BEIJING, May 28, 2019 /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
of 2019.
First Quarter 2019 Operational and Financial
Summary
- Number of students enrolled at RYB directly operated
kindergartens was 24,572 as of March 31,
2019, compared with 22,087 as of March 31, 2018.
- Net revenues increased by 19.2% to $34.3
million, compared with $28.8
million for the first quarter of 2018.
- Gross profit was $1.8 million,
compared with $0.6 million for the
first quarter of 2018.
- Net loss attributable to ordinary shareholders of RYB for the
first quarter of 2019 was $2.3
million, compared with $2.7
million for the first quarter of 2018. Adjusted net loss
attributable to ordinary shareholders[1] of RYB for the
first quarter of 2019 was $1.2
million, compared with $1.0
million for the first quarter of 2018.
- Cash generated from operating activities was $13.2 million in the first quarter of 2019,
compared with $5.3 million for the
first quarter of 2018.
Subsequent Events
The Company has successfully closed the previously announced
acquisition of a Singapore-based
private childhood education group in early April. In total, the
Company acquired approximately 77% equity interest of the group for
a combined consideration of RMB146
million.
"We ended first quarter of 2019 with solid performance,
delivering 19.2% year-over-year revenue growth. We attribute this
healthy performance to our consistent investment in enhancing the
quality of education and services we provide to our children and
our continuous pursuit of differentiated product and services
offerings. Such commitment was rewarded with 11.3% net enrollment
increase at our directly operated kindergartens this quarter," said
Ms. Yanlai Shi, Co-founder, Director and Chief Executive Officer of
RYB.
"Going forward, we aim for a balanced growth strategy. With the
policies and regulations relating to kindergartens continuing to be
implemented this year, we will work alongside relevant government
agencies to adopt those policies at our facilities.
We continue to focus on our core offerings of play-and-learn
center and kindergarten services. Our play-and-learn center network
continues to expand at a healthy pace. With the Singapore acquisition now closed, we have
expanded our directly-operated kindergarten network and brands
considerably. The high-quality personnel and bilingual curriculum
that came with the Singapore
acquisition, together with other smaller strategic acquisitions and
investments, have also positioned us well for broader product and
services offerings such as proprietary course content, teacher
training, management systems and standards and other tailored
service solutions. In conjunction with other growth initiatives
such as care and education for children 0 to 3 years old, we look
forward to servicing a wider target market at home and abroad."
Ms. Ping Wei, Chief Financial Officer of RYB, added, "2019
began with net revenues increasing 19.2% year-over-year in the
first quarter and enrollments at directly operated kindergartens
growing 11.3%. In addition, first quarter adjusted operating loss
narrowed to $2.7 million from
$3.4 million in the first
quarter of last year. Our improving top-line and bottom-line
results were driven by focused execution of our growth
strategy, prudent cost management and our continuous investments in
offering more quality product and services solutions.
"China's early childhood
education market is big and still growing. Looking ahead, we will
continue to balance growth and profitability. We remain committed
to investing in our teachers and in our R&D initiatives to
drive better educational quality and eventually healthier long-term
growth. In addition, we will also continue to adopt strict security
and safety standards at our facilities and stringent cost-control
measures, especially in non-core functions. We believe such a
balanced approach will help optimize long-term shareholder
value."
First quarter 2019 Financial Results
Net Revenues
Net revenues for the first quarter of 2019 increased by 19.2%
to $34.3 million, from $28.8 million for the same
quarter of 2018.
Service revenues for the first quarter of 2019 increased by
22.5% to $31.9 million, from $26.0 million for
the same quarter of 2018. The increase was primarily due to
increased tuition fees from increased average student payments due
to student-mix shift and an increase in the number of students
enrolled in the Company's directly operated kindergartens. The
increase in the number of students enrolled was attributable
to newly opened facilities, acquired facilities as well as higher
utilization rates at existing facilities as they ramp-up.
