BEIJING, May 22, 2017 /PRNewswire/ -- Zhaopin Limited
(NYSE: ZPIN) ("Zhaopin" or the "Company"), a leading career
platform[1] in China focused on connecting users
with relevant job opportunities through their career lifecycle,
today announced its unaudited financial results for the third
quarter ended March 31, 2017.
Throughout the release, one ADS represents two Class A
ordinary shares. Fiscal year refers to the 12 months
ended June 30.
Third Quarter of Fiscal Year 2017 Financial
Highlights
Percentage growth metrics refer to the third quarter
of fiscal year 2017 ("Q3 FY17") compared to the third
quarter of fiscal year 2016 ("Q3 FY16")
- Total revenue increased by 30.3% to RMB492.8 million (US$71.6
million).
- Online recruitment services revenue increased by 23.7% to
RMB400.4 million (US$58.2 million).
- Gross margin was 87.0%, compared with 91.1% in Q3 FY16.
- Net income decreased by 24.0% to RMB46.9
million (US$6.8 million).
- Excluding share-based compensation expenses,
non-GAAP[2] net income decreased by 15.6% to
RMB46.3 million (US$6.7 million).
- Basic and diluted net income per ADS was RMB0.86 (US$0.12)
and RMB0.84 (US$0.12), respectively.
- Non-GAAP basic and diluted net income per ADS was RMB0.84 (US$0.12)
and RMB0.82 (US$0.12), respectively.
"I am pleased to announce the third quarter result with total
revenue growth of 30.3% compared with the same period of last year.
Our online recruitment services revenue increased by 23.7% and the
number of unique customers[3] grew by 20.4% to 424,382.
Online revenue benefited from our post-Chinese New Year marketing campaign that was
carefully planned based on our deep insights into the Chinese labor
market demand." commented Mr. Evan
Guo, Chief Executive Officer and Director of Zhaopin.
"To support long-term growth in the highly competitive market
while also facing macro uncertainties, we need to remain cautious
and continue our reinvestment program in sales and marketing,
product and R&D. We believe this strategy is compelling and the
right approach to support Zhaopin's market position as a leading
career development platform in China," concluded Mr. Evan Guo.
Third Quarter of Fiscal Year 2017
Unaudited Financial Results
Revenue
Total revenue was RMB492.8
million (US$71.6 million) in
Q3 FY17, representing an increase of 30.3% from RMB378.1 million in Q3 FY16.
Online recruitment services revenue for Q3 FY17 was
RMB400.4 million (US$58.2 million), representing a 23.7% increase
from RMB323.8 million for Q3
FY16. The increase was primarily driven by growth in the
number of unique customers using the Company's online recruitment
services. The Company served 424,382 unique customers during Q3
FY17, representing a 20.4% increase compared with 352,379 unique
customers served during Q3 FY16. The Company believes its strategic
focus on continued geographic expansion and improvement in customer
service contributed to the growth in the number of unique
customers. Average revenue per unique customer ("ARPU") increased
slightly by 2.7% during Q3 FY17 compared with Q3 FY16. The slight
increase in ARPU was primarily due to the introduction of new
products and the cross-selling and up-selling of value-added
services. This was partially offset by downward pressure on ARPU
from the acquisition of new customers, who typically purchase
lower-priced products at first. Zhaopin's ARPU may vary quarter to
quarter.
Other services revenue for Q3 FY17 was
RMB92.4 million (US$13.4 million), representing an increase of
70.1% from RMB54.3 million during Q3
FY16. The increase was primarily due to campus recruitment
services, assessment services and other human resource related
services, which delivered strong growth despite strong
competition.
Other services revenue refers to revenue from campus recruitment
services, assessment services, and other human resource related
services. These services complement the Company's core online
employment services by catering to the different needs in a job
seeker's career life cycle, from college to graduation, first time
job seeking through changing jobs. Strategically, these services
play an important role in establishing and deepening Zhaopin's
relationship with job seekers and employers.
Gross Profit and Gross Margin
Gross profit for Q3 FY17 was RMB425.1 million (US$61.8
million), representing an increase of 25.2% from
RMB339.6 million for Q3 FY16.
