BEIJING, July 5, 2012 /PRNewswire-Asia/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE: AMBO), a leading national provider of educational and career enhancement services in China, reported its preliminary and unaudited financial results for the first quarter of 2012 on July 5 Beijing Time. The unaudited financial information disclosed in this press release is preliminary and subject to completion of review procedures.
Financial Highlights for the First Quarter Ended March 31, 2012:
Commenting on the first quarter results, Ambow's President and Chief Executive Officer Dr. Jin Huang provided the following remarks:
In the first half of this year, we experienced unexpected challenges as a young publicly listed company. Despite delivering a substantial portion of certain services and products, the revenues for these services and products could not be recognized in the first quarter. Nevertheless and under the circumstances, our company delivered satisfactory results.
Regarding our tutoring services, our same center sales[7] growth was around 8% year-over-year. Our enrollment growth has accelerated to over 22%, driven by the new centers that we opened in the last four quarters. Building on the initial success of new store expansion last year, we have added 15 more learning centers during the first quarter. We expect to add around 20 more centers in the second quarter. Moreover, we are making good progress on the brand integration for tutoring in Beijing. Ambow's tutoring operations are also entering Shanghai, which is the largest city in China. The momentum for tutoring operations is expected to continue into the later part of the year.
Career Enhancement, which is our highest margin and growth segment, has approximately 40% of its sales sold through distributors. A large portion of the revenues coming through this channel will be recognized later this year instead of the first quarter. Sales through the distributor's channel have been temporarily interrupted for the second quarter of 2012. We are in the process of switching career enhancement service and product sales that were originally handled by distributors to an online e-commerce model.
Ambow's Chief Strategy Officer Ms. Jenny Zhan added, "I am happy to report that as of the last month of the second quarter we are again focusing our efforts on growing the business. We believe that our business fundamentals are strong and that our operations are resilient. Concurrently, we expect our growth to recover in the second half of the year."
Financial Results for the First Quarter of 2012
Net Revenues
Total net revenues for the first quarter of 2012 increased 22.1% to $59.5 million from $48.8 million for the same period in 2011. $14.3 million of services and products delivered in the first quarter will be recognized as revenue in future periods upon cash collection while $4.3 million of services and products delivered in 2011 were recognized as revenue in the first quarter of 2012.
Better Schools
Tutoring revenue increased 42.0% to $35.9 million from $25.3 million for the same period in 2011. The revenue growth in Tutoring was due to a 23.5% increase in enrollments and a 15.0% increase in Average Selling Price ("ASP") year-over-year. $4.8 million of services and products delivered in the first quarter will be recognized as revenue in future periods upon cash collection while $2.4 million of services and products delivered in 2011 were recognized as revenue in the first quarter of 2012.
K-12 Schools revenue increased 1.0% to $8.7 million from $8.6 million for the same period in 2011. During the quarter, enrollments decreased 15.0% while ASP increased 18.9% year-on-year. The drop in enrollments was because we reverted the operating right for the Junior High portion of Zhenjiang Foreign Language School back to the original owner and stopped recording revenue from the school in the third quarter of 2011.
Total student enrollments in Better Schools for the first quarter of 2012 were about 241,000 of which approximately 221,000 were in Tutoring and 20,000 were in K-12 Schools.
Better Jobs
Career Enhancement revenue was $11.7 million in the first quarter of 2012, compared to $12.0 million for the same period in 2011. The Company recorded a 2.1% increase in enrollment and a 4.8% decrease in ASP year-on-year. $9.5 million of services and products delivered in the first quarter will be recognized as revenue in future periods upon cash collection while $1.9 million of services and products delivered in 2011 were recognized as revenue in the first quarter of 2012.
Colleges revenue increased 14.0% to $3.3 million from $2.9 million for the same period in 2011.
Total student enrollments in Better Jobs for the first quarter of 2012 were about 24,400 with approximately 18,000 in Career Enhancement and 6,400 in Colleges.
