BEIJING, Dec. 29, 2021 /PRNewswire/ — Puxin Restricted (NYSE: NEW) (“Puxin” or the “Firm”), a personal academic providers supplier in China, at present introduced its unaudited monetary outcomes for the second quarter ended June 30, 2021.
Highlights for the Second Quarter Ended June 30, 2021
- Internet revenues have been RMB674.1 million (US$104.Four million), a rise of 12.2% from RMB601.1 million within the second quarter of 2020.
- Working loss was RMB1,362.Zero million (US$211.Zero million), in comparison with RMB29.9 million within the second quarter of 2020.
- Internet loss attributable to Puxin Restricted was RMB1,378.Zero million (US$213.Four million), in comparison with internet revenue attributable to Puxin Restricted of RMB36.6 million in the identical interval of 2020.
- Adjusted internet loss attributable to Puxin Restricted[1] was RMB1,400.2 million (US$216.9 million), in comparison with adjusted internet revenue attributable to Puxin Restricted of RMB45.2Â million within the second quarter of 2020.
- Adjusted EBITDA[2] was RMB(1,368.3) million (US$(211.9) million), in comparison with RMB80.Four million within the second quarter of 2020.
- Scholar enrollments[3]Â elevated by 21.1% to 735,525 from 607,222 for the second quarter of 2020.
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[1]Â Adjusted internet revenue (loss) attributable to Puxin Restricted is a non-GAAP monetary measure, which is outlined as internet revenue (loss) attributable to Puxin Restricted excluding share-based compensation bills and loss (acquire) on adjustments in honest worth of by-product liabilities and convertible notes. See “Use of Non-GAAP Monetary Measures” and “Reconciliations of GAAP and non-GAAP outcomes” elsewhere on this earnings launch. |
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[2] EBITDA is a non-GAAP monetary measure, which is outlined as internet revenue (loss) excluding depreciation, amortization, curiosity expense, curiosity revenue and revenue tax advantages; adjusted EBITDA is a non-GAAP monetary measure, which is outlined as internet revenue (loss) excluding depreciation, amortization, curiosity expense, curiosity revenue, revenue tax advantages, share-based compensation bills and loss (acquire) on adjustments in honest worth of by-product liabilities and convertible notes. See “Use of Non-GAAP Monetary Measures” and “Reconciliations of GAAP and non-GAAP outcomes” elsewhere on this earnings launch. |
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[3]Â The variety of pupil enrollments is excluding Puxin on-line faculty which was divested in 2020. |
Highlights for the Six Months Ended June 30, 2021
- Internet revenues have been RMB1,360.9 million (US$210.Eight million), a rise of 0.6% from RMB1,352.Four million within the first half of 2020.
- Working loss was RMB1,355.5 million (US$209.9 million), in comparison with RMB26.Three million in the identical interval of 2020.
- Internet loss attributable to Puxin Restricted was RMB1,340.2 million (US$207.6 million), in comparison with RMB6.9 million in the identical interval of 2020.
- Adjusted internet loss attributable to Puxin Restricted was RMB1,390.6 million (US$215.Four million), in comparison with adjusted internet revenue attributable to Puxin Restricted of RMB70.6 million in the identical interval of 2020.
- Adjusted EBITDA was RMB(1,322.2) million (US$(204.8) million), in comparison with RMB145.Four million within the first half of 2020.
- Scholar enrollments elevated by 7.3% to 1,274,880 from 1,187,883 for a similar interval of 2020.
Mr. Yunlong Sha, Chairman and Chief Govt Officer of Puxin, commented, “Through the second quarter of 2021, beneath the continued circumstance of pandemic, Puxin has been devoted to making sure the security and well being of our college students and workers members. In compliance with the regulatory necessities, as introduced at press releases dated July 27, 2021 and December 24, 2021, Puxin subsequently decides to dispose tutoring providers associated to tutorial topics in any respect studying facilities throughout China. This may carry important impacts on the brief time period, however in the long term, it is going to be a chance for us to additional deal with present research overseas applications and full-time arts education schemes. As we’ve at all times believed that schooling evokes private progress, Puxin will proceed to meet our dedication to the society by way of offering high quality schooling providers round abroad finding out and humanities. Puxin is dedicated to contributing to the society’s sustainable progress in keeping with authorities’s steerage and our core worth.”
Mr. Peng Wang, Chief Monetary Officer of Puxin, commented, “Within the second quarter of 2021, our internet revenues recorded at RMB674.1 million, in comparison with RMB601.1 million for a similar interval final yr. We count on our topline will expertise headwinds in the course of the enterprise transition interval as a result of new governmental coverage on Okay-12 enterprise. We count on future income progress by way of the enlargement of research overseas and full-time arts schooling enterprise. For full-time arts schooling, we are going to deal with highschool artwork schooling enterprise. When it comes to research overseas enterprise, based mostly on the prevailing enterprise scale, we are going to preserve stabilizing present operations and preserve a sustainable money stream. With the federal government’s steerage, we imagine that these sectors may have a optimistic progress outlook and Puxin will proceed to supply certified providers to fulfill the educational wants of our college students.”
Monetary and Operational Outcomes for the Second Quarter of 2021
Internet Revenues
Internet revenues elevated by 12.2% to RMB674.1 million (US$104.Four million) from RMB601.1 million within the second quarter of 2020. The rise was primarily on account of a rise of pupil enrollments.
Internet revenues of Okay-12 tutoring providers together with full-time arts education schemes[4] elevated by 22.4% to RMB543.2 million (US$84.1 million) from RMB443.7 million within the second quarter of 2020. Within the second quarter of 2021, the rise was primarily on account of a rise of pupil enrollments.Â
Internet revenues of study-abroad applications decreased by 16.8% to RMB131.Zero million (US$20.Three million) from RMB157.Four million within the second quarter of 2020. This was primarily on account of a drop in pupil enrollments within the second quarter of 2021 affected by ongoing border management of most a part of the world on account of COVID-19 pandemic.
