Ambow Schooling Broadcasts Second Quarter and First Half 2022 Monetary Outcomes

BEIJING, Sept. 30, 2022 /PRNewswire/ — Ambow Schooling Holding Ltd. (“Ambow” or the “Firm”) (NYSE American: AMBO), a number one cross-border profession academic and expertise service supplier, immediately introduced its unaudited consolidated monetary and working outcomes for the three-month and six-month durations ended June 30, 2022.

“Within the first half of 2022, we remained targeted on our core enterprise technique encompassing premium technology-driven academic and profession enhancement service choices amid the advanced macro surroundings,” famous Dr. Jin Huang, Ambow’s President and Chief Government Officer. “As we methodologically pave the best way to drive our career-focused training enterprise roadmap, we recorded web revenues of RMB 204.Zero million within the first half of 2022.”

“We stay devoted to refining and innovating our proprietary applied sciences to empower our services. Consequently, we’re delighted to see our high-quality, technology-empowered choices garner rising recognition and recognition available in the market. Moreover, we deepened our ongoing dedication to facilitating the nationwide technique of bettering collaboration between academic establishments and industries to coordinate and propel expertise improvement all through China. As a veteran with a observe file of over 20 years within the training expertise area, Ambow has constructed out a far-reaching cooperative community comprised of universities, establishments and industrial enterprises. Drawing on this highly effective community alongside our modern, superior services, we’re nicely positioned to handle educators and learners’ important calls for within the evolving panorama whereas selling the environment friendly integration of academia and enterprise, in addition to fostering a stability in expertise provide and demand, particularly within the technical fields.”

“Shifting by means of the second half of 2022, we’ll proceed strengthening our aggressive edge by additional advancing our applied sciences, services, actively adapting ourselves to market dynamics and capturing new progress alternatives forward. As all the time, we’re dedicated to creating long-term sustainable worth for all of our stakeholders,” concluded Dr. Huang.

Second Quarter 2022 Monetary Highlights 

• Internet revenues for the second quarter of 2022 decreased by 36.2% to RMB 109.9 million (US$ 16.Four million) from RMB 172.Three million for a similar interval of 2021. The lower was primarily as a result of deliberate sale of the Ok-9 enterprise, which is predicted to be accomplished by December 31, 2022. The revenue or lack of the Ok-9 enterprise since September 2021 was borne by and entitled to the client as agreed. The lower was additionally partially as a result of regulatory modifications in China affecting the tutoring enterprise since August 2021.
• Gross revenue for the second quarter of 2022 decreased by 40.6% to RMB 45.1 million (US$ 6.7 million) from RMB 75.9 million for a similar interval of 2021. Gross revenue margin was 41.0%, in contrast with 44.1% for the second quarter of 2021. The decreases in gross revenue and gross margin have been primarily attributable to the quick influence of regulatory modifications on web revenues of the tutoring enterprise, whereas there was much less influence on prices through the interval.
• Working bills for the second quarter of 2022 elevated by 20.5% to RMB 67.Zero million (US$ 10.Zero million) from RMB 55.6 million for a similar interval of 2021. The rise was primarily attributable to a write-off of long-term receivables due from Jinghan Taihe of RMB 13.7 million and a share-based compensation expense of RMB 6.7 million and partially offset by the lower in working bills on account of stringent expense management within the interval.
• Working loss for the second quarter of 2022 was RMB 21.9 million (US$ 3.Three million), in comparison with working earnings of RMB 20.Three million for a similar interval of 2021.
• Internet loss attributable to abnormal shareholders for the second quarter of 2022 was RMB 71.Four million (US$ 10.7 million), or RMB 1.53 (US$ 0.23) per fundamental and diluted share, in contrast with a web earnings of RMB 22.Four million, or RMB 0.48 per fundamental and diluted share, for a similar interval of 2021. Aside from the working loss, the web loss was additionally attributable to the earnings tax expense of RMB 39.Zero million from the acquire on waived inter-group payables and RMB 9.Zero million from the valuation allowance for the deferred tax belongings ensuing from the write-off of the long-term receivables due from Jinghan Taihe.
• As of June 30, 2022, Ambow maintained robust money assets of RMB 142.6 million (US$ 21.2 million), comprised of money and money equivalents of RMB 61.Eight million (US$ 9.2 million), short-term investments of RMB 78.5 million (US$ 11.7 million) and restricted money of RMB 2.Three million (US$ 0.Three million).

