UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-37790
51TALK ONLINE EDUCATION GROUP
24 Raffles Place #17-04 Clifford Centre,
Singapore 048621
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F
¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
51TALK ONLINE EDUCATION GROUP |
| |
|
|
|
| |
By |
: |
/s/ Cindy Chun Tang |
| |
Name |
: |
Cindy Chun Tang |
| |
Title |
: |
Chief Financial Officer |
Date: August 25, 2023
Exhibit 99.1
51Talk Online Education Group Announces Second
Quarter 2023 Results
SINGAPORE, August 25, 2023 -- 51Talk Online
Education Group (“51Talk” or the “Company”) (NYSE American: COE), a global online education platform with core expertise
in English education, announced its interim unaudited results for the second quarter ended June 30, 2023.
Second Quarter 2023 Financial and Operating Highlights
| • | Gross billings1 for the second quarter of 2023 were US$9.8 million, US$0.3 million more than
the high-end of outlook and a 21.0% growth from the first quarter of 2023. |
| • | In comparison, sales and marketing expenses for the second quarter of 2023 grew by only 15.0% on a quarter-over-quarter
basis, highlighting the success of our marketing campaigns during this quarter. |
| • | The number of active students with attended lesson consumption was approximately 29,700 in the second
quarter of 2023, representing 17.9% sequential growth and a 99.3% increase from 14,900 for the second quarter of 2022. |
| |
For the three months ended | | |
| |
| | |
June 30, | | |
June 30, | | |
Y-o-Y | |
| Key Financial and Operating Data | |
20222 | | |
2023 | | |
Change | |
| Net Revenues (in US$ millions) | |
| 3.5 | | |
| 6.3 | | |
| 77.5 | % |
| Gross Margin | |
| 79.2 | % | |
| 78.4 | % | |
| -0.8 | % |
| Gross Billings (in US$ millions) | |
| 7.8 | | |
| 9.8 | | |
| 26.9 | % |
| | |
| | | |
| | | |
| | |
| Active students with attended lesson consumption3
(in thousands) | |
| 14.9 | | |
| 29.7 | | |
| 99.3 | % |
1 Gross billings for a specific period, which is one of
the Company’s key operating data, is defined as the total amount of cash received and receivable from third party payment platforms
for the sale of course packages and services in such period, net of the total amount of refunds in such period. The gross billings data
included herein was from the Company’s business system and converted with quarterly corresponding exchange rate, which may lead
to differences with bank records.
2 For purposes of comparison, the financial and operating
data of continuing operations for the second quarter of 2022 are presented in this column.
3 An “active student with attended lesson consumption”
for a specified period refers to a student who attended at least one paid lesson, excluding those students who only attended paid live
broadcasting lessons or trial lessons.
“Our
growth momentum continued in the second quarter with gross billings coming in above guidance. Our continued growth and improved operating
metrics confirm our approach to concentrate our resources on existing markets.” said Mr. Jack Jiajia Huang, Founder, Chairman
and Chief Executive Officer of 51Talk.
We
will remain investing in markets where we see market potential and benefit from an early-mover advantage. In these existing markets,
we will strengthen our localization efforts and maximize the potential from our online and offline branding activities. At the same
time, we will continue to explore new markets. We remain disciplined in our expense control and will keep tight budget control and
focus on optimizing our resources. We remain committed to our sustainable growth approach.” Mr. Huang
concluded.
Second Quarter 2023 Financial Results
Net Revenues and Gross Margin
Net revenues for the second quarter of 2023 were
US$6.3 million, a 77.5% increase from US$3.5 million for the same quarter last year. The number of active students with attended lesson
consumption was approximately 29,700 in the second quarter of 2023, a 99.3% increase from 14,900 for the same quarter last year.
Cost of revenues for the second quarter of 2023
was US$1.4 million, a 84.7% increase from US$0.7 million for the same quarter last year. The increase was primarily due to the increase
in total service fees paid to teachers, mainly resulting from an increased number of paid lessons.
Gross profit for the second quarter of 2023 was
US$4.9 million, a 75.7% increase from US$2.8 million for the same quarter last year.
Gross margin for the second quarter of 2023 was
78.4%, compared with 79.2% for the same quarter last year.
Operating Expenses
Total operating expenses for the second quarter
of 2023 were US$7.9 million, a 14.1% increase from US$6.9 million for the same quarter last year. The increase was mainly due to the increase
in sales and marketing expenses.
