Puxin Limited Announces Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results
Puxin Limited (NYSE: NEW) reported its financial results for Q4 and fiscal year 2020, revealing net revenues of RMB718.3 million (US$110.1 million), a 16.4% decline from Q4 2019. The net loss decreased to RMB68.8 million (US$10.5 million), down 36.8% YoY. For 2020, total net revenues were RMB2,903.9 million (US$445.0 million), reflecting a 6.4% drop. However, K-12 tutoring services witnessed an 8.9% increase in revenue. Puxin anticipates Q1 2021 revenues between RMB683.7 million and RMB721.3 million, indicating a further 4% to 9% decline YoY.
- K-12 tutoring services revenue increased by 8.9% to RMB2,099.0 million in 2020.
- Adjusted net income for K-12 tutoring services rose by 137.3%, reaching RMB212.0 million.
- Operating expenses decreased by 17.2% year-over-year, supporting cost control measures.
- Overall net revenues for 2020 declined by 6.4% due to reduced study abroad tutoring services.
- Q4 net revenues fell by 16.4% primarily due to a decrease in student enrollments, impacting growth.
- Operating loss increased by 45.2% year-over-year in Q4, leading to a negative operating margin.
BEIJING, March 16, 2021 /PRNewswire/ -- Puxin Limited (NYSE: NEW) ("Puxin" or the "Company"), a successful consolidator of the after-school education industry in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.
Fourth Quarter 2020 Financial and Operational Highlights
- Net revenues were RMB718.3 million (US
$110.1 million ), a decrease of16.4% from RMB859.3 million in the fourth quarter of 2019. - Net loss attributable to Puxin Limited was RMB68.8 million (US
$10.5 million ), a decrease of36.8% from RMB108.8 million in the fourth quarter of 2019. - Adjusted net loss attributable to Puxin Limited[1] was RMB62.4 million (US
$9.6 million ), a decrease of32.5% from RMB92.5 million in the fourth quarter of 2019. - Adjusted EBITDA[2] was RMB(17.8) million (US
$(2.7) million ), compared to RMB(51.9) million in the fourth quarter of 2019. - Student enrollments decreased by
12.5% to 763,626 from 872,950 in the fourth quarter of 2019.
Fiscal Year 2020 Financial and Operational Highlights
- Net revenues were RMB2,903.9 million (US
$445.0 million ), a decrease of6.4% from RMB3,104.0 million in 2019. - Net loss attributable to Puxin Limited was RMB32.2 million (US
$4.9 million ), a decrease of93.8% from RMB518.5 million in 2019. - Adjusted net income attributable to Puxin Limited was RMB16.7 million (US
$2.6 million ), compared to adjusted net loss attributable to Puxin Limited of RMB183.5 million in 2019. - Adjusted EBITDA was RMB170.2 million (US
$26.1 million ), compared to RMB(14.1) million in 2019. - Student enrollments increased by
28.2% to 3,680,742 from 2,872,025 in 2019.