Product revenues for the first quarter of 2019 decreased by
12.1% to $2.4 million, from $2.8 million for the
same quarter of 2018. The decrease was mainly timing difference as
some products typically delivered in the quarter were delayed to
later quarters.
Cost of Revenues
Cost of revenues for the first quarter of 2019
was $32.4 million, a 15.3% increase from $28.1
million for the same quarter of 2018. Cost of revenues for
services for the first quarter of 2019 was $31.2 million,
compared with $26.7 million for the same quarter of 2018.
The increase was primarily due to increase in staff compensation at
the Company's directly operated kindergartens and higher operating
costs, such as rental and material consumption as the Company's
kindergarten facilities network expanded in the quarter. Cost of
products revenues for the first quarter of 2019 was $1.2
million, compared with $1.4 million for the same quarter
of 2018. The decrease was generally in line with the decrease in
products revenue.
Gross Profit and Gross Margin
Gross profit for the first quarter of 2019 increased by 195.0%
to $1.8 million, compared with $0.6 million for the
same quarter of 2018.
Gross margin for the first quarter of 2019 was 5.4%, compared
with 2.2% for the same quarter last year. The increase was
primarily due to incrementally higher utilization rates at directly
operated kindergartens and increased tuition fees from a
student-mix shift.
Operating Expenses
Total operating expenses for the first quarter of 2019
were $5.9 million, comparable with $5.8
million for the first quarter of 2018. Excluding share-based
compensation expenses, operating expenses were $4.6 million,
an increase of 13.1% from $4.1 million for the first
quarter of 2018.
Selling expenses for the first quarter of 2019
were $0.6 million, compared with $0.3
million for the same quarter of 2018.
General and administrative ("G&A") expenses for the first
quarter of 2019 were $5.3 million, a 3.1% decrease
from $5.5 million for the same quarter of 2018. Excluding
share-based compensation expenses, G&A expenses were
$4.0 million, compared with
$3.8 million for the same quarter of
2018. The share-based compensation expenses included in G&A
expenses were $1.3 million for the first quarter of
2019.
Operating Loss
Operating loss for the first quarter of 2019 was $4.0
million, compared with $5.1 million for the same quarter
last year. Adjusted operating
loss[2] was $2.7 million for the
first quarter of 2019, compared with $3.4 million for the same quarter of
2018.
Net Income/loss
Net loss attributable to ordinary shareholders of RYB for the
first quarter of 2019 was $2.3 million, compared
with $2.7 million for the same quarter of 2018. Adjusted
net loss attributable to ordinary shareholders of RYB, which
excludes the impact of $1.3 million of share-based
compensation expense and $0.2 million decrease in
redeemable non-controlling interests for the first quarter of 2019,
was $1.2 million, compared with $1.0 million for the
same quarter of 2018.
Basic and diluted net loss per American depositary share ("ADS")
attributable to ordinary shareholders of RYB for the first quarter
of 2019 were both $0.08, compared to $0.09 for the same quarter of 2018. 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 2019 were both $0.04,
compared with $0.03 for the same
quarter of 2018.
EBITDA[4] for the first quarter of 2019 was a
loss of $0.7 million, compared
with a loss of $2.8
million for the same period of 2018. Adjusted
EBITDA[5] for the first quarter of 2019 was $0.6
million, compared with a loss of $1.0 million for the
same quarter of 2018.
[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 and changes in redeemable
non-controlling interests. See "Use of Non-GAAP Financial Measures"
and "Reconciliations of GAAP and non-GAAP results" elsewhere in
this earnings release.
|
[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 and changes in redeemable non-controlling interest. See
"Use of Non-GAAP Financial Measures" and "Reconciliations of GAAP
and non-GAAP results" elsewhere in this earnings
release.
|
[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.
|
Operating Cash Flow
Cash generated from operating activities was $13.2
million during the first quarter of 2019, compared
with $5.3 million during the first quarter of 2018. The
increase was primarily due to higher advance payments from
customers in the quarter as compared to the last year, further
enlarged by one-off refunds to potential and contracted franchisees
in the same period of 2018.