Sales and marketing expenses for the second quarter
of 2023 were US$5.1 million, a 43.0% increase from US$3.6 million for the same quarter last year. The increase was mainly due to higher
sales personnel costs related to increases in the number of sales and marketing personnel and higher marketing expenses. Excluding share-based
compensation expenses, non-GAAP sales and marketing expenses for the second quarter of 2023 were US$5.1 million, a 41.7% increase from
US$3.6 million for the same quarter last year.
Product development expenses for the second quarter
of 2023 were US$0.69 million, a 0.9% decrease from US$0.70 million for the same quarter last year. Excluding share-based compensation
expenses, non-GAAP product development expenses for the second quarter of 2023 were US$0.66 million, a 3.7% decrease from US$0.68 million
for the same quarter last year.
General and administrative expenses for the second
quarter of 2023 were US$2.1 million, a 21.4% decrease from US$2.6 million for the same quarter last year. The decrease was primarily due
to the reduction of consulting and audit fees. Excluding share-based compensation expenses, non-GAAP general and administrative expenses
for the second quarter of 2023 were US$1.9 million, a 24.4% decrease from US$2.5 million for the same quarter last year.
Loss from Operations
Operating loss for the second quarter of 2023
was US$3.0 million, compared with operating loss of US$4.1 million for the same quarter last year.
Non-GAAP operating loss for the second quarter
of 2023 was US$2.8 million, compared with non-GAAP operating loss of US$4.0 million for the same quarter last year.
Net Loss
Net loss for the second quarter of 2023 was US$2.9
million, compared with net loss of US$4.6 million from continuing operations for the same quarter last year.
Excluding share-based compensation expenses of
US$0.2 million, non-GAAP net loss for the second quarter of 2023 was US$2.7 million, compared with non-GAAP net loss of US$4.5 million
from continuing operations for the same quarter last year.
Basic and diluted net loss per share attributable
to ordinary shareholders for the second quarter of 2023 was US$0.01, compared with basic and diluted net loss per share of US$0.05 for
the same quarter last year.
Excluding share-based compensation expenses of
US$0.2 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders for the second quarter of 2023 was
US$0.01, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.05 for the same quarter
last year.
Basic and diluted net loss per American depositary
share (“ADS”) attributable to ordinary shareholders for the second quarter of 2023 was US$0.51, compared with basic and diluted
net loss per ADS of US$2.97 for the same quarter last year. Each ADS represents 60 Class A ordinary shares.
Excluding share-based compensation expenses of
US$0.2 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders for the second quarter of 2023 was US$0.48,
compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$2.96 for the same quarter last year.
Balance Sheet
As of June 30, 2023, the Company had total
cash, cash equivalents and time deposits of US$21.6 million, compared with US$23.1 million as of December 31, 2022. This is primarily
driven by one-off administrative factors.
The Company had advances from students4
of US$21.0 million as of June 30, 2023, compared with US$15.2 million as of December 31, 2022.
Outlook
For the third quarter
of 2023, the Company currently expects net gross billings to be between US$10.3 million and US$11.0 million, which would represent a sequential
growth of 5.1% to 12.2%.
The foregoing outlook
is based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions
and customer demand, which are all subject to change.
4 “Advances from students”
is defined as the amount of obligation to transfer goods or service to students or business partners for which consideration has been
received from students in advance. The deposits from students are also presented in the total amount of “advances from students”
Conference Call
The Company's management will host an earnings conference call at 8:00
a.m. U.S. Eastern Time on August 25, 2023 (8:00p.m. Singapore/Beijing/Hong Kong time on August 25, 2023).
Dial-in details for the earnings conference call are as follows:
| United States Toll: |
1-888-346-8982 |
| International: |
1-412-902-4272 |
| Singapore (toll free): |
800-120-6157 |
| Mainland China Toll: |
4001-201203 |
| Hong Kong Toll: |
800-905945 |
| Hong Kong-Local Toll: |
852-301-84992 |
Participants should dial-in at least 5 minutes before the scheduled
start time and ask to be connected to the call for “51Talk Online Education Group”.
Additionally, a live and archived webcast of the conference call will
be available on the Company's investor relations website at http://ir.51talk.com.
