iKang Healthcare Group, Inc. (“iKang” or the “Company”)
(Nasdaq: KANG), a major provider in China’s fast growing private
preventive healthcare services market, today announced its
unaudited financial results for the fiscal second quarter ended
September 30, 2018.
Fiscal Second Quarter Ended September
30, 2018 Financial Highlights
- Net revenues were US$177.7 million, an increase of 16.6%
year-over-year (an increase of 19.0% on RMB basis) (1)
- Gross profit was US$81.7 million, an increase of 15.6%
year-over-year (an increase of 18.0% on RMB basis) (1)
- Net income attributable to the Company was US$16.1
million, a decrease of 17.2% year-over-year (a decrease of 15.5% on
RMB basis) (1)
- Non-GAAP net income attributable to the
Company(2) was US$16.4 million, a decrease of 17.7%
year-over-year (a decrease of 16.0% on RMB basis) (1)
- Basic and diluted income per ADS attributable to common
shareholders were US$0.23 and US$0.22, respectively, as
compared to US$0.28 and US$0.28, respectively, in the fiscal
second quarter of 2017
- Non-GAAP basic and diluted income per ADS(3) attributable
to common shareholders were US$0.23 and US$0.23,
respectively, as compared to US$0.29 and US$0.29,
respectively, in the fiscal second quarter of 2017
First Fiscal Six Months Ended September
30, 2018 Financial Highlights
- Net revenues were US$327.9 million, an increase of 22.4%
year-over-year (an increase of 19.8% on RMB basis) (1)
- Gross profit was US$141.8 million, an increase of 19.1%
year-over-year (an increase of 17.0% on RMB basis) (1)
- Net income attributable to the Company was US$22.4
million, a decrease of 2.9% year-over-year (a decrease of 3.1% on
RMB basis) (1)
- Non-GAAP net income attributable to the
Company(2) was US$22.9 million, a decrease of 3.9%
year-over-year (a decrease of 4.1% on RMB basis)
(1)
- Basic and diluted income per ADS attributable to common
shareholders were US$0.32 and US$0.31, respectively,
as compared to US$0.34 and US$0.33, respectively, in the
first fiscal six months of 2017
- Non-GAAP basic and diluted income per ADS(3) attributable
to common shareholders were US$0.33 and US$0.32,
respectively, as compared to US$0.35 and US$0.34,
respectively, in the first fiscal six months of 2017
__________
(1) RMB basis refers to the year on year comparison made on
local currency – Chinese Renminbi basis. (2) Non-GAAP net
income attributable to the Company is defined as net income
attributable to the Company excluding share-based compensation
expenses. For more information on these non-GAAP financial
measures, please see the section captioned under “Non-GAAP
Financial Measures” and the tables captioned “Reconciliation of
GAAP and Non-GAAP Results” set forth at the end of this release.
(3) Non-GAAP basic and diluted earnings per ADS is defined as
non-GAAP net income divided by the weighted average number of basic
and diluted ADS.
“iKang’s diversified and integrated portfolio of
services continued to deliver solid performance for yet another
quarter, while the continued investment in strategic initiatives
demonstrated our forward-thinking vision to drive transformation in
preventive private healthcare in China” commented Mr. Lee Ligang
Zhang, Chairman and Chief Executive Officer of iKang. “Total net
revenues for the fiscal second quarter and first fiscal six months
grew by 16.6% and 22.4%, respectively, compared to those for the
same period last year (by 19.0% and 19.8% on RMB basis). We
finished the quarter with 115 self-owned medical centers and
customers visits under both corporate and individual programs have
increased by 15% to approximately 2.10 million as compared to the
fiscal second quarter of 2017.”
“Since the successful launch of iKangCare+ and
iKangPartners+ plans in fiscal 2017, we have made significant
strides in leveraging these initiatives to further diversify
revenue streams and have yielded promising results over the past
few quarters. We are also advancing several new initiatives
to deepen our focus in areas of Ai through iKangAi+ and partnership
with public hospitals through iKangNetwork+, which were initiatives
recently launched in Beijing,Shanghai and Guangzhou” said Mr.