Gross margin for Q3 FY17, as measured by gross
profit as a percentage of net revenue, was 87.0%, compared to 91.1%
for Q3 FY16. The decrease in gross margin was mainly due to lower
gross margin of other services.
Operating Expenses
Operating expenses for Q3 FY17 were RMB373.4 million (US$54.2
million), representing an increase of 36.4% from
RMB273.8 million for Q3 FY16.
- Sales and marketing expenses for Q3 FY17 were
RMB267.2 million (US$38.8 million), representing an increase of
27.1% from RMB210.3 million for Q3
FY16. The increase was primarily due to increases in sales
headcount and compensation, and advertising expenses. As a
percentage of net revenue, sales and marketing expenses decreased
from 56.4% for Q3 FY16 to 54.7% for Q3 FY17, primarily as a result
of strong growth in total revenue.
- General and administrative expenses for Q3 FY17
were RMB106.2 million (US$15.4 million), representing a 67.1% increase
from RMB63.6 million for Q3 FY16. The
increase was primarily driven by increases in employee compensation
expenses and professional services fees. A RMB0.6 million share-based compensation was
reversed this quarter due to the related stock options were
forfeited after the cessation of employment of certain employees.
As a percentage of net revenue, general and administrative expenses
increased from 17.0% for Q3 FY16 to 21.7% for Q3 FY17.
Income from Operations
Income from operations for Q3 FY17 was RMB51.7 million (US$7.5
million), representing a 21.4% decrease from RMB65.8 million for Q3 FY16. Operating margin, as
measured by income from operations as a percentage of net revenue,
was 10.6% in Q3 FY17, compared with 17.6% in Q3 FY16. In Q3 FY17,
the Company reversed share-based compensation expenses, which
offset operating expenses by RMB0.6
million (US$0.1 million),
compared with the reversal of RMB6.9
million in share-based compensation expenses in Q3 FY16.
Excluding share-based compensation expenses, non-GAAP income from
operations for Q3 FY17 was RMB51.1
million (US$7.4 million), as
compared with RMB58.9 million during
Q3 FY16. Excluding share-based compensation expenses, operating
margin would be 10.4% in Q3 FY17, compared with 15.8% in Q3
FY16.
Investment and Interest Income, net
Net investment and interest income for Q3 FY17 was RMB12.8 million (US$1.9
million), representing a 78.3% increase from RMB7.2 million for Q3 FY16. The growth in net
investment and interest income resulted from increased interest and
investment income from larger bank deposits generated from business
operations and investments in principal-protected wealth management
products.
Other Income, net
Other income for Q3 FY17 was RMB0.1
million (US$0.02 million),
stay flat with that for Q3 FY16.
Income tax expenses
Income tax expenses in Q3 FY17 was RMB17.7 million (US$2.6
million), representing a 57.1% increase compared with
RMB11.2 million in Q3 FY16. The
effective tax rate in Q3 FY17 was 27.3%, compared to 15.4% in Q3
FY16. The change in the effective tax rate was mainly due to the
accrual of RMB7.3 million withholding
income tax in relation to undistributed earnings from Zhaopin's PRC
subsidiaries in China, because
Zhaopin's intention to reinvest all of its profits indefinitely is
no longer certain.
Net income
Net income for Q3 FY17 was RMB46.9
million (US$6.8 million),
representing a 24.0% decrease from RMB61.8
million for Q3 FY16. The decrease was primarily due to the
accrual of RMB7.3 million withholding
income tax in relation to undistributed earnings from Zhaopin's PRC
subsidiaries, because Zhaopin's intention to reinvest all of its
profits indefinitely is no longer certain.
Non-GAAP net income for Q3 FY17
was RMB46.3 million (US$6.7 million), a 15.6% decrease from
RMB54.9 million for Q3 FY16.
Basic and Diluted Net Income
per ADS
Basic and diluted net income per
ADS for Q3 FY17 were RMB0.86
(US$0.12) and RMB0.84 (US$0.12),
respectively, compared with basic and diluted net income per ADS of
RMB1.12 and RMB1.08, respectively, for Q3 FY16.
