Tarena International, Inc. Announces the Results for the Second Quarter of 2021
Tarena International, Inc. (NASDAQ: TEDU) reported a significant growth in its second quarter 2021 financial results, with net revenues rising by 75.5% year-over-year to RMB582.3 million ($90.2 million). The childhood & adolescent quality education segment surged 213.2% to RMB289.4 million ($44.8 million), while adult professional education grew 22.3% to RMB292.9 million ($45.4 million). Gross profit skyrocketed 211.0% to RMB294.4 million ($45.6 million), with a margin of 50.6%. The net loss decreased by 71.3% to RMB76.7 million ($11.9 million). Despite operational challenges due to COVID-19, the company remains optimistic about future growth.
- Net revenues increased by 75.5% to RMB582.3 million ($90.2 million) in Q2 2021.
- Childhood & adolescent quality education revenue surged by 213.2% to RMB289.4 million ($44.8 million).
- Gross profit increased by 211.0% to RMB294.4 million ($45.6 million), with a gross margin of 50.6%.
- Operating loss decreased by 69.2% to RMB90.7 million ($14.0 million).
- Net loss improved by 71.3% to RMB76.7 million ($11.9 million).
- Total student enrollments in adult professional education decreased by 14.8% year-over-year to 31,100.
- The total number of adult learning centers decreased to 99 from 108 year-over-year.
BEIJING, Sept. 24, 2021 /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, 2021.
Highlights for the Second Quarter of 2021
- Net revenues increased by
75.5% year-over-year to RMB582.3 million (US$90.2 million ), from RMB331.8 million in the same period of 2020. - Net revenue from adult professional education business, which represented
50.3% of the total net revenues, increased by22.3% year-over-year to RMB292.9 million (US$45.4 million ), from RMB239.4 million in the same period of 2020. - Net revenue from childhood & adolescent quality education business, which represented
49.7% of the total net revenues, increased by213.2% year-over-year to RMB289.4 million (US$44.8 million ), from RMB92.4 million in the same period of 2020. - Gross profit increased by
211.0% year-over-year to RMB294.4 million (US$45.6 million ), from RMB94.7 million in the same period of 2020. - Gross profit margin increased by
22.1% points year-over-year to50.6% , from28.5% in the same period of 2020. - Operating loss decreased by
69.2% to a loss of RMB90.7 million (US$14 .0 million), from a loss of RMB294.9 million in the same period of 2020. - Non-GAAP operating loss, which excluded share-based compensation expenses, was RMB86.6 million (US
$13.4 million ), compared to non-GAAP operating loss of RMB282.7 million in the same period of 2020. - Net loss was RMB76.7 million (US
$11.9 million ), compared to net loss of RMB267.6 million in the same period of 2020. - Non-GAAP net loss, which excluded share-based compensation expenses, was RMB72.5 million (US
$11.2 million ), compared to non-GAAP net loss of RMB255.4 million in the same period of 2020. - Basic and diluted loss per American Depositary Share ("ADS") was RMB1.39 (US
$0.22) , compared to loss per ADS of RMB4.92 in the second quarter of 2020. - Cash, cash equivalents and time deposits, including current and non-current, and restricted cash totaled RMB295.9 million (US
$45.8 million ) as of June 30, 2021, compared to RMB364.8 million as of December 31, 2020. - Net cash outflow from operating activities in the second quarter of 2021 was RMB47.5 million (US
$7.4 million ). Net cash inflow from investing activities in the second quarter of 2021 was RMB30.4 million (US$4.7 million ). - Deferred revenue totaled RMB2,063.1 million (US
$319 .5 million) as of June 30, 2021, compared to RMB1,998.2 million as of December 31, 2020, representing an increase of3.2% . - Total student enrollments in adult professional education business, defined as the total number of courses enrolled by students during that period, including multiple courses enrolled by the same student, in the second quarter of 2021 decreased by
14.8% year-over-year to 31,100. - Total number of learning centers in adult professional education decreased to 99 as of June 30, 2021, from 108 as of June 30, 2020.
- Total student enrollments in childhood & adolescent quality 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 second quarter of 2021 reached 140,200, increased by
40.2% , compared to the student enrollments of 100,000 in the same period of 2020. - Total number of learning centers in childhood & adolescent quality education increased to 235 as of June 30, 2021, from 232 as of June 30, 2020.
