Puxin Limited Announces Third Quarter 2019 Unaudited Financial Results
BEIJING, Nov. 18, 2019 /PRNewswire/ -- Puxin Limited (NYSE: NEW) ("Puxin" or the "Company"), a successful consolidator of the after-school education industry in China, today announced its unaudited financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial and Operational Highlights
- Net revenues were RMB996.0 million (US$139.4 million), an increase of 48.7% from RMB669.7 million in the third quarter of 2018.
- Operating income was RMB41.5 million (US$5.8 million), compared to operating loss of RMB(61.1) million in the third quarter of 2018.
- Adjusted operating income (loss)[1] was RMB52.2 million (US$7.3 million), compared to RMB(41.8) million in the third quarter of 2018.
- Net income attributable to Puxin Limited was RMB33.7 million (US$4.7 million), compared to net loss of RMB(50.2) million in the third quarter of 2018.
- Adjusted net income (loss) attributable to Puxin Limited[2] was RMB43.5 million (US$6.1 million), compared to RMB(51.0) million in the third quarter of 2018.
- Adjusted EBITDA[3] was RMB80.6 million (US$11.3 million), compared to RMB(20.3) million in the third quarter of 2018.
- Cash and cash equivalents were RMB322.0 million (US$45.0 million), compared to RMB778.0 million as of December 31, 2018.
- Student enrollments increased by 60.2% to 871,896 from 544,253 in the third quarter of 2018.
Mr. Yunlong Sha, Chairman and Chief Executive Officer of Puxin, commented, "the third quarter of 2019 was an inspiring period and we are delighted to announce solid results. To highlight, Puxin has achieved profitability on an operational basis for the first time. Net revenues grew 48.7% year-over-year to RMB996.0 million, beating previous expectation. In particular, our K-12 education service line performed exceptionally well. Excluding financial impact from online school and headquarter, net revenues increased by 86.4% year-over-year and the operating profit increased by 667.1% year-over-year. In the meantime, excluding financial impact from online school and headquarter, Puxin's study-abroad services had its first positive quarterly operating margin at 8.5% since the acquisition of Global Education and ZMN Education in 2017."
"Puxin continues to scale up at a steady pace and we believe this can be attributed to both our 'acquisition and integration' strategy as well as excellent organic growth of our existing portfolio. Improved operational efficiency also contributed to our quarterly performance. For example, student enrollments increased by 60.2%, reaching a total number of 871,896 enrollments. In addition, the retention rate reached 70.3% which further solidified Puxin's position as a top-tier education service provider. Looking ahead, with eight newly acquired schools, we will continue our dedication to realizing future growth fueled by our 'acquisition and integration' strategy. Overall, we are optimistic about the outlook for the education market in China and are committed to sustain the solid growth momentum in the future."
[1] Adjusted operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[2] Adjusted net income (loss) attributable to Puxin Limited is a non-GAAP financial measure, which is defined as net income (loss) attributable to Puxin Limited excluding share-based compensation expenses and loss on changes in fair value of convertible notes, derivative liabilities and warrants and loss on extinguishment of convertible notes. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
[3] EBITDA is a non-GAAP financial measure, which is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income and income tax (benefits) expenses; adjusted EBITDA is a non-GAAP financial measure, which is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax (benefits) expenses, share-based compensation expenses, loss on changes in fair value of convertible notes, derivative liabilities and warrants and loss on extinguishment of convertible notes. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
Financial Results for the Third Quarter of 2019
Net Revenues
Net revenues increased by 48.7% to RMB996.0 million (US$139.4 million) from RMB669.7 million in the third quarter of 2018. This increase was primarily driven by an increase in student enrollments. Student enrollments increased by 60.2% to 871,896 from 544,253 in the same period of 2018.
Cost of Revenues
Cost of revenues increased by 32.0% to RMB494.6 million (US$69.2 million) from RMB374.6 million in the same period of 2018, primarily due to an increase in teaching staff's compensation. Cost of revenues, excluding share-based compensation expenses, increased by 32.5% to RMB493.6 million (US$69.1 million) from RMB372.5 million in the third quarter of 2018.
Gross Profit and Gross Margin
Gross profit was RMB501.5 million (US$70.2 million), an increase of 70.0% from RMB295.1 million in the same period of 2018. Gross margin was 50.3%, compared to 44.1% for the same period in 2018.