Non-GAAP basic and diluted net income per
ADS for Q3 FY17 were RMB0.84
(US$0.12) and RMB0.82 (US$0.12),
respectively, compared with non-GAAP basic and diluted net income
per ADS of RMB1.00 and RMB0.96, respectively, for Q3 FY16.
Cash and Cash
Equivalents, Restricted Cash and
Time Deposits
As of March 31, 2017, the Company
had cash and cash equivalents, restricted cash and time deposits of
RMB2,698.9 million (US$392.1 million), representing a 17.9% increase
from RMB2,289.2 million as of
June 30, 2016. The increase in the
Company's cash and cash equivalents, restricted cash and time
deposits was mainly attributable to strong net cash flows generated
from operating activities.
Net cash flow generated from operating activities in Q3 FY17
amounted to RMB168.8 million
(US$24.5 million), representing
an increase of 66.9% from RMB101.1
million in the same period of last fiscal year. The strong
growth in operating cash flow is mainly attributable to increased
revenue collection from sales, which is partially offset by
employee compensation payments, marketing expenditures and tax
payments.
Nine Months Ended March 31,
2017 Unaudited Financial Results
Total revenue for the nine months ended March 31, 2017 was RMB1,427.9 million (US$207.5 million), representing an increase of
25.6% from RMB1,136.8 million for the
same period in fiscal year 2016.
Online recruitment services revenue for the nine months
ended March 31, 2017 was RMB1,175.7 million (US$170.8 million), representing a 22.9% increase
from RMB956.8 million for the same
period of fiscal year 2016.
Gross profit for the nine months ended March 31, 2017 was RMB1,240.6 million (US$180.2 million), representing an increase of
21.8% from RMB1,018.1 million for the
same period in fiscal year 2016.
Income from operations for the nine months ended
March 31, 2017 increased 5.6% to
RMB222.9 million (US$32.4 million) from RMB211.2 million for the same period in fiscal
year 2016.
Income tax expenses for the nine months ended
March 31, 2017 increased 224.4% to
RMB138.6 million (US$20.1 million) from RMB42.7 million for the same period in fiscal
year 2016, mainly due to the accrual of RMB94.2 million withholding income tax in
relation to undistributed earnings from Zhaopin's PRC subsidiaries,
because Zhaopin's intention to reinvest all of its profits
indefinitely is no longer certain. RMB69.7
million of this withholding income tax is attributable to
undistributed earnings of Zhaopin's PRC subsidiaries generated
prior to the start of FY17.
Net income for the nine months ended March 31, 2017 was RMB122.9 million (US$17.9
million), representing a 36.7% decrease from RMB194.2 million for the same period in fiscal
year 2016.
Non-GAAP net income for the nine months ended
March 31, 2017 was RMB195.8 million (US$28.5
million), a 0.4% decrease from RMB196.7 million for the same period in fiscal
year 2016.
Basic and diluted net income per ADS for the nine months
ended March 31, 2017 were
RMB2.24(US$0.32) and RMB2.16 (US$0.32)
respectively, compared with basic and diluted net income per ADS of
RMB3.56 and RMB3.40, respectively for the same period in
fiscal year 2016.
Non-GAAP basic and diluted net income per ADS for the
nine months ended March 31, 2017 were
RMB3.54 (US$0.52) and RMB3.44 (US$0.50)
respectively, compared with non-GAAP basic and diluted net income
per ADS of RMB3.60 and RMB3.44, respectively for the same period in
fiscal year 2016.
Status of Going-private Transaction
On February 17, 2017, the Company
announced that the Special Committee is in advanced discussions
with a consortium led by the Company's largest shareholder, SEEK
International Investments Pty Ltd. ("SEEK International"), together
with Hillhouse Capital Management, Ltd. (Hillhouse Capital
Management") and FV Investment Holdings, an affiliate of
FountainVest Partners ("FV Investment," together with SEEK
International and Hillhouse Capital Management, the "Buyer Group"),
regarding a potential transaction. Earlier this year, the Special
Committee received a preliminary non-binding proposal from the
consortium involving the acquisition of all outstanding shares of
the Company not already owned by members of the consortium for
$18.00 in cash per ADS, or
$9 in cash per ordinary share,
subject to certain conditions.