Mr. Yunlong Sha, Chairman and Chief Executive Officer of Puxin, commented, "In the fourth quarter of 2020, COVID-19 outbreak rebounded in some cities, but was eventually effectively controlled by the government. In line with local epidemic prevention measures, we had to once again temporarily close some of our learning centers and move the courses online. To ensure the safety and health of every student and staff member, we have strengthened epidemic prevention health measures in our learning centers. Looking back on 2020, while Puxin's total revenues were impacted by the pandemic, our core K-12 tutoring services (excluding Puxin Online School) still achieved a steady growth, with an increase of
Mr. Peng Wang, Chief Financial Officer of Puxin, added, "Puxin's unwavering commitment to the K-12 tutoring services and effective cost control measures have empowered us to weather the storm in 2020. Benefitting from the exceptional operational capabilities of our PBS system, the total operating expenses in 2020 fell
[1] Adjusted net (loss) income attributable to Puxin Limited is a non-GAAP financial measure, which is defined as net loss attributable to Puxin Limited excluding share-based compensation expenses and loss on changes in fair value of derivative liabilities. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[2] EBITDA is a non-GAAP financial measure, which is defined as net loss excluding depreciation, amortization, interest expense, interest income and income tax expenses; adjusted EBITDA is a non-GAAP financial measure, which is defined as net loss excluding depreciation, amortization, interest expense, interest income, income tax expenses, share-based compensation expenses and loss on changes in fair value of derivative liabilities. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
Financial Results for the Fourth Quarter of 2020
Net Revenues
Net revenues decreased by
Net revenues of K-12 tutoring services (excluding Puxin Online School) were RMB546.7 million (US
Cost of Revenues
Cost of revenues decreased by
Gross Profit and Gross Margin
Gross profit was RMB313.9 million (US
Operating Expenses
Total operating expenses decreased by
Selling expenses decreased by
General and administrative expenses decreased by
Total share-based compensation expenses allocated to related cost of revenues and operating expenses decreased by
Operating Loss and Operating Margin
Operating loss was RMB136.3 million (US
Adjusted operating loss[3] was RMB129.9 million (US
Adjusted operating margin[4] was (18.1)%, compared to (9.8)% in the same period of the prior year.
Net Loss
Net loss attributable to Puxin Limited was RMB68.8 million (US
Adjusted net loss attributable to Puxin Limited was RMB62.4 million (US
EBITDA
EBITDA was RMB(24.1) million (US
EBITDA margin[6] was (3.4)% in the fourth quarter of 2020, compared to (7.9)% in the same period in 2019.
Adjusted EBITDA was RMB(17.8) million (US
Adjusted EBITDA margin[7] was (2.5)%, compared to (6.0)% in the same period in 2019.
[3] Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[4] Adjusted operating margin is a non-GAAP financial measure, which is defined as adjusted operating loss divided by net revenues. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[5] Adjusted basic and diluted net (loss) income per ADS attributable to Puxin Limited is a non-GAAP financial measure, which is defined as basic and diluted net loss per ADS attributable to Puxin Limited excluding share-based compensation expenses, loss on changes in fair value of derivative liabilities. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[6] EBITDA margin is a non-GAAP financial measure, which is defined as EBITDA divided by net revenues. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[7] Adjusted EBITDA margin is a non-GAAP financial measure, which is defined as adjusted EBITDA divided by net revenues. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
Financial Results for the Fiscal Year 2020
Net Revenues
Net revenues decreased by
Net revenues of K-12 tutoring services (excluding Puxin Online School) were RMB2,099.0 million (US
Cost of Revenues
Cost of revenues decreased by
Gross Profit and Gross Margin
Gross profit was RMB1,345.3 million (US
Operating Expenses
Total operating expenses decreased by
Selling expenses decreased by
General and administrative expenses decreased by
Total share-based compensation expenses allocated to related cost of revenues and operating expenses decreased by
Operating Loss and Operating Margin
Operating loss decreased by
Adjusted operating margin was (5.0)%, compared to (4.1)% in 2019.
Net Income/Loss
Net loss attributable to Puxin Limited decreased by
Adjusted net income attributable to Puxin Limited was RMB16.7 million (US
Adjusted net income attributable to Puxin Limited of K-12 tutoring services (excluding Puxin Online School) was RMB212.0 million (US
EBITDA
EBITDA was RMB121.3 million (US
EBITDA margin was
Adjusted EBITDA was RMB170.2 million (US
Adjusted EBITDA margin was
Cash and Current Bank Balances
As of December 31, 2020, the Company had total cash and cash equivalents and the current portion of restricted cash of RMB563.0 million (US
Business Outlook
For the first quarter of 2021, based on the information available as of the date of this press release, the Company expects net revenues to be between RMB683.7 million and RMB721.3 million, which represents a decrease of
Conference Call Information
Puxin's management team will hold a conference call on March 16, 2021, at 8:00 AM U.S. Eastern Time (or 8:00 PM on the same day, Beijing/Hong Kong Time) following the quarterly results announcement. Participants may access the call by dialing the following numbers:
International: | +1-412-902-4272 |
Mainland China: | 4001-201203 |
US: | +1-888-346-8982 |
Hong Kong: | +852-301-84992 |
Passcode: | Puxin |
Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the Puxin Limited Call. Participants will be required to state their name and company upon entering the call.