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[4]Â It was beforehand named as full-time tutoring program. |
Value of Revenues
Value of revenues elevated by 13.5% to RMB376.2 million (US$58.Three million) from RMB331.Four million within the second quarter of 2020, primarily on account of will increase in academics’ compensation for extra educating hours and better rental prices for colleges in operation.
Gross Revenue and Gross Margin
Gross revenue was RMB298.Zero million (US$46.2 million), a rise of 10.5% from RMB269.7 million within the second quarter of 2020. Gross margin was 44.2%, in comparison with 44.9% for a similar interval in 2020.
Working Bills
Complete working bills was RMB1,660.Zero million (US257.1 million) in comparison with RMB299.6 million within the second quarter of 2020.
Promoting bills elevated by 3.4% to RMB217.Three million (US$33.7 million) from RMB210.2 million within the second quarter of 2020, primarily on account of a rise in compensation to gross sales and advertising workers.
Common and administrative bills elevated by 134.3% to RMB200.Zero million (US$31.Zero million) from RMB85.Three million throughout the identical interval of 2020. This was primarily on account of allowance offered within the second quarter for uncertain accounts of receivables from disposal of subsidiaries.
Complete share-based compensation bills allotted to associated price of revenues and working bills decreased by 47.1% to RMB3.6 million (US$0.6 million) from RMB6.Eight million within the second quarter of 2020. The lower was primarily on account of a lower within the variety of choices vested within the second quarter of 2021 in comparison with the identical interval of 2020.
Impairment loss on intangible property and goodwill was RMB1,069.6 million (US$165.7 million) for the second quarter of 2021, in comparison with RMB4.1 million for a similar interval of 2020. The impairment loss was primarily as a result of decline of honest worth associated to the intangible property and goodwill arose from the acquisitions of after-school tutoring colleges over the previous six years. Contemplating the on-going governmental regulatory insurance policies regarding after-school tutoring providers, the acquisitions won’t be prone to obtain the goal targets the administration had estimated on the time of those acquisitions.
Impairment loss on different long-lived property was RMB173.1 million (US$26.Eight million) for the second quarter of 2021, in comparison with nil for a similar interval of 2020. The impairment loss was primarily as a result of decline of honest worth of property, plant and tools and working lease right-of-use property because of the adjustments in regulatory setting.
Working Loss and Working Margin
Working loss was RMB1,362.Zero million (US$211.Zero million), in comparison with RMB29.9 million within the second quarter of 2020. Working margin was (202.0)% within the second quarter of 2021, in comparison with (5.0)% for a similar interval in 2020.
Adjusted working loss was RMB1,358.5 million (US$210.Four million), in comparison with RMB23.2 million within the second quarter of 2020.
Adjusted working margin[5] was (201.5)%, in comparison with (3.9)% in the identical interval of the prior yr.
Internet Earnings (Loss)
Internet loss attributable to Puxin Restricted was RMB1,378.Zero million (US$213.Four million), in comparison with internet revenue attributable to Puxin Restricted of RMB36.6 million in the course of the second quarter of 2020. Primary and diluted internet loss per ADS attributable to Puxin Restricted have been RMB15.76 (US$2.44) and RMB15.76 (US$2.44), in comparison with fundamental and diluted internet revenue per ADS attributable to Puxin Restricted of RMB0.42 and RMB0.42 throughout the identical interval of 2020.
Adjusted internet loss attributable to Puxin Restricted was RMB1,400.2 million (US$216.9 million), in comparison with adjusted internet revenue attributable to Puxin Restricted of RMB45.2 million in the course of the second quarter of 2020. Adjusted fundamental and diluted internet loss per ADS attributable to Puxin Restricted[6] have been RMB16.01 (US$2.48) and RMB16.01 (US$2.48), in comparison with adjusted fundamental and diluted internet revenue per ADS attributable to Puxin Restricted of RMB0.52 and RMB0.51 throughout the identical interval of 2020.
EBITDA
EBITDA was RMB(1,346.0) million (US$(208.5) million), in comparison with RMB71.8Â million within the second quarter of 2020.
EBITDA margin[7] was (199.7)% within the second quarter of 2021, in comparison with 12.0% in the identical interval in 2020.
Adjusted EBITDA was RMB(1,368.3) million (US$(211.9) million), in comparison with RMB80.4Â million within the second quarter of 2020.
Adjusted EBITDA margin[8] was (203.0)%, in comparison with 13.4% in the identical interval in 2020.
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[5]Â Adjusted working margin is a non-GAAP monetary measure, which is outlined as adjusted working loss divided by internet revenues. See “Use of Non-GAAP Monetary Measures” and “Reconciliations of GAAP and non-GAAP outcomes” elsewhere on this earnings launch. |
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[6] Adjusted fundamental and diluted internet revenue (loss) per ADS attributable to Puxin Restricted is a non-GAAP monetary measure, which is outlined as fundamental and diluted internet revenue (loss) per ADS attributable to Puxin Restricted excluding share-based compensation bills, loss (acquire) on adjustments in honest worth of by-product liabilities and convertible notes. See “Use of Non-GAAP Monetary Measures” and “Reconciliations of GAAP and non-GAAP outcomes” elsewhere on this earnings launch. |
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[7]Â EBITDA margin is a non-GAAP monetary measure, which is outlined as EBITDA divided by internet revenues. See “Use of Non-GAAP Monetary Measures” and “Reconciliations of GAAP and non-GAAP outcomes” elsewhere on this earnings launch. |
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[8]Â Adjusted EBITDA margin is a non-GAAP monetary measure, which is outlined as adjusted EBITDA divided by internet revenues. See “Use of Non-GAAP Monetary Measures” and “Reconciliations of GAAP and non-GAAP outcomes” elsewhere on this earnings launch. |
Monetary and Operational Outcomes for the Six Months Ended June 30, 2021
Internet Revenues
Internet revenues elevated by 0.6% to RMB1,360.9 million (US$210.Eight million) from RMB1,352.Four million for the primary six months of 2020. This improve was primarily on account of a rise of pupil enrollments.
