OneSmart International Education Group Limited Announces Unaudited Financial Results for the Second Fiscal Quarter Ended February 28, 2021
OneSmart International Education Group Limited (NYSE: ONE) reported unaudited financial results for the second fiscal quarter ended February 28, 2021. Total net revenues reached RMB932 million, a 5.2% increase year-over-year, while cash sales surged 44.2% compared to fiscal 2019. The company's premium K-12 education services saw significant growth, particularly in the OneSmart VIP program, which accounted for 78.9% of total revenues. Despite an operating loss of RMB110.4 million, management remains optimistic about future performance, expecting Q3 revenues to reach RMB950 million to RMB1.0 billion.
- Net revenues rose by 5.2% year-over-year to RMB932 million.
- Cash sales increased 44.2% compared to fiscal 2019.
- OneSmart VIP program revenues grew by 7.4% year-over-year.
- Expect Q3 revenues between RMB950 million and RMB1.0 billion, a 27.5% to 34.2% increase year-over-year.
- Operating loss of RMB110.4 million, increased from RMB54.8 million last year.
- Net loss attributable to OneSmart was RMB172.0 million, a significant increase from RMB16.4 million last year.
- Operating margin decreased to -11.8%, down from -6.2% last year.
Second Fiscal Quarter of Fiscal Year 2021 results:
- Cash sales totaled RMB939 million, increasing
44.2% and18.9% from the same period of fiscal 2019 and fiscal 2020, respectively - Total net revenues totaled RMB932 million, increasing
5.2% year over year or36.0% sequentially; net revenues for OneSmart VIP 1on1 program increased21.9% year over year - Average monthly student enrollments totaled 135,714
- 457 learning centers in 36 cities as of February 28,2021, among which 286 learning centers were under OneSmart VIP business, increasing from 266 a year ago
SHANGHAI, May 13, 2021 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), the leading premium K-12 after-school education services provider in China, today announced its unaudited financial results for the second fiscal quarter ended February 28, 2021.
Highlights for the Second Fiscal Quarter Ended February 28, 2021
Since the beginning of the fiscal Q2, our offline operations have continuously experienced a strong recovery due to customer preference for our premium tutoring, which includes personalized 1-on-1 tutoring and other school admission planning services. We are delighted to achieve the initial successful results from Go Premium Strategy with consumption upgrade in education sector. The newly-launched premium products are well received by our target customers and further strengthens our premium position in this space. Specifically, for our three core business units:
- OneSmart VIP (the leading premium K-12 1-on-1 business in China): In the quarter, cash sales from OneSmart VIP business grew by
25.1% year over year. Net revenues from OneSmart VIP business were RMB735 million (accounting for78.9% of total net revenues), increasing7.4% year over year and51.0% sequentially. The average monthly student enrollments were 75,199. On a like-for-like basis for 1on1 program (excluding 1on3 program), cash sales increased by22.6% year over year, and net revenues grew by21.9% year over year driven by a12% increase in class units consumed and an8.8% increase in average price per class unit consumed. This indicates the robust demand for our products as school returns to normal schedules and improved customer experience of our upgraded 1on1 product, newly launched Elite VIP product, refurbished learning centers and upgraded services. - OneSmart Young Children Education: HappyMath (premium young children math education business) and FasTrack English (premium young children English education business): Net revenues from OneSmart Young Children Education business were RMB155 million, accounting for
16.6% of total net revenues in the quarter. The average monthly student enrollments totaled 45,462. - OneSmart Online (the leading premium online education business in China): Online platform is complementary to offline business with same price in the form of Offline-Merge-Online ("OMO") take-out service. In this quarter, net revenues from OneSmart Online were RMB32 million, accounting for
3.5% of total net revenues. The average monthly student enrollments of OneSmart Online business totaled 6,524 during the quarter.