Gross Profit and Gross Margin
Overall gross profit increased 9.4% to $27.9 million for the first quarter of 2012 from $25.5 million for the same period in 2011. Gross margin was 46.9% for the first quarter of 2012, compared to 52.4% for the same period in 2011. The decrease in gross margin is largely due to high margin services and products that were delivered in the first quarter, but will be recognized as revenue in future periods upon cash collection.
Operating Expenses
Operating expenses, which include selling and marketing, general and administrative, and research and development expenses, were $41.0 million for the first quarter of 2012, a 85.4% year-over-year increase from $22.1 million for the same period in 2011. Operating expenses as a percentage of total net revenues were 68.8% for the first quarter of 2012, compared to 45.3% for the same period in 2011. The increase in operating expenses as a percentage of total net revenues were partly because $14.3 million of services and products delivered in the first quarter will only be recognized as revenue in future periods upon cash collection. Besides that, other main reasons for the increase in operating expenses as a percentage of total net revenues were as follows:
Non-GAAP operating loss was $10.6 million compared to non-GAAP operating income of $4.5 million for the same period in 2011.
Income Tax Expenses
Income tax benefits were $0.6 million for the first quarter of 2012, compared to income tax expenses of $0.3 million for the same period in 2011.
Net Loss and EPS
Net loss was $12.7 million for the first quarter of 2012, compared to net income of $2.0 million for the same period in 2011
Non-GAAP net loss was $10.2 million for the first quarter of 2012, compared to non-GAAP net income of $3.0 million for the same period in 2011.
Both basic and diluted non-GAAP net loss per ADS[8] attributable to Ambow were $0.14, compared to basic and diluted non-GAAP net income per ADS of $0.04 for the same period in 2011.
Adjusted EBITDA
Adjusted EBITDA was negative $4.7 million for the first quarter of 2012, compared to positive $8.6 million for the same period in 2011. Depreciation and amortization in the first quarter of 2012 was $5.4 million as compared to $4.3 million in the same period in 2011.
Adjusted EBITDA margin[9] was negative 8.0%, compared to positive 17.7% for the same period in 2011. Depreciation and amortization as a percentage of revenue was 9.1% in the first quarter of 2012.
Balance Sheet and Cash Flow Information
Cash and cash equivalents, restricted cash and term deposits as of March 31, 2012 were $52.9 million, compared to $82.4 million as of December 31, 2011. The decrease was mainly because of the payments related to previous acquisitions as well as capital expenditure payments and prepayments made in the first quarter of 2012.
Prepaid and other current assets as of March 31, 2012 were $130.0 million, compared to $91.2 million as of December 31, 2011. The increase was mainly due to the receivable arising from the disposal of Beijing Century College and the disposal of the equity of 21st Century School.
Goodwill increased to $194.2 million as of March 31, 2012 from $184.1 million as of March 31, 2011 as a result of the acquisition of sixteen early-stage tutoring centers from a third party during the first quarter of 2012.
Other non-current assets decreased to $40.1 million as of March 31, 2012 from $50.8 million as of December 31, 2011. The decrease was mainly due to the reclassification of part of the prepaid advertising expense from non-current portion to current portion and the reclassification of the long-term lease prepayments for a new career enhancement campus to fixed assets.
Deferred revenue balance of growth assets as of March 31, 2012 increased 12.1% to $58.0 million compared to $51.7 million as of March 31, 2011.
Accrued and other liabilities increased to $90.3 million as of March 31, 2012 from $76.6 million as of December 31, 2011. The increase was mainly due to the reclassification of part of consideration payable for previous acquisitions from non-current portion to current portion.
Assets and liabilities held for sale as of December 31, 2011 had since been removed from the balance sheet because the disposal of Beijing Century College was completed in the first quarter of 2012.
The disposal of the equity of 21st Century School (the "School") was also completed in the first quarter of 2012. However, the Company continues to consolidate the financial statements of the School on the basis that due to Ambow's continuing involvement in the operation of the School, it is deemed to be a variable interest entity for which Ambow is the primary beneficiary. The buyer's equity interest in the School was reflected in the balance sheet as non-controlling interest.