Operating Expenses
Total operating expenses increased by 29.1% to RMB459.9 million (US$64.3 million) from RMB356.1 million in the third quarter of 2018.
Selling expenses increased by 28.5% to RMB304.8 million (US$42.6 million) from RMB237.3 million in the third quarter of 2018. Selling expenses, excluding share-based compensation expenses, increased by 31.8% to RMB299.9 million (US$42.0 million) from RMB227.6 million in the third quarter of 2018. The increases were primarily due to increases in marketing expense and marketing staff compensation.
General and administrative expenses increased by 30.5% to RMB155.1 million (US$21.7 million) from RMB118.8 million during the same period of 2018. General and administrative expenses, excluding share-based compensation expenses, increased by 35.0% to RMB150.3 million (US$21.0 million) from RMB111.3 million in the third quarter of 2018. The increases were primarily due to increases in staff compensation and daily operating expense.
Total share-based compensation expenses allocated to related operating costs and expenses decreased to RMB10.7 million (US$1.5 million) from RMB19.3 million in the same period of 2018, primarily due to less grants of options to employees in 2019.
Operating Income (Loss) and Operating Margin
Operating income in the third quarter of 2019 was RMB41.5 million (US$5.8 million) compared to the operating loss of RMB(61.1) million in the third quarter of 2018.
Operating margin was 4.2% in the third quarter of 2019, compared to (9.1)% in the same period in 2018.
Adjusted operating income was RMB52.2 million (US$7.3 million), compared to the adjusted operating loss of RMB(41.8) million in the third quarter of 2018.
Adjusted operating margin was 5.2%, compared to (6.2)% in the same period of the prior year.
Net Income (Loss)
Net income attributable to Puxin Limited was RMB33.7 million (US$4.7 million), compared to the net loss attributable to Puxin Limited of RMB(50.2) million during the third quarter of 2018. Basic and diluted net income per ADS attributable to Puxin Limited were RMB0.38 (US$0.06), compared to basic and diluted net loss of RMB(0.62) during the same period of 2018.
Adjusted net income attributable to Puxin Limited was RMB43.5 million (US$6.1 million), compared to adjusted net loss attributable to Puxin Limited of RMB(51.0) million during the same period of 2018. Adjusted basic net income per ADS attributable to Puxin Limited[4] was RMB0.50 (US$0.07), compared to adjusted basic net loss of RMB(0.62) during the same period of 2018. Adjusted diluted net income per ADS attributable to Puxin Limited was RMB0.49 (US$0.07), compared to adjusted diluted net loss of RMB(0.62) during the same period of 2018.
[4] Adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited is a non-GAAP financial measure, which is defined as basic and diluted net income (loss) per ADS attributable to Puxin Limited excluding share-based compensation expenses, loss on changes in fair value of convertible notes, derivative liabilities and warrants and loss on extinguishment of convertible notes. See "Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. |
EBITDA
EBITDA was RMB70.8 million (US$9.9 million), compared to RMB(19.5) million in the third quarter of 2018.
EBITDA margin was 7.1% in the third quarter of 2019, compared to (2.9)% in the same period in 2018.
Adjusted EBITDA was RMB80.6 million (US$11.3 million), compared to RMB(20.3) million in the third quarter of 2018.
Adjusted EBITDA margin was 8.1%, compared to (3.0)% in the same period in 2018.
Cash and cash equivalents
As of September 30, 2019, the Company had total cash and cash equivalents of RMB322.0 million (US$45.0 million), compared to RMB778.0 million as of December 31, 2018. The decreases were primarily due to acquisitions of k-12 schools.
Business Outlook
For the fourth quarter of 2019, based on the information available as of the date of this press release, the Company expects net revenues to be between RMB770.6 million and RMB797.2 million, which represents an increase of 45% to 50% year-over-year. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Conference Call Information
Puxin's management team will hold a conference call on November 18, 2019 at 8:00 AM U.S. Eastern Time (or 9:00 PM on the same day, Beijing/Hong Kong Time) following the quarterly results announcement. Participants may access the call by dialing the following numbers:
International: +1-412-902-4272
Mainland China: 4001-201203
US: +1-888-346-8982
Hong Kong: +852-301-84992
Passcode: Puxin
Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the Puxin Limited Call. Participants will be required to state their name and company upon entering the call.
