BEIJING, Aug. 12, 2020 /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 six months ended
June 30, 2020.
First Half Fiscal Year 2020 Highlights
- Net revenues decreased by 29.0% year-over-year to RMB626.8 million (US$89.2
million), from RMB882.6
million in the same period in 2019.
- Gross profit decreased by 60.9% year-over-year to RMB122.3 million (US$17.4
million), from RMB312.8
million in the same period in 2019.
- Operating loss was RMB664.7
million (US$94.6 million),
compared to an operating loss of RMB646.9 million in
the same period in 2019.
- Non-GAAP operating loss, which excluded share-based
compensation expenses, was RMB643.4
million (US$91.6 million),
compared to non-GAAP operating loss of RMB622.2 million in the same period in 2019.
- Net loss was RMB612.6 million (US$87.2 million), compared to a net loss
of RMB625.1 million in the same period in 2019.
- Non-GAAP net loss, which excluded share-based compensation
expenses, was RMB591.3 million
(US$84.2 million), compared to a
non-GAAP net loss of RMB600.4 million
in the same period in 2019.
- Basic and diluted loss per American Depositary Share ("ADS")
was RMB11.29 (US$1.6).
- Cash, cash equivalents and time deposits, including current and
non-current, and restricted cash totaled RMB414.9 million (US$58.6 million) as of June 30, 2020, compared to RMB621.2 million as of December 31, 2019.
- Deferred revenue totaled RMB1,988.0
million (US$280.8 million) as
of June 30, 2020, compared to
RMB1,586.0 million as of December 31, 2019, representing an increase of
25.3%.
- Total student enrollments in adult education business, defined
as the total number of courses enrolled in by students during that
period, including multiple courses enrolled in by the same student,
in the first half of 2020 decreased by 18.0% year-over-year to
51,600.
- Total number of learning centers in adult education decreased
to 108 as of June 30, 2020, from
130 as of December 31,
2019.
- 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, in the first half of 2020
reached 105,500, increased by 80.7% compared to the first half of
2019, when the K-12 student enrollment was at 58,400.
- Total number of learning centers in K-12 education increased to
232 as of June 30, 2020, from
217 as of December 31,
2019.
"Due to the COVID-19 pandemic, total net revenue decreased
by 29.0% from RMB882.6 million for the first half of 2019
to RMB626.8 million
(US$89.2 million) for the first half
of 2020. To cope with the challenges arising from the pandemic, we
have adopted more stringent cost control policies and procedures.
Since the second half of last year, we have focused on improving
the operational efficiency of our adult education learning
centers. We have gradually closed down or combined
under-performing learning centers. As a result of the adjustments,
although student enrollment of adult education dropped by 18.0%
from 62,900 for the first half of 2019 to 51,600 for
the first half of 2020, student enrollment per learning center
increased by 7.9% from 443 for the first half of 2019
to 478 for the first half of 2020. Since
February 2020, we have successfully
transferred more than 90% of our adult education students to
online lessons, where we use the "study at home plus dual teachers
real-time broadcasting" teaching mode. During the period from
February to May this year, all of our K-12 education learning
centers were temporarily closed. We have worked to transfer
K-12 students from offline classes to online lessons, and
successfully transferred more than 60% of them. In the first
half of 2020, our K-12 education student enrollment number
reached 105,500 while in the first half of 2019, we reached a
total K-12 student number of 58,400." remarked Mr. Yongji Sun, the CEO of Tarena.
"For the rest of 2020, we will continue to focus on improving
our learning centers' operational efficiency, increasing per capita
productivity and implementing effective cost and expenses
controls. We do not plan to open new learning center in the
second half of this year. Returning to profitability is our
goal. We believe COVID-19 can be properly controlled and contained
in China. Since June 2020,
approximately 90% of our learning centers have been re-opened
and resumed normal business. With that, we expect that our business
performance will gradually improve." concluded Mr. Sun.
"Our cash and cash equivalents and time deposits, including
current and non-current, decreased by 33.2%, from RMB621.2 million as of December 31, 2019 to RMB414.9 million (US$58.6
million) as of June 30, 2020.
