Meten EdtechX Education Group Ltd. (Nasdaq: METX)
(“Meten EdtechX” or the “Company”), one of the leading
omnichannel English language training (“ELT”) service providers in
China, today announced its financial results for the fiscal year
ended December 31, 2020.
| |
FY 2020 |
|
|
RMB (m) |
YoY (%) |
|
Gross billings |
721.2 |
(52.3%) |
| Revenues |
897.0 |
(38.0%) |
|
General adult ELT |
333.5 |
(57.5%) |
|
Online ELT |
289.7 |
11.3% |
|
Junior ELT |
130.3 |
(22.4%) |
| Gross Profit Margin |
32.3% |
(15.5ppts) |
| Loss from operations |
(400.8) |
76.0% |
| Adjusted net loss1 |
(319.4) |
218.5 |
1Non-GAAP measure. For more information about
non-GAAP financial measures, please see the section captioned
"About Non-GAAP Financial Measures" at the end of this release.
Highlights
- FY 2020 revenue
decreased 38.0% year-on-year to RMB897.0 million (US$137.5
million), primarily as a result of the adverse impact of the
COVID-19 pandemic in 2020.
- Supported by
efficient omnichannel platform and rising brand awareness, revenue
for online ELT increased by 11.3% year-on-year in FY 2020 to
RMB289.7 million (US$44.4 million), from RMB260.3 million in FY
2019.
- As of December 31,
2020, Meten EdtechX had 118 learning centers in operation. To
optimize the layout of offline centers, we closed another 14
offline learning centers since 2021.
- A continued strong
focus on cost efficiency led to a 19.6% reduction in the cost of
revenues year-on-year, and a 24.9% decline in operating expenses
year-on-year for FY 2020, which helped the Company partially
mitigate the negative effect of the COVID-19 pandemic on its
profitability.
- FY 2020 adjusted net
loss increased 218.5% year-on-year to RMB319.4 million (US$49.0
million).
Alan Peng, Chief Executive Officer
of Meten EdtechX commented:
“We faced many challenges in 2020 with the
spread of COVID-19. The negative impact of the COVID-19 pandemic on
businesses around the world is well documented, and we are not
immune to these challenges. 75% of our offline learning centers
were closed for half a year, and 33 of our learning centers in
northern China only operated for less than 3 months in 2020. Our
team took quick actions to focus on optimizing management and
aligning our cost structure to the headwinds caused by COVID-19.
Nevertheless, we still maintain a leading position in the industry
and are well positioned for the gradual return to normalcy. We
leveraged our advantage of online and offline business to break the
time and space constraints of classroom education. We also utilized
big data and AI technology to develop personalized teaching model
and to improve teaching efficiency. As a result, we have achieved
nearly RMB897.0 million in revenue in fiscal year 2020. As an
established education institution with track record of over 15
years, our highly experienced teachers, high-quality education
resources and excellent teaching results contribute to our good
reputation and improve our brand image and awareness, and thus the
proportion of overall word of mouth marketing increased by 19% in
2020.
We have seen a positive impact of blockchain on
the education industry, including applications to teacher
certification and platform management. As one of the first U.S.
listed education companies applying blockchain technology, we will
apply these technologies in credit incentives, teacher
certification and platform management. At the same time, we plan to
build an online merger offline (OMO) platform for blockchain
education applications. Looking forward, we will continue focusing
on junior ELT business, and carry out our plans to enter the junior
quality-oriented education market and introduce our ‘dual-teacher
classroom’ for ABC junior ELT services.”
