BEIJING, May 2, 2022 /PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a leading cross-border career educational and technology service provider, today announced its financial and operating results for the third and fourth quarters of 2021, which have not been audited or reviewed by the Company's independent registered accounting firm, as well as its audited financial and operating results for the full fiscal year, ended December 31, 2021.

"We remained focused on strengthening our core competencies during the second half of 2021: creating and providing high-quality, technology-driven educational and career enhancement products and services," noted Dr. Jin Huang, Ambow's President and Chief Executive Officer. "Amid the fast-evolving environment, we skillfully adapted our business to new PRC regulatory requirements and achieved total revenues of RMB 496.9 million (US$ 78.0 million) in the full year 2021."

"I firmly believe that our long-standing ability to innovate and advance technology will continue to drive our sustainable growth. Our valuable patent portfolio encompassing a wide spectrum of educational technologies is unparalleled in the industry. Notably, our cutting-edge multimedia blackboard technology received a new U.S. patent in September 2021, underscoring our industry-leading technology capabilities. As both a pioneer and veteran in the career educational services sector, we also remain dedicated to the development of Industry-University collaborative and coordinated education. In October 2021, the Ministry of Education ("MoE") again added Ambow to its list of approved enterprises for the Industry-University Cooperation and Collaborative Education Project. Furthermore, in December 2021, MoE selected Ambow to its first group of companies for participation in its Education Program for Connecting Talent Supply and Demand to Promote Employment, affirming the exceptional quality of our collaborative projects," Dr. Huang added.

"Looking ahead, we will continue to deepen our commitment to addressing the career education sector's critical demands and harnessing our core capabilities to meet those needs with innovative services and products. Building on our 20-year proven track record, resilient business model and strategic efforts, we believe we are well positioned to deliver sustainable, long-term growth to our shareholders," concluded Dr. Huang.

Third Quarter 2021 Financial Highlights

  • Net revenues in the third quarter of 2021 were RMB 76.2 million (US$ 11.8 million), compared with RMB 112.7 million (US$ 16.6 million) in the same period of 2020. The decrease was primarily due to the impact of the 2021 Implementing Rules for the Law for Promoting Private Education (the "2021 Implementing Rules") on the Company's compulsory education business ("K-9 business") from September 1, 2021, as well as a high base effect resulting from the one-month extension of the spring semester at the Company's K-12 schools in the third quarter of 2020 and fewer services provided at the Company's tutoring centers and training offices during the third quarter of 2021.
  • Gross profit in the third quarter of 2021 was RMB 2.8 million (US$ 0.4 million), compared with RMB 6.5 million (US$ 1.0 million) in the same period of 2020. Gross profit margin was 3.7%, compared with 5.8% in the third quarter of 2020. The decreases in gross profit and gross margin were mainly attributable to the impact of the 2021 Implementing Rules on the Company's K-12 schools business.
  • Operating expenses in the third quarter of 2021 decreased by 29.9% to RMB 66.7 million (US$ 10.4 million) from RMB 95.1 million (US$ 14.0 million) in the same period of 2020. The decrease was primarily attributable to reduced impairment loss on long-lived assets and stringent expense controls to improve operating efficiency.
  • Operating loss in the third quarter of 2021 was RMB 63.9 million (US$ 9.9 million), compared with RMB 88.6 million (US$ 13.1 million) in the same period of 2020.
  • Net income attributable to ordinary shareholders was RMB 31.9 million (US$ 4.9 million), or RMB 0.68 (US$ 0.11) per basic and diluted share, compared with a net loss of RMB 84.5 million (US$ 12.5 million), or RMB 1.94 (US$ 0.29) per basic and diluted share, in the same period of 2020. The income was mainly attributable to the gain on disposal of the Company's subsidiaries of RMB 10.8 million (US$ 1.7 million), the gain on the forgiven PPP loan of RMB 9.3 million (US$ 1.4 million), as well as a reversal of income tax payable of RMB 62.8 million (US$ 9.7 million) due to the expiration of its five-year claw-back period during the third quarter of 2021.

