BEIJING, May 15, 2018 /PRNewswire/ -- RYB Education,
Inc. ("RYB" or the "Company") (NYSE: RYB), a leading early
childhood education service provider in China, today announced its unaudited financial
results for the first quarter ended March
31, 2018.
First Quarter 2018 Operational and
Financial Summary
- Number of students enrolled at RYB directly operated
kindergartens was 22,087 as of March 31,
2018, an 11.3% increase from 19,850 as of March 31, 2017.
- Number of franchise play-and-learn centers and kindergartens in
operation were 966 and 212 as of March 31,
2018, respectively.
- Net revenues increased by 8.4% to $28.8
million, compared with $26.5
million for the first quarter of 2017.
- Gross profit was $0.6 million,
compared with $3.7 million for the
first quarter of 2017.
- Net loss attributable to ordinary shareholders of RYB for the
first quarter of 2018 was $2.7
million, compared with net income attributable to ordinary
shareholders of $1.0 million for the
first quarter of 2017. Adjusted net loss attributable to ordinary
shareholders[1] of RYB for the first quarter of 2018 was
$1.0 million, compared with adjusted
net income attributable to ordinary shareholders of $1.0 million for the first quarter of 2017.
- Cash generated from operating activities was $5.3 million during the first quarter of
2018.
"The Company delivered 8.4% net revenue growth in the first
quarter of 2018, as the number of directly operated kindergartens
increased to 86 as of March 31, 2018
from 81 a year ago, and student enrollment at directly operated
kindergartens increased by 11.3% year-over-year to 22,087 from the
first quarter of 2017," said Ms. Yanlai Shi, Co-founder, Director
and Chief Executive Officer of RYB Education Inc. "In addition, we
continue to make positive strides, implementing more stringent
teacher recruitment requirements and training standards, raising
teaching quality together with teachers' compensation levels,
enhancing security and safety standards at our facilities and
refining our security monitoring and management systems. We have
also invited parents into our facilities to experience our open
classes along with other efforts aimed at making our facilities
more secure and transparent. We firmly believe that by following
this path we can better the lives of our children and their
families while enabling us to achieve our growth objectives and
provide healthy long-term value," Ms. Shi concluded.
Ms. Ping Wei, Chief Financial
Officer of RYB Education Inc., added, "Despite the first quarter
being a seasonally soft quarter for the industry due to the Chinese
New Year and school breaks, and this year in particular due to the
late timing of Chinese New Year and the extreme weather right
before the Chinese New Year, we achieved an 8.4% increase in net
revenues and smaller adjusted net loss than we initially expected
in the first quarter of 2017. As we continue our work to implement
higher security and safety standards at our facilities and continue
our investments to further enhance teaching and service quality, we
expect our spending to be at a heightened level this year. In
addition, our decision at the end of last year to temporarily
suspend the addition of new franchisees while providing financial
relief, as well as more operational and training support to our
existing franchisees, will result in a temporary slow-down in
franchise revenues and a lower franchise business-related margin in
2018. However, we expect this impact to be short-term, without
materially impacting our long-term growth trajectory beyond this
year."
First Quarter 2018 Financial Results
Net Revenues
Net revenues for the first quarter of 2018 increased by 8.4% to
$28.8 million, from $26.5 million for the same quarter of 2017.
Service revenues for the first quarter of 2018 increased by 8.3%
to $26.0 million, from $24.0 million for the same quarter of 2017. The
increase was primarily due to an increase in the number of students
enrolled at our directly operated kindergartens and increases in
training and other service revenues.
On January 1, 2018, we adopted
Topic 606 "Revenue from Contracts with Customers" (ACS 606)
applying the modified retrospective method to all contracts that
were not completed as of January 1,
2018. Results for reporting periods beginning after
January 1, 2018 are presented under
Topic 606, while prior period amounts are not adjusted and continue
to be reported under the accounting standards in effect for the
prior periods. More specifically, under ASC 606, the initial
franchise fee collected is amortized over the initial set-up
service period; while under ASC 605, it was recognized as revenue
upon our franchisees open their facilities for business
operation. The cumulative effect of initially applying the
new standard of $0.9 million is
recorded as an adjustment to the opening balance of equity upon
adoption.