Financial Outlook for the Second Quarter and Full-Year of 2012
Ambow expects total net revenues for the second quarter of 2012 to be in the range of $69.9 million (Rmb440 million) to $73.0 million (Rmb460 million). The net revenue for the full year of 2012 is expected to be in the range of $301.7 million (Rmb1.9 billion) to $333.5 million (Rmb2.1 billion).
This is the Company's current view and it is subject to change. This guidance is subject to various risks and uncertainties, including those related to additional legal or advisory costs associated with litigation and investigation matters.
Conference Call Information
Ambow's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on July 5, 2012 (8:00 p.m. Beijing/Hong Kong Time on July 5, 2012).
The dial-in number and passcode for the conference call are as follows:
U.S. Toll Free: +1-866-549-1292
China Toll Free: +400-681-6949
International: +852-3005-2050
The passcode for the call is "657079#"
Additionally, a live and archived webcast of this call will be available on the Investor Relations section of Ambow's website at: http://investors.ir.ambow.com/us/AMBO/irwebsite/
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. (NYSE: AMBO) is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products. Ambow has two business divisions: "Better Schools," which includes K-12 schools and tutoring centers; and "Better Jobs," which includes colleges and career enhancement centers. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 30 out of the 31 provinces and autonomous regions within China.
Forward Looking Statements
Certain statements in this press release, including statements regarding the outlook for the second quarter and full year of 2012, expected growth recovery in the second half of the year, quotations from management concerning Ambow's strategic and operational plans and expectations, and Ambow's plans regarding the IFC loan, are forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Ambow uses words such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates", "target" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are based on management's current expectations and involve risks and uncertainties. The following important factors, without limitation, could cause actual results to differ materially from those contained in these forward-looking statements: Ambow's ability to manage its business expansion and operations effectively, to make strategic acquisitions and investments and to successfully integrate acquired businesses; significant competition; Ambow's ability to continue to attract students to enroll in its programs, to continually enhance its programs, services and products, to successfully develop and introduce new services and products in time and to adequately and promptly respond to changes in curriculum, testing materials and standards; economic conditions; changes in government policies, laws and regulations; Ambow's ability to satisfy the conditions to disbursement of funds under its loan agreement with IFC; risks related to Ambow's ability to complete its annual audits in a timely manner, risks related to Ambow's ability to file its annual reports on Form 20-F within the time periods prescribed by the rules of the SEC (or any extension period thereof) and risks related to Ambow's identification of adjustments in its audited financial statements subsequent to announcing preliminary financial results. More information on factors that could affect Ambow's results is included from time to time in Ambow's Securities and Exchange Commission (SEC) filings and reports, including the risks described in its annual report on Form 20-F for the fiscal year ended December 31, 2011 filed with the SEC on May 29, 2012 and in Ambow's other filings with the SEC from time to time, including on Form 6-K. Other unknown or unpredictable factors also could have material adverse effects on Ambow's future results. In light of these risks, uncertainties and factors, you are cautioned not to place undue reliance on forward-looking statements. Ambow disclaims any obligation to update information contained in forward-looking statements, whether as a result of new information, future events or otherwise.
Statement Regarding Unaudited Financial Information
The unaudited financial information disclosed in this press release is preliminary and subject to completion of review procedures. Adjustments to the unaudited financial information disclosed in this press release may be identified in the future, which could result in significant differences between the Company's audited financial statements and this preliminary unaudited financial information. Quarterly and year end results may not be indicative of the Company's results of operations for future quarterly periods.
About Non-GAAP Financial Measures
To supplement Ambow's unaudited consolidated financial results presented in accordance with GAAP, Ambow uses the following measures defined as non-GAAP financial measures by the SEC: (i) Non-GAAP operating loss, (ii) Non-GAAP net loss, (iii) Non-GAAP net loss attributable to Ambow per ADS basic and diluted and (iv) Adjusted EBITDA. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
Ambow believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity that may not be indicative of its operating performance from a cash perspective. Ambow believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Ambow's historical performance and liquidity. Ambow computes its non-GAAP financial measures using the same consistent method from quarter to quarter. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP. Ambow believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations with GAAP financial measures that are most directly comparable to non-GAAP financial measures.
