BEIJING, Dec. 19,
2022 /PRNewswire/ -- Gravitas Education
Holdings, Inc. ("GEHI" or the "Company") (NYSE:
GEHI), a leading early childhood education service provider
in China and Singapore, today
announced its unaudited financial results for the first half
of 2022.
First Six Months of 2022 Financial
Results
- Net revenues from continuing operations were $29.6 million, compared with $39.2 million for the first six months of
2021.
- Gross profit from continuing operations was $5.6 million, compared with $12.3 million for the first six months of
2021.
- Net loss from continuing operations attributable to ordinary
shareholders of GEHI for the first six months of 2022 was
$3.1 million, compared with
$2.7 million of net income from
continuing operations attributable to ordinary shareholders of GEHI
for the same period of 2021. Adjusted net loss from continuing
operations attributable to ordinary shareholders[1] of
GEHI for the first six months of 2022 was $2.6 million, compared with $3.8 million of adjusted net income from
continuing operations attributable to ordinary shareholders of GEHI
for the same period of 2021.
- Net income attributable to
ordinary shareholders of GEHI for the first six months of
2022 was $26.8 million,
compared with $4.4 million for
the same period of 2021. Adjusted net income attributable to
ordinary shareholders[1] of GEHI for the first
six months of 2022 was $27.3 million, compared with $5.6 million for the same period of
2021.
"In the first half of 2022, we followed the government's policy
guidance and successfully completed the divestiture of our
directly-operated kindergartens. In parallel, we rebranded the
Company as Gravitas Education to mark our entry into a new
development stage with an increasingly diverse business mix. In our
day-to-day operations, we continued to strengthen our core business
by investing in research and curriculum development, operational
supervision, training programs and management system development,
and adopted a multi-brand strategy for our products and services.
These efforts have enabled us to maintain leadership in the
preschool education sector. At the same time, we carried forward a
series of new business endeavors, including the formal launch of
directly-operated children's sports centers and dancing and art
centers in China, as well as the
offering of a suite of childcare solutions. Facing a declining
birth rate in China, we will
dedicate ourselves to ongoing innovations and focus on long-term
value creation for the Company." said Ms. Yanlai Shi, Co-founder,
Director and Chief Executive Officer of GEHI.
"Year to date, we have encountered significant business
challenges as a result of COVID-19 outbreaks across the country,
which, in particular, affected the kindergarten operations in
Beijing and Shanghai. These challenges have slowed down
our topline growth and caused us to underperform as compared to our
budget. We took a series of measures, including stringent cost
control to mitigate the negative impact, and made sure our teams
remained stable and confident. Going through the six months'
challenges, our team morale only grew stronger. As kindergarten
operations get resumed in July, we will work harder to reinforce
our core competency in serving kindergartens and play-and-learn
centers ("PLCs"), while steadily pressing ahead with new business
initiatives."
"In GEHI's strategic and business planning, we have always
treated children's growth as our top priority and remained true to
our mission. In this new phase of development, we will guide
ourselves under the spirit and requirement of government policies,
and function as a 'central brain' platform to empower facilities
within our network. We believe our core business model, which
merges our PLC, kindergarten and childcare operational expertise,
along with our continuous innovations, will make us the one-stop
solution for institutions and operators, and contribute to the
long-term healthy development of preschool education in
China." concluded Ms. Shi.
First Six Months of 2022 Financial Results
Net Revenues from Continuing Operations
Net revenues from continuing operations for the first six months
of 2022 were $29.6 million, a
decrease of 24.5% from $39.2 million
for the same period of 2021.
Services revenues from continuing operations for the first six
months of 2022 were $27.3 million, a
decrease of 23.0% from $35.4 million
for the same period last year. The decrease was primarily due to
decreased tuition fees as the Company's directly operated
facilities were temporarily closed for various periods during the
first six months of 2022 as a result of the recurrence of COVID-19,
whereas those facilities were in normal operation for the same
period of 2021. The aforementioned decrease in tuition fees was
partially offset by an increase in education services revenues of
$1.3 million for the first six months
of 2022. Franchise services revenues also decreased owing to the
slow-down of play-and-learn franchise expansion and lower revenue
generated from franchisees due to the impact of recurrence of the
COVID-19 for the first six months of 2022, whereas the majority of
franchised play-and-learn centers have resumed operation during the
first six months of 2021.