Product revenues for the first quarter of 2018 increased by 8.8%
to $2.8 million, from $2.5 million for the same quarter of 2017. The
increase was primarily due to an increase in the amount of
merchandise sold through the Company's franchise network.
Cost of Revenues
Cost of revenues for the first quarter of 2018 was $28.1 million, a 23.2% increase from $22.8 million for the same quarter of 2017. Cost
of services revenues for the first quarter of 2018 was $26.7 million, compared with $21.4 million for the same quarter of 2017. The
increase was primarily due to an increase in staff compensation at
the Company's directly operated kindergartens and play-and-learn
centers and, to a lesser extent, an increase in compensation to our
franchise service and supervision team. Cost of products revenues
for the first quarter of 2018 was $1.4
million, compared with $1.5
million for the same quarter of 2017.
Gross Profit and Gross Margin
Gross profit for the first quarter of 2018 decreased by 83.1% to
$0.6 million, compared with
$3.7 million for the same quarter of
2017.
Gross margin for the first quarter of 2018 was 2.2%, compared
with 13.9% for the same quarter last year primarily due to the
increase in staff compensation at directly operated facilities and
lower margin from franchise fee revenues and training revenues as
the Company provided one-off preferential training rates and annual
franchise fee relief to its franchisees.
Operating Expenses
Total operating expenses for the first quarter of 2018 were
$5.8 million, a 106.8% increase from
$2.8 million for the same quarter of
2017. Excluding share-based compensation expenses, operating
expenses were $4.1 million.
Selling expenses of $0.3 million
for the first quarter of 2018 remained flat compared with
$0.3 million for the same quarter of
2017.
General and administrative ("G&A") expenses for the first
quarter of 2018 were $5.5 million, a
123.4% increase from $2.5 million for
the same quarter of 2017. Excluding share-based compensation
expenses, G&A expenses were $3.8
million for the first quarter of 2018, a 54.1% increase from
$2.5 million for the same quarter of
2017. The increase in G&A expense excluding share-based
compensation expenses was primarily due to higher cash compensation
cost and additional expenses incurred in professional service fees.
The share-based-compensation included in G&A expense was
$1.7 million for the quarter.
Operating Income/Loss
Operating loss for the first quarter of 2018 was $5.1 million, compared with operating income of
$0.9 million for the same quarter
last year. Adjusted operating loss[2] was $3.4 million for the first quarter of 2018,
compared with adjusted operating income of $0.9 million for the same quarter of 2017.
Net Income/Loss
Net loss attributable to ordinary shareholders of RYB for the
first quarter of 2018 was $2.7
million, compared with net income attributable to ordinary
shareholders of $1.0 million for the
same quarter of 2017. Adjusted net loss attributable to ordinary
shareholders of RYB, which excludes the impact of $1.8 million of share-based compensation expense
for the first quarter of 2018, was $1.0
million, compared with adjusted net income attributable to
ordinary shareholders of $1.0 million
for the same quarter of 2017.
Basic and diluted net loss per American depositary share ("ADS")
attributable to ordinary shareholders of RYB for the first quarter
of 2018 were $0.09 and $0.09, respectively, compared with basic and
diluted net income per ADS attributable to ordinary shareholders of
RYB of $0.05 and $0.04, respectively for the same quarter of 2017.
Each ADS represents one Class A ordinary share.
Adjusted basic and diluted net loss per ADS attributable to
ordinary shareholders[3] of RYB for the first quarter of
2018 were $0.03 and $0.03, respectively, compared with adjusted basic
and diluted net income per ADS attributable to ordinary
shareholders of RYB of $0.05 and
$0.04, respectively for the same
quarter of 2017.
EBITDA[4] for the first quarter of 2018 was a loss of
$2.8 million, compared with an income
of $2.4 million for the same period
of 2017. Adjusted EBITDA[5] for the first quarter of
2018 was a loss of $1.0 million,
compared with an income of $2.4
million for the same quarter of 2017.
Balance Sheet
As of March 31, 2018, the Company
had total cash, cash equivalents and term deposits of $162.8 million, compared with $158.7 million as of December 31, 2017.
