Tarena International, Inc. Announces the Results for the Fourth Quarter and Fiscal Year of 2020
Tarena International, Inc. (NASDAQ: TEDU) reported a 27.6% increase in Q4 2020 net revenues to RMB650.3 million (US$99.7 million), up from RMB509.6 million in Q4 2019. Adult education revenues rose 7.2% to RMB352.4 million, while K-12 education revenues surged 64.7% to RMB297.9 million. Gross profit increased 79.9% to RMB358.8 million, with a gross margin of 55.2%. The operating loss decreased 74.3% to RMB85.1 million. For the fiscal year 2020, total revenues fell 7.5% to RMB1.9 billion, attributed to COVID-19 impacts, with net loss decreasing to RMB771.2 million.
- Q4 2020 net revenues increased 27.6% year-over-year.
- K-12 education revenue increased 64.7% year-over-year.
- Gross profit increased 79.9%, gross margin rose to 55.2%.
- Operating loss decreased 74.3% compared to Q4 2019.
- Fiscal year 2020 net revenues decreased 7.5% year-over-year.
- Adult education revenues fell 25.6% year-over-year.
- Total student enrollments in adult education down 21.3% year-over-year.
- Cash, cash equivalents decreased by 41.3% year-over-year.
BEIJING, March 19, 2021 /PRNewswire/ -- Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of professional education and K-12 education services in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Highlights
- Net revenues increased by
27.6% year-over-year to RMB650.3 million (US$99.7 million ), from RMB509.6 million in the same period of 2019. - Net revenue from adult education business, which represented
54.2% of the total net revenues, increased by7.2% year-over-year to RMB352.4 million (US$54.0 million ), from RMB328.7 million in the same period of 2019. - Net revenue from K-12 education business, which represented
45.8% of the total net revenues, increased by64.7% year-over-year to RMB297.9 million (US$45.7 million ), from RMB180.9 million in the same period of 2019. - Gross profit increased by
79.9% year-over-year to RMB358.8 million (US$55.0 million ), from RMB199.4 million in the same period of 2019. - Gross profit margin increased by
16.1% points year-over-year to55.2% , from39.1% in the same period of 2019. - Operating loss decreased by
74.3% to a loss of RMB85.1 million (US$13 .0 million), from a loss of RMB331.9 million in the same period of 2019. - Non-GAAP operating loss, which excluded share-based compensation expenses, was RMB77.5 million (US
$11 .9 million), compared to non-GAAP operating loss of RMB321.7 million in the same period of 2019. - Net loss was RMB94.7 million (US
$14 .5 million), compared to net loss of RMB303.8 million in the same period of 2019. - Non-GAAP net loss, which excluded share-based compensation expenses, was RMB87.1 million (US
$13 .4 million), compared to non-GAAP net loss of RMB293.6 million in the same period of 2019. - Basic and diluted loss per American Depositary Share ("ADS") was RMB1.72 (US
$0.26) , compared to loss per ADS of RMB5.64 in the fourth quarter of 2019. - Cash, cash equivalents and time deposits, including current and non-current, and restricted cash totaled RMB364.8 million (US
$55.9 million ) as of December 31, 2020, compared to RMB621.2 million as of December 31, 2019. - Net cash inflow from operating activities in the fourth quarter of 2020 was RMB86.5 million (US
$13.3 million ). Capital expenditures in the fourth quarter of 2020 were RMB14.6 million (US$2 .2 million). - Deferred revenue totaled RMB1,998.2 million (US
$306 .2 million) as of December 31, 2020, compared to RMB1,586.0 million as of December 31, 2019, representing an increase of26.0% . - Total student enrollments in adult education business, defined as the total number of courses enrolled by students during that period, including multiple courses enrolled in by the same student, in the fourth quarter of 2020 decreased by
21.3% year-over-year to 35,100. - Total number of learning centers in adult education decreased to 104 as of December 31, 2020, from 130 as of December 31, 2019.
