BEIJING, June 12,
2023 /PRNewswire/ -- Tarena International, Inc.
(NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of
IT professional education and IT-focused supplementary STEAM
education services in China, today
announced its unaudited financial results for the first
quarter ended March 31, 2023.
First Quarter 2023 Highlights
- Total student enrollment in IT-focused supplementary STEAM
education increased by 1.0% to 174,800 in the first quarter of
2023, compared to student enrollment of 173,100 in the same period
of 2022.
- Net revenues decreased by 38.2% year-over-year to RMB385.1 million (US$56.1
million) from RMB623.5 million
in the same period of 2022.
- Gross profit decreased by 44.0% year-over-year to RMB201.0 million (US$29.3
million) from RMB358.9 million
in the same period of 2022.
- Gross profit margin decreased by 5.4% points year-over-year to
52.2% from 57.6% in the same period of 2022.
- Operating loss was RMB58.8
million (US$8.6 million),
compared to operating income of RMB28.6
million in the same period of 2022.
- Non-GAAP operating loss, which excluded share-based
compensation expenses, was RMB57.7
million (US$8.4 million),
compared to non-GAAP operating income of RMB30.0 million in the same period of 2022.
- Income tax benefit was RMB8.1
million (US$1.2 million),
compared to income tax expense of RMB5.4
million in the same period of 2022.
- Net loss was RMB49.9 million
(US$7.3 million), compared to net
income of RMB27.1 million in the same
period of 2022.
- Non-GAAP net loss, which excluded share-based compensation
expenses, was RMB48.8 million
(US$7.1 million), compared to
non-GAAP net income of RMB28.5
million in the same period of 2022.
- Basic and diluted loss per American Depositary Share ("ADS"),
each representing five Class A ordinary shares with an effective
date of December 23, 2021, was
RMB4.67 (US$0.68) in the first quarter of 2023. Non-GAAP
basic and diluted loss per ADS, which excluded share-based
compensation expenses, was RMB4.57
(US$0.67) in the first quarter of
2023.
Key Financial Results
|
|
For the Three Months Ended
March
31,
|
Variance
|
|
% of
change
|
|
|
2022
Unaudited
|
|
2023
Unaudited
|
|
RMB
|
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
(in thousands,
except for percentages)
|
Net
revenues
|
|
623,506
|
|
385,104
|
|
(238,402)
|
|
-38.2
|
Cost of
revenues(a)
|
|
(264,588)
|
|
(184,101)
|
|
80,487
|
|
-30.4
|
Gross
profit
|
|
358,918
|
|
201,003
|
|
(157,915)
|
|
-44.0
|
Gross
margin
|
|
57.6 %
|
|
52.2 %
|
|
-5.4 %
|
|
|
Selling and marketing
expenses(a)
|
|
(172,400)
|
|
(113,151)
|
|
59,249
|
|
-34.4
|
General and
administrative expenses(a)
|
|
(141,585)
|
|
(131,547)
|
|
10,038
|
|
-7.1
|
Research and
development expenses(a)
|
|
(16,342)
|
|
(15,128)
|
|
1,214
|
|
-7.4
|
Total operating
expenses
|
|
(330,327)
|
|
(259,826)
|
|
70,501
|
|
-21.3
|
Operating
income/(loss)
|
|
28,591
|
|
(58,823)
|
|
(87,414)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
(a) Includes
share-based compensation expenses.
|
"The overall financial performance for the first quarter of 2023
indicates that the execution of our prudent financial and
operational strategy has paid off amid the uncertain environment,
with net operating cash outflow narrowing year-over-year. While we
temporarily closed centers early in the quarter, leading to a
year-over-year reduction in cash receipts, we strictly controlled
our cash expenditures. By implementing effective cost reductions
and efficiency enhancements, aided by increasing enrollments in our
STEAM education services since February, as well as the general
economic recovery following the Chinese New Year, we strove to
minimize the impact of the macro headwinds," remarked Ms.
Ying Sun, Tarena's Chief Executive
Officer.
Ms. Sun continued, "As we enter the second quarter, our
businesses have gradually recovered and our STEAM education
services are expected to achieve a year-on-year increase.
Additionally, to further focus on our core competence in IT-focused
supplementary STEAM education services and IT professional
education services for the To-C market, we would carve out the
college-collaboration related business, which is expected to close
soon."