Operational developments
|
|
FY 2020 |
|
Student enrollments |
70,310 |
(43.1%) |
|
Course withdrawal rate(1) (%) |
11.0% |
0.1 ppts |
(1) Refers to the amount of refunds issued in a
specific period of time as a percentage of the sum of the amount of
gross billings and the amount of refunds for such period.
|
|
December 31, 2020 |
|
Number of self-operated learning centers |
105 |
(20.5%)* |
| Number of franchised learning
centers |
13 |
(18.8%)* |
(* Change compared to the previous year end)
Growing online student
enrollment
As of December 31, 2020, the number of
registered users for online courses increased by 49.2%
year-on-year, up to 1.79 million, as the Company diversified course
offerings and leveraged cross-selling opportunities between offline
and online as its learning centers reopened. This positive trend
partly offset the negative impact of the COVID-19 pandemic on
offline student enrollment during the period with overall student
enrollment decreasing by 43.1% in fiscal year 2020.
Continued product
innovation
Meten EdtechX continued to invest in product
development during 2020, leveraging the recently launched several
new products across both its offline and online platforms. These
include three new language (Japanese, Spanish and Korean) products,
K12 junior products and the “BiGao” exam preparatory product for
middle schoolers. We delivered approximately 16,146 course hours in
the fiscal year ended December 31, 2020. For the year ended
December 31, 2020, our revenue derived from Japanese language
training services was RMB 2.2 million (US$0.3 million).
Efficiency enhanced through streamlining
of operations
In addition, 70 lease agreements for the
self-operated learning centers (nearly 40% of the total leases)
were renegotiated and 27 learning centers for adult ELT were closed
in order to redeploy the resources to the junior ELT and online ELT
segments. These cost reduction efforts will continue and are
expected to result in a leaner cost structure and a more balanced
revenue mix between the offline and online and adult and junior
segments by the beginning of 2021.
Financial results
Revenues
In fiscal year 2020, revenue amounted to
RMB897.0 million (US$137.5 million), a decline of 38.0%
year-on-year from RMB1,447.9 million in fiscal year 2019, primarily
as a result of the adverse impact of the COVID-19 pandemic in 2020
and the temporary closure of learning centers.
For the general adult ELT, revenues decreased
from RMB784.0 million in 2019 to RMB333.5 million
(US$51.1 million) in 2020, for the overseas training services,
revenues decreased from RMB203.7 million in 2019 to RMB130.6
million (US$20.0 million) in 2020, and for the Junior ELT, revenues
decreased from RMB167.9 million in 2019 to RMB130.3 million
(US$20.0 million) in 2020. This decrease in revenues was largely
driven by the temporary closure of the Company’s learning centers
during the period due to the COVID-19 pandemic.
For the online ELT, revenues increased from
RMB260.3 million in 2019 to RMB289.7 million
(US$44.4 million) in 2020. On the one hand, the COVID-19 has
promoted the development of online education, and more consumers
are actively choosing online education platforms. On the other
hand, the competitive advantages of the Company’s efficient
omnichannel platform and rising brand awareness also give the
Company a competitive advantage in terms of customer
acquisition.
Overseas training services comprise of
international standardized test preparation courses and overseas
study application and study abroad services. In fiscal year 2020,
revenue decreased by 35.9% year-on-year, due to the cancellation of
international tests and travel restrictions, as well as the
uncertainty around the COVID-19 pandemic.
Cost of revenues
The Company’s cost of revenues consists
primarily of staff costs, property expenses, depreciation and
amortization, and other costs which primarily include consulting
fees, foreign teacher-related administrative expenses, and teaching
materials costs.
In fiscal year 2020, cost of revenues decreased
by 19.6% to RMB607.1 million (US$93.0 million), from RMB755.4
million in fiscal year 2019. This was predominantly due to our
efforts to optimize costs and drive greater operating efficiencies
in response to the COVID-19 pandemic.
Gross profit
In fiscal year 2020, gross profit decreased by
58.1% to RMB290.0 million (US$44.4 million), from RMB692.5 million
in fiscal year 2019, due to the negative impact of COVID-19 for the
majority of the year.
For fiscal year 2020, gross profit margin
decreased by 15.5 percentage points to 32.3% from 47.8% for fiscal
year 2019.
