BEIJING, March 21, 2019 /PRNewswire/ -- RYB Education, Inc. ("RYB" or the "Company") (NYSE: RYB), a leading early childhood education service provider in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2018.
Fourth Quarter 2018 Operational and Financial Summary
Full Year 2018 Financial Summary
Subsequent Events
"In many respects, 2018 was a challenging year, but our fourth quarter results demonstrated the early benefits of our decisive steps to stabilize our business with a razor-sharp focus on security and safety of our children and our unrelenting pursuit of higher quality educational services," said Ms. Yanlai Shi, Co-founder, Director and Chief Executive Officer of RYB. "With a multitude of policies related to the kindergarten and private education industry released in 2018, we supported such policies and took decisive steps, at times proactively, to adjust our kindergarten operations according to those requirements to achieve greater social benefits. Additionally, we have also taken measures to expand our product and service offerings to provide a more comprehensive assortment of early childhood education services including play-and-learn services for parents to bond better with their children; kindergarten-related curriculum, content, training, management and other advisory services; and other newly developed products and services. All of these position us well for diversified long-term growth."
"As we look to 2019, we will continue to work with the government to support policies related to early childhood education. We remain fully committed to the government initiatives aimed at making kindergarten services affordable and broadly accessible while keeping the quality of education and the safety and security of students as priority," Ms. Shi continued. "It is through this cooperation that we will be well positioned to evolve our diversified offering to continue to nurture and inspire each child to realize his or her full potential. We firmly believe in the value of our differentiated, high-quality early childhood education services and the familial and societal benefit they bring, including shareholder value."
Ms. Ping Wei, Chief Financial Officer of RYB added, "We concluded 2018 with steady growth in the fourth quarter with net revenues increasing 15.2% to $45.0 million, year-over-year. Net revenues exceeded our expectations, and we returned to profitability in the fourth quarter on the non-GAAP basis. Our results were driven by steady enrollment growth, increase in average student payments in our directly operated kindergartens and more products sold in the quarter."
"As we enter 2019, in alignment with the evolving regulatory environment, our objective is to strike a balance between growth and profitability as well as between focus and diversification. While policy-related adjustments to some of our directly operated kindergartens could negatively impact our near-term margin, we remain committed to investing in differentiated premium-quality kindergarten services for our children, as we believe such investments will pay off in the long term. In addition, our recent investments to diversify revenue streams, both through the development of new products and services and through our strategic acquisitions to expand our geographic reach, will help generate additional revenue and eventually profitability. All initiatives position us well for the future," Ms. Wei concluded. "Our balance sheet remains strong, and we intend to implement cost management initiatives to maintain healthy profitability as we leverage our well-diversified network to deliver solid returns to our shareholders over the long run."
Fourth quarter 2018 Financial Results
Net Revenues
Net revenues for the fourth quarter of 2018 increased by 15.2% to $45.0 million, from $39.1 million for the same quarter of 2017.
Service revenues for the fourth quarter of 2018 increased by 10.7% to $38.5 million, from $34.8 million for the same quarter of 2017. The increase was primarily due to an increase in the number of students enrolled in the Company's directly operated kindergartens and increased tuition fees due to a student-mix shift. The increase was partially offset by the decrease in franchise services revenue related to the pausing of the kindergarten franchise program, a temporary suspension of the Company's play-and-learn franchise expansion during the first half of 2018 as well as lower revenue generated from existing franchisees due to a one-off fee reduction for part of 2018, all of which affected revenue in the quarter.
Product revenues for the fourth quarter of 2018 increased by 51.9% to $6.5 million, from $4.3 million for the same quarter of 2017. The increase was primarily due to the delivery of products related to new courses offered to the Company's franchisees and an increase in the amount of merchandise sold through the Company's franchise network.
Cost of Revenues
Cost of revenues for the fourth quarter of 2018 was $37.1 million, a 17.5% increase from $31.6 million for the same quarter of 2017. Cost of revenues for services for the fourth quarter of 2018 was $33.6 million, compared with $29.3 million for the same quarter of 2017. The increase was primarily due to a planned increase in staff compensation at the Company's directly operated kindergartens and higher operating cost, such as rental and material consumption as the Company continued to moderately expand its kindergarten facilities network. Cost of products revenues for the fourth quarter of 2018 was $3.5 million, compared with $2.3 million for the same quarter of 2017. The increase was generally in line with the increase in products revenue.