Internet revenues of Okay-12 tutoring providers together with full-time arts schooling program elevated by 10.5% to RMB1,093.7 million (US$169.Four million) from RMB990.Zero million for the primary half of 2020. Within the first half of 2021, the full pupil enrollments of Okay-12 tutoring providers together with full-time arts schooling program, group class and personalised tutoring providers, reached 1,259,678.
Internet revenues of study-abroad tutoring providers decreased by 26.3% to RMB267.2 million (US$41.Four million) from RMB362.Four million for the primary six months of 2020. Research-abroad consulting and tutoring providers had 15,202 pupil enrollments within the first half of 2021 in comparison with 22,809 in the identical interval of 2020. This was primarily as a result of international unfold of the COVID-19 pandemic in main nations of the world.
Value of Revenues
Value of revenues elevated by 4.0% to RMB761.2 million (US$117.9 million) from RMB731.6 million for the primary six months of 2020.
Gross Revenue and Gross Margin
Gross revenue was RMB599.7 million (US$92.9 million), a lower of three.4% from RMB620.Eight million for the primary six months of 2020. Gross margin was 44.1%, in comparison with 45.9% for a similar interval in 2020.
Working Bills
Complete working bills was RMB1,955.2 million (US$302.Eight million) in comparison with RMB647.Zero million for the primary six months of 2020.
Promoting bills decreased by 8.6% to RMB402.9 million (US$62.Four million) from RMB440.7 million for the primary six months of 2020.
Common and administrative bills elevated by 53.1% to RMB309.6 million (US$47.9 million) from RMB202.Three million throughout the identical interval of 2020. This was primarily on account of allowance offered within the second quarter for uncertain accounts of receivables from disposal of subsidiaries.
Complete share-based compensation bills allotted to associated price of revenues and working bills decreased by 40.1% to RMB9.1 million (US$1.Four million) from RMB15.2 million in the identical interval of 2020. The lower was primarily on account of a lower within the variety of choices vested within the first six months of 2021Â in comparison with the identical interval of 2020.
Impairment loss on intangible property and goodwill was RMB1,069.6 million (US$165.7 million) for the primary six months of 2021, in comparison with RMB4.1 million for a similar interval of 2020. The impairment loss was primarily as a result of decline of honest worth associated to the intangible property and goodwill arose from the acquisitions of after-school tutoring colleges over the previous six years. Contemplating the on-going governmental regulatory insurance policies regarding after-school tutoring providers, the acquisitions won’t be prone to obtain the goal targets the administration had estimated on the time of those acquisitions.
Impairment loss on different long-lived property was RMB173.1 million (US$26.Eight million) for the primary six months of 2021, in comparison with nil for a similar interval of 2020. The impairment loss was primarily as a result of decline of honest worth of property, plant and tools and working lease right-of-use property because of the adjustments in regulatory setting.
Working Loss and Working Margin
Working loss was 1,355.5 million (US$209.9 million), in comparison with RMB26.Three million within the first half of 2020. Working margin was (99.6)% within the first six months of 2021, in comparison with (1.9)% for a similar interval in 2020.
Adjusted working loss was RMB1,346.Four million (US$208.5 million), in comparison with RMB11.1 million in the identical interval of 2020.
Adjusted working margin was (98.9)%, in comparison with (0.8)% in the identical interval of 2020.
Internet Loss
Internet loss attributable to Puxin Restricted was RMB1,340.2 million (US$207.6 million), in comparison with RMB6.9 million throughout the identical interval of 2020. Primary and diluted internet loss per ADS attributable to Puxin Restricted have been RMB15.34 (US$2.38) and RMB15.34 (US$2.38), in comparison with RMB0.08 and RMB0.08 throughout the identical interval of 2020.
Adjusted internet loss attributable to Puxin Restricted was RMB1,390.6 million (US$215.Four million), in comparison with adjusted internet revenue attributable to Puxin Restricted of RMB70.6 million throughout the identical interval of 2020. Adjusted fundamental and diluted internet loss per ADS attributable to Puxin Restricted have been RMB15.92 (US$2.47) and RMB15.92 (US$2.47), in comparison with adjusted fundamental and diluted internet revenue per ADS attributable to Puxin Restricted of RMB0.81 and RMB0.79 throughout the identical interval of 2020.
EBITDA
EBITDA was RMB(1,271.8) million (US$(197.0) million), in comparison with RMB67.9 million for the primary six months of 2020.
EBITDA margin was (93.5)% within the first six months of 2021, in comparison with 5.0% in the identical interval in 2020.
Adjusted EBITDA was RMB(1,322.2) million (US$(204.8) million), in comparison with RMB145.Four million in the identical interval of 2020.
Adjusted EBITDA margin was (97.2)%, in comparison with 10.8% in the identical interval in 2020.
Money and Present Financial institution Balances
As of June 30, 2021, the Firm had an combination amount of money and money equivalents and present portion of restricted money of RMB622.5 million (US$96.Four million), in comparison with RMB563.Zero million as of December 31, 2020.
