RISE Education Announces Fourth Quarter and Full Year Unaudited 2017 Financial Results
Financial and Operational Highlights
- Total revenues increased by 40.8% year-over-year to
RMB 272.2 million (US$ 41.8 million ) in the fourth quarter of 2017. - Gross profit increased by 41.7% year-over-year to
RMB 142.8 million (US$ 22.0 million ) in the fourth quarter of 2017. - Net loss was 138.0 million (
US$ 21.2 million ) in the fourth quarter of 2017. Excluding IPO-related expenses, one-off expenses and share-based compensation, non-GAAP net income1 increased by 403.8% year-over-year toRMB 28.6 million (US$ 4.4 million ) in the fourth quarter of 2017. - Adjusted EBITDA2 increased by 99.0% year-over-year to
RMB 68.1 million (US$ 10.5 million ) in the fourth quarter of 2017. Adjusted EBITDA margin expanded to 25.0% in the fourth quarter of 2017 from 17.7% in the same period of the prior year. - Total number of learning centers increased by eleven during the fourth quarter, including three new learning centers as part of the Company’s acquisition of
The Edge Learning Centers Limited (“The Edge”), to 270 as ofDecember 31, 2017 , comprising 64 self-owned and 206 franchised learning centers. - Student enrollment at self-owned learning centers increased by 37.9% year-over-year to 49,894 in full year 2017.
- Student retention rate at self-owned learning centers remained stable at 70% in both the fourth quarter and full year of 2017.
“We are pleased to have concluded fiscal year 2017 with solid financial and operational performance in the fourth quarter. This reflects our commitment to quality education and to delivering the best English learning experience to our students,” stated Mr.
Ms.
FOURTH QUARTER 2017 FINANCIAL RESULTS
Revenues
Total revenues for the fourth quarter of 2017 increased by
- Revenues from educational programs for the fourth quarter of 2017 increased by 36.4% to
RMB 249.7 million (US$ 38.4 million ) fromRMB 183.0 million in the same period of the prior year. This increase was primarily due to an increase in student enrollment at self-owned learning centers in the fourth quarter. The increase in the Company’s student enrollment was attributable to (i) higher student enrollment at existing learning centers as they matured and achieved a higher retention rate, which was partially driven by the Company’s established brand and growing offerings of reputable products; and (ii) the increase in the number of self-owned learning centers to 64 as ofDecember 31, 2017 , from 54 as ofDecember 31, 2016 ; and (iii) higher course fees due to our annual price increase.
- Franchise revenues for the fourth quarter of 2017 increased by 69.9% to
RMB 17.0 million (US$ 2.6 million ) fromRMB 10.0 million in the same period of the prior year. This increase was primarily due to an increase in recurring franchise fees from the Company’s existing franchised learning centers, as well as an increase in initial and renewal franchise fees in the fourth quarter of 2017 for franchised learning centers that were either new or renewed their franchise agreements with the Company. The number of franchised learning centers increased to 206 as ofDecember 31, 2017 , from 167 as ofDecember 31, 2016 .
- Other revenues for the fourth quarter of 2017 was
RMB 5.4 million (US$ 0.8 million ) compared toRMB 0.2 million in the same period of the prior year. The increase was primarily due to an increase in revenues from The Edge, the company acquired in the fourth quarter of 2017.
Cost of Revenues
Cost of revenues for the fourth quarter of 2017 increased by
Gross Profit
Gross profit for the fourth quarter of 2017 increased by
Operating Expenses and Operating Income / (Loss)
Total operating expenses for the fourth quarter of 2017 increased by
- Selling and marketing expenses for the fourth quarter of 2017 increased to
RMB 61.7 million (US$ 9.5 million ), includingRMB 9.0 million (US$ 1.4 million ) of share-based compensation, fromRMB 44.3 million in the same period of the prior year. As a percentage of total revenues, non-GAAP selling and marketing expenses decreased to 19.3% in the fourth quarter of 2017 from 22.9% in the same period of the prior year.
- General and administrative expenses for the fourth quarter of 2017 increased to
RMB 210.0 million (US$ 32.3 million ) compared toRMB 42.8 million in the same period of the prior year. General and administrative expenses for the fourth quarter of 2017 includedRMB 69.2 million (US$ 10.6 million ) in share-based compensation andRMB 81.8 million (US$ 12.6 million ) in IPO-related expenses and one-off expenses. Excluding IPO-related expenses, one-off expenses and share-based compensation, non-GAAP general and administrative expenses for the fourth quarter of 2017 wasRMB 59.0 million (US$ 9.1 million ), or 21.7% of revenues, decreased from 22.2% in the same period of the prior year.