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2018 increased by 5.7% to $7.9 million, compared with $7.5 million for the same quarter of 2017.
Gross margin for the fourth quarter of 2018 was 17.6%, compared with 19.1% for the same quarter last year. The decrease in gross margin was primarily due to decreased franchise fee revenue and the increase in staff compensation and operating costs at directly operated kindergartens.
Operating Expenses
Total operating expenses for the fourth quarter of 2018 were $8.0 million, comparable with $7.6 million for the same quarter of 2017. Excluding share-based compensation expenses, operating expenses were $6.8 million, an increase of 13.3% from $6.0 million for the fourth quarter of 2017.
Selling expenses for the fourth quarter of 2018 were $0.7 million, compared with $0.5 million for the same quarter of 2017.
General and administrative ("G&A") expenses for the fourth quarter of 2018 were $7.3 million, a 3.3% increase from $7.1 million for the same quarter of 2017. Excluding share-based compensation expenses, G&A expenses were $6.1 million for the fourth quarter of 2018, as compared with $5.5 million for the same quarter of 2017. The share-based compensation expenses included in G&A expenses were $1.2 million for the fourth quarter of 2018.
Operating Income/loss
Operating loss for the fourth quarter of 2018 was $0.1 million, compared with $0.2 million for the same quarter last year. Adjusted operating income[2] was $1.1 million for the fourth quarter of 2018, compared with $1.5 million for the same quarter of 2017.
Net Income/loss
Net income attributable to ordinary shareholders of RYB for the fourth quarter of 2018 was $0.6 million, compared with $0.2 million for the same quarter of 2017. Adjusted net income attributable to ordinary shareholders of RYB, which excludes the impact of $1.2 million of share-based compensation expense and $0.7 million decrease in redeemable non-controlling interests for the fourth quarter of 2018, was $1.1 million, compared with $1.9 million for the same quarter of 2017.
Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders of RYB for the fourth quarter of 2018 were both $0.02, compared to basic and diluted net income per ADS attributable to ordinary shareholders of RYB of $0.01, for the same quarter of 2017. Each ADS represents one Class A ordinary share.
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders[3] of RYB for the fourth quarter of 2018 were $0.04 and $0.03, respectively, compared with $0.06 and $0.06 for the same quarter of 2017.
EBITDA[4] for the fourth quarter of 2018 was $4.3 million, compared with $2.3 million for the same period of 2017. Adjusted EBITDA[5] for the fourth quarter of 2018 was $5.5 million, compared with $3.9 million for the same quarter of 2017.
Operating Cash Flow
Cash used in operating activities was $9.5 million during the fourth quarter of 2018, compared with $15.0 million of outflow from operating activities during the fourth quarter of 2017. The decrease in cash outflow was primarily due to the pay-out of IPO related disbursements and one-off refunds to contracted and potential franchisees in the same period of 2017.
Full Year of 2018 Financial Results
Net Revenues
Net revenues for the full year of 2018 were $156.5 million, compared with $140.8 million for 2017.
Services revenues for the full year of 2018 were $139.2 million, compared with $122.9 million for 2017. The increase was mainly related to the increase in kindergarten revenue as the number of students enrolled increased. Franchise services revenue remained stable as revenue increased due to the recognition of initial franchise fee revenue over the service period as the Company adopted Topic 606 "Revenue from Contracts with Customers" (ASC 606) applying the modified retrospective method to franchise contracts not completed as of January 1, 2018. This increase was offset by reduced revenue due to the pausing of the kindergarten franchise program, the temporary suspension of play-and-learn franchise expansion during the first half of 2018 as well as lower revenue generated from existing franchisees related to a one-off fee reduction at the beginning of 2018.
Products revenues for the full year of 2018 were $17.3 million, compared with $17.9 million for 2017.