Zhang. “We expect the impact of these efforts to accelerate through
the remaining of fiscal 2018 and beyond. Our strategy is focused on
placing our customers at the center of everything we do and I am
very pleased with our progress in continuing to deliver increasing
value at an accelerating pace to the millions of customers we
serve, helping them live healthier lives and helping make the
healthcare system work better for everyone.”
“We are very excited of the enormous
opportunities presented to us in the private preventive healthcare
industry in China. As we look forward, we will drive our growth on
the strength of practical innovation that anticipates and responds
to increasing customer expectations and needs. We believe we are on
solid trajectory to build on our continuous success and commitment
to advancing our growth strategies that aim to deliver long-term
and sustainable returns to our shareholders.”
FISCAL SECOND QUARTER
ENDED SEPTEMBER 30, 2018 UNAUDITED FINANCIAL
RESULTS
Net Revenues (4)Net
revenues for the fiscal second quarter were US$177.7 million,
representing a 16.6% increase from US$152.4 million in
the same period of the last fiscal year. On a RMB basis, the
revenue growth was 19.0% compared to the fiscal second quarter of
2017. As of September 30, 2018, the number of self-owned
medical centers totaled 115 compared to 110 as of September
30, 2017. In this quarter, the Company served approximately a total
of 2.10 million customer visits under both corporate and individual
programs, representing an increase of 15.0% compared to the fiscal
second quarter of 2017.
The table below sets forth a breakdown of net
revenues:
(US$ million) |
Fiscal Second Quarter Ended September 30,
2018 |
Fiscal Second Quarter Ended September 30,
2017 |
YoY % Change |
Medical Examinations |
139. 6 |
122.0 |
14.4% |
Disease Screening |
20.5 |
14.8 |
38.7% |
Dental Services |
4.6 |
4.6 |
0.8% |
Other Services |
13.0 |
11.0 |
18.1% |
Total |
177.7 |
152.4 |
16.6% |
Medical Examinations: Net revenues for the
quarter were US$139. 6 million, representing a 14.4% increase
from US$122.0 million in the same period of the last fiscal
year.
Disease Screening: Net revenues for the
quarter were US$20.5 million, representing a 38.7% increase
from US$14.8 million in the same period of the last
fiscal year. Disease screening services refer to the additional
services requested by individuals under the basic corporate medical
examination programs as a result of individual needs.
__________(4) iKang adopted ASC 606 by
using modified retrospective method since April 1, 2018. The impact
of applying this ASC is insignificant.
Dental Services: Net revenues for the
quarter were US$4.6 million, which remained stable compared
to US$4.6 million in the same period of the last fiscal
year.
Other Services: Net revenues for the
quarter were US$13.0 million, representing an 18.1% increase
from US$11.0 million in the same period of the last
fiscal year.
Cost of RevenuesCost of
revenues for the quarter was US$96.0 million, representing a
17.4% increase from US$81.7 million in the same period of
the last fiscal year.
Gross Profit and Gross
MarginGross profit for the quarter was US$81.7
million, representing a 15.6% increase from US$70.7
million in the same period of the last fiscal year. Gross
margin for the quarter was 46.0%, as compared to 46.4% in the
second quarter of the last fiscal year.
Operating ExpensesTotal
operating expenses for the quarter was US$53.5 million,
representing a 39.9% increase from US$38.2 million in the
same period of the last fiscal year.
Selling and marketing expensesSelling and
marketing expenses for the quarter were US$26.8 million,
accounting for 15.1% of total net revenues as compared to 12.9% in
the same period of the last fiscal year.
General and administrative expensesGeneral and
administrative expenses for the quarter were US$25.7 million,
accounting for 14.5% of total net revenues as compared to 11.7% in
the same period of the last fiscal year. Excluding
share-based compensation expenses of US$234,000 for this quarter
and US$389,000 for the same quarter of the last fiscal year, the
general and administrative expenses for the quarter was US$25.5
million, accounting for 14.3% of total net revenue as compared to
11.4% in the same period of the last fiscal year.
