China Distance Education Holdings Limited Reports Financial Results for 4th Quarter and Fiscal Year 2020.

BEIJING: China Distance Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a leading provider of online education and value-added services for professionals and corporate clients in China, today announced unaudited financial results for the fourth quarter and fiscal year 2020 ended September 30, 2020.

Fourth Quarter Fiscal 2020 Financial and Operational Highlights

Net revenue decreased by 4.6% to $65.5 million from $68.7 million in the prior year period.

Total course enrollments were 931,500, a decrease of 17.7% from the fourth quarter of fiscal 2019.

Cash receipts from online course registration were $38.2 million, a 12.8% decrease from the fourth quarter of fiscal 2019.

Gross profit decreased by 15.4% to $36.7 million from $43.4 million in the prior year period.

Non-GAAP[1] gross profit decreased by 15.3% to $36.8 million from $43.4 million in the prior year period.

Gross margin was 56.0%, compared with 63.2% in the prior year period. Non-GAAP[1] gross margin was 56.1%, compared with 63.2% in the prior year period.

Operating income decreased by 32.9% to $12.9 million from $19.2 million in the prior year period.

Non-GAAP[1] operating income decreased by 36.0% to $13.6 million from $21.2 million in the prior year period.

Net income attributable to CDEL was $4.9 million, compared with net income attributable to CDEL of $13.8 million in the prior year period.

Non-GAAP[1] net income attributable to CDEL was $6.2 million, compared with non-GAAP[1] net income attributable to CDEL of $18.6 million in the prior year period.

Basic and diluted net income per American Depositary Share ("ADS") attributable to CDEL were $0.144 and $0.143, respectively, compared with both basic and diluted net income per ADS attributable to CDEL of $0.411, for the fourth quarter of fiscal 2019. Each ADS represents four ordinary shares.

Basic and diluted non-GAAP[1] net income per ADS attributable to CDEL were $0.185 and $0.184, respectively, compared with basic and diluted non-GAAP[1] net income per ADS attributable to CDEL of $0.558 and $0.554, respectively, for the fourth quarter of fiscal 2019.

Cash outflow from operations was $1.7 million, compared with cash inflow from operations of $20.0 million in the fourth quarter of fiscal 2019.

Fiscal Year 2020 Financial and Operational Highlights

Net revenue decreased by 1.1% to $209.6 million from $211.8 million in fiscal year 2019.

Total course enrollments were 4,255,000, an increase of 12.2% from fiscal year 2019.

Cash receipts from online course registration were $179.0 million, a 15.4% decrease from fiscal year 2019.

Gross profit increased by 0.8% to $108.0 million from $107.1 million in fiscal year 2019.

Non-GAAP[1] gross profit increased by 0.9% to $108.1 million from $107.1 million in fiscal year 2019.

Gross margin was 51.5%, compared with 50.6% in fiscal year 2019. Non-GAAP[1] gross margin was 51.6%, compared with 50.6% in fiscal year 2019.

Operating income decreased by 17.8% to $18.8 million from $22.8 million in fiscal year 2019.

Non-GAAP[1] operating income decreased by 18.8% to $21.4 million from $26.4 million in fiscal year 2019.

Net income attributable to CDEL decreased by 50.9% to $10.4 million from $21.3 million in fiscal year 2019.

Non-GAAP[1] net income attributable to CDEL decreased by 50.3% to $13.7 million from $27.6 million in fiscal year 2019.

Both basic and diluted net income per ADS attributable to CDEL were $0.309, compared with both basic and diluted net income per ADS attributable to CDEL of $0.635 for fiscal year 2019.

Basic and diluted non-GAAP[1] net income per ADS attributable to CDEL were $0.410 and $0.406, respectively, compared with basic and diluted non-GAAP[1] net income per ADS attributable to CDEL of $0.830 and $0.823, respectively, for...