RMB2.17 in the first quarter of 2021. Non-GAAP
basic income per ordinary share, which excluded share-based
compensation expenses, was RMB0.50
(US$0.08) in the first quarter of
2022, compared to non-GAAP loss per ordinary share of
RMB2.05 in the first quarter of 2021.
Non-GAAP diluted income per ordinary share, which excluded
share-based compensation expenses, was RMB0.49 (US$0.08)
in the first quarter of 2022, compared to non-GAAP loss per
ordinary share of RMB2.05 in the
first quarter of 2021.
Cash Flow
Net cash outflow from operating activities in the first quarter
of 2022 was RMB18.9 million
(US$3.0 million). Capital
expenditures in the first quarter of 2022 were RMB10.6 million (US$1.7
million).
Business Outlook
Based on the Company's current estimates, total net revenues for
the second quarter of 2022 are expected to be in the range of
RMB600 million and RMB630 million, which represent an increase of
3.1% to 8.2% as compared to the net revenues in the second quarter
of 2021, after taking into consideration the seasonal fluctuation
factor and the likely continued impact of the COVID-19.
This guidance is based on the current market conditions and
reflects the Company's current and preliminary estimates of market
and operating conditions, which are subject to change, particularly
as to the potential impact of COVID-19 on the economy in
China and elsewhere in the
world.
Exchange Rate Information
All translations made in the financial statements or elsewhere
in this press release made from RMB into United States dollars ("US$") are solely for
convenience and calculated at the rate of US$1.00=RMB6.3393,
representing the exchange rate as of March
31, 2022, set forth in the H.10 statistical release of the
U.S. Federal Reserve Board. No representation is made that the RMB
amounts could have been, or could be, converted, realized or
settled into US$ at that rate, or at any other rate, on
March 31, 2022.
Conference Call
Company management will hold an earnings conference call and
live webcast to discuss the Company's results at 8:00 AM on May 17,
2022, U.S. Eastern Time (8:00
PM on May 17, 2022, Beijing
Time).
Dial-in details for the earnings conference call are as
follows:
United States:
+1-855-824-5644
Hong Kong, China:
+852-3027-6500
Mainland China:
8009-880-563/400-821-0637
United Kingdom: 0800-026-1542
International: +1-646-722-4977
Passcode: 27103456#
Please dial in ten minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following number until May 24,
2022:
United States:
+1-646-982-0473
International: +61-2-8325-2405
Passcode: 520002317#
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.
About Tarena International, Inc.
Tarena is a leading provider of adult professional education and
childhood and adolescent quality education services in China. Through its innovative education
platform combining live distance instruction, classroom-based
tutoring and online learning modules, Tarena offers adult
professional education courses in IT and non-IT subjects. Its adult
professional education courses provide students with practical
skills to prepare them for jobs in industries with significant
growth potential and strong hiring demand. Tarena also offers
childhood and adolescent quality education programs, including
computer coding and robotics programming courses, etc., targeting
students aged between three and eighteen.
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. Among other
things, the business outlook, the quotations from management in
this announcement, as well as the Company's strategic and
operational plans contain forward-looking 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: the impact of the COVID-19 outbreak;
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 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 ordinary share, 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.
For further information, please contact:
Investor Relations Contact
Tarena International, Inc.
