First High-School Education Group Announces First Half 2024 Unaudited Financial Results
First High-School Education Group (OTCQB:FHSEY) reported its unaudited financial results for the first half of 2024. Total revenues decreased by 6.7% to RMB151.1 million (US$20.8 million), while net income fell by 69.5% to RMB11.2 million (US$1.5 million). The company faced challenges due to adverse macroeconomic factors and increased competition. However, student enrollment increased by 5.6% to 35,151 across 23 school programs. The company's financial performance was impacted by the absence of revenue from government cooperative agreements and increased operating expenses. Despite these challenges, First High-School Education Group remains focused on expanding its direct customer base and enhancing the quality of its educational offerings.
Il First High-School Education Group (OTCQB:FHSEY) ha riportato i risultati finanziari non verificati per il primo semestre del 2024. I ricavi totali sono diminuiti del 6,7% a RMB151,1 milioni (US$20,8 milioni), mentre l'utile netto è calato del 69,5% a RMB11,2 milioni (US$1,5 milioni). L'azienda ha affrontato sfide a causa di fattori macroeconomici sfavorevoli e della crescente concorrenza. Tuttavia, l'iscrizione degli studenti è aumentata del 5,6% a 35.151 in 23 programmi scolastici. Le performance finanziarie dell'azienda sono state influenzate dall'assenza di entrate da accordi cooperativi con il governo e dall'aumento delle spese operative. Nonostante queste sfide, il First High-School Education Group rimane concentrato sull'espansione della propria base clienti diretta e sul miglioramento della qualità delle proprie offerte educative.
First High-School Education Group (OTCQB:FHSEY) informó sobre sus resultados financieros no auditados para la primera mitad de 2024. Los ingresos totales disminuyeron un 6,7% a RMB151,1 millones (US$20,8 millones), mientras que el ingreso neto cayó un 69,5% a RMB11,2 millones (US$1,5 millones). La empresa enfrentó desafíos debido a factores macroeconómicos adversos y a la creciente competencia. Sin embargo, la inscripción de estudiantes aumentó un 5,6% a 35,151 en 23 programas escolares. El desempeño financiero de la empresa se vio afectado por la falta de ingresos provenientes de acuerdos de cooperación gubernamentales y por el aumento de los gastos operativos. A pesar de estos desafíos, First High-School Education Group sigue centrado en ampliar su base de clientes directos y en mejorar la calidad de sus ofertas educativas.
퍼스트 하이스쿨 에듀케이션 그룹 (OTCQB:FHSEY)은 2024년 상반기 비감사 재무 결과를 발표했습니다. 총 수익은 6.7% 감소하여 1억 5,110만 위안 (2,080만 달러), 순이익은 69.5% 감소하여 1,120만 위안 (150만 달러)에 달했습니다. 회사는 불리한 거시 경제 요인과 증가하는 경쟁으로 어려움을 겪었습니다. 그러나 학생 등록은 5.6% 증가하여 35,151명에 이르렀습니다. 23개 학교 프로그램에서의 증가입니다. 정부 협력 계약에서의 수익 부족과 운영 비용 상승으로 인해 회사의 재무 성과가 영향을 받았습니다. 이러한 도전에도 불구하고 퍼스트 하이스쿨 에듀케이션 그룹은 직접 고객 기반을 확대하고 교육 품질을 향상시키는 데 집중하고 있습니다.
Le First High-School Education Group (OTCQB:FHSEY) a publié ses résultats financiers non audités pour le premier semestre 2024. Les revenus totaux ont diminué de 6,7 % pour atteindre 151,1 millions RMB (20,8 millions USD), tandis que le revenu net a chuté de 69,5 % pour se fixer à 11,2 millions RMB (1,5 million USD). L'entreprise a rencontré des défis en raison de facteurs macroéconomiques défavorables et d'une concurrence accrue. Cependant, le nombre d'étudiants inscrits a augmenté de 5,6 % pour atteindre 35 151 dans 23 programmes scolaires. La performance financière de l'entreprise a été affectée par l'absence de revenus provenant d'accords de coopération gouvernementale et par l'augmentation des frais d'exploitation. Malgré ces défis, le First High-School Education Group reste concentré sur l'expansion de sa base de clients directs et l'amélioration de la qualité de ses offres éducatives.
