ATA Creativity Global (“ACG” or the “Company”, Nasdaq:
AACG), an international educational services company
focused on providing quality learning experiences that cultivate
and enhance students’ creativity, today announced preliminary
unaudited financial results for the quarter ended March 31, 2020
(“First Quarter 2020”), and its adoption of a share repurchase
plan.
First Quarter 2020
Highlights
- During First Quarter 2020, student enrollment was 681, of which
404 were enrolled in the Portfolio Training Program (as defined
below). Approximately 26,410 credit hours (i.e., the standard unit
measuring educational credit for the Portfolio Training Program;
each credit hour roughly equals to one hour of time committed) were
delivered during First Quarter 2020.
- First Quarter 2020 net revenues of RMB32.7 million (US$4.6
million), primarily driven by revenues from portfolio training and
overseas study counseling services
- Student enrollments and net revenues were impacted by
seasonality as a result of the Chinese Spring Festival holiday, as
well as the outbreak of the coronavirus disease (“COVID-19”), which
resulted in certain enrollment deferrals.
- First Quarter 2020 net loss attributable to ACG of RMB20.5
million (US$2.9 million), compared to RMB12.9 million in the
prior-year period
- RMB152.8 million (US$21.6 million) in cash and cash equivalents
as of March 31, 2020
Adoption of Share Repurchase
Program
The Company’s Board of Directors has approved a
share repurchase program, under which ACG is authorized to
repurchase up to US$1 million of its issued and outstanding
American Depositary Shares (“ADSs”), effective immediately through
the end of 2020.
The repurchases will be made from time to time
on the open market at prevailing market prices, in negotiated
transactions off the market, in block trades, pursuant to a 10b5-1
plan (which if adopted, will allow ACG to repurchase its ADSs
during periods in which it may be in possession of material
non-public information) or otherwise. The purchases will be made
subject to restrictions relating to volume, price and timing under
applicable law, including the anti-manipulation provisions of Rule
10b-18 under the Securities Exchange Act of 1934, as amended. The
timing and extent of any purchases will depend upon market
conditions, the trading price of its ADSs and other factors. ACG
expects to implement this share repurchase program in a manner
consistent with market conditions and the interest of its
shareholders. ACG’s Board of Directors will review the share
repurchase program periodically and may authorize adjustment of its
terms and size accordingly. The program may be suspended or
discontinued at any time. The repurchase program does not obligate
ACG to make additional repurchases at any specific time or
situation.
Management Commentary
Mr. Kevin Ma, Chairman and CEO of ACG,
stated, “ATA Creativity Global started the year in a position of
continued financial strength and increasingly efficient operations
following the acquisition and integration of Beijing Huanqiuyimeng
Education Consultation Corp. (‘Huanqiuyimeng’) in the second half
of 2019. We are fortunate to have the solid foundation needed to
navigate the challenges businesses all over the world are facing as
a result of COVID-19, and we continue to operate our business under
these unusual circumstances while putting the health and safety of
our students and employees first. We also continue exploring
M&A opportunities as appropriate, though only so much can be
done during the vetting process in the current environment when
site visits and in-person meetings are prohibited. We are prepared
to continue supporting our students via online platform and are
looking into ways in which we can maximize the potential of online
technologies to increase our sales pipeline and better serve our
students with an expanded and more flexible curriculum.”
Mr. Ma continued, “The approval of a share
repurchase program by our Board of Directors reflects our
confidence in the Company’s future and our commitment to creating
long-term value for our shareholders. Our current cash position
provides us with the flexibility to implement this share repurchase
program while executing on our growth strategies and other
strategic opportunities.”
Outlook/Impact of COVID-19
Mr. Jun Zhang, President of ACG, stated, “We saw
steady enrollments in our portfolio training programs during First
Quarter 2020 despite the challenges presented by COVID-19. Even in
this environment, students wish to continue to pursue their studies
in art and creativity, and we are providing them with access to
top-notch instructors around the country and additional
academic/emotional support via remote online platform. ACG has a
flexible operating infrastructure, which allows our business to
scale appropriately to meet changes in demand from our students. We
can utilize such operating flexibility to streamline costs, such as
adjusting teacher structure to reduce teaching costs during any
downturn, while almost immediately ramping up to satisfy the needs
of students coming back into our programs. While the long-term
impact of COVID-19 remains relatively uncertain, we do expect that
the virus will impact our educational travel service as many of our
partner institutions will not hold their regular summer programs.
We are pleased to announce that we expect to have alternative
options for students this summer, such as online programs
partnering with certain well-known overseas art schools and
institutions and newly developed art-themed domestic travel
programs. Above all, we continue to prioritize the health and
safety of our students, faculty, staff and employees, and remain
cognizant of how COVID-19 is impacting our people and
operations.”
