3Q 2010 Net Revenue Increased 47.2%
Year-Over-Year
3Q 2010 Net Income Increased 25.6%
Year-Over-Year
Global Education & Technology Group Ltd. (Nasdaq:GEDU) ("Global
Education" or the "Company"), the largest test preparation provider
for the International English Language Testing System ("IELTS") and
a leading provider of educational courses and related services in
China, today announced unaudited financial results for the third
quarter of 2010.
Third Quarter 2010 Highlights
- Total net revenues increased 47.2% year-over-year to RMB127.8
million ($19.1 million1) from RMB86.8 million in the third quarter
of 2009.
- Operating income increased 35.4% year-over-year to RMB36.7
million ($5.5 million) from RMB27.1 million in the third quarter of
2009.
- Net income increased 25.6% year-over-year to RMB34.3 million
($5.1 million) from RMB27.3 million in the third quarter of
2009.
- Test preparation course enrollments increased 41.2%
year-over-year to 51,907.
- Total number of learning centers increased to 317, covering 109
cities as of September 30, 2010, up from 292 as of June 30,
2010.
- Total number of directly-owned-and-operated learning centers
increased by 11 to 77 as of September 30, 2010 from the end of the
previous quarter.
1. This press release contains translations
of certain Renminbi amounts into US dollars at specified rates
solely for the convenience of readers. Unless otherwise noted, all
translations from Renminbi to US dollars for the quarter ended
September 30, 2010 were made at a rate of RMB6.6905 to USD1.00, the
U.S. dollar exchange rate against the Renminbi on September 30,
2010 as set forth in the H.10 weekly statistical release of Federal
Reserve Board. Global Education & Technology Group makes no
representation that the Renminbi or US dollar amounts referred to
in this press release could have been or could be converted into US
dollars or Renminbi, at any particular rate or at all. |
|
Mr. David Yongqi Zhang, Founder and Chief Executive Officer of
Global Education, commented, "We are very pleased with our third
quarter financial results, which marks our first quarter reporting
as a publicly traded company. Our rapid growth in revenue and
strong operating cash flows demonstrate the advantages of our
business model and our unique competitive position. Driven by our
expanding network of learning centers, excellent brand, and
superior content and services, we are gaining additional market
share from smaller competitors. Looking ahead, I'm more excited
than ever with the strong and growing demand for our core
services. Chinese parents and students alike continue to
greatly value the overseas educational experience. With their
rapidly growing disposable incomes, Chinese continue to invest
heavily in their children's ability to excel and compete in an
increasingly global marketplace. In light of these robust
long-term trends, we are confident of executing on our growth
strategies, which include further increasing enrollments and
profitability, growing our learning center network, broadening our
service offerings and expanding our online learning business."
Ms. Hannah Lee, Vice President & Chief Financial Officer of
Global Education, stated, "With the additional cash from our recent
IPO which was completed after the end of the third quarter, we are
excited by the increased flexibility that our current financial
position allows. As demonstrated by our strong third quarter
financial performance with net revenues increasing by 47.2%
year-over-year and test preparation enrollments growing by 41.2%
compared to the same quarter of 2009, our business model not only
can scale rapidly but can also generate strong profitability and
cash flows. Given the strong demand for our education services
and our multi-pronged expansion plans, we believe our platform is
poised to drive sustainable growth in sales and profits for the
foreseeable future."
Third Quarter 2010 Financial
Performance
Third quarter 2010 net revenues increased 47.2% year-over-year
to RMB127.8 million ($19.1 million) from RMB86.8 million in the
same period of 2009. The increase was primarily due to
the following:
- Net revenues from educational programs and services increased
by 48.5% to RMB120.9 million ($18.1 million) in the third quarter
of 2010 compared to RMB81.4 million in the third quarter of 2009,
driven primarily by an increase in test preparation course
enrollments.
- Net revenues from franchise fees, study abroad consulting
services and sales of books and course materials increased by 27.8%
to RMB6.9 million ($1.0 million) in the third quarter of 2010,
compared to RMB5.4 million in the prior year period.
Cost of revenues, which primarily consisted of salaries and
benefits, rent payments, costs associated with summer camps, and
book and course material printing costs, increased 69.6% to RMB55.8
million ($8.3 million) in the third quarter of 2010 compared to
RMB32.9 million in the same period of 2009, primarily due to
increased costs related to the expansion of the Company's network
of directly operated learning centers and offering of summer camp
programs to help promote the "Global" brand. As a result, cost
of revenues represented 43.7% of net revenues in the third quarter
of 2010, up from 37.9% of net revenues in the same period of
2009.