"Go Premium" Strategic initiatives and Progress
- OneSmart VIP: Since December 2020, we have conducted a series of premium branding campaign and local marketing in the key cities, which largely enhanced OneSmart's premium brand awareness among target families in these cities. By the end of April 2021, we upgraded and newly opened 14 flagship VIP learning centers, to provide a premium learning center experience. In the first 6 months of fiscal 2021, Elite VIP program accounted for
11% of the cash sales from OneSmart VIP business. The Elite VIP product is developed to better address the customers' enhanced needs of one-stop school admission planning and provides a better upside on topline. We will continue to roll out Elite VIP and expect it to become a key growth driver to optimize our revenues mix in the future years. Heading into the fiscal Q3, our operating metrics will continue to improve. In March and April 2021, our cash sales improved by123% year-over-year for OneSmart VIP business. Continuously, we have strictly followed the necessary and appropriate guidelines and protect the safety and health of all our students and employees. - OneSmart Young Children Education: Cash sales for recently launched premium products of "Practical Math Program ("PMP") and MBA Kids English for HappyMath and FasTrack English respectively, picked up rapidly and accounted for
12% of total cash sales for young children education business in the fiscal Q2. As of April 2021, the purchase price grew by7% and11% for HappyMath and FasTrack English, respectively. The standard of safety and cleanliness is also upgraded in our HappyMath and FasTrack English learning centers to encourage a high attendance rate among young children students. - OneSmart Online: The online platform continues to drive incremental growth, as well as serves as a strategic backup option against COVID-19. In the fiscal Q2, our students in Beijing migrated to OneSmart Online platform to avoid study interruption during the temporary offline center's suspension. Our teachers are well trained to adapt to both online and offline teaching environment.
Mr. Steve Zhang, Chairman and Chief Executive Officer of OneSmart, commented, "We are pleased to see the return of strong sales growth despite the challenges in offline operations due to COVID-19 resurgence in certain cities around the Chinese New Year in January and February 2021. Our Go Premium Strategy is executed well on track with further enhancements made on products, learning centers, services and premium brand awareness. The upgraded and optimized product offerings have started to contribute to the remarkable growth in topline, which will lead to improved profitability in the following quarters. Our continued investment in technology benefit both online and offline operations. We have revamped and built a strong digitalized operation platform to support standardization, efficiency and customer satisfaction. In addition, we are making great efforts on premium brand building and local marketing to reach our target customers more effectively."
Key Financial Results | |||||||
(In thousands/RMB) | |||||||
VS 2Q | |||||||
2Q | 2Q | FY2020 | |||||
Net revenues | 885,800 | 931,631 | |||||
Gross profit | 356,428 | 389,128 | |||||
Operating loss | (54,763) | (110,382) | NA | ||||
Non-GAAP operating loss | (18,054) | (84,638) | NA | ||||
Net loss attributable to OneSmart | (16,367) | (171,973) | NA | ||||
Non-GAAP net income/(loss) attributable to OneSmart | 20,342 | (141,643) | NA |
Mr. Greg Zuo, OneSmart's Director, Chief Financial Officer and Chief Strategic Officer added, "In our new phase of growth post-pandemic, we are delighted to see the return of solid topline growth driven by strong demand for our core 1on1 tutoring products, our improved premium products and services and our enhanced student acquisition approach. Our company-wide cash sales growth has continued to pick up, recording
The Go Premium strategy has boosted our revenues for OneSmart VIP 1on1 program to grow driven by the year over year increase in both volume (consumed class units) and price. In addition to tutoring, our unique services of personalized school-admission planning and in-person caring distinguish us from other education service providers. Encouraged by the initial success of the Go Premium Strategy and justified by the increased revenue profile, we will continue to invest in our products, teacher credentials, learning centers and build our premium brand. In the recent months, we have completed the upgrades of our nationwide learning centers, improved our teachers' profiles, launched premium brand campaigns and built the digital operations platform. These efforts largely enhance customer satisfaction, laying a solid foundation for long term success.
We are pleased to see the start of gross margin recovery during the quarter driven by strong topline growth. However, our fiscal Q2 P&L results have not yet reflected recent strong cash sales momentum as it typically takes a couple of quarters for sales to translate into class consumptions i.e. revenue recognition in our business. Our peak season for revenue recognition is typically Q3 (March-May) and Q4 (June-August) due to intensive study and exam schedules in China. In the meantime, we need to invest in our brand in advance to support our Go Premium strategy. As a result, we observed temporary operating margin pressure in fiscal Q2. With the strong cash sales trend and significantly higher new sales ASP, we are optimistic about our future performance.