The Firm has a internet working capital deficit and an collected deficit as of June 30, 2021 and suffered recurring losses from operations and detrimental money flows from working actions in consecutive years. Administration has initiated a plan to cut back working bills and plans to proceed to fund its operations by way of utilization of its monetary assets, primarily business loans. As of December 29, 2021, the Firm secured or anticipated to safe credit score facility at complete quantity of RMB600 million from third events which might be drawn down when in want. Because of this, as of June 30, 2021, there was a substantial doubt in regards to the Firm’s capacity to proceed as a going concern, and the consolidated monetary statements don’t embody any changes that may consequence from the end result of this uncertainty.Â
Change Fee
The Firm’s enterprise is primarily carried out in China and the entire revenues are denominated in Renminbi (“RMB”). This announcement comprises translations of sure RMB quantities into U.S. {dollars} (“USD” or “US$”) at specified charges solely for the comfort of the readers. Except in any other case famous, all translations from RMB to USD are made on the charge of RMBÂ 6.4566 to US$1.00, the alternate charge set forth within the H.10 statistical launch of the Federal Reserve Board on June 30, 2021. No illustration is made that the RMB quantities might have been, or may very well be, transformed, realized or settled into US$ at that charge on June 30, 2021, or at every other charge.
Chinese language Regulatory Developments and Implications
On July 24, 2021, the Common Workplace of the Communist Social gathering of China Central Committee and the Common Workplace of the State Council of the PRC collectively issued the “Opinions on Additional Assuaging the Burden of Homework and After-Faculty Tutoring for College students in Obligatory Training (obligatory schooling consists of major faculty schooling of six years and center faculty schooling of three years, collectively because the “Obligatory Stage Training”)” (the “Opinion”). In compliance with the Opinion and relevant guidelines, laws and measures, the Firm plans to dispose tutoring providers associated to tutorial topics in any respect studying facilities throughout China (the “Disposal”). The Firm is in dialogue with potential patrons of the Disposal. The proposed transaction will likely be decided after negotiations between the Firm and the potential patrons, topic to definitive agreements to be entered into by the related events. There might be no assurance relating to the last word timing of the proposed transaction or that the transaction will likely be accomplished.
The Chinese language regulatory developments might have a fabric opposed impact on the Firm’s enterprise, the buying and selling value of its American depositary shares (the “ADSs”), its market capitalization and, because of the impairments extra absolutely mentioned under, the Firm’s stockholders’ fairness. Because of these Chinese language regulatory developments, the Firm shouldn’t be in compliance with the continued itemizing necessities of the New York Inventory Change (“NYSE”). On August 18, 2021, the NYSE notified Puxin that it’s under compliance standards in reference to the efficiency of buying and selling value of Puxin’s American depositary shares (the “ADSs”). For additional dialogue of this discover and the time interval for the Firm to regain compliance, see the Firm’s press launch dated August 19, 2021. The Firm’s declined market capitalization and stockholders’ fairness might consequence within the receipt of extra deficiency notices from the NYSE. No assurances might be offered that the Firm will be capable to regain compliance with the NYSE continued itemizing necessities, or that it is going to be in a position to preserve the itemizing of its ADSs on the NYSE. The Firm is presently in consideration of a reverse inventory break up to adjust to the continued itemizing necessities of the NYSE.
Use of Non-GAAP Monetary Measures
To complement the Firm’s monetary outcomes offered in accordance with U.S. GAAP, the Firm additionally makes use of non-GAAP monetary measures, together with adjusted working loss, adjusted working margin, adjusted internet revenue (loss) attributable to Puxin Restricted, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted fundamental and diluted internet revenue (loss) per ADS attributable to Puxin Restricted, as supplemental measures to evaluate and assess the Firm’s working efficiency. Adjusted working loss is outlined as working loss excluding share-based compensation bills; adjusted working margin is outlined as adjusted working loss divided by internet revenues; adjusted internet revenue (loss) attributable to Puxin Restricted is outlined as internet revenue (loss) attributable to Puxin Restricted excluding share-based compensation bills and loss (acquire) on adjustments in honest worth of by-product liabilities and convertible notes; EBITDA is outlined as internet revenue (loss) excluding depreciation, amortization, curiosity expense, curiosity revenue and revenue tax advantages; adjusted EBITDA is outlined as internet revenue (loss) excluding depreciation, amortization, curiosity expense, curiosity revenue, revenue tax advantages, share-based compensation bills and loss (acquire) on adjustments in honest worth of by-product liabilities and convertible notes; EBITDA margin is outlined as EBITDA divided by internet revenues; adjusted EBITDA margin is outlined as adjusted EBITDA divided by internet revenues; adjusted fundamental and diluted internet revenue (loss) per ADS attributable to Puxin Restricted are outlined as fundamental and diluted internet revenue (loss) per ADS attributable to Puxin Restricted excluding share-based compensation bills and loss (acquire) on adjustments in honest worth of by-product liabilities and convertible notes.
The Firm believes that these non-GAAP monetary measures present helpful details about the Firm’s working outcomes, improve the general understanding of the Firm’s previous efficiency and future prospects and permit for better visibility with respect to key metrics utilized by the Firm’s administration in its monetary and operational decision-making.
Non-GAAP monetary measures aren’t outlined beneath U.S. GAAP and aren’t offered in accordance with U.S. GAAP. These non-GAAP monetary measures have limitations as analytical instruments, and when assessing the Firm’s working efficiency, buyers mustn’t think about them in isolation. As well as, calculations of this non-GAAP monetary data could also be completely different from calculations utilized by different firms, and subsequently comparability could also be restricted.
The Firm mitigates these limitations by reconciling the non-GAAP monetary measures to probably the most comparable U.S. GAAP efficiency measures, all of which needs to be thought-about when evaluating our efficiency.