Cost of Revenues
Cost of revenues for the full year of 2018 was $130.9 million, compared with $111.3 million for 2017. Cost of services revenues for the full year of 2018 was $121.5 million, compared with $101.5 million for 2017. The increase was primarily due to a planned increase in staff compensation at the Company's directly operated kindergartens and higher operating cost, such as rental and material consumption as the Company continued to moderately expand its kindergarten facilities network. Cost of products revenues for the full year of 2018 was $9.3 million, compared with $9.8 million for 2017.
Gross Profit and Gross Margin
Gross profit for the full year of 2018 was $25.6 million, compared with $29.5 million for 2017.
Gross margin for the full year of 2018 was 16.4%, compared with 21.0% for 2017.
Operating Expenses
Total operating expenses for the full year of 2018 were $28.7 million, compared with $20.2 million for 2017. Excluding share-based compensation expenses, operating expenses were $22.1 million, compared with $16.3 million for 2017.
Selling expenses were $2.2 million for the full year of 2018, compared with $1.8 million for 2017.
G&A expenses for the full year of 2018 were $26.4 million, compared with $18.4 million for 2017. Excluding share-based compensation expenses, G&A expenses were $19.9 million for the full year of 2018, a 36.3% increase from $14.6 million for 2017. The increase in G&A expenses excluding share-based compensation expenses was primarily due to higher payroll expenses and additional expenses incurred in professional service fees.
Operating Income/loss
Operating loss for the full year of 2018 was $3.0 million, compared to operating income of $9.3 million for 2017. Adjusted operating income for 2018 was $3.7 million, compared with $13.3 million for 2017.
Net Income/loss
Net loss attributable to ordinary shareholders of RYB for the full year of 2018 was $1.8 million, compared to net income attributable to ordinary shareholders of RYB of $7.1 million for 2017. Adjusted net income attributable to ordinary shareholders of RYB, which excludes the impact of share-based compensation expenses and accretion of redeemable non-controlling interests, for the full year of 2018 was $5.1 million, compared with $11.1 million for 2017.
Basic and diluted net losses per ADS attributable to ordinary shareholders of RYB for the full year of 2018 were both $0.06 compared to basic and diluted net income per ADS attributable to ordinary shareholders of RYB of $0.29 and $0.27, respectively, for 2017. Each ADS represents one Class A ordinary share.
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders of RYB for the full year of 2018 were $0.18 and $0.16, respectively, compared with $0.45 and $0.42, respectively, for 2017.
EBITDA for the full year of 2018 was $8.8 million, compared with $16.5 million for 2017. Adjusted EBITDA for 2018 was $15.6 million, compared with $20.4 million for 2017.
Balance Sheet
As of December 31, 2018, the Company had total cash and cash equivalents of $104.1 million, compared with $158.7 million as of December 31, 2017. The decrease in cash balance was primarily driven by acquisition related payments of $41.5 million, capital expenditures of $11.5 million.
Outlook
For the first quarter of 2019, the Company's management currently expects:
- Net revenues to be between $33.0 million and $34.5 million, representing a year-over-year increase of approximately 15.0% to 20.0%.
For the full year of 2019, the Company's management currently expects:
- Net revenues to be between $180.5 million and $191.5 million, representing a year-over-year increase of approximately 15.0% to 22.0%.
The above outlook is based on the current market conditions and reflects the Company management's current and preliminary estimates of market and operating conditions, customer demand and foreign exchange environment, which are all subject to change. The above outlook excludes revenue consideration of the Company's pending acquisition of a leading Singapore-based private childhood education group, as announced February 5, 2019.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, March 21, 2019 (8:00 p.m. Beijing Time on March 21, 2019) to discuss financial results and answer questions from investor and analysts. Listeners may access the call by dialing:
United States (toll free): |
1-888-317-6003 |
International: |
1-412-317-6061 |
China (toll free): |
400-120-6115 |
Hong Kong (toll free): |
800-963-976 |
Participants Elite Entry Number: |
5356184 |
Participants should dial-in at least 10-15 minutes before the scheduled start time and ask to be connected to the RYB Education, Inc. conference call.
