BEIJING: Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of professional education services in China, today announced its unaudited financial results for the six months ended June 30, 2019.
First Half Fiscal Year 2019 Highlights
Net revenues increased by 3.3% year-over-year to RMB882. 6 million (US$128.6 million), from RMB854.2 million in the same period in 2018.
Gross profit decreased by 30.4% year-over-year to RMB312.8 million (US$45.6 million), from RMB449.2 million in the same period in 2018.
Operating loss was RMB646.9 million (US$94.2 million), compared to an operating loss of RMB345.9 million in the same period in 2018.
Net loss was RMB625.1 million (US$91.1 million), compared to a net loss of RMB338.0 million in the same period in 2018.
Basic and diluted loss per American Depositary Share ("ADS") was RMB11.36 (US$1.65).
Cash, cash equivalents, time deposits, including current and non-current, and restricted cash totaled RMB728.7 million (US$106.1 million) as of June 30, 2019, compared to a balance of RMB704.8 million as of December 31, 2018.
Deferred revenue totaled RMB1,398.4 million (US$203.7 million) as of June 30, 2019, compared to a balance of RMB830.0 million as of December 31, 2018, representing an increase of 68.5%.
Total student enrollments in adult education in the first half of 2019 decreased by 4.8% year-over-year to approximately 62,900.
Total number of learning centers in adult education decreased to 142 as of June 30, 2019, from 180 as of December 31, 2018.
Total student enrollments in K-12 education in the first half of 2019 increased by 214.0% year-over-year to approximately 58,400.
Total number of learning centers in K-12 education increased to 177 as of June 30, 2019, from 148 as of December 31, 2018.
The Company's Interim Financial Statements are prepared and presented in accordance with U.S. GAAP. However, the Interim Financial Statements have not been audited or reviewed by the Company's independent registered accounting firm.
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)
Cash and cash equivalents
Accounts receivable, net of allowance for doubtful accounts
Amounts due from a related party