Lastly, we are aware of and closely following the regulatory development. We have continued to promote high standards in providing better learning environment, quality and services to our students. However, we have limited exposure in Beijing, which contributed about
Financial Results for the Second Fiscal Quarter Ended February 28, 2021
Net Revenues
Net revenues were RMB931.6 million (US
Operating Costs and Expenses
Operating costs and expenses for the quarter were RMB1,042.0 million (US
- Cost of revenues increased by
2.5% year-over-year to RMB542.5 million (US$83.8 million ). The year-over-year increase was mainly attributable to higher staff cost relating to an increase in class units consumed and enhanced teacher profiles, and additional costs for learning center upgrade and online teaching operations to support our Go Premium Strategy; - Selling and marketing expenses increased by
46.8% year-over-year to RMB288.8 million (US$44.6 million ). Non-GAAP selling and marketing expenses, which excludes share-based compensation expenses, were RMB288.9 million (US$44.6 million ) (accounting for31.0% of net revenues or30.7% of cash sales), an increase of46.9% from RMB196.6 million (accounting for22.2% of net revenues or24.9% of cash sales) during the same period last year. The year-over-year increase was primarily due to strategic branding and offline marketing activities to reach target families in the execution of Go Premium strategy, the requirements of running major marketing campaigns in a timeline ahead of the Q3 and Q4 business tutoring seasons, and the relatively low spending due to limited offline marketing activities during COVID-19 outbreak in FQ2 last year; - General and administrative expenses decreased by
1.8% year-over-year to RMB210.7 million (US$32.5 million ). The decrease was primarily due to our expense control policy to keep a healthy financial condition during the post-pandemic recovery. Non-GAAP general and administrative expenses, which excludes share-based compensation, were RMB184.9 million (US$28.6 million ) (accounting for19.8% of net revenues), an increase of3.9% from RMB177.9 million (accounting for20.1% of net revenues) during the same period last year.
Total share-based compensation expenses, which were allocated to related operating expenses, were RMB25.7 million (US
Operating Income/Loss and Operating Margin
Operating loss for the quarter was RMB110.4 million (US
Operating margin for the quarter was -
Net interest expense was RMB26.1 million (US
Other income, which mainly represents government subsidies and other gains, was RMB0.5 million (US
Income tax benefit was RMB7.1 million (US
Net Loss Attributable to OneSmart
Net loss attributable to OneSmart was RMB172.0 million (US
Capital Expenditures
Capital expenditures for the second fiscal quarter of 2021 were RMB68.8 million (US
Financial Position
As of February 28, 2021, the Company had cash and cash equivalents of RMB523.7 million (US
As of February 28, 2021, the Company had short-term loan of RMB672.7 million (US
OneSmart's prepayments from customers balance, which represents cash collected from enrolled students for courses and recognized proportionately as the training sessions are delivered, was RMB2,731.0 million (US
Cash Flow
Net cash provided by operating activities in the second fiscal quarter of 2021 was RMB125.3 million (US
Net cash used in investing activities in the second fiscal quarter of 2021 was RMB106.6 million (US
Net cash used in financing activities in the second fiscal quarter of 2021 was RMB407.8 million (US
Outlook for the Third Fiscal Quarter of Fiscal Year 2021
Based on the latest estimates, we expect to generate net revenues of RMB950 million to RMB1.0 billion for the third quarter of fiscal year 2021, representing
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 the noon buying rate on February 28, 2021, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB6.4730 to USD1.00.
Conference Call Information
OneSmart's management will hold an earnings conference call at 8:00 AM on Thursday, May 13, 2021, U.S. Eastern Time (8:00 PM on the same day Beijing/Hong Kong Time).
Dial-in numbers for the live conference call are as follows:
International | 1-412-902-4272 |
Mainland China | 4001-201-203 |
US | 1-888-346-8982 |
Hong Kong | 800-905-945 |
Passcode | OneSmart |
A telephone replay of the call will be available after the conclusion of the conference call through May 20, 2021.
Dial-in numbers for the replay are as follows:
International Dial-in | 1-412-317-0088 |
U.S. Toll Free | 1-877-344-7529 |
Passcode: | 10155928 |
Additionally, a live and archived webcast of this conference call will be available at: http://ir.onesmart.org.