Selling and marketing expenses increased 35.6% to RMB25.5
million ($3.8 million) in the third quarter of 2010 compared to
RMB18.8 million in the same period in 2009, reflecting an increase
in expenses relating to commission to sales agents and and salaries
and benefits of sales and marketing personnel. Selling and
marketing expenses represented 20.0% of net revenues, a decrease
from 21.7% in the same period of 2009, mainly due to economies of
scale and more efficient marketing campaigns.
General and administrative expenses increased 19.8% to RMB9.7
million ($1.4 million) in the third quarter of 2010 compared to
RMB8.1 million in the same period of 2009 mainly due to increased
professional fees and headcount in anticipation of the Company's
initial public offering. Even with increased share based
compensation expenses of RMB0.9 million ($0.1 million) in the third
quarter of 2010 compared to RMB0.1 million in the same period in
2009, as a percentage of the net revenues, general and
administrative expense decreased from 9.3% in the third quarter of
2009 to 7.6% in the third quarter of 2010, reflecting greater
operating leverage.
Operating income increased 35.4% to RMB36.7 million ($5.5
million) in the third quarter of 2010, from RMB27.1 million in the
same period of 2009, driven by strong revenue growth.
Operating margin for the third quarter of 2010 was 28.7%,
compared to 31.2% in the same period of last year. The
decrease in the Company's operating margin was mainly due to the
growth of summer camp programs and increased share-based
compensation expenses. While these programs operate at a lower
gross margin than our test preparation businesses, they
strategically complement our student acquisition and branding
efforts.
Income tax expenses in the third quarter of 2010 were RMB4.9
million ($0.7 million), representing an effective tax rate of
12.5%, as compared to income tax expenses of RMB1.8 million and an
effective tax rate of 6.2% in the same period of 2009. The
increase in effective tax rate was mainly because the Company's
main Chinese operating entity has been subject to 7.5% income tax
rate in 2010 compared to nil in 2009 due to expiration of tax
exemption status relating to such entity being a high-tech
enterprise for tax purposes.
Net income increased 25.6% to RMB34.3 million ($5.1 million) in
the third quarter of 2010, compared to RMB27.3 million in the same
quarter of 2009. Diluted earnings per ADS were RMB1.84 ($0.28)
in the third quarter of 2010. The Company had approximately
18.6 million weighted average diluted ADSs outstanding during the
quarter ended September 30, 2010.
Non-GAAP net income excluding share-based compensation expenses
and fair value change in contingent consideration payable
attributable to Global Education was RMB35.8 million ($5.4 million)
in the third quarter of 2010, representing a 29.7% increase from
the same period of 2009. Basic and diluted non-GAAP net income
per ADS were RMB2.08 ($0.31) and RMB1.92 ($0.29), respectively.
As of September 30, 2010, the Company had cash and cash
equivalents of RMB339.8 million ($50.8 million), compared to
RMB103.8 million as of December 31, 2009. Cash flows provided
by operating activities for the three months ended September 30,
2010 were approximately RMB28.5 million ($4.3 million) due to the
continued strength of the Company's operating
results. Deferred revenues increased to RMB91.8 million ($13.7
million) as of September 30, 2010, up from RMB71.3 million in the
third quarter of 2009.
Initial Public Offering
On October 14, 2010, Global Education completed an initial
public offering of 6.375 million American Depositary Shares
("ADSs"), each representing four ordinary shares, at a price of
$10.50 per ADS. On October 20, 2010, the underwriters in the
initial public offering exercised their over-allotment option to
purchase an additional 956,250 additional ADSs from us at the
initial public offering price. The total proceeds from the
offering, net of underwriting discounts, were U.S.$71.6
million.
Financial Outlook for Fourth Quarter of
2010
The Company estimates that its net revenues for the fourth
quarter of 2010 will be in the range of RMB75.0 million ($11.2
million) to RMB78.0 million ($11.7 million), an increase of
approximately 26.6% to 35.1% over the previous year.
This forecast reflects the Company's current and preliminary
view, which is subject to change. Conference
Call
The Company will hold a conference call at 8:00 am ET on Monday,
November 22, 2010, to discuss its results. Listeners may
access the call by dialing +1-800-860-2442 or +1-412-858-4600 for
international callers, access code: Global Education &
Technology. A webcast will also be available through the
Company's website at ir.globaleducation.cn.
