Tarena Announces the Results for the Second Quarter of 2022 with revenues exceeding guidance and appoints New Chief Financial Officer
Tarena International, Inc. (NASDAQ: TEDU) reported strong financial results for Q2 2022, with net revenues of RMB648.8 million (US$96.9 million), a year-over-year growth of 11.4%. Total student enrollments surged by 25.9% to 176,500. Gross profit rose by 27.9% to RMB376.5 million, achieving a gross margin of 58.0%. The company posted a net income of RMB47.9 million (US$7.2 million), a significant improvement from a net loss of RMB76.7 million in Q2 2021. Tarena has appointed Ping Wei as CFO, bolstering its financial leadership.
- Net revenues increased by 11.4% year-over-year to RMB648.8 million.
- Gross profit rose by 27.9% to RMB376.5 million, with a gross margin of 58.0%.
- Net income improved to RMB47.9 million from a loss of RMB76.7 million in Q2 2021.
- Strong student enrollment growth of 25.9% in childhood and adolescent education.
- Total number of learning centers decreased to 227 from 235 year-over-year.
- General and administrative expenses increased by 11.1% due to a one-time provision related to a class action lawsuit.
BEIJING, Aug. 16, 2022 /PRNewswire/ -- Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of adult professional education and childhood & adolescent quality education services in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.
Highlights for the Second Quarter of 2022
- Net revenues increased by
11.4% year-over-year to RMB648.8 million (US$96.9 million ), from RMB582.3 million in the same period of 2021, exceeding the high end of the company's guidance. - Total student enrollments in childhood & adolescent quality education business in the second quarter of 2022 reached 176,500, an increase of
25.9% , compared to 140,200 in the same period of 2021. - Total number of learning centers in childhood & adolescent quality education decreased to 227 as of June 30, 2022, from 235 as of June 30, 2021.
- Gross profit increased by
27.9% year-over-year to RMB376.5 million (US$56.2 million ), from RMB294.4 million in the same period of 2021. - Gross profit margin increased by
7.4% points year-over-year to58.0% , from50.6% in the same period of 2021. - Operating income was RMB48.0 million (US
$7.2 million ), compared to loss of RMB90.7 million in the same period of 2021. - Non-GAAP operating income, which excluded share-based compensation expenses, was RMB49.2 million (US
$7.3 million ), compared to non-GAAP operating loss of RMB86.6 million in the same period of 2021. - Net income was RMB47.9 million (US
$7.2 million ), compared to net loss of RMB76.7 million in the same period of 2021. - Non-GAAP net income, which excluded share-based compensation expenses, was RMB49.1 million (US
$7.3 million ), compared to non-GAAP net loss of RMB72.5 million in the same period of 2021. - Basic income per American Depositary Share ("ADS"), each representing five Class A ordinary shares with effective date of December 23, 2021, was RMB4.36 (US
$0.65) , compared to loss per ADS of RMB6.97 in the second quarter of 2021. Diluted income per American Depositary Share ("ADS") was RMB4.29 (US$0.64) , compared to loss per ADS of RMB6.97 in the second quarter of 2021. - Cash, cash equivalents and time deposits, including current and non-current, and restricted cash totaled RMB425.6 million (US
$63.5 million ) as of June 30, 2022, compared to RMB430.4 million as of December 31, 2021. - Net cash inflow from operating activities in the second quarter of 2022 was RMB19.4 million (US
$2.9 million ).