Research and development expensesResearch and
development expenses for the quarter were US$0.9 million,
accounting for 0.5% of total net revenues as compared to 0.5% in
the same period of the last fiscal year.
Income from OperationsIncome
from operations for the quarter was US$28.2 million,
representing a 13.0% decrease from US$32.4 million in the
same period of the last fiscal year. Excluding share-based
compensation expenses of US$234,000 for this quarter and
US$389,000 for the same quarter of the last fiscal year, non-GAAP
income from operations for the quarter was US$28.5
million as compared to US$32.8 million, which reflected a
decrease of 13.3%.
Non-GAAP EBITDA Non-GAAP EBITDA
for the quarter was US$38.8 million, representing a 10.2% decrease
from US$43.2 million in the same period of the last fiscal
year.
Net
Income Net income
attributable to the Company for the quarter was US$16.1
million, representing a decrease of 17.2% from US$19.5
million in the same period of the last fiscal year.
Non-GAAP net income attributable to the Company
for the quarter was US$16.4 million, representing a decrease
of 17.7% from US$19.9 million in the same period of the last
fiscal year.
Basic and Diluted Earnings per
ADSBasic and diluted income per ADS attributable to common
shareholders were US$0.23 and US$0.22, respectively, as
compared to US$0.28 and US$0.28, respectively, in the same quarter
of 2017.
Non-GAAP basic and diluted income per ADS
attributable to common shareholders were US$0.23 and US$0.23,
respectively, as compared to US$0.29 and US$0.29, respectively, in
the same quarter of 2017.
FIRST FISCAL SIX MONTHS ENDED SEPTEMBER
30, 2018 UNAUDITED FINANCIAL RESULTS
Net Revenues (4)Net
revenues for the first fiscal six months were US$327.9
million, representing a 22.4% increase from US$268.0
million in the same period of the last fiscal year. On a
RMB basis, the revenue growth was 19.8%. From the beginning of the
year, we have added five new medical centers. During the period,
the Company served approximately a total of 3.79 million customer
visits under both corporate and individual programs, representing
an increase of 16.7% over the first fiscal six months of 2017.
The table below sets forth a breakdown of net
revenues:
(US$ million) |
Fiscal Six Months Ended September 30, 2018 |
Fiscal Six Months Ended September 30, 2017 |
YoY % Change |
Medical Examinations |
258. 4 |
217.0 |
19.1% |
Disease Screening |
37.7 |
24.4 |
54.4% |
Dental Services |
9.9 |
7.5 |
32.7% |
Other Services |
21.9 |
19.1 |
14.7% |
Total |
327.9 |
268.0 |
22.4% |
Medical Examinations: Net revenues for the
period were US$258.4 million, representing a 19.1% increase
from US$217.0 million in the same period of the last
fiscal year.
Disease Screening: Net revenues for the
period were US$37.7 million, representing a 54.4% increase
from US$24.4 million in the same period of the last
fiscal year.
Dental Services: Net revenues for the
period were US$9.9 million, representing a 32.7% increase
from US$7.5 million in the same period of the last fiscal
year.
Other Services: Net revenues for the period
were US$21.9 million, representing a 14.7% increase
from US$19.1 million in the same period of the last
fiscal year.
Cost of RevenuesCost of
revenues for the period was US$186.1 million, representing a
24.9% increase from US$149.0 million in the same period
of the last fiscal year.
Gross Profit and Gross
MarginGross profit for the period was US$141.8
million, representing a 19.1% increase from US$119.0
million for the same period of the last fiscal year. Gross
margin for the period was 43.2 %, as compared to 44.4% for the same
period last fiscal year.
Operating ExpensesTotal
operating expenses for the period were US$99.6 million,
representing a 28.2% increase from US$77.7 million for
the same period of the last fiscal year.