"Going forward, we will continue to optimize our operational
efficiency. As the business environment stabilizes, we are
confident that we are well positioned to capitalize on a large and
ever-evolving IT education market in China and continue to deliver enhanced
shareholder value," concluded Ms. Sun.
First Quarter 2023 Results
Net Revenues
Total net revenues decreased by 38.2% to RMB385.1 million (US$56.1
million) in the first quarter of 2023 from RMB623.5 million in the same period of 2022. The
decrease in revenues was primarily due to a reduction in student
enrollment from the second half of the fourth quarter of last year
and the earlier part of this quarter, particularly for IT
professional education. Additionally, the Company suspended courses
and services for almost the entire month of January, resulting in a
dent in revenues.
Cost of Revenues
The cost of revenues decreased by 30.4% to RMB184.1 million (US$26.8
million) in the first quarter of 2023, from RMB264.6 million in the same period of 2022. The
decrease was mainly attributable to a reduction in headcount and
the resulting decrease in personnel and related welfare costs.
Rental costs also decreased as the number of teaching centers
decreased compared to the same period of 2022.
Gross Profit and Gross Margin
Gross profit decreased by 44.0% to RMB201.0 million (US$29.3
million) in the first quarter of 2023, from RMB358.9 million in the same period of 2022.
Gross margin narrowed to 52.2% in the first quarter of 2023,
compared to 57.6% in the same period of 2022, as revenues decline
in the quarter is greater than the reduction in the cost of
revenues.
Operating Expenses
Total operating expenses decreased by 21.3% to RMB259.8 million (US$37.8
million) in the first quarter of 2023, from RMB330.3 million in the same period of 2022.
Total non-GAAP operating expenses, which excluded share-based
compensation expenses, decreased by 21.3% to RMB258.7 million (US$37.7
million) in the first quarter of 2023, from RMB328.9 million in the same period of 2022.
Total share-based compensation expenses allocated to operating
expenses decreased by 21.4% to RMB1.1
million (US$0.2 million) in
the first quarter of 2023, from RMB1.4
million in the same period of 2022.
Selling and marketing expenses decreased by 34.4% to
RMB113.2 million (US$16.5 million) in the first quarter of 2023,
from RMB172.4 million in the same
period of 2022. The decrease was mainly due to a decrease in
personnel-related costs resulting from a decrease in the number of
sales staff in the first quarter of 2023, compared to the same
period of 2022. In addition, the reduction in advertisement clicks
resulted in a decrease in advertising expenses.
General and administrative expenses decreased by 7.1% to
RMB131.5 million (US$19.2 million) in the first quarter of 2023,
from RMB141.6 million in the same
period of 2022. The decrease mainly resulted from the reduction of
G&A related headcount and lower office attendance as we
temporarily suspended operations early in the quarter. The decrease
was partially offset by the provision of allowance on accounts
receivable pertaining to certain college-related business which we
disposed of subsequently.
Research and development expenses decreased by 7.4% to
RMB15.1 million (US$2.2 million) in the first quarter of 2023,
from RMB16.3 million in the same
period of 2022. The decrease was primarily due to a lower number of
staff and effective cost control in the first quarter of 2023.
Operating Income/(Loss)
Operating loss was RMB58.8 million
(US$8.6 million) in the first quarter
of 2023, compared to operating income of RMB28.6 million in the same period of 2022.
Non-GAAP operating loss, which excluded share-based compensation
expenses, was RMB57.7 million
(US$8.4 million) in the first quarter
of 2023, compared to non-GAAP operating income of RMB30.0 million in the same period of 2022.
Income Tax (Expense)/Benefit
The Company recorded an income tax benefit of RMB8.1 million (US$1.2
million) in the first quarter of 2023, compared to an income
tax expense of RMB5.4 million in the
same period of 2022.
Net Income/(Loss)
As a result of the foregoing, net loss was RMB49.9 million (US$7.3
million) in the first quarter of 2023, compared to net
income of RMB27.1 million in the same
period of 2022. Non-GAAP net loss, which excluded share-based
compensation expenses, was RMB48.8
million (US$7.1 million) in
the first quarter of 2023, compared to non-GAAP net income of
RMB28.5 million in the same period of
2022.
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS was RMB4.67 (US$0.68)
in the first quarter of 2023. Non-GAAP basic and diluted loss per
ADS, which excluded share-based compensation expenses, was
RMB4.57 (US$0.67) in the first quarter of 2023.