For extra data on this non-GAAP monetary measure, please see the desk captioned “Reconciliations of GAAP and non-GAAP outcomes” set forth on the finish of this press launch.
Protected Harbor Assertion
This press launch comprises forward-looking statements made beneath the “protected harbor” provisions of Part 21E of the Securities Change Act of 1934, as amended, and the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology similar to “will,” “might,” “would,” “count on,” “anticipate,” “future,” “intend,” “purpose,” “plan,” “imagine,” “estimate,” “predict,” “venture,” “proceed,” “assured” and comparable statements. The Firm might also make written or oral forward-looking statements in its experiences filed with or furnished to the U.S. Securities and Change Fee, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Any statements that aren’t historic information, together with statements in regards to the Firm’s beliefs and expectations, are forward-looking statements that contain elements, dangers and uncertainties that might trigger precise outcomes to vary materially from these within the forward-looking statements. Such elements and dangers embody, however not restricted to the next: continued itemizing of the ADSs on the NYSE, compliance with NYSE guidelines, future developments associated to the Notes, the deliberate discontinuation and sale of the Okay-12 tutoring providers, the Firm’s targets and methods, its capacity to realize and preserve profitability, its capacity to draw and retain college students to enroll in its programs, its capacity to successfully handle its enterprise transition and enlargement and efficiently combine new companies, its capacity to determine or pursue targets for acquisitions, its capacity to compete successfully in opposition to its rivals, its capacity to enhance the content material of its present programs or to develop new programs, and related authorities insurance policies and laws referring to the Firm’s company construction, enterprise and business. Additional data relating to these and different dangers is included within the Firm’s filings with the U.S. Securities and Change Fee. All data offered on this press launch is present as of the date of the press launch, and the Firm doesn’t undertake any obligation to replace such data, besides as required beneath relevant regulation.
About Puxin Restricted
Puxin Restricted (NYSE: NEW) (“Puxin” or the “Firm”) is a personal academic providers supplier in China. Puxin has a powerful acquisition and integration experience to successfully enhance schooling high quality and operational efficiency of acquired colleges. Puxin gives high quality academic providers to college students, and has developed on-line and cell functions to reinforce college students’ studying expertise. For extra data, please go to http://www.pxjy.com/.
Contacts
Puxin Restricted
Cellphone: +86-10-6269-8930
E-mail: ir@pxjy.com
ICA Investor Relations (Asia) Restricted
Mr. Kevin Yang
Cellphone: +86-021-8028-6033
E-mail: puxin@icaasia.com
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PUXIN LIMITED |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In 1000’s of RMB and USD, apart from share, per share and per ADS knowledge) |
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As of December 31, |
As of June 30, |
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2020 |
2021 |
2021 |
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RMB |
RMB |
USD |
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ASSETS |
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Present property |
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Money and money equivalents |
48,497 |
133,255 |
20,639 |
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Restricted money, present portion |
514,496 |
489,263 |
75,777 |
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Inventories |
15,210 |
16,104 |
2,494 |
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Pay as you go bills and different present property |
141,894 |
138,388 |
21,434 |
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Quantities due from associated events |
– |
16,510 |
2,557 |
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Mortgage receivables |
222,895 |
153,568 |
23,785 |
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Complete present property |
942,992 |
947,088 |
146,686 |
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Non-current property |
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Restricted money, non-current portion |
25,814 |
51,875 |
8,034 |
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Working lease right-of-use property |
940,568 |
922,669 |
142,903 |
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Property, plant and tools, internet |
265,029 |
135,321 |
20,959 |
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Intangible property |
225,170 |
142,800 |
22,117 |
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Goodwill |
2,083,151 |
1,040,590 |
161,167 |
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Deferred tax property |
3,522 |
3,489 |
540 |
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Rental deposits |
71,948 |
70,878 |
10,978 |
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Lengthy-term investments |
– |
6,000 |
929 |
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Different non-current property |
59,400 |
1,917 |
297 |
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TOTAL ASSETS |
4,617,594 |
3,322,627 |
514,610 |
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LIABILITIES |
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Present liabilities |
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Accrued bills and different present liabilities (together with  accrued bills and different present liabilities of the  consolidated VIE with out recourse to the Group of RMB  743,499 and RMB 657,541 as of December 31, 2020 and  June 30, 2021, respectively) |
784,894 |
705,195 |
109,222 |
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Earnings tax payable of the consolidated VIE with out recourse  to the Group |
32,445 |
34,720 |
5,377 |
