BEIJING, Sept. 17, 2021 /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 second
quarter of 2021.
Second Quarter 2021 Operational and
Financial Summary
- Number of students enrolled at directly operated facilities was
37,166 as of June 30, 2021, compared
with 31,023[1] as of
June 30, 2020.
- Net revenues were $53.4 million,
compared with $12.8 million for the
second quarter of 2020.
- Gross profit was $14.5 million,
compared with gross loss of $9.5
million for the second quarter of 2020.
- Net income attributable to ordinary shareholders of RYB for the
second quarter of 2021 was $6.2
million, compared with $12.8
million of net loss attributable to ordinary shareholders of
RYB for the second quarter of 2020. Adjusted net income
attributable to ordinary shareholders[2] of RYB for the second quarter of
2021 was $6.8 million, compared with
$12.0 million of adjusted net loss
attributable to ordinary shareholders of RYB for the second quarter
of 2020.
- Cash generated from operating activities was $0.2 million in the second quarter of 2021,
compared with $5.0 million of cash
used in operating activities for the second quarter of 2020.
First Six Months of 2021 Financial Results
- Net revenues were $90.1 million,
compared with $30.1 million for the
first six months of 2020.
- Gross profit was $17.9 million,
compared with gross loss of $21.1
million for the first six months of 2020.
- Net income attributable to ordinary shareholders of RYB for the
first six months of 2021 was $4.4
million, compared with $39.5
million of net loss attributable to ordinary shareholders of
RYB for the same period of 2020. Adjusted net income attributable
to ordinary shareholders of RYB for the first six months of 2021
was $5.6 million, compared with
$37.9 million of adjusted net loss
attributable to ordinary shareholders of RYB for the same period of
2020.
- Cash generated from operating activities was $22.9 million, compared with $19.0 million of cash used in operating
activities for the same period of 2020.
"RYB firmly supports the governmental strategies and policies
related to pre-school education that are being introduced over
time. As a participant of the early education industry, we strive
to fulfill our corporate responsibilities and deliver products and
services that complement public education. We continue to actively
follow the policies that aim to better achieving the accessibility
of education to young children and to provide better services to
families and society," said Ms. Yanlai Shi, co-founder, director
and chief executive officer of RYB. "During the first half of 2021,
in response to government's call for increasing the overall supply
of inclusive kindergarten and preschool education, we continued our
efforts in expanding the number of classes and enrollment capacity
at our facilities without compromising quality and safety. We make
efforts to improve the quality of education and teaching through
multiple ways and to create a learning environment that fosters
independent decision making, collaboration and symbiotic value
creation, which we believe supports the healthy, happy and
all-rounded development of young children.
"Going through the challenges from the COVID-19 pandemic, the
Company's business operations made a sound recovery in the second
quarter of 2021. The recurrences of some COVID-19 cases in some
regions during the first half of this year, however, casted some
impact on the play-and-learn center operations. Nevertheless, we
continue to upgrade our content and curriculum systems with the
goal of completing it by the end of the year. With a hands-on
approach to support the franchised play-and-learn centers, we
remain committed to providing them with operational guidance and
course and brand upgrades support to facilitate their operations
once they resume normal business. The Company will also actively
follow government's policy and guidance on early childcare,
leverage our non-branded early childcare offerings, and empower the
development of the industry," concluded Ms. Shi.
Second Quarter 2021 Financial Results
Net Revenues
Net revenues for the second quarter of 2021 were $53.4 million, an increase of 318.1% from
$12.8 million for the same quarter of
2020.
Service revenues for the second quarter of 2021 were
$51.3 million, an increase of 342.2%
from $11.6 million for the same
quarter of 2020. The increase was mainly due to a significant
increase in tuition fees revenue, as all of the Company's directly
operated facilities in China were
in normal operation in the second quarter of 2021 whereas those
facilities, as a result of the COVID-19 pandemic, just started
reopening in late May 2020. The
increase in the number of students enrolled at facilities in both
China and Singapore also contributed to a higher tuition
fees revenue.
Products revenues for the second quarter of 2021 were
$2.1 million, compared with
$1.2 million for the same quarter of
2020. The increase is due to a significant increase in the amount
of merchandise sold through the Company's franchise network, as the
franchisees' facilities have resumed operation.
