SHANGHAI, Jan. 12, 2021 /PRNewswire/ -- Four Seasons
Education (Cayman) Inc. ("Four Seasons Education" or the "Company")
(NYSE: FEDU), a leading Shanghai-based educational company dedicated
to providing comprehensive after-school education services with a
focus on high-quality math education, today announced its unaudited
financial results for the third quarter fiscal year 2021, ended
November 30, 2020.
Third Quarter Fiscal Year 2021 Financial and Operational
Highlights
- Revenue was RMB67.6 million
(US$10.3 million), compared with
RMB103.5 million in the same period
of last year.
- Gross profit was RMB25.2 million
(US$3.8 million), compared with
RMB53.0 million in the same period of
last year.
- Operating loss was RMB12.8
million (US$1.9 million),
compared with operating income of RMB10.9
million in the same period of last year.
- Adjusted operating loss(1) (non-GAAP) was
RMB6.8 million (US$1.0 million), compared with adjusted operating
income of RMB17.0 million in the same
period of last year.
- Net loss was RMB8.8 million
(US$1.3 million), compared with net
income of RMB11.3 million in the same
period of last year.
- Adjusted net loss(2) (non-GAAP) was RMB4.5 million (US$0.7
million), compared with adjusted net income of RMB14.5 million in the same period of last
year.
- Basic and diluted net loss per American Depositary Share
("ADS") attributable to ordinary shareholders were both
RMB0.19 (US$0.03), compared with net income of
RMB0.24 and RMB0.23, respectively, for the same period of
last year. Each two ADSs represent one ordinary share.
- Adjusted basic and diluted net loss per ADS attributable to
ordinary shareholders(3) (non-GAAP) were both
RMB0.10 (US$0.01), compared with net income of
RMB0.31 and RMB0.30, respectively, for the same period of
last year.
- Number of learning centers was 49 as of November 30, 2020, compared with 55 as of
November 30, 2019.
- Total student enrollment(4) was 53,493, compared
with 67,714 during the same period of last year.
(1) Adjusted
operating income/loss is defined as operating income/loss excluding
share-based compensation expenses.
|
(2) Adjusted net
income/loss is defined as net income/loss excluding
share-based compensation expenses and fair value change of
investments.
|
(3) Adjusted
basic/diluted net income/loss per ADS attributable to ordinary
shareholders is defined as basic/diluted net income/loss per ADS
attributable to ordinary shareholders excluding share-based
compensation expenses per ADS attributable to ordinary shareholders
and fair value change of investments per ADS attributable to
ordinary shareholders.
|
For more information
on these adjusted financial measures, please see the section
captioned under "About Non-GAAP Financial Measures" and the tables
captioned "Reconciliation of GAAP and non-GAAP Results" set forth
at the end of this release.
|
(4) Total student
enrollment is defined as the cumulative number of courses enrolled
in and paid for by the Company's students during the
respective period, including multiple courses enrolled in and paid
for by the same student.
|
"During the third quarter of fiscal 2021, we continued to
optimize our operations to provide a superior learning experience
for our students in their pursuit of both academic excellence and
personal development," said Ms. Yi (Joanne)
Zuo, Director and Chief Executive Officer at Four Seasons
Education. "Total student enrollment reached 53,493 with a
better-than-expected revenue, which assures us that our strategies
are on track to help our business to recover and return to its
pre-pandemic development trajectory. In the third quarter, we
spearheaded efforts to further enrich and diversify curricula with
new educational programs, spanning a full spectrum of academic
subjects in order to cater to the increasing learning needs for
high school entrance exams following recent regulatory changes. We
were excited to see a 54.5% year-over-year growth in middle school
class enrollment this quarter to a new record high.
Our unwavering efforts to enhance our unique curriculum
offerings also bore fruit this quarter with continued growth in our
enrollment retention rates. Currently, we are seeing a
year-over-year increase in cash receipts and enrollment from our
winter classes. This is a great testament to the effectiveness of
our core capabilities in offering high-quality educational
products, making innovative and responsive curriculum development
as well as maintaining a strong tutoring team. In addition, we
leveraged our deep expertise in delivering tangible learning
outcomes to make meaningful strides in our nationwide expansion,
resulting in improved enrollment for learning centers outside
Shanghai. Going forward, we will
continue strengthening our brand educational products and teaching
approaches to further drive student enrollment and engagement,
paving the way for a future of profitable growth. We are confident
that our ability to provide state-of-the-art courses and services
has positioned us to capture new opportunities in a recovering
market and create a sustainable business in the long run," Ms. Zuo
concluded.