For investor and media inquiries please contact:
Ms. Mandy Li
Investor Relations Manager
Ambow Education Holding Ltd.
Tel: +86-10-6206-8130
Email: ir@ambow.com
[1] The reporting currency of the Company is Renminbi ("RMB"), but for the convenience of the reader, the amounts presented throughout the release are in US dollar ("$"). Unless otherwise stated, all translations from RMB to US$ are based on the historical exchange rate of US$1.0 to RMB6.2975, representing the noon buying rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board on March 30, 2012. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
[2] The 2011 comparative figures exclude the discontinued operations which comprise Beijing Century College disposed in the first quarter of 2012 and the four subdivisions, including three in Tutoring and one in Career Enhancement. The four subdivisions were disposed in the fourth quarter of 2011.
[3] Non-GAAP operating loss is defined as operating loss excluding share-based compensation expenses.
[4] Non-GAAP net loss is defined as net loss excluding share-based compensation expenses.
[5] Diluted non-GAAP net loss per ADS attributed to Ambow is computed by dividing non-GAAP net loss attributed to Ambow by weighted average number of common shares outstanding for the period plus (1) shares issuable upon the exercise of outstanding shares options and (2) the number of common shares resulting from the assumed conversion of all the outstanding redeemable convertible preferred share and exercise of warrants upon closing of the initial public offering as if the conversion or exercise had occurred at the beginning of the period.
[6] Enrollments refers to the cumulative total number of course enrolled in and paid for by students either directly through our schools or through our distributors for the respective period, including multiple online and offline courses enrolled in and paid for by the same student.
[7] Same center sales are sales dollars generated only by those centers that have been open for more than one year and have historical data to compare current quarter's sales to the sales of same quarter last year.
[8] Each ADS represents two ordinary shares.
[9] Adjusted EBITDA margin, being Adjusted EBITDA as a percentage of total net revenues.
AMBOW EDUCATION HOLDING LTD | ||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(ALL AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | ||||||||
As of | As of | As of | As of | |||||
2012 | 2011 | 2012 | 2011 | |||||
USD | USD | RMB | RMB | |||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 52,176 | 74,741 | 328,578 | 470,682 | ||||
Restricted cash | 588 | 349 | 3,700 | 2,200 | ||||
Term deposits | 159 | 7,337 | 1,000 | 46,205 | ||||
Accounts receivable, net | 21,705 | 17,189 | 136,686 | 108,247 | ||||
Amounts due from related parties | 9,531 | 10,563 | 60,021 | 66,521 | ||||
Deferred tax assets, current | 2,583 | 2,719 | 16,267 | 17,126 | ||||
Prepaid and other current assets | 129,954 | 91,168 | 818,388 | 574,123 | ||||
Assets classified as held for sale | - | 61,040 | - | 384,401 | ||||
TOTAL CURRENT ASSETS | 216,696 | 265,106 | 1,364,640 | 1,669,505 | ||||
Property and equipment, net | 137,439 | 125,290 | 865,521 | 789,016 | ||||
Intangible assets and land use rights, net | 123,473 | 120,013 | 777,570 | 755,784 | ||||
Goodwill | 194,226 | 184,103 | 1,223,137 | 1,159,386 | ||||
Deferred tax assets, non-current | 733 | 762 | 4,613 | 4,800 | ||||
Non-current amounts due from related parties | 3,560 | 3,567 | 22,418 | 22,463 | ||||
