SHANGHAI, March 18, 2021 /PRNewswire/ -- 51job,
Inc. (Nasdaq: JOBS) ("51job"
or the "Company"), a leading provider of integrated human resource
services in China, announced today its unaudited financial
results for the fourth quarter and fiscal year of 2020
ended December 31, 2020.
Fourth Quarter 2020 Financial Highlights:
- Net revenues increased 2.4% over Q4 2019 to RMB1,163.1 million (US$178.3 million)
- Online recruitment services revenues decreased 10.1%
- Other human resource related revenues increased 17.1%
- Income from operations was RMB356.6
million (US$54.6 million)
- Fully diluted earnings per share was RMB5.01 (US$0.77)
- Excluding share-based compensation expense, loss from foreign
currency translation, and change in fair value of listed equity
securities investment, as well as the related tax effect of these
items, non-GAAP adjusted fully diluted earnings per share was
RMB6.16 (US$0.94)
Fiscal Year 2020 Financial Highlights:
- Net revenues decreased 7.8% from 2019 to RMB3,689.0 million (US$565.4 million)
- Online recruitment services revenues decreased 13.1%
- Other human resource related revenues increased 0.8%
- Income from operations was RMB867.1
million (US$132.9
million)
- Fully diluted earnings per share was RMB16.12 (US$2.47)
- Excluding share-based compensation expense, loss from foreign
currency translation, and changes in fair value of listed equity
securities and long-term investments, as well as the related tax
effect of these items, non-GAAP adjusted fully diluted earnings per
share was RMB18.28 (US$2.80)
Fourth Quarter 2020 Unaudited Financial Results
Net revenues for the fourth quarter ended December 31, 2020 were RMB1,163.1 million (US$178.3 million), an increase of 2.4% from
RMB1,135.6 million for the same
quarter in 2019.
Online recruitment services revenues for the fourth quarter of
2020 were RMB551.6 million
(US$84.5 million), representing a
10.1% decrease from RMB613.4 million
for the same quarter in 2019. The decline was primarily due
to the impact of the COVID-19 pandemic and global economic
uncertainty on the business operations of companies in China, which has been disruptive to general
recruitment market activity and has negatively affected customer
spending on the Company's online recruitment platforms in 2020.
Other human resource related revenues for the fourth quarter of
2020 increased 17.1% to RMB611.5
million (US$93.7 million) from
RMB522.2 million for the same quarter
in 2019. The growth was primarily driven by robust demand for
seasonal campus recruitment projects and services, and a solid
rebound in the Company's training business as a greater number of
events, including some rescheduled from the first half of the year,
were conducted in the fourth quarter of 2020.
Gross profit for the fourth quarter of 2020 was RMB748.6 million (US$114.7
million) compared with RMB757.5
million for the same quarter of the prior year. Gross
margin, which is gross profit as a percentage of net revenues, was
64.4% in the fourth quarter of 2020 compared with 66.7% for the
same quarter in 2019. The increase in cost of
services was primarily due to higher employee compensation
expenses, staff additions and greater direct costs, such as venue
rental, event decoration and media production, incurred in
providing campus recruitment services to employers in the fourth
quarter of 2020.
Operating expenses for the fourth quarter of 2020 increased 8.2%
to RMB392.0 million (US$60.1 million) from RMB362.2 million for the same quarter in
2019. Sales and marketing expenses for the fourth quarter of
2020 increased 15.6% to RMB300.6
million (US$46.1 million) from
RMB260.0 million for the same quarter
of the prior year, primarily due to greater spending on brand
advertising and promotion activities as well as higher employee
compensation expenses. General and administrative expenses
for the fourth quarter of 2020 decreased 10.5% to RMB91.4 million (US$14.0
million) from RMB102.1 million
for the same quarter of the prior year, primarily due to a smaller
provision for doubtful accounts as well as lower share-based
compensation expense and other costs.
Income from operations for the fourth quarter of 2020 was
RMB356.6 million (US$54.6 million) compared with RMB395.3 million for the fourth quarter of
2019. Operating margin, which is income from operations as a
percentage of net revenues, was 30.7% in the fourth quarter of 2020
compared with 34.8% for the same quarter in 2019. Excluding
share-based compensation expense, operating margin would have been
33.7% in the fourth quarter of 2020 compared with 37.8% for the
same quarter in 2019.