Third Quarter Fiscal Year 2021 Financial Results
Revenue was RMB67.6
million (US$10.3 million) for
the third quarter of fiscal year 2021, compared with RMB103.5 million in the same period of last year,
primarily due to latest regulatory policy and the extended impact
of COVID-19, partially offset by the proactive curricular upgrade
in response to the evolving market needs.
Cost of revenue decreased by 15.9% to RMB42.5 million (US$6.5
million) for the third quarter of fiscal year 2021 from
RMB50.5 million in the same period of
last year, primarily attributable to decreased staff costs and the
ongoing optimization of the learning center network.
Gross profit was RMB25.2 million (US$3.8 million) for the third quarter of fiscal
year 2021, compared with RMB53.0
million in the same period of last year.
General and administrative expenses decreased by
9.0% to RMB30.4 million (US$4.6 million) for the third quarter of fiscal
year 2021 from RMB33.4 million in the
same period of last year, primarily due to the improved human
resource management.
Sales and marketing expenses decreased by 14.2% to
RMB7.5 million (US$1.1 million) for the third quarter of fiscal
year 2021 from RMB8.8 million in
the same period of last year.
Operating loss was RMB12.8
million (US$1.9 million) for
the third quarter of fiscal year 2021, compared with operating
income of RMB10.9 million in the same
period of last year. Adjusted operating loss(1)
(non-GAAP), which is calculated as operating income excluding
share-based compensation expenses, was RMB6.8 million (US$1.0
million) for the third quarter of fiscal year 2021, compared
with adjusted operating income of RMB17.0
million in the same period of last year.
Income tax benefit was RMB1.3
million (US$0.2 million) for
the third quarter of fiscal year 2021, compared with income tax
expense of RMB6.2 million in the same
period of last year.
Net loss was RMB8.8 million (US$1.3 million) during the third quarter of
fiscal year 2021, compared with net income of RMB11.3 million in the same period of last
year. Adjusted net loss (2) (non-GAAP),
which is calculated as net income excluding share-based
compensation expenses and fair value change of the Company's
investments, was RMB4.5 million
(US$0.7 million) for the third
quarter of fiscal year 2021, compared with adjusted net income of
RMB14.5 million in the same period of
last year.
Basic and diluted net loss per ADS attributable to ordinary
shareholders for the third quarter of fiscal year 2021 were
both RMB0.19 (US$0.03), compared with net income of
RMB0.24 and RMB0.23, respectively, for the same period of
last year. Adjusted basic and diluted net loss per ADS
attributable to ordinary
shareholders(3) (non-GAAP), which is
calculated as basic/diluted net income/loss per ADS attributable to
ordinary shareholders excluding share-based compensation expenses
per ADS attributable to ordinary shareholders and fair value change
of investments measured at fair value per ADS attributable to
ordinary shareholders, were both RMB0.10 (US$0.01)
for the third quarter of fiscal year 2021, compared with adjusted
net income of RMB0.31 and
RMB0.30, respectively, for the same
period of last year.
Cash and cash equivalents. As of November 30, 2020, the Company had cash and cash
equivalents of RMB439.0 million
(US$66.8 million), compared with
RMB404.7 million as of February 29, 2020.
First Nine Months Fiscal Year 2021 Financial Results
Revenue was RMB210.1
million (US$31.9 million) for
the first nine months of fiscal year 2021, compared with
RMB318.0 million in the same period
of last year, primarily due to the impact of the COVID-19 and
latest regulatory policy, partially offset by the proactive
curricular upgrade in response to the evolving market needs.
Cost of revenue decreased by 17.9% to RMB126.9 million (US$19.3
million) for the first nine months of fiscal year 2021 from
RMB154.7 million in the same period
of last year, primarily attributable to decreased staff costs and the ongoing restructuring and
optimization of the learning center network.
Gross profit was RMB83.2
million (US$12.6 million) for
the first nine months of fiscal year 2021, compared with
RMB163.3 million in the same period
of last year.
General and administrative expenses decreased by
10.9% to RMB88.7 million
(US$13.5 million) for the first nine
months of fiscal year 2021 from RMB99.5
million in the same period of last year.
Sales and marketing expenses decreased by 15.8% to
RMB22.5 million (US$3.4 million) for the first nine months of
fiscal year 2021 from RMB26.7 million
in the same period of last year.