A telephone replay will be available approximately one hour after the call until March 28, 2019 by dialing:
United States (toll free): |
1-877-344-7529 |
International: |
1-412-317-0088 |
Replay Access Code: |
10129617 |
Additionally, a live and archived webcast of the conference call will be available at http://ir.rybbaby.com.
About RYB Education, Inc.
Founded on the core values of "Care" and "Responsibility", "Inspire" and "Innovate," RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide high-quality, individualized and age-appropriate care and education to nurture and inspire each child for his or her betterment in life. During its two decades of operating history, the Company has built "RYB" into a well-recognized education brand and helped bring about many new educational practices in China's early childhood education industry. RYB's comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services.
For more information, please visit http://ir.rybbaby.com
Use of Non-GAAP Financial Measures
We use EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
EBITDA is defined as net income excluding depreciation, amortization, interest expenses, and income tax expenses; adjusted EBITDA is defined as net income excluding depreciation, amortization, interest expenses, income tax expenses, and share-based compensation expenses; adjusted operating income is defined as operating income excluding share-based compensation expenses; adjusted net income attributable to ordinary shareholders is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses and accretion of redeemable non-controlling interests; and adjusted basic and diluted net income per ADS attributable to ordinary shareholders are defined as basic and diluted net income per ADS attributable to ordinary shareholders excluding share-based compensation expenses and accretion of redeemable non-controlling interests.
We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income from operations and net income. We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical Adjusted financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of 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. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's brand recognition and market reputation; student enrollment in the Company's teaching facilities; the Company's growth strategies; its future business development, results of operations and financial condition; trends and competition in China's early childhood education market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese early childhood education market; Chinese governmental policies relating to the Company's industry and general economic conditions in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
RYB Education, Inc.
|Investor Relations
Tel: 86-10-8767-5752
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: ryb@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
[1] |
Adjusted net income (loss) attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses and accretion of redeemable non-controlling interests. |
[2] |
Adjusted operating income is a non-GAAP financial measure, which is defined as operating income excluding share-based compensation expenses. |
[3] |
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as basic and diluted net income per ADS attributable to ordinary shareholders excluding share-based compensation expenses and accretion of redeemable non-controlling interest. |
[4] |
EBITDA is defined as net income excluding depreciation, amortization and income tax expenses. |
[5] |
Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income excluding depreciation, amortization, interest expenses, income tax expenses, and share-based compensation expenses. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(in thousands of U.S. dollars) |
|||
As of |
|||
December 31, |
December 31, |
||
Current assets: |
|||
Cash and cash equivalents |
104,084 |
158,691 |
|
Accounts receivable, net |
876 |
901 |
|
Inventories |
4,811 |
3,549 |
|
