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 year ended December
31, 2021 (“Fourth Quarter 2021” and “Fiscal Year 2021”,
respectively).
Fiscal Year 2021 and Fourth Quarter 2021
Highlights
- Fiscal Year 2021 net revenues
increased 24.7% to RMB202.2 million (US$31.7 million), from
RMB162.2 million in the prior year
- Fiscal Year 2021 net loss attributable
to ACG improved to RMB33.6 million (US$5.3 million), compared to
RMB92.2 million in the prior year
- During Fourth Quarter 2021, student
enrollment was 1,052, compared to 1,122 in the prior-year period.
Of these students, 569 were enrolled in ACG’s portfolio training
programs. Approximately 53,538 credit hours were delivered during
Fourth Quarter 2021, compared to 45,434 in the prior-year
period
- Fourth Quarter 2021 net revenues
increased 19.3% to RMB72.6 million (US$11.4 million), from RMB60.8
million in the prior-year period, primarily driven by revenue
growth from portfolio training services
- Fourth Quarter 2021 net loss
attributable to ACG improved to RMB2.5 million (US$0.4 million),
compared to RMB24.8 million in the prior-year period
- RMB71.3 million (US$11.2 million) in
cash and cash equivalents as of December 31, 2021
Management Commentary
Mr. Kevin Ma, Chairman and CEO of ACG, stated, “We were
pleased to have achieved 24.7% growth on the top line in Fiscal
Year 2021, significantly reducing losses compared to the prior
year. During the year, we observed a gradual increase in portfolio
training credit hours delivered, as well as notable enrollment
growth in other programs such as research-based learning, as the
public health situation in China and many parts of the world
improved with the introduction of vaccines in the first half of
2021. The increase in services delivered to portfolio training
students, combined with our efforts to transition students to
project-based programs from time-based programs, and the positive
response to our new research-based learning offerings, among
others, have yielded our solid Fiscal Year 2021 results.”
Mr. Ma continued, “In the second half of the year, we began to
see competition increase in the creative arts education industry in
China. Despite these headwinds, ACG believes that it is
differentiated by its strong track record of positive outcomes for
students and widespread recognition within the industry by peers
and customers. In December 2021, we were named a 2021 Influential
International Education Brand at the 2021 Echo China Tencent
Education Summit, as well as one of the Most Trusted Creative Arts
Brand by Parents at the 2021 “Sound Through China” Education Annual
Summit. ACG takes pride in the superior education we provide to our
students, as well as the ongoing support we offer throughout the
process of developing a high-quality portfolio and applying for
overseas art colleges. This has resulted in a number of our
students receiving offers of admission and scholarships from
top-tier art institutions in the U.S., U.K. and other countries. We
look forward to continuing to serve more and more students as they
pursue creative arts education and other experiential learning
opportunities.”
Outlook
Mr. Jun Zhang, President of ACG, stated, “With some of the
effects of the pandemic continuing to linger throughout 2021, we
developed additional programs with our students’ and teachers’
health in mind. We continued to invest in our research-based
learning offerings and are exploring ways in which we can better
serve both existing and potential students with different needs.
For example, in September 2021, we opened the ACG International
Arts Foundation Program Center, which provides one-year accredited
full-time international arts and relevant introductory curriculum
required for students that wish to apply for overseas undergraduate
art programs. Working with Beijing Shuren-Ribet Private School, we
also opened the Shuren-ACG Arts Center, which provides course
offerings in domestic high school academic subjects and creative
arts to private high school students. Both of these learning
centers pave the way for ACG to serve high school students who may
not otherwise have the opportunity to pursue study abroad
experiences at overseas art colleges. We are optimistic about the
opportunities ahead of us in 2022 and look forward to maintaining
our leading position in creative arts education as we continue to
drive positive outcomes for all our students.”
Operating Review
Enrollment Update
ACG student enrollment for Fourth Quarter 2021 was 1,052, of
which 569 were enrolled in its portfolio training programs, which
consist of time-based programs and project-based programs.
