Puxin Limited Announces Second Quarter 2020 Unaudited Financial Results
Puxin Limited (NYSE: NEW) reported its Q2 2020 results, showing a 5.0% decrease in net revenues to RMB601.1 million (US$85.1 million) due to COVID-19 impacts on its after-school services. However, net income improved to RMB36.6 million (US$5.2 million), compared to a net loss in Q2 2019. Adjusted EBITDA rose to RMB80.4 million (US$11.4 million). K-12 tutoring revenues increased by 14.0%, and student enrollments grew by 18.1%. For Q3 2020, Puxin expects revenues between RMB816.8 million and RMB866.6 million, indicating a 13-18% year-over-year decrease.
- Net income increased to RMB36.6 million (US$5.2 million) from a net loss in Q2 2019.
- Adjusted EBITDA rose to RMB80.4 million (US$11.4 million), improved from a loss in Q2 2019.
- K-12 tutoring revenues increased by 14.0% year-over-year to RMB419.7 million (US$59.4 million).
- Student enrollments surged by 18.1%, reaching 856,674 in Q2 2020.
- Net revenues decreased by 5.0% year-over-year, primarily due to COVID-19's effect on study-abroad services.
- Study-abroad tutoring revenues dropped by 39.9% to RMB157.4 million (US$22.3 million).
- For Q3 2020, projected revenues reflect a decrease of 13-18% year-over-year.
BEIJING, Aug. 24, 2020 /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 second quarter ended June 30, 2020.
Highlights for the Second Quarter Ended June 30, 2020
- Net revenues were RMB601.1 million (US
$85.1 million ), a decrease of5.0% from RMB632.9 million in the second quarter of 2019. - Operating loss was RMB25.8 million (US
$3.7 million ), a decrease of84.7% from RMB168.7 million in the second quarter of 2019. - Adjusted operating loss[1] was RMB19.1 million (US
$2.7 million ), a decrease of64.3% from RMB53.3 million in the second quarter of 2019. - Net income attributable to Puxin Limited was RMB36.6 million (US
$5.2 million ), compared to net loss attributable to Puxin Limited of RMB194.6 million in the same period of 2019. - Adjusted net income attributable to Puxin Limited[2] was RMB45.2 million (US
$6.4 million ), compared to adjusted net loss attributable to Puxin Limited of RMB60.7 million in the second quarter of 2019. - Adjusted EBITDA[3] was RMB80.4 million (US
$11.4 million ), compared to RMB(25.8) million in the second quarter of 2019. - Student enrollments increased by
18.1% to 856,674 from 725,118 for the second quarter of 2019.
Highlights for the Six Months Ended June 30, 2020
- Net revenues were RMB1,352.4 million (US
$191.4 million ), an increase of8.3% from RMB1,248.6 million in the first half of 2019. - Operating loss was RMB22.2 million (US
$3.1 million ), a decrease of92.7% from RMB305.3 million in the same period of 2019. - Adjusted operating loss was RMB7.0 million (US
$1.0 million ), a decrease of92.7% from RMB95.1 million in the first half of 2019. - Net loss attributable to Puxin Limited was RMB6.9 million (US
$1.0 million ), a decrease of98.5% from RMB443.4 million in the same period of 2019. - Adjusted net income attributable to Puxin Limited was RMB70.6 million (US
$10.0 million ), compared to adjusted net loss attributable to Puxin Limited of RMB134.4 million in the same period of 2019. - Adjusted EBITDA was RMB145.4 million (US
$20.6 million ), compared to RMB(42.7) million in the first half of 2019. - Student enrollments increased by
59.2% to 1,794,949 from 1,127,179 for the same period of 2019.