The decrease in cash and cash equivalents and time deposits,
including current and non-current, was mainly due to net cash used
in operating activities which mainly composed of net loss of
RMB612.6 million incurred in the
first half of 2020, and was partially offset by the increase in
total deferred revenue of RMB402.0
million." said Kelvin Lau,
the CFO of Tarena.
First Half Fiscal Year 2020 Results
Net Revenues
Net revenues decreased by 29.0% to RMB626.8 million (US$89.2
million) in the first half of 2020, from RMB882.6 million in the same period in 2019. The
decrease was primarily due to the reduction of class consumption
for both adults and K-12 businesses during the COVID-19
pandemic.
Cost of Revenues
Cost of revenues decreased by 11.5% to RMB504.5 million (US$71.8
million) in the first half of 2020, from RMB569.9 million in the same period in 2019. The
decrease was mainly due to the reduction of cooperation with
tutoring service providers as most students transferred to online
studying during the COVID-19 pandemic. Furthermore, during the
COVID-19 pandemic, the utility and office fees declined as our
employees worked from home, and the social security fees were
exempted due to the preferential policies enacted by the
government.
Gross Profit and Gross Margin
Gross profit decreased by 60.9% to RMB122.3 million (US$17.4
million) in the first half of 2020, from RMB312.8 million in the same period in 2019.
Gross margin, which is equal to gross profit divided by net
revenues, was 19.5% in the first half of 2020, compared with 35.4%
in the same period in 2019. The decline in gross margin was
primarily due to the decreased portion of total revenues
contributed by our adult education business, which have a higher
gross margin than our K-12 education business.
Operating Expenses
Total operating expenses decreased by 18.0% to RMB787.0 million (US$112.0
million) in the first half of 2020, from RMB959.7 million in the same period in 2019.
Total non-GAAP operating expenses, which excluded share-based
compensation expenses, decreased by 18.1% to RMB765.9 million (US$109.0
million) in the first half of 2020, from RMB935.4 million in the same period in 2019.
Total share-based compensation expenses allocated to the related
operating expenses decreased by 13.2% to RMB21.1 million (US$3.0 million) in the first half of 2020, from
RMB24.3 million in the same period in
2019.
Selling and marketing expenses decreased by 23.0% to
RMB443.8 million (US$63.2 million) in the first half of 2020, from
RMB576.0 million in the same period
in 2019. The decline was mainly due to a decrease in marketing
activities and promotional spending. In addition, we also saw a
decrease in personnel-related expenses resulting from lower
headcount. Social security fees were exempted thanks to the
preferential policies enacted by the government.
General and administrative expenses decreased by 0.8% to
RMB292.2 million (US$41.6 million) in the first half of 2020, from
RMB294.7 million in the same
period in 2019. The decline was mainly due to a decrease in
personnel-related expenses resulting from lower headcounts.
Research and development expenses decreased by 42.7% to
RMB51.0 million (US$7.3 million) in the first half of 2020, from
RMB89.0 million in the same period in
2019. The decline was mainly due to a decrease in personnel related
expenses resulting from lower headcount.
Operating Loss
Operating loss was RMB664.7
million (US$94.6 million) for
the first half of 2020, compared to operating loss of RMB646.9 million in the same period in 2019.
Non-GAAP operating loss, which excluded share-based compensation
expenses, was RMB643.4 million
(US$91.6 million), compared to
non-GAAP operating loss of RMB622.2
million in the same period in 2019.
Interest Income (expense)
Interest expense was RMB2.1
million (US$0.3 million) in
the first half of 2020, compared to interest income of RMB9.4 million in the same period in 2019.
Interest income in both periods consisted of interest earned on our
cash, cash equivalents and time deposits in commercial banks and
interest income recognized in relation to our installment payment
plan for students. The decrease in interest income in the first
half of 2020 was primarily due to the decrease in the interest
income on time deposits and tuition revenues from the installment
payment plan for students. Furthermore, the interest expense
increased due to the increase in short-term bank loan.