A replay of the call will be available through November 30,
2010. Listeners may access the replay by dialing
+1-877-344-7529 or +1-412-317-0088 for international callers,
access code: 446188.
About Global Education
Global Education & Technology Group Ltd. (Nasdaq:GEDU) is
the largest test preparation provider for IELTS and a leading
provider of educational courses and related services in China.
Under its "Global" brand, the Company also offers diversified
services that span a student's educational life cycle, including
after-school courses, overseas study consulting, and professional
certification test preparation. As of September 30, 2010, the
Company's network comprised 77 directly operated and 240 franchised
learning centers across China, as well as an online course delivery
platform with more than one million registered members. For more
information, please visit www.globaleducation.cn.
The Global Education & Technology Group Ltd. logo is
available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8354
Forward-looking Statements
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the Private Securities Litigation Reform Act of
1995.
These forward-looking statements can be identified by terms such
as "anticipate," "believe," "could," "estimate," "expect,"
"forecast," "future," "intend," "look forward to," "outlook,"
"plan," "should, "will," and similar terms and include, among other
things, the Company's guidance relating to anticipated financial
and operating results for the year 2010 and the growth prospects of
the Company's business and industry. The factors that could cause
the Company's actual financial and operating results to differ from
what the Company currently anticipates can include its ability to
meet challenges associated with its rapid expansion, its ability to
anticipate and meet market demand, the growth of China's economy
and education market, uncertainties with respect to the China's
legal and regulatory environments, and other factors stated in the
Company's filings with the U.S. Securities and Exchange Commission
(the "SEC"). The financial information contained in this release
should be read in conjunction with the consolidated financial
statements and related notes included in the Company's prospectus
dated October 7, 2010 which was filed with the SEC and is available
on the SEC's website at www.sec.gov.
The forward-looking statements in this release involve known and
unknown risks and uncertainties and are based on current
expectations, assumptions, estimates, and projections about Global
Education and the markets in which it operates. The Company
undertakes no obligation to update forward-looking statements,
which speak only of the Company's views as of the date of this
release, to reflect subsequent events or circumstances, or to
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, the Company cannot
assure you that its expectations and assumptions will turn out to
be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.
About Non-GAAP Measures
To supplement Global Education's unaudited consolidated
financial results presented in accordance with United States
Generally Accepted Accounting Principles (GAAP), the Company uses
the following measures defined as non-GAAP financial measures: net
income attributable to Global Education excluding share-based
compensation expenses and fair value change in contingent
consideration, operating income excluding share-based compensation
expenses, operating costs and expenses excluding share-based
compensation expenses, general and administrative expenses
excluding share-based compensation expenses, operating margin
excluding share-based compensation expenses, and basic and diluted
net income per ADS attributable to the Company excluding
share-based compensation expenses and fair value change in
contingent consideration payable.
Global Education believes that these non-GAAP financial measures
are useful for its management and investors to assess and analyze
the Company's core operating results as share-based compensation
expense and fair value change in contingent consideration payable
is not directly attributable to the underlying performance of the
Company's business operations and may not be indicative of its
operating performance from a cash perspective. These non-GAAP
financial measures also facilitate management's internal
comparisons to its historical performance and liquidity. A
limitation of using these non-GAAP financial measures is that these
non-GAAP measures exclude the share-based compensation charge and
fair value change in contingent consideration payable that have
been and will continue to be for the foreseeable future a
significant recurring expense in Global Education's business.
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
GAAP. The Company is only providing these non-GAAP performance
measures in the press release, and will not incorporate into GAAP
financial statements. For more information on these non-GAAP
financial measures, please see the tables captioned "Reconciliation
of Unaudited non-GAAP measures to the Most comparable GAAP
measures" set forth at the end of this press release.
This press release contains translations of certain Renminbi
amounts into US dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to US dollars for the quarter ended September 30,
2010 were made at a rate of RMB6.6905 to USD1.00, the U.S. dollar
exchange rate against the Renminbi on September 30, 2010 as set
forth in the H.10 weekly statistical release of Federal Reserve
Board. Global Education & Technology Group makes no
representation that the Renminbi or US dollar amounts referred to
in this press release could have been or could be converted into US
dollars or Renminbi, at any particular rate or at all.