A replay of the conference call will be accessible two hours after the conclusion of the conference call through March 23, 2021 by dialing the following numbers:
International: | +1-412-317-0088 |
US: | +1-877-344-7529 |
Passcode: | 10152898 |
A live webcast and archive of the conference call will be available on the Investor Relations section of Puxin's website at http://ir.pxjy.com/.
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 RMB 6.5250 to US
Use of Non-GAAP Financial Measures
To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company also uses non-GAAP financial measures, including adjusted operating loss, adjusted operating margin, adjusted net (loss) income attributable to Puxin Limited, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted basic and diluted net (loss) income per ADS attributable to Puxin Limited, as supplemental measures to review and assess the Company's operating performance. Adjusted operating loss is defined as operating loss excluding share-based compensation expenses; adjusted operating margin is defined as adjusted operating loss divided by net revenues; adjusted net (loss) income attributable to Puxin Limited is defined as net loss attributable to Puxin Limited excluding share-based compensation expenses and loss on changes in fair value of derivative liabilities; EBITDA is defined as net loss excluding depreciation, amortization, interest expense, interest income and income tax expenses; adjusted EBITDA is defined as net loss excluding depreciation, amortization, interest expense, interest income, income tax expenses, share-based compensation expenses and loss on changes in fair value of derivative liabilities; EBITDA margin is defined as EBITDA divided by net revenues; adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues; and adjusted basic and diluted net (loss) income per ADS attributable to Puxin Limited are defined as basic and diluted net loss per ADS attributable to Puxin Limited excluding share-based compensation expenses and loss on changes in fair value of derivative liabilities.
The Company believes that these non-GAAP financial measures provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance.
For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "may," "would," "expect," "anticipate," "future," "intend," "aim," "plan," "believe," "estimate," "predict," "project," "continue," "confident" and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage its business expansion and successfully integrate businesses it acquired, its ability to identify or pursue targets for acquisitions, its ability to compete effectively against its competitors, its ability to improve the content of its existing courses or to develop new courses, and relevant government policies and regulations relating to the Company's corporate structure, business and industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.
About Puxin Limited
Puxin Limited (NYSE: NEW, "Puxin" or the "Company") is a successful consolidator of the after-school education industry in China. Puxin has a strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Puxin offers a full spectrum of K-12 and study-abroad tutoring programs designed to help students achieve academic excellence, as well as prepare for admission tests and applications for top schools, universities and graduate programs in China and other countries. The Company has developed a business model effectively combining strategic acquisitions and organic growth achieved through successful post-acquisition integration, which has differentiated the Company from other after-school education service providers in China. For more information, please visit http://www.pxjy.com/.