Balance Sheet
As of March 31, 2019, the Company
had total cash and cash equivalents of $100.1 million, a decrease from $104.1 million as of December 31, 2018 as operating cash inflow
generated from this quarter was used in acquisition and other
investments activities. $4.5 million
of share repurchase executed in the quarter also contributed to the
decrease in cash balance.
In February 2016, the FASB issued
ASU 2016-02, "Leases Topic (842): Leases." This ASU supersedes
existing guidance on accounting for leases in Leases (Topic 840).
The update requires disclosures regarding key information about
leasing arrangements and requires all leases for a lessee to be
recognized on the balance sheet as a right-of-use asset and a
corresponding lease liability. For leases with a term of 12 months
or less, a practical expedient is available whereby a lessee may
elect, by class of underlying asset, not to recognize a
right-of-use asset or lease liability. The Company adopted the new
standard during the quarter just ended using the modified
retrospective transition method resulting in the recording of a
right-to-use asset of $75.3 million
and lease liabilities of $79.7
million on the balance sheet and a corresponding liability.
Prior period amounts have not been adjusted and continue to be
reported in accordance with the previous accounting guidance. The
Company utilized the package of practical expedients allowing the
Company to not reassess whether a contract is or contains a lease,
lease classification and initial direct costs. As part of the
adoption of the accounting standard, the Company elected to not
recognize short-term leases on the condensed consolidated balance
sheet.
Outlook
For the second quarter of 2019, the Company's management
currently expects:
- Net revenues to be between $52.1
million and $54.5 million,
representing a year-over-year increase of approximately 10% to
15%.
For the full year of 2019, the Company's management currently
expects:
- Net revenues to be between $195.5
million and $203.5 million,
representing a year-over-year increase of approximately 25% to
30%.
The above outlook is based on the current market conditions and
reflects the Company management's current and preliminary estimates
of market and operating conditions, customer demand and foreign
exchange environment, which are all subject to change. The
above outlook includes revenue consideration of the Company's
completed acquisition of a leading Singapore-based private
childhood education group, as initially announced February 5,
2019.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern
Time on Wednesday, May 29, 2019 (8:00
p.m. Beijing Time on May 29, 2019) to discuss financial
results and answer questions from investor and
analysts. Listeners may access the call by dialing:
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
|
Participant Elite
Entry Number:
|
7291851
|
Participants should dial-in at least 10-15 minutes before the
scheduled start time and ask to be connected to the RYB Education,
Inc. conference call.
A telephone replay will be available approximately one hour
after the call until June 5, 2019 by dialing:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
10131784
|
Additionally, a live and archived webcast of the conference call
will be available at http://ir.rybbaby.com.
About RYB Education, Inc.
Founded on the core values of "Care" and "Responsibility,"
"Inspire" and "Innovate," RYB Education, Inc. is a leading early
childhood education service provider in China. Since opening its first play-and-learn
center in 1998, the Company has grown and flourished with the
mission to provide high-quality, individualized and age-appropriate
care and education to nurture and inspire each child for his or her
betterment in life. During its two decades of operating history,
the Company has built "RYB" into a well-recognized education brand
and helped bring about many new educational practices in
China's early childhood education
industry. RYB's comprehensive early childhood education solutions
meet the needs of children from infancy to 6 years old through
structured courses at kindergartens and play-and-learn centers, as
well as at-home educational products and services.
Use of Non-GAAP Financial Measures
We use EBITDA, adjusted EBITDA, adjusted operating income,
adjusted net income, and adjusted basic and diluted net income per
ADS, each a non-GAAP financial measure, in evaluating our operating
results and for financial and operational decision-making
purposes.