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Deferred income, present portion (together with deferred income,  present portion of the consolidated VIE with out recourse to   the Group of RMB 1,013,606 and RMB 917,658 as of   December 31, 2020 and June 30, 2021, respectively) |
1,023,037 |
917,658 |
142,127 |
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Working lease liabilities, present portion (together with working   lease liabilities, present portion of the consolidated VIE   with out recourse to the Group of RMB 251,572 and RMB   261,487 as of December 31, 2020 and June 30, 2021,   respectively) |
254,002 |
264,755 |
41,005 |
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Financial institution borrowings of the consolidated VIE with out recourse to  the Group |
585,000 |
582,925 |
90,284 |
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Loans payable to 3rd events, present portion (together with loans   payable to 3rd events, present portion of the consolidated   VIE with out recourse to the Group of RMB 136,600 and   RMB 97,500 as of December 31, 2020 and June 30, 2021,   respectively) |
301,850 |
216,715 |
33,565 |
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Promissory notice, present portion |
163,125 |
161,415 |
25,000 |
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Complete present liabilities |
3,144,353 |
2,883,383 |
446,580 |
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PUXIN LIMITED |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(In 1000’s of RMB and USD, apart from share, per share and per ADS knowledge) |
|||||
|
As of December 31, |
As of June 30, |
||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Non-current liabilities |
|||||
|
Deferred income, non-current portion of the consolidated VIE with out recourse to the Group |
81,805 |
57,514 |
8,908 |
||
|
Deferred tax liabilities of the consolidated VIE with out recourse to the Group |
71,674 |
50,855 |
7,876 |
||
|
Franchise deposits of the consolidated VIE with out recourse to the Group |
2,549 |
2,539 |
393 |
||
|
Working lease liabilities, non-current portion (together with working lease liabilities, non-current portion of the consolidated VIE with out recourse to the Group of RMB 594,624 and RMB 615,632 as of December 31, 2020 and June 30, 2021, respectively) |
605,827 |
636,620 |
98,600 |
||
|
Mortgage payable to 3rd events, non-current portion |
121,870 |
80,708 |
12,500 |
||
|
Quantities on account of associated events |
170,393 |
10,446 |
1,618 |
||
|
Convertible notes |
– |
464,875 |
72,000 |
||
|
TOTAL LIABILITIES |
4,198,471 |
4,186,940 |
648,475 |
||
|
SHAREHOLDERS’ EQUITY |
|||||
|
Extraordinary shares (par worth of USD0.00005 per share; 1,000,000,000 and 1,000,000,000 shares approved, 188,653,468 and 188,653,468 shares issued and 174,453,992 and 174,730,340 shares excellent as of December 31, 2020 and June 30, 2021, respectively) |
62 |
62 |
10 |
||
|
Treasury inventory |
– |
(1,456) |
(226) |
||
|
Further paid-in capital |
2,396,406 |
2,405,762 |
372,605 |
||
|
Statutory reserve |
11,444 |
11,444 |
1,772 |
||
|
Gathered different complete revenue |
43,711 |
92,872 |
14,384 |
||
|
Gathered deficit |
(2,026,891) |
(3,367,047) |
(521,488) |
||
|
Complete Puxin Restricted shareholders’ fairness |
424,732 |
(858,363) |
(132,943) |
||
|
Non-controlling curiosity |
(5,609) |
(5,950) |
(922) |
||
|
TOTAL SHAREHOLDERS’ EQUITY |
419,123 |
(864,313) |
(133,865) |
||
|
TOTAL LIABILITIES AND TOTAL SHAREHOLDERS’ EQUITY |
4,617,594 |
3,322,627 |
514,610 |
||
Â
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|
PUXIN LIMITED |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||
|
(In 1000’s of RMB and USD, apart from share, per share and per ADS knowledge) |
|||||
|
For the three months ended June 30, |
|||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Internet revenues |
601,053 |
674,141 |
104,411 |
||
|
Value of revenues (together with share-based compensation bills of RMB573 and RMB324 for the three months ended June 30, 2020 and 2021, respectively) |
(331,350) |
(376,167) |
(58,261) |
||
|
Gross revenue |
269,703 |
297,974 |
46,150 |
||
|
Working bills: |
|||||
|
   Promoting bills (together with share-based compensation bills of RMB3,203 and RMB1,789 for the three months ended June 30, 2020 and 2021, respectively) |
(210,165) |
(217,301) |
(33,656) |
||
|
Common and administrative bills (together with share-based compensation bills of RMB2,977 and RMB1,462 for the three months ended June 30, 2020 and 2021, respectively) |
(85,343) |
(199,989) |
(30,975) |
||
|
Impairment loss on intangible property and goodwill |
(4,100) |
(1,069,612) |
(165,662) |
||
|
Impairment loss on different long-lived property |
– |
(173,113) |
(26,812) |
||
|
Complete working bills |
(299,608) |
(1,660,015) |
(257,105) |
||
|
Working loss |
(29,905) |
(1,362,041) |
(210,955) |
||
|
Curiosity expense |
(20,658) |
(22,857) |
(3,540) |
||
|
Curiosity revenue |
11,860 |
9,345 |
1,447 |
||
|
Overseas alternate (loss)Â acquire |
(21) |
6,443 |
998 |
||
|
(Loss) acquire on adjustments in honest worth of by-product liabilities and   convertible notes |
(1,848) |
25,838 |
4,002 |
||
|
Different revenue (expense), internet |
14,114 |
(2,637) |
(408) |
||
|
Achieve (loss) on disposal of subsidiaries |
60,968 |
(38,219) |
(5,919) |
||
|
Earnings (loss)Â earlier than revenue taxes |
34,510 |
(1,384,128) |
(214,375) |
||
|
Earnings tax advantages |
1,110 |
6,159 |
954 |
||
|
Internet revenue (loss) |
35,620 |
(1,377,969) |
(213,421) |
||
|
Much less: Internet loss attributable to non-controlling curiosity |
(978) |
(14) |
(2) |
||
|
Internet revenue (loss) attributable to Puxin Restricted |
36,598 |
(1,377,955) |
(213,419) |
||
|
Internet revenue (loss) per share attributable to Puxin Restricted |
|||||
|
Primary and diluted |
0.21 |
(7.88) |
(1.22) |
||
|
Internet revenue (loss) per ADS attributable to Puxin Restricted |
|||||
|
Primary and diluted |
0.42 |
(15.76) |
(2.44) |
||
|
Weighted common shares utilized in calculating fundamental internet revenue (loss) Â Â Â Â per share |
174,069,766 |
174,863,824 |
174,863,824 |
||
|
Weighted common shares utilized in calculating diluted internet revenue (loss) Â Â Â Â per share |
177,950,175 |
174,863,824 |
174,863,824 |
||
 Notice: Every ADS represents two atypical shares.