Fourth Quarter 2021 Financial Highlights

  • Net revenues in the fourth quarter of 2021 were RMB 118.9 million (US$ 18.7 million), compared with RMB 173.5 million (US$ 26.6 million) in the same period of 2020. The decrease was primarily due to the 2021 Implementing Rules to the Company's K-12 schools business from September 2021 being brought into effect, as well as the regulatory changes to our tutoring business in the second half of 2021.
  • Gross profit in the fourth quarter of 2021 was RMB 33.9 million (US$ 5.3 million), compared with RMB 66.1 million (US$ 10.1 million) in the same period of 2020. Gross profit margin was 28.5%, compared with 38.1% in the third quarter of 2020. The decreases in gross profit and gross margin were mainly attributable to the decrease in net revenues.
  • Operating expenses in the fourth quarter of 2021 increased by 8.9% to RMB 68.4 million (US$ 10.7 million) from RMB 62.8 million (US$ 9.6 million) in the same period of 2020. The increase was primarily due to additional research and development expenditures.
  • Operating loss in the fourth quarter of 2021 was RMB 34.4 million (US$ 5.4 million), compared with an operating income of RMB 3.3 million (US$ 0.5 million) in the same period of 2020.
  • Net loss attributable to ordinary shareholders was RMB 37.0 million (US$ 5.8 million), or RMB 0.79 (US$ 0.12) per basic and diluted share, compared with a net income of RMB 11.0 million (US$ 1.7 million), or RMB 0.23 (US$ 0.04) per basic and diluted share, in the same period of 2020. The net loss was mainly caused by the decrease in the gross profit stemming from the impact of the 2021 Implementing Rules on the Company's K-12 schools business.
  • As of December 31, 2021, Ambow maintained strong cash resources of RMB 177.0 million (US$ 27.8 million), comprised of cash and cash equivalents of RMB 157.4 million (US$ 24.7 million), short-term investments of RMB 17.8 million (US$ 2.8 million) and restricted cash of RMB 1.8 million (US$ 0.3 million).

Full Fiscal Year 2021 Financial Highlights

  • Net revenues in fiscal year 2021 decreased by 6.6% to RMB 496.9 million (US$ 78.0 million) from RMB 532.0 million (US$ 81.5 million) in 2020. The decrease was primarily due to the 2021 Implementing Rules to the Company's K-12 schools business coming into effect, as well as the regulatory changes to our tutoring business in the second half of 2021.
  • Gross profit in fiscal year 2021 increased by 8.9% to RMB 157.3 million (US$ 24.7 million) from RMB 144.5 million (US$ 22.1 million) in 2020. Gross profit margin was 31.7%, compared with 27.2% in 2020. The increases in gross profit and gross margin were mainly attributable to stringent cost controls during 2021.
  • Operating expenses in fiscal year 2021 decreased by 6.9% to RMB 250.5 million (US$ 39.3 million) from RMB 269.0 million (US$ 41.2 million) in 2020. The decrease was primarily attributable to reduced impairment loss on long-lived assets during 2021.
  • Operating loss in fiscal year 2021 was RMB 93.2 million (US$ 14.6 million), compared with RMB 124.6 million (US$ 19.1 million) in 2020.
  • Net income attributable to ordinary shareholders was RMB 3.0 million (US$ 0.5 million), or RMB 0.06 (US$ 0.01) per basic and diluted share, compared with a net loss of RMB 62.7 million (US$ 9.6 million), or RMB 1.41 (US$ 0.22) per basic and diluted share, in 2020. The income was mainly attributable to the gain on the disposal of the Company's subsidiaries of RMB 12.2 million (US$ 1.9 million), the gain on the forgiven PPP loan of RMB 9.3 million (US$ 1.5 million), as well as a reversal of income tax payable of RMB 62.8 million (US$ 9.7 million) due to the expiration of its five-year claw-back period during 2021.