Operating Cash Flow
Cash generated from operating activities was $5.3 million during the first quarter of 2018.
The cash inflow in the quarter was primarily driven by the advance
tuition payments from our directly-operated facilities partially
offset by the refund of security deposits and franchise fees to
potential and contracted franchisees.
Recent Developments
On April 9, 2018, the Company
entered into a definitive agreement to acquire 80% equity interest
with a franchisee for four of the Company's franchise kindergartens
in Shandong province. The total
consideration for this acquisition is around RMB39.0 million (US$6.2
million) in cash. In addition, the Company has entered
into agreements with third parties to acquire two kindergarten
facilities that are ready to be used.
Outlook
For the second quarter of 2018, the Company currently
expects:
- Net revenues to be between $41.6
million and $43.5 million,
representing a year-over-year increase of approximately 10% to
15%.
For the full year of 2018, the Company currently expects:
- Net revenues to be between $154.9
million and $166.1 million,
representing a year-over-year increase of approximately 10% to
18%.
The above outlook is based on the current market conditions and
reflects the Company's current and preliminary estimates of market
and operating conditions and customer demand, which are all subject
to change.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on
May 16, 2018 (8:00 PM Beijing/Hong
Kong time on May 16,
2018).
Dial-in details for the earnings conference call are as
follows:
|
United States (toll
free):
|
1-888-317-6003
|
|
International:
|
1-412-317-6061
|
|
China (toll
free):
|
400-120-6115
|
|
Hong Kong (toll
free):
|
800-963-976
|
|
Participants Elite
Entry Number:
|
0989873
|
Participants should dial-in at least 5 minutes before the
scheduled start time and ask to be connected to the call for "RYB
Education."
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.rybbaby.com.
A replay of the conference call will be accessible until
May 23, 2018, by dialing the
following telephone numbers:
|
United States (toll
free):
|
1-877-344-7529
|
|
International:
|
1-412-317-0088
|
|
Replay Access
Code:
|
10120299
|
About RYB Education, Inc.
Founded on the core values of "Care" and "Responsibility",
"Inspire" and "Innovate", RYB Education, Inc. is a leading early
childhood education service provider in China. Since opening its first play-and-learn
center in 1998, the Company has grown and flourished with the
mission to provide high-quality, individualized and age-appropriate
care and education to nurture and inspire each child for her or his
self-betterment in life. During its nearly two decades of operating
history, the Company has built "RYB" into a well-recognized
education brand and helped bring about many new educational
practices in China's early
childhood education industry. RYB's comprehensive early childhood
education solutions meet the needs of children from 0 to 6-year-old
through structured courses at kindergartens and play-and-learn
centers, as well as at-home educational products and services.
For more information, please visit http://ir.rybbaby.com
Use of Non-GAAP Financial Measures
We use EBITDA, adjusted EBITDA, adjusted operating income
(loss), adjusted net income (loss), and adjusted basic and diluted
net income (loss) per ADS, each a non-GAAP financial measure, in
evaluating our operating results and for financial and operational
decision-making purposes.
EBITDA is defined as net income (loss) excluding depreciation,
amortization, interest expenses, and income tax expenses; adjusted
EBITDA is defined as net income (loss) excluding depreciation,
amortization, interest expenses, income tax expenses, and
share-based compensation expenses; adjusted operating income (loss)
is defined as operating income (loss) excluding share-based
compensation expenses; adjusted net income (loss) attributable to
ordinary shareholders is defined as net income (loss) attributable
to ordinary shareholders excluding share-based compensation
expenses; and adjusted basic and diluted net income (loss) per ADS
attributable to ordinary shareholders are defined as basic and
diluted net income (loss) per ADS attributable to ordinary
shareholders excluding share-based compensation expenses.
We believe that EBITDA, adjusted EBITDA, adjusted operating
income (loss), adjusted net income (loss), and adjusted basic and
diluted net income (loss) per ADS, help identify underlying trends
in our business that could otherwise be distorted by the effect of
certain expenses that we include in income (loss)from
operations and net income (loss). We believe that EBITDA, adjusted
EBITDA, adjusted operating income (loss), adjusted net income
(loss), and adjusted basic and diluted net income (loss) per ADS,
provide useful information about our operating results, enhance the
overall understanding of our past performance and future prospects
and allow for greater visibility with respect to key metrics used
by our management in its financial and operational
decision-making.