Other Income
Other income was RMB0.3 million
(US$0.04 million) in the first half
of 2020, compared to RMB0.5 million
loss in the same period in 2019. The income was mostly from
government grant.
Foreign Exchange Gain
Foreign exchange gain was RMB1.6
million (US$0.2 million) in
the first half of 2020, compared to RMB1.1
million foreign exchange gain in the same period in 2019.
The gain was mainly attributable to the depreciation of
China's RMB against the U.S.
Dollar.
Income Tax Expense
The Company recorded an income tax benefit of RMB52.2 million (US$7.4
million) in the first half of 2020, compared to RMB11.7 million in income tax benefit in the
same period in 2019.
Net Loss
As a result of the foregoing, net loss was RMB612.6 million (US$87.2
million) in the first half of 2020, compared to net loss of
RMB625.1 million in the same period
in 2019. Non-GAAP net loss, which excluded share-based compensation
expenses, was RMB591.3 million
(US$84.2 million), compared to a
non-GAAP net loss of RMB600.4 million
in the same period in 2019.
Basic and Diluted Loss per ADS
Loss per ADS were RMB11.29
(US$1.6) in the first half of 2020.
Non-GAAP loss per ADS, which excluded share-based compensation
expenses, were RMB10.89 (US$1.6).
Cash Flow
Net cash outflow from operating activities for the first half of
2020 was RMB183.6 million
(US$26.1 million). Capital
expenditures for the first half of 2020 were RMB43.8 million (US$6.2
million).
Business Outlook
Based on the Company's current estimates, total net revenues for
the third quarter of 2020 are expected to be in the range of
RMB570 million and RMB600 million, after taking into consideration
the likely continued impact of 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,
which are subject to change.
Conference Call
Company management will hold an earnings conference call and
live webcast to discuss the Company's results at 8:00 AM on August 12,
2020, U.S. Eastern Time (8:00
PM on August 12, 2020, 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://apac.directeventreg.com/registration/event/8448098. It will
automatically direct you to the registration page of "First Half
2020 Tarena International Inc Earnings Conference Call" where you
may fill in your details for RSVP. If it requires you to enter a
participant conference ID, please enter "8448098".
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 August 20, 2020, 09:59 ET:
United
States:
|
+1 855 452
5696
|
INTERNATIONAL:
|
+61 2 8199
0299
|
Conference
ID:
|
8448098
|
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 professional education services
in China. Through its innovative
education platform combining live distance instruction,
classroom-based tutoring and online learning modules, Tarena offers
professional education courses in IT and non-IT subjects. Its
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. 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 fourth 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: 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
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,
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
537,701
|
|
395,685
|
|
55,892
|
Time
deposits
|
|
83,081
|
|
6,000
|
|
848
|
Restricted
cash
|
|
-
|
|
13,145
|
|
1,857
|
Accounts receivable,
net of allowance for
doubtful accounts
|
|
31,442
|
|
21,560
|
|
3,045
|
Amounts due from
related parties
|
|
16,492
|
|
275
|
|
39
|
Prepaid expenses and