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Unaudited Interim
Condensed Consolidated Balance Sheets |
(In thousands, except ADS and
per ADS data) |
|
|
As of September
30, |
As of June 30, |
As of September
30, |
|
2010 |
2010 |
2010 |
|
RMB |
RMB |
USD |
Current assets: |
|
|
|
Cash and cash equivalents |
339,848 |
367,556 |
50,796 |
Term deposits |
5,050 |
13,050 |
755 |
Accounts receivable, net of allowance of
nil |
2,101 |
1,785 |
314 |
Prepaid expenses and other current
assets |
37,614 |
23,285 |
5,621 |
Deferred tax assets, current |
5,450 |
4,320 |
815 |
Amounts due from a related party |
130 |
2,375 |
19 |
|
|
|
|
Total current assets |
390,193 |
412,371 |
58,320 |
|
|
|
|
Property and equipment, net |
85,551 |
86,286 |
12,787 |
Acquired intangible assets, net |
5,636 |
6,192 |
842 |
Goodwill |
35,906 |
35,906 |
5,367 |
Other non-current assets |
6,072 |
3,281 |
908 |
|
|
|
|
Total Assets |
523,358 |
544,036 |
78,224 |
|
|
|
|
LIABILITIES, REDEEMABLE CONVERTIBLE
PREFERRED SHARES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
29,790 |
14,980 |
4,453 |
Deferred revenue |
91,764 |
102,226 |
13,716 |
Accrued expenses and other current
liabilities |
32,454 |
28,709 |
4,851 |
Deferred tax liabilities, current |
1,968 |
2,910 |
294 |
Tax payable |
8,696 |
9,628 |
1,300 |
|
|
|
|
Total current
liabilities |
164,672 |
158,453 |
24,614 |
|
|
|
|
Contingent consideration payable |
23,225 |
23,131 |
3,471 |
Deferred tax liabilities, non-current |
2,116 |
2,321 |
316 |
Other non-current liabilities |
2,415 |
2,324 |
361 |
|
|
|
|
Total Liabilities |
192,428 |
186,229 |
28,762 |
|
|
|
|
Redeemable convertible preferred
shares |
184,928 |
187,406 |
27,640 |
|
|
|
|
Shareholders' Equity |
|
|
|
Ordinary shares |
39 |
39 |
6 |
Additional paid-in capital |
64,768 |
63,326 |
9,681 |
Statutory reserves |
24,537 |
20,025 |
3,667 |
Retain earnings |
56,658 |
87,011 |
8,468 |
|
|
|
|
Total Shareholders'
Equity |
146,002 |
170,401 |
21,822 |
|
|
|
|
Total Liabilities, Redeemable
Convertible Preferred Shares and Shareholders' Equity |
523,358 |
544,036 |
78,224 |
|
|
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Unaudited Interim
Condensed Consolidated Statements of Operations |
(In thousands, except ADS and
per ADS data) |
|
|
For the Three
Months Ended September 30, |
|
2010 |
2009 |
2010 |
Revenues |
RMB |
RMB |
USD |
Educational programs and services |
120,839 |
81,350 |
18,061 |
Franchise fees, study abroad consulting
services and sales of books and course materials |
6,916 |
5,425 |
1,034 |
|
|
|
|
Total revenues |
127,755 |
86,775 |
19,095 |
|
|
|
|
Operating costs and
expenses |
|
|
|
Cost of revenues |
(55,815) |
(32,857) |
(8,342) |
Selling and marketing expenses |
(25,534) |
(18,771) |
(3,817) |
General and administrative expenses |
(9,692) |
(8,072) |
(1,449) |
|
|
|
|
Total operating costs and
expenses |
(91,041) |
(59,700) |
(13,608) |
Operating income |
36,714 |
27,075 |
5,487 |
|
|
|
|
Interest income |
2,310 |
1,705 |
346 |
Foreign exchange losses, net |
(133) |
(127) |
(20) |
Consideration payable fair value change |
(94) |
0 |
(14) |
Other income/(expense), net |
360 |
415 |
54 |
|
|
|
|
Income before income taxes and
non-controlling interest |
39,157 |
29,068 |
5,853 |
|
|
|
|
Income tax expense |
(4,884) |
(1,817) |
(730) |
|
|
|
|
Net income |
34,273 |
27,251 |
5,123 |
|
|
|
|
Accretion of convertible redeemable preferred
shares |
2,478 |
(5,544) |
370 |
Income allocated to participating preferred
shareholder |
(12,129) |