Cash Flow
The total balance of cash, cash equivalents, and restricted cash
decreased by RMB3.0 million from
RMB374.0 million as of December 31, 2022, to RMB371.0 million (US$54.0
million) as of March 31, 2023.
Net cash outflow from operating activities in the first quarter of
2023 was RMB17.7 million
(US$2.6 million). Net cash inflow
from investing activities in the first quarter of 2023 was
RMB17.4 million (US$2.5 million), as we received a deposit of 19.0
million (US$2.8 million) on the sale
of the building in this period. Net cash outflow from financing
activities in the first quarter of 2023 was RMB2.5 million (US$0.4
million), as we repaid the bank borrowing of RMB2.0 million (US$0.3
million). Capital expenditures in the first quarter of 2023
were RMB5.8 million (US$0.8 million).
Business Outlook
Based on the Company's current estimates, net revenues for the
second quarter of 2023 are expected to be in the range of
RMB520 million and RMB550 million, which represents a decrease of
15% to 20% as compared to the net revenues in the second quarter of
2022, as the disposal of certain college-collaboration related
business and the adverse macro environment at the beginning of this
year will have some impact on our net revenues in the second
quarter.
This guidance is based on current market conditions and reflects
the Company's current and preliminary estimates of market and
operating conditions, which are subject to change.
Exchange Rate Information
All translations made in the financial statements or elsewhere
in this press release from RMB to United
States dollars ("US$") are solely for convenience and
calculated at the rate of US$1.00=RMB6.8676,
representing the exchange rate as of March
31, 2023, set forth in the H.10 statistical release of the
U.S. Federal Reserve Board. No representation is made that the RMB
amounts could have been converted, realized or settled into US$ at
that rate, or at any other rate, on March
31, 2023.
Conference Call
Company management will hold an earnings conference call and
live webcast to discuss the Company's results at 8:00 AM on June 13,
2023, U.S. Eastern Time (8:00
PM on June 13, 2023, Beijing
Time).
Please register in advance of the conference, using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, a passcode, and a unique registrant
ID.
Conference call registration link:
https://s1.c-conf.com/diamondpass/10030789-pz8jgm.html. It will
automatically direct you to the registration page for "Tarena's
First Quarter 2023 Earnings Conference Call," where you may fill in
your details to RSVP. If it requires you to enter a participant
conference ID, please enter "10030789".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial in number(s), direct
event passcode, and registrant ID) provided in the confirmation
email received at the point of registration.
A replay of the conference call may be accessed by phone at the
following number until June 20,
2023:
United States: +1855 883
1031
China: 400 1209 216
Hong Kong: 800 930 639
Conference ID: 10030789
Additionally, a live and archived webcast of this call will be
available on the Investor Relations section of Tarena's website at
http://ir.tedu.cn.
About Tarena International, Inc.
Tarena is a leading provider of IT professional education and
IT-focused supplementary STEAM education services in China. Through its innovative education
platform combining live distance instruction, classroom-based
tutoring and online learning modules, Tarena offers professional
education courses in IT and non-IT subjects. Its professional
education courses provide students with practical skills to prepare
them for jobs in industries with significant growth potential and
strong hiring demand. Tarena also offers IT-focused supplementary
STEAM education programs, including computer coding and robotics
programming courses, etc., targeting students between three and
eighteen years of age. Aiming to encourage "code to learn," Tarena
embraces the latest trends in STEAM education and technology to
develop children's logical thinking and learning abilities while
allowing them to discover their interests and potential.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Among other
things, the business outlook, the quotations from management in
this announcement, as well as the Company's strategic and
operational plans contain forward-looking statements. Tarena may
also make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including any business outlook and
statements about Tarena's beliefs and expectations, are
forward-looking statements. Many factors, risks and uncertainties
could cause actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: the impact of the COVID-19 outbreak;
Tarena's goals and strategies; its future business development,
financial condition and results of operations; its ability to
continue to attract students to enroll in its courses; its ability
to continue to recruit, train and retain qualified instructors and
teaching assistants; its ability to continually tailor its
curriculum to market demand and enhance its courses to adequately
and promptly respond to developments in the professional job
market; its ability to maintain or enhance its brand recognition,
its ability to maintain high job placement rate for its students,
and its ability to maintain cooperative relationships with
financing service providers for student loans.