Operating Review
Enrollment Update
ACG’s main line of business primarily consists
of training for students focused on arts and creative studies (the
“Portfolio Training Program”). Teachers guide students in preparing
a collection of artwork that demonstrates how a student’s skills
and ideas have developed over time and helps universities and
colleges evaluate the student’s potential. These courses are
delivered either in person through ACG’s nationwide training center
network or via online platform. The Portfolio Training Program
consists of time-based programs and project-based programs.
ACG student enrollment for First Quarter 2020
was 681, of which 404 were enrolled in the Portfolio Training
Program.
A total of 26,410 credit hours were delivered
during First Quarter 2020, of which 16,655 credit hours were
delivered for time-based programs and 9,755 credit hours were
delivered for project-based programs.
The following is a summary of the credit hours
delivered for the Portfolio Training Program, for the period
beginning January 1, 2020, to March 31, 2020, compared to those for
the prior-year period:
|
|
|
|
|
|
|
Jan. 1 – Mar. 31, 2020 |
|
Jan. 1 – Mar. 31, 2019 |
|
% Growth |
|
No. of Credit Hours |
|
No. of Credit Hours |
|
|
|
|
|
|
|
|
Time-based Program |
16,655 |
|
22,398 |
|
(25.6%) |
Project-based Program |
9,755 |
|
6,529 |
|
49.4% |
Total |
26,410 |
|
28,927 |
|
(8.7%) |
|
|
|
|
|
|
During First Quarter 2020, 277 students were
enrolled in ACG’s other programs, which mainly consist of overseas
study counseling services and foreign language training
services.
First Quarter 2020 Financial Review –
GAAP Results
Note: Impact of Huanqiuyimeng Acquisition on and
Certain Adjustments to the Company’s Financial StatementsFollowing
the completion of the Huanqiuyimeng business acquisition whereby
Huanqiuyimeng became a wholly owned subsidiary of the Company in
2019, the financial results presented in this press release
incorporate financial contributions from Huanqiuyimeng for First
Quarter 2020. In addition, the Company has applied acquisition
accounting and made purchase price allocation (“PPA”)
adjustments to various assets acquired and liabilities assumed from
the Huanqiuyimeng business acquisition.
ACG’s total net revenues for First Quarter 2020
were RMB32.7 million (US$4.6 million), compared to RMB1.6 million
in the prior-year period, driven primarily by revenue from the
Huanqiuyimeng business. Net revenues for this quarter include a
negative adjustment of RMB6.0 million resulting from amortization
of the difference between the carrying value of deferred
revenues in Huanqiuyimeng’s book and the fair value of deferred
revenues assessed from the PPA process applied to the Huanqiuyimeng
business acquisition (“PPA Adjustment to Net Revenues”). Revenues
from portfolio training programs were RMB18.7 million, or 57.3% of
total net revenues, during the period. Revenues from other
educational services and the K-12 business were RMB14.0 million, or
42.7% of total net revenues during the period.
Gross profit for First Quarter 2020 was RMB11.7
million (US$1.7 million), compared to RMB0.4 million in the
prior-year period. Gross margin was 35.8% during the period,
compared to 25.3% in the prior-year period, prior to the
Huanqiuyimeng business acquisition. Excluding the PPA Adjustment to
Net Revenues stated above, gross margin for First Quarter 2020
would have been 45.8%.
Total operating expenses for First Quarter 2020
were RMB38.4 million (US$5.4 million), which includes RMB5.0
million in expenses amortized from intangible assets recognized
from the Huanqiuyimeng business acquisition, compared to RMB16.5
million in the prior-year period, primarily due to increased
selling, general and administrative expenses of RMB27.6 million
related to the acquired Huanqiuyimeng operations.
Loss from operations for First Quarter 2020 was
RMB26.5 million (US$3.7 million), compared to RMB15.4 million in
the prior-year period as a result of the increased operating
expenses mentioned above.
Net loss attributable to ACG for First Quarter
2020 was RMB20.5 million (US$2.9 million), compared to RMB12.9
million in the prior-year period.
For First Quarter 2020, basic and diluted losses
per common share attributable to ACG were both RMB0.35 (US$0.05),
compared to RMB0.31 for the prior-year period. Basic and diluted
losses per ADS attributable to ACG were both RMB0.70 (US$0.10),
compared to RMB0.62 in the prior-year period.