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 after-school education company in China. Our vision is to be the most trusted and heart-warming education company and our mission is POWER LEARNING changes the future with technology advancement. Our company culture is centered on the core values of customer focus, excellence, integrity, and technology and innovation.
The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business, HappyMath, and FasTrack English, and OneSmart Online. As of February 28, 2021, OneSmart operates a nationwide network of 457 learning centers in China.
For more information on OneSmart, please visit http://ir.onesmart.org.
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," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. OneSmart 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 OneSmart'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: OneSmart's goals and strategies; its future business development, financial condition and results of operations; its ability to continue to penetrate premium K-12 after-school education services market; diversify and enrich our education offerings; enhance the development and management of our teacher team and teaching materials; competition in our industry in China; its ability to maintain and expand online education presence; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect our students' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors 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 OneSmart does not undertake any obligation to update such information, except as required under applicable law.
Non-GAAP Financial Measures
In evaluating its business, OneSmart 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 operating costs and expenses, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income, non-GAAP net income attributable to OneSmart. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses incurred by the Group, as well as share-based compensation expenses included in the share of net loss from equity investees. 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 release.
OneSmart believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. OneSmart 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 OneSmart's historical performance and liquidity. OneSmart computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. OneSmart 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 charges as well as share-based compensation expenses included in the share of net loss from equity investees that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's as well as its equity investees' business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
For more information, please contact:
OneSmart
Ms. Ida Yu
+86-21-2250-5891
E-mail: ir@onesmart.org
ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: onesmart@icaasia.com
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands) | ||||||
As of | As of | As of | ||||
August 31, | February 28, | February 28, | ||||
2020 | 2021 | 2021 | ||||
RMB | RMB | US$ | ||||
(Audited) | (Unaudited) | (Unaudited) | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1,158,044 | 523,709 | 80,907 | |||
Restricted cash | 187,241 | 76,548 | 11,826 | |||
Short-term investments | 486,756 | 417,183 | 64,450 | |||
Amounts due from related parties | 491 | 98,707 | 15,249 | |||
Prepayments and other current assets | 344,870 | 211,823 | 32,724 | |||
Total current assets | 2,177,402 | 1,327,970 | 205,156 | |||
Non-current assets: | ||||||
Property and equipment, net | 581,248 | 551,095 | 85,137 | |||
Intangible assets, net | 277,953 | 207,477 | 32,053 | |||
Long-term investments | 1,048,178 | 1,675,772 | 258,886 | |||
Operating lease right-of-use assets | 1,481,196 | 1,399,645 | 216,228 | |||
Goodwill | 1,481,401 | 1,290,158 | 199,314 | |||
Deferred tax assets | 191,721 | 230,151 | 35,556 | |||
Amounts due from related parties | 20,400 | 113,120 | 17,476 | |||
Other non-current assets | 638,892 | 200,058 | 30,907 | |||
Total non-current assets | 5,720,989 | 5,667,476 | 875,557 | |||