EBITDA is defined as net income excluding depreciation,
amortization, interest expenses, and income tax expenses; adjusted
EBITDA is defined as net income excluding depreciation,
amortization, interest expenses, income tax expenses, and
share-based compensation expenses; adjusted operating income is
defined as operating income excluding share-based compensation
expenses; adjusted net income attributable to ordinary shareholders
is defined as net income attributable to ordinary shareholders
excluding share-based compensation expenses and changes in
redeemable non-controlling interest; and adjusted basic and diluted
net income per ADS attributable to ordinary shareholders are
defined as basic and diluted net income per ADS attributable to
ordinary shareholders excluding share-based compensation expenses
and changes in redeemable non-controlling interest.
We believe that EBITDA, adjusted EBITDA, adjusted operating
income, adjusted net income, and adjusted basic and diluted net
income per ADS, help identify underlying trends in our business
that could otherwise be distorted by the effect of certain expenses
that we include in income from operations and net income. We
believe that EBITDA, adjusted EBITDA, adjusted operating income,
adjusted net income, and adjusted basic and diluted net income per
ADS, provide useful information about our operating results,
enhance the overall understanding of our past performance and
future prospects and allow for greater visibility with respect to
key metrics used by our management in its financial and operational
decision-making.
EBITDA, adjusted EBITDA, adjusted operating income, adjusted net
income, and adjusted basic and diluted net income per ADS, should
not be considered in isolation or construed as an alternative to
net income or any other measure of performance or as an indicator
of our operating performance. Investors are encouraged to review
the historical Adjusted financial measures to the most directly
comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted
operating income, adjusted net income, and adjusted basic and
diluted net income per ADS, presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to our data. We
encourage investors and others to review our financial information
in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: the
Company's brand recognition and market reputation; student
enrollment in the Company's teaching facilities; the Company's
growth strategies; its future business development, results of
operations and financial 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 childhood education market; Chinese
governmental policies relating to the Company's industry and
general economic conditions in China. Further information
regarding these and other risks is included in the Company's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
In China:
RYB Education, Inc.
Investor Relations
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.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: ryb@tpg-ir.com
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands of
U.S. dollars)
|
|
|
As
of
|
|
March
31,
2019
|
December
31,
2018
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
100,092
|
104,084
|
Accounts receivable,
net
|
1,058
|
876
|
Inventories
|
6,159
|
4,811
|
Prepaid expenses and
other current assets
|
11,804
|
11,243
|
Loan
receivables-current
|
596
|
582
|
Total current
assets
|
119,709
|
121,596
|
|
|
|
Non-current
assets:
|
|
|
Restricted
cash
|
660
|
746
|
Property, plant and
equipment, net
|
47,718
|
45,896
|
Acquired intangible
assets
|
4,408
|
4,491
|
Goodwill
|
26,538
|
25,096
|
Long-term
investments
|
4,835
|
4,805
|
Deferred tax
assets
|
18,015
|
16,195
|
Other non-current
assets
|
26,302
|
24,048
|
Operating lease
right-of-use assets
|
75,269
|
-
|
Loan receivables -
noncurrent
|
596
|
582
|
Total
assets
|
324,050
|
243,455
|
|
|
|
Liabilities
|
|
|
Current
liabilities:
|
|
|
Prepayments from
customers, current portion (including
prepayments from customers of the consolidated VIEs
without recourse to the Group of $8,897 and $6,647 as of
March 31, 2019 and December 31,