Highlights for the Six Months Ended June 30, 2021
- Net revenues increased by
78.0% year-over-year to RMB1,116.0 million (US$172.8 million ), from RMB626.8 million in the same period in 2020. - Net revenue from adult professional education business, which represented
49.1% of the total net revenues, increased by21.2% year-over-year to RMB548.3 million (US$84.9 million ), from RMB452.5 million in the same period of 2020 - Net revenue from childhood & adolescent quality education business, which represented
50.9% of the total net revenues increased by225.7% year-over-year to RMB567.7 million (US$87.9 million ), from RMB174.3 million in the same period of 2020 - Gross profit increased by
345.1% year-over-year to RMB544.3 million (US$84.3 million ), from RMB122.3 million in the same period in 2020. - Gross profit margin increased by
29.3% points year-over-year to48.8% , from19.5% in the same period of 2020. - Operating loss was RMB220.2 million (US
$34.1 million ), compared to operating loss of RMB664.7 million in the same period in 2020. - Non-GAAP operating loss, which excluded share-based compensation expenses, was RMB209.2 million (US
$32.4 million ), compared to non-GAAP operating loss of RMB643.4 million in the same period in 2020. - Net loss was RMB198.5 million (US
$30.7 million ), compared to net loss of RMB612.6 million in the same period in 2020. - Non-GAAP net loss, which excluded share-based compensation expenses, was RMB187.5 million (US
$29.0 million ), compared to non-GAAP net loss of RMB591.3 million in the same period in 2020. - Basic and diluted loss per American Depositary Share ("ADS") was RMB3.56 (US
$0.55) . - Total student enrollments in adult professional education business, defined as the total number of courses enrolled by students during that period, including multiple courses enrolled by the same student, in the first half of 2021 decreased by
16.1% year-over-year to 43,300. - Total student enrollments in childhood & adolescent quality 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 first half of 2021 reached 147,800, increased by
40.1% , compared to the student enrollments of 105,500 in the same period of 2020.
Key Financial Results | |||||||||||||
For the Three Months Ended June 30, | Variance | % of | For the Six Months Ended June 30, | Variance | % of | ||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | ||||||||
(in thousands, except for percentages) | |||||||||||||
Net revenues | 331,833 | 582,258 | 250,425 | 75.5 | 626,826 | 1,116,044 | 489,218 | 78.0 | |||||
Cost of revenues(a) | (237,167) | (287,878) | (50,711) | 21.4 | (504,526) | (571,722) | (67,196) | 13.3 | |||||
Gross profit | 94,666 | 294,380 | 199,714 | 211.0 | 122,300 | 544,322 | 422,022 | 345.1 | |||||
Gross margin | |||||||||||||
Selling and marketing | (206,254) | (218,876) | (12,622) | 6.1 | (443,784) | (432,632) | 11,152 | -2.5 | |||||
General and administrative | (151,585) | (142,820) | 8,765 | -5.8 | (292,224) | (286,012) | 6,212 | -2.1 | |||||
Research and development | (31,681) | (23,415) | 8,266 | -26.1 | (50,963) | (45,882) | 5,081 | -10.0 | |||||
Total operating expenses | (389,520) | (385,111) | 4,409 | -1.1 | (786,971) | (764,526) | 22,445 | -2.9 | |||||
Operating loss | (294,854) | (90,731) | 204,123 | -69.2 | (664,671) | (220,204) | 444,467 | -66.9 |
Notes:
(a) Includes share-based compensation expenses.
" Despite some areas in China were still experiencing the negative impact from sporadic occurrences of COVID-19 cases, thanks to the effective prevention controls implemented by the government, which have successfully alleviated the further spread of the pandemic in China. We are delighted to see that our total net revenues have achieved a continued growth in the second quarter of this year. The total net revenues increased by
"Looking ahead, we will continue to upgrade the quality of our comprehensive products and services and uplift our operational efficiencies. With the introduction of the new regulations on the education industry announced by the Chinese government, we expect that we can continue to maintain a sustainable growth in our adult professional education and childhood & adolescent quality education businesses." concluded Ms. Sun.