Contacts
Puxin Limited
Phone: +86-10-6269-8930
E-mail: ir@pxjy.com
Institutional Capital Advisory (ICA)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: puxin@icaasia.com
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||
As of December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 256,763 | 48,497 | 7,432 |
Restricted cash, current portion | 349,540 | 514,496 | 78,850 |
Inventories | 13,311 | 15,210 | 2,331 |
Prepaid expenses and other current assets | 117,148 | 141,894 | 21,746 |
Loan receivable | 191,230 | 222,895 | 34,160 |
Total current assets | 927,992 | 942,992 | 144,519 |
Non-current assets | |||
Restricted cash, non-current portion | 36,727 | 25,814 | 3,956 |
Operating lease right-of-use assets | 1,045,941 | 940,568 | 144,148 |
Property, plant and equipment, net | 298,719 | 265,029 | 40,617 |
Intangible assets | 264,540 | 225,170 | 34,509 |
Goodwill | 2,055,922 | 2,083,151 | 319,257 |
Deferred tax assets | 2,199 | 3,522 | 540 |
Rental deposit | 75,015 | 71,948 | 11,027 |
Other non-current assets | - | 59,400 | 9,103 |
TOTAL ASSETS | 4,707,055 | 4,617,594 | 707,676 |
LIABILITIES | |||
Current liabilities | |||
Accrued expenses and other current liabilities (including accrued | 983,715 | 784,894 | 120,290 |
Income tax payable of the consolidated VIE without recourse to the | 21,248 | 32,445 | 4,972 |
Deferred revenue, current portion (including deferred revenue, | 1,205,609 | 1,023,037 | 156,787 |
Operating lease liabilities, current portion (including operating lease | 276,877 | 254,002 | 38,928 |
Amounts due to related parties, current portion (including amounts | 1,451 | - | - |
Bank borrowings of the consolidated VIE without recourse to the | 318,600 | 585,000 | 89,655 |
Loans payable to third parties, current portion (including loans | 413,838 | 301,850 | 46,261 |
Promissory notes, current portion (including promissory notes, | 87,023 | 163,125 | 25,000 |
Total current liabilities | 3,308,361 | 3,144,353 | 481,893 |
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||
As of December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Non-current liabilities | |||
Deferred revenue, non-current portion of the consolidated VIE | 101,372 | 81,805 | 12,537 |
Deferred tax liabilities of the consolidated VIE without recourse to | 81,969 | 71,674 | 10,985 |
Franchise deposits of the consolidated VIE without recourse to the | 2,533 | 2,549 | 391 |
Operating lease liabilities, non-current portion (including operating | 693,505 | 605,827 | 92,847 |
Promissory note, non-current portion (including promissory note, | 87,022 | - | - |
Derivative liabilities (including derivative liabilities of the | 172,235 | - | - |
Loans payable to third parties, non-current portion (including loans | - | 121,870 | 18,677 |
Amounts due to related parties, non-current portion (including | - | 170,393 | 26,114 |
TOTAL LIABILITIES | 4,446,997 | 4,198,471 | 643,444 |
SHAREHOLDERS' EQUITY | |||
Ordinary shares (par value of USD0.00005 per share; | |||
1,000,000,000 and 1,000,000,000 shares authorized, | |||
188,627,228 and 188,653,468 shares issued and | |||
174,025,810 and 174,453,992 shares outstanding | |||
as of December 31, 2019 and 2020, respectively) | 62 | 62 | 9 |
Additional paid-in capital | 2,175,652 | 2,396,406 | 367,265 |
Statutory reserve | 7,979 | 11,444 | 1,754 |
Accumulated other comprehensive income | 68,707 | 43,711 | 6,699 |
Accumulated deficit | (1,991,220) | (2,026,891) | (310,635) |
Total Puxin Limited shareholders' equity | 261,180 | 424,732 | 65,092 |
Non-controlling interest | (1,122) | (5,609) | (860) |
TOTAL SHAREHOLDERS' EQUITY | 260,058 | 419,123 | 64,232 |
TOTAL LIABILITIES AND TOTAL SHAREHOLDERS' EQUITY | 4,707,055 | 4,617,594 | 707,676 |
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||
For the three months ended December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net revenues | 859,319 | 718,313 | 110,086 |
Cost of revenues (including share-based compensation expenses of | (466,439) | (404,386) | (61,975) |
Gross profit | 392,880 | 313,927 | 48,111 |