Cost of Revenues
Cost of revenues for the second quarter of 2021 was $38.9 million, a 74.2% increase from $22.3 million for the same quarter of 2020. Cost
of revenues for services for the second quarter of 2021 was
$37.9 million, compared with
$21.8 million for the same quarter of
2020. The increase was mainly contributed by increase in the direct
cost and staff compensation cost, as the Company's directly
operated facilities have resumed operation. Cost of products
revenues for the second quarter of 2021 was $0.9 million,
compared with $0.6 million for the same quarter of 2020.
The increase was generally in line with the increase in products
revenues.
Gross Profit/loss
As a result of the foregoing, gross profit for the second
quarter of 2021 was $14.5 million,
compared with gross loss of $9.5
million for the same quarter of 2020.
Operating Expenses
Total operating expenses for the second quarter of 2021 were
$5.9 million, compared with
$5.4 million for the same quarter of
2020. Excluding share-based compensation expenses, operating
expenses were $5.3 million, compared
with $4.6 million for the second
quarter of 2020.
Selling expenses for the second quarter of 2021 were
$0.6 million, compared with
$0.1 million for the same quarter of
2020.
General and administrative expenses for the second quarter of
2021 were $5.3 million, compared with
$5.3 million for the same quarter of
2020. Excluding share-based compensation expenses, general and
administrative expenses were $4.7
million for the second quarter of 2021, an increase of 5.8%
from $4.5 million for the same
quarter of 2020. The increase in general and administrative
expenses excluding share-based compensation expenses was
primarily driven by the increase in staff compensation cost,
since the Company adopted cost control measures, especially on
staff compensation cost, in the second quarter of 2020 to cope with
the COVID-19 pandemic. The share-based compensation expenses
included in general and administrative expenses were $0.6 million for the quarter.
Operating Income/loss
Operating income for the second quarter of 2021 was $8.6 million, compared with $14.9 million of operating loss for the same
quarter last year. Adjusted operating income[3] was $9.2
million for the second quarter of 2021, compared with
$14.1 million of adjusted operating
loss for the same quarter of 2020.
Net Income/loss
Net income attributable to ordinary shareholders of RYB for the
second quarter of 2021 was $6.2 million, compared
with $12.8 million of net loss attributable to
ordinary shareholders of RYB for the second quarter of 2020.
Adjusted net income attributable to ordinary shareholders of
RYB, which excludes the impact of $0.6 million of
share-based compensation expense was $6.8 million, compared
with $12.0 million of adjusted net loss attributable to
ordinary shareholders of RYB for the second quarter of
2020.
Basic and diluted net income per American depositary share
("ADS") attributable to ordinary shareholders of RYB for the second
quarter of 2021 were $0.22 and
$0.21, respectively, compared with
basic and diluted net loss per ADS of $0.46 and $0.46,
respectively for the second quarter of 2020. Each ADS
represents one Class A ordinary share.
Adjusted basic and diluted net income per ADS attributable to
ordinary shareholders[4] of RYB for the second quarter
of 2021 were $0.24 and $0.23,
respectively, compared with adjusted basic and diluted net loss per
ADS of $0.43 and $0.43,
respectively for the second quarter of 2020.
EBITDA[5] for the
second quarter of 2021 was $12.6
million, compared with a loss of $10.2 million for the second quarter of
2020. Adjusted EBITDA[6]
for the second quarter of 2021 was $13.2
million, compared with a loss of $9.4 million for the second quarter of
2020.
Operating Cash Flow
Cash generated from operating activities was $0.2
million during the second quarter of 2021, compared
with $5.0 million cash used in operating
activities during the second quarter of 2020. The increase was due
to the significant increase of tuition fee collected during the
quarter, as all of the directly operated facilities were in
normal operation.
Balance Sheet
As of June 30, 2021, the Company
had total cash and cash equivalents of $72.8 million, an increase from $53.5 million as of December 31, 2020. The increase in cash and cash
equivalents balances was mainly driven by the operating cash inflow
of $22.9 million during the first
half of 2021.
First Six Months of 2021 Financial Results
Net Revenues
Net revenues for the first six months of 2021 were $90.1 million, an increase of 199.4% from
$30.1 million for the same period of
2020.