Impact of 2021 Implementing Rules for the Law for Promoting Private Education

On May 14, 2021, the People's Republic of China's State Council promulgated the 2021 Implementing Rules for the Law for Promoting Private Education (the "2021 Implementing Rules"), which became effective on September 1, 2021. The Implementing Rules prohibit foreign-invested enterprises established in China and social organizations whose actual controllers are foreign parties from controlling private schools that provide compulsory education by means of mergers, acquisitions, contractual arrangements, etc., and private schools providing compulsory education are prohibited from conducting transactions with their related parties.

To comply with the 2021 Implementing Rules, the Company planned to sell its business providing compulsory education services at its three K-12 schools to a third party on September 1, 2021. The Company has found a third party buyer and signed a definitive sales agreement, which is currently under registration process and expected to be completed within one year from December 31, 2021. As the transaction was not closed as of December 31, 2021, and such business did not meet the definition of a "component" under US GAAP to be presented as a discontinued operation, the Company recorded the assets and liabilities of the K-9 business as "Held for Sale" in accordance with ASC 360. The assets and liabilities of the K-9 business classified as held for sale were presented separately in the asset and liability sections, respectively, of the Consolidated Balance Sheet as of December  31, 2021.

The Company's financial and operating results for the third quarter and fourth quarters of 2021, as well as the full fiscal year ended December 31, 2021 can also be found on its Form 6-K and 20-F filed with the U.S. Securities and Exchange Commission at www.sec.gov.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all amounts translated from RMB to U.S. dollars for the third quarter and first nine months of 2021 are based on the effective exchange rate of 6.4434 as of September 30, 2021; all amounts translated from RMB to U.S. dollars for the third quarter and first nine months of 2020 are based on the effective exchange rate of 6.7896 as of September 30, 2020; all amounts translated from RMB to U.S. dollars for the fourth quarter and fiscal year of 2021 are based on the effective exchange rate of 6.3726 as of December 30, 2021; all amounts translated from RMB to U.S. dollars for the fourth quarter and fiscal year of 2020 are based on the effective exchange rate of 6.5250 as of December 31, 2020. The exchange rates were according to the middle rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. Fluctuations in financial highlights are based on RMB amounts.

About Ambow Education Holding Ltd.

Ambow Education Holding Ltd. is a leading cross-border career educational and technology service provider, offering high-quality, individualized services and products. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in China and the United States of America.

Follow us on Twitter: @Ambow_Education

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" and similar statements.  Among other things, the outlook and quotations from management in this announcement, as well as Ambow's strategic and operational plans, contain forward-looking statements. Ambow may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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 statements, including but not limited to the following: the Company's goals and strategies, expansion plans, the expected growth of the content and application delivery services market, the Company's expectations regarding keeping and strengthening its relationships with its customers, the general economic and business conditions in the regions where the Company provides its solutions and services, and continued compliance with governmental regulations regarding education industry in the People's Republic of China and any other jurisdiction in which the Company conducts its operations. 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 as of the date of this press release, and Ambow undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries please contact:

Ambow Education Holding Ltd.
Tel: +86-10-6206-8000

The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: ambow@tpg-ir.com 

 

 

 

AMBOW EDUCATION HOLDING LTD.