Total assets | 7,898,391 | 6,995,446 | 1,080,713 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term loans (including short-term loans of the | 789,550 | 672,712 | 103,926 | |||
Amounts due to a related party (including due to a related | 14,447 | 13,940 | 2,154 | |||
Long-term loans, current portion (including long-term loans, | 295,433 | 352,689 | 54,486 | |||
Accrued expenses and other current liabilities (including | 889,055 | 812,793 | 125,567 | |||
Income taxes payable (including income taxes payable of the | 97,720 | 116,502 | 17,998 | |||
Prepayments from customers (including prepayments from | 2,547,493 | 2,731,013 | 421,908 | |||
Operating lease liabilities, current portion (including | 483,056 | 496,523 | 76,707 | |||
Total current liabilities | 5,116,754 | 5,196,172 | 802,746 | |||
Non-current liabilities: | ||||||
Deferred tax liabilities (including deferred tax liabilities of the | 71,025 | 52,617 | 8,129 | |||
Long-term loans (including long-term loan of the | 1,023,151 | 484,981 | 74,924 | |||
Convertible senior notes (including convertible senior notes | 239,659 | 226,555 | 35,000 | |||
Unrecognized tax benefit (including liability for unrecognized | 29,610 | 27,119 | 4,190 | |||
Operating lease liabilities, non-current portion (including | 929,135 | 840,937 | 129,915 | |||
Other non-current liabilities (including other non-current | 47,084 | 22,688 | 3,505 | |||
Total non-current liabilities | 2,339,664 | 1,654,897 | 255,663 | |||
Total liabilities | 7,456,418 | 6,851,069 | 1,058,409 | |||
Commitments and contingencies | ||||||
Shareholders' equity: | ||||||
Class A ordinary shares (US | 26 | 26 | 4 | |||
Class B ordinary shares (US | 16 | 16 | 2 | |||
Treasury stock | (274,648) | (274,648) | (42,430) | |||
Additional paid-in capital | 5,598,978 | 5,657,234 | 873,974 | |||
Statutory reserves | 12,270 | 16,873 | 2,607 | |||
Accumulated deficits | (5,035,172) | (5,377,780) | (830,802) | |||
Accumulated other comprehensive income | 99,167 | 95,283 | 14,720 | |||
Total OneSmart International Education Group | 400,637 | 117,004 | 18,075 | |||
Non-controlling interests | 41,336 | 27,373 | 4,229 | |||
Total shareholders' equity | 441,973 | 144,377 | 22,304 | |||
Total liabilities, non-controlling interests and | 7,898,391 | 6,995,446 | 1,080,713 | |||
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||
(Amounts in thousands) | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Net revenues | 885,800 | 931,631 | 143,926 | 1,683,000 | 1,616,435 | 249,720 | ||||||
Cost of revenues | (529,372) | (542,503) | (83,810) | (1,045,931) | (1,018,954) | (157,416) | ||||||
Gross profit | 356,428 | 389,128 | 60,116 | 637,069 | 597,481 | 92,304 | ||||||
Operating expenses: | ||||||||||||
Selling and marketing (Note 1) | (196,729) | (288,828) | (44,620) | (391,623) | (459,742) | (71,025) | ||||||
General and administrative (Note 1) | (214,462) | (210,682) | (32,548) | (414,907) | (411,624) | (63,591) | ||||||
Total operating expenses | (411,191) | (499,510) | (77,168) | (806,530) | (871,366) | (134,616) | ||||||
Operating loss | (54,763) | (110,382) | (17,052) | (169,461) | (273,885) | (42,312) | ||||||
Interest income | 3,251 | 1,389 | 215 | 32,987 | 3,976 | 614 | ||||||
Interest expense | (19,123) | (27,442) | (4,239) | (44,814) | (53,543) | (8,272) | ||||||
Other income | 48,861 | 507 | 78 | 58,987 | 30,370 | 4,692 | ||||||
Other expenses | (21,239) | (25,301) | (3,909) | (29,936) | (42,219) | (6,522) | ||||||
Foreign exchange gains | 15 | 1,548 | 239 | 15 | 1,548 | 239 | ||||||
Loss before income tax and share | (42,998) | (159,681) | (24,668) | (152,222) | (333,753) | (51,561) | ||||||
Income tax benefit | 21,169 | 7,053 | 1,090 | 24,568 | 19,336 | 2,987 | ||||||
Loss before share of net loss from | (21,829) | (152,628) | (23,578) | (127,654) | (314,417) | (48,574) | ||||||
Share of net loss from equity investees (Note 2) | (3,881) | (27,687) | (4,277) | (7,715) | (33,578) | (5,187) | ||||||
Net loss | (25,710) | (180,315) | (27,855) | (135,369) | (347,995) | (53,761) | ||||||
Add: Net loss attributable to non- | 9,343 | 8,342 | 1,289 | 29,069 | 16,445 | 2,541 | ||||||