- Total student enrollments in K-12 education business, defined as the total number of students who attended at least one paid lesson during that period or have deposit balances in their accounts at the end of that period, in the fourth quarter of 2020 reached 128,300, increased by
47.0% , compared to the student enrollments of 87,300 in the same period of 2019. - Total number of learning centers in K-12 education increased to 236 as of December 31, 2020, from 217 as of December 31, 2019.
Fiscal Year 2020 Highlights
- Net revenues decreased by
7.5% year-over-year to RMB1,897.9 million (US$290.9 million ), from RMB 2,051.4 million in the same period of 2019. - Net revenue from adult education business, which represented
59.9% of the total net revenues, decreased by -25.6% year-over-year to RMB1,136.1 million (US$174.1 million ), from RMB1,527.2 million in the same period of 2019. - Net revenue from K-12 education business, which represented
40.1% of the total net revenues increased by45.3% year-over-year to RMB761.8 million (US$116.8 million ), from RMB524.2 million in the same period of 2019. - Gross profit decreased by
5.3% year-over-year to RMB831.0 million (US$127 .4 million), from RMB877.5 million in the same period of 2019. - Gross profit margin increased by
1.0% point year-over-year to43.8% , from42.8% in the same period of 2019. - Operating loss decreased by
26.6% to a loss of RMB806.4 million (US$123.6 million ), from a loss of RMB1,098.2 million in the same period of 2019. - Non-GAAP operating loss, which excluded share-based compensation expenses, was RMB770.1 million (US
$118 .0 million), compared to non-GAAP operating loss of RMB1,039.0 million in the same period of 2019. - Net loss was RMB771.2 million (US
$118.2 million ), compared to net loss of RMB1,038.9 million in the same period of 2019. - Non-GAAP net loss, which excluded share-based compensation expenses, was RMB734.9 million (US
$112.6 million ), compared to non-GAAP net loss of RMB979.7 million in the same period of 2019. - Basic and diluted loss per American Depositary Share ("ADS") was RMB14.11 (US
$2.16) , compared to loss per ADS of RMB19.41 in 2019. - Total student enrollments in adult education business, defined as the total number of courses enrolled by students during that period, including multiple courses enrolled in by the same student, for fiscal year 2020 decreased by
23.3% year-over-year to 83,400. - Total student enrollments in K-12 education programs, defined as the total number of students who attended at least one paid lesson during that period or have deposit balances in their accounts at the end of that period, for fiscal year 2020 reached 141,600, increased by
42.7% , compared to the student enrollments of 99,200 in the same period of 2019.
Key Financial Results
For the Three Months Ended December 31, | Variance | % of | Fiscal Year Ended December 31, | Variance | % of | ||||||||
2019 Unaudited | 2020 Unaudited | RMB | 2019 Audited | 2020 Unaudited | RMB | ||||||||
RMB | RMB | RMB | RMB | ||||||||||
(in thousands, except for percentages) | |||||||||||||
Net revenues | 509,556 | 650,254 | 140,698 | 27.6 | 2,051,354 | 1,897,883 | (153,471) | -7.5 | |||||
Cost of revenues(a) | (310,148) | (291,474) | 18,674 | -6.0 | (1,173,834) | (1,066,842) | 106,992 | -9.1 | |||||
Gross profit | 199,408 | 358,780 | 159,372 | 79.9 | 877,520 | 831,041 | (46,479) | -5.3 | |||||
Gross margin | |||||||||||||
Selling and marketing | (305,143) | (223,342) | 81,801 | -26.8 | (1,119,698) | (906,337) | 213,361 | -19.1 | |||||
General and administrative | (198,050) | (195,322) | 2,728 | -1.4 | (723,306) | (630,618) | 92,688 | -12.8 | |||||
Research and development | (28,081) | (25,247) | 2,834 | -10.1 | (132,672) | (100,466) | 32,206 | -24.3 | |||||
Total operating expenses | (531,274) | (443,911) | 87,363 | -16.4 | (1,975,676) | (1,637,421) | 338,255 | -17.1 | |||||
Operating loss | (331,866) | (85,131) | 246,735 | -74.3 | (1,098,156) | (806,380) | 291,776 | -26.6 | |||||
Notes: | |||||||||||||
(a) Includes share-based compensation expenses. |
"Compared to the net revenues of RMB509.6 million in the fourth quarter of 2019, the net revenues in the fourth quarter of 2020 increased by RMB140.7 million, or
"Going into 2021, we will continuously stick to and implement our strategies we adopted in 2020, which are streamlining our products and services and uplifting the operational and organizational structure efficiencies. For adult education business, we will further explore deeper and more value-added cooperation with educational institutions to strengthen our leading position in the market. For K-12 education business, we will further devote resources to products research and development, and enlarge our K-12 services capacity. On top of the K-12 programming and robotic training programs, we will organize and launch more IT-related competitions and relevant training campaigns. We will continuously build and strengthen our national brand, both for the adult professional trainings and K-12 IT educations," concluded Mr. Sun.