Prepaid expenses and other current assets |
16,758 |
9,541 |
|
Amounts due from related parties |
- |
126 |
|
Total current assets |
126,529 |
172,808 |
|
Non-current assets: |
|||
Restricted cash |
746 |
543 |
|
Property, plant and equipment, net |
45,896 |
40,163 |
|
Acquired intangible assets |
4,491 |
- |
|
Goodwill |
25,096 |
428 |
|
Long-term investments |
4,369 |
256 |
|
Deferred tax assets |
16,195 |
12,430 |
|
Available-for-sale security |
436 |
- |
|
Other non-current assets |
4,027 |
3,110 |
|
Loan receivables |
15,670 |
- |
|
Total assets |
243,455 |
229,738 |
|
Liabilities |
|||
Current liabilities: |
|||
Prepayments from customers, current portion(including prepayments from customers of the consolidated VIEs without recourse to the Group of $6,647 and $11,962 as of December 31, 2018 and 2017, respectively) |
6,647 |
11,968 |
|
Accrued expenses and other current liabilities(including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of $54,443 and $48,123 as of December 31, 2018 and 2017, respectively) |
60,429 |
51,854 |
|
Income taxes payable(including income taxes payable of the consolidated VIEs without recourse to the Group of $11,298 and $10,125 as of December 31, 2018 and 2017, respectively) |
11,685 |
10,534 |
|
Deferred revenue, current portion(including deferred revenue of the consolidated VIEs without recourse to the Group of $29,578 and $22,327 as of December 31, 2018 and 2017, respectively) |
29,578 |
22,666 |
|
Total current liabilities |
108,339 |
97,022 |
|
Non-current liabilities: |
|||
Prepayments from customers, non-current portion (including prepayments from customers of the consolidated VIEs without recourse to the Group of $3,582 and $8,542 as of December 31, 2018 and 2017, respectively) |
3,582 |
8,542 |
|
Deferred revenue, non-current portion (including deferred revenue of the consolidated VIEs without recourse to the Group of $5,567 and $8,505 as of December 31, 2018 and 2017, respectively) |
6,915 |
10,396 |
|
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to the Group of $8,541 and $8,484 as of December 31, 2018 and 2017, respectively) |
8,541 |
8,484 |
|
Deferred income tax liabilities(including deferred income tax liabilities of the consolidated VIEs without recourse to the Group of $1,110 and nil as of December 31, 2018 and 2017, respectively) |
1,110 |
- |
|
Total liabilities |
128,487 |
124,444 |
|
Mezzanine equity |
1,628 |
- |
|
Redeemable non-controlling interests |
|||
Equity |
|||
Ordinary shares |
29 |
29 |
|
Additional paid-in capital |
135,881 |
129,134 |
|
Statutory reserve |
3,362 |
2,678 |
|
Accumulated other comprehensive income |
(122) |
783 |
|
Accumulated deficit |
(30,421) |
(28,879) |
|
Total RYB Education, Inc. shareholders' equity |
108,729 |
103,745 |
|
Non-controlling interest |
4,611 |
1,549 |
|
Total equity |
113,340 |
105,294 |
|
Total liabilities, mezzanine equity and total equity |
243,455 |
229,738 |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
Three Months Ended |
Year Ended |
|||
2018 |
2017 |
2018 |
2017 |
|
Net revenues: |
||||
Services |
38,463 |
34,755 |
139,216 |
122,869 |
Products |
6,541 |
4,306 |
17,282 |
17,934 |
Total net revenues |
45,004 |
39,061 |
156,498 |
140,803 |
Cost of revenues: |
||||
Services |
33,573 |
29,292 |
121,549 |
101,522 |
Products |
3,531 |
2,292 |
9,315 |
9,755 |
Total cost of revenues |
37,104 |
31,584 |
130,864 |
111,277 |
Gross profit |
7,900 |
7,477 |
25,634 |
29,526 |
Operating expenses |
||||
Selling Expenses |
696 |
536 |
2,233 |
1,774 |
General and administrative |
7,338 |
7,106 |
26,428 |
18,418 |
Total operating expenses |
8,034 |
7,642 |
28,661 |
20,192 |
Operating income/(loss) |
(134) |
(165) |
(3,027) |
9,334 |
Interest income |
644 |
435 |
2,147 |
563 |
Government subsidy income |
299 |
443 |
683 |
863 |
Gain/(loss) on disposal of subsidiaries |
1,233 |
- |
1,234 |
(168) |
Income before income taxes |
2,042 |
713 |
1,037 |
10,592 |
Less: Income tax expense |
1,907 |
486 |
2,459 |
3,812 |
Income/(loss) before loss in equity method investments |