A total of 53,538 credit hours were delivered for portfolio
training programs during Fourth Quarter 2021, of which 29,949
credit hours were delivered for time-based programs and 23,589
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 Fourth Quarter 2021, compared
to those for the prior-year period:
|
FourthQuarter EndedDec. 31,
2021 |
|
FourthQuarter EndedDec. 31,
2020 |
|
% Change |
|
No. of CreditHours |
|
No. of CreditHours |
|
|
|
|
|
|
|
|
Time-based Program |
29,949 |
|
25,165 |
|
19.0% |
Project-based Program |
23,589 |
|
20,269 |
|
16.4% |
Total |
53,538 |
|
45,434 |
|
17.8% |
|
|
|
|
|
|
During Fourth Quarter 2021, 483 students were enrolled in ACG’s
other programs, which consists of overseas study counselling,
research-based learning and foreign language training services
enrollments as well as enrollments for other educational
services.
Fourth Quarter 2021 Financial Review - GAAP
Results
ACG’s total net revenues for Fourth Quarter 2021 increased 19.3%
to RMB72.6 million (US$11.4 million), from RMB60.8 million in the
prior-year period, driven primarily by increased contributions from
portfolio training services. Revenues from portfolio training
programs were RMB54.2 million, or 74.7% of total net revenues,
during the period. Revenues from overseas study counselling
services, research-based learnings services and other educational
services were RMB18.4 million, or 25.3% of total net revenues
during the period.
Gross profit for Fourth Quarter 2021 increased 54.3% to RMB45.5
million (US$7.1 million), from RMB29.5 million in the prior-year
period. Gross margin improved to 62.8% during the period, compared
to 48.5% in the prior-year period.
Total operating expenses for Fourth Quarter 2021 were RMB42.7
million (US$6.7 million), compared to RMB55.4 million in the
prior-year period. The decrease was primarily due to an RMB3.1
million decrease in impairment loss for intangible assets and other
non-current assets and RMB5.9 million decrease in provision for
receivables recorded in the prior-year period, as well as an RMB6.2
million decrease in G&A expenses.
Income from operations for Fourth Quarter 2021 was RMB2.9
million (US$0.5 million), compared to loss from operations of
RMB26.0 million in the prior-year period.
Net loss attributable to ACG for Fourth Quarter 2021 improved to
RMB2.5 million (US$0.4 million), from RMB24.8 million in the
prior-year period.
For Fourth Quarter 2021, basic and diluted losses per common
share attributable to ACG were both RMB0.04 (US$0.01), compared to
RMB0.43 for the prior-year period. Basic and diluted losses per ADS
attributable to ACG were both RMB0.08 (US$0.02), compared to
RMB0.86 in the prior-year period.
Year-end 2021 Financial Review - GAAP
Results
ACG’s total net revenues for Fiscal Year 2021 increased 24.7% to
RMB202.2 million (US$31.7 million), from RMB162.2 million in the
prior year. This increase was driven primarily by growth in
portfolio training as well as research-based learning services.
Revenues from portfolio training programs were RMB151.4 million, or
74.9% of total net revenues, during the period. Revenues from
research-based learning services, overseas study counselling
services and other educational services were RMB50.8 million, or
25.1% of total net revenues, during the period.
Gross profit for Fiscal Year 2021 was RMB104.8 million (US$16.4
million), compared to RMB63.6 million in the prior year. Gross
margin was 51.8% during the period, compared to 39.2% in the prior
year.
Total operating expenses for Fiscal Year 2021 were RMB171.2
million (US$26.9 million), compared to RMB171.5 million in the
prior year. The decrease was primarily a result of the
aforementioned RMB3.1 million impairment loss for intangible assets
and other non-current assets and RMB5.9 million provision for
receivables recorded in the prior-year period, as well as an RMB6.8
million decrease in G&A expenses, which were partially offset
by an RMB12.6 million increase in selling expenses mainly related
to an RMB6.4 million increase in labor costs due to additional
headcount and an RMB6.2 million increase in marketing promotion
expenses incurred as a response to increased market competition, as
well as an RMB3.0 million increase in research and development
expenses related to our new sales management system and IT platform
developments.
Loss from operations for Fiscal Year 2021 improved to RMB66.4
million (US$10.4 million), compared to RMB107.5 million in the
prior year.
Net loss attributable to ACG for Fiscal Year 2021 improved to
RMB33.6 million (US$5.3 million), from RMB92.2 million in the prior
year. This improvement was primarily driven by a RMB33.5 million
investment gain from the disposal of ACG’s K-12 education
assessment business during the second quarter of 2021 and an
RMB41.1 million improvement in loss from operations.
For Fiscal Year 2021, basic and diluted losses per common share
attributable to ACG were both RMB0.57 (US$0.09), compared to
RMB1.57 for the prior year. Basic and diluted losses per ADS
attributable to ACG were both RMB1.14 (US$0.18), compared to
RMB3.14 in the prior year.
