Quarterly results:
New Students Increased by 60.2% Year-over-Year
Average Monthly Enrollments1 Increased by 29.5% Year-over-Year
Net Revenues Increased by 40.4% Year-over-Year
Consumed Class Units Increased by 45.9% Year-over-Year
Full year results:
New Students Increased by 41.3% Year-over-Year
Average Monthly Enrollments1 Increased by 41.2% Year-over-Year
Net Revenues Increased by 39.5% Year-over-Year
Consumed Class Units Increased by 43.3% Year-over-Year
SHANGHAI, Nov. 13, 2019 /PRNewswire/ -- OneSmart International Education Group Limited (NYSE: ONE) ("OneSmart" or the "Company"), a leading premium K-12 after-school education service provider in China, today announced its unaudited financial results for the fourth fiscal quarter and fiscal year ended August 31, 2019.
Highlights for the Fourth Fiscal Quarter Ended August 31, 2019
Highlights for the Fiscal Year Ended August 31, 2019
[1] "Enrollments", for the purpose of calculation, are to a student who takes at least one class for one subject in a certain period is treated as one enrollment in the same period. Under this methodology, a student taking at least one class for each of two subjects in a certain period is treated as two enrollments in the same period. Since we constantly have students enroll, renew or complete their classes in their own individualized schedules. |
Key Financial Results
(In thousands/RMB)
4Q |
4Q |
% of |
||||
Net revenues |
1,311,125 |
933,559 |
40.4% |
|||
Gross profit |
643,992 |
472,276 |
36.4% |
|||
Operating income |
76,359 |
111,006 |
-31.2% |
|||
Non-GAAP operating income |
101,961 |
137,727 |
-26.0% |
|||
Net income attributable to |
47,959 |
82,597 |
-41.9% |
|||
Non-GAAP net income |
73,561 |
109,318 |
-32.7% |
FY2019 |
FY2018 |
% of |
||||
Net revenues |
3,993,873 |
2,862,692 |
39.5% |
|||
Gross profit |
1,921,806 |
1,449,601 |
32.6% |
|||
Operating income |
228,539 |
229,417 |
-0.4% |
|||
Non-GAAP operating income |
300,071 |
375,903 |
-20.2% |
|||
Net income attributable to |
206,073 |
245,936 |
-16.2% |
|||
Non-GAAP net income |
277,605 |
392,422 |
-29.3% |
Mr. Steve Zhang, Chairman and Chief Executive Officer of OneSmart, commented, "We are pleased to conclude fiscal year 2019 with robust topline growth and solid financial and operational results, which demonstrated our strong execution despite very challenging regulatory environment. We further strengthened our position in the premium K-12 after school training market. Strong market demand, our premium brand and services quality, and outstanding operational strength helped us continue to gain market shares. As we move forward to the new fiscal year starting September 2019, we will continue to roll out new premium services to improve customer satisfaction, refine our incentive scheme to better motivate our staff, and optimize our operations to ensure profitable growth.
We are in the midst of a fast-growing and constantly changing industry with both opportunities and challenges lying ahead of us. Going forward, we will continue to invest in OneSmart Online and further enhance our premium services by leveraging online-merge-offline ("OMO") technologies. Fully integrated with our offline services, the recently launched OneSmart Online platform has delivered satisfactory initial operating results. Our new technologies have greatly improved students' learning interest and customer satisfaction. Our goal is to establish OneSmart Online as the largest online based premium education services platform to better serve the high-end demand through both online and offline channels. We believe that our online strategies will help us expand into lower tier cities in the long run."
The following are key highlights during the fourth fiscal quarter of 2019 and our business development for the fiscal year 2020:
OneSmart VIP business (Premium K-12 1-on-1 training services)
HappyMath (Premium young children math education programs)
FasTrack English (Premium young children English education programs)
Mr. Greg Zuo, OneSmart's Director, Chief Financial Officer and Chief Strategic Officer added, "We have once again proven our profitable and replicable business model as we delivered another quarter's strong topline and profitable growth. Our advantages in providing premium education services, lean cost structure and standardized system help drive outstanding economics in our core business, which created substantial entry barriers.