Mr. Yunlong Sha, Chairman and Chief Executive Officer of Puxin, commented, "During the second quarter of 2020, Puxin spared no effort in gradually resuming classes and business operations under the guidance of the Ministry of Education and the National Health Commission. We have once again won the recognition of students and parents with our excellent teaching quality: accordingly, student enrollments increased by
Mr. Peng Wang, Chief Financial Officer of Puxin, commented, "We are pleased to see an encouraging recovery of the after-school tutoring industry in China. In the second quarter of 2020, Puxin's core business segments obtained a solid organic growth. Although study-abroad services are still facing a downturn, the EBITDA of study-abroad business turned positive to RMB4.0 million. Progress is also seen in cost control. Our non-GAAP selling expenses decreased by
Financial and Operational Results for the Second Quarter of 2020
Net Revenues
Net revenues decreased by
Net revenues of K-12 tutoring services increased by
Net revenues of Puxin Online School significantly increased to RMB24.0 million (US
Net revenues of study-abroad tutoring services decreased by
Cost of Revenues
Cost of revenues slightly decreased by
Gross Profit and Gross Margin
Gross profit was RMB269.7 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 Income (Loss) and Operating Margin
Operating loss was RMB25.8 million (US
Operating income of K-12 tutoring services was RMB19.3 million (US
Adjusted operating loss was RMB19.1 million (US
Adjusted operating margin[4] was (3.2)%, compared to (8.4)% in the same period of the prior year.
Net Income (Loss)
Net income attributable to Puxin Limited was RMB36.6 million (US
Adjusted net income attributable to Puxin Limited was RMB45.2 million (US
EBITDA
EBITDA was RMB71.8 million (US
EBITDA of K-12 tutoring services was RMB109.1 million (US
EBITDA margin[6] was
Adjusted EBITDA was RMB80.4 million (US
Adjusted EBITDA margin[7] was
[1] 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. |
[2] Adjusted net income (loss) attributable to Puxin Limited is a non-GAAP financial measure, which is defined as net income (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. |
[3] EBITDA is a non-GAAP financial measure, which is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income and income tax expenses (benefits); adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax expenses (benefits), 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. |
[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 income (loss) per ADS attributable to Puxin Limited is a non-GAAP financial measure, which is defined as basic and diluted net income (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 and Operational Results for the Six Months Ended June 30, 2020
Net Revenues
Net revenues increased by
Net revenues of K-12 tutoring services increased by
Net revenues of Puxin Online School significantly increased to RMB47.0 million (US
Net revenues of study-abroad tutoring services decreased by
Cost of Revenues
Cost of revenues increased by
Gross Profit and Gross Margin
Gross profit was RMB620.8 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 Income (Loss) and Operating Margin
Operating loss decreased by
Operating income of K-12 tutoring services was RMB86.0 million (US
Adjusted operating loss decreased by
Adjusted operating margin was (0.5)%, compared to (7.6)% in the same period of 2019.
Net Loss
Net loss attributable to Puxin Limited was RMB6.9 million (US
Adjusted net income attributable to Puxin Limited was RMB70.6 million (US
EBITDA
EBITDA was RMB67.9 million (US
EBITDA of K-12 tutoring services was RMB170.3 million (US
EBITDA margin was
Adjusted EBITDA was RMB145.4 million (US
Adjusted EBITDA margin was
Cash and Current Bank Balances
As of June 30, 2020, the Company had an aggregate amount of cash and cash equivalents and the current portion of restricted cash of RMB569.6 million (US
Business Outlook
For the third quarter ended September 30, 2020, based on the information available as of the date of this press release, the Company expects net revenues to be between RMB816.8 million and RMB866.6 million, which represents a decrease of
Conference Call Information