Â
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|
PUXIN LIMITED |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||
|
(In 1000’s of RMB and USD) |
|||||
|
For the three months ended June 30, |
|||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Internet revenue (loss) |
35,620 |
(1,377,969) |
(213,421) |
||
|
Different complete revenue (loss), internet of tax: |
|||||
|
Change in honest worth attributable to instrument particular credit score danger |
– |
50,350 |
7,798 |
||
|
 Change in cumulative international forex translation changes |
(425) |
(2,055) |
(318) |
||
|
Complete complete revenue (loss) |
35,195 |
(1,329,674) |
(205,941) |
||
|
Much less: complete loss attributable to non-controlling curiosity |
(978) |
(14) |
(2) |
||
|
Complete complete revenue (loss) attributable to Puxin Restricted |
36,173 |
(1,329,660) |
(205,939) |
||
Â
Â
Â
Â
|
PUXIN LIMITED |
||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||
|
(In 1000’s of RMB and USD, apart from share, per share and per ADS knowledge) |
||||||
|
For the six months ended June 30, |
||||||
|
2020 |
2021 |
2021 |
||||
|
RMB |
RMB |
USD |
||||
|
Internet revenues |
1,352,398 |
1,360,898 |
210,776 |
|||
|
Value of revenues (together with share-based compensation bills of RMB1,254 and RMB767 for the six months ended June 30, 2020 and 2021, respectively) |
  (731,628) |
  (761,159) |
  (117,889) |
|||
|
Gross revenue |
620,770 |
599,739 |
92,887 |
|||
|
Working bills: |
||||||
|
Promoting bills (together with share-based compensation bills of RMB7,192 and RMB4,575 for the six months ended June 30, 2020 and 2021, respectively) |
  (440,662) |
  (402,944) |
  (62,408) |
|||
|
Common and administrative bills (together with share-based compensation bills of RMB6,752 and RMB3,768 for the six months ended June 30, 2020 and 2021, respectively) |
  (202,261) |
  (309,579) |
  (47,949) |
|||
|
Impairment loss on intangible property and goodwill |
(4,100) |
(1,069,612) |
(165,662) |
|||
|
      Impairment loss on different long-lived property |
– |
(173,113) |
(26,812) |
|||
|
Complete working bills |
(647,023) |
(1,955,248) |
(302,831) |
|||
|
Working loss |
(26,253) |
(1,355,509) |
(209,944) |
|||
|
Curiosity expense |
(41,511) |
(43,561) |
(6,747) |
|||
|
Curiosity revenue |
23,816 |
18,874 |
2,923 |
|||
|
Overseas alternate acquire (loss) |
121 |
(2,422) |
(375) |
|||
|
(Loss) acquire on adjustments in honest worth of by-product liabilities  and convertible notes |
(62,283) |
59,543 |
9,222 |
|||
|
Different revenue, internet |
35,962 |
15,022 |
2,327 |
|||
|
Achieve (loss) on disposal of subsidiaries |
60,968 |
(38,219) |
(5,919) |
|||
|
Loss earlier than revenue taxes |
(9,180) |
(1,346,272) |
(208,513) |
|||
|
Earnings tax advantages |
417 |
5,775 |
894 |
|||
|
Internet loss |
(8,763) |
(1,340,497) |
(207,619) |
|||
|
Much less: Internet loss attributable to non-controlling curiosity |
(1,898) |
(341) |
(53) |
|||
|
Internet loss attributable to Puxin Restricted |
(6,865) |
(1,340,156) |
(207,566) |
|||
|
Internet loss per share attributable to Puxin Restricted |
||||||
|
Primary and diluted |
(0.04) |
(7.67) |
(1.19) |
|||
|
Internet loss per ADS attributable to Puxin Restricted |
||||||
|
Primary and diluted |
(0.08) |
(15.34) |
(2.38) |
|||
|
Weighted common shares utilized in calculating fundamental and diluted internet loss per share |
174,063,142 |
174,667,942 |
174,667,942 |
|||
|
Notice: Every ADS represents two atypical shares. |
||||||
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                                                                                                         Â
|
PUXIN LIMITED |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||
|
(In 1000’s of RMB and USD) |
|||||
|
For the six months ended June 30, |
|||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Internet loss |
(8,763) |
(1,340,497) |
(207,619) |
||
|
Different complete revenue (loss), internet of tax: |
|||||
|
Change in honest worth attributable to instrument particular credit score danger |
– |
50,350 |
7,798 |
||
|
 Change in cumulative international forex translation changes |
1,981 |
(1,189) |
(184) |
||
|
Complete complete loss |
(6,782) |
(1,291,336) |
(200,005) |
||
|
Much less: complete loss attributable to non-controlling curiosity |
(1,898) |
(341) |
(53) |
||
|
Complete complete loss attributable to Puxin Restricted |
(4,884) |
(1,290,995) |
(199,952) |
||
Â
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|
PUXIN LIMITED |
|||||
|
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||
|
(In 1000’s of RMB and USD, apart from share, per share and per ADS knowledge) |
|||||
|
For the three months ended June 30, |
|||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Working loss |
(29,905) |
(1,362,041) |
(210,955) |
||
|
Add: Share-based compensation bills |
6,753 |
3,575 |
553 |
||
|
Adjusted working loss |
(23,152) |