2018, respectively)
|
8,897
|
6,647
|
Accrued expenses and
other current liabilities (including
accrued expenses and other current liabilities of the c
onsolidated VIEs without recourse to the Group of $44,216
and $54,443 as of March 31, 2019 and December 31,
2018,
respectively)
|
46,261
|
60,429
|
Income taxes
payable(including income taxes payable of the
consolidated VIEs without recourse to the Group of $12,282
and $11,298 as of March 31, 2019 and December 31,
2018,
respectively)
|
12,702
|
11,685
|
Deferred revenue,
current portion(including deferred
revenue of the consolidated VIEs without recourse to the
Group of $47,994 and $29,578 as of March 31, 2019 and
December 31, 2018, respectively)
|
47,994
|
29,578
|
Operating lease
liabilities, current portion (including
operating lease liabilities of the consolidated VIEs without
recourse to the Group of $13,125 and nil as of March 31,
2019 and December 31, 2018, respectively)
|
13,461
|
-
|
Total current
liabilities
|
129,315
|
108,339
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE
SHEETS (Continued)
|
(in thousands of
U.S. dollars)
|
|
As
of
|
|
March
31,
2019
|
December
31,
2018
|
Non-current
liabilities:
|
|
|
Prepayments from
customers, non-current portion (including
prepayments from customers of the consolidated VIEs
without recourse to the Group of $3,592 and $3,582 as of
March 31, 2019 and December 31,
2018, respectively)
|
3,592
|
3,582
|
Deferred revenue,
non-current portion (including deferred
revenue of the consolidated VIEs without recourse to the
Group of $5,343 and $5,567 as of March 31, 2019 and
December 31, 2018, respectively)
|
6,721
|
6,915
|
Other non-current
liabilities (including other non-current
liabilities of the consolidated VIEs without recourse to
the
Group of $8,484 and $8,541 as of March 31, 2019 and
December 31, 2018, respectively)
|
8,484
|
8,541
|
Deferred income tax
liabilities (including deferred income
tax liabilities of the consolidated VIEs without recourse
to
the Group of $1,089 and $1,110 as of March 31, 2019 and
December 31, 2018, respectively)
|
1,089
|
1,110
|
Operating lease
liabilities, non-current portion (including
operating lease liabilities of the consolidated VIEs without
recourse to the Group of $65,629 and nil as of March 31,
2019 and December 31,
2018, respectively)
|
66,248
|
-
|
Total
liabilities
|
215,449
|
128,487
|
|
|
|
Mezzanine
equity
Redeemable
non-controlling interests
|
1,527
|
1,628
|
Equity
|
|
|
Ordinary
shares
|
29
|
29
|
Treasury
stock
|
(4,480)
|
-
|
Additional paid-in
capital
|
137,178
|
135,881
|
Statutory
reserve
|
3,362
|
3,362
|
Accumulated other
comprehensive income
|
(334)
|
(122)
|
Accumulated
deficit
|
(32,770)
|
(30,421)
|
Total RYB
Education, Inc. shareholders' equity
|
102,985
|
108,729
|
Non-controlling
interest
|
4,089
|
4,611
|
Total
equity
|
107,074
|
113,340
|
Total liabilities,
mezzanine equity and total equity
|
324,050
|
243,455
|
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,
|
|
2019
|
2018
|
Net
revenues:
|
|
|
Services
|
31,843
|
26,000
|
Products
|
2,421
|
2,753
|
Total net
revenues
|
34,264
|
28,753
|
Cost of
revenues:
|
|
|
Services
|
31,196
|
26,688
|
Products
|
1,230
|
1,442
|
Total cost of
revenues
|
32,426
|
28,130
|
Gross
profit
|
1,838
|
623
|
|
|
|
Operating
expenses
|
|
|
Selling
Expenses
|
550
|
278
|
General and
administrative
|
5,323
|
5,492
|
Total operating
expenses
|
5,873
|
5,770
|
|
|
|
Operating
loss
|
(4,035)
|
(5,147)
|
Interest
income
|
205
|
535
|
Government subsidy
income
|
125
|
89
|
Gain on disposal of
subsidiaries
|
697
|
1
|
|
|
|
Loss before
income taxes
|
(3,008)
|
(4,522)
|
Less: Income tax
credits
|
(437)
|
(1,479)
|
|
|
|
Loss before
loss in equity method
investments
|
(2,571)
|
(3,043)
|
Loss from equity
method investment
|
(113)
|
(55)
|
|
|
|
Net
loss
|
(2,684)
|
(3,098)
|
Less: Net loss
attributable to non-controlling
interest
|
(192)
|
(378)
|
Decrease in redeemable
non-controlling
interests
|
(143)
|
-
|
|
|
|
Net loss
attributable to ordinary
shareholders of RYB
|
(2,349)
|
(2,720)
|
|
|
|
Net loss per share
attributable to ordinary
shareholders of RYB Education, Inc.