Services revenues for the first six months of 2021 were
$86.3 million, an increase of 204.1%
from $28.4 million for the same
period last year. The increase was primarily due to increased
tuition fees as all of the Company's directly operated facilities
have been in normal operation for the first six months of 2021,
whereas those facilities were temporarily closed for most of the
time in the same period of 2020 as a result of the COVID-19
pandemic. Franchise services revenues also increased since the vast
majority of franchised play-and-learn centers resumed operation
during the first six months of 2021.
Products revenues for the first six months of 2021 were
$3.7 million, compared with
$1.7 million for the same period in
2020. The increase was due to an increase in the amount of
merchandise sold through the Company's franchise network as
the vast majority of the Company's franchised facilities were in
temporary closure during most of the first half of 2020.
Cost of Revenues
Cost of revenues for the first six months of 2021 was
$72.1 million, compared with
$51.2 million for the first six
months of 2020. Cost of revenues for services for the first six
months of 2021 was $70.5 million, compared with $50.4
million for the same period of 2020. The increase was mainly
driven by an increase in the direct cost of directly operated
facilities during the first half of 2021, all of which were in
normal operation during the first six months of 2021. Cost of
products revenues for the first six months of 2021 was $1.6 million, compared with $0.8 million for the same period last year. The
increase was in line with the increase in products revenues.
Gross Profit/loss
Gross profit for the first six months of 2021 was $17.9 million, compared with gross loss of
$21.1 million for the same period
last year.
Operating Expenses
Total operating expenses for the first six months of 2021 were
$11.6 million, compared with
$19.9 million for the same period
last year. Excluding share-based compensation expenses, operating
expenses were $10.4 million for the
first six months of 2021, compared with $18.3 million for the same period last year.
Selling expenses were $1.0 million
for the first six months of 2021, compared with $0.4 million for the same period last year.
General and administrative expenses for the first six months of
2021 were $10.6 million, compared
with $11.1 million for the same
period last year. Excluding share-based compensation expenses,
general and administrative expenses were $9.4 million for the first six months of 2021, a
decrease of 1.5% from $9.5 million
for the same period of 2020. The decrease in general and
administrative expenses excluding share-based compensation
expenses was primarily due to the Company's continuous stringent
cost control measures since the COVID-19 pandemic.
Impairment loss on goodwill was nil for the first half of 2021,
compared to $8.5 million for the same
period of 2020.
Operating Income/loss
Operating income for the first six months of 2021 was
$6.4 million, compared with operating
loss of $41.0 million for the same
period last year. Adjusted operating income for the first six
months of 2021 was $7.6 million,
compared with adjusted operating loss of $39.4 million for the same period last year.
Net Income/loss
Net income attributable to ordinary shareholders of RYB for the
first six months of 2021 was $4.4
million, compared with $39.5
million of net loss attributable to ordinary shareholders of
RYB for the same period of 2020. Adjusted net income attributable
to ordinary shareholders of RYB, which excludes the impact of
share-based compensation expense, for the first six months of 2021
was $5.6 million, compared with
$37.9 million of adjusted net loss
attributable to ordinary shareholders of RYB for the same period of
2020.
Basic and diluted net income per ADS attributable to ordinary
shareholders of RYB for the first six months of 2021 were
$0.15 and $0.15, respectively, compared with basic and
diluted net loss per ADS attributable to ordinary shareholders of
RYB of $1.43 and $1.43, respectively for the same period of 2020.
Each ADS represents one Class A ordinary share.
Adjusted basic and diluted net income per ADS attributable to
ordinary shareholders of RYB for the first six months of 2021 were
$0.20 and $0.19, respectively, compared with adjusted basic
and diluted net loss per ADS attributable to ordinary shareholders
of RYB of $1.37 and $1.37, respectively for the same period of
2020.
EBITDA for the first six months of 2021 was $15.8 million, compared with a loss of
$34.9 million for the same period of
2020. Adjusted EBITDA for the first six months of 2021 was
$17.0 million, compared with a loss
of $33.3 million for the same period
of 2020.