Product revenues for the first six months of 2022 were
$2.3 million, compared with
$3.7 million for the same period in
2021. The decrease was mainly due to a decrease in the amount of
merchandise sold through the Company's franchise network as
the vast majority of the Company's franchised facilities were
temporarily closed for part of the first six months of 2022 as a
result of the recurrence of COVID-19, whereas they were in normal
operation during the first half of 2021.
Cost of Revenues of Continuing Operations
Cost of revenues of continuing operations for the first six
months of 2022 was $24.0 million,
compared with $26.9 million for the
first six months of 2021. Cost of revenues for services from
continuing operations for the first six months of
2022 was $22.8 million, compared
with $25.2 million for the same period of 2021. The
decrease was mainly due to a decrease in the cost of
enrichment courses at directly operated facilities due to the
temporary closure during the first half of 2022, whereas all of
which were in normal operation during the first six months of
2021. Cost of products revenues for the first six months of
2022 was $1.2 million, compared with
$1.6 million for the same period last
year. The decrease was in line with the decrease in products
revenues.
Gross Profit from Continuing
Operations
Gross profit from continuing operations for the first six months
of 2022 was $5.6 million, compared
with $12.3 million for the same
period last year.
Operating Expenses of Continuing Operations
Total operating expenses of continuing operations for the first
six months of 2022 were $8.3 million,
compared with $9.5 million for the
same period last year. Excluding share-based compensation expenses,
operating expenses of continuing operations were $7.7 million for the first six months of 2022,
compared with $8.4 million for the
same period last year.
Selling expenses of continuing operations were $0.9 million for the first six months of 2022,
compared with $0.7 million for the
same period last year.
General and administrative expenses of continuing operations for
the first six months of 2022 were $7.4
million, compared with $8.8
million for the same period last year. Excluding share-based
compensation expenses, general and administrative expenses of
continuing operations were $6.9
million for the first six months of 2022, a decrease of
10.9% from $7.7 million for the same
period of 2021. The decrease in general and
administrative expenses excluding share-based compensation
expenses was primarily due to the Company's continuous stringent
cost control measures since the COVID-19 pandemic.
Operating Income/loss from Continuing
Operations
Operating loss from continuing operations for the first six
months of 2022 was $2.7 million,
compared with operating income of $2.8
million for the same period last year. Adjusted operating
loss[2] from continuing operations for the first six
months of 2022 was $2.2 million,
compared with adjusted operating income from continuing operations
of $3.9 million for the same period
last year.
Net Income/loss from Continuing Operations
Net loss from continuing operations attributable to ordinary
shareholders of GEHI for the first six months of 2022 was
$3.1 million, compared with
$2.7 million of net income from
continuing operations attributable to ordinary shareholders of GEHI
for the same period of 2021. Adjusted net loss from continuing
operations attributable to ordinary shareholders of GEHI for the
first six months of 2022 was $2.6
million, compared with $3.8
million of adjusted net income from continuing operations
attributable to ordinary shareholders of GEHI for the same period
of 2021.
Basic and diluted net loss from continuing operations per ADS
attributable to ordinary shareholders of GEHI for the first six
months of 2022 were $2.24 and
$2.21, respectively, compared with
basic and diluted net income from continuing operations per ADS
attributable to ordinary shareholders of GEHI of $1.89 and $1.86,
respectively, for the same period of 2021. Each ADS represents
twenty Class A ordinary shares.
Adjusted basic and diluted net loss from continuing operations
per ADS attributable to ordinary shareholders[3] of GEHI
for the first six months of 2022 were $1.85 and $1.83,
respectively, compared with adjusted basic and diluted net income
from continuing operations per ADS attributable to ordinary
shareholders of GEHI of $2.65 and
$2.60, respectively for the same
period of 2021.