The Company recognized a loss from foreign currency
translation of RMB33.9 million
(US$5.2 million) in the fourth
quarter of 2020 compared with RMB5.8
million in the fourth quarter of 2019, primarily due to the
impact of the change in exchange rate between the Renminbi and the
U.S. dollar on the Company's U.S. dollar cash deposits.
The Company recognized a mark-to-market, non-cash loss of
RMB9.4 million (US$1.4 million) in the fourth quarter of 2020
compared with RMB42.4 million in the
fourth quarter of 2019 associated with a change in fair value of
listed equity securities investment in Huali University Group
Limited, which is traded on the Hong Kong Stock Exchange.
Other income in the fourth quarter of 2020 included local
government financial subsidies of RMB14.9
million (US$2.3 million)
compared with RMB7.5 million in the
fourth quarter of 2019.
Net income attributable to 51job for the fourth quarter of 2020
was RMB342.0 million (US$52.4 million) compared with RMB249.5 million for the same quarter in
2019. Fully diluted earnings per share for the fourth quarter
of 2020 was RMB5.01 (US$0.77) compared with RMB3.67 for the same quarter in 2019.
In the fourth quarter of 2020, total share-based compensation
expense was RMB35.0 million
(US$5.4 million) compared with
RMB34.1 million in the fourth quarter
of 2019.
Excluding share-based compensation expense, loss from foreign
currency translation, and change in fair value of listed equity
securities investment, as well as the related tax effect of these
items, non-GAAP adjusted net income attributable to 51job for the
fourth quarter of 2020 was RMB420.1
million (US$64.4 million)
compared with RMB430.1 million for
the fourth quarter of 2019. Non-GAAP adjusted fully diluted
earnings per share was RMB6.16
(US$0.94) in the fourth quarter of
2020 compared with RMB6.33 in the
fourth quarter of 2019.
Fiscal Year 2020 Unaudited Financial Results
Net revenues in 2020 were RMB3,689.0
million (US$565.4 million), a decrease of 7.8%
from RMB4,000.0 million in 2019.
Online recruitment services revenues in 2020 decreased 13.1% to
RMB2,147.3 million (US$329.1 million) from RMB2,471.2 million in 2019. The decline was
mainly attributable to the disruptive global, social and economic
impact of the COVID-19 pandemic on companies in China, which hindered business operations,
limited recruitment activity and curtailed overall employer
spending on the Company's online recruitment platforms in
2020. As a result, the estimated number of unique employers
using the Company's online recruitment services decreased 14.6% to
360,755 in 2020 from 422,458 in 2019. However, average
revenue per unique employer increased 1.8% in 2020 primarily due to
the Company's strategic focus on larger-sized customer accounts,
whose hiring plans and budgets demonstrated better adaptability and
continuity under challenging circumstances. The estimated
number of unique employers reflects those employers currently
assigned a unique identification number in the Company's management
information systems and does not include employers utilizing
Lagou.com.
Other human resource related revenues in 2020 increased 0.8% to
RMB1,541.6 million (US$236.3 million) from RMB1,528.8 million in 2019, primarily due to
resilient customer demand and usage of the Company's campus
recruitment, training and business process outsourcing
services.
Income from operations in 2020 decreased 28.1% to RMB867.1 million (US$132.9
million) from RMB1,205.8
million in 2019. Operating margin was 23.5% in 2020 compared
with 30.1% in 2019. Excluding share-based compensation
expense, operating margin would have been 27.4% in 2020 compared
with 33.3% in 2019.
Net income attributable to 51job in 2020 was RMB1,097.3 million (US$168.2 million) compared with RMB532.3 million in 2019. Fully diluted
earnings per share in 2020 was RMB16.12 (US$2.47)
compared with RMB7.98 in 2019.
Excluding share-based compensation expense, gain/loss from
foreign currency translation, changes in fair value of listed
equity securities investment, long-term investments and convertible
senior notes, and impairment of long-term investments, as well as
the related tax effect of these items, non-GAAP adjusted net income
attributable to 51job in 2020 was RMB1,243.9
million (US$190.6 million)
compared with RMB1,483.3 million in
2019. Non-GAAP adjusted fully diluted earnings per share was
RMB18.28 (US$2.80) in 2020 compared with RMB22.24 in 2019.