While recording another year of approximately 40% topline growth, we also invested in our future. We have substantially upgraded our education programs with cutting-edge technologies and launched OneSmart Online to better provide premium services to our customers. If excluding the impact of incremental R&D expenses and assuming it grew at the same rate of revenues, our operating margin would have added additional 5.5 percentage points to reach 13.3% for Q4. In addition, we accelerated our capacity expansion during the past two years to establish our national leadership position. We now possess a large portfolio of learning centers in nearly 40 cities in China, laying a solid foundation for future growth and profitability. During fiscal year 2020, we will focus on our core services lines and prioritize the top-20 cities to generate scale and economics. We plan to open much fewer learning centers as we carry out a more balanced capacity expansion plan. We will stick to a highly selective approach in M&A and investments.
We are optimistic about the outlook of our financial positions and profitability in fiscal year 2020 and beyond. With our clear strategy and operational excellence, we are well positioned to create substantial shareholders' value in the years ahead."
Recent Development
CEO's donation of 1.2% of the Company's Shares to a new Employee ESOP plan
In November 2019, the Company's Chairman and CEO Steve Zhang has decided to donate 1.2% of the Company's total share base that he owns to establish a new ESOP incentive scheme called "Superhero Fund" to better motivate the Company's employees who make outstanding contribution to the future development of the Company. The decision was warmly received by the Company's Board of Directors. The donated shares are expected to be allocated and distributed during the fiscal year 2020-2023 time period.
Financial Results for the Fourth Fiscal Quarter Ended August 31, 2019
Net Revenues
Net revenues were RMB1,311.1 million (US$183.3 million), an increase of 40.4% from RMB933.6 million during the same period last year. The increase was mainly attributable to the growth of average monthly enrollments, improved utilization and increased unit prices. Average monthly enrollments increased by 29.5% year-over-year to 158,649.
Operating Costs and Expenses
Operating costs and expenses for the quarter were RMB1,234.8 million (US$172.6 million), an increase of 50.1% from RMB822.6 million during the same period last year. Non-GAAP operating costs and expenses, which excludes share-based compensation expenses, were RMB1,209.2 million (US$169.0 million), an increase of 51.9% from RMB795.8 million during the same period last year.
Total share-based compensation expenses, which were allocated to related operating expenses, were RMB25.6 million (US$3.6 million) in the fourth fiscal quarter of 2019, compared with RMB 26.7 million in the same period of the prior fiscal year.
Operating Income and Operating Margin
Operating income for the quarter was RMB76.4 million (US$10.7 million), a decrease of 31.2% year-over-year from RMB111.0 million in the same period of the prior fiscal year. Non-GAAP operating income, which excludes shared-based compensation, was RMB102.0 million (US$14.3 million), a decrease of 26.0% year-over-year from RMB137.7 million during the same period of the prior fiscal year. The decrease was mainly due to the rise of selling and marketing expenses and general and administrative expenses to comply with new regulatory standards, invest in R&D on new products, and support center openings.
Operating margin for the quarter was 5.8%, compared with 11.9% in the same period of the prior fiscal year. Non-GAAP operating margin was 7.8%, compared with 14.8% during the same period last year. If excluded the financial impact of new centers opened in last 12 months (FY18Q4-FY19Q3), non-GAAP Operating Margin would have been 11.4% for the FY19Q4 quarter.
Other income, which mainly represents government subsidies and other gains, was RMB17.0 million (US$2.4 million), compared with RMB15.5 million during the same period last year.
Income tax expense was RMB31.0 million (US$4.3 million), compared with RMB43.9 million during the same period last year.
Net Income- Attributable to OneSmart
Net income attributable to OneSmart was RMB 48.0 million (US$6.7 million), compared with net income of RMB82.6 million during the same period last year. Non-GAAP net income attributable to OneSmart was RMB73.6 million (US$10.3 million), compared with RMB109.3 million during the same period last year. The decrease was mainly due to the rise of selling and marketing expenses, general and administrative expenses, and interest expenses as a result of the increased balance of bank borrowings.
Capital Expenditures
Capital expenditures for the fourth fiscal quarter of 2019 were RMB76.2 million (US$10.6 million), an increase of RMB11.2 million from RMB65.0 million in the fourth fiscal quarter of 2018. The increase was mainly due to the payments of leasehold improvements.