EBITDA, adjusted EBITDA, adjusted operating income (loss),
adjusted net income (loss), and adjusted basic and diluted net
income (loss) per ADS, should not be considered in isolation or
construed as an alternative to net income (loss) or any other
measure of performance or as an indicator of our operating
performance. Investors are encouraged to review the historical
adjusted financial measures to the most directly comparable GAAP
measures. EBITDA, adjusted EBITDA, adjusted operating income
(loss), adjusted net income (loss), and adjusted basic and diluted
net income (loss) per ADS, presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to our data. We
encourage investors and others to review our financial information
in its entirety and not rely on a single financial
measure.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's brand recognition and market reputation; student
enrollment in the Company's teaching facilities; the Company's
growth strategies; its future business development, results of
operations and financial condition; trends and competition in
China's early childhood education
market; changes in its revenues and certain cost or expense items;
the expected growth of the Chinese early education market; Chinese
governmental policies relating to the Company's industry and
general economic conditions in China. Further information regarding these and
other risks is included in the Company's filings with the SEC. All
information provided in this press release and in the attachments
is as of the date of this press release, and the Company undertakes
no obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
In China:
RYB
Education, Inc.
Investor Relations
Tel: 86-10-8767-5752
E-mail: ir@rybbaby.com
The Piacente Group, Inc.
Ross Warner
Tel: +86 (10) 5730-6200
E-mail: ryb@tpg-ir.com
In the United
States:
The Piacente Group, Inc.
Alan Wang
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
|
[1]
|
Adjusted net income
(loss) attributable to ordinary shareholders is a non-GAAP
financial measure, which is defined as net income (loss)
attributable to ordinary shareholders excluding share-based
compensation expenses. See "Use of Non-GAAP Financial Measures" and
"Reconciliations of GAAP and non-GAAP results" elsewhere in this
earnings release.
|
|
|
|
[2]
|
Adjusted operating
income (loss) is a non-GAAP financial measure, which is defined as
operating income (loss) excluding share-based compensation
expenses. See "Use of Non-GAAP Financial Measures" and
"Reconciliations of GAAP and non-GAAP results" elsewhere in this
earnings release.
|
|
|
|
[3]
|
Adjusted basic and
diluted net income (loss) per ADS attributable to ordinary
shareholders is a non-GAAP financial measure, which is defined as
basic and diluted net income (loss) per ADS attributable to
ordinary shareholders excluding share-based compensation expenses.
See "Use of Non-GAAP Financial Measures" and "Reconciliations of
GAAP and non-GAAP results" elsewhere in this earnings
release.
|
|
|
|
[4]
|
EBITDA is defined as
net income (loss) excluding depreciation, amortization and income
tax expenses. See "Use of Non-GAAP Financial Measures" and
"Reconciliations of GAAP and non-GAAP results" elsewhere in this
earnings release.
|
|
|
|
[5]
|
Adjusted EBITDA is a
non-GAAP financial measure, which is defined as net income (loss)
excluding depreciation, amortization, interest expenses, income tax
expenses, and share-based compensation expenses. See "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
non-GAAP results" elsewhere in this earnings release.