AUDITED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)
















As of December 31,


As of December 31,





2021


2020





US$


RMB


RMB


ASSETS









Current assets:









Cash and cash equivalents



24,699


157,399


118,821


Restricted cash



286


1,823


824


Short-term investments, available for sale



2,474


15,764


117,854


Short-term investments, held to maturity



314


2,000


45,000


Accounts receivable, net



4,018


25,602


20,972


Amounts due from related parties



487


3,103


3,024


Prepaid and other current assets, net



17,244


109,890


117,634


Assets classified as held for sale



20,827


132,724


-


Total current assets



70,349


448,305


424,129


Non-current assets:









Property and equipment, net



15,993


101,915


144,492


Land use rights, net



-


-


1,715


Intangible assets, net



4,705


29,986


54,808


Goodwill



3,438


21,907


25,710


Deferred tax assets, net



5


31


6,338


Operating lease right-of-use asset



34,586


220,404


247,608


Finance lease right-of-use asset



824


5,250


5,850


Other non-current assets



22,340


142,364


139,067


Total non-current assets



81,891


521,857


625,588











Total assets



152,240


970,162


1,049,717











LIABILITIES









Current liabilities:









Short-term borrowings  *



1,585


10,103


10,000


Deferred revenue  *



14,913


95,036


163,699


Accounts payable  *



4,625


29,466


19,423


Accrued and other liabilities  *



33,958


216,399


209,590


Income taxes payable, current  *



18,256


116,341


184,638


Amounts due to related parties  *



595


3,793


2,543


Operating lease liability, current  *



7,677


48,923


53,702


Liabilities classified as held for sale  *



13,050


83,161


-


Total current liabilities



94,659


603,222


643,595


Non-current liabilities:









Long-term borrowing 



-


-


9,594


Other non-current liabilities  *



15


96


292


Income taxes payable, non-current  *



3,370


21,475


34,763


Operating lease liability, non-current  *



31,178


198,687


220,319


Total non-current liabilities



34,563


220,258


264,968











Total liabilities



129,222


823,480


908,563











EQUITY









Preferred shares









(US$ 0.003 par value;1,666,667 shares authorized,
nil issued and outstanding as of December 31,
2021 and December 31, 2020) 



-


-


-


Class A Ordinary shares









(US$0.003 par value; 66,666,667 and 66,666,667
shares authorized, 41,973,276 and 41,960,776
shares issued and outstanding as of December
31, 2021 and December 31, 2020, respectively)



125


795


794


Class C Ordinary shares









(US$0.003 par value; 8,333,333 and 8,333,333
shares authorized, 4,708,415 and 4,708,415
shares issued and outstanding as of December
31, 2021 and December 31, 2020, respectively)



14


90


90


Additional paid-in capital



556,438


3,545,955


3,545,073


Statutory reserve



602


3,837


4,210


Accumulated deficit



(536,009)


(3,415,771)


(3,419,146)


Accumulated other comprehensive income



1,772


11,291


12,101


Total Ambow Education Holding Ltd.'s equity



22,942


146,197


143,122


Non-controlling interests



76


485


(1,968)


Total equity



23,018


146,682


141,154


Total liabilities and equity



152,240


970,162


1,049,717











*  All of the VIE's assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of
consolidating these VIEs do not represent additional claims on the Company's general assets.



 

 

 

AMBOW EDUCATION HOLDING LTD.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share and per share data)



For the nine months ended September 30,


For the three months ended September 30,


2021


2021


2020


2021


2021


2020


US$


RMB


RMB


US$


RMB


RMB

NET REVENUES












 Educational programs and
     services

58,551


377,268


358,098


11,820


76,164


112,439

Intelligent programs and
     services

117


752


352


-


-


269

Total net revenues

58,668


378,020


358,450


11,820


76,164


112,708

COST OF REVENUES












 Educational programs and
     services

(39,177)


(252,431)


(277,683)


(11,338)


(73,056)


(105,359)

Intelligent programs and
     services

(343)


(2,211)


(2,340)


(44)


(281)


(882)

Total cost of revenues

(39,520)


(254,642)


(280,023)


(11,382)


(73,337)


(106,241)













GROSS PROFIT

19,148


123,378


78,427


438


2,827


6,467

Operating expenses:












Selling and marketing

(5,983)


(38,554)


(37,861)


(2,193)


(14,132)


(13,655)

General and administrative

(19,115)


(123,165)


(127,230)


(5,868)


(37,808)


