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 and six months ended
June 30, 2021 (“Second Quarter 2021” and “First Half 2021”,
respectively).
Second Quarter 2021 and First Half 2021
Highlights
- During Second Quarter 2021, student
enrollment increased to 1,051, from 772 in the prior-year period.
Of these students, 561 were enrolled in ACG’s portfolio training
programs. 28,445 credit hours were delivered during Second Quarter
2021, compared to 27,933 in the prior-year period.
- Second Quarter 2021 net revenues
increased 39.4% to RMB36.8 million (US$5.7 million), from RMB26.4
million in the prior-year period, primarily driven by increased
contributions from portfolio training and other educational
services.
- Second Quarter 2021 net income
attributable to ACG was RMB14.1 million (US$2.2 million), compared
to net loss attributable to ACG of RMB32.1 million in the
prior-year period.
- First Half 2021 net revenues increased
25.9% to RMB74.4 million (US$11.5 million), from RMB59.1 million in
the prior-year period.
- First Half 2021 net loss attributable
to ACG improved to RMB4.9 million (US$0.8 million), compared to
RMB52.5 million in the prior-year period.
- RMB91.4 million (US$14.2 million) in
cash and cash equivalents as of June 30, 2021
Management Commentary
Mr. Kevin Ma, Chairman and CEO of ACG, stated, “We were
gratified to see improving trends from the post-pandemic recovery
continue into Second Quarter 2021, during which we achieved over
39% growth on the top line and improved gross margin primarily
driven by increased contributions from our core portfolio training
services business. During the period, the Company decided to sell
one of its legacy businesses in K-12 education assessment services,
which will enable us to focus our efforts on growing the core
business, international education services. We increased our sales
and marketing efforts through various promotional activities, which
helped improve our enrollment numbers for the period. For Second
Quarter 2021, enrollment in our portfolio training programs
increased by 26.4% to 561 students from the prior-year period. As
we have made a conscious effort in recent years to shift more
portfolio training students toward project-based programs, credit
hours delivered for project-based programs increased over 20%
during the period, though there was only a slight increase in total
credit hours delivered. With the increasing shift to project-based
programs, we have restructured compensation for our instructors,
motivating them to utilize fewer credit hours for completing a
project while continuing to maintain the quality of education and
support for students. This has contributed to our top line growth
when compared with the prior-year period and has also helped to
improve service delivery efficiencies.”
Outlook
Mr. Jun Zhang, President of ACG, stated, “We continue to see
tangible results from the work we did to strengthen our leads and
sales management platform, as well as our program offerings in
response to the pandemic environment, particularly as we are in the
heart of the busier summer travel season. As we shared in May, we
are not offering study abroad programs this summer given the
lingering impact of the pandemic and are instead working closely
with our overseas partners in offering alternative programs, such
as online bootcamps, internships and other on-site workshop
programs. We are also offering new themed domestic travel programs,
similar to those we held last summer, which were well received by
students. We believe research-based learning services will continue
to contribute to our top line in future periods as we look to
expand our experiential offerings beyond the summer months.”
Mr. Zhang continued, “A few weeks ago, the General Office of the
Communist Party of China Central Committee and the General Office
of the State Council jointly issued a set of guidelines focused on
companies providing after-school academic course tutoring services
for students receiving compulsory education (the “Guidelines”). As
ACG focuses on creative arts education and experiential learning,
we do not anticipate our business to be materially impacted by
these Guidelines. We remain vigilant in maintaining compliance with
applicable rules and regulations relating to our operations. ACG
remains well capitalized and well positioned to execute on future
business opportunities.”
Operating Review
Enrollment Update
ACG student enrollment for Second Quarter 2021 was 1,051, of
which 561 were enrolled in portfolio training programs, which
consisted of time-based programs and project-based programs.
A total of 28,445 credit hours were delivered for portfolio
training programs during Second Quarter 2021, of which 14,224
credit hours were delivered for time-based programs and 14,221
credit hours were delivered for project-based programs. These
courses were delivered either in person through ACG’s nationwide
training center network or via online platform.
The following is a summary of the credit hours delivered for
ACG’s portfolio training programs for Second Quarter 2021, compared
to those for the prior-year period:
|
SecondQuarter EndedJune 30,
2021 |
|
SecondQuarter EndedJune 30,
2020 |
|
% Change |
|
No. of CreditHours |
|
No. of CreditHours |
|
|
|
|
|
|
|
|
Time-based Program |
14,224 |
|
16,191 |
|
(12.1%) |
Project-based Program |
14,221 |
|
11,742 |
|
21.1% |
Total |
28,445 |
|
27,933 |
|
1.8% |
During Second Quarter 2021, 490 students were enrolled in ACG’s
other programs, which primarily consisted of overseas study
counselling services, research-based learning services, as well as
foreign language training services.