Operating loss was RMB28.0
million (US$4.3 million) for
the first nine months of fiscal year 2021, compared with operating
income of RMB37.1 million in the same
period of last year. Adjusted operating loss, which
excludes share-based compensation expenses, was RMB7.1 million (US$1.1
million) for the first nine months of fiscal year 2021,
compared with adjusted operating income of RMB60.4 million in the same period of last
year.
Net loss was RMB16.4
million (US$2.5 million)
during the first nine months of fiscal year 2021, compared with net
income of RMB35.8 million in the same
period of last year. Adjusted net income, which excludes
share-based compensation expenses and fair value change of the
Company's investments measured at fair value, was RMB1.7 million (US$0.3
million) for the first nine months of fiscal year 2021,
compared with RMB52.6 million in the
same period of last year.
Basic and diluted net loss per ADS attributable to ordinary
shareholders for the first nine months of fiscal year 2021 were
both RMB0.35 (US$0.05), compared with net income of
RMB0.72 and RMB0.70, respectively, for the same period of
last year. Non-GAAP basic and diluted net income per ADS
attributable to ordinary shareholders for the first nine
months of fiscal year 2021 were both RMB0.04 (US$0.01),
compared with RMB1.07 and
RMB1.04, respectively, for the same
period of last year.
Business Outlook
For the fourth quarter of fiscal year 2021, the Company expects
to generate revenue in the range of RMB64.0
million to RMB67.5 million.
The above guidance reflects the Company's current and
preliminary view, which is subject to change.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
January 12, 2021 (9:00 PM
Beijing/Hong Kong time on
January 12, 2021)
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
1-888-346-8982
|
International:
|
1-412-902-4272
|
Hong Kong, China
(toll free):
|
800-905-945
|
Hong Kong,
China:
|
852-3018-4992
|
Mainland China (toll
free):
|
400-120-1203
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for "Four
Seasons Education."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at http://ir.sijiedu.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until January 19, 2021, by dialing the following
telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10150947
|
About Four Seasons Education (Cayman) Inc.
Four Seasons Education (Cayman) Inc. is a leading Shanghai-based educational company dedicated
to providing comprehensive after-school education services with a
focus on high-quality math education. The Company's vision is to
unlock students' intellectual potential through high quality and
effective education that can profoundly benefit students' academic,
career and life prospects. The Company provides educational
programs that are primarily focused on elementary-level math and
have expanded in recent years to also include other subjects,
including physics, chemistry, and languages, and other grade
levels, including kindergarten-level and middle school-level
programs. The Company's proprietary educational content is designed
to cultivate students' interests and enhance their cognitive and
logic abilities. The Company develops its educational content
through a systematic development process and updates it regularly
based on student performance and feedback. Such process allows the
Company to effectively drive better learning outcomes and serve
students of different ages, aptitude levels and learning
objectives. The Company's faculty is led by a group of experienced
senior educators, including recognized scholars, award-winning
teachers. Over the years, the quality of the Company's education
services has been demonstrated by its student outstanding
academic performance.
About Non-GAAP Financial Measures
In evaluating the Company's business, the Company considers and
uses certain non-GAAP measures, including primarily adjusted
operating income/loss, adjusted net income/loss and adjusted basic
and diluted net income/loss per ADS attributable to ordinary
shareholders, 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 is defined as net income/loss
excluding share-based compensation expenses and fair value change
of the Company's investments. Adjusted basic/ diluted net
income/loss per ADS attributable to ordinary shareholders is
defined as basic/diluted net income/loss per ADS attributable to
ordinary shareholders excluding share-based compensation expenses
per ADS attributable to ordinary shareholders and fair value change
of investments measured at fair value per ADS attributable to
ordinary shareholders. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with U.S. GAAP.
The Company believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based expenses, fair
value change of investments measured at fair value and impairment
loss on intangible assets and goodwill (where applicable) that may
not be indicative of the Company's operating performance from a
cash perspective. The Company believes that both management and
investors benefit from these non-GAAP financial measures in
assessing its performance and when planning and forecasting future
periods. These non-GAAP financial measures also facilitate
management's internal comparisons to the Company's historical
performance and liquidity. The Company also believes these non-GAAP
financial measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in the Company's financial and operational decision
making. A limitation of using non-GAAP measures is that these
non-GAAP measures exclude share-based compensation charges and fair
value change of investments measured at fair value (where
applicable) that have been and will continue to be for the
foreseeable future a significant recurring expense in the Company's
business. The Company compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables have more
details on the reconciliations between GAAP financial measures that
are most directly comparable to non-GAAP financial measures.