(9,115) |
(1,813) |
|
|
|
|
Net income attributable to ordinary
shareholders |
24,622 |
12,592 |
3,680 |
|
|
|
|
Net income per share: |
|
|
|
Basic |
0.49 |
0.26 |
0.07 |
Diluted |
0.46 |
0.26 |
0.07 |
|
|
|
|
Weighted average number of shares
outstanding: |
|
|
|
Basic |
49,799,748 |
49,030,191 |
49,799,748 |
Diluted |
75,189,748 |
49,030,191 |
75,189,748 |
|
|
|
|
|
For the Three
Months Ended September 30, |
|
2010 |
2009 |
2010 |
Share-based compensation expense included
in: |
RMB |
RMB |
USD |
Cost of revenues |
159 |
59 |
24 |
Selling and marketing expenses |
423 |
194 |
63 |
General and administrative expenses |
860 |
142 |
129 |
Total |
1,442 |
395 |
216 |
|
|
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Reconciliation of
Unaudited Non-GAAP Measures to the Most Comparable GAAP
Measures |
(In thousands, except ADS and
per ADS data) |
|
|
For the Three
Months Ended September 30, |
|
2010 |
2009 |
2010 |
|
RMB |
RMB |
USD |
|
|
|
|
General and administrative expenses |
9,692 |
8,072 |
1,449 |
Share-based compensation expense in general
and administrative expenses |
860 |
142 |
129 |
Non-GAAP general and administrative
expenses |
8,832 |
7,930 |
1,320 |
|
|
|
|
Total operating costs and expenses |
91,041 |
59,700 |
13,608 |
Share-based compensation expenses |
1,442 |
395 |
216 |
Non-GAAP operating costs and expenses |
89,599 |
59,305 |
13,392 |
|
|
|
|
Operating income |
36,714 |
27,075 |
5,487 |
Share-based compensation expenses |
1,442 |
395 |
216 |
Non-GAAP operating income |
38,156 |
27,470 |
5,703 |
|
|
|
|
Operating margin |
28.7% |
31.2% |
28.7% |
Non-GAAP operating margin |
29.9% |
31.7% |
29.9% |
|
|
|
|
Net income attributable to Global
Education |
34,273 |
27,251 |
5,123 |
Share-based compensation expenses |
1,442 |
395 |
216 |
Fair value change in contingent consideration
payable |
94 |
-- |
14 |
Non-GAAP net income attributable to Global
Education |
35,809 |
27,646 |
5,353 |
|
|
|
|
Net income per ADS attributable to Global
Education - Basic (note 1) |
1.96 |
1.04 |
0.29 |
Net income per ADS attributable to Global
Education - Diluted (note 1) |
1.84 |
1.04 |
0.28 |
Non-GAAP Net income per ADS attributable to
Global Education - Basic (note 1) |
2.08 |
1.04 |
0.31 |
Non-GAAP Net income per ADS attributable to
Global Education - Diluted (note 1) |
1.92 |
1.04 |
0.29 |
|
|
|
|
Weighted average shares used in calculating
basic net income per ADS (note 1) |
49,799,748 |
49,030,191 |
49,799,748 |
Weighted average shares used in calculating
diluted net income per ADS (note 1) |
75,189,748 |
49,030,191 |
75,189,748 |
|
|
|
|
|
|
Note 1: Each ADS represents four
common shares |
|
|
|
|
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Unaudited Interim
Condensed Consolidated Statements of Operations |
(In thousands, except ADS and
per ADS data) |
|
|
For the Nine
Months Ended September 30, |
|
2010 |
2009 |
2010 |
Revenues |
RMB |
RMB |
USD |
Educational programs and services |
245,092 |
174,466 |
36,633 |
Franchise fees, study abroad consulting
services and sales of books and course materials |
15,495 |
12,528 |
2,316 |
Total revenues |
260,587 |
186,994 |
38,949 |
|
|
|
|
Operating costs and
expenses |
|
|
|
Cost of revenues |
(115,293) |
(76,721) |
(17,232) |
Selling and marketing expenses |
(64,713) |
(46,935) |
(9,673) |
General and administrative expenses |
(25,358) |
(20,920) |
(3,790) |
|
|
|
|
Total operating costs and
expenses |
(205,364) |
(144,576) |
(30,695) |
Operating income |
55,223 |
42,418 |
8,254 |
|
|
|
|