A replay of the conference call will be accessible approximately one
hour after the conclusion of the live call until August 31, 2023, by dialing the following telephone numbers:
| United States Toll: |
1-877-344-7529 |
| International Toll: |
1-412-317-0088 |
| Canada Toll: |
855-669-9658 |
| Replay Access Code: |
8879362 |
About 51Talk Online Education Group
51Talk Online Education Group (NYSE American: COE) is a
global online education platform with core expertise in English education. The Company’s mission is to make quality education accessible
and affordable. The Company’s online and mobile education platforms enable students to take live interactive English lessons, on
demand. The Company connects its students with a large pool of highly qualified teachers that it assembled using a shared economy approach,
and employs student and teacher feedback and data analytics to deliver a personalized learning experience to its students.
Use of Non-GAAP Financial Measures
In evaluating its business, 51Talk considers and
uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating
performance: non-GAAP sales and marketing expenses, non-GAAP product development expenses, non-GAAP general and administrative expenses,
non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to
ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders per share and per ADS. To present each of
these non-GAAP measures, the Company excludes 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. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures
to the most comparable GAAP measures” set forth at the end of this press release.
51Talk believes that these non-GAAP financial measures provide meaningful
supplemental information regarding its performance by excluding share-based compensation expenses that may not be indicative of its operating
performance from a cash perspective. 51Talk 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 51Talk’s historical performance. 51Talk computes its non-GAAP financial measures using the same consistent
method from quarter to quarter and from period to period. 51Talk 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 measures is that these non-GAAP measures exclude share-based compensation expenses that have been and will
continue to be for the foreseeable future a significant recurring expense in the 51Talk’s business. Management compensates for these
limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying table at
the end of this press release provides more details on the reconciliations between GAAP financial measures that are most directly comparable
to non-GAAP financial measures.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking”
statements pursuant to 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”, “aims”,
“future”, “intends”, “plans”, “believes”, “estimates”, “likely to”
and similar statements. Among other things, 51Talk’s quotations from management in this announcement, as well as 51Talk’s
strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in
its periodic reports to the Securities and Exchange Commission (“SEC”), 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. Statements that are
not historical facts, including statements about 51Talk’s beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. 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: 51Talk’s goals and strategies; 51Talk’s expectations
regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment;
51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business
development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to
operate its education platform; competition in the online education industry in its international markets; the expected growth of, and
trends in, the markets for 51Talk’s course offerings in its international markets; relevant government policies and regulations
relating to 51Talk’s corporate structure, business and industry; general economic and business condition in the Philippines, its
international markets and elsewhere; and assumptions underlying or related to any of the foregoing. Further information regarding these
and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of
this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
51Talk Online Education Group
Investor Relations
Mr. David Chung
davidchung@51talk.com
Ms. Jinling Wang
wangjinling@51talk.com
51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| | |
As of | |
| | |
Dec. 31, | | |
Jun. 30, | |
| | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | |
| ASSETS | |