Second Quarter 2021 Financial Review – GAAP
Results
ACG’s total net revenues for Second Quarter 2021 increased 39.4%
to RMB36.8 million (US$5.7 million), from RMB26.4 million in the
prior-year period, driven primarily by portfolio training and other
educational services as more services were delivered than during
the prior-year period when more restrictions on service delivery
were in place due to the COVID-19 pandemic. Revenues from portfolio
training programs were RMB29.1 million, or 79.1% of total net
revenues, during the period. Revenues from overseas study
counselling services, research-based learning services and other
educational services were RMB7.7 million, or 20.9% of total net
revenues, during the period.
Gross profit for Second Quarter 2021 increased 142.4% to RMB16.0
million (US$2.5 million), from RMB6.6 million in the prior-year
period. Gross margin improved to 43.4% during the period, compared
to 25.1% in the prior-year period. The improvement was contributed
by the operating efficiency gained from the ongoing shift of our
portfolio training mix toward project-based programs and related
cost optimization.
Total operating expenses for Second Quarter 2021 decreased 11.9%
to RMB39.8 million (US$6.2 million), from RMB45.2 million in the
prior-year period. This decrease was primarily due to an RMB12.9
million decrease in G&A expenses as a result of the deferral of
the final RMB10.0 million to fund ACG‘s research project with the
Research Institute of Future Education and Assessment of Tsinghua
University this year and decreased professional fees incurred,
which was partially offset by an RMB6.7 million increase in selling
expenses primarily related to higher sales performance bonus
expense.
Loss from operations for Second Quarter 2021 improved to RMB23.8
million (US$3.7 million), from RMB38.5 million in the prior-year
period.
Net income attributable to ACG for Second Quarter 2021 was
RMB14.1 million (US$2.2 million), compared to a net loss
attributable to ACG of RMB32.1 million in the prior-year
period.
For Second Quarter 2021, basic and diluted earnings per common
share attributable to ACG were both RMB0.21 (US$0.03), compared to
basic and diluted losses per common share of RMB0.54 for the
prior-year period. Basic and diluted earnings per ADS attributable
to ACG were both RMB0.42 (US$0.06), compared to basic and diluted
losses per ADS of RMB1.08 in the prior-year period.
First Half 2021 Financial Review – GAAP
Results
ACG’s total net revenues for First Half 2021 increased 25.9 % to
RMB74.4 million (US$11.5 million), from RMB59.1 million in the
prior-year period, driven primarily by increased contributions from
portfolio training and other educational services. Revenues from
portfolio training programs were RMB53.0 million, or 71.2% of total
net revenues, during the period. Revenues from overseas study
counselling services, research-based learning services and other
educational services were RMB21.4 million, or 28.8% of total net
revenues, during the period.
Gross profit for First Half 2021 increased 67.4% to RMB30.8
million (US$4.8 million), from RMB18.4 million in the prior-year
period. Gross margin improved to 41.5% during the period, compared
to 31.1% in the prior-year period.
Total operating expenses for First Half 2021 decreased 6.9% to
RMB77.9 million (US$12.1 million), from RMB83.7 million in the
prior-year period. The decrease was primarily due to an RMB15.1
million decrease in G&A expenses, partially offset by an RMB8.5
million increase in selling expenses mainly related to
Huanqiuyimeng operations, as described in the Second Quarter 2021
financial review above.
Loss from operations for First Half 2021 improved to RMB47.1
million (US$7.3 million), from RMB65.0 million in the prior-year
period.
Net loss attributable to ACG for First Half 2021 improved to
RMB4.9 million (US$0.8 million), compared to RMB52.5 million in the
prior-year period.
For First Half 2021, basic and diluted losses per common share
attributable to ACG were both RMB0.11 (US$0.02), compared to
RMB0.89 for the prior-year period. Basic and diluted losses per ADS
attributable to ACG were both RMB0.22 (US$0.04), compared to
RMB1.78 in the prior-year period.
Non-GAAP Measures
Adjusted net income attributable to ACG for Second Quarter 2021,
which excludes share-based compensation expense and foreign
currency exchange loss (non-GAAP), was RMB14.7 million (US$2.3
million), compared to adjusted net loss of RMB31.7 million in the
prior-year period.