Operating expenses
In fiscal year 2020, selling and marketing
expenses amounted to RMB310.4 million (US$47.6 million), a decrease
of 29.1% from RMB438.0 million in fiscal year 2019, primarily as a
result of lower marketing activity due to the temporary closure of
offline learning centers during COVID-19 in 2020.
In fiscal year 2020, research and development
expenses decreased by 1.4% year-on-year to RMB31.9 million (US$4.9
million), from RMB32.3 million in fiscal year 2019.
In fiscal year 2020, general and administrative
expenses decreased by 22.6% year-on-year to RMB348.4 million
(US$53.4 million), from RMB449.9 million in fiscal year 2019. This
decrease was primarily due to (i) the decreased staff cost, rental
and other expenses for our offices due to the temporary closure of
learning centers during COVID-19 in 2020; (ii) an increase in
provision for impairment of goodwill and accounts receivable from
franchisees as these related learning centers were closed; (iii)
share-based compensation expenses; and (iv) warrant financing
expenses.
Loss from operations
For fiscal year 2020, loss from operations was
RMB400.8 million (US$61.4 million), compared to a loss from
operations of RMB227.7 million in the fiscal year 2019. This loss
increase was primarily due to (i) goodwill impairment of RMB27.6
million as a result of the closure of certain learning centers and
franchised learning centers due to COVID-19; (ii) the impairment of
account receivable from franchisees of RMB24.0 million; and (iii)
the amortization of decoration, disposal of property and equipment
and deposits loss of nearly RMB32.0 million due to the closure of
central store. The total amount of these expenses was RMB83.6
million. These were one-time expenses and the Company does not
expect these one-time expenses will occur in 2021.
Net loss
For fiscal year 2020, net loss was RMB412.8
million (US$63.3 million), compared to a net loss of RMB225.1
million in fiscal year 2019.
Cash flow
For fiscal year 2020, an outflow of RMB343.2
million (US$52.6 million) was recorded, compared to an outflow of
RMB21.6 million in fiscal year 2019.
Cash and cash equivalents
As of December 31, 2020, Meten EdtechX had
RMB90.1 million (US$13.8 million) of cash and cash
equivalents, compared to RMB140.1 million as of December 31,
2019.
Outlook
Assuming no resurgence of the COVID-19 pandemic
in China, and taking into account recent positive developments
relating to the COVID-19 vaccines and the continuous recovery of
China’s economy, Meten EdtechX expects its trading and
profitability to gradually return to pre-pandemic levels over the
course of 2021.
Meten EdtechX plans to build an online merger
offline (OMO) platform for blockchain education applications. The
OMO platform will integrate the Company’s nationwide offline
learning centers with its online platform “Likeshuo”.
Meten EdtechX will continue focusing on
‘dual-teacher classroom’ for ABC junior ELT services. The Company
will carefully select the course content and electronic teaching
aids, conduct trainings for foreign teachers, guide them through
the qualification certification process, install hardware equipment
in the classrooms, and adopt standardized course materials and
curriculums.
Exchange Rate
The Company’s business is primarily conducted in
China and all of the revenues are denominated in Renminbi (“RMB”).
This announcement contains translations of certain RMB amounts into
U.S. dollars (“USD” or “US$”) at specified rates solely for the
convenience of the readers. Unless otherwise noted, all
translations from RMB to USD for fiscal year 2020 are made at the
rate of RMB6.525 to US$1.00, the exchange rate set forth in the
H.10 statistical release of the Federal Reserve Board on December
31, 2020, respectively. No representation is made that the RMB
amounts could have been, or could be, converted, realized or
settled into US$ at that rate on December 31, as the case may be,
or at any other rate.
About Non-GAAP Financial
Measures
Meten EdtechX’s consolidated financial results
presented are in accordance with GAAP. However, to provide
meaningful supplemental information regarding its performance,
Meten EdtechX adopts the following measures which are defined as
non-GAAP financial measures by the SEC:
- EBITDA: calculated
by subtracting net interest income/loss and adding back income tax
expense and non-cash expense of depreciation and amortization to a
firm's net income/(loss).