Further information regarding these and other risks,
uncertainties or factors is included in Tarena's filings with the
U.S. Securities and Exchange Commission. All information provided
in this press release is current as of the date of the press
release, and Tarena does not undertake any obligation to update
such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Tarena's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Tarena's management uses non-GAAP measures of
cost of revenues, operating expenses, operating income, net income,
and basic and diluted net income per ADS, which are adjusted from
results based on GAAP to exclude the share-based compensation
expenses. These non-GAAP financial measures should be considered in
addition to results prepared in accordance with GAAP, but should
not be considered a substitute for, or superior to, GAAP results.
In addition, calculation of the non-GAAP financial measures may be
different from the calculation used by other companies, and
therefore comparability may be limited.
Tarena's management believes that excluding the share-based
compensation expenses provides meaningful supplemental information
regarding our performance and liquidity by excluding certain items
identified as non-recurring and infrequent in nature, and non-cash
charges. The amount of share-based compensation expenses is not
built into the Company's annual budgets and quarterly forecasts,
which generally will be the basis for information Tarena provides
to analysts and investors as guidance for future operating
performance.
The non-GAAP financial measures are provided to enhance
investors' overall understanding of Tarena's current financial
performance and prospects for the future. A limitation of using
non-GAAP cost of revenues, operating expenses, operating income
(loss) and net income (loss), excluding the share-based
compensation expenses is that the share-based compensation charge
has been and will continue to be a recurring expense in the
Company's business for the foreseeable future. In order to mitigate
the limitation, the Company has provided specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables include details on the reconciliation between
GAAP financial measures that are most directly comparable to the
non-GAAP financial measures the Company has presented.
For further information, please contact:
Investor Relations Contact:
Tarena International, Inc.
Investor Relations
E-mail: ir@tedu.cn
The Piacente Group, Inc.
In China
Yang Song
Tel: +86-10-6508-0677
E-mail: tedu@tpg-ir.com
In the U.S.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: tedu@tpg-ir.com
TARENA INTERNATIONAL, INC. AND
SUBSIDIARIES
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands,
except share data and per ADS data)
|
|
|
|
As of
|
|
|
December 31,
|
|
March
31,
|
|
March
31,
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
356,237
|
|
362,648
|
|
52,806
|
Time
deposits
|
|
6,277
|
|
2,119
|
|
309
|
Restricted
cash
|
|
17,730
|
|
8,397
|
|
1,223
|
Accounts receivable,
net of allowance for doubtful accounts
|
|
68,733
|
|
59,049
|
|
8,598
|
Amounts due from
related parties
|
|
698
|
|
888
|
|
129
|
Assets held for
sale
|
|
106,539
|
|
106,539
|
|
15,513
|
Prepaid expenses and
other current assets
|
|
111,339
|
|
119,723
|
|
17,433
|
Total current
assets
|
|
667,553
|
|
659,363
|
|
96,011
|
Time deposits-non
current
|
|
228
|
|
223
|
|
32
|
Accounts receivable,
net of allowance for doubtful accounts-non current
|
|
182
|
|
119
|
|
17
|
Amounts due from
related parties-non current
|
|
701
|
|
693
|
|
101
|
Property and
equipment, net
|
|
122,834
|
|
110,663
|
|
16,114
|
Intangible assets,
net
|
|
7,542
|
|
6,980
|
|
1,016
|
Goodwill
|
|
52,782
|
|
52,782
|
|
7,686
|
Right-of-use