Highlights for the Six Months Ended June 30, 2022
- Net revenues increased by
14.0% year-over-year to RMB1,272.3 million (US$189.9 million ), from RMB1,116.0 million in the same period in 2021. - Total student enrollments in childhood & adolescent quality education business in the first half of 2022 reached 186,700, an increase of
26.3% , compared to the student enrollments of 147,800 in the same period of 2021. - Gross profit increased by
35.1% year-over-year to RMB735.4 million (US$109.8 million ), from RMB544.3 million in the same period in 2021. - Gross profit margin increased by
9.0% points year-over-year to57.8% , from48.8% in the same period of 2021. - Operating income was RMB76.6 million (US
$11.4 million ), compared to loss of RMB220.2 million in the same period in 2021. - Non-GAAP operating income, which excluded share-based compensation expenses, was RMB79.1 million (US
$11.8 million ), compared to non-GAAP operating loss of RMB209.2 million in the same period in 2021. - Net income was RMB75.0 million (US
$11.2 million ), compared to net loss of RMB198.5 million in the same period in 2021. - Non-GAAP net income, which excluded share-based compensation expenses, was RMB77.5 million (US
$11.6 million ), compared to non-GAAP net loss of RMB187.5 million in the same period in 2021. - Basic income per American Depositary Share ("ADS"), each representing five Class A ordinary shares with effective date of December 23, 2021, was RMB6.73 (US
$1.00) . Diluted income per American Depositary Share ("ADS") was RMB6.63 (US$0.99) .
Key Financial Results
For the Three Months Ended June 30, | Variance | % of | For the Six Months Ended June 30, | Variance | % of | ||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | ||||||||
(in thousands, except for percentages) | |||||||||||||
Net revenues | 582,258 | 648,817 | 66,559 | 11.4 | 1,116,044 | 1,272,323 | 156,279 | 14.0 | |||||
Cost of revenues(a) | (287,878) | (272,306) | 15,572 | -5.4 | (571,722) | (536,894) | 34,828 | -6.1 | |||||
Gross profit | 294,380 | 376,511 | 82,131 | 27.9 | 544,322 | 735,429 | 191,107 | 35.1 | |||||
Gross margin | 50.6 % | 58.0 % | 7.4 % | 48.8 % | 57.8 % | 9.0 % | |||||||
Selling and marketing expenses(a) | (218,876) | (156,874) | 62,002 | -28.3 | (432,632) | (329,274) | 103,358 | -23.9 | |||||
General and administrative expenses(a) | (142,820) | (158,742) | (15,922) | 11.1 | (286,012) | (300,327) | (14,315) | 5.0 | |||||
Research and development expenses(a) | (23,415) | (12,878) | 10,537 | -45.0 | (45,882) | (29,220) | 16,662 | -36.3 | |||||
Total operating expenses | (385,111) | (328,494) | 56,617 | -14.7 | (764,526) | (658,821) | 105,705 | -13.8 | |||||
Operating income/(loss) | (90,731) | 48,017 | 138,748 | 152.9 | (220,204) | 76,608 | 296,812 | 134.8 | |||||
Notes: | |||||||||||||
(a) Includes share-based compensation expenses. |
"In the second quarter of 2022, we maintained a healthy growth trajectory for our revenues despite a challenging COVID-19 pandemic environment and achieved growing profitability for consecutive quarters. Our net revenues increased by
"Looking ahead, we will continue to execute on our integrated growth strategy and improve operational efficiency, maintaining healthy business development and strive for sustainable profitability while coping with the COVID-19 pandemic environment." concluded Ms. Ying Sun.
Appointment of New Chief Financial Officer
The board of directors of Tarena has appointed Ms. Ping Wei as its chief financial officer, effective today.
Ms. Ping Wei has extensive experience in capital markets and the education industry. Prior to joining Tarena, Ms. Wei served as a partner and the chief financial officer of a private venture-backed company focusing on community group buying. Prior to that, Ms. Wei served as the chief financial officer of Gravitas Education Holdings, Inc. (NYSE: GEHI) from May 2017 to May 2019. Ms. Wei also served as the chief financial officer of various education and e-commerce companies including Lazada South East Asia Pte. Ltd., Meilishuo Technology Ltd. and China Distance Education Holdings Ltd., a then New York Stock Exchange-listed company since 2008. Prior to that, Ms. Wei held several positions in New Oriental Education & Technology Group Inc., Lorus Therapeutics Inc., Deloitte Touche Tohmatsu Limited and Arthur Andersen Huaqiang from October 1994 to March 2008. Ms. Wei is a US CPA from Illinois.