135 |
227 |
(1,422) |
6,780 |
Loss from equity method investment |
(67) |
(117) |
(291) |
(239) |
Net income/(loss) |
68 |
110 |
(1,713) |
6,541 |
Less: Net income /(loss) attributable to non-controlling interest |
226 |
(89) |
(93) |
(574) |
Increase/(decrease) in redeemable non-controlling interest |
(716) |
- |
169 |
- |
Net income/(loss) attributable to ordinary shareholders of RYB |
558 |
199 |
(1,789) |
7,115 |
Net income /(loss) per share attributable to ordinary shareholders of RYB Education, Inc. |
||||
Basic |
0.02 |
0.01 |
(0.06) |
0.29 |
Diluted |
0.02 |
0.01 |
(0.06) |
0.27 |
Net income /(loss) per ADS attributable to ordinary shareholders of RYB Education, Inc. (Note 1) |
||||
Basic |
0.02 |
0.01 |
(0.06) |
0.29 |
Diluted |
0.02 |
0.01 |
(0.06) |
0.27 |
Weighted average shares used in calculating net income/(loss) per ordinary share |
||||
Basic |
29,213,801 |
29,213,801 |
29,213,801 |
24,735,445 |
Diluted |
30,874,121 |
31,678,204 |
29,213,801 |
26,566,657 |
Note 1: Each ADS represents one Class A ordinary share. |
||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||
(in thousands of U.S. dollars) |
||||
Three Months Ended |
Year Ended December 31, |
|||
2018 |
2017 |
2018 |
2017 |
|
Net income/(loss) |
68 |
110 |
(1,713) |
6,541 |
Other comprehensive income/(loss), net of tax of nil: |
||||
Change in cumulative foreign currency translation adjustments |
1,458 |
115 |
(983) |
410 |
Total comprehensive income/(loss) |
1,526 |
225 |
(2,696) |
6,951 |
Less: Comprehensive income/(loss) attributable to non-controlling interest |
430 |
(120) |
(171) |
(566) |
Comprehensive income/(loss) attributable to RYB Education, Inc. |
1,096 |
345 |
(2,525) |
7,517 |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS (in thousands of U.S. dollars, except share, ADS, per share and per ADS data) |
||||
Three Months Ended December 31, |
Year Ended December 31, |
|||
2018 |
2017 |
2018 |
2017 |
|
Operating income/(loss) |
(134) |
(165) |
(3,027) |
9,334 |
Share-based compensation expenses |
1,211 |
1,654 |
6,747 |
3,990 |
Adjusted operating income |
1,077 |
1,489 |
3,720 |
13,324 |
Net income/(loss) attributable to ordinary shareholders of RYB Education, Inc. |
558 |
199 |
(1,789) |
7,115 |
Increase/(decrease) in redeemable non-controlling interest |
(716) |
- |
169 |
|
Share-based compensation expenses |
1,211 |
1,654 |
6,747 |
3,990 |
Adjusted net income attributable to ordinary shareholders of RYB Education, Inc. |
1,053 |
1,853 |
5,127 |
11,105 |
Net income/(loss) |
68 |
110 |
(1,713) |
6,541 |
Add: Income tax expense |
1,907 |
486 |
2,459 |
3,812 |
Depreciation and amortization |
2,360 |
1,668 |
8,059 |
6,099 |
EBITDA |
4,335 |
2,264 |
8,805 |
16,452 |
Share-based compensation expenses |
1,211 |
1,654 |
6,747 |
3,990 |
Adjusted EBITDA |
5,546 |
3,918 |
15,552 |
20,442 |
Net income/(loss) per ADS attributable to ordinary shareholders of RYB Education, Inc.- Basic (Note1) |
0.02 |
0.01 |
(0.06) |
0.29 |
Net income/(loss) per ADS attributable to ordinary shareholders of RYB Education, Inc.- Diluted (Note1) |
0.02 |
0.01 |
(0.06) |
0.27 |
Adjusted net income per ADS attributable to ordinary shareholders of RYB Education, Inc.- Basic (Note1) |
0.04 |
0.06 |
0.18 |
0.45 |
Adjusted net income per ADS attributable to ordinary shareholders of RYB Education, Inc.- Diluted (Note1) |
0.03 |
0.06 |
0.16 |
0.42 |
Weighted average shares used in calculating |
29,213,801 |
29,213,801 |
29,213,801 |
24,735,445 |
Weighted average shares used in calculating |
30,874,121 |
31,678,204 |
29,213,801 |
26,566,657 |
Weighted average shares used in calculating |
30,874,121 |
31,678,204 |
31,437,498 |
26,566,657 |
Adjusted net income per share attributable to ordinary shareholders of RYB Education, Inc. - Basic |
0.04 |
0.06 |
0.18 |
0.45 |
Adjusted net income per share attributable to ordinary shareholders of RYB Education, Inc. - Diluted |
0.03 |
0.06 |
0.16 |
0.42 |
Note 1: Each ADS represents one Class A ordinary share. |
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