| | |
| |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 18,186 | | |
| 16,860 | |
| Time deposits | |
| 4,872 | | |
| 4,768 | |
| Amounts due from related parties | |
| - | | |
| 294 | |
| Prepaid expenses and other current assets | |
| 3,509 | | |
| 4,974 | |
| Total current assets | |
| 26,567 | | |
| 26,896 | |
| | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Property and equipment, net | |
| 25 | | |
| 43 | |
| Intangible assets, net | |
| 104 | | |
| 98 | |
| Right-of-use assets | |
| 769 | | |
| 655 | |
| Other non-current assets | |
| 169 | | |
| 255 | |
| Total non-current assets | |
| 1,067 | | |
| 1,051 | |
| | |
| | | |
| | |
| Total assets | |
| 27,634 | | |
| 27,947 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Advances from students | |
| 15,167 | | |
| 20,990 | |
| Accrued expenses and other current liabilities | |
| 4,341 | | |
| 4,692 | |
| Amounts due to related parties | |
| 389 | | |
| - | |
| Lease liability | |
| 427 | | |
| 470 | |
| Taxes payable | |
| 186 | | |
| 254 | |
| Total current liabilities | |
| 20,510 | | |
| 26,406 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Lease liability | |
| 307 | | |
| 146 | |
| Other non-current liabilities | |
| 156 | | |
| 172 | |
| Deferred tax liabilities | |
| 84 | | |
| 4 | |
| Total non-current liabilities | |
| 547 | | |
| 322 | |
| | |
| | | |
| | |
| Total liabilities | |
| 21,057 | | |
| 26,728 | |
| | |
| | | |
| | |
| Total shareholders’ equity | |
| 6,577 | | |
| 1,219 | |
| | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
| 27,634 | | |
| 27,947 | |
51TALK ONLINE EDUCATION GROUP
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the six months ended | |
| | |
Jun. 30, | | |
Mar. 31, | | |
Jun. 30, | | |
Jun. 30, | | |
Jun. 30, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues | |
| 3,526 | | |
| 5,552 | | |
| 6,260 | | |
| 5,404 | | |
| 11,812 | |
| Cost of revenues | |
| (733 | ) | |
| (1,242 | ) | |
| (1,354 | ) | |
| (1,148 | ) | |
| (2,596 | ) |
| Gross profit | |
| 2,793 | | |
| 4,310 | | |
| 4,906 | | |
| 4,256 | | |
| 9,216 | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (3,573 | ) | |
| (4,441 | ) | |
| (5,109 | ) | |
| (5,566 | ) | |
| (9,550 | ) |
| Product development expenses | |
| (700 | ) | |
| (662 | ) | |
| (694 | ) | |
| (1,801 | ) | |
| (1,356 | ) |
| General and administrative expenses | |
| (2,611 | ) | |
| (1,759 | ) | |
| (2,053 | ) | |
| (4,496 | ) | |
| (3,812 | ) |
| Total operating expenses | |
| (6,884 | ) | |
| (6,862 | ) | |
| (7,856 | ) | |
| (11,863 | ) | |
| (14,718 | ) |
| Loss from operations | |
| (4,091 | ) | |
| (2,552 | ) | |
| (2,950 | ) | |
| (7,607 | ) | |
| (5,502 | ) |
| Interest (expense)/income | |
| (48 | ) | |
| 33 | | |
| 36 | | |
| - | | |
| 69 | |
| Other expenses, net | |
| (450 | ) | |
| (75 | ) | |
| (45 | ) | |
| (407 | ) | |
| (120 | ) |
| Loss before income tax expenses and discontinued operations | |
| (4,589 | ) | |
| (2,594 | ) | |
| (2,959 | ) | |
| (8,014 | ) | |
| (5,553 | ) |
| Income tax (expenses)/benefit | |
| (14 | ) | |
| (9 | ) | |
| 61 | | |
| (26 | ) | |
| 52 | |
| Loss from continuing operations, net of income tax | |
| (4,603 | ) | |
| (2,603 | ) | |
| (2,898 | ) | |
| (8,040 | ) | |
| (5,501 | ) |
| Loss from discontinued operations, net of income tax | |
| (11,978 | ) | |
| - | | |
| - | | |
| (29,712 | ) | |
| - | |
| Net loss, all attributable to the Company’s ordinary shareholders | |
| (16,581 | ) | |
| (2,603 | ) | |
| (2,898 | ) | |
| (37,752 | ) | |
| (5,501 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing basic and diluted loss per share | |
| 334,567,207 | | |
| 339,338,128 | | |
| 340,329,892 | | |
| 334,313,338 | | |
| 339,836,750 | |
51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the three months ended | |
| | |
Jun. 30, | | |
Mar. 31, | | |
Jun. 30, | | |
Jun. 30, | | |
Jun. 30, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net loss per share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.05 | ) | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.11 | ) | |
| (0.02 | ) |
| Net loss per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (2.97 | ) | |
| (0.46 | ) | |
| (0.51 | ) | |
| (6.78 | ) | |
| (0.97 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expenses are included in the operating expenses as follows: |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| 5 | | |
| (48 | ) | |
| (37 | ) | |
| 13 | | |
| (85 | ) |
| Product development expenses | |
| (17 | ) | |
| (54 | ) | |
| (36 | ) | |
| (55 | ) | |
| (90 | ) |