On April 6, 2017, the Company
announced that it has entered into a definitive Agreement and Plan
of Merger (the "Merger Agreement") with SEEK International, and
Zebra Mergerco, Ltd., a Cayman
Islands exempted company incorporated by an affiliate of
Hillhouse Capital Management, and FV Investment Holdings. Pursuant
to the Merger Agreement, the Buyer Group will acquire all of the
outstanding shares of the Company for cash consideration, that
together with the amount of the Special Dividend (as discussed
below) will equal US$9.10 per
ordinary share of the Company (each, a "Share") and US$18.20 per ADS. The final amount of the Special
Dividend will be determined by the Company's board of
directors.
The closing of the merger is currently expected to occur during
the second half of 2017, and is subject to customary closing
conditions, including the approval by an affirmative vote of
holders of the Shares representing at least two-thirds of the
Shares present and voting in person or by proxy as a single class
at a meeting of the Company's shareholders, and the other closing
conditions specified in the Merger Agreement.
The Company and certain other participants in the transactions
will prepare and file with the U.S. Securities and Exchange
Commission a Schedule 13E-3 transaction statement, which will
include a proxy statement of the Company. The Schedule 13E-3 will
include a description of the Merger Agreement and contain other
important information about the merger, the Company and the other
participants in the merger.
Due to the potential pending going-private transaction, Zhaopin
will not be providing an outlook statement.
Recent Development
In May 2017, the Company entered
into a share purchase agreement with Zhonghe Group Inc. ("51
SheBao") and some other parties thereto, to acquire a minority
interest of the total issued and outstanding shares of 51 SheBao.
The closing of the transaction is subject to certain conditions.
This investment is expected to help the Company strengthen customer
relations and expand its service offerings in the human capital
value chain.
Exchange Rate
This announcement contains translations of certain Renminbi
amounts into U.S. dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to U.S. dollars were made at the exchange rate
of RMB6.8832 to US$1.00, as set
forth in the H.10 statistical release of the Federal Reserve Board
on March 31, 2017.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with United States Generally Accepted Accounting
Principles (GAAP), Zhaopin uses non-GAAP measures of adjusted
income from operations, adjusted net income, adjusted net income
per share and adjusted net income per ADS, which are adjusted from
results based on GAAP to exclude share-based compensation expenses
and the withholding income tax attributable to undistributed
earnings of Zhaopin's PRC subsidiaries generated prior to current
period. The Company believes that excluding share-based
compensation expenses and the withholding income tax attributable
to undistributed earnings of Zhaopin's PRC subsidiaries generated
prior to current period from its non-GAAP financial measures is
useful for its management and investors to assess and analyze the
Company's core operating results as such expenses are not directly
attributable to the underlying performance of the Company's
business operations and do not impact its cash earnings. Zhaopin
also believes these non-GAAP measures excluding share-based
compensation expenses and the withholding income tax attributable
to undistributed earnings of Zhaopin's PRC subsidiaries generated
prior to current period, are important in helping investors to
understand the Company's current financial performance and future
prospects and to compare business trends among different reporting
periods on a consistent basis. The presentation of these
additional measures should not be considered a substitute for or
superior to GAAP results or as being comparable to results reported
or forecasted by other companies. The non-GAAP measures have been
reconciled to GAAP measures in the attached financial
statements.
Conference Call
Zhaopin's management will host an earnings conference call on
Monday, May 22, 2017 at 9:00 p.m. U.S. Eastern Time (9:00 a.m. Beijing/ Hong Kong Time on May 23, 2017).
Dial-in details for the earnings conference call are as
follows:
International:
|
+1-412-902-4272
|
|
|
U.S. Toll
Free:
|
+1-888-346-8982
|
|
Hong Kong Toll
Free:
|
800-905945
|
|
Mainland China Toll
Free:
|
4001-201203
|
|
Passcode:
|
ZPIN
|
|
|
Please dial in 15 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available after the
conclusion of the conference call through 9:00 p.m. U.S. Eastern Standard Time,
May 29, 2017. The dial-in details for
the replay are as follows:
International:
|
+1-412-317-0088
|
|
U.S. Toll
Free:
|
+1-877-344-7529
|
|
Passcode:
|
10106767
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of Zhaopin's
website at http://www.zhaopin.com.