Operating loss for the fourth quarter of 2017 was
Interest Expense
Interest expense for the fourth quarter of 2017 was
Income / (Loss) before Income Tax Expense
Loss before income tax expense for the fourth quarter of 2017 was
Income Tax Expense
Income tax expense for the fourth quarter of 2017 was
Net Income / (Loss)
Net loss for the fourth quarter of 2017 was
Non-GAAP net income excludes IPO-related expenses, one-off expenses, and share-based compensation from net income. Non-GAAP net income for the fourth quarter of 2017 increased by 403.8% year-over-year to RMB 28.6 million (
Non-GAAP net margin expanded to 10.5% during the quarter from 2.9% in the same period of the prior year.
EBITDA is net income or loss before interest, taxes, depreciation and amortization. EBITDA for the fourth quarter of 2017 decreased
Adjusted EBITDA excludes IPO-related expenses, one-off expenses and share-based compensation from EBITDA. Adjusted EBITDA for the fourth quarter of 2017 increased by 99.0% year-over-year to
Adjusted EBITDA margin increased to 25.0% for the fourth quarter of 2017 from 17.7% in the same period of the prior year.
For details on the calculation of and reconciliation to the nearest GAAP measures for each of non-GAAP net income, EBITDA and adjusted EBITDA, see “About Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results.”
Net Income / (Loss) per Ordinary Share
Basic and diluted net loss per ordinary share attributable to
Cash Flow
Net cash provided by operating activities for the fourth quarter of 2017 was
FULL YEAR 2017 FINANCIAL RESULTS
Revenues
Total revenues for the full year of 2017 increased by
- Revenues from educational programs for the full year of 2017 increased by 34.4% to
RMB 831.1 million (US$ 127.7 million ) fromRMB 618.3 million in the full year of 2016. This increase was primarily due to the same factors that led to the quarterly increase.
- Franchise revenues for the full year of 2017 increased by 57.4% to
RMB 100.0 million (US$ 15.4 million ) fromRMB 63.5 million in the full year of 2016. This increase was primarily due to the same factors that led to the quarterly increase.
- Other revenues for the full year of 2017 increased by 31.0% to
RMB 38.2 million (US$ 5.9 million ) fromRMB 29.1 million in the full year of 2016. The increase was primarily due to the same factors that led to the quarterly increase.
Cost of Revenues
Cost of revenues for the full year of 2017 increased by
Gross Profit
Gross profit for the full year of 2017 increased by
Operating Expenses and Operating Income / (Loss)
Total operating expenses for the full year of 2017 increased by
- Selling and marketing expenses for the full year of 2017 was
RMB 178.0 million (US$ 27.4 million ), includingRMB 9.0 million (US$ 1.4 million ) of share-based compensation, compared withRMB 128.5 million in the prior year. As a percentage of total revenues, non-GAAP selling and marketing expenses decreased to 17.4% in the full year of 2017 from 18.1% in the full year of 2016.
- General and administrative expenses for the full year of 2017 increased to
RMB 339.7 million (US$ 52.2 million ) fromRMB 148.1 million in the same period of the prior year. General and administrative expenses for the full year of 2017 includedRMB 69.2 million (US$ 10.6 million ) in share-based compensation andRMB 91.1 million (US$ 14.0 million ) in IPO-related expenses and one-off expenses. Excluding IPO-related expenses, one-off expenses and share-based compensation, non-GAAP general and administrative expenses for the full year of 2017 wasRMB 179.4 million (US$ 27.6 million ), or 18.5% of total revenue, decreased from 20.8% in the full year of 2016.
Operating loss for the full year of 2017 was
Interest Expense
Interest expense for the full year of 2017 was
Income / (Loss) before Income Tax Expense
Loss before income tax expense for the full year of 2017 was
Income Tax Expense
Income tax expense for the full year of 2017 was
Net Income / (Loss)
Net loss for the full year of 2017 was 53.6 million (
Non-GAAP net income for the full year of 2017 increased by 140.6% year-over-year to
EBITDA for the full year of 2017 decreased
Adjusted EBITDA for the full year of 2017 increased by 70.4% year-over-year to RMB 242.5 million (
Adjusted EBITDA margin increased to 25.0% for the full year of 2017 from 20.0% in the prior year.