"Our cash and cash equivalents and time deposits, including current and non-current, and restricted cash, decreased by
Fourth Quarter 2020 Results
Net Revenues
Total net revenues increased by
Net revenue from adult education business increased by
Net revenue from K-12 education business 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 decreased by
Research and development expenses decreased by
Operating Loss
Operating loss was RMB85.1 million (US
Interest (Expense) / Income
Net interest expense was RMB1.5 million (US
Other Income
Other income was RMB2.0 million (US
Foreign Exchange Loss
Foreign exchange loss was RMB3.1 million (US
Income Tax (Expense) / Benefit
The Company recorded an income tax expense of RMB7.0 million (US
Net Loss
As a result of the foregoing, net loss was RMB94.7 million (US
Basic and Diluted Loss per ADS
Loss per ADS was RMB1.72 (US
Cash Flow
Net cash inflow from operating activities in the fourth quarter of 2020 was RMB86.5 million (US
Fiscal Year 2020 Results
Net Revenues
Net revenues decreased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit and Gross Margin
Gross profit decreased by
Operating Expenses
Total operating expenses decreased by
Selling and marketing expenses decreased by
General and administrative expenses decreased by
Research and development expenses decreased by
Operating Loss
Operating loss was RMB806.4 million (US
Interest (Expense) / Income
Net interest expense was RMB0.2 million (US
Other Income
Other income was RMB5.2 million (US
Foreign Exchange (Loss) / Gain
Foreign exchange loss was RMB4.8 million (US
Income Tax Benefit
The Company recorded an income tax benefit of RMB35.0 million (US
Net Loss
As a result of the foregoing, net loss was RMB771.2 million (US
Basic and Diluted Loss per ADS
Loss per ADS was RMB14.11 (US
Cash Flow
Net cash outflow from operating activities in 2020 was RMB108.8 million (US
The financial statements for the fourth quarter and full year ended December 31, 2020 herein the press release have not been audited or reviewed by the Company's independent registered accounting firm. The audited financial statements for the year ended December 31, 2020 to be disclosed in the Company's Form 20-F may have discrepancies with the above-mentioned unaudited and unreviewed financial statements.
Recent Developments Regarding the Non-binding "Going Private" Proposal
On December 8, 2020, the board of directors of the Company (the "Board") received a preliminary non-binding proposal letter (the "Proposal Letter") from Mr. Shaoyun Han, founder, chairman of the Board, to acquire all of the outstanding Class A ordinary shares of the Company that are not already owned by Mr. Han and his affiliates (collectively, the "Buyer Group") for a purchase price of
The Board cautions the Company's shareholders and others considering trading the Company's securities that no decisions have been made with respect to the Proposal. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the transaction contemplated by the Proposal, or that the transaction contemplated by the Proposal or any other similar transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law.
Business Outlook
Based on the Company's current estimates, total net revenues for the first quarter of 2021 are expected to be in the range of RMB470 million and RMB500 million, after taking into consideration the seasonal fluctuation factor and the likely continued impact of the COVID-19.
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.