A replay of the conference call will be accessible two hours after the conclusion of the conference call through November 25, 2019 by dialing the following numbers:
International: +1-412-317-0088
US: +1-877-344-7529
Passcode: 10136851
A live webcast and archive of the conference call will be available on the Investor Relations section of Puxin's website at http://ir.pxjy.com/.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ("RMB"). This announcement contains translations of certain RMB amounts into U.S. dollars ("USD" or "US$") at specified rates solely for the convenience of the readers. Unless otherwise noted, all translations from RMB to USD are made at the rate of RMB7.1477 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2019. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on September 30, 2019, or at any other rate.
Use of Non-GAAP Financial Measures
To supplement the Company's financial results presented in accordance with U.S. GAAP, the Company also uses non-GAAP financial measures, including adjusted operating income (loss), adjusted net income (loss) attributable to Puxin Limited, EBITDA, adjusted EBITDA, adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited, as supplemental measures to review and assess the Company's operating performance. Adjusted operating income (loss) is defined as operating income (loss) excluding share-based compensation expenses; adjusted net income (loss) attributable to Puxin Limited is defined as net income (loss) attributable to Puxin Limited excluding share-based compensation expenses, loss on changes in fair value of convertible notes, derivative liabilities and warrants and loss on extinguishment of convertible notes; EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income and income tax (benefits) expenses; adjusted EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax (benefits) expenses, share-based compensation expenses, loss on changes in fair value of convertible notes, derivative liabilities and warrants and loss on extinguishment of convertible notes, and adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited are defined as basic and diluted net income (loss) per ADS attributable to Puxin Limited excluding share-based compensation expenses, loss on changes in fair value of convertible notes, derivative liabilities and warrants and loss on extinguishment of convertible notes.
The Company believes that these non-GAAP financial measures provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance.
For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.
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. The Company 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 the Company'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: its goals and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage its business expansion and successfully integrate businesses it acquired, its ability to identify or pursue targets for acquisitions, its ability to compete effectively against its competitors, its ability to improve the content of its existing courses or to develop new courses, and relevant government policies and regulations relating to the Company's corporate structure, business and industry. Further information regarding these and other risks 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 the Company does not undertake any obligation to update such information, except as required under applicable law.
About Puxin Limited
Puxin Limited ("Puxin" or the "Company") is a successful consolidator of the after-school education industry in China. Puxin has a strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Puxin offers a full spectrum of K-12 and study-abroad tutoring programs designed to help students achieve academic excellence, as well as prepare for admission tests and applications for top schools, universities and graduate programs in China and other countries. The Company has developed a business model effectively combining strategic acquisitions and organic growth achieved through successful post-acquisition integration, which has differentiated the Company from other after-school education service providers in China. For more information, please visit http://www.pxjy.com/.