Puxin's management team will hold a conference call on August 24, 2020, 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 August 31, 2020 by dialing the following numbers:
International: +1-412-317-0088
US: +1-877-344-7529
Passcode: 10147111
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 7.0651 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 income (loss) attributable to Puxin Limited, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted basic and diluted net income (loss) 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 income (loss) attributable to Puxin Limited is defined as net income (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 income (loss) excluding depreciation, amortization, interest expense, interest income and income tax expenses (benefits); adjusted EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax expenses (benefits), 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; adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited are defined as basic and diluted net income (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
ICA (Institutional Capital Advisory)
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, | As of June 30, | ||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 256,763 | 124,487 | 17,620 |
Restricted cash, current portion | 349,540 | 445,101 | 63,000 |
Inventories | 13,311 | 16,496 | 2,335 |
Prepaid expenses and other current assets | 117,148 | 151,059 | 21,381 |
Loan receivable, current portion | 191,230 | - | - |
Total current assets | 927,992 | 737,143 | 104,336 |
Non-current assets | |||
Restricted cash, non-current portion | 36,727 | 38,019 | 5,381 |
Operating lease right-of-use assets | 1,045,941 | 937,900 | 132,751 |
Property, plant and equipment, net | 298,719 | 274,772 | 38,891 |
Intangible assets | 264,540 | 237,445 | 33,608 |
Goodwill | 2,055,922 | 2,035,577 | 288,117 |
Deferred tax assets | 2,199 | 1,975 | 280 |
Rental deposit | 75,015 | 75,482 | 10,684 |
Loan receivable, non-current portion | - | 205,007 | 29,017 |
Other non-current assets | - | 59,400 | 8,408 |
TOTAL ASSETS | 4,707,055 | 4,602,720 | 651,473 |
LIABILITIES | |||
Current liabilities | |||
Accrued expenses and other current liabilities (including | 983,715 | 864,693 | 122,389 |
Income tax payable of the consolidated VIE without recourse | 21,248 | 19,157 | 2,711 |
Deferred revenue, current portion (including deferred revenue, | 1,205,609 | 1,048,911 | 148,464 |
Operating lease liabilities, current portion (including operating | 276,877 | 263,929 | 37,357 |
Amounts due to related parties, current portion (including | 1,451 | 15,374 | 2,176 |
Bank borrowings of the consolidated VIE without recourse to | 318,600 | 495,000 | 70,063 |
Loans payable to third parties, current portion (including loans | 413,838 | 341,159 | 48,288 |
Promissory note, current portion (including promissory note, | 87,023 | 88,314 | 12,500 |
Total current liabilities | 3,308,361 | 3,136,537 | 443,948 |
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, | As of June 30, | ||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Non-current liabilities | |||
Deferred revenue, non-current portion of the consolidated VIE | 101,372 | 79,120 | 11,199 |
Deferred tax liabilities of the consolidated VIE without | 81,969 | 75,994 | 10,756 |
Amounts due to related parties, non-current portion (including | - | 7,292 | 1,032 |
Franchise deposits of the consolidated VIE without recourse to | 2,533 | 2,549 | 361 |
Operating lease liabilities, non-current portion of the | 693,505 | 605,288 | 85,673 |
Loan payable to third parties, non-current portion (including | - | 101,031 | 14,300 |
Promissory note, non-current portion (including promissory | 87,022 | 88,314 | 12,500 |
Derivative liabilities (including derivative liabilities of the | 172,235 | 93,730 | 13,267 |
TOTAL LIABILITIES | 4,446,997 | 4,189,855 | 593,036 |
SHAREHOLDERS' EQUITY | |||
Ordinary shares (par value of USD0.00005 per share; | 62 | 62 | 9 |
Additional paid-in capital | 2,175,652 | 2,335,274 | 330,537 |
Statutory reserve | 7,979 | 7,979 | 1,129 |
Accumulated other comprehensive income | 68,707 | 70,688 | 10,005 |
Accumulated deficit | (1,991,220) | (1,998,085) | (282,811) |
Total Puxin Limited shareholders' equity | 261,180 | 415,918 | 58,869 |
Non-controlling interest | (1,122) | (3,053) | (432) |