other current assets
|
|
132,539
|
|
150,878
|
|
21,312
|
Total current
assets
|
|
801,255
|
|
587,543
|
|
82,993
|
Time deposits-non
current
|
|
406
|
|
116
|
|
16
|
Accounts receivable,
net of allowance for
doubtful accounts-non current
|
|
724
|
|
271
|
|
38
|
Property and
equipment, net
|
|
576,633
|
|
508,048
|
|
71,763
|
Intangible assets,
net
|
|
17,669
|
|
15,662
|
|
2,212
|
Goodwill
|
|
52,782
|
|
52,782
|
|
7,456
|
Right-of-use
assets
|
|
773,472
|
|
719,387
|
|
101,616
|
Long-term investments,
net
|
|
67,773
|
|
67,042
|
|
9,470
|
Deferred income tax
assets
|
|
99,789
|
|
152,701
|
|
21,569
|
Other non-current
assets
|
|
121,517
|
|
115,934
|
|
16,376
|
Total
assets
|
|
2,512,020
|
|
2,219,486
|
|
313,509
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term bank
loans
|
|
89,162
|
|
99,872
|
|
14,107
|
Accounts
payable
|
|
16,563
|
|
9,768
|
|
1,380
|
Amounts due to related
parties
|
|
239
|
|
111
|
|
16
|
Operating lease
liabilities-current
|
|
241,710
|
|
195,317
|
|
27,589
|
Income taxes
payable
|
|
69,671
|
|
70,104
|
|
9,902
|
Deferred
revenue-current
|
|
1,554,431
|
|
1,951,331
|
|
275,631
|
Accrued expenses and
other current liabilities
|
|
397,558
|
|
295,045
|
|
41,676
|
Total current
liabilities
|
|
2,369,334
|
|
2,621,548
|
|
370,301
|
Deferred revenue-non
current
|
|
31,539
|
|
36,636
|
|
5,175
|
Operating lease
liabilities-non current
|
|
508,810
|
|
551,699
|
|
77,929
|
Other non-current
liabilities
|
|
5,401
|
|
5,243
|
|
741
|
Total
liabilities
|
|
2,915,084
|
|
3,215,126
|
|
454,146
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
337
|
|
339
|
|
48
|
Class B ordinary
shares
|
|
74
|
|
75
|
|
10
|
Treasury
stock
|
|
(457,169)
|
|
(459,815)
|
|
(64,950)
|
Additional paid-in
capital
|
|
1,284,573
|
|
1,307,047
|
|
184,624
|
Accumulated other
comprehensive income
|
|
51,386
|
|
51,585
|
|
7,287
|
Accumulated
deficit
|
|
(1,279,248)
|
|
(1,888,706)
|
|
(266,785)
|
Total deficit
attributable to the shareholders
of Tarena International, Inc.
|
|
(400,047)
|
|
(989,475)
|
|
(139,766)
|
Non-controlling
interest
|
|
(3,017)
|
|
(6,165)
|
|
(871)
|
Total liabilities
and equity
|
|
2,512,020
|
|
2,219,486
|
|
313,509
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in
thousands, except share data and per share data)
|
|
|
|
For the Six Months Ended
June 30
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
Net
revenues
|
|
882,613
|
|
626,826
|
|
89,205
|
Cost of
revenues(a)
|
|
(569,851)
|
|
(504,526)
|
|
(71,800)
|
Gross
profit
|
|
312,762
|
|
122,300
|
|
17,405
|
Selling and marketing
expenses(a)
|
|
(576,038)
|
|
(443,784)
|
|
(63,156)
|
General and
administrative expenses(a)
|
|
(294,670)
|
|
(292,224)
|
|
(41,587)
|
Research and
development expenses(a)
|
|
(88,952)
|
|
(50,963)
|
|
(7,253)
|
Operating
loss
|
|
(646,898)
|
|
(664,671)
|
|
(94,591)
|
Interest income
(loss)
|
|
9,427
|
|
(2,063)
|
|
(294)
|
Other income
(loss)
|
|
(483)
|
|
307
|
|
44
|
Foreign currency
exchange gains
|
|
1,106
|
|
1,649
|
|
235
|
Loss before income
taxes
|
|
(636,848)
|
|
(664,778)
|
|
(94,606)
|
Income tax
benefit
|
|
11,737
|
|
52,172
|
|
7,425
|
Net
loss
|
|
(625,111)
|
|
(612,606)
|
|
(87,181)
|
Less: Net loss
attributable to non-controlling
interests
|
|
(1,056)
|
|
(3,148)
|
|
(448)
|
Net loss
attributable to Class A and Class B
ordinary shareholders
|
|
(624,055)
|
|
(609,458)
|
|
(86,733)
|
|
|
|
|
|
|
|
Net loss per Class
A and Class B ordinary share:
|
|