Financial Results for the Second Quarter of 2022
Net Revenues
Total net revenues increased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit and Gross Margin
Gross profit increased by
Operating Expenses
Total operating expenses decreased by
Selling and marketing expenses decreased by
General and administrative expenses increased by
Research and development expenses decreased by
Operating Income/(Loss)
Operating income was RMB48.0 million (US
Income Tax Benefit/(Expense)
The Company recorded an income tax expense of RMB0.6 million (US
Net Income/(Loss)
As a result of the foregoing, net income was RMB47.9 million (US
Basic and Diluted Income/(Loss) per ADS
Basic income per ADS was RMB4.36 (US
Cash Flow
The total balance of cash, cash equivalents and time deposits increased RMB9.2 million from RMB416.4 million as of March 31, 2022 to RMB425.6 million (US
Financial Results for the Six Months Ended June 30, 2022
Net Revenues
Total net revenues increased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit and Gross Margin
Gross profit increased by
Operating Expenses
Total operating expenses decreased by
Selling and marketing expenses decreased by
General and administrative expenses increased by
Research and development expenses decreased by
Operating Income/(Loss)
Operating income was RMB76.6 million (US
Income Tax Benefit/(Expense)
The Company recorded an income tax expense of RMB6.0 million (US
Net Income/(Loss)
As a result of the foregoing, net income was RMB75.0 million (US
Basic and Diluted Income/(Loss) per ADS
Basic income per ADS was RMB6.73 (US
Cash Flow
The total balance of cash, cash equivalents and time deposits decreased RMB4.8 million from RMB430.4 million as of December 31, 2021 to RMB425.6 million (US
Business Outlook
Based on the Company's current estimates, total net revenues for the third quarter of 2022 are expected to be in the range of RMB620 million and RMB650 million, which represent an increase of
This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions, which are subject to change, particularly as to the potential impact of COVID-19 on the economy in China and elsewhere in the world.
Exchange Rate Information
All translations made in the financial statements or elsewhere in this press release made from RMB into United States dollars ("US$") are solely for convenience and calculated at the rate of US
Conference Call
Company management will hold an earnings conference call and live webcast to discuss the Company's results at 8:00 AM on Aug 16, 2022, U.S. Eastern Time (8:00 PM on Aug 16, 2022, Beijing Time).
Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique registrant ID.
Conference call registration link: https://register.vevent.com/register/BI9837fbfef7b846edb47630ffe1f548b2. It will automatically direct you to the registration page of "Tarena's Second Quarter 2022 Earnings Conference Call" where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s), direct event passcode and registrant ID) provided in the confirmation email received at the point of registering.
Additionally, a live and archived webcast of this call will be available on the Investor Relations section of Tarena's website at http://ir.tedu.cn.
About Tarena International, Inc.
Tarena is a leading provider of adult professional education and childhood and adolescent quality education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers adult professional education courses in IT and non-IT subjects. Its adult professional education courses provide students with practical skills to prepare them for jobs in industries with significant growth potential and strong hiring demand. Tarena also offers childhood and adolescent quality education programs, including computer coding and robotics programming courses, etc., targeting students aged between three and eighteen.
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. Among other things, the business outlook, the quotations from management in this announcement, as well as the Company's strategic and operational plans contain forward-looking statements. Tarena 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 any business outlook and statements about Tarena's beliefs and expectations, are forward-looking statements. Many factors, risks and uncertainties 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: the impact of the COVID-19 outbreak; Tarena's goals and strategies; its future business development, financial condition and results of operations; its ability to continue to attract students to enroll in its courses; its ability to continue to recruit, train and retain qualified instructors and teaching assistants; its ability to continually tailor its curriculum to market demand and enhance its courses to adequately and promptly respond to developments in the professional job market; its ability to maintain or enhance its brand recognition, its ability to maintain high job placement rate for its students, and its ability to maintain cooperative relationships with financing service providers for student loans.
Further information regarding these and other risks, uncertainties or factors is included in Tarena'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 Tarena does not undertake any obligation to update such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Tarena's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Tarena's management uses non-GAAP measures of cost of revenues, operating expenses, operating income, net income, and basic and diluted net income per ADS, which are adjusted from results based on GAAP to exclude the share-based compensation expenses. These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Tarena's management believes that excluding the share-based compensation expenses provides meaningful supplemental information regarding our performance and liquidity by excluding certain items identified as non-recurring and infrequent in nature, and non-cash charges. The amount of share-based compensation expenses is not built into the Company's annual budgets and quarterly forecasts, which generally will be the basis for information Tarena provides to analysts and investors as guidance for future operating performance.