Operating expenses: | |||
Selling expenses (including share-based compensation expenses of | (314,621) | (290,851) | (44,575) |
General and administrative expenses (including share-based | (172,098) | (159,345) | (24,421) |
Total operating expenses | (486,719) | (450,196) | (68,996) |
Operating loss | (93,839) | (136,269) | (20,885) |
Interest expense | (17,094) | (19,358) | (2,967) |
Interest income | 13,707 | 11,214 | 1,719 |
Foreign exchange loss | (65) | (1,060) | (162) |
Loss on changes in fair value of derivative liabilities | (6,622) | - | - |
Other income, net | - | 18,674 | 2,862 |
Gain on disposal of a subsidiary | - | 66,000 | 10,115 |
Loss before income taxes | (103,913) | (60,799) | (9,318) |
Income tax expenses | (6,084) | (9,526) | (1,460) |
Net loss | (109,997) | (70,325) | (10,778) |
Less: Net loss attributable to non-controlling interest | (1,169) | (1,517) | (232) |
Net loss attributable to Puxin Limited | (108,828) | (68,808) | (10,546) |
Net loss per share attributable to Puxin Limited | |||
Basic and diluted | (0.63) | (0.39) | (0.06) |
Net loss per ADS attributable to Puxin Limited | |||
Basic and diluted | (1.26) | (0.78) | (0.12) |
Weighted average shares used in calculating | 173,989,979 | 174,276,664 | 174,276,664 |
Note: Each ADS represents two ordinary shares. | |||
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
(In thousands of RMB and USD) | |||
For the three months ended December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net loss | (109,997) | (70,325) | (10,778) |
Other comprehensive loss, net of tax: | |||
Change in cumulative foreign currency translation adjustments | (4,986) | (14,471) | (2,218) |
Total comprehensive loss | (114,983) | (84,796) | (12,996) |
Less: comprehensive loss attributable to non-controlling interest | (1,169) | (1,517) | (232) |
Total comprehensive loss attributable to Puxin Limited | (113,814) | (83,279) | (12,764) |
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||
For the year ended December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net revenues | 3,103,958 | 2,903,915 | 445,044 |
Cost of revenues (including share-based compensation expenses of | (1,629,447) | (1,558,596) | (238,865) |
Gross profit | 1,474,511 | 1,345,319 | 206,179 |
Operating expenses: | |||
Selling expenses (including share-based compensation expenses of | (1,083,795) | (1,048,521) | (160,693) |
General and administrative expenses (including share-based | (748,259) | (469,163) | (71,902) |
Total operating expenses | (1,832,054) | (1,517,684) | (232,595) |
Operating loss | (357,543) | (172,365) | (26,416) |
Interest expense | (71,099) | (80,319) | (12,309) |
Interest income | 25,542 | 46,150 | 7,073 |
Foreign exchange gain (loss) | 243 | (1,322) | (203) |
Loss on changes in fair value of derivative liabilities | (104,589) | (20,917) | (3,206) |
Other income, net | - | 78,440 | 12,021 |
Gain on disposal of subsidiaries | - | 126,968 | 19,459 |
Impairment loss on intangible assets | - | (4,100) | (628) |
Loss before income taxes | (507,446) | (27,465) | (4,209) |
Income tax expenses | (12,188) | (9,195) | (1,409) |
Net loss | (519,634) | (36,660) | (5,618) |
Less: Net loss attributable to non-controlling interest | (1,101) | (4,454) | (683) |
Net loss attributable to Puxin Limited | (518,533) | (32,206) | (4,935) |
Net loss per share attributable to Puxin Limited | |||
Basic and diluted | (3.03) | (0.18) | (0.03) |
Net loss per ADS attributable to Puxin Limited | |||
Basic and diluted | (6.06) | (0.36) | (0.06) |
Weighted average shares used in calculating | 170,903,317 | 174,156,247 | 174,156,247 |
Note: Each ADS represents two ordinary shares. | |||
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
(In thousands of RMB and USD) | |||
For the year ended December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net loss | (519,634) | (36,660) | (5,618) |
Other comprehensive income (loss), net of tax: | |||
Change in cumulative foreign currency translation adjustments | 493 | (24,996) | (3,831) |