As of December 31, 2020, cash and
short-term investments totaled RMB10,761.9
million (US$1,649.3 million)
compared with RMB9,940.6 million as
of December 31, 2019.
Assessment of Current Market Conditions
While the pandemic remains a concern on corporate hiring plans
and budgets, the Company is seeing improvement in employer
sentiment in China. The 2021 post-Chinese New Year peak
recruitment season has progressed without interruption thus far,
and early indicators on market demand and activity have been
positive. The Company believes there will be continued
recovery in its online recruitment business and favorable
monetization opportunities for its campus recruitment, training and
outsourcing services this year. The Company plans to add
headcount and increase investments in sales and marketing as well
as product development in 2021 to strengthen its brands and service
offerings.
Currency Convenience Translation
For the convenience of readers, certain Renminbi amounts
have been translated into U.S. dollar amounts at the rate of
RMB6.5250 to US$1.00, the noon buying rate on December 31, 2020 in New York for cable transfers of
Renminbi as set forth in the H.10 weekly statistical release
of the Federal Reserve Board.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), 51job uses non-GAAP financial measures of
income before income tax expense, income tax expense, adjusted net
income, adjusted net income attributable to 51job and adjusted
earnings per share, which are adjusted from results based on GAAP
to exclude share-based compensation expense, gain/loss from foreign
currency translation, changes in fair value of listed equity
securities investment, long-term investments and convertible senior
notes, and impairment of long-term investments, as well as the
related tax effect of these items. The Company believes
excluding share-based compensation expense and its related tax
effect 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 expense is not directly attributable to
the underlying performance of the Company's business operations and
do not impact its cash earnings. The Company believes
excluding gain/loss from foreign currency translation, changes in
fair value of listed equity securities investment, long-term
investments and convertible senior notes, and impairment of
long-term investments, as well as the related tax effect, from its
non-GAAP financial measures is useful for its management and
investors as such translation, mark-to-market gain or loss is not
indicative of the Company's core business operations and will not
result in cash settlement nor impact the Company's cash
earnings. 51job also believes these non-GAAP financial
measures excluding share-based compensation expense, gain/loss from
foreign currency translation, changes in fair value of listed
equity securities investment, long-term investments and convertible
senior notes, and impairment of long-term investments as well as
the related tax effect of these items, 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.
About 51job
Founded in 1998, 51job is a leading provider of integrated human
resource services in China. With a comprehensive suite of HR
solutions, 51job meets the needs of enterprises and job seekers
through the entire talent management cycle, from initial
recruitment to employee retention and career development. The
Company's main online recruitment platforms (http://www.51job.com,
http://www.yingjiesheng.com, http://www.51jingying.com,
http://www.lagou.com, and http://www.51mdd.com), as well as mobile
applications, connect millions of people with employment
opportunities every day. 51job also provides a number of
other value-added HR services, including business process
outsourcing, training, professional assessment, campus recruitment,
executive search and compensation analysis. 51job has a call
center in Wuhan and a nationwide
network of sales and service locations spanning more than 30 cities
across China.
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," "targets, "confident" and similar
statements. Among other things, statements that are not historical
facts, including statements about 51job's beliefs and expectations,
as well as 51job's strategic and operational plans, are or contain
forward-looking statements. 51job may also make written or
oral forward-looking statements in its periodic reports 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. All forward-looking statements
are based upon management's expectations at the time of the
statements and 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: execution of 51job's strategies and
business plans; growth and trends of the human resource services
industry in China; market
acceptance of 51job's products and services; competition in the
industry; 51job's ability to control costs and expenses; 51job's
ability to retain key personnel and attract new talent; relevant
government policies and regulations relating to 51job's industry,
corporate structure and business operations; seasonality in the
business; fluctuations in the value of the Renminbi against
the U.S. dollar and other currencies; risks related to acquisitions
or investments 51job has made or will make in the future;
accounting adjustments that may occur during the quarterly or
annual close or auditing process; and fluctuations in general
economic and business conditions in China and globally, including the impact of
the coronavirus or other pandemic. Further information
regarding these and other risks are included in 51job's filings
with the U.S. Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release and based on
assumptions that 51job believes to be reasonable as of this date,
and 51job undertakes no obligation to update any forward-looking
statement, except as required under applicable law.