(42,987)

Research and development

(1,531)


(9,864)


(4,456)


(661)


(4,262)


(1,758)

Impairment loss

(1,633)


(10,525)


(36,699)


(1,633)


(10,525)


(36,699)

Total operating expenses

(28,262)


(182,108)


(206,246)


(10,355)


(66,727)


(95,099)













OPERATING LOSS

(9,114)


(58,730)


(127,819)


(9,917)


(63,900)


(88,632)













OTHER INCOME
    (EXPENSES)












Interest income

948


6,108


7,150


326


2,100


3,015

Foreign exchange gain (loss),
    net

32


206


31


-


3


(4)

Other income (loss), net

257


1,655


840


440


2,835


(712)

Gain from deregistration of
    subsidiaries

206


1,325


3,967


-


-


70

Gain on disposal of
    subsidiaries

1,675


10,792


752


1,675


10,792


752

Gain on the bargain purchase

-


-


40,273


-


-


-

Gain on forgiven PPP loan

1,444


9,305


-


1,444


9,305


-

Gain on sale of investment
    available for sale

341


2,196


2,477


151


975


1,421

Total other income

4,903


31,587


55,490


4,036


26,010


4,542

LOSS BEFORE INCOME
    TAX AND NON-
    CONTROLLING
    INTEREST

(4,211)


(27,143)


(72,329)


(5,881)


(37,890)


(84,090)

Income tax benefit (expense)

10,293


66,325


(2,399)


10,783


69,480


(776)













NET INCOME (LOSS)

6,082


39,182


(74,728)


4,902


31,590


(84,866)

Less: Net loss attributable to
    non-controlling interest

(127)


(821)


(1,040)


(47)


(302)


(332)













NET INCOME (LOSS)
    ATTRIBUTABLE TO 
    ORDINARY
    SHAREHOLDERS

6,209


40,003


(73,688)


4,949


31,892


(84,534)













NET INCOME (LOSS)

6,082


39,182


(74,728)


4,902


31,590


(84,866)













OTHER
    COMPREHENSIVE  
    (LOSS) INCOME, NET
    OF TAX












Foreign currency translation
    adjustments

(42)


(271)


10,731


23


146


2,403

Unrealized gains on short term
    investments












  Unrealized holding gains
    arising during period

217


1,397


1,518


50


322


578

  Less: reclassification
    adjustment for gains
    included in net income

241


1,556


2,161


109


704


1,493

Other comprehensive (loss)
    income

(66)


(430)


10,088


(36)


(236)


1,488













TOTAL
    COMPREHENSIVE
    INCOME (LOSS)

6,016


38,752


(64,640)


4,866


31,354


(83,378)













Net income (loss) per share –
    basic and diluted

0.13


0.86


(1.69)


0.11


0.68


(1.94)













Weighted average shares used
    in calculating basic and
    diluted net income (loss)
    per share

43,648,571


46,648,571


43,583,448


46,660,948


46,660,948


43,595,871

 

 

 

AMBOW EDUCATION HOLDING LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share and per share data)



For the years ended December 31,


For the three months ended December 31,


2021


2021


2020


2021


2021


2020


US$


RMB


RMB


US$


RMB


RMB


Audited


Audited


Audited


Unaudited


Unaudited


Unaudited

NET REVENUES












 Educational programs and
     services

77,202


491,979


525,727


18,001


114,711


167,629

Intelligent programs and
     services

769


4,898


6,253


651


4,146


5,901

Total net revenues

77,971


496,877


531,980


18,652


118,857


173,530

COST OF REVENUES












 Educational programs and
     services

(52,786)


(336,381)


(379,571)


(13,174)


(83,950)


(101,888)

Intelligent programs and
     services

(499)


(3,177)


(7,919)


(152)


(966)


(5,579)

Total cost of revenues

(53,285)


(339,558)


(387,490)


(13,326)


(84,916)


(107,467)













