China Online Education Group Announces First Quarter 2021 Results
China Online Education Group (51Talk) reported its Q1 2021 financial results, achieving net revenues of RMB600.4 million (US$91.6 million), a 23.3% increase from the previous year. Active students grew by 37.0% to 392,700. However, GAAP net income dropped to RMB8.0 million (US$1.2 million) from RMB50.8 million in Q1 2020. The company faced a 41.6% increase in operating expenses, with marketing costs rising significantly. In terms of outlook, 51Talk anticipates Q2 2021 net revenues between RMB597 million and RMB603 million, signifying a year-over-year growth of approximately 21% to 22%.
- Net revenues increased 23.3% year-over-year to RMB600.4 million.
- Active students rose by 37.0%, reaching 392,700.
- Gross margin improved to 73.4%, up from 70.4% in Q1 2020.
- Successful acquisition of Koala Reading to enhance curriculum offerings.
- Q2 2021 revenue outlook suggests 21% to 22% growth.
- GAAP net income decreased to RMB8.0 million from RMB50.8 million year-over-year.
- Operating expenses surged 41.6%, primarily due to higher sales and marketing costs.
- Non-GAAP net income fell to RMB16.8 million from RMB57.0 million in Q1 2020.
- Operating margin declined to 1.0%, compared to 9.2% in the prior year.
BEIJING, May 17, 2021 /PRNewswire/ -- China Online Education Group ("51Talk" or the "Company") (NYSE:COE), a leading online education platform in China, with core expertise in English education, announced its unaudited financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Financial and Operating Highlights
- Net revenues were RMB600.4 million (US
$91.6 million ), a23.3% increase from RMB487.1 million for the first quarter of 2020. - Gross margin was
73.4% , compared with70.4% for the first quarter of 2020. - GAAP net income was RMB8.0 million (US
$1.2 million ), compared with GAAP net income RMB50.8 million for the first quarter of 2020. - Non-GAAP net income[1] was RMB16.8 million (US
$2.6 million ), compared with non-GAAP net income RMB57.0 million for the first quarter of 2020. - Operating cash inflow was RMB39.0 million (US
$6.0 million ), compared with RMB172.7 million cash inflow for the first quarter of 2020. - Cash, cash equivalents, time deposits and short-term investments balance reached RMB1,730.3 million (US
$264.1 million ) as of March 31, 2021. - Gross billings[2] were RMB685.0million (US
$104.6 million ), a14.8% increase from RMB596.9 million for the first quarter of 2020.
Key Financial and Operating Data | For the three months ended | ||||
Mar. 31, | Mar. 31, | Y-o-Y | |||
2020 | 2021 | Change | |||
Net Revenues (in RMB millions) | 487.1 | 600.4 | |||
K-12 one-on-one mass market offering | 404.2 | 549.6 | |||
K-12 small class offering | 22.7 | 18.2 | ( | ||
Others | 60.2 | 32.6 | ( | ||
Gross billings (in RMB millions) | 596.9 | 685.0 | |||
K-12 one-on-one mass market offering | 563.5 | 660.1 | |||
K-12 small class offering | 11.5 | 5.3 | ( | ||
Others | 21.9 | 19.6 | ( | ||
Active students[3] (in thousands) | 286.6 | 392.7 | |||
[1] For more information on non-GAAP financial measures, please see the section of "Use of Non-GAAP Financial Measures" and the table captioned "Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth in this press release. |
[2] 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 for the sale of course packages and services in such period, net of the total amount of refunds in such period. |
[3] An "active student" for a specified period refers to a student who booked at least one paid lesson, excluding those students who only attended paid live broadcasting lessons or trial lessons. |
"We are delighted to report another solid quarter as first quarter net revenue reached RMB600.4 million, a
"In addition to organic growth through our existing strategies, we have also been pursuing external opportunities with our recent acquisition of Koala Reading. We are leveraging its expertise in Chinese reading assessments, and plan to further develop a trailblazing English reading skill evaluation system that allows us to improve our product offerings. Furthermore, this acquisition widens our course offerings with additional Chinese courses, which is in line with the long term strategy of diversifying our curriculum portfolio. Along with our efforts in enhancing teacher operations, optimizing curriculums and developing AI-powered robotic tutors, the acquisition of Koala Reading is a testament to our commitment in providing the best learning experience to our students.