| General and administrative expenses | |
| (63 | ) | |
| (120 | ) | |
| (126 | ) | |
| (356 | ) | |
| (246 | ) |
51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the six months ended | |
| | |
Jun. 30, | | |
Mar. 31, | | |
Jun. 30, | | |
Jun. 30, | | |
Jun. 30, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
| | |
| |
| Sales and marketing expenses | |
| (3,573 | ) | |
| (4,441 | ) | |
| (5,109 | ) | |
| (5,566 | ) | |
| (9,550 | ) |
| Less: Share-based compensation expenses | |
| 5 | | |
| (48 | ) | |
| (37 | ) | |
| 13 | | |
| (85 | ) |
| Non-GAAP sales and marketing expenses | |
| (3,578 | ) | |
| (4,393 | ) | |
| (5,072 | ) | |
| (5,579 | ) | |
| (9,465 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Product development expenses | |
| (700 | ) | |
| (662 | ) | |
| (694 | ) | |
| (1,801 | ) | |
| (1,356 | ) |
| Less: Share-based compensation expenses | |
| (17 | ) | |
| (54 | ) | |
| (36 | ) | |
| (55 | ) | |
| (90 | ) |
| Non-GAAP product development expenses | |
| (683 | ) | |
| (608 | ) | |
| (658 | ) | |
| (1,746 | ) | |
| (1,266 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (2,611 | ) | |
| (1,759 | ) | |
| (2,053 | ) | |
| (4,496 | ) | |
| (3,812 | ) |
| Less: Share-based compensation expenses | |
| (63 | ) | |
| (120 | ) | |
| (126 | ) | |
| (356 | ) | |
| (246 | ) |
| Non-GAAP general and administrative expenses | |
| (2,548 | ) | |
| (1,639 | ) | |
| (1,927 | ) | |
| (4,140 | ) | |
| (3,566 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| (6,884 | ) | |
| (6,862 | ) | |
| (7,856 | ) | |
| (11,863 | ) | |
| (14,718 | ) |
| Less: Share-based compensation expenses | |
| (75 | ) | |
| (222 | ) | |
| (199 | ) | |
| (398 | ) | |
| (421 | ) |
| Non-GAAP operating expenses | |
| (6,809 | ) | |
| (6,640 | ) | |
| (7,657 | ) | |
| (11,465 | ) | |
| (14,297 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss from operations | |
| (4,091 | ) | |
| (2,552 | ) | |
| (2,950 | ) | |
| (7,607 | ) | |
| (5,502 | ) |
| Less: Share-based compensation expenses | |
| (75 | ) | |
| (222 | ) | |
| (199 | ) | |
| (398 | ) | |
| (421 | ) |
| Non-GAAP loss from operations | |
| (4,016 | ) | |
| (2,330 | ) | |
| (2,751 | ) | |
| (7,209 | ) | |
| (5,081 | ) |
51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the six months ended | |
| | |
Jun. 30, | | |
Mar. 31, | | |
Jun. 30, | | |
Jun. 30, | | |
Jun. 30, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Income tax (expenses)/benefit | |
| (14 | ) | |
| (9 | ) | |
| 61 | | |
| (26 | ) | |
| 52 | |
| Less: Tax impact of Share-based compensation expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Non-GAAP income tax (expenses)/benefit | |
| (14 | ) | |
| (9 | ) | |
| 61 | | |
| (26 | ) | |
| 52 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss from continuing operations, net of income tax | |
| (4,603 | ) | |
| (2,603 | ) | |
| (2,898 | ) | |
| (8,040 | ) | |
| (5,501 | ) |
| Less: Share-based compensation expenses | |
| (75 | ) | |
| (222 | ) | |
| (199 | ) | |
| (398 | ) | |
| (421 | ) |
| Non-GAAP loss from continuing operations, net of income tax | |
| (4,528 | ) | |
| (2,381 | ) | |
| (2,699 | ) | |
| (7,642 | ) | |
| (5,080 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss from discontinued operations, net of income tax | |
| (11,978 | ) | |
| - | | |
| - | | |
| (29,712 | ) | |
| - | |
| Less: Share-based compensation expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Non-GAAP loss from discontinued operations, net of income tax | |
| (11,978 | ) | |
| - | | |
| - | | |
| (29,712 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss, all attributable to the Company’s ordinary shareholders | |
| (16,581 | ) | |
| (2,603 | ) | |
| (2,898 | ) | |
| (37,752 | ) | |
| (5,501 | ) |
| Less: Share-based compensation expenses | |
| (75 | ) | |
| (222 | ) | |
| (199 | ) | |
| (398 | ) | |
| (421 | ) |
| Non-GAAP net loss, all attributable to the Company’s ordinary shareholders | |
| (16,506 | ) | |
| (2,381 | ) | |
| (2,699 | ) | |
| (37,354 | ) | |
| (5,080 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing basic and diluted loss per share | |
| 334,567,207 | | |
| 339,338,128 | | |
| 340,329,892 | | |
| 334,313,338 | | |
| 339,836,750 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and Diluted | |
| (0.05 | ) | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.11 | ) | |
| (0.01 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and Diluted | |
| (2.96 | ) | |
| (0.42 | ) | |
| (0.48 | ) | |
| (6.70 | ) | |
| (0.90 | ) |
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