Financial Position
As of August 31, 2019, the Company had cash and cash equivalents of RMB1,377.4 million (US$192.5 million) and short-term investments of RMB454.4 million (US$63.5 million).
OneSmart's prepayments from customers balance, which represents cash collected from enrolled students for courses and recognized proportionately as the training sessions are delivered, was RMB2,161.9 million (US$302.2 million) at the end of the fourth fiscal quarter of 2019, an increase of 8.5% from RMB1,991.6 million at the end of the fourth fiscal quarter of 2018.
Cash Flow
Net cash provided by operating activities in the fourth fiscal quarter of 2019 was RMB155.2 million (US$21.7 million).
Net cash used in investing activities in the fourth fiscal quarter of 2019 was RMB51.0 million (US$7.1 million).
Net cash used in financing activities in the fourth fiscal quarter of 2019 was RMB93.5 million (US$13.1 million).
Financial Results for Fiscal Year Ended August 31, 2019
For fiscal year 2019, OneSmart reported net revenues of RMB3,993.9 million (US$558.2 million), representing a 39.5% increase year-over-year.
Average monthly enrollments in fiscal year 2019 increased by 41.2% to approximately 158,346.
Operating costs and expenses for fiscal year 2019 were RMB3,765.3 million (US$526.3 million), a 43.0% increase year-over-year. Non-GAAP operating costs and expenses for fiscal year 2019, which excluded share-based compensation expenses, were RMB3,693.8 million (US$516.3 million), representing a 48.5% increase year-over-year.
Cost of revenues increased by 46.6% year-over-year to RMB2,072.1 million (US$289.6 million).
Selling and marketing expenses increased by 38.3% year-over-year to RMB 816.7 million (US$114.1 million). Non-GAAP selling and marketing expenses, which excludes share-based compensation expenses, were RMB815.8 million (US$114.0 million), an increase of 38.6% from RMB588.5 million during the same period last year.
General and administrative expenses increased by 39.2% year-over-year to RMB876.6 million (US$122.5 million). Non-GAAP general and administrative expenses, which excludes share-based compensation, were RMB806.0 million (US$112.7 million), an increase of 66.1% from RMB485.2 million during the same period last year.
Operating income for the fiscal year 2019 was RMB228.5 million (US$31.9 million), representing a 0.4% decrease year-over-year. Non-GAAP operating income for fiscal year 2019 was RMB300.1 million (US$41.9 million), representing a 20.2% decrease year-over-year.
Operating margin for fiscal year 2019 was 5.7%, compared to 8.0% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses for fiscal year 2019, was 7.5%, compared to 13.1% for the same period of the prior fiscal year.
Net income attributable to OneSmart for fiscal year 2019 was RMB206.1 million (US$28.8 million), representing a 16.2% decrease year-over-year. Non-GAAP net income attributable to OneSmart for fiscal year 2019 was RMB277.6 million (US$38.8 million), representing a 29.3% decrease year-over-year.
Outlook for Fiscal Year 2020
Based on our current estimates, net revenues for fiscal year 2020 are expected to be between RMB4,992.3 million (US$697.8 million) and RMB5,192.0 million (US$725.7 million), an increase of 25% to 30% from fiscal year 2019. This outlook represents OneSmart's current and preliminary view, which is subject to change.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at the noon buying rate on Aug 31, 2019, as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System, which was RMB7.1543 to US$1.00.
Conference Call Information
OneSmart's management will hold an earnings conference call at 8:00 AM on November 13, 2019, U.S. Eastern Time (9:00 PM on the same day Beijing/Hong Kong Time).
Dial-in numbers for the live conference call are as follows:
International |
1-412-902-4272 |
Mainland China |
4001-201-203 |
US |
1-888-346-8982 |
Hong Kong |
800-905-945 |
Passcode |
OneSmart |
A telephone replay of the call will be available after the conclusion of the conference call through November 20, 2019.
Dial-in numbers for the replay are as follows:
International Dial-in |
1-412-317-0088 |
U.S. Toll Free |
1-877-344-7529 |
Passcode: |
10130364 |
Additionally, a live and archived webcast of this conference call will be available at http://www.onesmart.investorroom.com/.