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
|
|
|
December 31,
|
|
March
31,
|
|
March
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
423,766
|
|
409,803
|
|
64,645
|
Time
deposits
|
|
6,257
|
|
6,236
|
|
984
|
Restricted
cash
|
|
255
|
|
150
|
|
24
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
48,458
|
|
56,311
|
|
8,883
|
Amounts due from
related parties
|
|
839
|
|
962
|
|
152
|
Prepaid expenses and
other current assets
|
|
139,757
|
|
121,838
|
|
19,218
|
Total current
assets
|
|
619,332
|
|
595,300
|
|
93,906
|
Time deposits-non
current
|
|
123
|
|
224
|
|
35
|
Accounts receivable,
net of allowance for doubtful accounts-non current
|
|
90
|
|
188
|
|
30
|
Amount due from
related parties-non current
|
|
683
|
|
694
|
|
109
|
Property and
equipment, net
|
|
299,441
|
|
282,728
|
|
44,599
|
Intangible assets,
net
|
|
9,906
|
|
9,306
|
|
1,468
|
Goodwill
|
|
52,782
|
|
52,782
|
|
8,326
|
Right-of-use
assets
|
|
495,936
|
|
425,346
|
|
67,097
|
Long-term investments,
net
|
|
46,449
|
|
44,445
|
|
7,011
|
Deferred income tax
assets
|
|
41,000
|
|
38,846
|
|
6,128
|
Other non-current
assets, net
|
|
76,040
|
|
77,298
|
|
12,194
|
Total
assets
|
|
1,641,782
|
|
1,527,157
|
|
240,903
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term bank
loans
|
|
30,000
|
|
32,000
|
|
5,048
|
Accounts
payable
|
|
8,914
|
|
6,950
|
|
1,096
|
Amounts due to related
parties
|
|
554
|
|
353
|
|
56
|
Operating lease
liabilities-current
|
|
239,937
|
|
217,993
|
|
34,388
|
Income taxes
payable
|
|
89,000
|
|
91,962
|
|
14,507
|
Deferred
revenue-current
|
|
2,008,078
|
|
1,958,480
|
|
308,943
|
Accrued expenses and
other current liabilities
|
|
563,603
|
|
538,536
|
|
84,951
|
Total current
liabilities
|
|
2,940,086
|
|
2,846,274
|
|
448,989
|
Deferred revenue-non
current
|
|
16,774
|
|
15,706
|
|
2,478
|
Operating lease
liabilities-non current
|
|
272,575
|
|
229,185
|
|
36,153
|
Other non-current
liabilities
|
|
4,767
|
|
4,688
|
|
739
|
Total
liabilities
|
|
3,234,202
|
|
3,095,853
|
|
488,359
|
Commitments and
contingencies
|
|
-
|
|
-
|
|
-
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
355
|
|
355
|
|
56
|
Class B ordinary
shares
|
|
74
|
|
74
|
|
12
|
Treasury
stock
|
|
(459,815)
|
|
(464,497)
|
|
(73,273)
|
Additional paid-in
capital
|
|
1,347,205
|
|
1,348,593
|
|
212,735
|
Accumulated other
comprehensive income
|
|
48,699
|
|
48,648
|
|
7,674
|
Accumulated
deficit
|
|
(2,520,438)
|
|
(2,493,877)
|
|
(393,399)
|
Total deficit
attributable to the shareholders of Tarena International,
Inc.
|
|
(1,583,920)
|
|
(1,560,704)
|
|
(246,195)
|
Non-controlling
interest
|
|
(8,500)
|
|
(7,992)
|
|
(1,261)
|
Total liabilities
and equity
|
|
1,641,782
|
|
1,527,157
|
|
240,903
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
(in thousands, except share data and per share data)
|
|
|
|
|
|
|
For the Three Months Ended
March
31,
|
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
533,786
|
|
623,506
|
|
98,356
|
|
Cost of
revenues(a)
|
|
(283,843)
|
|
(264,588)
|
|
(41,738)
|
|
Gross
profit
|
|
249,943
|
|
358,918
|
|
56,618
|
|
Selling and marketing
expenses(a)
|
|
(213,758)
|
|
(172,400)
|
|
(27,195)
|
|
General and
administrative expenses(a)
|
|
(143,192)
|
|
(141,585)
|
|
(22,334)
|
|
Research and
development expenses(a)
|
|
(22,468)
|
|
(16,342)
|
|
(2,579)
|
|
Operating
income/(loss)
|
|
(129,475)
|
|
28,591
|
|
4,510
|
|
Interest
income
|
|
589
|
|
298
|
|
47
|
|
Other
income
|
|
343
|
|
3,663
|
|
578
|
|
Foreign exchange
loss
|
|
(689)
|
|
(85)
|
|
(13)
|
|
Income/(loss)
before income taxes
|
|
(129,232)
|
|
32,467
|
|
5,122
|
|
Income tax
benefit/(expense)
|
|
7,352
|
|
(5,398)
|
|
(852)
|
|
Net
income/(loss)
|
|
(121,880)
|
|
27,069
|
|
4,270
|
|
Less: Net
income/(loss) attributable to non-controlling interests
|
|
(1,039)
|
|
508
|
|
80
|
|
Net income/(loss)
attributable to Class A and Class B
ordinary
shareholders
|
|
(120,841)