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 translations from RMB to
U.S. dollars are made at a rate of RMB6.5760 to US$1.00, the rate set forth in the H.10
statistical release of the U.S. Federal Reserve Board on
November 30, 2020.
Safe Harbor Statement
This press release contains statements of a forward-looking
nature. These statements, including the statements relating to the
Company's future financial and operating results, are made under
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as "will,"
"expects," "believes," "anticipates," "intends," "estimates" and
similar statements. Among other things, management's quotations and
the Business Outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its ability to attract new students
and retain existing students, its ability to deliver a satisfactory
learning experience and improving their academic performance, PRC
regulations and policies relating to the education industry in
China, general economic conditions
in China, and the Company's
ability to meet the standards necessary to maintain listing of its
ADSs on the NYSE or other stock exchange, including its ability to
cure any non-compliance with the NYSE's continued listing criteria.
All information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company's filings with the U.S. Securities and
Exchange Commission, including its annual reports on Form 20-F.
For investor and media inquiries, please contact:
In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: IR@fsesa.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: fourseasons@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: fourseasons@tpg-ir.com
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)
|
|
|
|
As
of
|
|
|
|
February
29,
|
|
|
November
30,
|
|
|
November
30,
|
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
404,652
|
|
|
|
439,001
|
|
|
|
66,758
|
|
Accounts receivable
and contract assets
|
|
|
1,261
|
|
|
|
1,076
|
|
|
|
164
|
|
Other receivables,
deposits and other assets
|
|
|
18,484
|
|
|
|
12,091
|
|
|
|
1,839
|
|
Short-term
investments
|
|
|
10,000
|
|
|
|
-
|
|
|
|
-
|
|
Long-term investment
under fair value - current
|
|
|
181,821
|
|
|
|
32,651
|
|
|
|
4,965
|
|
Total current
assets
|
|
|
616,218
|
|
|
|
484,819
|
|
|
|
73,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
37,703
|
|
|
|
10,198
|
|
|
|
1,551
|
|
Property and
equipment, net
|
|
|
19,749
|
|
|
|
15,806
|
|
|
|
2,404
|
|
Operating lease
right-of-use assets
|
|
|
190,074
|
|
|
|
187,243
|
|
|
|
28,474
|
|
Intangible asset,
net
|
|
|
8,765
|
|
|
|
7,630
|
|
|
|
1,160
|
|
Goodwill
|
|
|
35,163
|
|
|
|
36,967
|
|
|
|
5,622
|
|
Deferred tax
assets
|
|
|
13,445
|
|
|
|
20,463
|
|
|
|
3,112
|
|
Equity method
investments
|
|
|
1,295
|
|
|
|
41,816
|
|
|
|
6,359
|
|
Long-term investments
under fair value - non current
|
|
|
104,414
|
|
|
|
232,220
|
|
|
|
35,313
|
|
Other non-current
assets
|
|
|
10,790
|
|
|
|
13,150
|
|
|
|
1,998
|
|
Total non-current
assets
|
|
|
421,398
|
|
|
|
565,493
|
|
|
|
85,993
|
|
TOTAL
ASSETS
|
|
|
1,037,616
|
|
|
|
1,050,312
|
|
|
|
159,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts due to related
parties
|
|
|
1,323
|
|
|
|
2,054
|
|
|
|
312
|
|
Accrued expenses and
other current liabilities
|
|
|
75,118
|
|
|
|
82,378
|
|
|
|
12,527
|
|
Operating lease
liabilities – current
|
|
|
51,842
|
|
|
|
46,442
|
|
|
|
7,062
|
|
Income tax
payable
|
|
|
12,789
|
|
|
|
12,915
|
|
|
|
1,964
|
|
Deferred
revenue
|
|
|
71,946
|
|
|
|
106,211
|
|
|
|
16,152
|
|
Total current
liabilities
|
|
|
213,018
|
|
|
|
250,000
|
|
|
|
38,017
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)
|
|
|
|
As
of
|
|
|
|
February
29,
|
|
|
November
30,
|
|
|
November
30,
|
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
2,136
|
|
|
|
1,789