Conference Call
Company management will hold an earnings conference call and live webcast to discuss the Company's results at 8:00 AM on March 19, 2021, U.S. Eastern Time (8:00 PM on March 19, 2021, 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: http://apac.directeventreg.com/registration/event/7788806. It will automatically direct you to the registration page of "Tarena's Fourth Quarter and Fiscal Year 2020 Earnings Conference Call " where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "7788806".
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.
A replay of the conference call may be accessed by phone at the following number until March 27, 2021, 08:59 ET:
United States: +1 855 452 5696
INTERNATIONAL: +61 2 8199 0299
Conference ID: 7788806
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 K-12 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 K-12 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, quotations from management in this announcement, as well as the Company's strategic and operational plans (in particular, the impact of COVID-19 on our businesses; the solutions we adopt to address such impact of COVID-19; balancing growth and profitability; as well as the growth prospects of adult professional education and K-12 education services in China) 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; the potential impact of the Proposal and any transaction in connection with the Proposal; 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. In addition, with respect to the "going private" Proposal, there can be no assurance that the Buyer Group will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and the Buyer Group or that a transaction based on the Proposal or any other similar transaction will be approved or consummated.
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
Beginning in the second quarter of 2016, the Company revised its non-GAAP financial measures to exclude gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, in addition to its historical practice of excluding share-based compensation expenses for non-GAAP results.
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, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact. 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, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact 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, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact are 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 expenses, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact 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, and gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact may recur in the future. In order to mitigate these limitations 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.
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(in thousands, except share data and per share data) | ||||||
As of | ||||||
December 31, | December 31, | December 31, | ||||
2019 | 2020 | 2020 | ||||
Audited | Unaudited | Unaudited | ||||
RMB | RMB | USD | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 537,701 | 320,179 | 49,070 | |||
Time deposits | 83,081 | 6,257 | 959 | |||
Restricted cash | - | 38,369 | 5,880 | |||
Accounts receivable, net of allowance for doubtful accounts | 31,442 | 32,790 | 5,025 | |||
Amounts due from related parties | 16,492 | 305 | 47 | |||
Prepaid expenses and other current assets | 132,539 | 138,353 | 21,204 | |||
Total current assets | 801,255 | 536,253 | 82,185 | |||
Time deposits-non current | 406 | - | - | |||
Accounts receivable, net of allowance for doubtful accounts-non current | 724 | 192 | 29 | |||
Property and equipment, net | 576,633 | 464,490 | 71,186 | |||
Intangible assets, net | 17,669 | 13,444 | 2,060 | |||
Goodwill | 52,782 | 52,782 | 8,089 | |||
Right-of-use assets | 773,472 | 586,451 | 89,877 | |||