Contacts
Puxin Limited
Phone: +86-10-6269-8930
E-mail: [email protected]
Institutional Capital Advisory (ICA)
Mr. Kevin Yang
Phone: +86-021-8028-6033
E-mail: [email protected]
PUXIN LIMITED |
|||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(In thousands of RMB and USD, except for share, per share and per ADS data) |
|||
As of December 31, |
As of September 30, |
||
2018 |
2019 |
2019 |
|
RMB |
RMB |
USD |
|
ASSETS |
|||
Current assets |
|||
Cash and cash equivalents |
778,006 |
321,998 |
45,049 |
Restricted cash, current portion |
- |
358,835 |
50,203 |
Inventories |
9,659 |
11,879 |
1,662 |
Prepaid expenses and other current assets |
128,638 |
111,752 |
15,635 |
Loan receivable |
- |
189,557 |
26,520 |
Total current assets |
916,303 |
994,021 |
139,069 |
Non-current assets |
|||
Restricted cash, non-current portion |
40,971 |
39,176 |
5,481 |
Operating lease right-of-use assets |
- |
991,398 |
138,702 |
Property, plant and equipment, net |
248,801 |
292,244 |
40,886 |
Intangible assets |
218,978 |
261,785 |
36,625 |
Goodwill |
1,243,817 |
1,895,362 |
265,171 |
Deferred tax assets |
3,456 |
2,018 |
282 |
Rental deposit |
64,693 |
74,350 |
10,402 |
TOTAL ASSETS |
2,737,019 |
4,550,354 |
636,618 |
LIABILITIES |
|||
Current liabilities |
|||
Accrued expenses and other current liabilities (including accrued |
515,623 |
1,189,302 |
166,389 |
Income tax payable of the consolidated VIE without recourse to |
15,755 |
15,126 |
2,116 |
Deferred revenue, current portion (including deferred revenue, |
876,861 |
1,190,608 |
166,572 |
Operating lease liabilities, current portion of the consolidated |
- |
246,895 |
34,542 |
Amounts due to related parties (including amounts due to related |
54,493 |
1,998 |
280 |
Bank borrowing of the consolidated VIE without recourse to the Group |
106,600 |
355,100 |
49,680 |
Promissory notes, current portion (including promissory notes, |
361,888 |
89,346 |
12,500 |
Total current liabilities |
1,931,220 |
3,088,375 |
432,079 |
PUXIN LIMITED |
|||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(In thousands of RMB and USD, except for share, per share and per ADS data) |
|||
As of December 31, |
As of September 30, |
||
2018 |
2019 |
2019 |
|
RMB |
RMB |
USD |
|
Non-current liabilities |
|||
Deferred revenue, non-current portion of the consolidated VIE |
121,191 |
90,545 |
12,668 |
Operating lease liabilities, non-current portion of the consolidated |
- |
663,548 |
92,834 |
Deferred tax liabilities of the consolidated VIE without recourse |
71,031 |
81,393 |
11,387 |
Franchise deposits of the consolidated VIE without recourse to |
1,763 |
2,443 |
342 |
Derivative liabilities (including derivative liabilities of the |
63,942 |
170,115 |
23,800 |
Promissory notes, non-current portion (including promissory |
- |
89,346 |
12,500 |
TOTAL LIABILITIES |
2,189,147 |
4,185,765 |
585,610 |
SHAREHOLDERS' EQUITY |
|||
Ordinary shares (par value of USD0.00005 per share; |
62 |
62 |
9 |
Additional paid-in capital |
1,944,325 |
2,165,200 |
302,922 |
Statutory reserve |
4,595 |
4,595 |
643 |
Accumulated other comprehensive income |
68,214 |
73,693 |
10,310 |
Accumulated deficit |
(1,469,303) |
(1,879,008) |
(262,883) |
Total Puxin Limited shareholders' equity |
547,893 |
364,542 |
51,001 |
Non-controlling interest |
(21) |
47 |
7 |
TOTAL SHAREHOLDERS' EQUITY |
547,872 |
364,589 |
51,008 |
TOTAL LIABILITIES AND TOTAL SHAREHOLDERS' EQUITY |
2,737,019 |
4,550,354 |
636,618 |
PUXIN LIMITED |
|||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||
(In thousands of RMB and USD, except for share, per share and per ADS data) |
|||
For the three months ended September 30, |
|||
2018 |
2019 |
2019 |
|
RMB |
RMB |
USD |
|
Net revenues |
669,664 |
996,042 |
139,351 |
Cost of revenues (including share-based compensation expenses of |
374,614 |
494,581 |
69,194 |
Gross profit |
295,050 |
501,461 |
70,157 |
Operating expenses: |
|||
Selling expenses (including share-based compensation expenses of |
237,291 |