Financial Results for the Second Quarter of 2021
Net Revenues
Total net revenues increased by
Net revenue from adult professional education business increased by
Net revenue from childhood & adolescent quality education business increased by
Cost of Revenues
Cost of revenues increased by
Gross Profit and Gross Margin
Gross profit increased by
Operating Expenses
Total operating expenses decreased by
Selling and marketing expenses increased by
General and administrative expenses decreased by
Research and development expenses decreased by
Operating Loss
Operating loss was RMB90.7 million (US
Interest Income / (Expense)
Net interest income was RMB0.6 million (US
Other Income
Other income was RMB0.8 million (US
Foreign Exchange Gain / (Loss)
Foreign exchange gain was RMB0.4 million (US
Income Tax Benefit
The Company recorded an income tax benefit of RMB12.3 million (US
Net Loss
As a result of the foregoing, net loss was RMB76.7 million (US
Basic and Diluted Loss per ADS
Loss per ADS was RMB1.39 (US
Cash Flow
Net cash outflow used in operating activities in the second quarter of 2021 was RMB47.5 million (US
Financial Results for the Six Months Ended June 30, 2021
Net Revenues
Total net revenues increased by
Cost of Revenues
Cost of revenues increased 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 RMB220.2 million (US
Interest Income / (Expense)
Interest income was RMB1.2 million (US
Other Income
Other income was RMB1.1 million (US
Foreign Exchange Gain / (loss)
Foreign exchange loss was RMB0.3 million (US
Income Tax Benefit
The Company recorded an income tax benefit of RMB19.6 million (US
Net Loss
As a result of the foregoing, net loss was RMB198.5 million (US
Basic and Diluted Loss per ADS
Loss per ADS was RMB3.56 (US
Cash Flow
Net cash outflow from operating activities in the first six months of 2021 was RMB85.6 million (US
Recent Developments Regarding Pending Going Private Transaction
On April 30, 2021, the Company announced that it entered into an Agreement and Plan of Merger (the "Merger Agreement") with Kidedu Holdings Limited ("Parent") and Kidarena Merger Sub, a wholly owned subsidiary of Parent ("Merger Sub"). Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly owned subsidiary of Parent (the "Merger"), in a transaction at
Business Outlook
Based on the Company's current estimates, total net revenues for the third quarter of 2021 are expected to be in the range of RMB600 million and RMB630 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.
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
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, 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 childhood and adolescent quality 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, | June 30, | June 30, | |||||
2020 | 2021 | 2021 | |||||
Audited | Unaudited | Unaudited | |||||
RMB | RMB | USD | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | 320,179 | 257,601 | 39,897 | ||||
Time deposits | 6,257 | 6,217 | 963 | ||||
Restricted cash | 38,369 | 31,930 | 4,945 | ||||
Accounts receivable, net of allowance for doubtful accounts | 32,790 | 43,538 | 6,743 | ||||
Amounts due from related parties | 305 | 1,047 | 162 | ||||
Asset held for sale | - | 91,034 | 14,099 | ||||
Prepaid expenses and other current assets | 138,353 | 160,914 | 24,922 | ||||
Total current assets | 536,253 | 592,281 | 91,731 | ||||
Time deposits-non current | - | 120 | 19 | ||||
Accounts receivable, net of allowance for doubtful accounts-non current | 192 | 146 | 23 | ||||
Property and equipment, net | 464,490 | 316,667 | 49,045 | ||||
Intangible assets, net | 13,444 | 11,548 | 1,789 | ||||
Goodwill | 52,782 | 52,782 | 8,176 | ||||
Right-of-use assets | 586,451 | 566,617 | 87,758 | ||||