For details on the calculation of and reconciliation to the nearest GAAP measures for each of non-GAAP net income, EBITDA and adjusted EBITDA, see “About Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results.”
Net Income / (Loss) per Ordinary Share
Basic and diluted net loss per ordinary share attributable to
Cash Flow
Net cash provided by operating activities for full year 2017 was
Balance Sheet
As of
Deferred revenue and customer advances was
BUSINESS OUTLOOK
For the first quarter of 2018, the Company expects its total revenues to be in the range between
Conference Call Information
RISE Education will hold a conference call on
United States: +1-845-675-0437
International: +65-6713-5090
China Domestic: 400-6208-038
Hong Kong: +852-3018-6771
Conference ID: #5746789
The replay will be accessible through
United States: +1-646-254-3697
International: +61-2-8199-0299
Conference ID: #5746789
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.risecenter.com/.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of
About Non-GAAP Financial Measures
To supplement RISE’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this earnings release titled “Reconciliation of GAAP and Non-GAAP Results,” which provides more details on the non-GAAP financial measures.
Non-GAAP operating expenses, including non-GAAP selling and marketing expenses and non-GAAP general and administrative expenses, provides us with an understanding of the results from the primary operations of our business by excluding the effects of certain transaction-related expenses that do not reflect the ordinary operating expenses of our operations and share-based compensation. These expenses include (i) expenses relating to our IPO, which are expenses that we paid on behalf of our largest shareholder for selling a portion of its shares during the IPO and which we cannot capitalize; (ii) one-off expenses for terminating the consulting agreement between us and an affiliate of our largest shareholder as a result of the IPO and for other non-recurring professional expenses; and (iii) share-based compensation, including all share-based compensation that vested during the fourth quarter as a result of the IPO.
Adjusted EBITDA and non-GAAP net income provide us with an understanding of the results from the primary operations of our business by excluding the effects of certain transaction-related expenses that do not reflect the ordinary EBITDA and net income of our operations.
We use non-GAAP operating expenses, including non-GAAP selling and marketing expenses and non-GAAP general and administrative expenses, adjusted EBITDA and non-GAAP net income to evaluate our period-over-period operating performance because our management believes these provide a more comparable measure of our continuing business as it adjusts for transaction-related expenses that are not reflective of the normal earnings of our business. These measures may be useful to an investor in evaluating the underlying operating performance of our business, and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future.
Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.
About RISE Education
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management’s quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about
Investor Relations Contact
RISE Education
Email: riseir@rdchina.net
Tel: (+1) 347-436-8371
Email: riseir@rdchina.net
______________________________
1 Non-GAAP net income excludes IPO-related expenses, one-off expenses and share-based compensation, from net income. For details on the calculation of and reconciliation to the nearest GAAP measures for each of non-GAAP net income, see “About Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results.”
2 Adjusted EBITDA excludes expenses relating to the Company’s IPO related expenses, one-off expenses and share-based compensation, from EBITDA. For details on the calculation of and reconciliation to the nearest GAAP measures for adjusted EBITDA, see “About Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Results.”