GROSS PROFIT

24,686


157,319


144,490


5,326


33,941


66,063

Operating expenses:












Selling and marketing

(8,704)


(55,468)


(52,355)


(2,654)


(16,914)


(14,494)

General and administrative

(26,676)


(169,994)


(174,283)


(7,348)


(46,829)


(47,053)

Research and development

(2,273)


(14,487)


(5,703)


(725)


(4,623)


(1,247)

Impairment loss

(1,652)


(10,525)


(36,699)


-


-


-

Total operating expenses

(39,305)


(250,474)


(269,040)


(10,727)


(68,366)


(62,794)













OPERATING (LOSS) 
INCOME

(14,619)


(93,155)


(124,550)


(5,401)


(34,425)


3,269













OTHER INCOME
   (EXPENSES)












Interest income

1,408


8,971


9,501


449


2,863


2,351

Foreign exchange gain, net

35


223


980


3


17


949

Other income (loss), net

260


1,657


(1,244)


-


2


(2,084)

Gain from derecognition of
     liabilities

-


-


3,926


-


-


3,926

Gain from deregistration of
     subsidiaries

208


1,325


3,967


-


-


-

Gain on disposal of
    subsidiaries

1,908


12,158


752


214


1,366


-

Gain on the bargain purchase

-


-


40,273


-


-


-

Gain on forgiven PPP loan

1,460


9,305


-


-


-


-

Gain on sale of investment
     available for sale

378


2,412


3,476


34


216


999

Total other income

5,657


36,051


61,631


700


4,464


6,141

LOSS BEFORE INCOME
    TAX AND NON-
    CONTROLLING
    INTEREST

(8,962)


(57,104)


(62,919)


(4,701)


(29,961)


9,410

Income tax benefit (expense)

9,275


59,108


(1,062)


(1,133)


(7,217)


1,337













NET INCOME (LOSS)

313


2,004


(63,981)


(5,834)


(37,178)


10,747

Less: Net loss attributable to
     non-controlling interest

(157)


(998)


(1,269)


(28)


(177)


(229)













NET INCOME (LOSS)
    ATTRIBUTABLE TO
    ORDINARY
    SHAREHOLDERS

470


3,002


(62,712)


(5,806)


(37,001)


10,976













NET INCOME (LOSS)

313


2,004


(63,981)


(5,834)


(37,178)


10,747













OTHER
    COMPREHENSIVE
    INCOME (LOSS), NET
    OF TAX












Foreign currency translation
    adjustments

(112)


(711)


6,234


(69)


(440)


(4,497)

Unrealized gains on short term
    investments












  Unrealized holding gains
    arising during period

237


1,513


2,458


18


116


940

  Less: reclassification
    adjustment for gains
    included in net income

253


1,612


2,932


9


56


771

Other comprehensive (loss)
    income

(128)


(810)


5,760


(60)


(380)


(4,328)













TOTAL
    COMPREHENSIVE
    INCOME (LOSS)

185


1,194


(58,221)


(5,894)


(37,558)


6,419













Net income (loss) per share –
    basic and diluted

0.01


0.06


(1.41)


(0.12)


(0.79)


0.23













Weighted average shares used
    in calculating basic and
    diluted net income (loss)
    per share

46,654,853


46,654,853


44,372,326


46,673,494


46,673,494


46,721,812

 

 

 

AMBOW EDUCATION HOLDING LTD.