Die First High-School Education Group (OTCQB:FHSEY) hat ihre ungeprüften finanziellen Ergebnisse für das erste Halbjahr 2024 veröffentlicht. Die Gesamteinnahmen gingen um 6,7% auf 151,1 Millionen RMB (21 Millionen USD) zurück, während der Nettogewinn um 69,5% auf 11,2 Millionen RMB (1,5 Millionen USD) fiel. Das Unternehmen hatte aufgrund ungünstiger makroökonomischer Faktoren und zunehmenden Wettbewerbs mit Herausforderungen zu kämpfen. Dennoch stieg die Einschreibung der Studenten um 5,6% auf 35.151 in 23 Schulprogrammen. Die finanzielle Leistung des Unternehmens wurde durch das Fehlen von Einnahmen aus staatlichen Kooperationsverträgen und gestiegenen Betriebskosten beeinträchtigt. Trotz dieser Herausforderungen bleibt die First High-School Education Group bestrebt, ihre direkte Kundenbasis zu erweitern und die Qualität ihrer Bildungsangebote zu verbessern.
- Student enrollment increased by 5.6% to 35,151
- Revenues from customers increased by 8.2% to RMB151.1 million (US$20.8 million)
- Net income from discontinued operations improved to RMB7.0 million (US$1.0 million) from a loss in the previous year
- Total revenues decreased by 6.7% to RMB151.1 million (US$20.8 million)
- Net income fell by 69.5% to RMB11.2 million (US$1.5 million)
- Gross profit decreased by 17.3% to RMB52.3 million (US$7.2 million)
- Income from operations decreased by 92.4% to RMB3.0 million (US$0.4 million)
- No revenues generated from government cooperative agreements
- Total operating expenses increased significantly from RMB23.6 million to RMB49.2 million
BEIJING, CHINA / ACCESSWIRE / September 18, 2024 / First High-School Education Group Co., Ltd. ("First High-School Education Group" or the "Company") (OTCQB:FHSEY), an education service provider primarily focusing on high schools in Western China, today announced its unaudited financial results for the first half of 2024 ended June 30, 2024.
First Half 2024 Financial and Operational Highlights - Continuing Operations
Total revenues were RMB151.1 million (US
$20.8 million ), a decrease of6.7% from RMB161.9 million in the first half of 2023.Gross profit was RMB52.3 million (US
$7.2 million ), a decrease of17.3% from RMB63.2 million in the first half of 2023.Income from operations was RMB3.0 million (US
$0.4 million ), a decrease of92.4% from RMB39.6 million in the first half of 2023.Net income was RMB11.2 million (US
$1.5 million ), a decrease of69.5% from RMB36.7 million in the first half of 2023.Adjusted net income[1] (Non-GAAP) was RMB10.1 million (US
$1.4 million ), a decrease of72.5% from RMB36.7 million in the first half of 2023.The total number of students enrolled at our school programs and public schools that we provide management services as of September 1, 2024 was 35,151, an increase of
5.6% from 33,275 as of September 1, 2023.The total number of school programs at our school programs and public schools that we provide management services as of September 1, 2024 was 23, a decrease of
8.0% from 25 as of September 1, 2023.
CFO Comments
Mr. Tommy Zhou, Chief Financial Officer of First High-School Education Group, commented:
Compared to the corresponding period of the previous year, we observed a decrease in both revenues and net income. These declines were primarily attributable to the ongoing impact of adverse macroeconomic factors. Specifically, we did not have any revenue generated from government cooperative agreements, and we incurred increased costs to actively cope with heightened competition. To address these challenges, the entire team concentrated on expanding our direct customer base and enhancing the quality of our educational offerings.