First Six Months 2022 Monetary Highlights

• Internet revenues for the primary six months of 2022 decreased by 32.4% to RMB 204.Zero million (US$ 30.5 million) from RMB 301.9 million for a similar interval of 2021. The lower was primarily as a result of deliberate sale of the Ok-9 enterprise, which is predicted to be accomplished by December 31, 2022. The revenue or lack of the Ok-9 enterprise since September 2021 was borne by and entitled to the client as agreed. The lower was additionally partially as a result of regulatory modifications in China affecting the tutoring enterprise since August 2021.
• Gross revenue for the primary six months of 2022 decreased by 36.8% to RMB 76.2 million (US$ 11.Four million) from RMB 120.6 million for a similar interval of 2021. Gross revenue margin was 37.3%, in contrast with 39.9% for a similar interval of 2021. The decreases in gross revenue and gross margin have been primarily attributable to the quick influence of regulatory modifications on web revenues of the tutoring enterprise, whereas there was much less influence on prices through the interval.
• Working bills for the primary six months of 2022 decreased by 1.3% to RMB 113.9 million (US$ 17.Zero million) from RMB 115.Four million for a similar interval of 2021. The lower was attributable to stringent expense controls, offset by a write-off of long-term receivables due from Jinghan Taihe of RMB 13.7 million and a share-based compensation expense of RMB 6.7 million.
• Working loss for the primary six months of 2022 was RMB 37.7 million (US$ 5.6 million), in comparison with working earnings of RMB 5.2 million for a similar interval of 2021.
• Internet loss attributable to abnormal shareholders for the primary six months of 2022 was RMB 89.Zero million (US$ 13.Three million), or RMB 1.90 (US$ 0.28) per fundamental and diluted share, in contrast with a web earnings of RMB 8.1 million, or RMB 0.17 per fundamental and diluted share, for a similar interval of 2021. Aside from the working loss, the web loss was additionally attributable to the earnings tax expense of RMB 39.Zero million from the acquire on waived inter-group payables and RMB 9.Zero million from the valuation allowance for the deferred tax belongings ensuing from the write-off of the long-term receivables due from Jinghan Taihe.

The Firm’s monetary and working outcomes for the second quarter and first half of 2022 will also be discovered on its Report of Overseas Non-public Issuer on Kind 6-Ok, to be furnished with the U.S. Securities and Alternate Fee at www.sec.gov.

Alternate Charge Data

This announcement comprises translations of sure RMB quantities into U.S. {dollars} at a specified charge solely for the comfort of the reader. Until in any other case famous, all quantities translated from RMB to U.S. {dollars} for the second quarter and first half of 2022 are primarily based on the efficient change charge of 6.6981 as of June 30, 2022; all quantities translated from RMB to U.S. {dollars} for the second quarter and first half of 2021 are primarily based on the efficient change charge of 6.4566 as of June 30, 2021; all quantities translated from RMB to U.S. {dollars} as of December 31, 2021, are primarily based on the efficient change charge of 6.3726 as of December 30, 2021. The change charges have been in keeping with the center charge as set forth within the H.10 statistical launch of the U.S. Federal Reserve Board. Fluctuations in monetary highlights are primarily based on RMB quantities.

About Ambow Schooling Holding Ltd.

Ambow Schooling Holding Ltd. is a number one cross-border profession academic and expertise service supplier, providing high-quality, individualized providers and merchandise. With its in depth community of regional service hubs complemented by a dynamic proprietary studying platform and distributors, Ambow gives its providers and merchandise to college students in China and the USA of America.

Observe us on Twitter: @Ambow_Education

Secure Harbor Assertion

This announcement comprises forward-looking statements. These statements are made underneath the “protected harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology comparable to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the outlook and quotations from administration on this announcement, in addition to Ambow’s strategic and operational plans, comprise forward-looking statements. Ambow may additionally make written or oral forward-looking statements in its studies filed or furnished to the U.S. Securities and Alternate Fee, in its annual studies to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Ahead-looking statements contain inherent dangers and uncertainties. Plenty of components may trigger precise outcomes to vary materially from these contained in any forward-looking statements, together with however not restricted to the next: the Firm’s objectives and methods, growth plans, the anticipated progress of the content material and utility supply providers market, the Firm’s expectations relating to maintaining and strengthening its relationships with its prospects, and the overall financial and enterprise circumstances within the areas the place the Firm gives its options and providers. Additional data relating to these and different dangers is included within the Firm’s filings with the U.S. Securities and Alternate Fee. All data offered on this press launch is as of the date of this press launch, and Ambow undertakes no obligation to replace such data besides as required underneath relevant regulation.

For investor and media inquiries, please contact:

Ambow Schooling Holding Ltd.
Tel: +86-10-6206-8000

The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected]

SOURCE Ambow Schooling Holding Ltd.