Other non-current assets | 40,135 | 50,762 | 252,752 | 319,673 | ||||
TOTAL NON-CURRENT ASSETS | 499,566 | 484,497 | 3,146,011 | 3,051,122 | ||||
TOTAL ASSETS | 716,262 | 749,603 | 4,510,651 | 4,720,627 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term borrowings | 11,433 | 18,749 | 72,000 | 118,070 | ||||
Current portion of Long-term borrowings | 3,890 | 2,541 | 24,500 | 16,000 | ||||
Deferred revenue | 79,255 | 72,440 | 499,108 | 456,189 | ||||
Accounts payable | 8,369 | 8,240 | 52,701 | 51,896 | ||||
Accrued and other liabilities | 90,270 | 76,613 | 568,466 | 482,476 | ||||
Income tax payable | 19,228 | 21,025 | 121,088 | 132,406 | ||||
Amount due to related parties | 11,691 | 7,548 | 73,626 | 47,531 | ||||
Liabilities classified as held for sale | - | 23,052 | - | 145,169 | ||||
TOTAL CURRENT LIABILITIES | 224,136 | 230,208 | 1,411,489 | 1,449,737 | ||||
Deferred tax liabilities | 24,951 | 24,513 | 157,128 | 154,368 | ||||
Long-term borrowings | 6,034 | 7,384 | 38,000 | 46,500 | ||||
Non-current portion of consideration payable for acquisitions and other liabilities | 9,375 | 48,202 | 59,038 | 303,559 | ||||
TOTAL NON-CURRENT LIABILITIES | 40,360 | 80,099 | 254,166 | 504,427 | ||||
TOTAL LIABILITIES | 264,496 | 310,307 | 1,665,655 | 1,954,164 | ||||
SHAREHOLDERS' EQUITY | 420,232 | 430,581 | 2,646,413 | 2,711,582 | ||||
TOTAL AMBOW EDUCATION HOLDING LTD'S EQUITY | 420,232 | 430,581 | 2,646,413 | 2,711,582 | ||||
Non-controlling interest | 31,534 | 8,715 | 198,583 | 54,881 | ||||
TOTAL SHAREHOLDERS' EQUITY | 451,766 | 439,296 | 2,844,996 | 2,766,463 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 716,262 | 749,603 | 4,510,651 | 4,720,627 | ||||
AMBOW EDUCATION HOLDING LTD | |||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(ALL AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | |||||||||
For the three months ended March 31, | |||||||||
2012 | 2011 | 2012 | 2011 | ||||||
USD | USD | RMB | RMB | ||||||
Better Schools | |||||||||
Tutoring | 35,902 | 25,285 | 226,090 | 159,232 | |||||
K-12 Schools | 8,681 | 8,595 | 54,668 | 54,129 | |||||
Better Job | |||||||||
Career Enhancement | 11,686 | 12,019 | 73,593 | 75,690 | |||||
Colleges | 3,251 | 2,851 | 20,474 | 17,952 | |||||
NET REVENUES | 59,520 | 48,750 | 374,825 | 307,003 | |||||
Cost of revenues | (31,584) | (23,208) | (198,900) | (146,155) | |||||
GROSS PROFIT | 27,936 | 25,542 | 175,925 | 160,848 | |||||
Operating expenses: | |||||||||
Selling and marketing | (20,730) | (9,334) | (130,549) | (58,780) | |||||
General and administrative | (18,454) | (11,534) | (116,213) | (72,636) | |||||
Research and development | (1,793) | (1,237) | (11,292) | (7,789) | |||||
TOTAL OPERATING EXPENSES | (40,977) | (22,105) | (258,054) | (139,205) | |||||
OPERATING INCOME (LOSS) | (13,041) | 3,437 | (82,129) | 21,643 | |||||
OTHER INCOME (EXPENSE) | |||||||||
Interest expense | (737) | (1,206) | (4,640) | (7,596) | |||||
Interest income | 119 | 296 | 748 | 1,863 | |||||
Foreign exchange income (loss), net | 20 | (277) | 124 | (1,742) | |||||
Other loss, net | (115) | (178) | (726) | (1,119) | |||||
INCOME (LOSS) BEFORE TAX AND NON-CONTROLLING INTEREST | (13,754) | 2,072 | (86,623) | 13,049 | |||||
Income tax expenses | 580 | (327) | 3,653 | (2,059) | |||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (13,174) | 1,745 | (82,970) | 10,990 | |||||
Income (loss) from discontinued operations, net of income taxes | - | (433) | - | (2,727) | |||||