About OneSmart
Founded in 2008 and headquartered in Shanghai, OneSmart International Education Group Limited is a leading premium K-12 education company in China. Since commencement of our business, our vision is to build the most trusted "Third Classroom" outside of home and school and our mission is to bring out the utmost learning power in each student by cultivating his or her study motivation, capability and perseverance, and enable our students to pursue their life-long success. Our company culture is centered on the core values of customer focus, execution, innovation and teamwork.
The Company has built a comprehensive premium K-12 education platform that encompasses OneSmart VIP business (Premium K-12 1-on-1 training services), HappyMath (Premium math education programs), and FasTrack English (Premium English education programs). As of August 31, 2019, OneSmart operates a nationwide network of 432 learning centers across 35 cities in China.
For more information on OneSmart, please visit http://www.onesmart.investorroom.com.
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. OneSmart 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 statements about OneSmart's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that 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: OneSmart's goals and strategies; its future business development, financial condition and results of operations; its ability to continue to penetrate premium K-12 after-school education services market; diversify and enrich our education offerings; enhance the development and management of our teacher team and teaching materials; competition in our industry in China; its ability to maintain and expand online education presence; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect our students' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company'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 OneSmart does not undertake any obligation to update such information, except as required under applicable law.
Non-GAAP Financial Measures
In evaluating its business, OneSmart considers and uses the following measures defined as non-GAAP financial measures by the SEC as supplemental metrics to review and assess its operating performance: non-GAAP operating costs and expenses, non-GAAP selling and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income, non-GAAP net income attributable to OneSmart. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. 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 table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
OneSmart believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. OneSmart believes that both management and investors benefit from 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 OneSmart's historical performance and liquidity. OneSmart computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. OneSmart 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. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. 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 between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
For more information, please contact:
OneSmart
Ms. Rebecca Shen
+86-21-5255-9339 ext. 8139
E-mail: ir@onesmart.org
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Amounts in thousands) |
||||||
As of |
As of |
As of |
||||
August 31, |
August 31, |
August 31, |
||||
2018 |
2019 |
2019 |
||||
RMB |
RMB |
US$ |
||||
(Audited) |
(Unaudited) |
(Unaudited) |
||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
1,410,747 |
1,377,448 |
192,534 |
|||
Short-term investments |
815,854 |
454,426 |
63,518 |
|||
Prepayments and other current assets |
252,964 |
578,787 |
80,900 |
|||
Total current assets |
2,479,565 |
2,410,661 |
336,952 |
|||
Non-current assets: |
||||||
Property and equipment, net |
449,990 |
567,987 |
79,391 |
|||
Intangible assets, net |
112,119 |
168,622 |
23,569 |
|||
Long-term investments |
484,103 |