Non-GAAP Measures
Adjusted net loss attributable to ACG for Fiscal Year 2021,
which excludes share-based compensation expense and foreign
currency exchange loss (non-GAAP), was RMB32.4 million (US$5.1
million), compared to adjusted net loss of RMB89.4 million in the
prior year.
Basic and diluted losses per common share attributable to ACG
excluding share-based compensation expense and foreign currency
exchange loss (non-GAAP) for Fiscal Year 2021, were RMB0.55
(US$0.09). Basic and diluted losses per ADS attributable to ACG
excluding share-based compensation expense and foreign currency
exchange loss (non-GAAP) for Fiscal Year 2021 were RMB1.10
(US$0.18).
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 Fourth Quarter 2021 and Fiscal
Year 2021 were both 31.4 million. Each ADS represents two common
shares.
Balance Sheet Highlights
As of December 31, 2021, ACG’s cash and cash equivalents were
RMB71.3 million (US$11.2 million), working capital deficit was
RMB192.6 million (US$30.2 million), and total shareholders’ equity
was RMB190.9 million (US$30.0 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, March 17, 2022 (9 a.m. Beijing time on Friday, March
18, 2022), during which management will discuss the results of the
quarter and year ended December 31, 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://themediaframe.com/mediaframe/webcast.html?webcastid=LtMBlc67
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, and market acceptance and
competitiveness of ACG’s portfolio training programs and other
education services; the impact of the COVID-19 pandemic 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 and year ended
December 31, 2021, into U.S. dollars are included solely for the
convenience of readers and have been made at the rate of RMB6.3726
to US$1.00, the noon buying rate as of December 31, 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 |
|
|
|
|
|
Alice Zhang, Investor Relations
Analyst |
|
|
212-836-9610 |
|
|
azhang@equityny.com |
|
|
|
ATA CREATIVITY GLOBAL AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
RMB |
|
|
RMB |
|
|
USD |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
112,723,433 |
|
|
71,339,361 |
|
|
11,194,702 |
|
Accounts receivable, net |
2,245,194 |
|
|
938,189 |
|
|
147,222 |
|
Prepaid expenses and other current assets |
5,970,973 |
|
|
3,129,600 |
|
|
491,103 |
|
Total current assets |
120,939,600 |
|
|
75,407,150 |
|
|
11,833,027 |
|
|
|
|
|
|
|
Long-term investments |
44,000,000 |
|
|
38,000,000 |
|
|
5,963,029 |
|
Goodwill |
194,754,963 |
|
|
194,754,963 |
|
|
30,561,304 |
|
Property and equipment, net |
38,119,216 |
|
|
36,503,984 |
|
|
5,728,272 |
|
Intangible assets, net |
110,586,111 |
|
|
93,352,778 |
|
|
14,649,088 |
|
Right-of-use assets |
41,779,086 |
|
|
42,417,409 |
|
|
6,656,217 |
|
Deferred income tax assets |
2,491,792 |
|
|
— |
|
|
— |
|
Other non-current assets |
22,950,264 |
|
|
26,739,026 |
|
|
4,195,937 |
|
Total assets |
575,621,032 |
|
|
507,175,310 |
|
|
79,586,874 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accrued expenses and other payables |
47,020,182 |
|
|
48,174,095 |
|
|
7,559,567 |
|
Short-term loans |
6,801,000 |
|
|
— |
|
|
— |
|
Payable for business acquisition |
4,642,082 |
|
|
— |
|
|
— |
|
Lease liabilities-current |
16,972,187 |
|
|
17,351,427 |
|
|
2,722,818 |
|
Deferred revenues |
199,448,112 |
|
|
202,453,092 |
|
|
31,769,308 |
|
Total current liabilities |
274,883,563 |
|
|
267,978,614 |
|
|
42,051,693 |
|
|
|
|
|
|
|
Lease liabilities-non-current |
24,005,765 |
|