RISE EDUCATION CAYMAN LTD | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except share data and per share data) | ||||||||
As of | ||||||||
December 31 | December 31 | December 31 | ||||||
2016 | 2017 | 2017 | ||||||
RMB | RMB | USD | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 639,999 | 1,055,982 | 162,301 | |||||
Restricted cash | 16,689 | 28,913 | 4,444 | |||||
Accounts receivable, net | - | 2,470 | 380 | |||||
Amounts due from a related party | - | 6,604 | 1,015 | |||||
Inventories | 5,533 | 7,905 | 1,215 | |||||
Prepaid expenses and other current assets | 45,517 | 40,571 | 6,236 | |||||
Total current assets | 707,738 | 1,142,445 | 175,591 | |||||
Property and equipment, net | 75,673 | 100,177 | 15,397 | |||||
Intangible assets, net | 225,951 | 200,615 | 30,834 | |||||
Goodwill | 461,686 | 475,732 | 73,119 | |||||
Deferred tax assets | 4,087 | 2,404 | 369 | |||||
Other non-current assets | 25,163 | 34,965 | 5,374 | |||||
Total assets | 1,500,298 | 1,956,338 | 300,684 | |||||
LIABILITIES AND SHAREHOLDERS’EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term loan | 38,186 | - | - | |||||
Accounts payable | 4,068 | 6,041 | 928 | |||||
Accrued expenses and other current liabilities | 96,158 | 191,099 | 29,372 | |||||
Deferred revenue and customer advances | 601,324 | 812,821 | 124,928 | |||||
Income taxes payable | 23,630 | 20,739 | 3,188 | |||||
Total current liabilities | 763,366 | 1,030,700 | 158,416 | |||||
Long-term loan | 333,102 | 623,439 | 95,821 | |||||
Deferred tax liabilities | 3,070 | 3,785 | 582 | |||||
Other non-current liabilities | 2,333 | 2,682 | 412 | |||||
Total liabilities | 1,101,871 | 1,660,606 | 255,231 | |||||
Shareholders’ equity: | ||||||||
Ordinary shares | 6,120 | 6,782 | 1,042 | |||||
Additional paid-in capital | 452,369 | 532,474 | 81,840 | |||||
Statutory reserves | 32,511 | 46,366 | 7,126 | |||||
Accumulated deficit | (134,264 | ) | (315,531 | ) | (48,496 | ) | ||
Accumulated other comprehensive income | 50,464 | 40,040 | 6,154 | |||||
Total Rise Education Cayman Ltd shareholders’ equity | 407,200 | 310,131 | 47,666 | |||||
Non-controlling interests | (8,773 | ) | (14,399 | ) | (2,213 | ) | ||
Total equity | 398,427 | 295,732 | 45,453 | |||||
Total liabilities, non-controlling interests and shareholders’ equity | 1,500,298 | 1,956,338 | 300,684 | |||||
RISE EDUCATION CAYMAN LTD | ||||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||
(in thousands, except share data and per share data) | ||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||
2016 | 2017 | 2017 | 2016 | 2017 | 2017 | |||||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
Revenues | 193,251 | 272,157 | 41,830 | 710,993 | 969,275 | 148,975 | ||||||||||||
Educational programs | 183,036 | 249,747 | 38,385 | 618,326 | 831,106 | 127,739 | ||||||||||||
Franchise revenues | 10,020 | 17,028 | 2,617 | 63,532 | 100,013 | 15,372 | ||||||||||||
Others | 195 | 5,382 | 828 | 29,135 | 38,156 | 5,864 | ||||||||||||
Cost of revenues | (92,451 | ) | (129,320 | ) | (19,876 | ) | (363,579 | ) | (452,220 | ) | (69,505 | ) | ||||||
Gross profit | 100,800 | 142,837 | 21,954 | 347,414 | 517,055 | 79,470 | ||||||||||||
Selling and marketing expenses | (44,310 | ) | (61,702 | ) | (9,483 | ) | (128,475 | ) | (177,993 | ) | (27,357 | ) | ||||||
General and administrative expenses | (42,835 | ) | (210,000 | ) | (32,277 | ) | (148,093 | ) | (339,690 | ) | (52,209 | ) | ||||||
Operating income / (loss) | 13,655 | (128,865 | ) | (19,806 | ) | 70,846 | (628 | ) | (96 | ) | ||||||||