"In order to solidify our leadership in K12 one-on-one mass market English education, we are focused on ramping up our branding and marketing efforts and improving student satisfaction while also investing in product development and upgrading course offerings and services. We are excited to announce the appointment of Ms. Maine Mendoza as our latest Brand Ambassador and 51Talk Guest Teacher. Ms. Maine Mendoza is a well-known Filipino actress and social media influencer. Her appointment instantly became the most tweeted event in the Philippines and further strengthens our brand recognition in the country. I look forward to continuing to execute our mission to deliver long term benefits to all stakeholders," concluded Mr. Huang.
"Starting off 2021 with such a solid financial and operating performance is well within our expectations," said Mr. Min Xu, Chief Financial Officer of 51Talk. "I am pleased to report that in addition to robust growth in net revenues, we delivered another profitable quarter with GAAP net income of RMB8.0 million and non-GAAP net income of RMB16.8 million, primarily resulting from significantly higher lesson consumption and improved operating efficiency. In order to keep the Company on track for healthy growth and profitability, we are proactively refining our operations to maintain high efficiency at all levels, ultimately stimulating student growth and brand awareness, as a leading and dependable online education platform in China."
Change in Segment Reporting
Effective as of March 31, 2021, the Company changed its segment disclosure and no longer separately reports the financial results of its small class business, as the operating decision maker ("CODM") no longer reviews the stand-alone operating information of the small class business. This is due to the immaterial contribution the small class business is expected to provide in the future, consistent with the Company's strategic decision to focus business development on the one-on-one mass market offering. The CODM has been identified as the Chief Executive Officer, who now reviews consolidated results when making decisions about allocating resources and assessing performance of the Company as a whole, and hence, the Company has only one reportable segment. This change in segment presentation does not affect consolidated balance sheets or consolidated statements of comprehensive income. The Company retrospectively revised prior period segment information to conform to current period presentation.
First Quarter 2021 Financial Results
Net Revenues
Net revenues for the first quarter of 2021 were RMB600.4 million (US
Cost of Revenues
Cost of revenues for the first quarter of 2021 was RMB159.7 million (US
Gross Profit and Gross Margin
Gross profit for the first quarter of 2021 was RMB440.7 million (US
Gross margin for the first quarter of 2021 was
Operating Expenses
Total operating expenses for the first quarter of 2021 were RMB445.9 million (US
Sales and marketing expenses for the first quarter of 2021 were RMB318.9 million (US
Product development expenses for the first quarter of 2021 were RMB57.7 million (US
General and administrative expenses for the first quarter of 2021 were RMB69.2 million (US
Other income
As part of the Chinese government's effort to ease the burden of businesses affected by the coronavirus (COVID-19) outbreak, the State Taxation Administration (STA) exempted a wide range of consumer services from value added tax (VAT) from January 2020 until March 2021. The income obtained by taxpayers from providing essential services shall be exempted from VAT. The favorable impact of such coronavirus relief policies was RMB10.7 million and RMB10.3 million in the first quarter of 2021 and 2020 respectively.
On September 30, 2019, the Ministry of Finance and the State Taxation Administration announced that from October 1, 2019 to December 31, 2021, taxpayers engaging in the provision of essential services are allowed to deduct an extra
Income from Operations
Operating income for the first quarter of 2021 was RMB5.9 million (US
Non-GAAP operating income for the first quarter of 2021 was RMB14.6 million (US
The favorable impact of coronavirus relief policies was RMB10.7 million in the first quarter of 2021. Excluding the favorable impact, loss from operations and non-GAAP operating income for the first quarter would have been RMB4.8 million (US
Net income
Net income for the first quarter of 2021 was RMB8.0 million (US
Non-GAAP net income for the first quarter of 2021 was RMB16.8 million (US
The favorable impact of coronavirus relief policies was RMB10.7 million in the first quarter. Excluding the favorable impact, net loss and non-GAAP net income for the first quarter would have been RMB2.7 million (US
Income tax expense for the first quarter of 2021 was RMB6.1 million.