assets
|
|
350,501
|
|
307,364
|
|
44,756
|
Long-term investments,
net
|
|
46,183
|
|
46,137
|
|
6,718
|
Deferred income tax
assets
|
|
40,127
|
|
51,082
|
|
7,438
|
Other non-current
assets, net
|
|
48,867
|
|
59,653
|
|
8,686
|
Total
assets
|
|
1,337,500
|
|
1,295,059
|
|
188,575
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term bank
loans
|
|
52,000
|
|
50,000
|
|
7,281
|
Accounts
payable
|
|
6,330
|
|
5,110
|
|
744
|
Amounts due to related
parties
|
|
87
|
|
86
|
|
13
|
Operating lease
liabilities-current
|
|
197,969
|
|
167,076
|
|
24,328
|
Income taxes
payable
|
|
108,434
|
|
110,615
|
|
16,107
|
Deferred
revenue-current
|
|
1,688,610
|
|
1,734,341
|
|
252,540
|
Advance received for
disposal of property
|
|
-
|
|
18,800
|
|
2,737
|
Accrued expenses and
other current liabilities
|
|
603,516
|
|
607,648
|
|
88,480
|
Total current
liabilities
|
|
2,656,946
|
|
2,693,676
|
|
392,230
|
Deferred revenue-non
current
|
|
14,051
|
|
7,530
|
|
1,096
|
Operating lease
liabilities-non current
|
|
168,736
|
|
145,118
|
|
21,131
|
Other non-current
liabilities
|
|
4,448
|
|
4,370
|
|
636
|
Total
liabilities
|
|
2,844,181
|
|
2,850,694
|
|
415,093
|
Commitments and
contingencies
|
|
-
|
|
-
|
|
-
|
Deficit:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
359
|
|
361
|
|
53
|
Class B ordinary
shares
|
|
74
|
|
74
|
|
11
|
Treasury
shares
|
|
(476,918)
|
|
(477,530)
|
|
(69,534)
|
Additional paid-in
capital
|
|
1,363,845
|
|
1,365,012
|
|
198,761
|
Accumulated other
comprehensive income
|
|
49,664
|
|
50,072
|
|
7,291
|
Accumulated
deficit
|
|
(2,436,918)
|
|
(2,487,151)
|
|
(362,157)
|
Total deficit
attributable to the shareholders of Tarena International,
Inc.
|
|
(1,499,894)
|
|
(1,549,162)
|
|
(225,575)
|
Non-controlling
interest
|
|
(6,787)
|
|
(6,473)
|
|
(943)
|
Total liabilities
and deficit
|
|
1,337,500
|
|
1,295,059
|
|
188,575
|
TARENA INTERNATIONAL, INC. AND
SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
(in thousands, except share data and per ADS data)
|
|
|
|
|
|
For the Three Months Ended
March
31,
|
|
|
|
2022
|
|
2023
|
|
2023
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
Net revenues
|
|
623,506
|
|
385,104
|
|
56,075
|
|
Cost of
revenues(a)
|
|
(264,588)
|
|
(184,101)
|
|
(26,807)
|
|
Gross
profit
|
|
358,918
|
|
201,003
|
|
29,268
|
|
Selling and marketing
expenses(a)
|
|
(172,400)
|
|
(113,151)
|
|
(16,476)
|
|
General and
administrative expenses(a)
|
|
(141,585)
|
|
(131,547)
|
|
(19,155)
|
|
Research and
development expenses(a)
|
|
(16,342)
|
|
(15,128)
|
|
(2,203)
|
|
Operating
income/(loss)
|
|
28,591
|
|
(58,823)
|
|
(8,566)
|
|
Interest income,
net
|
|
298
|
|
393
|
|
57
|
|
Other income
|
|
3,663
|
|
508
|
|
74
|
|
Foreign currency
exchange loss, net
|
|
(85)
|
|
(114)
|
|
(17)
|
|
Income/(loss) before
income taxes
|
|
32,467
|
|
(58,036)
|
|
(8,452)
|
|
Income
tax (expense)/benefit
|
|
(5,398)
|
|
8,118
|
|
1,182
|
|
Net
income/(loss)
|
|
27,069
|
|
(49,918)
|
|
(7,270)
|
|
Less: Net income
attributable to non-controlling interests
|
|
508
|
|
315
|
|
46
|
|
Net income/(loss)
attributable to Class A and Class B ordinary
shareholders
|
|
26,561
|
|
(50,233)
|
|
(7,316)
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
per ADS:
|
|
|
|
|
|
|
|
Basic
|
|
2.39
|
|
(4.67)
|
|
(0.68)
|
|
Diluted
|
|
2.35
|
|
(4.67)
|
|
(0.68)
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
55,676,443
|
|
53,800,614
|
|
53,800,614
|
|
Diluted
|
|
56,603,993
|
|
53,800,614
|
|
53,800,614
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
|
|
27,069
|
|
(49,918)
|
|
(7,270)
|
|
Other comprehensive
income/(loss)
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
(51)
|
|
407
|
|
59
|
|
Comprehensive
income/(loss)
|
|
27,018
|
|
(49,511)
|
|