As of September 1, 2024, we have successfully concluded the student admissions process for the 2024 fall semester. At that time, the combined enrollment in our school programs and the public schools we manage totaled 35,151 students, distributed across 23 school programs. We anticipate providing these students and schools with our proven operational expertise and generating value for all stakeholders.
First Half 2024 Financial Results - Continuing Operations
Total Revenues
Total revenueswere RMB151.1 million (US
Revenues from customers were RMB151.1 million (US
Revenues from government cooperative agreements were nil compared to RMB22.3 million in the first half of 2023. The decrease was primarily due to the tightened fiscal budget of the relevant government entities and our on-going renegotiation of cooperative agreements.
Cost of revenues
Cost of revenues were RMB98.9 million (US
Gross profit
Gross profitwas RMB52.3 million (US
Gross marginwas
Total operating expenses
Total operating expenses were RMB49.2 million (US
Selling and marketing expenses were RMB1.6 million (US
$0.2 million ), an increase of71.6% from RMB0.9 million in the first half of 2023. The increase was primarily due to the increased expenses in brand promotion and marketing activities in relation to the increased student enrollment.General and administrative expenses were RMB47.7 million (US
$6.6 million ), which increased significantly from RMB22.7 million in the first half of 2023. The increase was primarily due to increased staffing, and professional services used in management duties, in connection with school management, teaching supervision, human resources, and information technology.
Income from operations
Income from operationswas RMB3.0 million (US
Net Income from continuing operations
Net income from continuing operations was RMB4.2 million (US
Net Income from discontinued operations
Net income from discontinued operations was RMB7.0 million (US
Net income
Net income was RMB11.2 million (US
Adjusted net income [2] (Non-GAAP)
Adjusted net income (Non-GAAP) was RMB10.1 million (US
Impact of Implementation Rules for Private Education Laws
On May 14, 2021,the State Council of the People's Republic of China promulgated the amended Implementation Regulations of the Law on the Promotion of Private Education of the People's Republic of China (中华人民共和国民办教育促进法实施条例) (the "Implementation Rules"), which became effective on September 1, 2021. The Implementation Rules prohibit social organizations and individuals from controlling private schools that provide compulsory education through, among other methods, mergers, acquisitions and contractual arrangements. Additionally, the Implementation Rules prohibit any private schools providing compulsory education from conducting transactions with its related parties. As a result, the Implementation Rules affected the Company's control over the affiliated entities providing compulsory education as well as the sponsor entities (collectively referred to as the "Affected Entities").
In compliance with the Implementation Rules and other applicable PRC regulations and based on the relevant accounting standard in accordance with U.S. GAAP, the Company has determined to cease to recognize revenues for all activities related to schools providing compulsory education and the sponsor entities after September 1, 2021 within China that are affected by the Implementation Rules, and classified such Affected Entities as discontinued operations. The discontinued operations of the Affected Entities had certain impact on the Company's financial conditions for the first half of 2024 ended June 30, 2024. Net income from discontinued operations was RMB7.0 million (US
There still exist uncertainties with respect to the interpretation and enforcement of the Implementation Rules. The Company will closely monitor the developments related to the Implementation Rules, and continue to assess the possible impacts on the Company and make any applicable actions to keep in compliance with the Implementation Rules and other applicable PRC regulations.
Conference Call
First High-School Education Group's management will hold an earnings conference call on Wednesday, September 18, 2024, at 8:00 AM U.S. Eastern Time (8:00 PM September 18, 2024, Beijing/Hong Kong Time). Please dial in 15 minutes before the conference is scheduled to begin using below numbers.
International | +1-973-528-0011 |
United States | +1-888-506-0062 |
Hong Kong | +852 3018 4049 |
Mainland China | +86 400 120 3199 |
Passcode | 792778 |
About First High-School Education Group
First High-School Education Group is an education service provider primarily focusing on high schools in Western China. The Company aspires to become a leader and innovator of private high school education in China, with the focuses on a comprehensive education management integrating education information consulting, education research project development, education talent management, education technology management, education service management, and general vocational integration development services. For more information, please visit https://ir.diyi.top/.