About Zhaopin Limited
Zhaopin is a leading career platform in China, focusing on connecting users with
relevant job opportunities throughout their career lifecycle. The
Company's zhaopin.com website is the most popular career platform
in China as measured by average
daily unique visitors in each of the 12 months ended March 31, 2017, number of registered users as of
March 31, 2017 and number of unique
customers for the three months ended March
31, 2017. The Company's over 135.0 million registered users
include diverse and educated job seekers who are at various stages
of their careers and are in demand by employers as a result of the
general shortage of skilled and educated workers in China. In the fiscal year ended June 30, 2016, approximately 36.9 million job
postings[4] were placed on Zhaopin's platform by 509,813
unique customers including multinational corporations, small and
medium-sized enterprises and state-owned entities. The quality and
quantity of Zhaopin's users and the resumes in the Company's
database attract an increasing number of customers. This in turn
leads to more users turning to Zhaopin as their primary recruitment
and career- related services provider, creating strong network
effects and significant entry barriers for potential competitors.
For more information, please visit
http://www.zhaopin.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Zhaopin may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about Zhaopin's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: Zhaopin's goals and strategies; its future business
development, financial condition and results of operations; its
ability to retain and grow its user and customer base for its
online career platform; the growth of, and trends in, the markets
for its services in China; the
demand for and market acceptance of its brand and services;
competition in its industry in China; its ability to maintain the network
infrastructure necessary to operate its website and mobile
applications; relevant government policies and regulations relating
to the corporate structure, business and industry; and its ability
to protect its users' information and adequately address privacy
concerns. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and Zhaopin does not undertake any obligation to
update such information, except as required under applicable
law.
ZHAOPIN
LIMITED
|
CONSOLIDATED
STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
|
|
(Amounts in
thousands, except for number of shares
and ADS and per share and per ADS data)
|
For the Three Months
Ended
|
March 31,
2016
|
March 31,
2017
|
March 31,
2017
|
|
RMB
|
RMB
|
US$
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Revenue
|
|
|
|
Online recruitment
services
|
323,807
|
400,440
|
58,176
|
Other services
revenue
|
54,303
|
92,385
|
13,422
|
Total
Revenue
|
378,110
|
492,825
|
71,598
|
Less: Business tax
and surcharges
|
(5,210)
|
(4,160)
|
(604)
|
Net
Revenue
|
372,900
|
488,665
|
70,994
|
Cost of
services
|
(33,290)
|
(63,591)
|
(9,239)
|
Gross
profit
|
339,610
|
425,074
|
61,755
|
Operating
expenses:
|
|
|
|
Sales and
marketing expenses
|
(210,263)
|
(267,158)
|
(38,813)
|
General and
administrative expenses
|
(63,557)
|
(106,225)
|
(15,433)
|
Total operating
expenses
|
(273,820)
|
(373,383)
|
(54,246)
|
Income from
operations
|
65,790
|
51,691
|
7,509
|
Other
(expenses)/income:
|
|
|
|
Foreign currency
exchange loss
|
(15)
|
(8)
|
(1)
|
Investment and
interest income, net
|
7,188
|
12,815
|
1,862
|
Other income,
net
|
77
|
109
|
16
|
Income before