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands of
U.S. dollars)
|
|
|
As
of
|
|
March
31,
2018
|
December 31,
2017
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
162,290
|
158,691
|
|
Term
deposits
|
478
|
-
|
|
Accounts receivable,
net
|
808
|
901
|
|
Inventories
|
4,124
|
3,549
|
|
Prepaid expenses and
other current assets
|
10,076
|
9,541
|
|
Amounts due from
related parties
|
143
|
126
|
|
Total current
assets
|
177,919
|
172,808
|
|
|
|
|
Non-current
assets:
|
|
|
|
Restricted
cash
|
564
|
543
|
|
Property, plant and
equipment, net
|
41,792
|
40,163
|
|
Goodwill
|
444
|
428
|
|
Long-term
investments
|
232
|
256
|
|
Deferred tax
assets
|
13,460
|
12,430
|
|
Other non-current
assets
|
3,325
|
3,110
|
|
Total
assets
|
237,736
|
229,738
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Prepayments from
customers, current portion(including prepayments from customers of
the consolidated VIE without recourse to the Group of $ 12,635 and
$ 11,962 as of March 31, 2018 and December 31, 2017,
respectively)
|
12,636
|
11,968
|
|
Accrued expenses and
other current liabilities(including accrued expenses and other
current liabilities of the consolidated VIE without recourse to the
Group of $ 46,769 and $ 48,123 as of March 31, 2018 and
December 31, 2017, respectively)
|
48,963
|
51,854
|
|
Income taxes
payable(including income taxes payable of the consolidated VIE
without recourse to the Group of $ 9,529 and $ 10,125 as of March
31, 2018 and December 31, 2017, respectively)
|
9,387
|
10,534
|
|
Deferred revenue,
current portion(including deferred revenue of the consolidated VIE
without recourse to the Group of $ 37,156 and $ 22,327 as of
March 31, 2018 and December 31, 2017, respectively)
|
37,303
|
22,666
|
|
Total current
liabilities
|
108,289
|
97,022
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE
SHEETS（ Continued）
|
|
(in thousands of
U.S. dollars)
|
|
As
of
|
|
March
31,
2018
|
December 31,
2017
|
|
Non-current
liabilities:
|
|
|
|
Prepayments from
customers, non-current portion (including prepayments from
customers of the consolidated VIE without recourse to the Group of
$ 5,238 and $ 8,542 as of March 31, 2018 and December 31, 2017,
respectively)
|
5,238
|
8,542
|
|
Deferred revenue,
non-current portion (including deferred revenue of the consolidated
VIE without recourse to the Group of $ 8,039 and $ 8,505 as of
March 31, 2018 and December 31, 2017, respectively)
|
10,100
|
10,396
|
|
Other non-current
liabilities (including other non-current liabilities of the
consolidated VIE without recourse to the Group of $ 8,571 and $
8,484 as of March 31, 2018 and December 31, 2017,
respectively)
|
8,571
|
8,484
|
|
Total
liabilities
|
132,198
|
124,444
|
|
|
|
|
Equity
|
|
|
|
Ordinary
shares
|
29
|
29
|
|
Additional paid-in
capital
|
130,777
|
129,134
|
|
Statutory
reserve
|
2,678
|
2,678
|
|
Accumulated other
comprehensive income
|
1,388
|
783
|
|
Accumulated
deficit
|
(30,669)
|
(28,879)
|
|
Total RYB
Education, Inc. shareholders' equity
|
104,203
|
103,745
|
|
Non-controlling
interest
|
1,335
|
1,549
|
|
Total
equity
|
105,538
|
105,294
|
|
Total liabilities
and total equity
|
237,736
|
229,738
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands of U.S. dollars, except share, ADS, per share and per ADS
data)
|
|
Three Months Ended
March 31,
|
|
2018
|
2017
|
|
Net
revenues:
|
|
|
|
Services
|
26,000
|
23,997
|
|
Products
|
2,753
|
2,531
|
|
Total net
revenues
|
28,753
|
26,528
|
|
Cost of
revenues:
|
|
|
|
Services
|
26,688
|
21,382
|
|
Products
|
1,442
|
1,457
|
|
Total cost of
revenues
|
28,130
|
22,839
|
|
Gross
profit
|
623
|
3,689
|
|
|
|
|
Operating
expenses
|
|
|
|
Selling Expenses
|
278
|
332
|
|
General and administrative
|
5,492
|
2,458
|
|
Total operating
expenses
|
5,770
|
2,790
|
|
|
|
|
Operating (loss)
income
|
(5,147)
|
899
|
|
Interest
income
|
535
|
28
|
|
Government subsidy
income
|
89
|
99
|
|
Gain on disposal of
subsidiaries
|
1
|
-
|
|
|
|
|
(Loss) income before income
taxes
|
(4,522)
|
1,026
|
|
Less: Income tax
expense
|
(1,479)
|
257
|
|
|
|
|
(Loss) income before loss in equity
method investments
|
(3,043)
|
769
|
|
Loss from equity
method investment
|
(55)
|
(51)
|
|
|
|
|
Net (loss)
income
|
(3,098)
|
718
|
|
Less: Net loss
attributable to noncontrolling interest
|
(378)
|
(325)
|
|
|
|
|
Net (loss) income
attributable to ordinary shareholders of RYB
|
(2,720)
|
1,043
|
|
|
|
|
Net (loss) income per
share attributable to ordinary shareholders of RYB Education,
Inc.