Non-GAAP Measure
The Company has provided in this press release financial information that has not been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The Company considers and uses one non-GAAP measure, adjusted net income, as a supplemental measure to review and assess its operating performance. Adjusted net income enables the Company's management to assess the Company's operating results without considering the impact of reversal of impairment loss in relation to accounts receivable. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance.
The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted net income is a non-GAAP measure. A reconciliation of the Company's most directly comparable GAAP measure to historical non-GAAP financial measure has been provided in the tables captioned "Reconciliation of GAAP to Non-GAAP Measure" included at the end of this press release, and investors are encouraged to review the reconciliation.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ("RMB"). This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") at specified rates solely for the convenience of the readers. Unless otherwise noted, all translations from RMB to USD are made at the rate of RMB7.2672 to US
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
We have made rounding adjustments to reach some of the figures included in this earning release. Consequently, numerical figures shown as totals in some tables may not be arithmetic aggregations of the figures that precede them.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
First High-School Education Group
Tommy Zhou
Chief Financial Officer
E-mail: tommyzhou@dygz.com
Customer Service
E-mail: FHS_info@dygz.com
Phone: 010-62555966 (9:30-12:00, 13:30-16:00 CST)
First High-School Education Group Co., Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(All amounts in thousands, except share data and per share data, or otherwise noted)
| Six months ended June 30, |
| ||||||||||
| 2023 |
|
| 2024 |
|
| 2024 |
| ||||
| RMB |
|
| RMB |
|
| US$ |
| ||||
Revenues |
|
|
|
|
|
|
|
|
| |||
Revenue from customers |
|
| 139,593 |
|
|
| 151,109 |
|
|
| 20,793 |
|
Revenue from governments cooperative agreements |
|
| 22,283 |
|
|
| - |
|
|
| - |
|
Total revenues |
|
| 161,877 |
|
|
| 151,109 |
|
|
| 20,793 |
|
Cost of revenues |
|
| -98,680 |
|
|
| -98,852 |
|
|
| -13,602 |
|
Gross profit |
|
| 63,197 |
|
|
| 52,257 |
|
|
| 7,191 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating expenses and income |
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
| -913 |
|
|
| -1,567 |
|
|
| -216 |
|
General and administrative expenses |
|
| -22,652 |
|
|
| -47,682 |
|
|
| -6,561 |
|
Total operating expenses |
|
| -23,565 |
|
|
| -49,249 |
|
|
| -6,777 |
|
Income from operations |
|
| 39,632 |
|
|
| 3,008 |
|
|
| 414 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| 452 |
|
|
| 156 |
|
|
| 22 |
|
Interest expense |
|
| -2,503 |
|
|
| -1,300 |
|
|
| -179 |
|
Government grants |
|
| 23 |
|
|
| 2,264 |
|
|
| 312 |
|
Others, net |
|
| 897 |
|
|
| 69 |
|
|
| 10 |
|
Net loss on disposal of fixed asset |
|
| - |
|
|
| -1 |
|
|
| - |
|
Reversal of impairment loss |
|
| - |
|
|
| 1,106 |
|
|
| 152 |
|
Income from continuing operations before income tax |
|
| 38,501 |
|
|
| 5,303 |
|
|