1,487,638 |
207,936 |
|||
Goodwill |
372,077 |
815,052 |
113,925 |
|||
Deferred tax assets |
37,455 |
91,666 |
12,813 |
|||
Amounts due from related parties |
16,500 |
18,750 |
2,621 |
|||
Other non-current assets |
251,118 |
510,697 |
71,383 |
|||
Total non-current assets |
1,723,362 |
3,660,412 |
511,638 |
|||
Total assets |
4,202,927 |
6,071,073 |
848,590 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
Current liabilities: |
||||||
Short-term loan (including short-term loan of the consolidated VIEs |
- |
249,876 |
34,927 |
|||
Long-term loan, current portion (including long-term loan, current |
45,000 |
71,820 |
10,039 |
|||
Accrued expenses and other current liabilities (including accrued |
579,533 |
816,392 |
114,110 |
|||
Income taxes payable (including income taxes payable of the |
45,291 |
91,296 |
12,761 |
|||
Prepayments from customers (including prepayments from customers of |
1,991,647 |
2,161,850 |
302,175 |
|||
Total current liabilities |
2,661,471 |
3,391,234 |
474,012 |
|||
Non-current liabilities: |
||||||
Deferred tax liabilities (including deferred tax liabilities of the |
23,528 |
55,541 |
7,763 |
|||
Long-term loan (including long-term loan of the consolidated VIEs |
405,000 |
1,345,754 |
188,104 |
|||
Unrecognized tax benefit (including liability for unrecognized tax |
17,685 |
29,630 |
4,142 |
|||
Other non-current liabilities (including other non-current liabilities |
- |
91,441 |
12,781 |
|||
Total non-current liabilities |
446,213 |
1,522,366 |
212,790 |
|||
Total liabilities |
3,107,684 |
4,913,600 |
686,802 |
|||
Commitments and contingencies |
||||||
Shareholders' equity: |
||||||
Class A ordinary shares (US$0.000001 par value; 37,703,157,984 shares |
26 |
26 |
4 |
|||
Class B ordinary shares (US$0.000001 par value; 2,296,842,016 and |
16 |
16 |
2 |
|||
Treasury stock |
- |
(203,760) |
(28,481) |
|||
Additional paid-in capital |
5,426,503 |
5,501,992 |
769,047 |
|||
Statutory reserves |
4,272 |
7,080 |
990 |
|||
Accumulated deficits |
(4,535,042) |
(4,339,449) |
(606,551) |
|||
Accumulated other comprehensive income |
128,900 |
126,445 |
17,674 |
|||
Total OneSmart International Education Group Limited shareholders' |
1,024,675 |
1,092,350 |
152,685 |
|||
Non-controlling interests |
70,568 |
65,123 |
9,103 |
|||
Total shareholders' equity |
1,095,243 |
1,157,473 |
161,788 |
|||
Total liabilities, non-controlling interests and shareholders' equity |
4,202,927 |
6,071,073 |
848,590 |
|||
- |
- |
- |
||||
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
||||||||||||
(Amounts in thousands) |
||||||||||||
For the three months ended |
For the year ended |
|||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
(Unaudited) |
|||||||
Net revenues |
933,559 |
1,311,125 |
183,264 |
2,862,692 |
3,993,873 |
558,248 |
||||||
Cost of revenues |
(461,283) |
(667,133) |
(93,249) |
(1,413,090) |
(2,072,067) |
(289,625) |
||||||
Gross profit |
472,276 |
643,992 |
90,015 |
1,449,602 |
1,921,806 |
268,623 |
||||||
Operating expenses: |
||||||||||||
Selling and marketing (Note 1) |
(193,788) |
(259,915) |
(36,330) |
(590,589) |
(816,658) |
(114,149) |
||||||
General and administrative (Note 1) |
(167,482) |
(307,718) |
(43,012) |
(629,596) |
(876,609) |
(122,529) |
||||||
Total operating expenses |
(361,270) |
(567,633) |
(79,342) |
(1,220,185) |
(1,693,267) |
(236,678) |
||||||
Operating income |
111,006 |
76,359 |
10,673 |
229,417 |
228,539 |
31,945 |
||||||
Interest income |
2,245 |
12,050 |
1,684 |
23,824 |
28,812 |
4,027 |
||||||
Interest expense |
(5,051) |
(20,596) |
(2,879) |
(18,660) |
(60,637) |
(8,476) |
||||||
Other income |
15,470 |
17,042 |
2,382 |
89,320 |
82,836 |
11,578 |
||||||
Other expenses |
(1,345) |
(14,908) |
(2,084) |
(4,428) |
(15,738) |
(2,200) |
||||||
Foreign exchange (loss)/gains |
(1,375) |
386 |
54 |
(1,168) |
(138) |
(19) |
||||||
Income before income tax and share of |
120,950 |
70,333 |
9,830 |
318,305 |
263,674 |
36,855 |
||||||
Income tax expense |