Business Outlook
For the third quarter of 2021, the Company's management
currently expects net revenues to be between $41.0 million and $42.0
million, representing a year-over-year increase of
approximately 26% to 29%. 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.
|
[1] The
number of students enrolled as of June 30, 2020 refers to the
number of students enrolled before the temporary closure of the
Company's facilities in China due to COVID-19 and the number of
students enrolled in our facilities in Singapore as at June 30,
2020.
|
|
[2]
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 changes in redeemable
non-controlling interests. See "Use of Non-GAAP Financial Measures"
and "Reconciliations of GAAP and non-GAAP results" elsewhere in
this earnings release.
|
|
[3]
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.
|
|
[4]
Adjusted basic and diluted net income (loss) per ADS attributable
to ordinary shareholders is a non- GAAP financial measure, which is
defined as basic and diluted net income (loss) per ADS attributable
to ordinary shareholders excluding share-based compensation
expenses and changes in redeemable non-controlling interest. See
"Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP
and non-GAAP results" elsewhere in this earnings
release.
|
|
[5] EBITDA
is defined as net income (loss) excluding depreciation,
amortization and income tax expenses. See "Use of Non-GAAP
Financial Measures" and "Reconciliations of GAAP and non-GAAP
results" elsewhere in this earnings release.
|
|
[6]
Adjusted EBITDA is a non-GAAP financial measure, which is defined
as net income (loss) excluding depreciation, amortization, income
tax expenses, and share-based compensation expenses. See "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
non-GAAP results" elsewhere in this earnings release.
|
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 and income tax expenses; adjusted EBITDA is defined as
net income excluding depreciation, amortization, 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
changes in redeemable non-controlling interest; 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 changes in redeemable non-controlling
interest.
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 conditions; 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
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Yang Song
Tel: +86 (10) 6508-0677
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
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands of
U.S. dollars)
|
|
|
As
of
|
|
June
30,
2021
|
December
31,
2020
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
72,797
|
53,454
|
|
Accounts receivable,
net
|
2,142
|
1,844
|
|
Inventories
|
5,829
|
5,773
|
|
Prepaid expenses and
other current assets
|
8,094
|
8,927
|
|
Loan
receivables
|
95
|
107
|
|
Total current
assets
|
88,957
|
70,105
|
|
|
|
|
Non-current
assets:
|
|
|
|
Restricted
cash
|
1,036
|
1,127
|
|
Property, plant and
equipment, net
|
44,299
|
47,638
|
|
Goodwill
|
46,412
|
46,147
|
|
Intangible assets,
net
|
13,665
|
14,179
|
|
Long-term
investment
|
224
|
217
|
|
Deferred tax
assets
|
21,919
|
21,168
|
|
Other non-current
assets
|
12,032
|
14,438
|
|
Operating lease
right-of-use assets
|
77,956
|
87,472
|
|
Total
assets
|
306,500
|
302,491
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Prepayments from
customers, current portion
|
4,725
|
4,145
|
|
Accrued expenses and
other current liabilities
|
58,897
|
54,406
|
|
Income tax
payable
|
20,805
|
18,592
|
|
Operating lease
liabilities, current portion
|
15,634
|
16,856
|
|
Deferred revenue,
current portion
|
36,222
|
34,351
|
|
Long-term debt,
current portion
|
-
|
7
|
|
Total current
liabilities
|
136,283
|
128,357
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Prepayments from
customers, non-current portion
|
3,767
|
4,024
|
|
Deferred revenue,
non-current portion
|
1,067
|
1,726
|
|
Other non-current
