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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
Tarena International, Inc.
2020-05-01 20:10 11899

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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