Net loss attributable to | (16,367) | (171,973) | (26,566) | (106,300) | (331,550) | (51,220) | ||||||
Note 1: Share-based compensation expenses are included in the operating costs and expenses as follows: | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Selling and marketing | 142 | (22) | (3) | 285 | 39 | 6 | ||||||
General and administrative | 36,567 | 25,766 | 3,981 | 64,346 | 60,455 | 9,340 | ||||||
Total | 36,709 | 25,744 | 3,978 | 64,631 | 60,494 | 9,346 | ||||||
Note 2: Share-based payment compensation included in the share of net loss from equity investees is as follows: | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Share of net loss from equity investees | - | 4,586 | 708 | - | 4,586 | 708 | ||||||
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) | ||||||||||||
(Amounts in thousands) | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Net loss | (25,710) | (180,315) | (27,855) | (135,369) | (347,995) | (53,761) | ||||||
Other comprehensive income/(loss)： | ||||||||||||
Unrealized gain/(loss) on available-for-sale investments, net of tax | (32,858) | (191) | (30) | (51,117) | 6,236 | 963 | ||||||
Foreign currency translation adjustment | 2,015 | 27,890 | 4,309 | 4,545 | (10,119) | (1,563) | ||||||
Comprehensive loss | (56,553) | (152,616) | (23,576) | (181,941) | (351,878) | (54,361) | ||||||
Add: Comprehensive loss | 9,343 | 8,342 | 1,289 | 29,069 | 16,445 | 2,541 | ||||||
Comprehensive loss attributable | (47,210) | (144,274) | (22,287) | (152,872) | (335,433) | (51,820) | ||||||
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED | ||||||||||||
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures | ||||||||||||
(Amounts in thousands) | ||||||||||||
For the three months ended | For the six months ended | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
Selling and marketing expenses | 196,729 | 288,828 | 44,620 | 391,623 | 459,742 | 71,025 | ||||||
Share-based compensation expense in selling and | 142 | (22) | (3) | 285 | 39 | 6 | ||||||
Non-GAAP selling and marketing expenses | 196,587 | 288,850 | 44,623 | 391,338 | 459,703 | 71,019 | ||||||
General and administrative expenses | 214,462 | 210,682 | 32,548 | 414,907 | 411,624 | 63,591 | ||||||
Share-based compensation expense in general a | 36,567 | 25,766 | 3,981 | 64,346 | 60,455 | 9,340 | ||||||
Non-GAAP general and administrative expenses | 177,895 | 184,916 | 28,567 | 350,561 | 351,169 | 54,251 | ||||||
Operating costs and expenses | 940,563 | 1,042,013 | 160,978 | 1,852,461 | 1,890,320 | 292,032 | ||||||
Share-based compensation expense in operating | 36,709 | 25,744 | 3,978 | 64,631 | 60,494 | 9,346 | ||||||
Non-GAAP operating costs and expenses | 903,854 | 1,016,269 | 157,000 | 1,787,830 | 1,829,826 | 282,686 | ||||||
Operating loss | (54,763) | (110,382) | (17,052) | (169,461) | (273,885) | (42,312) | ||||||
Share-based compensation expenses | 36,709 | 25,744 | 3,978 | 64,631 | 60,494 | 9,346 | ||||||
Non-GAAP operating loss | (18,054) | (84,638) | (13,074) | (104,830) | (213,391) | (32,966) | ||||||
Net loss attributable to OneSmart's shareholders | (16,367) | (171,973) | (26,566) | (106,300) | (331,550) | (51,220) | ||||||
Share-based compensation expenses | 36,709 | 25,744 | 3,978 | 64,631 | 60,494 | 9,346 | ||||||
Share of net loss from equity investees | - | 4,586 | 708 | - | 4,586 | 708 | ||||||
Non-GAAP net income/(loss) attributable to OneSmart | 20,342 | (141,643) | (21,880) | (41,669) | (266,470) | (41,166) | ||||||
View original content:http://www.prnewswire.com/news-releases/onesmart-international-education-group-limited-announces-unaudited-financial-results-for-the-second-fiscal-quarter-ended-february-28-2021-301290534.html
SOURCE OneSmart International Education Group Limited
FAQ
What were OneSmart's net revenues for Q2 FY2021?
What is the cash sales growth percentage for OneSmart in Q2 FY2021?
What is the expected revenue range for OneSmart in Q3 FY2021?
What was the operating loss for OneSmart in Q2 FY2021?
How much did the net loss attributable to OneSmart increase in Q2 FY2021?