liabilities
|
12,112
|
12,519
|
|
Deferred income tax
liabilities
|
2,052
|
1,890
|
|
Operating lease
liabilities, non-current portion
|
66,785
|
76,308
|
|
Total
liabilities
|
222,066
|
224,824
|
|
|
|
|
Mezzanine
equity
|
|
|
|
Redeemable
non-controlling interests
|
10,489
|
9,988
|
|
|
|
|
Equity
|
|
|
|
Ordinary
shares
|
29
|
29
|
|
Treasury
stock
|
(9,881)
|
(10,321)
|
|
Additional paid-in
capital
|
141,979
|
141,094
|
|
Statutory
reserve
|
4,652
|
4,652
|
|
Accumulated other
comprehensive (loss)/ income
|
(1,347)
|
(1,468)
|
|
Accumulated
deficit
|
(67,472)
|
(71,837)
|
|
Total RYB
Education, Inc. shareholders' equity
|
67,960
|
62,149
|
|
Non-controlling
interest
|
5,985
|
5,530
|
|
Total
equity
|
73,945
|
67,679
|
|
Total liabilities,
mezzanine equity and total equity
|
306,500
|
302,491
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands of
U.S. dollars, except share, ADS, per share and per ADS
data)
|
|
|
|
|
Three Months
Ended
June
30,
|
Six Months
Ended
June
30,
|
|
2021
|
2020
|
2021
|
2020
|
|
Net
revenues:
|
|
|
|
|
|
Services
|
51,280
|
11,596
|
86,331
|
28,388
|
|
Products
|
2,119
|
1,175
|
3,747
|
1,702
|
|
Total net
revenues
|
53,399
|
12,771
|
90,078
|
30,090
|
|
Cost of
revenues:
|
|
|
|
|
|
Services
|
37,934
|
21,758
|
70,508
|
50,413
|
|
Products
|
936
|
557
|
1,628
|
813
|
|
Total cost of
revenues
|
38,870
|
22,315
|
72,136
|
51,226
|
|
Gross profit
(loss)
|
14,529
|
(9,544)
|
17,942
|
(21,136)
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Selling
expenses
|
591
|
124
|
983
|
356
|
|
General and
administrative expenses
|
5,314
|
5,277
|
10,592
|
11,088
|
|
Impairment loss on
goodwill
|
-
|
-
|
-
|
8,454
|
|
Total operating
expenses
|
5,905
|
5,401
|
11,575
|
19,898
|
|
|
|
|
|
|
Operating income
(loss)
|
8,624
|
(14,945)
|
6,367
|
(41,034)
|
|
Interest
income
|
45
|
136
|
111
|
185
|
|
Government subsidy
income
|
1,045
|
1,742
|
2,104
|
1,887
|
|
(Loss) gain on
disposal of subsidiaries
|
(154)
|
48
|
(154)
|
48
|
|
Income (loss)
before income taxes
|
9,560
|
(13,019)
|
8,428
|
(38,914)
|
|
Less: Income tax
expenses
|
2,108
|
566
|
2,689
|
4,788
|
|
|
|
|
|
|
Income (loss)
before loss in equity
method investments
|
7,452
|
(13,585)
|
5,739
|
(43,702)
|
|
Loss from equity
method investments
|
(103)
|
(116)
|
(104)
|
(2,009)
|
|
|
|
|
|
|
Net income
(loss)
|
7,349
|
(13,701)
|
5,635
|
(45,711)
|
|
Less: Net income
(loss) attributable to
non-controlling interest
|
1,144
|
(854)
|
1,270
|
(6,247)
|
|
|
|
|
|
|
Net income (loss)
attributable to
ordinary shareholders of RYB
Education, Inc.
|
6,205
|
(12,847)
|
4,365
|
(39,464)
|
|
|
|
|
|
|
Net income (loss) per
share attributable
to ordinary shareholders of RYB
Education, Inc.
|
|
|
|
|
|
Basic
|
0.22
|
(0.46)
|
0.15
|
(1.43)
|
|
Diluted
|
0.21
|
(0.46)
|
0.15
|
(1.43)
|
|
Net income (loss) per
ADS attributable
to ordinary shareholders of RYB
Education, Inc. (Note 1)
|
|
|
|
|
|
Basic
|
0.22
|
(0.46)
|
0.15
|
(1.43)
|
|
Diluted
|
0.21
|
(0.46)
|
0.15
|
(1.43)
|
|
|
|
|
|
|
Weighted average
shares used in
calculating net income (loss) per
ordinary share
|
|
|
|
|
|
Basic
|
28,406,779
|
27,694,997
|
28,391,955
|
27,688,253
|
|
Diluted
|
29,041,677
|
27,694,997
|
28,968,047
|
27,688,253
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(in thousands of
U.S. dollars, except share, ADS, per share and per ADS
data)
|
|
|
Three Months
Ended
June
30,
|
Six Months
Ended
June
30,
|
|
2021
|
2020
|
2021
|
2020
|
|
Net income
(loss)
|
7,349
|
(13,701)
|
5,635
|
(45,711)
|
|
Other comprehensive
income (loss), net
of tax of nil:
|
|
|
|
|
|
Change in cumulative
foreign currency
translation adjustments
|
239
|
(256)
|
15
|
(1,765)
|
|
Total
comprehensive income (loss)
|
7,588
|
(13,957)
|
5,650
|
(47,476)
|
|
Less: Comprehensive
income (loss)
attributable to non-controlling interest
|
1,249
|
(711)
|
1,155
|
(6,595)
|
|
Comprehensive
income (loss)
attributable to RYB Education, Inc.