Interest income | 4,416 | 3,947 | 607 | 16,622 | 19,559 | 3,006 | ||||||||||||
Interest expense | (5,035 | ) | (10,967 | ) | (1,686 | ) | (6,073 | ) | (26,589 | ) | (4,087 | ) | ||||||
Foreign currency exchange (loss)/income | (1,367 | ) | 208 | 32 | (2,741 | ) | 388 | 60 | ||||||||||
Other income, net | 4,352 | 6,617 | 1,017 | 4,391 | 6,594 | 1,013 | ||||||||||||
Income / (loss) before income tax expense | 16,021 | (129,060 | ) | (19,836 | ) | 83,045 | (676 | ) | (104 | ) | ||||||||
Income tax expense | (10,340 | ) | (8,932 | ) | (1,373 | ) | (32,202 | ) | (52,924 | ) | (8,134 | ) | ||||||
Net income / (loss) | 5,681 | (137,992 | ) | (21,209 | ) | 50,843 | (53,600 | ) | (8,238 | ) | ||||||||
Add: net loss / (income) attributable to non-controlling interests | 1,963 | (4 | ) | (1 | ) | 3,080 | 5,626 | 865 | ||||||||||
Net income attributable to RISE Education Cayman Ltd | 7,644 | (137,996 | ) | (21,210 | ) | 53,923 | (47,974 | ) | (7,373 | ) | ||||||||
Net income / (loss) per ordinary share: | ||||||||||||||||||
Basic and diluted | 0.08 | (1.28 | ) | (0.20 | ) | 0.54 | (0.47 | ) | (0.07 | ) | ||||||||
Net income / (loss) per ADS: | ||||||||||||||||||
Basic and diluted | 0.15 | (2.57 | ) | (0.39 | ) | 1.08 | (0.94 | ) | (0.14 | ) | ||||||||
Shares used in net income / (loss) per ordinary share computation: | ||||||||||||||||||
Basic and diluted | 100,000,000 | 107,500,000 | 107,500,000 | 100,000,000 | 101,890,411 | 101,890,411 | ||||||||||||
Shares used in net income / (loss) per ADS computation: | ||||||||||||||||||
Basic and diluted | 50,000,000 | 53,750,000 | 53,750,000 | 50,000,000 | 50,945,205 | 50,945,205 | ||||||||||||
Net income / (loss) | 5,681 | (137,992 | ) | (21,209 | ) | 50,843 | (53,600 | ) | (8,238 | ) | ||||||||
Other comprehensive income / (loss), net of tax of nil: | ||||||||||||||||||
Foreign currency translation adjustments | 6,062 | 1,663 | 256 | 22,275 | (10,424 | ) | (1,602 | ) | ||||||||||
Other comprehensive income / (loss) | 6,062 | 1,663 | 256 | 22,275 | (10,424 | ) | (1,602 | ) | ||||||||||
Comprehensive income / (loss) | 11,743 | (136,329 | ) | (20,953 | ) | 73,118 | (64,024 | ) | (9,840 | ) | ||||||||
Add: comprehensive loss / (income) attributable to non-controlling interests | 1,963 | (4 | ) | (1 | ) | 3,080 | 5,626 | 865 | ||||||||||
Comprehensive income / (loss) attributable to RISE Education Cayman Ltd | 13,706 | (136,333 | ) | (20,954 | ) | 76,198 | (58,398 | ) | (8,975 | ) | ||||||||
RISE EDUCATION CAYMAN LTD | ||||||||||||||||
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||||||||||||||
(in thousands, except share data and per share data) | ||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2016 | 2017 | 2017 | 2016 | 2017 | 2017 | |||||||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||||||
Net income / (loss) | 5,681 | (137,992 | ) | (21,209 | ) | 50,843 | (53,600 | ) | (8,238 | ) | ||||||
SBC | - | 95,307 | 14,648 | - | 95,307 | 14,648 | ||||||||||
IPO related expenses | - | 47,690 | 7,330 | - | 52,907 | 8,132 | ||||||||||
One-off expenses | - | 34,150 | 5,248 | - | 38,232 | 5,876 | ||||||||||
Income tax expense | - | (10,532 | ) | (1,619 | ) | - | (10,532 | ) | (1,619 | ) | ||||||
Non-GAAP net income | 5,681 | 28,623 | 4,398 | 50,843 | 122,314 | 18,799 | ||||||||||
Add: net loss / (income) attributable to non-controlling interests | 1,963 | (4 | ) | (1 | ) | 3,080 | 5,626 | 865 | ||||||||
Non-GAAP net income attributable to RISE Education Cayman Ltd | 7,644 | 28,619 | 4,397 | 53,923 | 127,940 | 19,664 | ||||||||||
Net income / (loss) | 5,681 | (137,992 | ) | (21,209 | ) | 50,843 | (53,600 | ) | (8,238 | ) | ||||||