|
23,365,840 |
|
|
3,666,610 |
|
Deferred income tax liabilities |
28,985,472 |
|
|
24,931,322 |
|
|
3,912,268 |
|
Total liabilities |
327,874,800 |
|
|
316,275,776 |
|
|
49,630,571 |
|
|
|
|
|
|
|
Mezzanine equity-redeemable non-controlling
interests |
48,498,368 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Common shares |
4,716,675 |
|
|
4,720,147 |
|
|
740,694 |
|
Treasury shares |
(11,625,924 |
) |
|
(9,818,754 |
) |
|
(1,540,777 |
) |
Additional paid-in capital |
541,272,503 |
|
|
540,583,564 |
|
|
84,829,358 |
|
Accumulated other comprehensive loss |
(37,424,722 |
) |
|
(37,559,847 |
) |
|
(5,893,960 |
) |
Accumulated deficit |
(298,533,669 |
) |
|
(310,156,018 |
) |
|
(48,670,247 |
) |
Total shareholders’ equity attributable to
ACG |
198,404,863 |
|
|
187,769,092 |
|
|
29,465,068 |
|
Non-redeemable non-controlling interests |
843,001 |
|
|
3,130,442 |
|
|
491,235 |
|
Total shareholders’ equity |
199,247,864 |
|
|
190,899,534 |
|
|
29,956,303 |
|
Commitments and contingencies |
— |
|
|
— |
|
|
— |
|
Total liabilities, mezzanine equity and shareholders’
equity |
575,621,032 |
|
|
507,175,310 |
|
|
79,586,874 |
|
|
|
|
|
|
|
|
|
|
ATA CREATIVITY GLOBAL AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF COMPREHENSIVE
LOSS
|
Three-month Period Ended |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
USD |
Net revenues |
60,847,715 |
|
|
72,561,478 |
|
|
11,386,479 |
|
Cost of revenues |
31,336,861 |
|
|
27,028,851 |
|
|
4,241,417 |
|
Gross profit |
29,510,854 |
|
|
45,532,627 |
|
|
7,145,062 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and development |
2,457,651 |
|
|
3,064,765 |
|
|
480,929 |
|
Sales and marketing |
17,627,511 |
|
|
19,537,325 |
|
|
3,065,833 |
|
General and administrative |
26,255,189 |
|
|
20,066,644 |
|
|
3,148,894 |
|
Impairment loss of intangible assets and other non-current
assets |
3,120,425 |
|
|
— |
|
|
— |
|
Provision for loan receivable and other receivables |
5,904,305 |
|
|
— |
|
|
— |
|
Total operating expenses |
55,365,081 |
|
|
42,668,734 |
|
|
6,695,656 |
|
Other operating income (expense), net |
(141,731 |
) |
|
4,771 |
|
|
749 |
|
Income (loss) from operations |
(25,995,958 |
) |
|
2,868,664 |
|
|
450,155 |
|
Other income
(expense): |
|
|
|
|
|
Investment gain |
11,678 |
|
|
— |
|
|
— |
|
Impairment loss from investments |
(150,000 |
) |
|
— |
|
|
— |
|
Interest income, net of interest expenses |
287,167 |
|
|
243,199 |
|
|
38,164 |
|
Foreign currency exchange loss, net |
(926,083 |
) |
|
(71,914 |
) |
|
(11,285 |
) |
Income (loss) before income taxes |
(26,773,196 |
) |
|
3,039,949 |
|
|
477,034 |
|
Income tax expense |
463,485 |
|
|
6,437,421 |
|
|
1,010,172 |
|
Net loss |
(27,236,681 |
) |
|
(3,397,472 |
) |
|
(533,138 |
) |
Net loss attributable to redeemable non-controlling interests |
(967,178 |
) |
|
— |
|
|
— |
|
Net loss attributable to non-redeemable non-controlling
interests |
(1,460,152 |
) |
|
(847,475 |
) |
|
(132,987 |
) |
Net loss attributable to ACG |
(24,809,351 |
) |
|
(2,549,997 |
) |
|
(400,151 |
) |
|
|
|
|
|
|
Other comprehensive
loss: |
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
(650,184 |
) |
|
(129,107 |
) |
|
(20,260 |
) |
Comprehensive loss attributable to ACG |
(25,459,535 |
) |
|
(2,679,104 |
) |
|
(420,411 |
) |
|
|
|
|
|
|
Basic and diluted losses per
common share attributable to ACG |
(0.43 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
Basic and diluted losses per ADS
attributable to ACG |
(0.86 |
) |
|
(0.08 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