Non-GAAP Measures
Adjusted net loss attributable to ACG for First
Quarter 2020, which excludes share-based compensation expense and
foreign currency exchange loss (non-GAAP), was RMB19.8 million
(US$2.8 million), compared to adjusted net loss of RMB10.9 million
in the prior-year period.
Basic and diluted losses per common share
attributable to ACG excluding share-based compensation expense and
foreign currency exchange loss (non-GAAP) for First Quarter 2020,
were RMB0.34 (US$0.05). Basic and diluted losses per ADS
attributable to ACG excluding share-based compensation expense and
foreign currency exchange loss (non-GAAP) for First Quarter 2020
were RMB0.68 (US$0.10).
Please see the note about non-GAAP measures and
the reconciliation table at the end of this press release.
Other Data
The number of weighted average ADSs used to
calculate both basic and diluted earnings per ADS for First Quarter
2020 was 31.3 million. Each ADS represents two common shares.
Balance Sheet Highlights
As of March 31, 2020, ACG’s cash and cash
equivalents were RMB152.8 million (US$21.6 million), working
capital deficit was RMB94.5 million (US$13.3 million), and total
shareholders’ equity was RMB283.6 million (US$40.0 million);
compared to cash and cash equivalents of RMB154.2 million, working
capital deficit of RMB81.3 million, and total shareholders’ equity
of RMB305.6 million, respectively, as of December 31,
2019.
Conference Call and Webcast Information
(With Accompanying Presentation)
ACG will host a conference call at
9 p.m. Eastern Time on Thursday, May 14, 2020 (9 a.m.
Beijing time on Friday, May 15, 2020), during which management will
discuss the results of the quarter ended March 31, 2020. Investors
are welcome to send any questions in advance of the conference call
either through the webcast portal or via email to the Company’s
contacts listed below.
To participate in the conference call, please
use the following dial-in numbers about 10 minutes prior to the
scheduled conference call time:
U.S. & Canada (Toll-Free): |
+1
(800) 230-3019 |
International (Toll): |
+1 (617) 597-5413 |
|
Toll-Free |
Local Access |
China: |
(800) 990 1345 |
(400) 881 1630 |
Hong Kong: |
(800) 962844 |
3071 5030 |
|
|
|
Participant Passcode: |
47143670# |
|
A live webcast of the conference call can be
accessed at the investor relations section of ACG’s website
at www.atai.net.cn or by clicking the following link:
https://www.webcaster4.com/Webcast/Page/274/34650.
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 ACG’s website. To listen
to the webcast, please visit ACG’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 ACG’s website and will
remain available for 90 days.
About ATA Creativity Global
ATA Creativity Global is an international
educational services company focused on providing quality learning
experiences that cultivate and enhance students’ creativity. ATA
Creativity Global offers a wide range of education services
consisting primarily of portfolio training, educational travel,
overseas study counseling and other educational services through
its training center network. For more information, please visit
ACG’s website at www.atai.net.cn.
Cautionary Note Regarding
Forward-looking Statements
This announcement contains forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the Private
Securities Litigation Reform Act of 1995.
These forward-looking statements can be
identified by terms such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “forecast,” “future,” “intend,” “look forward
to,” “outlook,” “plan,” “should,” “will,” and similar terms and
include, among other things, statements regarding ACG’s
future growth and results of operations; ACG’s strategy of
becoming a leading international education service provider; ACG’s
plans for mergers and acquisitions generally; the benefits of the
Huanqiuyimeng Acquisition; ACG’s ability to operate efficiently and
maintain continued financial strength under unusual circumstances;
ACG’s growth strategy and subsequent business activities; market
demand for ACG’s portfolio training programs and other education
services; the impact of the COVID-19 outbreak on ACG and its
operations; ACG’s plan and anticipated benefits of the measures
implemented in response to the COVID-19 outbreak; and the
implementation and the benefits of the share repurchase
program.
The factors that could cause the Company’s
actual financial and operating results to differ from what the
Company currently anticipates may include its ability to develop
and create content that could accommodate needs of potential
students, its ability to provide effective creative related
international education services and control sales and marketing
expenses, its recognition in the marketplace for services it
delivered and branding it established, its ability to integrate the
acquired business, its ability to maintain market share amid
increasing competition, its ability to identify and execute on
M&A opportunities within the education sector, the economy of
China, uncertainties with respect to China’s legal and regulatory
environments, the outbreak of COVID-19 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
December 31, 2019, and other filings that ACG has made with
the SEC. The filings are available on the SEC’s website
at www.sec.gov and at ACG’s website
at www.atai.net.cn. For additional information on the risk
factors that could adversely affect the Company’s business,
financial conditions, results of operations, and prospects, please
see the “Risk Factors” section of the Company’s Form 20-F for
the fiscal year ended December 31, 2019.