Basic and diluted earnings per common share attributable to ACG
excluding share-based compensation expense and foreign currency
exchange loss (non-GAAP) for Second Quarter 2021, were RMB0.22
(US$0.03). Basic and diluted earnings per ADS attributable to ACG
excluding share-based compensation expense and foreign currency
exchange loss (non-GAAP) for Second Quarter 2021 were RMB0.44
(US$0.06).
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 basic and
diluted earnings per ADS for Second Quarter 2021 were 31.5 million
and 31.6 million, respectively. Each ADS represents two common
shares.
Balance Sheet Highlights
As of June 30, 2021, ACG’s cash and cash equivalents were
RMB91.4 million (US$14.2 million), working capital deficit was
RMB183.4 million (US$28.4 million), and total shareholders’ equity
was RMB220.3 million (US$34.1 million); compared to cash and cash
equivalents of RMB112.7 million, working capital deficit of
RMB153.9 million, and total shareholders’ equity of RMB199.2
million, respectively, as of December 31, 2020.
Conference Call and Webcast Information (With
Accompanying Presentation)
ACG will host a conference call at 9 p.m. Eastern Time
on Thursday, August 12, 2021 (9 a.m. Beijing time on Friday, August
13, 2021), during which management will discuss the results of the
quarter ended June 30, 2021.
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
(877) 407-9122 |
International (Toll): |
+1 (201) 493-6747 |
|
|
|
Local Access |
China: |
(400) 120 2840 |
Hong Kong: |
(800) 965561 |
A live webcast of the conference call can be accessed
at: https://78449.themediaframe.com/dataconf/productusers/atac/mediaframe/46104/indexl.html.
An accompanying slide presentation will also be made available
30 minutes prior to the conference call at the investor relations
section of ACG’s website (https://ir.atai.net.cn/). 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 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, research-based learning services, overseas
study counselling 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 plans for mergers and acquisitions
generally; ACG’s ability to operate efficiently and maintain
continued financial strength under unusual circumstances; ACG’s
growth strategy, anticipated growth prospects and subsequent
business activities; market demand for ACG’s portfolio training
programs and other education services; the impact of the COVID-19
pandemic and the Guidelines on ACG and its operations; and ACG’s
plan and anticipated benefits of the measures implemented in
response to the COVID-19 pandemic.
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 impact of the COVID-19
pandemic 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, 2020,
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,
2020.
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 June 30,
2021, into U.S. dollars are included solely for the convenience of
readers and have been made at the rate of RMB6.4566 to US$1.00, the
noon buying rate as of June 30, 2021, 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@acgedu.cn |
csohn@equityny.com |
|
|
|
Adam Prior, Senior Vice
President |
|
212-836-9606 |
|
aprior@equityny.com |
|
ATA CREATIVITY GLOBAL AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
December 31, |
|
|
June 30, |
|
|
June 30, |
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
RMB |
|
|
RMB |
|
|
USD |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
112,723,433 |
|
|
91,364,510 |
|
|
14,150,561 |
|
Accounts receivable, net |
2,245,194 |
|
|
711,400 |
|
|
110,182 |
|
Prepaid expenses and other current assets |
5,970,973 |
|
|
5,974,167 |
|
|
925,281 |
|
Total current assets |
120,939,600 |
|
|
98,050,077 |
|
|
15,186,024 |
|
|
|
|
|
|
|
Long-term investments |
44,000,000 |
|
|
44,000,000 |
