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Tarena International, Inc. Announces Unaudited First Half Fiscal Year 2019 Results

First Half Year 2019 Net Revenues up by 3.3% Year-Over-Year
First Half 2019 Student Enrollment in adult education down by 4.8% Year-Over-Year
First Half 2019 Student Enrollment in K-12 education up by 214.0% Year-Over-Year
2020-05-01 20:10 10895

BEIJING, May 1, 2020 /PRNewswire/ -- Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of professional education services in China, today announced its unaudited financial results for the six months ended June 30, 2019.

First Half Fiscal Year 2019 Highlights

  • Net revenues increased by 3.3% year-over-year to RMB882. 6 million (US$128.6 million), from RMB854.2 million in the same period in 2018.
  • Gross profit decreased by 30.4% year-over-year to RMB312.8 million (US$45.6 million), from RMB449.2 million in the same period in 2018.
  • Operating loss was RMB646.9 million (US$94.2 million), compared to an operating loss of RMB345.9 million in the same period in 2018.
  • Net loss was RMB625.1 million (US$91.1 million), compared to a net loss of RMB338.0 million in the same period in 2018.
  • Basic and diluted loss per American Depositary Share ("ADS") was RMB11.36 (US$1.65).
  • Cash, cash equivalents, time deposits, including current and non-current, and restricted cash totaled RMB728.7 million (US$106.1 million) as of June 30, 2019, compared to a balance of RMB704.8 million as of December 31, 2018.
  • Deferred revenue totaled RMB1,398.4 million (US$203.7 million) as of June 30, 2019, compared to a balance of RMB830.0 million as of December 31, 2018, representing an increase of 68.5%.
  • Total student enrollments in adult education in the first half of 2019 decreased by 4.8% year-over-year to approximately 62,900.
  • Total number of learning centers in adult education decreased to 142 as of June 30, 2019, from 180 as of December 31, 2018.
  • Total student enrollments in K-12 education in the first half of 2019 increased by 214.0% year-over-year to approximately 58,400.
  • Total number of learning centers in K-12 education increased to 177 as of June 30, 2019, from 148 as of December 31, 2018.

The Company's Interim Financial Statements are prepared and presented in accordance with U.S. GAAP. However, the Interim Financial Statements have not been audited or reviewed by the Company's independent registered accounting firm.

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. Tarena also offers K-12 education programs. 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 INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data and per share data)







As of




June 30,



December 31,




2019



2018




Unaudited







RMB



RMB











ASSETS









Current assets:









Cash and cash equivalents



569,498




530,984


Time deposits



158,660




158,585


Restricted cash



-




14,700


Accounts receivable, net of allowance for doubtful accounts



36,217




39,901


Amounts due from a related party



16,448




9,938


Prepaid expenses and other current assets



201,992




171,466


Total current assets



982,815




925,574


Time deposits-non current



523




517


Accounts receivable, net of allowance for doubtful accounts-non current



19,357




12,157


Amounts due from a related party



6,500




6,500


Property and equipment, net



594,553




626,068


Intangible assets, net



21,157




19,046


Goodwill



52,782




52,782


Right-of-use assets



617,356




-


Long-term investments



69,651




59,651


Deferred income tax assets



66,811




53,752


Other non-current assets



114,350




122,000


Total assets



2,545,855




1,878,047











LIABILITIES AND EQUITY


















Current liabilities:









Short-term bank loan



-




13,726


Accounts payable



48,741




18,529


Amounts due to related parties



-




872


Income taxes payable



66,644




71,847


Deferred revenue



1,398,388




830,019


Accrued expenses and other current liabilities



448,004




365,428


Operating lease liabilities - current



301,166




-


Total current liabilities



2,262,943




1,300,421


Operating lease liabilities – non-current



296,262




-


Other non-current liabilities



5,825




5,983


Total liabilities



2,565,030




1,306,404











Commitments and contingencies
















Shareholders' equity:









Class A ordinary shares



331




331


Class B ordinary shares



74




74


Treasury stock



(457,169)




(457,169)


Additional paid-in capital



1,247,392




1,222,072


Accumulated other comprehensive income



58,745




50,472


Accumulated deficit



(867,217)




(243,162)


Total equity attributable to Tarena International, Inc.



(17,844)




572,618


Non-controlling interest



(1,331)




(975)


Total liabilities and equity



2,545,855




1,878,047


 

 

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



2018




Unaudited



Unaudited




RMB



RMB


Net revenues



882,613




854,182


Cost of revenues



(569,851)




(404,978)


Gross profit



312,762




449,204


Selling and marketing expenses



(576,038)




(467,489)


General and administrative expenses



(294,670)




(244,594)


Research and development expenses



(88,952)




(83,003)


Operating loss



(646,898)




(345,882)


Interest income



9,427




14,949


Other (loss) income



(483)




707


Foreign currency exchange income



1,106




1,032


Loss before income taxes



(636,848)




(329,194)


Income tax benefit (expense)



11,737




(8,835)


Net loss



(625,111)




(338,029)


Less: Net loss attributable to non-controlling interests



(1,056)




(782)


Net loss attributable to Class A and Class B ordinary shareholders



(624,055)




(337,247)











Net loss per Class A and Class B ordinary share:









Basic



(11.36)




(5.99)


Diluted



(11.36)




(5.99)











Weighted average number of Class A and Class B ordinary shares outstanding:









Basic



54,929,910




56,277,694


Diluted



54,929,910




56,277,694











Net loss



(625,111)




(338,029)


Other comprehensive income









Foreign currency translation adjustment, net of nil income taxes



8,273




14,415


Comprehensive loss



(616,838)




(323,614)


 

Cision View original content:http://www.prnewswire.com/news-releases/tarena-international-inc-announces-unaudited-first-half-fiscal-year-2019-results-301050938.html

Source: Tarena International, Inc.
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