|
|
|
|
272
|
|
Operating lease
liabilities – non-current
|
|
|
147,510
|
|
|
|
135,091
|
|
|
|
20,543
|
|
Total non-current
liabilities
|
|
|
149,646
|
|
|
|
136,880
|
|
|
|
20,815
|
|
TOTAL
LIABILITIES
|
|
|
362,664
|
|
|
|
386,880
|
|
|
|
58,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
674,952
|
|
|
|
663,432
|
|
|
|
100,887
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
|
1,037,616
|
|
|
|
1,050,312
|
|
|
|
159,719
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data and per share data)
|
|
|
|
Three Months Ended
November 30,
|
|
Nine Months Ended
November 30,
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
Revenue
|
|
|
103,505
|
|
|
67,603
|
|
|
10,280
|
|
|
317,984
|
|
|
210,084
|
|
|
31,947
|
|
Cost of
revenue
|
|
|
(50,485)
|
|
|
(42,452)
|
|
|
(6,456)
|
|
|
(154,656)
|
|
|
(126,922)
|
|
|
(19,301)
|
|
Gross
profit
|
|
|
53,020
|
|
|
25,151
|
|
|
3,824
|
|
|
163,328
|
|
|
83,162
|
|
|
12,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
(33,394)
|
|
|
(30,394)
|
|
|
(4,622)
|
|
|
(99,546)
|
|
|
(88,681)
|
|
|
(13,486)
|
|
Sales and marketing
expenses
|
|
|
(8,754)
|
|
|
(7,515)
|
|
|
(1,143)
|
|
|
(26,657)
|
|
|
(22,453)
|
|
|
(3,414)
|
|
Operating income
(loss)
|
|
|
10,872
|
|
|
(12,758)
|
|
|
(1,941)
|
|
|
37,125
|
|
|
(27,972)
|
|
|
(4,254)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidy
income
|
|
|
1,102
|
|
|
1,996
|
|
|
304
|
|
|
8,497
|
|
|
9,848
|
|
|
1,498
|
|
Interest
income
|
|
|
1,531
|
|
|
824
|
|
|
125
|
|
|
4,143
|
|
|
2,716
|
|
|
413
|
|
Other income,
net
|
|
|
4,113
|
|
|
664
|
|
|
101
|
|
|
6,166
|
|
|
1,326
|
|
|
202
|
|
Income (loss)
before income taxes and loss from
equity
method investments
|
|
|
17,618
|
|
|
(9,274)
|
|
|
(1,411)
|
|
|
55,931
|
|
|
(14,082)
|
|
|
(2,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
|
(6,247)
|
|
|
1,348
|
|
|
205
|
|
|
(19,927)
|
|
|
(47)
|
|
|
(7)
|
|
Loss from equity
method investments
|
|
|
(47)
|
|
|
(890)
|
|
|
(135)
|
|
|
(202)
|
|
|
(2,254)
|
|
|
(343)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
11,324
|
|
|
(8,816)
|
|
|
(1,341)
|
|
|
35,802
|
|
|
(16,383)
|
|
|
(2,491)
|
|
Net income
attributable to non-controlling interest
|
|
|
73
|
|
|
80
|
|
|
12
|
|
|
1,546
|
|
|
141
|
|
|
21
|
|
Net income (loss)
attributable to Four Seasons Education
(Cayman)
Inc.
|
|
|
11,251
|
|
|
(8,896)
|
|
|
(1,353)
|
|
|
34,256
|
|
|
(16,524)
|
|
|
(2,512)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.48
|
|
|
(0.38)
|
|
|
(0.06)
|
|
|
1.44
|
|
|
(0.71)
|
|
|
(0.11)
|
|
Diluted
|
|
|
0.46
|
|
|
(0.38)
|
|
|
(0.06)
|
|
|
1.39
|
|
|
(0.71)
|
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating
net income
(loss) per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
23,581,105
|
|
|
23,131,195
|
|
|
23,131,195
|
|
|
23,843,323
|
|
|
23,131,195
|
|
|
23,131,195
|
|
Diluted
|
|
|
24,359,668
|
|
|
23,131,195
|
|
|
23,131,195
|
|
|
24,607,148
|
|
|
23,131,195
|
|
|
23,131,195
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
(in thousands, except share data and per share data)
|
|
|
|
Three Months Ended
November 30,
|
|
Nine Months Ended
November 30,
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
Net income
(loss)
|
|
|
11,324
|
|
|
(8,816)
|
|
|
(1,341)
|
|
|
35,802
|
|
|
(16,383)
|
|
|
(2,491)
|
|
Other comprehensive income (loss), net
of
tax of nil
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
(4,406)
|
|
|
(19,164)
|
|
|
(2,914)
|
|
|
49,195
|
|
|
(28,797)
|
|
|
(4,379)
|
|
Comprehensive
income (loss)
|
|
|
6,918
|
|
|
(27,980)
|
|
|
(4,255)
|
|
|
84,997
|
|
|
(45,180)
|
|
|
(6,870)
|
|
Less: Comprehensive
income attributable to
non-controlling interest
|
|
|
73
|
|
|
80
|
|
|
12
|
|
|
1,546
|
|
|
141
|
|
|
21
|
|
Comprehensive
income (loss) attributable to
Four
Seasons Education (Cayman) Inc.