Long-term investments, net | 67,592 | 67,580 | 10,467 | ||||
Deferred income tax assets | 142,220 | 167,242 | 25,902 | ||||
Other non-current assets, net | 95,825 | 90,976 | 14,092 | ||||
Total assets | 1,959,249 | 1,865,959 | 289,002 | ||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short-term bank loans | 10,710 | - | - | ||||
Accounts payable | 10,293 | 8,572 | 1,328 | ||||
Amounts due to related parties | 180 | 96 | 15 | ||||
Operating lease liabilities-current | 199,083 | 230,230 | 35,658 | ||||
Income taxes payable | 76,817 | 81,560 | 12,632 | ||||
Deferred revenue-current | 1,980,138 | 2,046,359 | 316,941 | ||||
Advance received for disposal of property | - | 46,000 | 7,124 | ||||
Accrued expenses and other current liabilities | 391,904 | 417,984 | 64,738 | ||||
Total current liabilities | 2,669,125 | 2,830,801 | 438,436 | ||||
Deferred revenue-non current | 18,060 | 16,761 | 2,596 | ||||
Operating lease liabilities-non current | 406,251 | 336,598 | 52,132 | ||||
Other non-current liabilities | 5,082 | 4,927 | 763 | ||||
Total liabilities | 3,098,518 | 3,189,087 | 493,927 | ||||
Commitments and contingencies | - | - | - | ||||
Shareholders' equity: | |||||||
Class A ordinary shares | 349 | 354 | 55 | ||||
Class B ordinary shares | 74 | 75 | 12 | ||||
Treasury stock | (459,815) | (459,815) | (71,216) | ||||
Additional paid-in capital | 1,324,161 | 1,338,981 | 207,382 | ||||
Accumulated other comprehensive income | 49,120 | 50,145 | 7,766 | ||||
Accumulated deficit | (2,045,891) | (2,246,337) | (347,913) | ||||
Total deficit attributable to the shareholders of Tarena | (1,132,002) | (1,316,597) | (203,914) | ||||
Non-controlling interest | (7,267) | (6,531) | (1,011) | ||||
Total liabilities and equity | 1,959,249 | 1,865,959 | 289,002 | ||||
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||
For the Three Months Ended June 30 | For the Six Months Ended June 30 | |||||||||||
2020 | 2021 (Unaudited) | 2021 (Unaudited) | 2020 (Unaudited) | 2021 (Unaudited) | 2021 (Unaudited) | |||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
Net revenues | 331,833 | 582,258 | 90,180 | 626,826 | 1,116,044 | 172,853 | ||||||
Cost of revenues(a) | (237,167) | (287,878) | (44,587) | (504,526) | (571,722) | (88,548) | ||||||
Gross profit | 94,666 | 294,380 | 45,593 | 122,300 | 544,322 | 84,305 | ||||||
Selling and marketing expenses(a) | (206,254) | (218,876) | (33,900) | (443,784) | (432,632) | (67,006) | ||||||
General and administrative | (151,585) | (142,820) | (22,120) | (292,224) | (286,012) | (44,298) | ||||||
Research and development | (31,681) | (23,415) | (3,627) | (50,963) | (45,882) | (7,106) | ||||||
Operating loss | (294,854) | (90,731) | (14,054) | (664,671) | (220,204) | (34,105) | ||||||
Interest income (expense) | (586) | 600 | 93 | (2,063) | 1,189 | 184 | ||||||
Other income | 85 | 768 | 119 | 307 | 1,111 | 172 | ||||||
Foreign exchange gains (loss) | (642) | 410 | 64 | 1,649 | (279) | (43) | ||||||
Loss before income taxes | (295,997) | (88,953) | (13,778) | (664,778) | (218,183) | (33,792) | ||||||
Income tax benefit | 28,444 | 12,283 | 1,902 | 52,172 | 19,634 | 3,041 | ||||||
Net loss | (267,553) | (76,670) | (11,876) | (612,606) | (198,549) | (30,751) | ||||||
Less: Net loss (profit) attributable | 1,216 | (1,776) | (275) | 3,148 | (737) | (114) | ||||||
Net loss attributable to Class A | (266,337) | (78,446) | (12,151) | (609,458) | (199,286) | (30,865) | ||||||
Net loss per Class A and Class B | ||||||||||||
Basic and diluted | (4.92) | (1.39) | (0.22) | (11.29) | (3.56) | (0.55) | ||||||
Weighted average number of | ||||||||||||
Basic and diluted | 54,123,107 | 56,257,188 | 56,257,188 | 54,004,236 | 55,965,711 | 55,965,711 | ||||||