income tax expenses
|
73,040
|
64,607
|
9,386
|
Income tax
expenses
|
(11,243)
|
(17,660)
|
(2,566)
|
Net
income
|
61,797
|
46,947
|
6,820
|
Less: Net
(income)/loss attributable to the non-
controlling interest shareholders
|
(36)
|
955
|
139
|
Net income
attributable to Zhaopin Limited's
shareholders
|
61,761
|
47,902
|
6,959
|
|
|
|
|
Net income per
share:
|
|
|
|
-Basic
|
0.56
|
0.43
|
0.06
|
-Diluted
|
0.54
|
0.42
|
0.06
|
Net income per
ADS:
|
|
|
|
-Basic
|
1.12
|
0.86
|
0.12
|
-Diluted
|
1.08
|
0.84
|
0.12
|
Weighted average
number of shares used in computing
net income per share:
|
|
|
|
-Basic
|
109,565,681
|
111,410,386
|
111,410,386
|
-Diluted
|
114,085,918
|
115,032,006
|
115,032,006
|
|
|
|
|
Comprehensive
income:
|
|
|
|
Net income
|
61,797
|
46,947
|
6,820
|
Foreign currency
translation adjustment, net of tax
|
(1,476)
|
(1,436)
|
(209)
|
Total
comprehensive income
|
60,321
|
45,511
|
6,611
|
ZHAOPIN
LIMITED
|
CONSOLIDATED
STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
|
|
(Amounts in
thousands, except for number of
shares and ADS and per share and per ADS data)
|
For the Nine months
Ended
|
March 31,
2016
|
March 31,
2017
|
March 31,
2017
|
|
RMB
|
RMB
|
US$
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
Revenue
|
|
|
|
Online recruitment
services
|
956,790
|
1,175,682
|
170,804
|
Other services
revenue
|
179,960
|
252,240
|
36,646
|
Total
Revenue
|
1,136,750
|
1,427,922
|
207,450
|
Less: Business tax
and surcharges
|
(15,621)
|
(12,089)
|
(1,756)
|
Net
Revenue
|
1,121,129
|
1,415,833
|
205,694
|
Cost of
services
|
(102,991)
|
(175,260)
|
(25,462)
|
Gross
profit
|
1,018,138
|
1,240,573
|
180,232
|
Operating
expenses:
|
|
|
|
Sales and
marketing expenses
|
(582,552)
|
(721,219)
|
(104,780)
|
General and
administrative expenses
|
(224,414)
|
(296,440)
|
(43,067)
|
Total operating
expenses
|
(806,966)
|
(1,017,659)
|
(147,847)
|
Income from
operations
|
211,172
|
222,914
|
32,385
|
Other income/
(expenses):
|
|
|
|
Foreign currency
exchange gain/(loss)
|
47
|
(5)
|
(1)
|
Investment and
interest income, net
|
20,467
|
32,667
|
4,746
|
Other income,
net
|
5,241
|
5,942
|
863
|
Income before
income tax expenses
|
236,927
|
261,518
|
37,993
|
Income tax
expenses
|
(42,739)
|
(138,628)
|
(20,140)
|
Net
income
|
194,188
|
122,890
|
17,853
|
Less: Net
(income)/loss attributable to the non-
controlling interest shareholders
|
(404)
|
1,426
|
207
|
Net income
attributable to Zhaopin Limited's
shareholders
|
193,784
|
124,316
|
18,060
|
|
|
|
|
Net income per
share:
|
|
|
|
-Basic
|
1.78
|
1.12
|
0.16
|
-Diluted
|
1.70
|
1.08
|
0.16
|
Net income per
ADS:
|
|
|
|
-Basic
|
3.56
|
2.24
|
0.32
|
-Diluted
|
3.40
|
2.16
|
0.32
|
Weighted average
number of shares used in
computing net income per share:
|
|
|
|
-Basic
|
109,013,863
|
111,227,608
|
111,227,608
|
-Diluted
|
114,012,394
|
114,885,668
|
114,885,668
|
|
|
|
|
Comprehensive
income:
|
|
|
|
Net income
|
194,188
|
122,890
|
17,853
|
Foreign currency
translation adjustment, net of tax
|
12,949
|
10,565
|
1,535
|
Total
comprehensive income
|
207,137
|
133,455
|
19,388
|
ZHAOPIN
LIMITED
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Amounts in
thousands, except for number of shares)
|
As of June
30,
|
As of March
31
|
2016
|
2017
|
2017
|
|
|
RMB
|
RMB
|
US$
|
|
|
|
(Unaudited)
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
1,725,464
|
2,128,332
|
309,207
|
|
Time deposits
and restricted time deposits
|
563,741
|
434,540
|
63,131
|
|
Short-term
investment
|
-
|
32,000
|
4,649
|
|
Accounts
receivable, net