TOTAL SHAREHOLDERS' EQUITY | 260,058 | 412,865 | 58,437 |
TOTAL LIABILITIES AND TOTAL SHAREHOLDERS' | 4,707,055 | 4,602,720 | 651,473 |
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 June 30, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net revenues | 632,922 | 601,053 | 85,074 |
Cost of revenues (including share-based compensation expenses of | 332,828 | 331,350 | 46,900 |
Gross profit | 300,094 | 269,703 | 38,174 |
Operating expenses: | |||
Selling expenses (including share-based compensation expenses of | 241,739 | 210,165 | 29,747 |
General and administrative expenses (including share-based | 227,063 | 85,343 | 12,080 |
Total operating expenses | 468,802 | 295,508 | 41,827 |
Operating loss | (168,708) | (25,805) | (3,653) |
Interest expense | 10,193 | 20,658 | 2,924 |
Interest income | 4,144 | 11,860 | 1,679 |
Foreign exchange gain (loss) | 179 | (21) | (3) |
Loss on changes in fair value of derivative liabilities | 18,617 | 1,848 | 262 |
Other income, net | - | 14,114 | 1,998 |
Gain on disposal of subsidiaries | - | 60,968 | 8,629 |
Impairment loss on intangible assets | - | 4,100 | 580 |
(Loss) income before income taxes | (193,195) | 34,510 | 4,884 |
Income tax expenses (benefits) | 1,424 | (1,110) | (157) |
Net (loss) income | (194,619) | 35,620 | 5,041 |
Less: Net income (loss) attributable to non-controlling interest | 18 | (978) | (138) |
Net (loss) income attributable to Puxin Limited | (194,637) | 36,598 | 5,179 |
Net (loss) income per share attributable to Puxin Limited | |||
Basic and diluted | (1.14) | 0.21 | 0.03 |
Net (loss) income per ADS attributable to Puxin Limited | |||
Basic and diluted | (2.28) | 0.42 | 0.06 |
Weighted average shares used in calculating basic net (loss) | 170,511,022 | 174,069,766 | 174,069,766 |
Weighted average shares used in calculating diluted net (loss) | 170,511,022 | 177,950,175 | 177,950,175 |
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 June 30, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net (loss) income | (194,619) | 35,620 | 5,041 |
Other comprehensive income (loss), net of tax: | |||
Change in cumulative foreign currency translation adjustments | 4,383 | (425) | (60) |
Total comprehensive (loss) income | (190,236) | 35,195 | 4,981 |
Less: comprehensive income (loss) attributable to non-controlling interest | 18 | (978) | (138) |
Total comprehensive (loss) income attributable to Puxin Limited | (190,254) | 36,173 | 5,119 |
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 six months ended June 30, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net revenues | 1,248,597 | 1,352,398 | 191,420 |
Cost of revenues (including share-based compensation expenses of | 668,427 | 731,628 | 103,555 |
Gross profit | 580,170 | 620,770 | 87,865 |
Operating expenses: | |||
Selling expenses (including share-based compensation expenses of | 464,373 | 440,662 | 62,372 |
General and administrative expenses (including share-based | 421,048 | 202,261 | 28,628 |
Total operating expenses | 885,421 | 642,923 | 91,000 |
Operating loss | (305,251) | (22,153) | (3,135) |
Interest expense | 40,232 | 41,511 | 5,876 |
Interest income | 4,910 | 23,816 | 3,371 |
Foreign exchange (loss) gain | (10) | 121 | 17 |
Loss on changes in fair value of derivative liabilities | 98,879 | 62,283 | 8,816 |
Other income, net | - | 35,962 | 5,090 |
Gain on disposal of subsidiaries | - | 60,968 | 8,629 |
Impairment loss on intangible assets | - | 4,100 | 580 |
Loss before income taxes | (439,462) | (9,180) | (1,300) |
Income tax expenses (benefits) | 3,917 | (417) | (59) |
Net loss | (443,379) | (8,763) | (1,241) |
Less: Net income (loss) attributable to non-controlling interest | 36 | (1,898) | (269) |
Net loss attributable to Puxin Limited | (443,415) | (6,865) | (972) |
Net loss per share attributable to Puxin Limited | |||
Basic and diluted | (2.64) | (0.04) | (0.01) |
Net loss per ADS attributable to Puxin Limited | |||
Basic and diluted | (5.28) | (0.08) | (0.02) |
Weighted average shares used in calculating basic and diluted | 167,791,531 | 174,063,142 | 174,063,142 |
Note: Each ADS represents two ordinary shares. | |||
PUXIN LIMITED | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||
(In thousands of RMB and USD) | |||