NET INCOME (LOSS) | (13,174) | 1,312 | (82,970) | 8,263 | |||||
Add: Net loss attributable to non-controlling interest | 524 | 237 | 3,303 | 1,492 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO AMBOW EDUCATION HOLDING LTD | (12,650) | 1,549 | (79,667) | 9,755 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO ORDINARY SHAREHOLDERS | (12,650) | 1,549 | (79,667) | 9,755 | |||||
Net income (loss) from continuing operations per ADS attributable to ordinary shareholders | |||||||||
Basic | (0.17) | 0.03 | (1.10) | 0.18 | |||||
Diluted | (0.17) | 0.03 | (1.10) | 0.17 | |||||
Weighted average number of ADS(note 1) | |||||||||
Basic | 72,411,499 | 71,283,488 | 72,411,499 | 71,283,488 | |||||
Diluted | 72,411,499 | 75,425,764 | 72,411,499 | 75,425,764 | |||||
Supplementary Information: | |||||||||
Share-based compensation expense included in: | |||||||||
Selling and marketing | 276 | 284 | 1,738 | 1,788 | |||||
General and administrative | 2,152 | 741 | 13,553 | 4,667 | |||||
Research and development | 38 | 35 | 242 | 221 | |||||
2,466 | 1,060 | 15,533 | 6,676 | ||||||
Note1: Each ADS represents two common shares. | |||||||||
AMBOW EDUCATION HOLDING LTD | |||||||||
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES | |||||||||
(ALL AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA) | |||||||||
For the three months ended March 31, | |||||||||
2012 | 2011 | 2012 | 2011 | ||||||
USD | USD | RMB | RMB | ||||||
Operating income (loss) | (13,041) | 3,437 | (82,129) | 21,643 | |||||
Share-based compensation expenses | 2,466 | 1,060 | 15,533 | 6,676 | |||||
Non-GAAP operating income (loss) | (10,575) | 4,497 | (66,596) | 28,319 | |||||
Net income (loss) | (12,650) | 1,982 | (79,667) | 12,482 | |||||
Share-based compensation expenses | 2,466 | 1,060 | 15,533 | 6,676 | |||||
Non-GAAP net income (loss) | (10,184) | 3,042 | (64,134) | 19,158 | |||||
Net income (loss) margin | (21.3%) | 4.1% | (21.3%) | 4.1% | |||||
Non-GAAP net income (loss) margin | (17.1%) | 6.2% | (17.1%) | 6.2% | |||||
Net income (loss) per ADS attributable to Ordinary Shareholders - Basic | (0.17) | 0.03 | (1.10) | 0.18 | |||||
Net income (loss) per ADS attributable to Ordinary Shareholders - Diluted | (0.17) | 0.03 | (1.10) | 0.17 | |||||
Non-GAAP net income (loss) per ADS attributable to Ambow - Basic | (0.14) | 0.04 | (0.89) | 0.27 | |||||
Non-GAAP net income (loss) per ADS attributable to Ambow - Diluted | (0.14) | 0.04 | (0.89) | 0.25 | |||||
Weighted average number of ADS used in calculating net income and non-GAAP net income (loss) attributable to Ambow per ADS - basic | 72,411,499 | 71,283,488 | 72,411,499 | 71,283,488 | |||||
Weighted average number of ADS used in calculating net income and non-GAAP net income (loss)attributable to Ambow per ADS - diluted | 72,411,499 | 75,425,764 | 72,411,499 | 75,425,764 | |||||
EBITDA (note1) | (7,207) | 7,561 | (45,384) | 47,612 | |||||
Share-based compensation expenses | 2,466 | 1,060 | 15,533 | 6,676 | |||||
Adjusted EBITDA (note2) | (4,741) | 8,621 | (29,851) | 54,288 | |||||
EBITDA margin | (12.1%) | 15.5% | (12.1%) | 15.5% | |||||
Adjusted EBITDA margin | (8.0%) | 17.7% | (8.0%) | 17.7% | |||||
Note1: EBITDA, a non-GAAP measure, being net loss attributable to Ambow excluding interest expense, income tax expenses, depreciation and amortization. The depreciation and amortization in the first quarter of 2011 and 2012 were RMB 27,338 and RMB 34,044, respectively. | |||||||||
Note2: Adjusted EBITDA being EBITDA excluding share based compensation. | |||||||||