|
21,949
|
47,980
|
6,971
|
|
Amounts due
from a related party
|
437
|
-
|
-
|
|
Prepayments and
other current assets
|
117,369
|
120,034
|
17,438
|
|
Deferred tax
assets
|
27,055
|
40,608
|
5,900
|
Total current
assets
|
2,456,015
|
2,803,494
|
407,296
|
Non-current
assets:
|
|
|
|
|
Restricted time
deposits
|
-
|
136,018
|
19,761
|
|
Property and
equipment, net
|
50,839
|
50,887
|
7,393
|
|
Intangible
assets, net
|
19,865
|
24,586
|
3,572
|
|
Goodwill
|
64,827
|
85,011
|
12,351
|
|
Other
non-current assets
|
4,127
|
4,119
|
598
|
|
Deferred tax
assets
|
2,917
|
3,183
|
462
|
Total non-current
assets
|
142,575
|
303,804
|
44,137
|
TOTAL
ASSETS
|
2,598,590
|
3,107,298
|
451,433
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term bank loans
|
172,411
|
55,194
|
8,019
|
|
Amount due to related
party
|
-
|
93
|
14
|
|
Accounts
payable
|
8,460
|
21,036
|
3,056
|
|
Deferred
revenue
|
708,359
|
809,476
|
117,602
|
|
Salaries and
welfare payable
|
124,031
|
145,118
|
21,083
|
|
Taxes
payable
|
70,563
|
90,121
|
13,093
|
|
Accrued expense
and other current liabilities
|
100,110
|
181,792
|
26,411
|
Total current
liabilities
|
1,183,934
|
1,302,830
|
189,278
|
Non-current
liabilities:
|
|
|
|
|
Deferred
revenue
|
4,293
|
4,573
|
664
|
|
Long-term bank
loans
|
-
|
122,981
|
17,867
|
|
Deferred tax
liabilities
|
19,511
|
118,237
|
17,178
|
Total
liabilities
|
1,207,738
|
1,548,621
|
224,987
|
Shareholders'
equity:
|
|
|
|
|
Ordinary
shares
|
7,485
|
7,526
|
1,093
|
|
Additional paid-in
capital
|
1,546,833
|
1,563,289
|
227,117
|
|
Statutory
reserves
|
10,769
|
8,280
|
1,203
|
|
Accumulated other
comprehensive income
|
16,565
|
27,130
|
3,941
|
|
Accumulated
deficit
|
(202,718)
|
(75,913)
|
(11,029)
|
|
Non-controlling
interests
|
11,918
|
28,365
|
4,121
|
Total
shareholders' equity
|
1,390,852
|
1,558,677
|
226,446
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
2,598,590
|
3,107,298
|
451,433
|
ZHAOPIN
LIMITED
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
|
(Amounts in
thousands, except for number of
shares and ADS and per share and per ADS data)
|
For the Three Months
Ended
|
March 31,
2016
|
March 31,
2017
|
March 31,
2017
|
|
RMB
|
RMB
|
US$
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
GAAP income before
income tax expenses
|
73,040
|
64,607
|
9,386
|
Less: reversal of
share-based compensation
expenses
|
(6,908)
|
(626)
|
(91)
|
Non-GAAP income
before income tax expenses
|
66,132
|
63,981
|
9,295
|
GAAP income tax
expenses
|
(11,243)
|
(17,660)
|
(2,566)
|
Add back: Tax impact
of share-based compensation
expenses
|
-
|
|
|
Non-GAAP income tax
expenses
|
(11,243)
|
(17,660)
|
(2,566)
|
Non-GAAP net
income
|
54,889
|
46,321
|
6,729
|
Less: Net
(income)/loss attributable to the non-
controlling interest
|
(36)
|
955
|
139
|
Non-GAAP net income
attributable to Zhaopin
Limited's shareholders
|
54,853
|
47,276
|
6,868
|
Net income per
share:
|
|
|
|
-Basic
|
0.56
|
0.43
|
0.06
|
-Diluted
|
0.54
|
0.42
|
0.06
|
Add: Non-GAAP
adjustments to net income per share
|
|
|
|
-Basic
|
(0.06)
|
(0.01)
|
-
|
-Diluted
|
(0.06)
|
(0.01)
|
-
|
Non-GAAP net income
per share
|
|
|
|
-Basic
|
0.50
|
0.42
|
0.06
|
-Diluted
|
0.48
|
0.41
|
0.06
|
Non-GAAP net income
per ADS
|
|
|
|
-Basic
|
1.00
|
0.84
|
0.12
|
-Diluted
|
0.96
|
0.82
|
0.12
|
Weighted average
number of shares used in
computing non-GAAP net income per share:
|
|
|
|
-Basic
|
109,565,681
|
111,410,386
|
111,410,386
|
-Diluted
|
114,085,918
|
115,032,006
|
115,032,006
|
|
|
|
|
ZHAOPIN
LIMITED
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