|
|
|
|
|
Basic and
diluted
|
|
(11.36)
|
|
(11.29)
|
|
(1.61)
|
Weighted average
number of Class A and Class
B ordinary shares outstanding:
|
|
|
|
|
|
|
Basic and
diluted
|
|
54,929,910
|
|
54,004,236
|
|
54,004,236
|
|
|
|
|
|
|
|
Net loss
|
|
(625,111)
|
|
(612,606)
|
|
(87,181)
|
Other comprehensive
income
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
8,273
|
|
199
|
|
28
|
Comprehensive loss
|
|
(616,838)
|
|
(612,407)
|
|
(87,153)
|
|
|
|
|
|
|
|
Notes:
(a) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
For the Six Months Ended
June 30,
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
454
|
|
242
|
|
34
|
Selling and marketing
expenses
|
|
1,980
|
|
1,038
|
|
148
|
General and
administrative expenses
|
|
16,616
|
|
13,718
|
|
1,952
|
Research and
development expenses
|
|
5,692
|
|
6,298
|
|
896
|
TARENA
INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF
GAAP MEASURES TO NON-GAAP MEASURES
(in thousands,
except share data and per share data)
|
|
|
|
For the Six Months Ended
June 30,
|
|
|
2019
(Unaudited)
|
|
2020
(Unaudited)
|
|
2020
(Unaudited)
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
GAAP Cost of
revenues
|
|
569,851
|
|
504,526
|
|
71,800
|
Share-based
compensation expense in cost of
revenues
|
|
454
|
|
242
|
|
34
|
Non-GAAP Cost of
revenues
|
|
569,397
|
|
504,284
|
|
71,766
|
|
|
|
|
|
|
|
GAAP Selling and
marketing expenses
|
|
576,038
|
|
443,784
|
|
63,156
|
Share-based
compensation expense in selling and
marketing expenses
|
|
1,980
|
|
1,038
|
|
148
|
Non-GAAP Selling
and marketing expenses
|
|
574,058
|
|
442,746
|
|
63,008
|
|
|
|
|
|
|
|
GAAP General and
administrative expenses
|
|
294,670
|
|
292,224
|
|
41,587
|
Share-based
compensation expense in general and
administrative expenses
|
|
16,616
|
|
13,718
|
|
1,952
|
Non-GAAP General
and administrative
expenses
|
|
278,054
|
|
278,506
|
|
39,635
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
88,952
|
|
50,963
|
|
7,253
|
Share-based
compensation expense in research and
development expenses
|
|
5,692
|
|
6,298
|
|
896
|
Non-GAAP Research
and development expenses
|
|
83,260
|
|
44,665
|
|
6,357
|
|
|
|
|
|
|
|
Operating
loss
|
|
(646,898)
|
|
(664,671)
|
|
(94,591)
|
Share-based
compensation expenses
|
|
24,742
|
|
21,296
|
|
3,030
|
Non-GAAP Operating
loss
|
|
(622,156)
|
|
(643,375)
|
|
(91,561)
|
|
|
|
|
|
|
|
Net
loss
|
|
(625,111)
|
|
(612,606)
|
|
(87,181)
|
Share-based
compensation expenses
|
|
24,742
|
|
21,296
|
|
3,030
|
Non-GAAP Net
loss
|
|
(600,369)
|
|
(591,310)
|
|
(84,151)
|
Less: Net loss
attributable to non-controlling
interests
|
|
(1,056)
|
|
(3,148)
|
|
(448)
|
Non-GAAP net loss
attributable to Class A and
Class B ordinary shareholders
|
|
(599,313)
|
|
(588,162)
|
|
(83,703)
|
Non-GAAP net loss
per Class A and Class B
ordinary share(a)
|
|
|
|
|
|
|
Basic and
diluted
|
|
(10.91)
|
|
(10.89)
|
|
(1.55)
|
Weighted average
number of ordinary shares
outstanding used in calculating Non-GAAP net
loss per Class A and Class B ordinary
share(a)
|
|
|
|
|
|
|
Basic and
diluted
|
|
54,929,910
|
|
54,004,236
|
|
54,004,236
|
|
|
|
|
|
|
|
|
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 and loss on foreign
currency forward contract for the first half of
2020 and 2019.
|
View original
content:http://www.prnewswire.com/news-releases/tarena-international-inc-announces-unaudited-first-half-fiscal-year-2020-results-301110721.html
SOURCE Tarena International, Inc.