|
6,339
|
(13,246)
|
4,495
|
(40,881)
|
|
|
|
|
|
|
Note 1：Each ADS
represents one Class A ordinary share.
|
|
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
June
30,
|
Six Months
Ended
June
30,
|
|
2021
|
2020
|
2021
|
2020
|
|
Operating income
(loss)
|
8,624
|
(14,945)
|
6,367
|
(41,034)
|
|
Share-based
compensation expenses
|
571
|
810
|
1,226
|
1,610
|
|
Adjusted operating
income (loss)
|
9,195
|
(14,135)
|
7,593
|
(39,424)
|
|
|
|
|
|
|
Net income (loss)
attributable to ordinary
shareholders of RYB Education, Inc.
|
6,205
|
(12,847)
|
4,365
|
(39,464)
|
|
Share-based
compensation expenses
|
571
|
810
|
1,226
|
1,610
|
|
Adjusted net income
(loss) attributable to
ordinary shareholders of RYB Education, Inc.
|
6,776
|
(12,037)
|
5,591
|
(37,854)
|
|
|
|
|
|
|
Net income
(loss)
|
7,349
|
(13,701)
|
5,635
|
(45,711)
|
|
Add: Income tax
expense
|
2,108
|
566
|
2,689
|
4,788
|
|
Depreciation of
property, plant and equipment, and
amortization of intangible assets
|
3,183
|
2,968
|
7,448
|
6,004
|
|
EBITDA
|
12,640
|
(10,167)
|
15,772
|
(34,919)
|
|
Share-based
compensation expenses
|
571
|
810
|
1,226
|
1,610
|
|
Adjusted
EBITDA
|
13,211
|
(9,357)
|
16,997
|
(33,309)
|
|
|
|
|
|
|
Net income (loss) per
ADS attributable to
ordinary shareholders of RYB Education,
Inc.- Basic (Note1)
|
0.22
|
(0.46)
|
0.15
|
(1.43)
|
|
Net income (loss) per
ADS attributable to
ordinary shareholders of RYB Education,
Inc.- Diluted (Note1)
|
0.21
|
(0.46)
|
0.15
|
(1.43)
|
|
|
|
|
|
|
Adjusted net income
(loss) per ADS
attributable to ordinary shareholders of
RYB Education Inc.- Basic (Note1)
|
0.24
|
(0.43)
|
0.20
|
(1.37)
|
|
Adjusted net income
(loss) per ADS
attributable to ordinary shareholders of
RYB Education Inc.- Diluted (Note1)
|
0.23
|
(0.43)
|
0.19
|
(1.37)
|
|
|
|
|
|
|
Weighted average
shares used in
calculating basic net income (loss) per
ADS (Note1)
|
28,406,779
|
27,694,997
|
28,391,955
|
27,688,253
|
|
Weighted average
shares used in
calculating diluted net income (loss) per
ADS (Note1)
|
29,041,677
|
27,694,997
|
28,968,047
|
27,688,253
|
|
|
|
|
|
|
Adjusted net income
(loss) per share-
Basic
|
0.24
|
(0.43)
|
0.20
|
(1.37)
|
|
Adjusted net income
(loss) per share-
Diluted
|
0.23
|
(0.43)
|
0.19
|
(1.37)
|
|
|
Note 1：Each ADS
represents one Class A ordinary share.
|
View original
content:https://www.prnewswire.com/news-releases/ryb-education-inc-reports-second-quarter-2021-financial-results-301379484.html
SOURCE RYB Education, Inc.