|
|
26,561
|
|
4,190
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per Class A and Class B ordinary share:
|
|
|
|
|
|
|
|
Basic
|
|
(2.17)
|
|
0.48
|
|
0.08
|
|
Diluted
|
|
(2.17)
|
|
0.47
|
|
0.07
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
55,670,995
|
|
55,676,443
|
|
55,676,443
|
|
Diluted
|
|
55,670,995
|
|
56,603,993
|
|
56,603,993
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
|
|
(121,880)
|
|
27,069
|
|
4,270
|
|
Other comprehensive
income/(loss)
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
87
|
|
(51)
|
|
(8)
|
|
Comprehensive income/(loss)
|
|
(121,793)
|
|
27,018
|
|
4,262
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
(a) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
March
31,
|
|
|
|
2021
Unaudited
|
|
2022
Unaudited
|
|
2022
Unaudited
|
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
185
|
|
11
|
|
2
|
|
|
Selling and marketing
expenses
|
|
1,033
|
|
144
|
|
23
|
|
|
General and
administrative expenses
|
|
5,310
|
|
958
|
|
151
|
|
|
Research and
development expenses
|
|
379
|
|
275
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2021
Unaudited
|
|
2022
Unaudited
|
|
2022
Unaudited
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
GAAP Cost of
revenues
|
|
283,843
|
|
264,588
|
|
41,738
|
|
Share-based
compensation expense in cost of revenues
|
|
185
|
|
11
|
|
2
|
|
Non-GAAP Cost of
revenues
|
|
283,658
|
|
264,577
|
|
41,736
|
|
|
|
|
|
|
|
|
|
GAAP Selling and
marketing expenses
|
|
213,758
|
|
172,400
|
|
27,195
|
|
Share-based
compensation expense in selling and marketing
expenses
|
|
1,033
|
|
144
|
|
23
|
|
Non-GAAP Selling
and marketing expenses
|
|
212,725
|
|
172,256
|
|
27,172
|
|
|
|
|
|
|
|
|
|
GAAP General and
administrative expenses
|
|
143,192
|
|
141,585
|
|
22,334
|
|
Share-based
compensation expense in general and administrative
expenses
|
|
5,310
|
|
958
|
|
151
|
|
Non-GAAP General
and administrative expenses
|
|
137,882
|
|
140,627
|
|
22,183
|
|
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
22,468
|
|
16,342
|
|
2,579
|
|
Share-based
compensation expense in research and development
expenses
|
|
379
|
|
275
|
|
43
|
|
Non-GAAP Research
and development expenses
|
|
22,089
|
|
16,067
|
|
2,536
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss)
|
|
(129,475)
|
|
28,591
|
|
4,510
|
|
Share-based
compensation expenses
|
|
6,907
|
|
1,388
|
|
219
|
|
Non-GAAP Operating
income/(loss)
|
|
(122,568)
|
|
29,979
|
|
4,729
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
(121,880)
|
|
27,069
|
|
4,270
|
|
Share-based
compensation expenses
|
|
6,907
|
|
1,388
|
|
219
|
|
Non-GAAP Net
income/(loss)
|
|
(114,973)
|
|
28,457
|
|
4,489
|
|
Less: Net
income/(loss) attributable to non-controlling interests
|
|
(1,039)
|
|
508
|
|
80
|
|
Non-GAAP net
income/(loss) attributable to Class A and Class
B ordinary shareholders
|
|
(113,934)
|
|
27,949
|
|
4,409
|
|
Non-GAAP net
income/(loss) per Class A and Class B ordinary
share(a)
|
|
|
|
|
|
|
|
Basic
|
|
(2.05)
|
|
0.50
|
|
0.08
|
|
Diluted
|
|
(2.05)
|
|
0.49
|
|
0.08
|
|
Weighted average
number of ordinary shares outstanding used
in calculating Non-GAAP net loss per Class A and Class B
ordinary share(a)
|
|
|
|
|
|
|
|
Basic
|
|
55,670,995
|
|
55,676,443
|
|
55,676,443
|
|
Diluted
|
|
55,670,995
|
|
56,603,993
|
|
56,603,993
|
|
|
|
|
|
|
|
|
|
Notes:
(a) The Non-GAAP net
income/(loss) per ordinary share is computed using Non-GAAP net
income/(loss) attributable to ordinary
shareholders and the same number of ordinary shares are used in
GAAP basic and diluted net income/(loss) per ordinary share
calculation.
(b) There was no tax
impact of share-based compensation expenses for the first quarter
of 2022 and 2021, respectively.
|
View original
content:https://www.prnewswire.com/news-releases/tarena-international-inc-announces-the-results-for-the-first-quarter-of-2022-301548751.html
SOURCE Tarena International, Inc.