- Adjusted EBITDA:
calculated by removing certain one-off, irregular and/or
non-recurring items from EBITDA such as offering expenses and
share-based compensation expenses.
- Adjusted net
(loss)/income: calculated by adding back certain one-off, irregular
and/or non-recurring items to net income/loss such as offering
expenses and share-based compensation expenses.
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.
Results Presentation
The Company’s management team will host a
conference call at 8:00 am U.S. Eastern (5:00 am Pacific Time/8:00
pm Beijing Time) on Monday, April 26, 2021, to discuss the
financial results.
Dial-in details for the conference call
are as follows:
|
Mainland China: |
400 810 8228 |
|
Hong Kong: |
+852 3005 1355 |
|
USA: |
+1 646 254 3594 |
|
UK: |
+44 20 7660 0166 |
|
Other countries: |
+86 10 5808 4166 |
|
Participant PIN: |
772494 |
Please dial in at least 15 minutes before the
commencement of the call to ensure timely participation.
About Meten EdtechX
Meten EdtechX is one of the leading ELT service
providers in China, delivering English language and skills training
for Chinese students and professionals. Through a digital platform
and a nationwide network of learning centers, the Company provides
its services under three industry-leading brands: Meten (adult and
junior ELT services), ABC (primarily junior ELT services) and
Likeshuo (online ELT). It offers superior teaching quality and
student satisfaction, which are underpinned by cutting edge
technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time.
The Company is committed to improving the
overall English language fluency of the Chinese population to keep
abreast of the rapid development of globalization. Its experienced
management is focused on further developing its digital platform
and expanding its network of learning centers to deliver a
continually evolving service offerings to a growing number of
students across China.
For more information, please
visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking
statements that involve risks and uncertainties. These statements
are made under the “safe harbor” provisions of 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” and similar statements. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the impact of the COVID-19 outbreak, our
ability to attract students without a significant decrease in
course fees; our ability to continue to hire, train and retain
qualified teachers; our ability to maintain and enhance our brands;
our ability to effectively and efficiently manage the expansion of
our school network and successfully execute our growth strategy;
the outcome of ongoing, or any future, litigation or arbitration,
including those relating to copyright and other intellectual
property rights; competition in the English language training
sector in China; changes in our revenues and certain cost or
expense items as a percentage of our revenues; the expected growth
of the Chinese English language training and private education
market; Chinese governmental policies relating to private
educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic
conditions in China. Further information regarding these and other
risks is included in our annual report on Form 20-F and other
documents filed with the U.S. Securities and Exchange Commission.
The Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release and in the
attachments is as of the date of this press release, and the
Company undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries, please
contact:
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
Non-GAAP Financial Measures
This press release contains certain non-GAAP
financial measures, which are different from financial measures
calculated in accordance with U.S. GAAP. Such non-GAAP financial
measures should be considered in addition to and not as a
substitute for or superior to the financial measures calculated in
accordance with U.S. GAAP. In addition, the definition of adjusted
EBITDA and adjusted net income/loss in this press release may be
different from the definition of such terms used by other
companies, and therefore, comparability may be limited.