For the six months ended June 30, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Net loss | (443,379) | (8,763) | (1,241) |
Other comprehensive (loss) income, net of tax: | |||
Change in cumulative foreign currency translation adjustments | (2,081) | 1,981 | 280 |
Total comprehensive loss | (445,460) | (6,782) | (961) |
Less: comprehensive income (loss) attributable to non-controlling interest | 36 | (1,898) | (269) |
Total comprehensive loss attributable to Puxin Limited | (445,496) | (4,884) | (692) |
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 June 30, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Operating loss | (168,708) | (25,805) | (3,653) |
Add: Share-based compensation expenses | 115,369 | 6,753 | 956 |
Adjusted operating loss | (53,339) | (19,052) | (2,697) |
Adjusted operating margin | (8.4)% | (3.2)% | (3.2)% |
Net (loss) income attributable to Puxin Limited | (194,637) | 36,598 | 5,179 |
Add: Share-based compensation expenses | 115,369 | 6,753 | 956 |
Loss on changes in fair value of derivative liabilities | 18,617 | 1,848 | 262 |
Adjusted net (loss) income attributable to Puxin Limited | (60,651) | 45,199 | 6,397 |
Net (loss) income | (194,619) | 35,620 | 5,041 |
Add: Income tax expenses (benefits) | 1,424 | (1,110) | (157) |
Depreciation of property, plant and equipment | 19,357 | 20,196 | 2,859 |
Amortization of intangible assets | 8,002 | 8,337 | 1,180 |
Interest expense | 10,193 | 20,658 | 2,924 |
Less: Interest income | 4,144 | 11,860 | 1,679 |
EBITDA | (159,787) | 71,841 | 10,168 |
EBITDA margin | (25.2)% | ||
Add: Share-based compensation expenses | 115,369 | 6,753 | 956 |
Loss on changes in fair value of derivative liabilities | 18,617 | 1,848 | 262 |
Adjusted EBITDA | (25,801) | 80,442 | 11,386 |
Adjusted EBITDA margin | (4.1)% | ||
Net (loss) income per ADS attributable to Puxin Limited | (2.28) | 0.42 | 0.06 |
Adjusted net (loss) income per ADS attributable to Puxin Limited | (0.71) | 0.52 | 0.07 |
Adjusted net (loss) income per ADS attributable to Puxin Limited | (0.71) | 0.51 | 0.07 |
Weighted average shares used in calculating basic adjusted | 170,511,022 | 174,069,766 | 174,069,766 |
Weighted average shares used in calculating diluted adjusted | 170,511,022 | 177,950,175 | 177,950,175 |
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 six months ended June 30, | |||
2019 | 2020 | 2020 | |
RMB | RMB | USD | |
Operating loss | (305,251) | (22,153) | (3,135) |
Add: Share-based compensation expenses | 210,117 | 15,198 | 2,151 |
Adjusted operating loss | (95,134) | (6,955) | (984) |
Adjusted operating margin | (7.6)% | (0.5)% | (0.5)% |
Net loss attributable to Puxin Limited | (443,415) | (6,865) | (972) |
Add: Share-based compensation expenses | 210,117 | 15,198 | 2,151 |
Loss on changes in fair value of derivative liabilities | 98,879 | 62,283 | 8,816 |
Adjusted net (loss) income attributable to Puxin Limited | (134,419) | 70,616 | 9,995 |
Net loss | (443,379) | (8,763) | (1,241) |
Add: Income tax expenses (benefits) | 3,917 | (417) | (59) |
Depreciation of property, plant and equipment | 36,663 | 41,824 | 5,920 |
Amortization of intangible assets | 15,769 | 17,599 | 2,491 |
Interest expense | 40,232 | 41,511 | 5,876 |
Less: Interest income | 4,910 | 23,816 | 3,371 |
EBITDA | (351,708) | 67,938 | 9,616 |
EBITDA margin | (28.2)% | ||
Add: Share-based compensation expenses | 210,117 | 15,198 | 2,151 |
Loss on changes in fair value of derivative liabilities | 98,879 | 62,283 | 8,816 |
Adjusted EBITDA | (42,712) | 145,419 | 20,583 |
Adjusted EBITDAmargin | (3.4)% | ||
Net loss per ADS attributable to Puxin Limited | |||
- Basic and diluted | (5.28) | (0.08) | (0.02) |
Adjusted net (loss) income per ADS attributable to Puxin Limited | (1.60) | 0.81 | 0.11 |
Adjusted net (loss) income per ADS attributable to Puxin Limited | (1.60) | 0.79 | 0.11 |
Weighted average shares used in calculating basic adjusted | 167,791,531 | 174,063,142 | 174,063,142 |
Weighted average shares used in calculating diluted adjusted | 167,791,531 | 178,035,266 | 178,035,266 |
Note: Each ADS represents two ordinary shares. | |||
View original content:http://www.prnewswire.com/news-releases/puxin-limited-announces-second-quarter-2020-unaudited-financial-results-301116967.html
SOURCE Puxin Limited
FAQ
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