Net loss | (267,553) | (76,670) | (11,876) | (612,606) | (198,549) | (30,751) | ||||||
Other comprehensive income | ||||||||||||
Foreign currency translation | 130 | 938 | 145 | 199 | 1,025 | 159 | ||||||
Comprehensive loss | (267,423) | (75,732) | (11,731) | (612,407) | (197,524) | (30,592) | ||||||
Notes: (a) Includes share-based compensation expenses as follows: | ||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 2021 | |||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
Cost of revenues | 138 | 185 | 29 | 242 | 370 | 57 | ||||||
Selling and marketing expenses | 575 | 945 | 146 | 1,038 | 1,978 | 306 | ||||||
General and administrative expenses | 7,810 | 2,641 | 409 | 13,718 | 7,951 | 1,231 | ||||||
Research and development expenses | 3,602 | 356 | 55 | 6,298 | 736 | 114 |
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 June 30, | For the Six Months Ended June 30, | |||||||||||
2020 | 2021 (Unaudited) | 2021 (Unaudited) | 2020 (Unaudited) | 2021 | 2021 (Unaudited) | |||||||
RMB | RMB | USD | RMB | RMB | USD | |||||||
GAAP Cost of revenues | 237,167 | 287,878 | 44,587 | 504,526 | 571,722 | 88,548 | ||||||
Share-based compensation expense in | 138 | 185 | 29 | 242 | 370 | 57 | ||||||
Non-GAAP Cost of revenues | 237,029 | 287,693 | 44,558 | 504,284 | 571,352 | 88,491 | ||||||
GAAP Selling and marketing expenses | 206,254 | 218,876 | 33,900 | 443,784 | 432,632 | 67,006 | ||||||
Share-based compensation expense in | 575 | 945 | 146 | 1,038 | 1,978 | 306 | ||||||
Non-GAAP Selling and marketing | 205,679 | 217,931 | 33,754 | 442,746 | 430,654 | 66,700 | ||||||
GAAP General and administrative | 151,585 | 142,820 | 22,120 | 292,224 | 286,012 | 44,298 | ||||||
Share-based compensation expense in | 7,810 | 2,641 | 409 | 13,718 | 7,951 | 1,231 | ||||||
Non-GAAP General and | 143,775 | 140,179 | 21,711 | 278,506 | 278,061 | 43,067 | ||||||
GAAP Research and development | 31,681 | 23,415 | 3,627 | 50,963 | 45,882 | 7,106 | ||||||
Share-based compensation expense in | 3,602 | 356 | 55 | 6,298 | 736 | 114 | ||||||
Non-GAAP Research and | 28,079 | 23,059 | 3,572 | 44,665 | 45,146 | 6,992 | ||||||
Operating loss | (294,854) | (90,731) | (14,054) | (664,671) | (220,204) | (34,105) | ||||||
Share-based compensation expenses | 12,125 | 4,127 | 639 | 21,296 | 11,035 | 1,708 | ||||||
Non-GAAP Operating loss | (282,729) | (86,604) | (13,415) | (643,375) | (209,169) | (32,397) | ||||||
Net loss | (267,553) | (76,670) | (11,876) | (612,606) | (198,549) | (30,751) | ||||||
Share-based compensation expenses | 12,125 | 4,127 | 639 | 21,296 | 11,035 | 1,708 | ||||||
Non-GAAP Net loss | (255,428) | (72,543) | (11,237) | (591,310) | (187,514) | (29,043) | ||||||
Less: Net loss (profit) attributable to | (1,216) | 1,776 | 275 | (3,148) | 737 | 114 | ||||||
Non-GAAP net loss attributable to | (254,212) | (74,319) | (11,512) | (588,162) | (188,251) | (29,157) | ||||||
Non-GAAP net loss per Class A and | ||||||||||||
Basic and diluted | (4.70) | (1.32) | (0.20) | (10.89) | (3.36) | (0.52) | ||||||
Weighted average number of ordinary | ||||||||||||
Basic and diluted | 54,123,107 | 56,257,188 | 56,257,188 | 54,004,236 | 55,965,711 | 55,965,711 |
Notes: |
(a) The Non-GAAP net loss per share is computed using Non-GAAP net loss attributable to ordinary shareholders and the same number of ordinary shares used in GAAP basic and diluted net loss per share calculation. |
(b) There was no tax impact of share-based compensation expenses for the second quarter of 2021. |
View original content:https://www.prnewswire.com/news-releases/tarena-international-inc-announces-the-results-for-the-second-quarter-of-2021-301384641.html
SOURCE Tarena International, Inc.
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