51job,
Inc.
|
Consolidated
Statements of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
(In thousands,
except share and per share data)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
RMB
|
|
RMB
|
|
US$ (Note
1)
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Online
recruitment services
|
613,385
|
|
551,562
|
|
84,531
|
Other
human resource related revenues
|
522,234
|
|
611,545
|
|
93,723
|
|
|
|
|
|
|
Net
revenues
|
1,135,619
|
|
1,163,107
|
|
178,254
|
Cost of services
(Note 2)
|
(378,148)
|
|
(414,504)
|
|
(63,526)
|
|
|
|
|
|
|
Gross
profit
|
757,471
|
|
748,603
|
|
114,728
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Sales
and marketing (Note 3)
|
(260,039)
|
|
(300,583)
|
|
(46,066)
|
General
and administrative (Note 4)
|
(102,135)
|
|
(91,439)
|
|
(14,014)
|
|
|
|
|
|
|
Total operating
expenses
|
(362,174)
|
|
(392,022)
|
|
(60,080)
|
|
|
|
|
|
|
Income from
operations
|
395,297
|
|
356,581
|
|
54,648
|
|
|
|
|
|
|
Loss from foreign
currency translation
|
(5,836)
|
|
(33,851)
|
|
(5,188)
|
Interest and
investment income, net
|
49,214
|
|
59,482
|
|
9,116
|
Change in fair value
of listed equity securities investment
|
(42,410)
|
|
(9,404)
|
|
(1,441)
|
Impairment of
long-term investments
|
(98,277)
|
|
—
|
|
—
|
Other income,
net
|
7,486
|
|
11,691
|
|
1,792
|
|
|
|
|
|
|
Income before income
tax expense
|
305,474
|
|
384,499
|
|
58,927
|
Income tax
expense
|
(57,630)
|
|
(52,695)
|
|
(8,076)
|
|
|
|
|
|
|
Net income
|
247,844
|
|
331,804
|
|
50,851
|
Net loss attributable
to non-controlling interests
|
1,705
|
|
10,244
|
|
1,570
|
|
|
|
|
|
|
Net income
attributable to 51job, Inc.
|
249,549
|
|
342,048
|
|
52,421
|
|
|
|
|
|
|
Net income
|
247,844
|
|
331,804
|
|
50,851
|
Other comprehensive
income (loss)
|
(107)
|
|
22,745
|
|
3,486
|
|
|
|
|
|
|
Total comprehensive
income
|
247,737
|
|
354,549
|
|
54,337
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
3.75
|
|
5.07
|
|
0.78
|
Diluted
|
3.67
|
|
5.01
|
|
0.77
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
Basic
|
66,496,966
|
|
67,402,582
|
|
67,402,582
|
Diluted
|
67,980,040
|
|
68,245,670
|
|
68,245,670
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
(1) The conversion of
Renminbi amounts into U.S. dollar amounts is based on the noon
buying rate of RMB6.5250
|
to US$1.00 on
December 31, 2020 in New York for cable transfers of Renminbi as
set forth in the H.10 weekly statistical
|
release of the
Federal Reserve Board.
|
(2) Includes
share-based compensation expense of RMB5,511 and RMB6,307 (US$966)
for the three months ended
|
December 31, 2019 and
2020, respectively.
|
(3) Includes
share-based compensation expense of RMB4,738 and RMB5,422 (US$831)
for the three months ended
|
December 31, 2019 and
2020, respectively.
|
(4) Includes
share-based compensation expense of RMB23,804 and RMB23,280
(US$3,568) for the three months ended
|
December 31, 2019 and
2020, respectively.
|
51job,
Inc.