|
|
6,814,732 |
|
Goodwill |
194,754,963 |
|
|
194,754,963 |
|
|
30,163,703 |
|
Property and equipment, net |
38,119,216 |
|
|
37,830,868 |
|
|
5,859,255 |
|
Intangible assets, net |
110,586,111 |
|
|
101,969,444 |
|
|
15,793,056 |
|
Right-of-use assets |
41,779,086 |
|
|
42,146,872 |
|
|
6,527,719 |
|
Deferred income tax assets |
2,491,792 |
|
|
2,535,181 |
|
|
392,650 |
|
Other non-current assets |
22,950,264 |
|
|
25,828,596 |
|
|
4,000,340 |
|
Total assets |
575,621,032 |
|
|
547,116,001 |
|
|
84,737,479 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accrued expenses and other payables |
47,020,182 |
|
|
39,998,217 |
|
|
6,194,935 |
|
Short-term loans |
6,801,000 |
|
|
— |
|
|
— |
|
Payable for business acquisition |
4,642,082 |
|
|
— |
|
|
— |
|
Lease liabilities-current |
16,972,187 |
|
|
17,065,279 |
|
|
2,643,075 |
|
Deferred revenues |
199,448,112 |
|
|
224,376,519 |
|
|
34,751,498 |
|
Total current liabilities |
274,883,563 |
|
|
281,440,015 |
|
|
43,589,508 |
|
|
|
|
|
|
|
Lease Liabilities-non-current |
24,005,765 |
|
|
22,807,040 |
|
|
3,532,361 |
|
Deferred income tax liabilities |
28,985,472 |
|
|
22,616,674 |
|
|
3,502,877 |
|
Total liabilities |
327,874,800 |
|
|
326,863,729 |
|
|
50,624,746 |
|
|
|
|
|
|
|
Mezzanine equity-redeemable non-controlling
interests |
48,498,368 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common shares |
4,716,675 |
|
|
4,720,147 |
|
|
731,058 |
|
Treasury shares |
(11,625,924 |
) |
|
(10,277,602 |
) |
|
(1,591,798 |
) |
Additional paid-in capital |
541,272,503 |
|
|
540,507,303 |
|
|
83,713,921 |
|
Accumulated other comprehensive loss |
(37,424,722 |
) |
|
(37,467,613 |
) |
|
(5,802,994 |
) |
Retained earnings (accumulated deficit) |
(298,533,669 |
) |
|
(281,405,049 |
) |
|
(43,584,092 |
) |
Total shareholders’ equity attributable to
ACG |
198,404,863 |
|
|
216,077,186 |
|
|
33,466,095 |
|
Non-redeemable non-controlling interests |
843,001 |
|
|
4,175,086 |
|
|
646,638 |
|
Total shareholders’ equity |
199,247,864 |
|
|
220,252,272 |
|
|
34,112,733 |
|
Commitments and contingencies |
|
|
|
|
|
Total liabilities, mezzanine equity and shareholders’
equity |
575,621,032 |
|
|
547,116,001 |
|
|
84,737,479 |
|
|
ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three-month Period Ended |
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
USD |
Net revenues |
26,396,218 |
|
|
36,760,950 |
|
|
5,693,546 |
|
Cost of revenues |
19,764,559 |
|
|
20,808,818 |
|
|
3,222,876 |
|
Gross profit |
6,631,659 |
|
|
15,952,132 |
|
|
2,470,670 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and development |
2,025,581 |
|
|
2,729,866 |
|
|
422,802 |
|
Sales and marketing |
9,943,378 |
|
|
16,648,618 |
|
|
2,578,543 |
|
General and administrative |
33,277,466 |
|
|
20,426,090 |
|
|
3,163,598 |
|
Total operating expenses |
45,246,425 |
|
|
39,804,574 |
|
|
6,164,943 |
|
Other operating income, net |
111,483 |
|
|
5,625 |
|
|
871 |
|
Loss from operations |
(38,503,283 |
) |
|
(23,846,817 |
) |
|
(3,693,402 |
) |
Other income
(expense): |
|
|
|
|
|
Investment income (loss) |
(1,092,035 |
) |
|
33,542,154 |
|
|
5,195,018 |
|
Interest income, net of interest expenses |
263,513 |
|
|
294,033 |
|
|
45,540 |
|
Foreign currency exchange gain (loss), net |
8,104 |
|
|
(244,406 |
) |
|
(37,854 |
) |
Income (loss) before income taxes |
(39,323,701 |
) |
|
9,744,964 |
|
|
1,509,302 |
|
Income tax benefit |
(5,386,716 |
) |
|
(3,687,455 |
) |
|
(571,114 |
) |
Net income (loss) |
(33,936,985 |
) |
|
13,432,419 |
|
|
2,080,416 |
|
Net loss attributable to redeemable non-controlling interests |
(575,117 |
) |
|
(277,089 |
) |
|
(42,916 |
) |
Net loss attributable to non-redeemable non-controlling
interests |
(1,281,273 |
) |
|
(435,626 |
) |
|
(67,470 |
) |
Net income (loss) attributable to ACG |
(32,080,595 |