|
|
|
|
Basic
|
(0.09)
|
0.05
|
|
Diluted
|
(0.09)
|
0.04
|
|
Net (loss) income per
ADS attributable to ordinary shareholders of RYB Education, Inc.
(Note 1)
|
|
|
|
Basic
|
(0.09)
|
0.05
|
|
Diluted
|
(0.09)
|
0.04
|
|
Weighted average
shares used in calculating net income per ordinary share
|
|
|
|
Basic
|
29,213,801
|
23,163,801
|
|
Diluted
|
29,213,801
|
25,073,018
|
|
|
Note 1:
Each ADS represents one Class A ordinary share.
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(in thousands of
U.S. dollars)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2018
|
2017
|
|
Net (loss)
income
|
(3,098)
|
718
|
|
Other comprehensive
income (loss), net of tax of nil:
|
|
|
|
Change in cumulative
foreign currency translation adjustments
|
659
|
(503)
|
|
Total
comprehensive (loss) income
|
(2,439)
|
215
|
|
Less: Comprehensive
loss attributable to non-controlling interest
|
(324)
|
(322)
|
|
Comprehensive
(loss) income attributable to RYB Education,
Inc.
|
(2,115)
|
537
|
|
RECONCILIATION
OF GAAP AND NON-GAAP RESULTS
(in
thousands of U.S. dollars, except share, ADS, per share and per ADS
data)
|
|
Three Months
Ended
March
31,
|
|
2018
|
2017
|
|
|
|
|
Operating (loss)
income
|
(5,147)
|
899
|
|
Share-based
compensation expenses
|
1,762
|
-
|
|
Adjusted operating
(loss) income
|
(3,385)
|
899
|
|
|
|
|
Net (loss) income
attributable to RYB
|
(2,720)
|
1,043
|
|
Share-based
compensation expenses
|
1,762
|
-
|
|
Adjusted net (loss)
income attributable to RYB
|
(958)
|
1,043
|
|
|
|
|
Net (loss)
income
|
(3,098)
|
718
|
|
Add: Income tax
expense
|
(1,479)
|
257
|
|
Depreciation of
property, plant and equipment
|
1,770
|
1,407
|
|
EBITDA
|
(2,807)
|
2,382
|
|
Share-based
compensation expenses
|
1,762
|
-
|
|
Adjusted
EBITDA
|
(1,045)
|
2,382
|
|
|
|
|
Net (loss) income per
ADS attributable to RYB- Basic (Note1)
|
(0.09)
|
0.05
|
|
Net (loss) income per
ADS attributable to RYB- Diluted (Note1)
|
(0.09)
|
0.04
|
|
|
|
|
Adjusted net (loss)
income per ADS attributable to RYB- Basic (Note1)
|
(0.03)
|
0.05
|
|
Adjusted Net (loss)
income per ADS attributable to RYB- Diluted (Note1)
|
(0.03)
|
0.04
|
|
|
|
|
Weighted average
shares used in calculating
basic net income per ADS(Note1)
|
29,213,801
|
23,163,801
|
|
Weighted average
shares used in calculating
diluted net income per ADS(Note1)
|
29,213,801
|
25,073,018
|
|
|
|
|
Adjusted net (loss)
income per share- Basic
|
(0.03)
|
0.05
|
|
Adjusted net (loss)
income per share- Diluted
|
(0.03)
|
0.04
|
|
|
Note 1:
Each ADS represents one Class A ordinary share.
|
View original
content:http://www.prnewswire.com/news-releases/ryb-education-inc-reports-first-quarter-2018-financial-results-300649186.html
SOURCE RYB Education, Inc.