The non-GAAP financial measures are provided to enhance investors' overall understanding of Tarena's current financial performance and prospects for the future. A limitation of using non-GAAP cost of revenues, operating expenses, operating income (loss) and net income (loss), excluding the share-based compensation expense is that the share-based compensation charge has been and will continue to be a recurring expense in the Company's business for the foreseeable future. In order to mitigate the limitation, the Company has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.
For further information, please contact:
Investor Relations Contact
Tarena International, Inc.
Email: ir@tedu.cn
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except share data and per ADS data) | |||||||
As of | |||||||
December 31, | June 30, | June 30, | |||||
2021 | 2022 | 2022 | |||||
Audited | Unaudited | Unaudited | |||||
RMB | RMB | USD | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | 423,766 | 419,088 | 62,568 | ||||
Time deposits | 6,257 | 6,236 | 931 | ||||
Restricted cash | 255 | 76 | 11 | ||||
Accounts receivable, net of allowance for doubtful accounts | 48,458 | 68,527 | 10,231 | ||||
Amounts due from related parties | 839 | 898 | 134 | ||||
Prepaid expenses and other current assets, net of allowance for doubtful accounts | 139,757 | 121,167 | 18,090 | ||||
Total current assets | 619,332 | 615,992 | 91,965 | ||||
Time deposits-non current | 123 | 225 | 34 | ||||
Accounts receivable, net of allowance for doubtful accounts-non current | 90 | 189 | 28 | ||||
Amount due from related parties-non current | 683 | 710 | 106 | ||||
Property and equipment, net | 299,441 | 268,052 | 40,019 | ||||
Intangible assets, net | 9,906 | 8,706 | 1,300 | ||||
Goodwill | 52,782 | 52,782 | 7,880 | ||||
Right-of-use assets | 495,936 | 396,803 | 59,241 | ||||
Long-term investments, net | 46,449 | 41,944 | 6,262 | ||||
Deferred income tax assets | 41,000 | 44,061 | 6,578 | ||||
Other non-current assets, net | 76,040 | 48,753 | 7,279 | ||||
Total assets | 1,641,782 | 1,478,217 | 220,692 | ||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short-term bank loans | 30,000 | 32,000 | 4,777 | ||||
Accounts payable | 8,914 | 5,678 | 848 | ||||
Amounts due to related parties | 554 | 464 | 69 | ||||
Operating lease liabilities-current | 239,937 | 215,117 | 32,116 | ||||
Income taxes payable | 89,000 | 97,643 | 14,578 | ||||
Deferred revenue-current | 2,008,078 | 1,866,120 | 278,604 | ||||
Accrued expenses and other current liabilities | 563,603 | 553,356 | 82,615 | ||||
Total current liabilities | 2,940,086 | 2,770,378 | 413,607 | ||||
Deferred revenue-non current | 16,774 | 15,017 | 2,242 | ||||
Operating lease liabilities-non current | 272,575 | 210,328 | 31,401 | ||||
Other non-current liabilities | 4,767 | 4,608 | 688 | ||||
Total liabilities | 3,234,202 | 3,000,331 | 447,938 | ||||
Commitments and contingencies | - | - | - | ||||
Shareholders' equity: | |||||||
Class A ordinary shares | 355 | 358 | 53 | ||||
Class B ordinary shares | 74 | 74 | 11 | ||||
Treasury stock | (459,815) | (467,437) | (69,787) | ||||
Additional paid-in capital | 1,347,205 | 1,349,752 | 201,513 | ||||
Accumulated other comprehensive income | 48,699 | 49,088 | 7,329 | ||||
Accumulated deficit | (2,520,438) | (2,446,148) | (365,200) | ||||