|
Consolidated
Statements of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
(In thousands,
except share and per share data)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
RMB
|
|
RMB
|
|
US$ (Note
1)
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Online
recruitment services
|
2,471,179
|
|
2,147,334
|
|
329,093
|
Other
human resource related revenues
|
1,528,846
|
|
1,541,617
|
|
236,263
|
|
|
|
|
|
|
Net
revenues
|
4,000,025
|
|
3,688,951
|
|
565,356
|
Cost of services
(Note 2)
|
(1,221,935)
|
|
(1,261,731)
|
|
(193,369)
|
|
|
|
|
|
|
Gross
profit
|
2,778,090
|
|
2,427,220
|
|
371,987
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Sales
and marketing (Note 3)
|
(1,188,233)
|
|
(1,182,677)
|
|
(181,253)
|
General
and administrative (Note 4)
|
(384,072)
|
|
(377,438)
|
|
(57,845)
|
|
|
|
|
|
|
Total operating
expenses
|
(1,572,305)
|
|
(1,560,115)
|
|
(239,098)
|
|
|
|
|
|
|
Income from
operations
|
1,205,785
|
|
867,105
|
|
132,889
|
|
|
|
|
|
|
Gain (Loss) from
foreign currency translation
|
67,881
|
|
(53,442)
|
|
(8,190)
|
Interest and
investment income, net
|
175,584
|
|
228,500
|
|
35,019
|
Change in fair value
of listed equity securities investment
|
(42,410)
|
|
10,760
|
|
1,649
|
Change in fair value
of long-term investments
|
—
|
|
39,614
|
|
6,071
|
Change in fair value
of convertible senior notes (Note 5)
|
(752,073)
|
|
—
|
|
—
|
Impairment of
long-term investments
|
(98,277)
|
|
—
|
|
—
|
Other income,
net
|
205,602
|
|
167,308
|
|
25,641
|
|
|
|
|
|
|
Income before income
tax expense
|
762,092
|
|
1,259,845
|
|
193,079
|
Income tax
expense
|
(235,890)
|
|
(188,417)
|
|
(28,876)
|
|
|
|
|
|
|
Net income
|
526,202
|
|
1,071,428
|
|
164,203
|
Net loss attributable
to non-controlling interests
|
6,116
|
|
25,848
|
|
3,961
|
|
|
|
|
|
|
Net income
attributable to 51job, Inc.
|
532,318
|
|
1,097,276
|
|
168,164
|
|
|
|
|
|
|
Net income
|
526,202
|
|
1,071,428
|
|
164,203
|
Other comprehensive
income
|
339
|
|
22,451
|
|
3,441
|
|
|
|
|
|
|
Total comprehensive
income
|
526,541
|
|
1,093,879
|
|
167,644
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
8.18
|
|
16.35
|
|
2.51
|
Diluted
|
7.98
|
|
16.12
|
|
2.47
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
Basic
|
65,049,597
|
|
67,101,601
|
|
67,101,601
|
Diluted
|
66,683,457
|
|
68,056,724
|
|
68,056,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
(1) The conversion of
Renminbi amounts into U.S. dollar amounts is based on the noon
buying rate of RMB6.5250
|
to US$1.00 on
December 31, 2020 in New York for cable transfers of Renminbi as
set forth in the H.10 weekly statistical
|
release of the
Federal Reserve Board.
|
(2) Includes
share-based compensation expense of RMB20,189 and RMB23,648
(US$3,624) for the year ended
|
December 31, 2019 and
2020, respectively.
|
(3) Includes
share-based compensation expense of RMB17,356 and RMB20,329
(US$3,116) for the year ended
|
December 31, 2019 and
2020, respectively.
|
(4) Includes
share-based compensation expense of RMB88,604 and RMB99,829
(US$15,299) for the year ended
|
December 31, 2019 and
2020, respectively.
|
(5) On April 15,
2019, the convertible senior notes matured, and the note holders
requested the conversion of the senior
|
notes into 4,035,664
shares.
|
51job,
Inc.