Basic net income per share attributable to ordinary shareholders for the first quarter of 2021 was RMB0.02 (US
Non-GAAP basic net income per share attributable to ordinary shareholders for the first quarter of 2021 was RMB0.05 (US
The favorable impact of coronavirus relief policies was RMB10.7 million in the first quarter. Excluding the favorable impact, basic net loss per share attributable to ordinary shareholders for the first quarter of 2021 was RMB0.01 (US
Basic net income per American depositary share ("ADS") attributable to ordinary shareholders for the first quarter of 2021 was RMB0.37 (US
Non-GAAP basic net income per ADS attributable to ordinary shareholders for the first quarter of 2021 was RMB0.78 (US
The favorable impact of coronavirus relief policies was RMB10.7 million in the first quarter. Excluding the favorable impact, basic net loss per ADS attributable to ordinary shareholders for the first quarter of 2021 was RMB0.13 (US
Balance Sheet
As of March 31, 2021, the Company had total cash, cash equivalents, time deposits and short-term investments of RMB1,730.3 million (US
The Company had advances from students[4] (current and non-current) of RMB2,762.0 million (US
[4] "Advances from students", which is defined as the amount of obligation to transfer good 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". |
Outlook
For the second quarter of 2021, the Company currently expects net revenues to be between RMB597 million and RMB603 million, which would represent an increase of approximately
The above 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.
Share Repurchase Program
On September 8, 2020, 51Talk announced that its board of directors had authorized a share repurchase program of up to US
The Annual Report
On April 7, 2021, the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission (the "SEC"). The annual report can be accessed on the Company's investor relations website at http://ir.51talk.com and on the SEC's website at www.sec.gov. The Company will provide a hard copy of the annual report containing its audited consolidated financial statements for the fiscal year ended December 31, 2020, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to ir@51talk.com.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 17, 2021 (8:00 PM Beijing/Hong Kong time on May 17, 2021).
Dial-in details for the earnings conference call are as follows:
United States (toll free): | 1-866-264-5888 |
International: | 1-412-317-5226 |
Mainland China: | 400-120-1203 |
Hong Kong (toll free): | 800-905-945 |
Hong Kong: | 852-3018-4992 |
Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for "China 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 until May 24, 2021, by dialing the following telephone numbers:
United States (toll free): | 1-877-344-7529 |
International: | 1-412-317-0088 |
Replay Access Code: | 10156395 |
About China Online Education Group
China Online Education Group (NYSE: COE) is a leading online education platform in China, 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 across China to take live interactive English lessons with overseas foreign teachers, on demand. The Company connects its students with a large pool of highly qualified foreign 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, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, and non-GAAP net income 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.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.5518 to US
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 business outlook and 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 China; the expected growth of, and trends in, the markets for 51Talk's course offerings in China; relevant government policies and regulations relating to 51Talk's corporate structure, business and industry; general economic and business condition in China, the Philippines 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.
CHINA ONLINE EDUCATION GROUP | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
As of | ||||||||
Dec. 31, | Mar. 31 | Mar. 31, | ||||||
2020 | 2021 | 2021 | ||||||