(7,211)
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
(a) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
March
31,
|
|
|
|
2022
Unaudited
|
|
2023
Unaudited
|
|
2023
Unaudited
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
11
|
|
6
|
|
1
|
|
Selling and marketing
expenses
|
|
144
|
|
68
|
|
10
|
|
General and
administrative expenses
|
|
958
|
|
852
|
|
124
|
|
Research and
development expenses
|
|
275
|
|
154
|
|
22
|
|
TARENA INTERNATIONAL, INC. AND
SUBSIDIARIES
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
(in thousands,
except share data and per ADS data)
|
|
|
|
|
|
For the Three Months Ended
March 31,
|
|
|
|
2022
Unaudited
|
|
2023
Unaudited
|
|
2023
Unaudited
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
|
GAAP Cost of
revenues
|
|
264,588
|
|
184,101
|
|
26,807
|
|
Share-based
compensation expense in cost of revenues
|
|
11
|
|
6
|
|
1
|
|
Non-GAAP Cost of
revenues
|
|
264,577
|
|
184,095
|
|
26,806
|
|
|
|
|
|
|
|
|
|
GAAP Selling and
marketing expenses
|
|
172,400
|
|
113,151
|
|
16,476
|
|
Share-based
compensation expense in selling and marketing
expenses
|
|
144
|
|
68
|
|
10
|
|
Non-GAAP Selling and
marketing expenses
|
|
172,256
|
|
113,083
|
|
16,466
|
|
|
|
|
|
|
|
|
|
GAAP General and
administrative expenses
|
|
141,585
|
|
131,547
|
|
19,155
|
|
Share-based
compensation expense in general and administrative
expenses
|
|
958
|
|
852
|
|
124
|
|
Non-GAAP General and
administrative expenses
|
|
140,627
|
|
130,695
|
|
19,031
|
|
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
16,342
|
|
15,128
|
|
2,203
|
|
Share-based
compensation expense in research and development
expenses
|
|
275
|
|
154
|
|
22
|
|
Non-GAAP Research
and development expenses
|
|
16,067
|
|
14,974
|
|
2,181
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss)
|
|
28,591
|
|
(58,823)
|
|
(8,566)
|
|
Share-based
compensation expenses
|
|
1,388
|
|
1,080
|
|
157
|
|
Non-GAAP Operating
income/(loss)
|
|
29,979
|
|
(57,743)
|
|
(8,409)
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
27,069
|
|
(49,918)
|
|
(7,270)
|
|
Share-based
compensation expenses
|
|
1,388
|
|
1,080
|
|
157
|
|
Non-GAAP Net
income/(loss)
|
|
28,457
|
|
(48,838)
|
|
(7,113)
|
|
Less: Net income
attributable to non-controlling interests
|
|
508
|
|
315
|
|
46
|
|
Non-GAAP net
income/(loss) attributable to Class A and Class
B ordinary shareholders
|
|
27,949
|
|
(49,153)
|
|
(7,159)
|
|
Non-GAAP net
income/(loss) per Class A and Class B ordinary
share(b)
|
|
|
|
|
|
|
|
Basic
|
|
2.51
|
|
(4.57)
|
|
(0.67)
|
|
Diluted
|
|
2.47
|
|
(4.57)
|
|
(0.67)
|
|
Weighted average
number of ordinary shares outstanding used
in calculating Non-GAAP net loss per Class A and Class B
ordinary share(c)
|
|
|
|
|
|
|
|
Basic
|
|
55,676,443
|
|
53,800,614
|
|
53,800,614
|
|
Diluted
|
|
56,603,993
|
|
53,800,614
|
|
53,800,614
|
|
|
Notes:
|
(a) There was no tax
impact of share-based compensation expenses for the first quarter
of 2023 and 2022, respectively.
|
|
(b) The Non-GAAP net
income/(loss) per ADS is computed using Non-GAAP net income/(loss)
attributable to ordinary shareholders
and the same number of ordinary shares are used in GAAP basic and
diluted net income/(loss) per ADS calculation.
|
|
(c) Each ADS represents
five Class A ordinary shares. The weighted average number of ADS
and earnings per ADS have been
retrospectively adjusted to reflect the ADS ratio change from one
ADS representing one Class A ordinary share to one ADS
representing
five Class A ordinary shares, which became effective on December
23, 2021.
|
View original
content:https://www.prnewswire.com/news-releases/tarena-international-inc-announces-the-results-for-the-first-quarter-of-2023-301848861.html
SOURCE Tarena International, Inc.