Long-term investments, net | 67,773 | 67,592 | 10,359 | |||
Deferred income tax assets | 99,789 | 142,220 | 21,796 | |||
Other non-current assets, net | 121,517 | 95,825 | 14,686 | |||
Total assets | 2,512,020 | 1,959,249 | 300,267 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Short-term bank loans | 89,162 | 10,710 | 1,641 | |||
Accounts payable | 16,563 | 10,293 | 1,577 | |||
Amounts due to related parties | 239 | 180 | 28 | |||
Operating lease liabilities-current | 241,710 | 199,083 | 30,511 | |||
Income taxes payable | 69,671 | 76,817 | 11,773 | |||
Deferred revenue-current | 1,554,431 | 1,980,138 | 303,469 | |||
Accrued expenses and other current liabilities | 397,558 | 391,904 | 60,062 | |||
Total current liabilities | 2,369,334 | 2,669,125 | 409,061 | |||
Deferred revenue-non current | 31,539 | 18,060 | 2,768 | |||
Operating lease liabilities-non current | 508,810 | 406,251 | 62,261 | |||
Other non-current liabilities | 5,401 | 5,082 | 779 | |||
Total liabilities | 2,915,084 | 3,098,518 | 474,869 | |||
Commitments and contingencies | - | - | - | |||
Shareholders' equity: | ||||||
Class A ordinary shares | 337 | 349 | 53 | |||
Class B ordinary shares | 74 | 74 | 11 | |||
Treasury stock | (457,169) | (459,815) | (70,470) | |||
Additional paid-in capital | 1,284,573 | 1,324,161 | 202,937 | |||
Accumulated other comprehensive income | 51,386 | 49,120 | 7,528 | |||
Accumulated deficit | (1,279,248) | (2,045,891) | (313,547) | |||
Total deficit attributable to the shareholders of Tarena International, Inc. | (400,047) | (1,132,002) | (173,488) | |||
Non-controlling interest | (3,017) | (7,267) | (1,114) | |||
Total liabilities and equity | 2,512,020 | 1,959,249 | 300,267 |
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||
(in thousands, except share data and per share data) | ||||||||||||
For the Three Months Ended December 31, | Fiscal Year Ended December 31, | |||||||||||
2019 | 2020 | 2020 | 2019 | 2020 | 2020 | |||||||
Unaudited | Unaudited | Unaudited | Audited | Unaudited | Unaudited | |||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
Net revenues | 509,556 | 650,254 | 99,656 | 2,051,354 | 1,897,883 | 290,863 | ||||||
Cost of revenues(a) | (310,148) | (291,474) | (44,670) | (1,173,834) | (1,066,842) | (163,501) | ||||||
Gross profit | 199,408 | 358,780 | 54,986 | 877,520 | 831,041 | 127,362 | ||||||
Selling and marketing | (305,143) | (223,342) | (34,229) | (1,119,698) | (906,337) | (138,902) | ||||||
General and administrative | (198,050) | (195,322) | (29,934) | (723,306) | (630,618) | (96,646) | ||||||
Research and development | (28,081) | (25,247) | (3,869) | (132,672) | (100,466) | (15,397) | ||||||
Operating loss | (331,866) | (85,131) | (13,046) | (1,098,156) | (806,380) | (123,583) | ||||||
Interest income/ (expense) | 682 | (1,473) | (226) | 15,859 | (199) | (30) | ||||||
Other income | 248 | 2,031 | 311 | 246 | 5,201 | 797 | ||||||
Foreign exchange gain/ (loss) | (1,512) | (3,105) | (476) | 1,614 | (4,849) | (743) | ||||||
Loss before income taxes | (332,448) | (87,678) | (13,437) | (1,080,437) | (806,227) | (123,559) | ||||||
Income tax benefit/ (expense) | 28,687 | (7,027) | (1,077) | 41,559 | 35,034 | 5,369 | ||||||
Net loss | (303,761) | (94,705) | (14,514) | (1,038,878) | (771,193) | (118,190) | ||||||
Less: Net loss attributable to | (659) | (471) | (72) | (2,792) | (4,550) | (697) | ||||||
Net loss attributable to Class | (303,102) | (94,234) | (14,442) | (1,036,086) | (766,643) | (117,493) | ||||||
Net loss per Class A and | ||||||||||||
Basic and diluted | (5.64) | (1.72) | (0.26) | (19.41) | (14.11) | (2.16) | ||||||
Weighted average number of | ||||||||||||
Basic and diluted | 53,740,636 | 54,904,956 | 54,904,956 | 53,386,075 | 54,341,213 | 54,341,213 | ||||||
Net loss | (303,761) | (94,705) | (14,514) | (1,038,878) | (771,193) | (118,190) | ||||||
Other comprehensive | ||||||||||||
Foreign currency translation | (576) | (609) | (93) | 914 | (2,266) | (347) | ||||||