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(All amounts in thousands, except for share and per share data)

























Attributable to Ambow Education Holding Ltd.'s Equity






















Accumulated








 Class A Ordinary


Class C Ordinary


Additional






other


Non-






shares


shares


paid-in


Statutory


Accumulated


comprehensive


controlling


Total




Shares


Amount


Shares


Amount


capital


reserves


deficit


income


interest


Equity






RMB




RMB


RMB


RMB


RMB


RMB


RMB


RMB


Balance as of January 1, 2021


41,923,276


794


4,708,415


90


3,545,073


4,210


(3,419,146)


12,101


(1,968)


141,154


Share-based compensation


-


-


-


-


219


-


-


-


-


219


Issuance of ordinary shares for restricted
   stock award


12,500


0


-


-


(0)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


115


-


115


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


38


-


38


Net loss


-


-


-


-


-


-


(14,329)


-


(242)


(14,571)


Balance as of March 31, 2021


41,935,776


794


4,708,415


90


3,545,292


4,210


(3,433,475)


12,254


(2,210)


126,955


Share-based compensation


-


-


-


-


220


-


-


-


-


220


Issuance of ordinary shares for restricted
   stock award


12,500


0


-


-


(0)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


(532)


-


(532)


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


185


-


185


Net income/(loss)


-


-


-


-


-


-


22,440


-


(277)


22,163


Balance as of June 30, 2021


41,948,276


794


4,708,415


90


3,545,512


4,210


(3,411,035)


11,907


(2,487)


148,991


Share-based compensation


-


-


-


-


224


-


-


-


-


224


Issuance of ordinary shares for restricted
   stock award


12,500


1


-


-


(1)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


146


-


146


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


(382)


-


(382)


Capital injection from minority
   shareholders


-


-


-


-


-


-


-


-


100


100


Deregistration of subsidiaries


-


-


-


-


-


(373)


373


-


3,351


3,351


Net income/(loss)


-


-


-


-


-


-


31,892


-


(302)


31,590


Balance as of September 30, 2021


41,960,776


795


4,708,415


90


3,545,735


3,837


(3,378,770)


11,671


662


184,020


Share-based compensation


-


-


-


-


220


-


-


-


-


220


Issuance of ordinary shares for restricted
   stock award


12,500


0


-


-


(0)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


(440)


-


(440)


Unrealized gain on investment, net of
    income taxes


-


-


-


-


-


-


-


60


-


60


Net loss


-


-


-


-


-


-


(37,001)


-


(177)


(37,178)


Balance as of December 31, 2021


41,973,276


795


4,708,415


90


3,545,955


3,837


(3,415,771)


11,291


485


146,682


























Attributable to Ambow Education Holding Ltd.'s Equity






















Accumulated








 Class A Ordinary


Class C Ordinary


Additional






other


Non-






shares


shares


paid-in


Statutory


Accumulated


comprehensive


controlling


Total




Shares


Amount


Shares


Amount


capital


reserves


deficit


income


interest


Equity






RMB




RMB


RMB


RMB


RMB


RMB


RMB


RMB


Balance as of January 1, 2020


38,858,199


730


4,708,415


90


3,508,745


20,185


(3,371,815)


6,341


(680)


163,596


Share-based compensation


-


-


-


-


238


-


-


-


-


238


Issuance of ordinary shares for restricted
   stock award


12,500


0


-


-


(0)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


433


-


433


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


154


-


154


Impact on adoption of ASC 326


-


-


-


-


-


-


(594)


-


-


(594)


Net income/(loss)


-


-


-


-


-


-


6,039


-


(412)


5,627


Balance as of March 31, 2020


38,870,699


730


4,708,415


90


3,508,983


20,185


(3,366,370)


6,928


(1,092)


169,454


Share-based compensation


-


-


-


-


242


-


-


-


-


242


Issuance of ordinary shares for restricted
   stock award


12,500


1


-


-


(1)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


7,895


-


7,895


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


118


-


118


Deregistration of subsidiaries


-


-


-


-


-


(15,473)


15,473


-


-


-


Net income/(loss)


-


-


-


-


-


-


4,807


-


(296)


4,511


Balance as of June 30, 2020


38,883,199


731


4,708,415


90


3,509,224


4,712


(3,346,090)


14,941


(1,388)


182,220


Share-based compensation


-


-


-


-


239


-


-


-


-


239


Issuance of ordinary shares for restricted
    stock award


12,501


0


-


-


(0)