304,801 |
42,643 |
General and administrative expenses (including share-based |
118,834 |
155,113 |
21,701 |
Total operating expenses |
356,125 |
459,914 |
64,344 |
Operating (loss) income |
(61,075) |
41,547 |
5,813 |
Interest expense |
9,827 |
13,773 |
1,927 |
Interest income |
1,418 |
6,925 |
969 |
Foreign exchange gain |
- |
318 |
44 |
Gain on changes in fair value of convertible notes, derivative |
20,022 |
912 |
128 |
Loss on disposal of subsidiary |
11 |
- |
- |
(Loss) income before income taxes |
(49,473) |
35,929 |
5,027 |
Income tax expenses |
746 |
2,187 |
306 |
Net (loss) income |
(50,219) |
33,742 |
4,721 |
Less: Net income attributable to non-controlling interest |
18 |
32 |
4 |
Net (loss) income attributable to Puxin Limited |
(50,237) |
33,710 |
4,717 |
Net (loss) income per share attributable to Puxin Limited |
|||
Basic and diluted |
(0.31) |
0.19 |
0.03 |
Net (loss) income per ADS attributable to Puxin Limited |
|||
Basic and diluted |
(0.62) |
0.38 |
0.06 |
Weighted average shares used in calculating basic |
163,323,504 |
173,938,756 |
173,938,756 |
Weighted average shares used in calculating diluted |
163,323,504 |
177,818,968 |
177,818,968 |
Note: Each ADS represents two ordinary shares. |
|||
PUXIN LIMITED |
|||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME |
|||
(In thousands of RMB and USD) |
|||
For the three months ended September 30, |
|||
2018 |
2019 |
2019 |
|
RMB |
RMB |
USD |
|
Net (loss) income |
(50,219) |
33,742 |
4,721 |
Other comprehensive (loss) income, net of tax: |
|||
Change in cumulative foreign currency translation adjustments |
(4,308) |
7,560 |
1,058 |
Total comprehensive (loss) income |
(54,527) |
41,302 |
5,779 |
Less: comprehensive income attributable to non-controlling interest |
18 |
32 |
4 |
Total comprehensive (loss) income attributable to Puxin Limited |
(54,545) |
41,270 |
5,775 |
PUXIN LIMITED |
|||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||
(In thousands of RMB and USD, except for share, per share and per ADS data) |
|||
For the nine months ended September 30, |
|||
2018 |
2019 |
2019 |
|
RMB |
RMB |
USD |
|
Net revenues |
1,696,676 |
2,244,639 |
314,037 |
Cost of revenues (including share-based compensation expenses of RMB |
936,654 |
1,163,008 |
162,711 |
Gross profit |
760,022 |
1,081,631 |
151,326 |
Operating expenses: |
|||
Selling expenses (including share-based compensation expenses of |
611,963 |
769,174 |
107,611 |
General and administrative expenses (including share-based |
620,954 |
576,161 |
80,608 |
Total operating expenses |
1,232,917 |
1,345,335 |
188,219 |
Operating loss |
(472,895) |
(263,704) |
(36,893) |
Interest expense |
27,473 |
54,005 |
7,556 |
Interest income |
1,702 |
11,835 |
1,656 |
Foreign exchange gain |
- |
308 |
43 |
Loss on changes in fair value of convertible notes, derivative liabilities and warrants |
96,128 |
97,967 |
13,706 |
Loss on extinguishment of convertible notes |
900 |
- |
- |
Gain on disposal of subsidiary |
82 |
- |
- |
Loss before income taxes |
(595,612) |
(403,533) |
(56,456) |
Income tax (benefits) expenses |
(1,953) |
6,104 |
854 |
Net loss |
(593,659) |
(409,637) |
(57,310) |
Less: Net income attributable to non-controlling interest |
12 |
68 |
10 |
Net loss attributable to Puxin Limited |
(593,671) |
(409,705) |
(57,320) |
Net loss per share attributable to Puxin Limited |
|||
Basic and diluted |
(4.32) |
(2.41) |
(0.34) |
Net loss per ADS attributable to Puxin Limited |
|||
Basic and diluted |
(8.64) |
(4.82) |
(0.68) |
Weighted average shares used in calculating basic and diluted net loss per share |
137,560,036 |
169,863,123 |
169,863,123 |
Note: Each ADS represents two ordinary shares. |
|||
PUXIN LIMITED |
|||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||
(In thousands of RMB and USD) |
|||
For the nine months ended September 30, |
|||
2018 |
2019 |
2019 |
|
RMB |
RMB |
USD |
|
Net loss |
(593,659) |
(409,637) |
(57,310) |
Other comprehensive income, net of tax: |
|||
Change in cumulative foreign currency translation adjustments |
10,407 |
5,479 |
767 |
Total comprehensive loss |
(583,252) |
(404,158) |