METEN EDTECHX EDUCATION
GROUP
CONSOLIDATED BALANCE SHEETS
(In thousands of RMB, except share data
and per share data)
| |
|
As of December 31, |
|
|
|
2019 |
|
2020 |
|
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
|
|
Unaudited |
|
ASSETS |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
140,132 |
|
90,115 |
|
13,811 |
| Contract assets |
|
7,824 |
|
6,194 |
|
949 |
| Accounts receivable, net |
|
28,903 |
|
27,013 |
|
4,140 |
| Other contract costs |
|
54,088 |
|
36,446 |
|
5,586 |
| Prepayments and other current
assets |
|
64,790 |
|
50,658 |
|
7,764 |
| Amounts due from related
parties |
|
9,662 |
|
7,934 |
|
1,216 |
| Prepaid income tax |
|
12,265 |
|
14,460 |
|
2,216 |
|
|
|
|
|
|
|
|
| Total current
assets |
|
317,664 |
|
232,820 |
|
35,682 |
|
|
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
| Restricted cash |
|
11,599 |
|
10,358 |
|
1,587 |
| Other contract costs |
|
10,114 |
|
19,995 |
|
3,064 |
| Equity method investments |
|
26,084 |
|
24,552 |
|
3,763 |
| Property and equipment,
net |
|
220,118 |
|
146,891 |
|
22,512 |
| Operating lease right-of-use
assets |
|
484,225 |
|
322,559 |
|
49,434 |
| Intangible assets, net |
|
24,968 |
|
19,337 |
|
2,964 |
| Deferred tax assets |
|
4,200 |
|
6,997 |
|
1,072 |
| Goodwill |
|
302,158 |
|
274,567 |
|
42,079 |
| Long-term prepayments and
other non-current assets |
|
62,435 |
|
40,754 |
|
6,247 |
|
|
|
|
|
|
|
|
| Total non-current
assets |
|
1,145,901 |
|
866,010 |
|
132,722 |
|
|
|
|
|
|
|
|
| Total
assets |
|
1,463,565 |
|
1,098,830 |
|
168,404 |
METEN EDTECHX EDUCATION
GROUP
CONSOLIDATED BALANCE SHEETS
(Continued)
(In thousands of RMB, except share data
and per share data)
| |
As of December 31, |
| |
|
2019 |
|
2020 |
|
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
|
|
Unaudited |
| Current
liabilities |
|
|
|
|
|
|
| Accounts payable |
|
15,714 |
|
17,013 |
|
2,607 |
| Bank loans |
|
92,000 |
|
133,900 |
|
20,521 |
| Deferred revenue |
|
408,287 |
|
341,934 |
|
52,404 |
| Salary and welfare
payable |
|
74,139 |
|
67,609 |
|
10,362 |
| Financial liabilities from
contracts with customers |
|
490,095 |
|
384,561 |
|
58,937 |
| Accrued expenses and other
payables |
|
48,457 |
|
46,030 |
|
7,054 |
| Income taxes payable |
|
495 |
|
267 |
|
41 |
| Amounts due to related
parties |
|
851 |
|
50,192 |
|
7,692 |
| Current operating lease
liabilities |
|
142,155 |
|
131,151 |
|
20,100 |
| Total current
liabilities |
|
1,272,193 |
|
1,172,657 |
|
179,718 |
METEN EDTECHX EDUCATION
GROUP
CONSOLIDATED BALANCE SHEETS
(Continued)
(In thousands of RMB, except share data
and per share data)
| |
As of December 31, |
|
|
|
2019 |
|
2020 |
|
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
|
|
Unaudited |
| Non-current
liabilities |
|
|
|
|
|
|
| Deferred revenue |
|
60,528 |
|
46,927 |
|
7,192 |
| Deferred tax liabilities |
|
14,085 |
|
7,661 |
|
1,174 |
| Operating lease
liabilities |
|
333,613 |
|
200,409 |
|
30,714 |