) |
|
14,145,134 |
|
|
2,190,802 |
|
|
|
|
|
|
|
Other comprehensive
loss: |
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
(1,222,042 |
) |
|
(133,390 |
) |
|
(20,659 |
) |
Comprehensive income (loss) attributable to
ACG |
(33,302,637 |
) |
|
14,011,744 |
|
|
2,170,143 |
|
|
|
|
|
|
|
Basic and diluted earnings
(losses) per common share attributable to ACG |
(0.54 |
) |
|
0.21 |
|
|
0.03 |
|
Basic and diluted earnings
(losses) per ADS attributable to ACG |
(1.08 |
) |
|
0.42 |
|
|
0.06 |
|
|
ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Six-month Period Ended |
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
USD |
Net revenues |
59,099,623 |
|
|
74,350,495 |
|
|
11,515,425 |
|
Cost of revenues |
40,744,111 |
|
|
43,524,823 |
|
|
6,741,137 |
|
Gross profit |
18,355,512 |
|
|
30,825,672 |
|
|
4,774,288 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and development |
4,406,670 |
|
|
5,246,592 |
|
|
812,594 |
|
Sales and marketing |
21,446,003 |
|
|
29,971,605 |
|
|
4,642,011 |
|
General and administrative |
57,819,609 |
|
|
42,690,348 |
|
|
6,611,893 |
|
Total operating expenses |
83,672,282 |
|
|
77,908,545 |
|
|
12,066,498 |
|
Other operating income, net |
346,935 |
|
|
11,863 |
|
|
1,837 |
|
Loss from operations |
(64,969,835 |
) |
|
(47,071,010 |
) |
|
(7,290,373 |
) |
Other income
(expense): |
|
|
|
|
|
Investment income (loss) |
(1,124,462 |
) |
|
33,542,154 |
|
|
5,195,018 |
|
Interest income, net of interest expenses |
651,092 |
|
|
574,772 |
|
|
89,021 |
|
Foreign currency exchange loss, net |
(61,024 |
) |
|
(156,786 |
) |
|
(24,283 |
) |
Loss before income taxes |
(65,504,229 |
) |
|
(13,110,870 |
) |
|
(2,030,617 |
) |
Income tax benefit |
(8,173,252 |
) |
|
(6,407,151 |
) |
|
(992,341 |
) |
Net loss |
(57,330,977 |
) |
|
(6,703,719 |
) |
|
(1,038,276 |
) |
Net loss attributable to redeemable non-controlling interests |
(1,147,865 |
) |
|
(714,121 |
) |
|
(110,603 |
) |
Net loss attributable to non-redeemable non-controlling
interests |
(3,646,060 |
) |
|
(1,090,975 |
) |
|
(168,971 |
) |
Net loss attributable to ACG |
(52,537,052 |
) |
|
(4,898,623 |
) |
|
(758,702 |
) |
|
|
|
|
|
|
Other comprehensive
income (loss): |
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
1,573,460 |
|
|
(42,891 |
) |
|
(6,643 |
) |
Comprehensive loss attributable to ACG |
(50,963,592 |
) |
|
(4,941,514 |
) |
|
(765,345 |
) |
|
|
|
|
|
|
Basic and diluted losses per
common share attributable to ACG |
(0.89 |
) |
|
(0.11 |
) |
|
(0.02 |
) |
Basic and diluted losses per ADS
attributable to ACG |
(1.78 |
) |
|
(0.22 |
) |
|
(0.04 |
) |
|
RECONCILIATIONS OF NON-GAAP MEASURES |
TO THE MOST COMPARABLE GAAP MEASURES |
|
|
Three-month Period Ended |
|
Six-month Period Ended |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
|
June 30, |
|
|
2020 |
|
|
2021 |
|
2020 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
GAAP net income (loss)
attributable to ACG |
(32,080,595 |
) |
|
14,145,134 |
|
(52,537,052 |
) |
|
(4,898,623 |
) |
Share-based compensation
expenses |
411,293 |
|
|
264,067 |
|
996,092 |
|
|
489,298 |
|
Foreign currency exchange loss
(gain), net |
(8,104 |
) |
|
244,406 |
|
61,024 |
|
|
156,786 |
|
Non-GAAP net income (loss)
attributable to ACG |
(31,677,406 |
) |
|
14,653,607 |
|
(51,479,936 |
) |
|
(4,252,539 |
) |
|
|
|
|
|
|
|
|
GAAP earnings (losses) per
common share attributable to ACG |
|
|
|
|
|
|
|
Basic and diluted |
(0.54 |
) |
|
0.21 |
|
(0.89 |
) |
|
(0.11 |
) |
|
|
|
|
|
|
|
|
Non-GAAP earnings (losses) per
common share attributable to ACG |
|
|
|
|
|
|
|
Basic and diluted |
(0.53 |
) |
|
0.22 |
|
(0.87 |
) |
|
(0.10 |
) |
ATA Creativity Global (NASDAQ:AACG)
Historical Stock Chart
From Mar 2024 to Apr 2024
ATA Creativity Global (NASDAQ:AACG)
Historical Stock Chart
From Apr 2023 to Apr 2024