| 730 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income tax expenses |
|
| -889 |
|
|
| -1,115 |
|
|
| -153 |
|
Income (loss) from continuing operations |
|
| 37,612 |
|
|
| 4,188 |
|
|
| 576 |
|
Income (loss) from discontinued operations |
|
| -947 |
|
|
| 7,021 |
|
|
| 966 |
|
Net income (loss) |
|
| 36,664 |
|
|
| 11,210 |
|
|
| 1,542 |
|
Foreign currency translation adjustment |
|
| 3,356 |
|
|
| 2,909 |
|
|
| 400 |
|
Comprehensive income (loss) - continuing operations |
|
| 48,229 |
|
|
| 7,097 |
|
|
| 977 |
|
Comprehensive income (loss) - discontinued operations |
|
| -8,209 |
|
|
| 7,022 |
|
|
| 966 |
|
Comprehensive income (loss) |
|
| 40,020 |
|
|
| 14,119 |
|
|
| 1,943 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder of the Company |
|
| 37,985 |
|
|
| 7,163 |
|
|
| 986 |
|
Non-controlling interests |
|
| 2,035 |
|
|
| 6,956 |
|
|
| 957 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share from continuing operation |
|
| 0.52 |
|
|
| 0.05 |
|
|
| 0.01 |
|
Basic earnings per share from discontinued operation |
|
| -0.1 |
|
|
| 0.08 |
|
|
| 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share from continuing operation |
|
| 0.49 |
|
|
| 0.5 |
|
|
| 0.01 |
|
Diluted earnings per share from discontinued operation |
|
| -0.09 |
|
|
| 0.08 |
|
|
| 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Weighted average number of ordinary share outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 86,838,700 |
|
|
| 86,838,700 |
|
|
| 86,838,700 |
|
Diluted |
|
| 92,388,700 |
|
|
| 92,388,700 |
|
|
| 92,388,700 |
|
First High-School Education Group Co., Ltd.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except share data and per share data, or otherwise noted)
|
|
|
| As of June 30, |
| |||||||
| As of December 31, 2023 |
|
| 2024 |
|
| 2024 |
| ||||
| RMB |
|
| RMB |
|
| US$ |
| ||||
Current assets |
|
|
|
|
|
|
|
|
| |||
Cash |
|
| 189,243 |
|
|
| 58,206 |
|
|
| 8,009 |
|
Accounts receivable, net of expected credit loss |
|
| 82,202 |
|
|
| 79,162 |
|
|
| 10,893 |
|
Amounts due from related parties -non-trade |
|
| 215,908 |
|
|
| 219,528 |
|
|
| 30,208 |
|
Prepaid expenses and other current assets |
|
| 241,402 |
|
|
| 223,332 |
|
|
| 30,732 |
|
Assets related to discontinued operation |
|
| 42,746 |
|
|
| 33,395 |
|
|
| 4,595 |
|
Total current assets |
|
| 771,502 |
|
|
| 613,622 |
|
|
| 84,437 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| 119,808 |
|
|
| 112,720 |
|
|
| 15,511 |
|
Intangible assets, net |
|
| 7,247 |
|
|
| 7,103 |
|
|
| 977 |
|
Goodwill |
|
| 30,347 |
|
|
| 30,348 |
|
|
| 4,176 |
|
Deferred tax assets |
|
| 20,294 |
|
|
| 20,294 |
|
|
| 2,793 |
|
Other non-current assets |
|
| 33,350 |
|
|
| 34,905 |
|
|
| 4,803 |
|
Assets related to discontinued operation |
|
| 9,075 |
|
|
| 8,031 |
|
|
| 1,105 |
|
Total non-current assets |
|
| 220,122 |
|
|
| 213,401 |
|
|
| 29,365 |
|
Total assets |
|
| 991,624 |
|
|
| 827,024 |
|
|
| 113,802 |
|
|
|
|
| As of June 30, |
| |||||||
| As of December 31, 2023 |
|
| 2024 |
|
| 2024 |
| ||||
| RMB |
|
| RMB |
|
| US$ |
| ||||
Current liabilities |
|
|
|
|
|
|
|
|
| |||
Contract liabilities |
|
| 140,501 |
|
|
| 42,585 |
|
|
| 5,860 |
|
Bank loan |
|
| 87,970 |
|
|
| 31,636 |
|
|
| 4,353 |
|
Borrowings under financing arrangements |
|
| - |
|
|
| - |
|
|
| - |
|
Accounts payable |
|
| 21,508 |