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
(In thousands,
except share and per share data)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
RMB
|
|
RMB
|
|
US$ (Note
1)
|
|
|
|
|
|
|
GAAP income before
income tax expense
|
305,474
|
|
384,499
|
|
58,927
|
Add: Share-based
compensation
|
34,053
|
|
35,009
|
|
5,365
|
Add: Loss from
foreign currency translation
|
5,836
|
|
33,851
|
|
5,188
|
Add: Change in fair
value of listed equity securities investment
|
42,410
|
|
9,404
|
|
1,441
|
Add: Impairment of
long-term investments
|
98,277
|
|
—
|
|
—
|
Non-GAAP income
before income tax expense
|
486,050
|
|
462,763
|
|
70,921
|
|
|
|
|
|
|
GAAP income tax
expense
|
(57,630)
|
|
(52,695)
|
|
(8,076)
|
Tax effect of
non-GAAP line items
|
(56)
|
|
(208)
|
|
(32)
|
Non-GAAP income tax
expense
|
(57,686)
|
|
(52,903)
|
|
(8,108)
|
|
|
|
|
|
|
Non-GAAP adjusted net
income
|
428,364
|
|
409,860
|
|
62,813
|
|
|
|
|
|
|
Non-GAAP adjusted net
income attributable to 51job, Inc.
|
430,069
|
|
420,104
|
|
64,383
|
|
|
|
|
|
|
Non-GAAP adjusted
earnings per share:
|
|
|
|
|
|
Basic
|
6.47
|
|
6.23
|
|
0.96
|
Diluted
|
6.33
|
|
6.16
|
|
0.94
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
Basic
|
66,496,966
|
|
67,402,582
|
|
67,402,582
|
Diluted
|
67,980,040
|
|
68,245,670
|
|
68,245,670
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
(In thousands,
except share and per share data)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
RMB
|
|
RMB
|
|
US$ (Note
1)
|
|
|
|
|
|
|
GAAP income before
income tax expense
|
762,092
|
|
1,259,845
|
|
193,079
|
Add: Share-based
compensation
|
126,149
|
|
143,806
|
|
22,039
|
Add (Less): (Gain)
Loss from foreign currency translation
|
(67,881)
|
|
53,442
|
|
8,190
|
Add (Less): Change in
fair value of listed equity securities
|
|
|
|
|
|
investment
|
42,410
|
|
(10,760)
|
|
(1,649)
|
Less: Change in fair
value of long-term investments
|
—
|
|
(39,614)
|
|
(6,071)
|
Add: Change in fair
value of convertible senior notes (Note 2)
|
752,073
|
|
—
|
|
—
|
Add: Impairment of
long-term investments
|
98,277
|
|
—
|
|
—
|
Non-GAAP income
before income tax expense
|
1,713,120
|
|
1,406,719
|
|
215,588
|
|
|
|
|
|
|
GAAP income tax
expense
|
(235,890)
|
|
(188,417)
|
|
(28,876)
|
Tax effect of
non-GAAP line items
|
(36)
|
|
(279)
|
|
(43)
|
Non-GAAP income tax
expense
|
(235,926)
|
|
(188,696)
|
|
(28,919)
|
|
|
|
|
|
|
Non-GAAP adjusted net
income
|
1,477,194
|
|
1,218,023
|
|
186,669
|
|
|
|
|
|
|
Non-GAAP adjusted net
income attributable to 51job, Inc.
|
1,483,310
|
|
1,243,871
|
|
190,630
|
|
|
|
|
|
|
Non-GAAP adjusted
earnings per share:
|
|
|
|
|
|
Basic
|
22.80
|
|
18.54
|
|
2.84
|
Diluted
|
22.24
|
|
18.28
|
|
2.80
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
Basic
|
65,049,597
|
|
67,101,601
|
|
67,101,601
|
Diluted
|
66,683,457
|
|
68,056,724
|
|
68,056,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
(1) The conversion of
Renminbi amounts into U.S. dollar amounts is based on the noon
buying rate of RMB6.5250
|
to US$1.00 on
December 31, 2020 in New York for cable transfers of Renminbi as
set forth in the H.10 weekly statistical
|
release of the
Federal Reserve Board.
|
(2) On April 15,
2019, the convertible senior notes matured, and the note holders
requested the conversion of the senior
|
notes into 4,035,664
shares.
|
51job,
Inc.