| Non-current tax payable |
|
26,085 |
|
33,718 |
|
5,168 |
| |
|
|
|
|
|
|
| Total non-current
liabilities |
|
434,311 |
|
288,715 |
|
44,248 |
|
|
|
|
|
|
|
|
| Total
liabilities |
|
1,706,504 |
|
1,461,372 |
|
223,966 |
METEN EDTECHX EDUCATION
GROUP
CONSOLIDATED BALANCE SHEETS
(Continued)
(In thousands of RMB, except share data
and per share data)
| |
|
As of December 31, |
|
|
|
2019 |
|
2020 |
|
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
|
|
Unaudited |
| Shareholders’
deficit |
|
|
|
|
|
|
|
Ordinary shares (US$0.0001 par value; 500,000,000 shares
authorized; 53,292,842 and 56,874,548 shares issued outstanding as
of December 31, 2019 and 2020) |
|
219 |
|
|
37 |
|
|
6 |
|
| Subscriptions receivable |
|
(2 |
) |
|
(1 |
) |
|
- |
|
| Additional paid-in
capital |
|
264,175 |
|
|
557,536 |
|
|
85,446 |
|
| Accumulated deficit |
|
(525,262 |
) |
|
(936,247 |
) |
|
(143,486 |
) |
|
|
|
|
|
|
|
|
| Total deficit
attributable to shareholders of the Company |
|
(260,870 |
) |
|
(378,675 |
) |
|
(58,034 |
) |
| Non-controlling interests |
|
17,931 |
|
|
16,133 |
|
|
2,472 |
|
| |
|
|
|
|
|
|
| Total
deficit |
|
(242,939 |
) |
|
(362,542 |
) |
|
(55,562 |
) |
| |
|
|
|
|
|
|
| Commitments and
contingencies |
|
- |
|
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
| Total liabilities and
shareholders' deficit |
|
1,463,565 |
|
|
1,098,830 |
|
|
168,404 |
|
METEN EDTECHX EDUCATION
GROUP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
(In thousands of RMB, except share data
and per share data)
|
|
|
Years ended December 31, |
|
|
|
2018 |
|
2019 |
|
2020 |
|
|
|
RMB’000 |
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
(Note 2(c)) |
|
Revenues |
|
1,424,234 |
|
|
1,447,899 |
|
|
897,035 |
|
|
137,477 |
|
| Cost of revenues |
|
(627,996 |
) |
|
(755,356 |
) |
|
(607,077 |
) |
|
(93,039 |
) |
| Gross
profit |
|
796,238 |
|
|
692,543 |
|
|
289,958 |
|
|
44,438 |
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
| Selling and marketing
expenses |
|
(425,217 |
) |
|
(437,986 |
) |
|
(310,433 |
) |
|
(47,576 |
) |
| General and administrative
expenses |
|
(293,157 |
) |
|
(449,903 |
) |
|
(348,435 |
) |
|
(53,400 |
) |
| Research and development
expenses |
|
(26,178 |
) |
|
(32,333 |
) |
|
(31,878 |
) |
|
(4,886 |
) |
| Income/(loss) from
operations |
|
51,686 |
|
|
(227,679 |
) |
|
(400,788 |
) |
|
(61,424 |
) |
| Other income
(expenses): |
|
|
|
|
|
|
|
|
| Interest income |
|
1,150 |
|
|
1,633 |
|
|
448 |
|
|
69 |
|
| Interest expenses |
|
(8 |
) |
|
(2,453 |
) |
|
(6,101 |
) |
|
(935 |
) |
| Foreign currency exchange
gain/(loss), net |
|
21 |
|
|
(19 |
) |
|
(382 |
) |
|
(59 |
) |
| Gains/(losses) on disposal and
closure of subsidiaries and branches |
|
- |
|
|
583 |
|
|
(31,884 |
) |
|
(4,886 |
) |
| Gains on available-for-sale
investments |
|
3,916 |
|
|
- |
|
|
- |
|
|
- |
|
| Gains on Short-term
investments |
|
- |
|
|
- |
|
|
495 |
|
|
76 |
|
| Government grants |
|