EBITDA[4] from continuing operations for the first
six months of 2022 was $0.2 million,
compared with $6.1 million for the
same period of 2021. Adjusted EBITDA[5] from continuing
operations for the first six months of 2022 was $0.8 million, compared with $7.2 million for the same period of 2021.
|
[1] Adjusted net income
(loss) (from continuing operations) attributable to ordinary
shareholders is a non-GAAP financial measure, which is defined as
net income (loss) (from continuing operations) 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) (from continuing operations) per ADS
attributable to ordinary shareholders is a non- GAAP financial
measure, which is defined as basic and diluted net income (loss)
(from continuing operations) 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, 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.
|
Net Income/loss from Discontinued Operations
Loss from discontinued operations after taxes for the first six
months of 2022 was $2.1 million,
compared with income after taxes from discontinued operations of
$2.5 million for the same period last
year. Gain on disposal of discontinued operations after taxes for
the first six months of 2022 was $30.5
million, compared to nil for the same period of 2021.
Net Income/loss
Net income attributable to ordinary shareholders of GEHI for the
first six months of 2022 was $26.8
million, compared with $4.4
million for the same period of 2021. Adjusted net income
attributable to ordinary shareholders of GEHI for the first six
months of 2022 was $27.3 million,
compared with $5.6 million for the
same period of 2021.
Basic and diluted net income per ADS attributable to ordinary
shareholders of GEHI for the first six months of 2022 were
$19.11 and $18.86, respectively, compared with $3.07 and $3.01,
respectively for the same period of 2021. Each ADS represents
twenty Class A ordinary shares.
Adjusted basic and diluted net income per ADS attributable to
ordinary shareholders[3] of GEHI for the first six
months of 2022 were $19.42 and
$19.16, respectively, compared with
$3.94 and $3.86, respectively for the same period of
2021.
EBITDA for the first six months of 2022 was $36.3 million, compared with $15.8 million for the same period of 2021.
Adjusted EBITDA for the first six months of 2022 was $36.8million, compared with $17.0 million for the same period of
2021.
About Gravitas Education Holdings, Inc.
Founded on the core values of "Care" and "Responsibility,"
"Inspire" and "Innovate," Gravitas Education Holdings, Inc.
(formerly known as 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 itself into a well-recognized education brand
and helped bring about many new educational practices in
China's early childhood education
industry. GEHI'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 and income tax expenses; adjusted EBITDA is defined as
net income excluding depreciation, amortization, 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:
Gravitas Education Holdings, Inc.
Investor Relations
Tel: 86-10-8767-5752
E-mail: ir@geh.com.cn
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands of
U.S. dollars)
|
|
|
|
As of
|
|
|
June
30,
2022
|
December
31,
2021
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
36,678
|
33,322
|
|
Accounts receivable,
net
|
|
1,175
|
1,282
|
|
Accounts
receivable -related parties, net
|
|
1,376
|
-
|
|
Inventories
|
|
5,721
|
6,130
|
|
Prepaid expenses and
other current assets
|
|
2,066
|
2,405
|
|
Consideration
receivables - related parties, current
portion
|
|
8,290
|
-
|
|
Loan receivables -
related parties, current portion
|
|
3,030
|
-
|
|
Current assets for
discontinued operations
|
|
-
|
39,113
|
|
Total current
assets
|
|
58,336
|
82,252
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
Property, plant and
equipment, net
|
|
6,396
|
6,396
|
|
Goodwill
|
|
19,147
|
19,177
|
|
Intangible assets,
net
|
|
10,170
|
11,099
|
|
Long-term
investment
|
|
139
|
169
|
|
Deferred tax
assets
|
|
5,342
|
7,662
|
|
Other non-current
assets
|
|
3,612
|
4,188
|
|
Consideration