Total deficit attributable to the shareholders of Tarena | (1,583,920) | (1,514,313) | (226,081) | ||||
Non-controlling interest | (8,500) | (7,801) | (1,165) | ||||
Total liabilities and equity | 1,641,782 | 1,478,217 | 220,692 | ||||
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | |||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||||||||||||
(in thousands, except share data and per ADS data) | |||||||||||||
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||
2021 (Unaudited) | 2022 (Unaudited) | 2022 (Unaudited) | 2021 (Unaudited) | 2022 (Unaudited) | 2022 (Unaudited) | ||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||||
Net revenues | 582,258 | 648,817 | 96,866 | 1,116,044 | 1,272,323 | 189,953 | |||||||
Cost of revenues(a) | (287,878) | (272,306) | (40,654) | (571,722) | (536,894) | (80,156) | |||||||
Gross profit | 294,380 | 376,511 | 56,212 | 544,322 | 735,429 | 109,797 | |||||||
Selling and marketing expenses(a) | (218,876) | (156,874) | (23,421) | (432,632) | (329,274) | (49,159) | |||||||
General and administrative expenses(a) | (142,820) | (158,742) | (23,700) | (286,012) | (300,327) | (44,838) | |||||||
Research and development expenses(a) | (23,415) | (12,878) | (1,922) | (45,882) | (29,220) | (4,362) | |||||||
Operating income/(loss) | (90,731) | 48,017 | 7,169 | (220,204) | 76,608 | 11,438 | |||||||
Interest income | 600 | 445 | 66 | 1,189 | 743 | 111 | |||||||
Other income | 768 | 198 | 30 | 1,111 | 3,861 | 576 | |||||||
Foreign exchange gains (loss) | 410 | (157) | (24) | (279) | (242) | (35) | |||||||
Income/(loss) before income taxes | (88,953) | 48,503 | 7,241 | (218,183) | 80,970 | 12,090 | |||||||
Income tax benefit/(expense) | 12,283 | (583) | (87) | 19,634 | (5,981) | (894) | |||||||
Net income/(loss) | (76,670) | 47,920 | 7,154 | (198,549) | 74,989 | 11,196 | |||||||
Less: Net income attributable to non-controlling interests | 1,776 | 191 | 28 | 737 | 699 | 105 | |||||||
Net income/(loss) attributable to Class A | (78,446) | 47,729 | 7,126 | (199,286) | 74,290 | 11,091 | |||||||
Net income/(loss) per ADS(b) | |||||||||||||
Basic(b) | (6.97) | 4.36 | 0.65 | (17.80) | 6.73 | 1.00 | |||||||
Diluted(b) | (6.97) | 4.29 | 0.64 | (17.80) | 6.63 | 0.99 | |||||||
Weighted average number of Class A and | |||||||||||||
Basic | 56,257,188 | 54,745,188 | 54,745,188 | 55,965,711 | 55,211,122 | 55,211,122 | |||||||
Diluted | 56,257,188 | 55,606,533 | 55,606,533 | 55,965,711 | 56,011,622 | 56,011,622 | |||||||
Net income/(loss) | (76,670) | 47,920 | 7,154 | (198,549) | 74,989 | 11,196 | |||||||
Other comprehensive income | |||||||||||||
Foreign currency translation adjustment, net | 938 | 440 | 66 | 1,025 | 389 | 58 | |||||||
Comprehensive income/(loss) | (75,732) | 48,360 | 7,220 | (197,524) | 75,378 | 11,254 | |||||||
Notes: | |||||||||||||
(a) Includes share-based compensation expenses as follows: | |||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||
2021 | 2022 | 2022 | 2021 | 2022 | 2022 | ||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||||
Cost of revenues | 185 | 12 | 2 | 370 | 23 | 3 | |||||||
Selling and marketing expenses | 945 | 152 | 23 | 1,978 | 296 | 44 | |||||||
General and administrative expenses | 2,641 | 689 | 103 | 7,951 | 1,647 | 246 | |||||||
Research and development expenses | 356 | 287 | 43 | 736 | 562 | 84 | |||||||
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES | ||||||||||||