Interest income |
5,534 |
3,880 |
827 |
Investment income |
0 |
3,833 |
0 |
Foreign exchange losses, net |
(233) |
(117) |
(35) |
Consideration payable fair value change |
(4,009) |
0 |
(599) |
Other income/(expense), net |
106 |
613 |
16 |
|
|
|
|
Income before income taxes and
non-controlling interest |
56,621 |
50,627 |
8,463 |
|
|
|
|
Income tax expense |
(7,369) |
(3,220) |
(1,102) |
|
|
|
|
Net income |
49,252 |
47,407 |
7,361 |
|
|
|
|
Accretion of convertible redeemable preferred
shares |
1,539 |
(16,325) |
230 |
Income allocated to participating preferred
shareholder |
(17,437) |
(16,005) |
(2,606) |
|
|
|
|
Net income attributable to ordinary
shareholders |
33,354 |
15,077 |
4,985 |
|
|
|
|
Net income per share: |
|
|
|
Basic |
0.67 |
0.31 |
0.10 |
Diluted |
0.66 |
0.31 |
0.10 |
|
|
|
|
Weighted average number of shares
outstanding: |
|
|
|
Basic |
49,572,915 |
49,030,191 |
49,572,915 |
Diluted |
74,814,694 |
49,030,191 |
74,814,694 |
|
|
|
|
|
For the Nine Months
Ended September 30, |
|
2010 |
2009 |
2010 |
Share-based compensation expense included
in: |
RMB |
RMB |
USD |
Cost of revenues |
442 |
174 |
66 |
Selling and marketing expenses |
1,140 |
290 |
171 |
General and administrative expenses |
2,048 |
425 |
306 |
Total |
3,630 |
889 |
543 |
|
|
GLOBAL EDUCATION &
TECHNOLOGY GROUP LIMITED |
Reconciliation of
Unaudited Non-GAAP Measures to the Most Comparable GAAP
Measures |
(In thousands, except ADS and
per ADS data) |
|
|
For the Nine
Months Ended September 30, |
|
2010 |
2009 |
2010 |
|
RMB |
RMB |
USD |
|
|
|
|
General and administrative expenses |
25,358 |
20,920 |
3,790 |
Share-based compensation expense in general
and administrative expenses |
2,048 |
425 |
306 |
Non-GAAP general and administrative
expenses |
23,310 |
20,495 |
3,484 |
|
|
|
|
Total operating costs and expenses |
205,364 |
144,576 |
30,695 |
Share-based compensation expenses |
3,630 |
889 |
543 |
Non-GAAP operating costs and expenses |
201,734 |
143,687 |
30,152 |
|
|
|
|
Operating income |
55,223 |
42,418 |
8,254 |
Share-based compensation expenses |
3,630 |
889 |
543 |
Non-GAAP operating income |
58,853 |
43,307 |
8,797 |
|
|
|
|
Operating margin |
43.2% |
48.9% |
43.2% |
Non-GAAP operating margin |
46.1% |
49.9% |
46.1% |
|
|
|
|
Net income attributable to Global
Education |
49,252 |
47,407 |
7,361 |
Share-based compensation expenses |
3,630 |
889 |
543 |
Fair value change in contingent consideration
payable |
4,009 |
-- |
599 |
Non-GAAP net income attributable to Global
Education |
56,891 |
48,296 |
8,503 |
|
|
|
|
Net income per ADS attributable to Global
Education - Basic (note 1) |
2.68 |
1.24 |
0.40 |
Net income per ADS attributable to Global
Education - Diluted (note 1) |
2.64 |
1.24 |
0.39 |
|
|
|
|
Non-GAAP Net income per ADS attributable to
Global Education - Basic (note 1) |
3.12 |
1.28 |
0.47 |
Non-GAAP Net income per ADS attributable to
Global Education - Diluted (note 1) |
3.08 |
1.28 |
0.46 |
|
|
|
|
Weighted average shares used in calculating
basic net income per ADS (note 1) |
49,572,915 |
49,030,191 |
49,572,915 |
Weighted average shares used in calculating
diluted net income per ADS (note 1) |
74,814,694 |
49,030,191 |
74,814,694 |
|
|
|
|
|
|
Note 1: Each ADS represents four
common shares |
|
|
CONTACT: Global Education & Technology Group Ltd.
Hannah Lee, VP & CFO
ir@globaleducation.cn
ICR LLC.
Michael Tieu
+86-10-6583-7509
michael.tieu@icrinc.com
William Zima
+1-203-682-8200
william.zima@icrinc.com
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