|
|
|
6,845
|
|
|
(28,060)
|
|
|
(4,267)
|
|
|
83,451
|
|
|
(45,321)
|
|
|
(6,891)
|
|
FOUR SEASONS
EDUCATION (CAYMAN) INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(in thousands, except share data and per share data)
|
|
|
|
Three Months Ended
November 30,
|
|
Nine Months Ended
November 30,
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Operating income
(loss)
|
|
10,872
|
|
(12,758)
|
|
(1,941)
|
|
37,125
|
|
(27,972)
|
|
(4,254)
|
Add: share-based
compensation expenses
|
|
6,089
|
|
6,004
|
|
913
|
|
23,248
|
|
20,919
|
|
3,181
|
Adjusted operating
income (loss) (non-GAAP)
|
|
16,961
|
|
(6,754)
|
|
(1,028)
|
|
60,373
|
|
(7,053)
|
|
(1,073)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
11,324
|
|
(8,816)
|
|
(1,341)
|
|
35,802
|
|
(16,383)
|
|
(2,491)
|
Add: share-based
compensation expenses (net of tax effect of nil)
|
|
6,089
|
|
6,004
|
|
913
|
|
23,248
|
|
20,919
|
|
3,181
|
Add: fair value
change of investments, excluding foreign currency
translation adjustment (net of tax effect
of nil)
|
|
(2,927)
|
|
(1,736)
|
|
(264)
|
|
(6,474)
|
|
(2,855)
|
|
(434)
|
Adjusted net
income (loss)
(non-GAAP)
|
|
14,486
|
|
(4,548)
|
|
(692)
|
|
52,576
|
|
1,681
|
|
256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per ADS attributable to ordinary shareholders
|
|
0.24
|
|
(0.19)
|
|
(0.03)
|
|
0.72
|
|
(0.35)
|
|
(0.05)
|
Add: share-based
compensation expenses per ADS attributable to ordinary shareholders
|
|
0.13
|
|
0.13
|
|
0.02
|
|
0.49
|
|
0.45
|
|
0.07
|
Add: fair value
change of investments per ADS attributable to ordinary shareholders
|
|
(0.06)
|
|
(0.04)
|
|
0.00
|
|
(0.14)
|
|
(0.06)
|
|
(0.01)
|
Adjusted basic net
income (loss)
per ADS attributable to ordinary shareholders (non-GAAP)
|
|
0.31
|
|
(0.10)
|
|
(0.01)
|
|
1.07
|
|
0.04
|
|
0.01
|
Diluted net income
(loss) per ADS attributable to ordinary shareholders
|
|
0.23
|
|
(0.19)
|
|
(0.03)
|
|
0.70
|
|
(0.35)
|
|
(0.05)
|
Add: share-based
compensation expenses per ADS attributable to ordinary shareholders
|
|
0.12
|
|
0.13
|
|
0.02
|
|
0.47
|
|
0.45
|
|
0.07
|
Add: fair value
change of investments per ADS attributable to ordinary shareholders
|
|
(0.05)
|
|
(0.04)
|
|
0.00
|
|
(0.13)
|
|
(0.06)
|
|
(0.01)
|
Adjusted diluted
net income (loss) per ADS attributable
to ordinary shareholders
(non-GAAP)
|
|
0.30
|
|
(0.10)
|
|
(0.01)
|
|
1.04
|
|
0.04
|
|
0.01
|
Weighted average ADSs
used in calculating earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
47,162,210
|
|
46,262,390
|
|
46,262,390
|
|
47,686,646
|
|
46,262,390
|
|
46,262,390
|
Diluted
|
|
48,719,335
|
|
46,262,390
|
|
46,262,390
|
|
49,214,297
|
|
46,262,390
|
|
46,262,390
|
View original
content:http://www.prnewswire.com/news-releases/four-seasons-education-reports-third-quarter-fiscal-2021-unaudited-financial-results-301206161.html
SOURCE Four Seasons Education Inc.