(56,543) |
Less: comprehensive income attributable to non-controlling interest |
12 |
68 |
10 |
Total comprehensive loss attributable to Puxin Limited |
(583,264) |
(404,226) |
(56,553) |
PUXIN LIMITED |
|||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||
(In thousands of RMB and USD, except for share, per share and per ADS data) |
|||||
For the three months ended September 30, |
|||||
2018 |
2019 |
2019 |
|||
RMB |
RMB |
USD |
|||
Operating (loss) income |
(61,075) |
41,547 |
5,813 |
||
Add: Share-based compensation expenses |
19,285 |
10,658 |
1,491 |
||
Adjusted operating (loss) income |
(41,790) |
52,205 |
7,304 |
||
Net (loss) income attributable to Puxin Limited |
(50,237) |
33,710 |
4,717 |
||
Add: Share-based compensation expenses |
19,285 |
10,658 |
1,491 |
||
Less: Gain on changes in fair value of convertible notes, derivative |
20,022 |
912 |
128 |
||
Adjusted net (loss) income attributable to Puxin Limited |
(50,974) |
43,456 |
6,080 |
||
Net (loss) income |
(50,219) |
33,742 |
4,721 |
||
Add: Income tax expenses |
746 |
2,187 |
306 |
||
Depreciation of property, plant and equipment |
15,430 |
18,001 |
2,518 |
||
Amortization of intangible assets |
6,100 |
10,034 |
1,404 |
||
Interest expense |
9,827 |
13,773 |
1,927 |
||
Less: Interest income |
1,418 |
6,925 |
969 |
||
EBITDA |
(19,534) |
70,812 |
9,907 |
||
Add: Share-based compensation expenses |
19,285 |
10,658 |
1,491 |
||
Less: Gain on changes in fair value of convertible notes, |
20,022 |
912 |
128 |
||
Adjusted EBITDA |
(20,271) |
80,558 |
11,270 |
||
Net (loss) income per ADS attributable to Puxin Limited |
|||||
- Basic and diluted |
(0.62) |
0.38 |
0.06 |
||
Adjusted net (loss) income per ADS attributable to Puxin Limited |
|||||
- Basic |
(0.62) |
0.50 |
0.07 |
||
Adjusted net (loss) income per ADS attributable to Puxin Limited |
|||||
- Diluted |
(0.62) |
0.49 |
0.07 |
||
Weighted average shares used in calculating basic |
163,323,504 |
173,938,756 |
173,938,756 |
||
Weighted average shares used in calculating diluted |
163,323,504 |
177,818,968 |
177,818,968 |
||
Note: Each ADS represents two ordinary shares. |
|||||
PUXIN LIMITED |
|||||
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||
(In thousands of RMB and USD, except for share, per share and per ADS data) |
|||||
For the nine months ended September 30, |
|||||
2018 |
2019 |
2019 |
|||
RMB |
RMB |
USD |
|||
Operating loss |
(472,895) |
(263,704) |
(36,893) |
||
Add: Share-based compensation expenses |
329,755 |
220,774 |
30,887 |
||
Adjusted operating loss |
(143,140) |
(42,930) |
(6,006) |
||
Net loss attributable to Puxin Limited |
(593,671) |
(409,705) |
(57,320) |
||
Add: Share-based compensation expenses |
329,755 |
220,774 |
30,887 |
||
Add: Loss on changes in fair value of convertible notes, derivative |
96,128 |
97,967 |
13,706 |
||
Add: Loss on extinguishment of convertible notes |
900 |
- |
- |
||
Adjusted net loss attributable to Puxin Limited |
(166,888) |
(90,964) |
(12,727) |
||
Net loss |
(593,659) |
(409,637) |
(57,310) |
||
Add: Income tax (benefits) expenses |
(1,953) |
6,104 |
854 |
||
Depreciation of property, plant and equipment |
42,927 |
54,664 |
7,648 |
||
Amortization of intangible assets |
22,204 |
25,803 |
3,610 |
||
Interest expense |
27,473 |
54,005 |
7,556 |
||
Less: Interest income |
1,702 |
11,835 |
1,656 |
||
EBITDA |
(504,710) |
(280,896) |
(39,298) |
||
Add: Share-based compensation expenses |
329,755 |
220,774 |
30,887 |
||
Loss on changes in fair value of convertible notes, |
96,128 |
97,967 |
13,706 |
||
Loss on extinguishment of convertible notes |
900 |
- |
- |
||
Adjusted EBITDA |
(77,927) |
37,845 |
5,295 |
||
Net loss per ADS attributable to Puxin Limited |
|||||
- Basic and diluted |
(8.64) |
(4.82) |
(0.68) |
||
Adjusted net loss per ADS attributable to Puxin Limited |
|||||
- Basic and diluted |
(2.43) |
(1.07) |
(0.15) |
||
Weighted average shares used in calculating basic and diluted |
137,560,036 |
169,863,123 |
169,863,123 |
||
Note: Each ADS represents two ordinary shares. |
|||||
SOURCE Puxin Limited
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