Total comprehensive loss | (519,141) | (61,656) | (9,449) |
Less: comprehensive loss attributable to non-controlling interest | (1,101) | (4,454) | (683) |
Total comprehensive loss attributable to Puxin Limited | (518,040) | (57,202) | (8,766) |
PUXIN LIMITED | |||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||
For the three months ended December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Operating loss | (93,839) | (136,269) | (20,885) |
Add: Share-based compensation expenses | 9,666 | 6,374 | 977 |
Adjusted operating loss | (84,173) | (129,895) | (19,908) |
Adjusted operating margin | ( | ( | ( |
Net loss attributable to Puxin Limited | (108,828) | (68,808) | (10,546) |
Add: Share-based compensation expenses | 9,666 | 6,374 | 977 |
Loss on changes in fair value of derivative liabilities | 6,622 | - | - |
Adjusted net loss attributable to Puxin Limited | (92,540) | (62,434) | (9,569) |
Net loss | (109,997) | (70,325) | (10,778) |
Add: Income tax expenses | 6,084 | 9,526 | 1,460 |
Depreciation of property, plant and equipment | 23,195 | 20,050 | 3,073 |
Amortization of intangible assets | 9,135 | 8,465 | 1,297 |
Interest expense | 17,094 | 19,358 | 2,967 |
Less: Interest income | 13,707 | 11,214 | 1,719 |
EBITDA | (68,196) | (24,140) | (3,700) |
EBITDA margin | ( | ( | ( |
Add: Share-based compensation expenses | 9,666 | 6,374 | 977 |
Loss on changes in fair value of derivative liabilities | 6,622 | - | - |
Adjusted EBITDA | (51,908) | (17,766) | (2,723) |
Adjusted EBITDA margin | ( | ( | ( |
Net loss per ADS attributable to Puxin Limited | |||
- Basic and diluted | (1.26) | (0.78) | (0.12) |
Adjusted net loss per ADS attributable to Puxin Limited | |||
- Basic and diluted | (1.06) | (0.72) | (0.11) |
Weighted average shares used in calculating basic and diluted | 173,989,979 | 174,276,664 | 174,276,664 |
Note: Each ADS represents two ordinary shares. | |||
PUXIN LIMITED | |||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||
For the year ended December 31, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Operating loss | (357,543) | (172,365) | (26,416) |
Add: Share-based compensation expenses | 230,440 | 28,023 | 4,295 |
Adjusted operating loss | (127,103) | (144,342) | (22,121) |
Adjusted operating margin | ( | ( | ( |
Net loss attributable to Puxin Limited | (518,533) | (32,206) | (4,935) |
Add: Share-based compensation expenses | 230,440 | 28,023 | 4,295 |
Loss on changes in fair value of derivative liabilities | 104,589 | 20,917 | 3,206 |
Adjusted net (loss) income attributable to Puxin Limited | (183,504) | 16,734 | 2,566 |
Net loss | (519,634) | (36,660) | (5,618) |
Add: Income tax expenses | 12,188 | 9,195 | 1,409 |
Depreciation of property, plant and equipment | 77,859 | 80,290 | 12,305 |
Amortization of intangible assets | 34,938 | 34,266 | 5,251 |
Interest expense | 71,099 | 80,319 | 12,309 |
Less: Interest income | 25,542 | 46,150 | 7,073 |
EBITDA | (349,092) | 121,260 | 18,583 |
EBITDA margin | ( | ||
Add: Share-based compensation expenses | 230,440 | 28,023 | 4,295 |
Loss on changes in fair value of derivative liabilities | 104,589 | 20,917 | 3,206 |
Adjusted EBITDA | (14,063) | 170,200 | 26,084 |
Adjusted EBITDA margin | ( | ||
Net loss per ADS attributable to Puxin Limited | |||
- Basic and diluted | (6.06) | (0.36) | (0.06) |
Adjusted net (loss) income per ADS attributable to Puxin Limited | |||
- Basic | (2.14) | 0.19 | 0.03 |
Adjusted net (loss) income per ADS attributable to Puxin Limited | |||
- Diluted | (2.14) | 0.19 | 0.03 |
Weighted average shares used in calculating basic | |||
net loss per share | 170,903,317 | 174,156,247 | 174,156,247 |
Weighted average shares used in calculating diluted | |||
net loss per share | 170,903,317 | 178,031,227 | 178,031,227 |
Note: Each ADS represents two ordinary shares. | |||
View original content:http://www.prnewswire.com/news-releases/puxin-limited-announces-fourth-quarter-and-fiscal-year-2020-unaudited-financial-results-301248043.html
SOURCE Puxin Limited
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