RMB | RMB | US$ | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 326,647 | 293,358 | 44,775 | |||||
Time deposits | 477,408 | 475,938 | 72,642 | |||||
Short-term investments | 509,636 | 448,975 | 68,527 | |||||
Inventory | 1,935 | 1,051 | 160 | |||||
Prepaid expenses and other current assets | 302,057 | 314,682 | 48,030 | |||||
Total current assets | 1,617,683 | 1,534,004 | 234,134 | |||||
Non-current assets | ||||||||
Property and equipment, net | 21,175 | 34,127 | 5,209 | |||||
Intangible assets, net | 20,302 | 18,742 | 2,861 | |||||
Goodwill | 4,223 | 4,223 | 645 | |||||
Right-of-use assets | 98,001 | 109,824 | 16,762 | |||||
Time deposits | 414,000 | 512,000 | 78,146 | |||||
Deferred tax assets | 10,268 | 6,544 | 999 | |||||
Other non-current assets | 23,896 | 25,053 | 3,824 | |||||
Total non-current assets | 591,865 | 710,513 | 108,446 | |||||
Total assets | 2,209,548 | 2,244,517 | 342,580 | |||||
LIABILITIES | ||||||||
AND SHAREHOLDERS' DEFICIT | ||||||||
Current liabilities | ||||||||
Advances from students | 2,718,776 | 2,760,021 | 421,261 | |||||
Accrued expenses and other current liabilities | 237,101 | 216,583 | 33,057 | |||||
Lease liability | 42,949 | 51,352 | 7,838 | |||||
Taxes payable | 19,288 | 22,209 | 3,390 | |||||
Total current liabilities | 3,018,114 | 3,050,165 | 465,546 | |||||
Non-current liabilities | ||||||||
Advances from students | 2,270 | 1,957 | 299 | |||||
Lease liability | 53,594 | 58,136 | 8,873 | |||||
Other non-current liabilities | 2,508 | 2,593 | 396 | |||||
Total non-current liabilities | 58,372 | 62,686 | 9,568 | |||||
Total liabilities | 3,076,486 | 3,112,851 | 475,114 | |||||
Total shareholders' deficit | (866,938) | (868,334) | (132,534) | |||||
Total liabilities and shareholders' deficit | 2,209,548 | 2,244,517 | 342,580 | |||||
CHINA ONLINE EDUCATION GROUP | ||||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
(In thousands except for number of shares and per share data) | ||||||||||||||
For the three months ended | ||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | Mar. 31, | |||||||||||
2020 | 2020 | 2021 | 2021 | |||||||||||
RMB | RMB | RMB | US$ | |||||||||||
Net revenues | 487,084 | 535,074 | 600,404 | 91,640 | ||||||||||
Cost of revenues | (144,031) | (146,134) | (159,713) | (24,377) | ||||||||||
Gross profit | 343,053 | 388,940 | 440,691 | 67,263 | ||||||||||
Operating expenses | ||||||||||||||
Sales and marketing expenses | (228,387) | (284,493) | (318,944) | (48,680) | ||||||||||
Product development expenses | (35,867) | (44,577) | (57,726) | (8,811) | ||||||||||
General and administrative expenses | (50,689) | (56,626) | (69,208) | (10,563) | ||||||||||
Total operating expenses | (314,943) | (385,696) | (445,878) | (68,054) | ||||||||||
Other income | 16,761 | 7,766 | 11,094 | 1,693 | ||||||||||
Income from operations | 44,871 | 11,010 | 5,907 | 902 | ||||||||||
Interest income | 7,577 | 11,711 | 11,620 | 1,774 | ||||||||||
Interest expenses and other expenses, net | (209) | 193 | (3,408) | (520) | ||||||||||
Income before income tax expenses | 52,239 | 22,914 | 14,119 | 2,156 | ||||||||||
Income tax (expenses)/benefits | (1,447) | 8,905 | (6,097) | (931) | ||||||||||
Net income, all attributable to the Company's ordinary shareholders | 50,792 | 31,819 | 8,022 | 1,225 | ||||||||||
Weighted average number of ordinary shares used in computing basic | 313,197,499 | 323,458,483 | 322,796,828 | 322,796,828 | ||||||||||
Weighted average number of ordinary shares used in computing diluted | 336,903,081 | 344,354,904 | 342,150,096 | 342,150,096 | ||||||||||
CHINA ONLINE EDUCATION GROUP | |||||||||||||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||||
(In thousands except for number of shares and per share data) | |||||||||||||||||||||||
For the three months ended | |||||||||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | Mar. 31, | ||||||||||||||||||||
2020 | 2020 | 2021 | 2021 | ||||||||||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||||||||||
Net income per share attributable to ordinary shareholders | |||||||||||||||||||||||
Basic | 0.16 | 0.10 | 0.02 | 0.00 | |||||||||||||||||||
Diluted | 0.15 | 0.09 | 0.02 | 0.00 | |||||||||||||||||||