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
ACG 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 changes in its expectations, except as may be
required by law. Although the Company believes that its
expectations and assumptions 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
Translation
The Company’s financial information is stated in
Renminbi (“RMB”), the currency of the People’s Republic of China.
The translations of RMB amounts for the quarter ended March
31, 2019, into U.S. dollars are included solely for the convenience
of readers and have been made at the rate of RMB7.0808 to US$1.00,
the noon buying rate as of March 31, 2020, 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.
generally accepted accounting principles (“GAAP”).
About Non-GAAP Financial
Measures
To supplement ACG’s consolidated financial
information presented in accordance with U.S. GAAP, ACG 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. ACG 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.
ACG 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 ACG’s historical performance. ACG computes its
non-GAAP financial measures using a consistent method
from period to period. ACG 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 ACG’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
ACG.
For more information on our company,
please contact the following individuals:
At
the Company |
Investor Relations |
ATA Creativity Global |
The Equity Group Inc. |
Amy Tung, CFO |
Carolyne Y. Sohn, Vice
President |
+86 10 6518 1133 x 5518 |
415-568-2255 |
amytung@atai.net.cn |
csohn@equityny.com |
|
|
|
Adam Prior, Senior Vice
President |
|
212-836-9606 |
|
aprior@equityny.com |
|
|
ATA CREATIVITY GLOBAL AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
|
December 31, |
|
|
March 31, |
|
|
March 31, |
|
|
2019 |
|
|
2020 |
|
|
2020 |
|
|
RMB |
|
|
RMB |
|
|
USD |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
154,197,758 |
|
|
152,843,753 |
|
|
21,585,662 |
|
Accounts receivable, net |
214,591 |
|
|
475,691 |
|
|
67,180 |
|
Subscription receivable |
8,530,931 |
|
|
8,664,101 |
|
|
1,223,605 |
|
Prepaid expenses and other current assets |
16,490,369 |
|
|
20,353,610 |
|
|
2,874,478 |
|
Loan receivable, net |
4,126,502 |
|
|
4,190,917 |
|
|
591,871 |
|
Total current assets |
183,560,151 |
|
|
186,528,072 |
|
|
26,342,796 |
|
|
|
|
|
|
|
Long-term investments |
45,726,391 |
|
|
45,726,390 |
|
|
6,457,800 |
|
Goodwill |
200,478,795 |
|
|
200,478,795 |
|
|
28,313,015 |
|
Property and equipment, net |
42,070,794 |
|
|
40,888,998 |
|
|
5,774,630 |
|
Intangible assets, net |
135,599,770 |
|
|
130,114,557 |
|
|
18,375,686 |
|
Right-of-use assets |
40,786,291 |
|
|
32,688,812 |
|
|
4,616,542 |
|
Deferred income tax assets |
11,464,891 |
|
|
10,222,684 |
|
|
1,443,719 |
|
Other non-current assets |
16,402,750 |
|
|
17,715,646 |
|
|
2,501,927 |
|
Total assets |
676,089,833 |
|
|
664,363,954 |
|
|
93,826,115 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accrued expenses and other payables |
47,747,054 |
|
|
52,405,315 |
|
|
7,401,045 |
|
Short-term loan |
4,991,000 |
|
|
9,000,000 |
|
|
1,271,043 |
|
Payable for business acquisition |
19,642,082 |
|
|
19,642,082 |
|
|
2,773,992 |
|
Lease liabilities-current |
20,556,017 |
|
|
20,005,343 |
|
|
2,825,294 |
|
Deferred revenues |
171,880,131 |
|
|
179,957,578 |
|
|
25,414,865 |
|
Total current liabilities |
264,816,284 |
|
|
281,010,318 |
|
|
39,686,239 |
|
|
|
|
|
|
|
Other non-current liabilities |
12,500,120 |
|
|
9,897,271 |
|
|
1,397,762 |
|
Deferred income tax liabilities |
48,241,809 |
|
|
44,121,217 |
|
|
6,231,106 |
|
Total liabilities |
325,558,213 |
|
|
335,028,806 |
|
|
47,315,107 |
|
|
|
|
|
|
|
Mezzanine equity-redeemable non-controlling
interests |
44,896,428 |
|
|
45,766,198 |
|
|