|
|
| 12,920 |
|
|
| 1,778 |
|
Accrued expenses and other payables |
|
| 263,078 |
|
|
| 262,685 |
|
|
| 36,147 |
|
Income tax payables |
|
| 29,678 |
|
|
| 30,247 |
|
|
| 4,162 |
|
Amounts due to related parties |
|
| 165,173 |
|
|
| 169,646 |
|
|
| 23,344 |
|
Dividend payables |
|
| 2,132 |
|
|
| 2,132 |
|
|
| 293 |
|
Liability related to discontinued operation |
|
| 119,930 |
|
|
| 102,514 |
|
|
| 14,106 |
|
Total current liabilities |
|
| 829,970 |
|
|
| 654,364 |
|
|
| 90,044 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Deferred revenue |
|
| - |
|
|
| (275 | ) |
|
| (38 | ) |
Deferred tax liabilities |
|
| 6,207 |
|
|
| 6,207 |
|
|
| 854 |
|
Total non-current liabilities |
|
| 6,207 |
|
|
| 5,932 |
|
|
| 816 |
|
Total liabilities |
|
| 836,177 |
|
|
| 660,297 |
|
|
| 90,860 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Equity/(Deficit) |
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares (US |
|
| 6 |
|
|
| 6 |
|
|
| 1 |
|
Additional paid-in capital |
|
| 356,622 |
|
|
| 357,155 |
|
|
| 49,146 |
|
Statutory reserves |
|
| 51,425 |
|
|
| 50,891 |
|
|
| 7,003 |
|
Accumulated other comprehensive income |
|
| 2,836 |
|
|
| 2,909 |
|
|
| 400 |
|
Accumulated deficit |
|
| (257,421 | ) |
|
| (253,167 | ) |
|
| (34,837 | ) |
Non-controlling interests |
|
| 1,977 |
|
|
| 8,933 |
|
|
| 1,229 |
|
Total equity |
|
| 155,445 |
|
|
| 166,727 |
|
|
| 22,942 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total liabilities and equity |
|
| 991,624 |
|
|
| 827,024 |
|
|
| 113,802 |
|
First High-School Education Group Co., Ltd.
Reconciliation of GAAP to non-GAAP Measure
(All amounts in thousands)
| Six months ended June 30, |
| ||||||||||
| 2023 |
|
| 2024 |
|
| 2024 |
| ||||
| RMB |
|
| RMB |
|
| US$ |
| ||||
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
| ||||
Reconciliation of net income to adjusted net income: |
|
|
|
|
|
|
|
|
| |||
Net income |
|
| 36,664 |
|
|
| 11,210 |
|
|
| 1,542 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of impairment loss |
|
| - |
|
|
| (1,106 | ) |
|
| (152 | ) |
Adjusted net income |
|
| 36,664 |
|
|
| 10,104 |
|
|
| 1,390 |
|
[1] Adjusted net income is a non-GAAP measure. See "Non-GAAP measure" in this press release. A reconciliation of the Company's most directly comparable GAAP measure to historical non-GAAP financial measure has been provided in the tables captioned "Reconciliation of GAAP to Non-GAAP Measure" included at the end of this press release, and investors are encouraged to review the reconciliation.
[2] Adjusted net income is a non-GAAP measure. See "Non-GAAP measure" in this press release. A reconciliation of the Company's most directly comparable GAAP measure to historical non-GAAP financial measure has been provided in the tables captioned "Reconciliation of GAAP to Non-GAAP Measure" included at the end of this press release, and investors are encouraged to review the reconciliation.
SOURCE: First High-School Education Group Co., Ltd.
View the original press release on accesswire.com
FAQ
What was First High-School Education Group's (FHSEY) total revenue for the first half of 2024?
How did First High-School Education Group's (FHSEY) net income change in the first half of 2024?
What was the total student enrollment for First High-School Education Group (FHSEY) as of September 1, 2024?