(1,358,466) |
(210,402) |
||
|
Adjusted working margin |
(3.9%) |
(201.5%) |
(201.5%) |
||
|
Internet revenue (loss) attributable to Puxin Restricted |
36,598 |
(1,377,955) |
(213,419) |
||
|
Add: Share-based compensation bills |
6,753 |
3,575 |
553 |
||
|
    Loss (acquire) on adjustments in honest worth of by-product liabilities |
|||||
|
     and convertible notes |
1,848 |
(25,838) |
(4,002) |
||
|
Adjusted internet revenue (loss) attributable to Puxin Restricted |
45,199 |
(1,400,218) |
(216,868) |
||
|
Internet revenue (loss)Â |
35,620 |
(1,377,969) |
(213,421) |
||
|
Add: Earnings tax advantages |
(1,110) |
(6,159) |
(954) |
||
|
    Depreciation of property, plant and tools |
20,196 |
19,219 |
2,977 |
||
|
 Amortization of intangible property |
8,337 |
5,355 |
829 |
||
|
    Curiosity expense |
20,658 |
22,857 |
3,540 |
||
|
Much less: Curiosity revenue |
11,860 |
9,345 |
1,447 |
||
|
EBITDA |
71,841 |
(1,346,042) |
(208,476) |
||
|
EBITDA margin |
12.0% |
(199.7%) |
(199.7%) |
||
|
Add: Share-based compensation bills    |
6,753 |
3,575 |
553 |
||
|
    Loss (acquire) on adjustments in honest worth of by-product liabilities |
|||||
|
    and convertible notes |
1,848 |
(25,838) |
(4,002) |
||
|
Adjusted EBITDA |
80,442 |
(1,368,305) |
(211,925) |
||
|
Adjusted EBITDA margin |
13.4% |
(203.0%) |
(203.0%) |
||
|
Internet revenue (loss) revenue per ADS attributable to Puxin Restricted |
|||||
|
 – Primary and diluted |
0.42 |
(15.76) |
(2.44) |
||
|
Adjusted internet revenue (loss) per ADS attributable to Puxin Restricted |
|||||
|
– Primary |
0.52 |
(16.01) |
(2.48) |
||
|
Adjusted internet revenue (loss) per ADS attributable to Puxin Restricted |
|||||
|
– Diluted |
0.51 |
(16.01) |
(2.48) |
||
|
Weighted common shares utilized in calculating fundamental adjusted |
|||||
|
internet revenue (loss) per share |
174,069,766 |
174,863,824 |
174,863,824 |
||
|
Weighted common shares utilized in calculating diluted adjusted |
|||||
|
internet revenue (loss) per share |
177,950,175 |
174,863,824 |
174,863,824 |
||
|
Notice: Every ADS represents two atypical shares. |
|||||
Â
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|
PUXIN LIMITED |
|||||
|
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||
|
(In 1000’s of RMB and USD, apart from share, per share and per ADS knowledge) |
|||||
|
For the six months ended June 30, |
|||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Working loss |
(26,253) |
(1,355,509) |
(209,944) |
||
|
Add: Share-based compensation bills |
15,198 |
9,110 |
1,411 |
||
|
Adjusted working loss |
(11,055) |
(1,346,399) |
(208,533) |
||
|
Adjusted working margin |
(0.8%) |
(98.9%) |
(98.9%) |
||
|
Internet loss attributable to Puxin Restricted |
(6,865) |
(1,340,156) |
(207,566) |
||
|
Add: Share-based compensation bills |
15,198 |
9,110 |
1,411 |
||
|
    Loss (acquire) on adjustments in honest worth of by-product liabilities |
|||||
|
    and convertible notes |
62,283 |
(59,543) |
(9,222) |
||
|
Adjusted internet revenue (loss) attributable to Puxin Restricted |
70,616 |
(1,390,589) |
(215,377) |
||
|
Internet loss |
(8,763) |
(1,340,497) |
(207,619) |
||
|
Add: Earnings tax advantages |
(417) |
(5,775) |
(894) |
||
|
    Depreciation of property, plant and tools |
41,824 |
39,079 |
6,053 |
||
|
 Amortization of intangible property |
17,599 |
10,710 |
1,659 |
||
|
    Curiosity expense |
41,511 |
43,561 |
6,747 |
||
|
Much less: Curiosity revenue |
23,816 |
18,874 |
2,923 |
||
|
EBITDA |
67,938 |
(1,271,796) |
(196,977) |
||
|
EBITDA margin |
5.0% |
(93.5%) |
(93.5%) |
||
|
Add: Share-based compensation bills    |
15,198 |
9,110 |
1,411 |
||
|
    Loss (acquire) on adjustments in honest worth of by-product liabilities |
|||||
|
    and convertible notes |
62,283 |
(59,543) |
(9,222) |
||
|
Adjusted EBITDA |
145,419 |
(1,322,229) |
(204,788) |
||
|
Adjusted EBITDA margin |
10.8% |
(97.2%) |
(97.2%) |
||
|
Internet loss revenue per ADS attributable to Puxin Restricted |
|||||
|
 – Primary and diluted |
(0.08) |
(15.34) |
(2.38) |
||
|
Adjusted internet revenue (loss) per ADS attributable to Puxin Restricted |
|||||
|
– Primary |
0.81 |
(15.92) |
(2.47) |
||
|
Adjusted internet revenue (loss) per ADS attributable to Puxin Restricted |
|||||
|
– Diluted |
0.79 |
(15.92) |
(2.47) |
||
|
Weighted common shares utilized in calculating fundamental adjusted |
|||||
|
internet revenue (loss) per share |
174,063,142 |
174,667,942 |
174,667,942 |
||
|
Weighted common shares utilized in calculating diluted adjusted |
|||||
|
internet revenue (loss) per share |
178,035,266 |
174,667,942 |
174,667,942 |
||
|
Notice: Every ADS represents two atypical shares. |
|||||
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View authentic content material:https://www.prnewswire.com/news-releases/puxin-limited-announces-second-quarter-2021-unaudited-financial-results-301451427.html
SOURCE Puxin Restricted