6,463,422 |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common shares |
4,692,312 |
|
|
4,711,930 |
|
|
665,452 |
|
Treasury shares |
(27,737,073 |
) |
|
(27,737,073 |
) |
|
(3,917,223 |
) |
Additional paid-in capital |
560,814,066 |
|
|
559,044,500 |
|
|
78,952,166 |
|
Accumulated other comprehensive loss |
(37,478,167 |
) |
|
(34,682,665 |
) |
|
(4,898,128 |
) |
Retained earnings (accumulated deficit) |
(200,151,065 |
) |
|
(222,050,041 |
) |
|
(31,359,457 |
) |
Total shareholders’ equity attributable to
ACG |
300,140,073 |
|
|
279,286,651 |
|
|
39,442,810 |
|
Non-redeemable non-controlling interests |
5,495,119 |
|
|
4,282,299 |
|
|
604,776 |
|
Total shareholders’ equity |
305,635,192 |
|
|
283,568,950 |
|
|
40,047,586 |
|
Commitments and contingencies |
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders’
equity |
676,089,833 |
|
|
664,363,954 |
|
|
93,826,115 |
|
|
|
|
|
|
|
|
|
|
ATA CREATIVITY GLOBAL AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
Three-month Period Ended |
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
2019 |
|
|
2020 |
|
|
2020 |
|
|
RMB |
|
|
RMB |
|
|
USD |
|
Net
revenues |
1,616,408 |
|
|
32,703,405 |
|
|
4,618,603 |
|
Cost of
revenues |
1,208,098 |
|
|
20,979,552 |
|
|
2,962,879 |
|
Gross profit |
408,310 |
|
|
11,723,853 |
|
|
1,655,724 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
3,008,952 |
|
|
2,381,089 |
|
|
336,274 |
|
Sales and marketing |
1,835,014 |
|
|
11,502,625 |
|
|
1,624,481 |
|
General and administrative |
11,702,615 |
|
|
24,542,143 |
|
|
3,466,013 |
|
Total operating expenses |
16,546,581 |
|
|
38,425,857 |
|
|
5,426,768 |
|
Other operating income, net |
704,859 |
|
|
235,452 |
|
|
33,252 |
|
Loss from operations |
(15,433,412 |
) |
|
(26,466,552 |
) |
|
(3,737,792 |
) |
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
Investments loss |
— |
|
|
(32,427 |
) |
|
(4,580 |
) |
Interest income, net of interest expenses |
1,177,179 |
|
|
387,579 |
|
|
54,737 |
|
Foreign currency exchange loss, net |
(3,812 |
) |
|
(69,128 |
) |
|
(9,763 |
) |
Loss from operations before income taxes |
(14,260,045 |
) |
|
(26,180,528 |
) |
|
(3,697,398 |
) |
Income tax benefit |
— |
|
|
(2,786,536 |
) |
|
(393,534 |
) |
Net loss |
(14,260,045 |
) |
|
(23,393,992 |
) |
|
(3,303,864 |
) |
Net loss attributable to redeemable non-controlling
interests |
(618,727 |
) |
|
(572,748 |
) |
|
(80,887 |
) |
Net loss attributable to non-redeemable non-controlling
interests |
(742,473 |
) |
|
(2,364,787 |
) |
|
(333,972 |
) |
Net loss attributable to ACG |
(12,898,845 |
) |
|
(20,456,457 |
) |
|
(2,889,005 |
) |
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
Foreign
currency translation adjustment, net of nil income taxes |
(1,106,254 |
) |
|
2,795,502 |
|
|
394,800 |
|
Comprehensive loss attributable to
ACG |
(14,005,099 |
) |
|
(17,660,955 |
) |
|
(2,494,205 |
) |
|
|
|
|
|
|
Basic and
diluted losses per common share attributable to ACG |
(0.31 |
) |
|
(0.35 |
) |
|
(0.05 |
) |
Basic and diluted losses per ADS attributable to ACG |
(0.62 |
) |
|
(0.70 |
) |
|
(0.10 |
) |
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP
MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
|
|
|
Three-month Period Ended |
|
March 31, |
|
|
March 31, |
|
|
2019 |
|
|
2020 |
|
|
RMB |
|
|
RMB |
|
GAAP net loss attributable to
ACG |
(12,898,845 |
) |
|
(20,456,457 |
) |
Share-based compensation
expenses |
1,990,435 |
|
|
584,799 |
|
Foreign currency exchange loss,
net |
3,812 |
|
|
69,128 |
|
Non-GAAP net loss attributable to
ACG |
(10,904,598 |
) |
|
(19,802,530 |
) |
|
|
|
|
GAAP losses per common share
attributable to ACG Basic and diluted |
(0.31 |
) |
|
(0.35 |
) |
|
|
|
|
Non-GAAP losses per common share
attributable to ACG Basic and diluted |
(0.27 |
) |
|
(0.34 |
) |
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