receivables - related parties, non-
current portion
|
|
14,040
|
-
|
|
Loan receivables -
related parties, non-current
portion
|
|
20,157
|
-
|
|
Operating lease
right-of-use assets
|
|
18,017
|
24,840
|
|
Non-current assets for
discontinued operations
|
|
-
|
127,293
|
|
Total
assets
|
|
155,356
|
283,076
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Prepayments from
customers, current portion
|
|
1,853
|
3,429
|
|
Accrued expenses and
other current liabilities
|
|
14,059
|
15,671
|
|
Income tax
payable
|
|
6,371
|
1,465
|
|
Operating lease
liabilities, current portion
|
|
4,718
|
5,619
|
|
Deferred revenue,
current portion
|
|
5,912
|
10,037
|
|
Current liabilities for
discontinued operations
|
|
-
|
86,137
|
|
Total current
liabilities
|
|
32,913
|
122,358
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Prepayments from
customers, non-current portion
|
|
1,079
|
921
|
|
Deferred revenue,
non-current portion
|
|
989
|
999
|
|
Other non-current
liabilities
|
|
8,809
|
9,575
|
|
Deferred income tax
liabilities
|
|
1,610
|
1,755
|
|
Operating lease
liabilities, non-current portion
|
|
13,079
|
18,707
|
|
Non-current liabilities
for discontinued operations
|
|
-
|
49,605
|
|
Total
liabilities
|
|
58,479
|
203,920
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
Redeemable
non-controlling interests
|
|
4,436
|
4,942
|
|
|
|
|
|
Equity
|
|
|
|
|
Ordinary
shares
|
|
29
|
29
|
|
Treasury
stock
|
|
(8,009)
|
(8,667)
|
|
Additional paid-in
capital
|
|
135,123
|
136,504
|
|
Statutory
reserve
|
|
5,293
|
5,164
|
|
Accumulated other
comprehensive (loss)/ income
|
|
(1,794)
|
257
|
|
Accumulated
deficit
|
|
(38,854)
|
(65,559)
|
|
Total Gravitas
Education Holdings, Inc.
shareholders' equity
|
|
91,788
|
67,728
|
|
Non-controlling
interest
|
|
653
|
6,486
|
|
Total
equity
|
|
92,441
|
74,214
|
|
Total liabilities,
mezzanine equity and total equity
|
|
155,356
|
283,076
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in thousands of
U.S. dollars, except share, ADS, per share and per ADS
data)
|
|
|
|
Six months Ended
June 30,
|
|
|
2022
|
2021
|
|
|
|
|
Net
revenues:
|
|
|
|
Services
|
|
|
|
Services-third parties
|
25,930
|
35,405
|
|
Services-related
parties
|
1,331
|
-
|
|
Total services
revenues
|
27,261
|
35,405
|
|
Products
|
|
|
|
Products-third parties
|
2,262
|
3,747
|
|
Products-related parties
|
45
|
-
|
|
Total products
revenues
|
2,307
|
3,747
|
|
Total net
revenues
|
29,568
|
39,152
|
|
Cost of
revenues:
|
|
|
|
Services
|
|
|
|
Services-third parties
|
22,116
|
25,228
|
|
Services-related parties
|
661
|
-
|
|
Total services
costs
|
22,777
|
25,228
|
|
Products
|
|
|
|
Products-third parties
|
1,186
|
1,628
|
|
Products-related parties
|
28
|
-
|
|
Total products
costs
|
1,214
|
1,628
|
|
Total cost of
revenues
|
23,991
|
26,856
|
|
Gross
profit
|
5,577
|
12,296
|
|
|
|
|
Operating
expenses
|
|
|
|
Selling
expenses
|
884
|
706
|
|
General and
administrative expenses
|
7,409
|
8,781
|
|
Total operating
expenses
|
8,293
|
9,487
|
|
|
|
|
Operating (loss)
income from continuing operations
|
(2,716)
|
2,809
|
|
Interest
income
|
293
|
36
|
|
Government subsidy
income
|
1,095
|
1,284
|
|
(Loss) income before
income taxes from continuing
operations
|
(1,328)
|
4,129
|
|
Less: Income tax
expenses
|
1,801
|
914
|
|
|
|
|
(Loss) income before
loss in equity method investments
from continuing operations
|
(3,129)
|
3,215
|
|
Loss from equity method
investments
|
(9)
|
(105)
|
|
|
|
|
Net (loss) income
from continuing operations
|
(3,138)
|
3,110
|
|
Discontinued
operations
|
|
|
|
(Loss) income from
discontinued operations, net of income
taxes
|
(2,134)
|
2,525
|
|
Gain on disposal, net
of income taxes
|
30,537
|
-
|
|
Net income from
discontinued operations, net of income
taxes
|
28,403
|
2,525
|
|
|
|
|
Net
income
|
25,265
|
5,635
|
|
Net income attributable
to non-controlling interest from
continuing operations
|
6
|
420
|
|
Net (loss) income
attributable to non-controlling interest from
discontinued operations
|
(1,574)
|
850
|
|
Net income
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.