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
December 31,
2019
|
|
December 31,
2020
|
|
December 31,
2020
|
(In thousands,
except share and per share data)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
RMB
|
|
RMB
|
|
US$ (Note
1)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
|
2,294,904
|
|
3,292,698
|
|
504,628
|
|
Restricted
cash
|
66,169
|
|
2,258
|
|
346
|
|
Short-term
investments
|
7,645,686
|
|
7,469,213
|
|
1,144,707
|
|
Accounts receivable
(net of allowance of RMB21,952 and
|
|
|
|
|
|
|
RMB26,798 as
of December 31, 2019 and 2020, respectively)
|
266,437
|
|
290,480
|
|
44,518
|
|
Prepayments and other
current assets
|
669,208
|
|
492,980
|
|
75,552
|
|
|
|
|
|
|
|
Total current
assets
|
10,942,404
|
|
11,547,629
|
|
1,769,751
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Time
deposits
|
—
|
|
719,189
|
|
110,221
|
|
Long-term
investments
|
1,482,544
|
|
1,576,250
|
|
241,571
|
|
Property and
equipment, net
|
271,932
|
|
273,157
|
|
41,863
|
|
Goodwill
|
1,036,124
|
|
1,036,124
|
|
158,793
|
|
Intangible assets,
net
|
203,162
|
|
163,503
|
|
25,058
|
|
Right-of-use
assets
|
320,809
|
|
307,869
|
|
47,183
|
|
Other long-term
assets
|
10,420
|
|
13,946
|
|
2,137
|
|
Deferred tax
assets
|
22,147
|
|
38,013
|
|
5,826
|
|
|
|
|
|
|
|
Total non-current
assets
|
3,347,138
|
|
4,128,051
|
|
632,652
|
|
|
|
|
|
|
|
Total
assets
|
14,289,542
|
|
15,675,680
|
|
2,402,403
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
48,114
|
|
83,087
|
|
12,733
|
|
Salary and employee
related accrual
|
162,775
|
|
182,565
|
|
27,979
|
|
Taxes
payable
|
267,596
|
|
172,254
|
|
26,399
|
|
Advance from
customers
|
1,108,518
|
|
1,158,604
|
|
177,564
|
|
Lease liabilities,
current
|
34,817
|
|
34,952
|
|
5,357
|
|
Other payables and
accruals
|
1,211,642
|
|
1,178,955
|
|
180,683
|
|
|
|
|
|
|
|
Total current
liabilities
|
2,833,462
|
|
2,810,417
|
|
430,715
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Lease liabilities,
non-current
|
50,763
|
|
44,949
|
|
6,889
|
|
Deferred tax
liabilities
|
214,307
|
|
232,087
|
|
35,569
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
265,070
|
|
277,036
|
|
42,458
|
|
|
|
|
|
|
|
Total
liabilities
|
3,098,532
|
|
3,087,453
|
|
473,173
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
216,974
|
|
189,811
|
|
29,090
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Common shares
(US$0.0001 par value: 500,000,000 shares
|
|
|
|
|
|
|
authorized,
66,784,688 and 67,406,657 shares issued and
|
|
|
|
|
|
|
outstanding as
of December 31, 2019 and 2020, respecitvely)
|
53
|
|
54
|
|
8
|
|
Additional paid-in
capital
|
4,901,466
|
|
5,206,154
|
|
797,878
|
|
Statutory
reserves
|
17,930
|
|
18,474
|
|
2,831
|
|
Accumulated other
comprehensive income
|
254,524
|
|
276,975
|
|
42,448
|
|
Retained
earnings
|
5,774,358
|
|
6,871,090
|
|
1,053,041
|
|
|
|
|
|
|
|
Total 51job, Inc.
shareholders' equity
|
10,948,331
|
|
12,372,747
|
|
1,896,206
|
|
|
|
|
|
|
|
Non-controlling
interests
|
25,705
|
|
25,669
|
|
3,934
|
|
|
|
|
|
|
|
Total
equity
|
10,974,036
|
|
12,398,416
|
|
1,900,140
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and equity
|
14,289,542
|
|
15,675,680
|
|
2,402,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (1): The
conversion of Renminbi amounts into U.S. dollar amounts is based on
the noon buying rate of RMB6.5250 to US$1.00
|
on December 31, 2020
in New York for cable transfers of Renminbi as set forth in the
H.10 weekly statistical release of the Federal
|
Reserve
Board.
|
View original
content:http://www.prnewswire.com/news-releases/51job-inc-reports-fourth-quarter-and-fiscal-year-2020-financial-results-301249929.html
SOURCE 51job, Inc.