ATA CREATIVITY GLOBAL AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATEDSTATEMENTS OF COMPREHENSIVE
LOSS
|
Year Ended |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2020 |
|
|
2021 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
USD |
Net revenues |
162,167,547 |
|
|
202,209,465 |
|
|
31,731,078 |
|
Cost of revenues |
98,521,027 |
|
|
97,413,915 |
|
|
15,286,369 |
|
Gross profit |
63,646,520 |
|
|
104,795,550 |
|
|
16,444,709 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and development |
8,832,488 |
|
|
11,801,545 |
|
|
1,851,920 |
|
Sales and marketing |
53,500,051 |
|
|
66,149,460 |
|
|
10,380,294 |
|
General and administrative |
100,097,849 |
|
|
93,256,046 |
|
|
14,633,909 |
|
Impairment loss of intangible assets and other non-current
assets |
3,120,425 |
|
|
— |
|
|
— |
|
Provision for loan receivable and other receivables |
5,904,305 |
|
|
— |
|
|
— |
|
Total operating expenses |
171,455,118 |
|
|
171,207,051 |
|
|
26,866,123 |
|
Other operating income, net |
330,224 |
|
|
22,018 |
|
|
3,455 |
|
Loss from operations |
(107,478,374 |
) |
|
(66,389,483 |
) |
|
(10,417,959 |
) |
Other income
(expense): |
|
|
|
|
|
Investment income (loss) |
(1,767,800 |
) |
|
33,542,154 |
|
|
5,263,496 |
|
Impairment loss from investments |
(1,726,391 |
) |
|
(6,000,000 |
) |
|
(941,531 |
) |
Interest income, net of interest expenses |
1,171,837 |
|
|
1,110,681 |
|
|
174,290 |
|
Foreign currency exchange loss, net |
(1,052,856 |
) |
|
(213,046 |
) |
|
(33,432 |
) |
Loss before income taxes |
(110,853,584 |
) |
|
(37,949,694 |
) |
|
(5,955,136 |
) |
Income tax benefit |
(10,268,836 |
) |
|
(1,539,577 |
) |
|
(241,593 |
) |
Net loss |
(100,584,748 |
) |
|
(36,410,117 |
) |
|
(5,713,543 |
) |
Net loss attributable to redeemable non-controlling interests |
(2,582,632 |
) |
|
(714,121 |
) |
|
(112,061 |
) |
Net loss attributable to non-redeemable non-controlling
interests |
(5,804,084 |
) |
|
(2,046,403 |
) |
|
(321,125 |
) |
Net loss attributable to ACG |
(92,198,032 |
) |
|
(33,649,593 |
) |
|
(5,280,357 |
) |
|
|
|
|
|
|
Other comprehensive
income (loss): |
|
|
|
|
|
Foreign currency translation adjustment, net of nil income
taxes |
53,445 |
|
|
(135,125 |
) |
|
(21,204 |
) |
Comprehensive loss attributable to ACG |
(92,144,587 |
) |
|
(33,784,718 |
) |
|
(5,301,561 |
) |
|
|
|
|
|
|
Basic and diluted losses per
common share attributable to ACG |
(1.57 |
) |
|
(0.57 |
) |
|
(0.09 |
) |
Basic and diluted losses per
ADS attributable to ACG |
(3.14 |
) |
|
(1.14 |
) |
|
(0.18 |
) |
|
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP
MEASURESTO THE MOST COMPARABLE GAAP
MEASURES
|
Three-month Period Ended |
|
Twelve-month Period Ended |
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
GAAP net loss attributable to
ACG |
(24,809,351 |
) |
|
(2,549,997 |
) |
|
(92,198,032 |
) |
|
(33,649,593 |
) |
Share-based compensation
expenses |
392,483 |
|
|
242,524 |
|
|
1,776,783 |
|
|
1,039,972 |
|
Foreign currency exchange
loss, net |
926,083 |
|
|
71,914 |
|
|
1,052,856 |
|
|
213,046 |
|
Non-GAAP adjusted net loss
attributable to ACG |
(23,490,785 |
) |
|
(2,235,559 |
) |
|
(89,368,393 |
) |
|
(32,396,575 |
) |
|
|
|
|
|
|
|
|
GAAP losses per common share
attributable to ACG |
|
|
|
|
|
|
|
Basic and diluted |
(0.43 |
) |
|
(0.04 |
) |
|
(1.57 |
) |
|
(0.57 |
) |
|
|
|
|
|
|
|
|
Non-GAAP adjusted losses per
common share attributable to ACG |
|
|
|
|
|
|
|
Basic and diluted |
(0.40 |
) |
|
(0.04 |
) |
|
(1.52 |
) |
|
(0.55 |
) |
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