|
26,833
|
4,365
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per share attributable to ordinary
shareholders of Gravitas Education Holdings, Inc. -
Basic
|
|
|
|
Net (loss) income from
continuing operations
|
(0.11)
|
0.09
|
|
Net income from
discontinued operations
|
1.07
|
0.06
|
|
Net income
|
0.96
|
0.15
|
|
Net (loss) income
per share attributable to ordinary
shareholders of Gravitas Education Holdings, Inc. -
Diluted
|
|
|
|
Net (loss) income from
continuing operations
|
(0.11)
|
0.09
|
|
Net income from
discontinued operations
|
1.05
|
0.06
|
|
Net income
|
0.94
|
0.15
|
|
Net (loss) income
per ADS attributable to ordinary
shareholders of Gravitas Education Holdings, Inc. - Basic
(Note 1)
|
|
|
|
Net (loss) income from
continuing operations
|
(2.24)
|
1.89
|
|
Net income from
discontinued operations
|
21.35
|
1.18
|
|
Net income
|
19.11
|
3.07
|
|
Net (loss) income
per ADS attributable to ordinary
shareholders of Gravitas Education Holdings, Inc. -
Diluted (Note 1)
|
|
|
|
Net (loss) income from
continuing operations
|
(2.21)
|
1.86
|
|
Net income from
discontinued operations
|
21.07
|
1.15
|
|
Net income
|
18.86
|
3.01
|
|
|
|
|
Weighted average
shares used in calculating net (loss)
income per ordinary share
|
|
|
|
Basic
|
28,078,124
|
28,391,955
|
|
Diluted
|
28,460,587
|
28,968,047
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(in thousands of U.S. dollars, except share, ADS, per
share and per ADS data)
|
|
|
Six months
Ended
June
30,
|
|
2022
|
2021
|
|
|
|
|
Net
income
|
25,265
|
5,635
|
|
Other
comprehensive (loss)
income, net of tax of nil:
|
|
|
|
Change in cumulative
foreign currency translation adjustments
|
(2,411)
|
15
|
|
Total comprehensive
income
|
22,854
|
5,650
|
|
Less: Comprehensive
(loss) income attributable to non-controlling interest
|
(1,928)
|
1,155
|
|
Comprehensive income
attributable to Gravitas Education Holdings, Inc.
|
24,782
|
4,495
|
|
|
|
|
Note 1：Each ADS
represents twenty Class A ordinary shares.
|
|
|
|
RECONCILIATION OF
GAAP AND NON-GAAP RESULTS
|
|
(in thousands of
U.S. dollars, except share, ADS, per share and per ADS
data)
|
|
|
|
Six Months
Ended
June
30,
|
|
|
2022
|
2021
|
|
Operating (loss)
income from continuing
operations
|
(2,716)
|
2,809
|
|
|
Share-based
compensation expenses on
continuing operations
|
546
|
1,079
|
|
|
Adjusted operating
(loss) income from
continuing operations
|
(2,170)
|
3,888
|
|
|
|
|
|
|
Net (loss) income from
continuing
operations attributable to ordinary
shareholders of Gravitas Education
Holdings, Inc.
|
(3,144)
|
2,690
|
|
|
Net income from
discontinued operations
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.
|
29,977
|
1,675
|
|
|
Net income
attributable to ordinary
shareholders of Gravitas Education
Holdings, Inc.
|
26,833
|
4,365
|
|
|
Share-based
compensation expenses on
continuing operations
|
546
|
1,079
|
|
|
Share-based
compensation expenses on
discontinued operations
|
(111)
|
147
|
|
|
Adjusted net (loss)
income from
continuing operations attributable to
ordinary shareholders of Gravitas
Education Holdings, Inc.
|
(2,598)
|
3,769
|
|
|
Adjusted net income
from discontinued
operations attributable to ordinary
shareholders of Gravitas Education
Holdings, Inc.
|
29,866
|
1,822
|
|
|
Adjusted net income
attributable to
ordinary shareholders of Gravitas
Education Holdings, Inc.