Net income per ADS attributable to ordinary shareholders | |||||||||||||||||||||||
Basic | 2.43 | 1.48 | 0.37 | 0.06 | |||||||||||||||||||
Diluted | 2.26 | 1.39 | 0.35 | 0.05 | |||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | 50,792 | 31,819 | 8,022 | 1,225 | |||||||||||||||||||
Other comprehensive income/(loss) | |||||||||||||||||||||||
Foreign currency translation adjustments | 4,544 | (14,319) | 1,802 | 275 | |||||||||||||||||||
Total comprehensive income | 55,336 | 17,500 | 9,824 | 1,500 | |||||||||||||||||||
Share-based compensation expenses are included in the operating expenses as follows: | |||||||||||||||||||||||
Sales and marketing expenses | (2,302) | (1,875) | (2,487) | (380) | |||||||||||||||||||
Product development expenses | 101 | (1,281) | (1,733) | (265) | |||||||||||||||||||
General and administrative expenses | (4,000) | (3,636) | (4,516) | (689) | |||||||||||||||||||
CHINA 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 | ||||||||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | Mar. 31, | |||||||||||||||||
2020 | 2020 | 2021 | 2021 | |||||||||||||||||
RMB | RMB | RMB | US$ | |||||||||||||||||
Sales and marketing expenses | (228,387) | (284,493) | (318,944) | (48,680) | ||||||||||||||||
Less: Share-based compensation expenses | (2,302) | (1,875) | (2,487) | (380) | ||||||||||||||||
Non-GAAP sales and marketing expenses | (226,085) | (282,618) | (316,457) | (48,300) | ||||||||||||||||
Product development expenses | (35,867) | (44,577) | (57,726) | (8,811) | ||||||||||||||||
Less: Share-based compensation expenses | 101 | (1,281) | (1,733) | (265) | ||||||||||||||||
Non-GAAP product development expenses | (35,968) | (43,296) | (55,993) | (8,546) | ||||||||||||||||
General and administrative expenses | (50,689) | (56,626) | (69,208) | (10,563) | ||||||||||||||||
Less: Share-based compensation expenses | (4,000) | (3,636) | (4,516) | (689) | ||||||||||||||||
Non-GAAP general and administrative expenses | (46,689) | (52,990) | (64,692) | (9,874) | ||||||||||||||||
Operating expenses | (314,943) | (385,696) | (445,878) | (68,054) | ||||||||||||||||
Less: Share-based compensation expenses | (6,201) | (6,792) | (8,736) | (1,334) | ||||||||||||||||
Non-GAAP operating expenses | (308,742) | (378,904) | (437,142) | (66,720) | ||||||||||||||||
Income from operations | 44,871 | 11,010 | 5,907 | 902 | ||||||||||||||||
Less: Share-based compensation expenses | (6,201) | (6,792) | (8,736) | (1,334) | ||||||||||||||||
Non-GAAP income from operations | 51,072 | 17,802 | 14,643 | 2,236 | ||||||||||||||||
CHINA 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 | |||||||||||||||
Mar. 31, | Dec. 31, | Mar. 31, | Mar. 31, | ||||||||||||
2020 | 2020 | 2021 | 2021 | ||||||||||||
RMB | RMB | RMB | US$ | ||||||||||||
Income tax (expenses)/benefits | (1,447) | 8,905 | (6,097) | (931) | |||||||||||
Less: Tax impact of Share-based compensation expenses | - | - | - | - | |||||||||||
Non-GAAP income tax (expenses)/benefits | (1,447) | 8,905 | (6,097) | (931) | |||||||||||
Net income, all attributable to the Company's ordinary shareholders | 50,792 | 31,819 | 8,022 | 1,225 | |||||||||||
Add back: Share-based compensation expenses | 6,201 | 6,792 | 8,736 | 1,334 | |||||||||||
Non-GAAP net income, all attributable to the Company's ordinary shareholders | 56,993 | 38,611 | 16,758 | 2,559 | |||||||||||
Weighted average number of ordinary shares used in computing basic income per | 313,197,499 | 323,458,483 | 322,796,828 | 322,796,828 | |||||||||||
Weighted average number of ordinary shares used in computing diluted income per | 336,903,081 | 344,354,904 | 342,150,096 | 342,150,096 | |||||||||||
Non-GAAP net income per share attributable to ordinary shareholders | |||||||||||||||
basic | 0.18 | 0.12 | 0.05 | 0.01 | |||||||||||
diluted | 0.17 | 0.11 | 0.05 | 0.01 | |||||||||||
Non-GAAP net income per ADS attributable to ordinary shareholders | |||||||||||||||
basic | 2.73 | 1.79 | 0.78 | 0.12 | |||||||||||
diluted | 2.54 | 1.68 | 0.73 | 0.11 | |||||||||||
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SOURCE China Online Education Group
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