|
|
|
Basic
|
(0.08)
|
(0.09)
|
Diluted
|
(0.08)
|
(0.09)
|
Net loss per ADS
attributable to ordinary
shareholders of RYB Education, Inc. (Note 1)
|
|
|
Basic
|
(0.08)
|
(0.09)
|
Diluted
|
(0.08)
|
(0.09)
|
Weighted average
shares used in calculating net
income per ordinary share
|
|
|
Basic
|
29,033,754
|
29,213,801
|
Diluted
|
29,033,754
|
29,213,801
|
|
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,
|
|
2019
|
2018
|
Net loss
|
(2,684)
|
(3,098)
|
Other comprehensive
(loss) income, net of tax of nil:
|
|
|
Change in cumulative
foreign currency translation
adjustments
|
(63)
|
659
|
Total
comprehensive loss
|
(2,747)
|
(2,439)
|
Less: Comprehensive
loss attributable to non-controlling
interest
|
(43)
|
(324)
|
Comprehensive loss attributable
to RYB Education,
Inc.
|
(2,704)
|
(2,115)
|
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,
|
|
2019
|
2018
|
|
|
|
Operating
loss
|
(4,035)
|
(5,147)
|
Share-based
compensation expenses
|
1,297
|
1,762
|
Adjusted operating
loss
|
(2,738)
|
(3,385)
|
|
|
|
Net loss attributable
to RYB
|
(2,349)
|
(2,720)
|
Decrease in
redeemable non-controlling interest
|
(143)
|
-
|
Share-based
compensation expenses
|
1,297
|
1,762
|
Adjusted net loss
attributable to RYB
|
(1,195)
|
(958)
|
|
|
|
Net loss
|
(2,684)
|
(3,098)
|
Add: Income tax
expense
|
(437)
|
(1,479)
|
Depreciation of property, plant and equipment
|
2,441
|
1,770
|
EBITDA
|
(680)
|
(2,807)
|
Share-based
compensation expenses
|
1,297
|
1,762
|
Adjusted
EBITDA
|
617
|
(1,045)
|
|
|
|
Net loss per ADS
attributable to RYB- Basic
(Note1)
|
(0.08)
|
(0.09)
|
Net loss per ADS
attributable to RYB- Diluted
(Note1)
|
(0.08)
|
(0.09)
|
|
|
|
Adjusted net loss per
ADS attributable to RYB -
Basic (Note1)
|
(0.04)
|
(0.03)
|
Adjusted net
loss per ADS attributable to RYB -
Diluted (Note1)
|
(0.04)
|
(0.03)
|
|
|
|
Weighted average
shares used in calculating
basic net loss/adjusted net loss per ADS (Note1)
|
29,033,754
|
29,213,801
|
Weighted average
shares used in calculating
diluted net loss/adjusted net loss per ADS (Note1)
|
29,033,754
|
29,213,801
|
|
|
|
Adjusted net
loss per share attributable to ordinary
shareholders of RYB Education, Inc.- Basic
|
(0.04)
|
(0.03)
|
Adjusted net
loss per share attributable to ordinary
shareholders of RYB Education, Inc.- Diluted
|
(0.04)
|
(0.03)
|
|
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-2019-financial-results-300857794.html
SOURCE RYB Education, Inc.