Comprehensive loss | (304,337) | (95,314) | (14,607) | (1,037,964) | (773,459) | (118,537) | ||||||
Notes: | ||||||||||||
(a) Includes share-based compensation expenses as follows: |
For the Three Months Ended December 31, | Fiscal Year Ended December 31, | ||||||||||||
2019 Unaudited | 2020 Unaudited | 2020 Unaudited | 2019 Audited | 2020 Unaudited | 2020 Unaudited | ||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||||
Cost of revenues | 242 | 57 | 9 | 983 | 379 | 58 | |||||||
Selling and marketing expenses | 956 | 460 | 70 | 6,502 | 1,842 | 282 | |||||||
General and administrative expenses | 7,228 | 6,381 | 978 | 36,719 | 26,242 | 4,022 | |||||||
Research and development expenses | 1,694 | 691 | 106 | 14,968 | 7,783 | 1,193 |
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES | ||||||||||||
(in thousands, except share data and per share data) | ||||||||||||
For the Three Months Ended December 31, | Fiscal Year Ended December 31, | |||||||||||
2019 Unaudited | 2020 Unaudited | 2020 Unaudited | 2019 Unaudited | 2020 Unaudited | 2020 Unaudited | |||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
GAAP Cost of revenues | 310,148 | 291,474 | 44,670 | 1,173,834 | 1,066,842 | 163,501 | ||||||
Share-based compensation expense in | 242 | 57 | 9 | 983 | 379 | 58 | ||||||
Non-GAAP Cost of revenues | 309,906 | 291,417 | 44,661 | 1,172,851 | 1,066,463 | 163,443 | ||||||
GAAP Selling and marketing expenses | 305,143 | 223,342 | 34,229 | 1,119,698 | 906,337 | 138,902 | ||||||
Share-based compensation expense in | 956 | 460 | 70 | 6,502 | 1,842 | 282 | ||||||
Non-GAAP Selling and marketing | 304,187 | 222,882 | 34,159 | 1,113,196 | 904,495 | 138,620 | ||||||
GAAP General and administrative | 198,050 | 195,322 | 29,934 | 723,306 | 630,618 | 96,646 | ||||||
Share-based compensation expense in | 7,228 | 6,381 | 978 | 36,719 | 26,242 | 4,022 | ||||||
Non-GAAP General and | 190,822 | 188,941 | 28,956 | 686,587 | 604,376 | 92,624 | ||||||
GAAP Research and development | 28,081 | 25,247 | 3,869 | 132,672 | 100,466 | 15,397 | ||||||
Share-based compensation expense in | 1,694 | 691 | 106 | 14,968 | 7,783 | 1,193 | ||||||
Non-GAAP Research and | 26,387 | 24,556 | 3,763 | 117,704 | 92,683 | 14,204 | ||||||
Operating loss | (331,866) | (85,131) | (13,046) | (1,098,156) | (806,380) | (123,583) | ||||||
Share-based compensation expenses | 10,120 | 7,589 | 1,163 | 59,172 | 36,246 | 5,555 | ||||||
Non-GAAP Operating loss | (321,746) | (77,542) | (11,883) | (1,038,984) | (770,134) | (118,028) | ||||||
Net loss | (303,761) | (94,705) | (14,514) | (1,038,878) | (771,193) | (118,190) | ||||||
Share-based compensation expenses | 10,120 | 7,589 | 1,163 | 59,172 | 36,246 | 5,555 | ||||||
Non-GAAP Net loss | (293,641) | (87,116) | (13,351) | (979,706) | (734,947) | (112,635) | ||||||
Less: Net loss attributable to non- | (659) | (471) | (72) | (2,792) | (4,550) | (697) | ||||||
Non-GAAP net loss attributable to | (292,982) | (86,645) | (13,279) | (976,914) | (730,397) | (111,938) | ||||||
Non-GAAP net loss per Class A and | ||||||||||||
Basic and diluted | (5.45) | (1.58) | (0.24) | (18.30) | (13.44) | (2.06) | ||||||
Weighted average number of ordinary | ||||||||||||
Basic and diluted | 53,740,636 | 54,904,956 | 54,904,956 | 53,386,075 | 54,341,213 | 54,341,213 | ||||||
Notes: | ||||||||||||
(a) The Non-GAAP net loss per share is computed using Non-GAAP net loss attributable to ordinary shareholders and the same number | ||||||||||||
(b) There was no tax impact of share-based compensation expenses for the fourth quarter and full year of 2020 and 2019, respectively. |
View original content:http://www.prnewswire.com/news-releases/tarena-international-inc-announces-the-results-for-the-fourth-quarter-and-fiscal-year-of-2020-301250906.html
SOURCE Tarena International, Inc.
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