Add: Depreciation | 8,725 | 7,614 | 1,170 | 29,634 | 29,246 | 4,495 | ||||||||||
Add: Amortization | 8,857 | 5,379 | 827 | 40,188 | 20,465 | 3,145 | ||||||||||
Add: Interest expense | 5,035 | 10,967 | 1,686 | 6,073 | 26,588 | 4,087 | ||||||||||
Add: Income tax expense | 10,340 | 8,932 | 1,373 | 32,202 | 52,924 | 8,134 | ||||||||||
Less: Interest income | 4,416 | 3,947 | 607 | 16,622 | 19,559 | 3,006 | ||||||||||
EBITDA | 34,222 | (109,047 | ) | (16,760 | ) | 142,318 | 56,064 | 8,617 | ||||||||
SBC | - | 95,307 | 14,648 | - | 95,307 | 14,648 | ||||||||||
IPO related expenses | - | 47,690 | 7,330 | - | 52,907 | 8,132 | ||||||||||
One-off expenses | - | 34,150 | 5,248 | - | 38,232 | 5,876 | ||||||||||
Adjusted EBITDA | 34,222 | 68,100 | 10,466 | 142,318 | 242,510 | 37,273 | ||||||||||
Cost of revenues | 92,451 | 129,320 | 19,876 | 363,579 | 452,220 | 69,505 | ||||||||||
Personnel costs | 36,887 | 60,298 | 9,268 | 131,598 | 176,995 | 27,204 | ||||||||||
Rental costs | 30,411 | 36,913 | 5,673 | 109,692 | 146,678 | 22,544 | ||||||||||
Others | 25,153 | 32,109 | 4,935 | 122,289 | 128,547 | 19,757 | ||||||||||
Less: SBC | - | 17,063 | 2,623 | - | 17,063 | 2,623 | ||||||||||
Non-GAAP cost of revenues | 92,451 | 112,257 | 17,253 | 363,579 | 435,157 | 66,882 | ||||||||||
Selling and marketing expenses | 44,310 | 61,702 | 9,483 | 128,475 | 177,993 | 27,357 | ||||||||||
Less: SBC | - | 9,045 | 1,390 | - | 9,045 | 1,390 | ||||||||||
Non-GAAP selling and marketing expenses | 44,310 | 52,657 | 8,093 | 128,475 | 168,948 | 25,967 | ||||||||||
General and administrative expenses | 42,835 | 210,000 | 32,277 | 148,093 | 339,690 | 52,209 | ||||||||||
Less: SBC | - | 69,199 | 10,636 | - | 69,199 | 10,636 | ||||||||||
Less: IPO related expenses | - | 47,690 | 7,330 | - | 52,907 | 8,132 | ||||||||||
Less: One-off expenses | - | 34,150 | 5,249 | - | 38,232 | 5,876 | ||||||||||
Non-GAAP general and administrative expenses | 42,835 | 58,961 | 9,062 | 148,093 | 179,352 | 27,565 | ||||||||||
Gross Profit | 100,800 | 142,837 | 21,954 | 347,414 | 517,055 | 79,470 | ||||||||||
Add: SBC included in cost of revenues | - | 17,063 | 2,623 | - | 17,063 | 2,623 | ||||||||||
Non-GAAP gross profit | 100,800 | 159,900 | 24,577 | 347,414 | 534,118 | 82,093 | ||||||||||
Non-GAAP selling and marketing expenses | 44,310 | 52,657 | 8,093 | 128,475 | 168,948 | 25,967 | ||||||||||
Non-GAAP general and administrative expenses | 42,835 | 58,961 | 9,062 | 148,093 | 179,352 | 27,565 | ||||||||||
Non-GAAP operating expense | 87,145 | 111,618 | 17,155 | 276,568 | 348,300 | 53,532 | ||||||||||
Non-GAAP operating income | 13,655 | 48,282 | 7,422 | 70,846 | 185,818 | 28,561 | ||||||||||
Non-GAAP income per ordinary share: | ||||||||||||||||
Basic | 0.08 | 0.27 | 0.04 | 0.54 | 1.26 | 0.19 | ||||||||||
Diluted | 0.08 | 0.26 | 0.04 | 0.54 | 1.22 | 0.19 | ||||||||||
Non-GAAP income per ADS: | ||||||||||||||||
Basic | 0.15 | 0.53 | 0.08 | 1.08 | 2.51 | 0.39 | ||||||||||
Diluted | 0.15 | 0.51 | 0.08 | 1.08 | 2.45 | 0.38 | ||||||||||
Shares used in net income per ordinary share computation: | ||||||||||||||||
Basic | 100,000,000 | 107,500,000 | 107,500,000 | 100,000,000 | 101,890,411 | 101,890,411 | ||||||||||
Diluted | 100,000,000 | 111,735,979 | 111,735,979 | 100,000,000 | 104,451,436 | 104,451,436 | ||||||||||
Shares used in net income per ADS computation: | ||||||||||||||||
Basic | 50,000,000 | 53,750,000 | 53,750,000 | 50,000,000 | 50,945,205 | 50,945,205 | ||||||||||
Diluted | 50,000,000 | 55,867,989 | 55,867,989 | 50,000,000 | 52,225,718 | 52,225,718 |