|
27,268
|
5,591
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing
operations
|
(3,138)
|
3,110
|
|
|
Net income from
discontinued operations
|
28,403
|
2,525
|
|
|
Net
income
|
25,265
|
5,635
|
|
|
Add: Income tax
expenses on continuing
operations
|
1,801
|
914
|
|
|
Income tax expenses on
discontinued operations
|
4,862
|
1,775
|
|
|
Depreciation of
property, plant and
equipment, and amortization of intangible
assets of continuing operations
|
1,554
|
2,107
|
|
|
Depreciation of
property, plant and
equipment, and amortization of intangible
assets of discontinued operations
|
2,857
|
5,341
|
|
|
EBITDA from continuing
operations
|
217
|
6,131
|
|
|
EBITDA from
discontinued operations
|
36,122
|
9,641
|
|
|
EBITDA
|
36,339
|
15,772
|
|
|
Share-based
compensation expenses on
continuing operations
|
546
|
1,079
|
|
|
Share-based
compensation expenses on
discontinued operations
|
(111)
|
147
|
|
|
Adjusted EBITDA from
continuing
operations
|
763
|
7,210
|
|
|
Adjusted EBITDA from
discontinued
operations
|
36,011
|
9,788
|
|
|
Adjusted
EBITDA
|
36,774
|
16,998
|
|
|
|
|
|
|
Net (loss) income
per ADS attributable
to ordinary shareholders of Gravitas
Education Holdings, Inc.- Basic (Note1)
|
|
|
|
|
Net (loss) income from
continuing operations
|
(2.24)
|
1.89
|
|
|
Net income from
discontinued operations
|
21.35
|
1.18
|
|
|
Net income
|
19.11
|
3.07
|
|
|
Net (loss) income
per ADS attributable
to ordinary shareholders of Gravitas
Education Holdings, Inc.- Diluted
(Note1)
|
|
|
|
|
Net (loss) income from
continuing
operations
|
(2.21)
|
1.86
|
|
|
Net income from
discontinued operations
|
21.07
|
1.15
|
|
|
Net income
|
18.86
|
3.01
|
|
|
|
|
|
|
Adjusted net (loss)
income per ADS
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.-
Basic (Note1)
|
|
|
|
|
Net (loss) income from
continuing
operations
|
(1.85)
|
2.65
|
|
|
Net income from
discontinued operations
|
21.27
|
1.29
|
|
|
Net income
|
19.42
|
3.94
|
|
|
Adjusted net (loss)
income per ADS
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.-
Diluted (Note1)
|
|
|
|
|
Net (loss) income from
continuing
operations
|
(1.83)
|
2.60
|
|
|
Net income from
discontinued operations
|
20.99
|
1.26
|
|
|
Net income
|
19.16
|
3.86
|
|
|
|
|
|
|
Weighted average shares
used in
calculating basic net (loss) income per
ADS (Note1)
|
28,078,124
|
28,391,955
|
|
|
Weighted average shares
used in
calculating diluted net (loss)
income per ADS (Note1)
|
28,460,587
|
28,968,047
|
|
|
Weighted average shares
used in
calculating basic adjusted net (loss)
income per ADS (Note1)
|
28,078,124
|
28,391,955
|
|
|
Weighted average shares
used in
calculating diluted adjusted net (loss)
income per ADS (Note1)
|
28,460,587
|
28,968,047
|
|
|
|
|
|
|
Adjusted (loss) net
income per share
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.-
Basic (Note1)
|
|
|
|
|
Net (loss) income from
continuing
operations
|
(0.09)
|
0.13
|
|
|
Net income from
discontinued operations
|
1.06
|
0.07
|
|
|
Net income
|
0.97
|
0.20
|
|
|
Adjusted (loss) net
income per share
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.-
Diluted (Note1)
|
|
|
|
|
Net (loss) income from
continuing operations
|
(0.09)
|
0.13
|
|
|
Net income from
discontinued operations
|
1.05
|
0.06
|
|
|
Net income
|
0.96
|
0.19
|
|
|
|
|
|
|
Note 1：Each ADS
represents twenty Class A ordinary shares.
|
View original
content:https://www.prnewswire.com/news-releases/gravitas-education-holdings-inc-reports-first-half-2022-financial-results-301706101.html
SOURCE Gravitas Education Holdings Inc.