7,817 |
|
|
5,773 |
|
|
28,124 |
|
|
4,310 |
|
| Equity in income/(loss) on
equity method investments |
|
1,668 |
|
|
2,658 |
|
|
(1,533 |
) |
|
(235 |
) |
| Others, net |
|
1,649 |
|
|
4,044 |
|
|
4,641 |
|
|
711 |
|
| Income/(loss) before
income tax |
|
67,899 |
|
|
(215,460 |
) |
|
(406,980 |
) |
|
(62,373 |
) |
| Income tax expense |
|
(14,454 |
) |
|
(9,608 |
) |
|
(5,803 |
) |
|
(889 |
) |
| Net
income/(loss) |
|
53,445 |
|
|
(225,068 |
) |
|
(412,783 |
) |
|
(63,262 |
) |
| Less: Net loss attributable to
non-controlling interests |
|
(3,809 |
) |
|
(5,664 |
) |
|
(1,798 |
) |
|
(276 |
) |
| Net income/(loss)
attributable to shareholders of the Company |
|
57,254 |
|
|
(219,404 |
) |
|
(410,985 |
) |
|
(62,986 |
) |
| Less: Accretion of Redeemable
Owners’ Investment |
|
9,814 |
|
|
- |
|
|
- |
|
|
- |
|
| Net income/(loss)
available to shareholders of the Company |
|
47,440 |
|
|
(219,404 |
) |
|
(410,985 |
) |
|
(62,986 |
) |
|
|
|
|
|
|
|
|
|
|
| Net
income/(loss) |
|
53,445 |
|
|
(225,068 |
) |
|
(412,783 |
) |
|
(63,262 |
) |
| Other comprehensive
income |
|
|
|
|
|
|
|
|
| Unrealized holding gains on
available-for-sale investments, net of income tax of RMB 932 for
the years ended December 31, 2018, respectively |
|
2,797 |
|
|
- |
|
|
- |
|
|
- |
|
| Less: Reclassification
adjustment for gains on available-for-sale investments realized in
net income, net of income tax of and RMB 979 for the years ended
December 31, 2018 |
|
2,937 |
|
|
- |
|
|
- |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Comprehensive
income/(loss) |
|
53,305 |
|
|
(225,068 |
) |
|
(412,783 |
) |
|
(63,262 |
) |
| Net income/(loss) per
share |
|
|
|
|
|
|
|
|
| - Basic |
|
1.04 |
|
|
(4.53 |
) |
|
(7.38 |
) |
|
(1.13 |
) |
| - Diluted |
|
1.01 |
|
|
(4.53 |
) |
|
(6.24 |
) |
|
(0.96 |
) |
| Weighted average
shares used in calculating net income/(loss) per
share |
|
|
|
|
|
|
|
|
| - Basic |
|
45,626,027 |
|
|
48,391,607 |
|
|
55,661,445 |
|
|
55,661,445 |
|
| - Diluted |
|
46,997,775 |
|
|
48,391,607 |
|
|
65,842,020 |
|
|
65,842,020 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS
ADJUSTED NET (LOSS)/INCOME
| |
|
|
|
For the Year
EndedDecember 31, |
| |
|
2016 |
|
2017 |
|
|
2018 |
|
|
2019 |
|
|
2020 |
|
| |
|
RMB |
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
| |
|
|
|
(in thousands) |
|
Net (loss)/income |
|
(27,147 |
) |
|
40,342 |
|
|
|
53,445 |
|
|
|
(225,068 |
) |
|
|
(412,783 |
) |
|
|
(63,262 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
|
6,557 |
|
|
7,886 |
|
|
|
7,648 |
|
|
|
96,661 |
|
|
|
52,256 |
|
|
|
8,009 |
|
|
Offering expenses |
|
— |
|
|
— |
|
|
|
14,766 |
|
|
|
28,123 |
|
|
|
— |
|
|
|
|
|
Warrant financing |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,118 |
|
|
|
6,302 |
|
|
Adjusted net (loss)/income |
|
(20,590 |
) |
|
48,228 |
|
|
|
75,859 |
|
|
|
(100,284 |
) |
|
|
(319,409 |
) |
|
|
(48,951 |
) |
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