|
(Amounts in
thousands, except for number of shares
and ADS and per share and per ADS data)
|
For the Nine Months
Ended
|
March 31,
2016
|
March 31,
2017
|
March 31,
2017
|
|
RMB
|
RMB
|
US$
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
GAAP income before
income tax expenses
|
236,927
|
261,518
|
37,993
|
Add back: share-based
compensation expenses
|
2,503
|
3,273
|
475
|
Non-GAAP income
before income tax expenses
|
239,430
|
264,791
|
38,468
|
GAAP income tax
expenses
|
(42,739)
|
(138,628)
|
(20,140)
|
Add back: Tax impact
of share-based compensation
expenses
|
-
|
-
|
-
|
Add back: withholding
income tax expense
attributable to undistributed profit prior to the start of
FY17
|
-
|
69,678
|
10,123
|
Non-GAAP income tax
expenses
|
(42,739)
|
(68,950)
|
(10,017)
|
Non-GAAP net
income
|
196,691
|
195,841
|
28,451
|
Less: Net
(income)/loss attributable to the non-
controlling interest
|
(404)
|
1,426
|
207
|
Non-GAAP net income
attributable to Zhaopin
Limited's shareholders
|
196,287
|
197,267
|
28,658
|
Net income per
share:
|
|
|
|
-Basic
|
1.78
|
1.12
|
0.16
|
-Diluted
|
1.70
|
1.08
|
0.16
|
Add: Non-GAAP
adjustments to net income per share
|
|
|
|
-Basic
|
0.02
|
0.65
|
0.10
|
-Diluted
|
0.02
|
0.64
|
0.09
|
Non-GAAP net income
per share
|
|
|
|
-Basic
|
1.80
|
1.77
|
0.26
|
-Diluted
|
1.72
|
1.72
|
0.25
|
Non-GAAP net income
per ADS
|
|
|
|
-Basic
|
3.60
|
3.54
|
0.52
|
-Diluted
|
3.44
|
3.44
|
0.50
|
Weighted average
number of shares used in
computing non-GAAP net income per share:
|
|
|
|
-Basic
|
109,013,863
|
111,227,608
|
111,227,608
|
-Diluted
|
114,012,394
|
114,885,668
|
114,885,668
|
|
|
|
|
|
|
|
|
|
|
For more information, please contact:
Zhaopin Limited
Ms. Daisy Wang
Investor Relations
ir@zhaopin.com.cn
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
[1]
Zhaopin's website is the most popular career platform in China as
measured by average daily unique visitors in each of the 12 months
ended March 31, 2017, the number of registered users as of
March 31, 2017 and the number of unique customers for the three
months ended March 31, 2017.
|
[2]
Non-GAAP results exclude share-based compensation and withholding
income tax attributable to undistributed earnings from Zhaopin's
PRC subsidiaries generated prior to current period. Explanation of
the Company's non-GAAP financial measures and related
reconciliations to GAAP financial measures are included in the
accompanying "Non-GAAP Financial Measures" and "Reconciliation of
GAAP and Non-GAAP Results".
|
[3] A
"unique customer" refers to a customer that purchases the Company's
online recruitment services during a specified period. Zhaopin
makes adjustments for multiple purchases by the same customer to
avoid double counting. Each customer is assigned a unique
identification number in the Company's information management
system. Affiliates and branches of a given customer may, under
certain circumstances, be counted as separate unique
customers.
|
[4]
Zhaopin calculates the number of job postings by counting the
number of newly placed job postings during each respective period.
Job postings that were placed prior to a specified period - even if
available during such period - are not counted as job postings for
such period. Any particular job posting placed on the Company's
website may include more than one job opening or
position.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/zhaopin-limited-reports-third-quarter-of-fiscal-year-2017-financial-results-300461286.html
SOURCE Zhaopin Limited