-


-


-


-


-


Foreign currency translation adjustment


-


-


-


-


-


-


-


2,403


-


2,403


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


(915)


-


(915)


Deregistration of subsidiaries


-


-


-


-


-


-


-


-


(16)


(16)


Disposal of subsidiaries


-


-


-


-


(133)


(502)


502


-


-


(133)


Net loss


-


-


-


-


-


-


(84,534)


-


(332)


(84,866)


Balance as of September 30, 2020


38,895,700


731


4,708,415


90


3,509,330


4,210


(3,430,122)


16,429


(1,736)


98,932


Share-based compensation


-


-


-


-


228


-


-


-


-


228


Issuance of ordinary shares for restricted
   stock award


12,500


0


-


-


(0)


-


-


-


-


-


Issuance of ordinary shares in a
   registered direct offering


3,015,076


63


-


-


35,515


-


-


-


-


35,578


Foreign currency translation adjustment


-


-


-


-


-


-


-


(4,497)


-


(4,497)


Unrealized gain on investment, net of
   income taxes


-


-


-


-


-


-


-


169


-


169


Deregistration of subsidiaries


-


-


-


-


-


-


-


-


(3)


(3)


Net income/(loss)


-


-


-


-


-


-


10,976


-


(229)


10,747


Balance as of December 31, 2020


41,923,276


794


4,708,415


90


3,545,073


4,210


(3,419,146)


12,101


(1,968)


141,154
























 

 

 

Discussion of Segment Operations

(All amounts in thousands)



For the nine months ended September 30,


For the three months ended September 30,


2021


2021


2020


2021


2021


2020


US$


RMB


RMB


US$


RMB


RMB













NET REVENUES












K-12 Schools

32,424


208,922


185,766


5,164


33,272


58,966

CP&CE Programs 

26,244


169,098


172,684


6,656


42,892


53,742

Total net revenues

58,668


378,020


358,450


11,820


76,164


112,708

COST OF REVENUES












K-12 Schools

(20,692)


(133,330)


(119,972)


(5,501)


(35,444)


(45,430)

CP&CE Programs 

(18,828)


(121,312)


(160,051)


(5,881)


(37,893)


(60,811)

Total cost of revenues

(39,520)


(254,642)


(280,023)


(11,382)


(73,337)


(106,241)

GROSS PROFIT












K-12 Schools

11,732


75,592


65,794


(337)


(2,172)


13,536

CP&CE Programs 

7,416


47,786


12,633


775


4,999


(7,069)

Total gross profit

19,148


123,378


78,427


438


2,827


6,467






































For the years ended December 31,


For the three months ended December 31,


2021


2021


2020


2021


2021


2020


US$


RMB


RMB


US$


RMB


RMB













NET REVENUES












K-12 Schools

42,426


270,362


291,539


9,642


61,440


105,773

CP&CE Programs 

35,545


226,515


240,441


9,010


57,417


67,757

Total net revenues

77,971


496,877


531,980


18,652


118,857


173,530

COST OF REVENUES












K-12 Schools

(27,067)


(172,489)


(188,628)


(6,145)


(39,159)


(68,656)

CP&CE Programs 

(26,218)


(167,069)


(198,862)


(7,181)


(45,757)


(38,811)

Total cost of revenues

(53,285)


(339,558)


(387,490)


(13,326)


(84,916)


(107,467)

GROSS PROFIT












K-12 Schools

15,359


97,873


102,911


3,497


22,281


37,117

CP&CE Programs 

9,327


59,446


41,579


1,829


11,660


28,946

Total gross profit

24,686


157,319


144,490


5,326


33,941


66,063













 

 

 

Cision View original content:https://www.prnewswire.com/news-releases/ambow-education-announces-second-half-and-full-year-2021-financial-results-301537764.html

SOURCE Ambow Education Holding Ltd.

Copyright 2022 PR Newswire

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