(in thousands, except share data and per ADS data) | ||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||
2021 (Unaudited) | 2022 (Unaudited) | 2022 (Unaudited) | 2021 (Unaudited) | 2022 (Unaudited) | 2022 (Unaudited) | |||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
GAAP Cost of revenues | 287,878 | 272,306 | 40,654 | 571,722 | 536,894 | 80,156 | ||||||
Share-based compensation expense in cost of revenues | 185 | 12 | 2 | 370 | 23 | 3 | ||||||
Non-GAAP Cost of revenues | 287,693 | 272,294 | 40,652 | 571,352 | 536,871 | 80,153 | ||||||
GAAP Selling and marketing expenses | 218,876 | 156,874 | 23,421 | 432,632 | 329,274 | 49,159 | ||||||
Share-based compensation expense in | 945 | 152 | 23 | 1,978 | 296 | 44 | ||||||
Non-GAAP Selling and marketing | 217,931 | 156,722 | 23,398 | 430,654 | 328,978 | 49,115 | ||||||
GAAP General and administrative | 142,820 | 158,742 | 23,700 | 286,012 | 300,327 | 44,838 | ||||||
Share-based compensation expense in | 2,641 | 689 | 103 | 7,951 | 1,647 | 246 | ||||||
Non-GAAP General and administrative | 140,179 | 158,053 | 23,597 | 278,061 | 298,680 | 44,592 | ||||||
GAAP Research and development expenses | 23,415 | 12,878 | 1,922 | 45,882 | 29,220 | 4,362 | ||||||
Share-based compensation expense in | 356 | 287 | 43 | 736 | 562 | 84 | ||||||
Non-GAAP Research and development | 23,059 | 12,591 | 1,879 | 45,146 | 28,658 | 4,278 | ||||||
Operating income/(loss) | (90,731) | 48,017 | 7,169 | (220,204) | 76,608 | 11,438 | ||||||
Share-based compensation expenses | 4,127 | 1,140 | 171 | 11,035 | 2,528 | 377 | ||||||
Non-GAAP Operating income/(loss) | (86,604) | 49,157 | 7,340 | (209,169) | 79,136 | 11,815 | ||||||
Net income/(loss) | (76,670) | 47,920 | 7,154 | (198,549) | 74,989 | 11,196 | ||||||
Share-based compensation expenses | 4,127 | 1,140 | 171 | 11,035 | 2,528 | 377 | ||||||
Non-GAAP Net income/(loss) | (72,543) | 49,060 | 7,325 | (187,514) | 77,517 | 11,573 | ||||||
Less: Net income attributable to non- | 1,776 | 191 | 28 | 737 | 699 | 105 | ||||||
Non-GAAP net income/(loss) | (74,319) | 48,869 | 7,297 | (188,251) | 76,818 | 11,468 | ||||||
Non-GAAP net income/(loss) per ADS(b) | ||||||||||||
Basic(b) | (6.61) | 4.46 | 0.67 | (16.82) | 6.96 | 1.04 | ||||||
Diluted(b) | (6.61) | 4.39 | 0.66 | (16.82) | 6.86 | 1.02 | ||||||
Weighted average number of ordinary | ||||||||||||
Basic | 56,257,188 | 54,745,188 | 54,745,188 | 55,965,711 | 55,211,122 | 55,211,122 | ||||||
Diluted | 56,257,188 | 55,606,533 | 55,606,533 | 55,965,711 | 56,011,622 | 56,011,622 |
Notes: |
(a) The Non-GAAP net income/(loss) per ADS is computed using Non-GAAP net income/(loss) attributable to ordinary shareholders and the same number of ordinary shares are used in GAAP basic and diluted net income/(loss) per ADS calculation. |
(b) Each ADS represents five Class A ordinary shares. The weighted average number of ADS and earnings per ADS have been retrospectively adjusted to reflect the ADS ratio change from one ADS representing one Class A ordinary share to one ADS representing five Class A ordinary shares, which became effective on December 23, 2021. |
(c) There was no tax impact of share-based compensation expenses for the second quarter of 2022 and 2021, respectively. |
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SOURCE Tarena International, Inc.
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