(43,873) |
(31,017) |
(4,335) |
(108,479) |
(108,441) |
(15,157) |
||||||
Income before share of net (loss)/income from |
77,077 |
39,316 |
5,495 |
209,826 |
155,233 |
21,698 |
||||||
Share of net (loss)/income from equity investees |
(2,337) |
(19,860) |
(2,776) |
4,630 |
(28,325) |
(3,959) |
||||||
Net income |
74,740 |
19,456 |
2,719 |
214,456 |
126,908 |
17,739 |
||||||
Add: Net loss attributable to non-controlling |
7,857 |
28,503 |
3,984 |
31,480 |
79,165 |
11,065 |
||||||
Net income attributable to OneSmart's |
82,597 |
47,959 |
6,703 |
245,936 |
206,073 |
28,804 |
||||||
Note 1: Share-based compensation expenses are included in the operating costs and expenses as follows: |
||||||||||||
For the three months ended |
For the year ended |
|||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
(Unaudited) |
|||||||
Selling and marketing |
316 |
(16) |
(2) |
2,113 |
906 |
127 |
||||||
General and administrative |
26,405 |
25,618 |
3,581 |
144,373 |
70,626 |
9,872 |
||||||
Total |
26,721 |
25,602 |
3,579 |
146,486 |
71,532 |
9,999 |
||||||
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS) |
||||||||||||
(Amounts in thousands) |
||||||||||||
For the three months ended |
For the year ended |
|||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
(Unaudited) |
|||||||
Net income |
74,740 |
19,456 |
2,719 |
214,456 |
126,908 |
17,739 |
||||||
Other comprehensive income： |
||||||||||||
Unrealized (loss)/gain on available-for-sale investments, net of tax |
(489) |
(75,662) |
(10,576) |
23,319 |
(26,022) |
(3,637) |
||||||
Foreign currency translation adjustment |
80,940 |
(1,032) |
(144) |
86,457 |
1,181 |
165 |
||||||
Comprehensive income/(loss) |
155,191 |
(57,238) |
(8,001) |
324,232 |
102,067 |
14,267 |
||||||
Add: Comprehensive loss attributable to non- |
7,857 |
28,503 |
3,984 |
31,480 |
79,165 |
11,065 |
||||||
Comprehensive income/(loss) attributable to |
163,048 |
(28,735) |
(4,017) |
355,712 |
181,232 |
25,332 |
||||||
ONESMART INTERNATIONAL EDUCATION GROUP LIMITED |
||||||||||||
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures |
||||||||||||
(Amounts in thousands) |
||||||||||||
For the three months ended |
For the year ended |
|||||||||||
2018 |
2019 |
2019 |
2018 |
2019 |
2019 |
|||||||
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
(Unaudited) |
(Unaudited) |
|||||||
Selling and marketing expenses |
193,788 |
259,915 |
36,330 |
590,589 |
816,658 |
114,149 |
||||||
Share-based compensation expense in selling and |
316 |
(16) |
(2) |
2,113 |
906 |
127 |
||||||
Non-GAAP selling and marketing expenses |
193,472 |
259,931 |
36,332 |
588,476 |
815,752 |
114,022 |
||||||
General and administrative expenses |
167,482 |
307,718 |
43,012 |
629,596 |
876,609 |
122,529 |
||||||
Share-based compensation expense in general and administrative expenses |
26,405 |
25,618 |
3,581 |
144,373 |
70,626 |
9,872 |
||||||
Non-GAAP general and administrative expenses |
141,077 |
282,100 |
39,431 |
485,223 |
805,983 |
112,657 |
||||||
Operating costs and expenses |
822,553 |
1,234,766 |
172,591 |
2,633,275 |
3,765,334 |
526,303 |
||||||
Share-based compensation expense in operating |
26,721 |
25,602 |
3,579 |
146,486 |
71,532 |
9,999 |
||||||
Non-GAAP operating costs and expenses |
795,832 |
1,209,164 |
169,012 |
2,486,789 |
3,693,802 |
516,304 |
||||||
Operating income |
111,006 |
76,359 |
10,673 |
229,417 |
228,539 |
31,945 |
||||||
Share-based compensation expenses |
26,721 |
25,602 |
3,579 |
146,486 |
71,532 |
9,999 |
||||||
Non-GAAP operating income |
137,727 |
101,961 |
14,252 |
375,903 |
300,071 |
41,944 |
||||||
Net income attributable to OneSmart's shareholders |
82,597 |
47,959 |
6,703 |
245,936 |
206,073 |
28,804 |
||||||
Share-based compensation expenses |
26,721 |
25,602 |
3,579 |
146,486 |
71,532 |
9,999 |
||||||
Non-GAAP net income attributable to OneSmart |
109,318 |
73,561 |
10,282 |
392,422 |
277,605 |
38,803 |
||||||
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