Selling and marketing expensesSelling and
marketing expenses for the period were US$51.2 million,
accounting for 15.6% of total net revenues as compared to 14.5% for
the same period of the last fiscal year.
__________(4) iKang adopted ASC 606 by
using modified retrospective method since April 1, 2018. The impact
of applying this ASC is insignificant.
General and administrative expensesGeneral and
administrative expenses for the period were US$46.8 million,
accounting for 14.3% of total net revenues as compared to 14.0% for
the same period of the last fiscal year. Excluding share-based
compensation expenses of US$526,000 for this period
and US$773,000 for the same period last year, the general and
administrative expenses for the quarter was US$46.2 million,
accounting for 14.1% of total net revenue as compared to 13.6% in
the same period of the last fiscal year.
Research and development expensesResearch and
development expenses for the period were US$1.7 million,
accounting for 0.5% of total net revenues as compared to 0.5% for
the same period of the last fiscal year.
Income from OperationsIncome
from operations for the period was US$42.2 million,
representing a 2.0% increase from US$41.3 million for the
same period of the last fiscal year. Excluding share-based
compensation expenses of US$526,000 for this period
and US$773,000 for the same period of the last fiscal year,
non-GAAP income from operations for the period was US$42.7
million as compared to US$42.1 million for the same
period of last fiscal year, which reflected a rise of 1.4%.
Non-GAAP EBITDANon-GAAP EBITDA
for the period was US$64.4 million, representing a 2.7% increase
from US$62.7 million for the same period of the last fiscal
year. Non-GAAP EBITDA margin for the period was 19.6% as
compared to 23.4% for the same period of the last fiscal year.
Net
Income Net income
attributable to the Company for the period was US$22.4
million, representing a 2.9% decrease from US$23.1
million for the same period of the last fiscal year.
Non-GAAP net income for the period
was US$22.9 million, representing a 3.9% decrease
from US$23.8 million for the same period of fiscal
2017. Non-GAAP net income margin for the period was 7.0% as
compared to 8.9% for the same period of the last fiscal year.
Basic and Diluted
Income per ADSBasic and diluted
income per ADS attributable to common shareholders
were US$0.32 and US$0.31, respectively, compared to
basic and diluted income per ADS attributable to common
shareholders of US$0.34 and US$0.33, respectively,
in the first fiscal six months 2017.
Non-GAAP basic and diluted income per ADS
attributable to common shareholders
were US$0.33 and US$0.32, respectively, compared to
basic and diluted income per ADS attributable to common
shareholders of US$0.35 and US$0.34, respectively,
in the first fiscal six months 2017.
Cash and Cash EquivalentsAs of
September 30, 2018, the Company’s cash and cash equivalents and
restricted cash totaled US$38.3 million, as compared to US$46.4
million as of June 30, 2018.
STATEMENT REGARDING UNAUDITED FINANCIAL
INFORMATION
The unaudited financial information set forth
above is subject to adjustments that may be identified when audit
work is performed on the Company’s year-end financial statements,
which could result in significant differences from this unaudited
financial information.
NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial
statements which are presented in accordance with U.S. GAAP, we
also use non-GAAP operating income, non-GAAP net income and
non-GAAP EBITDA as additional non-GAAP financial measures. We
present these non-GAAP financial measures because they are used by
our management to evaluate our operating performance. We also
believe that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
our consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods and to those of our peer companies.
Reconciliation of non-GAAP operating income,
non-GAAP net income and non-GAAP EBITDA to the most directly
comparable financial measures calculated and presented in
accordance with U.S. GAAP is set forth at the end of this
release.
About iKang Healthcare
Group, Inc.iKang Healthcare Group, Inc. is one of the
largest providers in China’s fast-growing private preventive
healthcare space through its nationwide healthcare services
network.
iKang’s nationwide integrated network of
multi-brand self-owned medical centers and third-party facilities,
provides comprehensive and high-quality preventive healthcare
solutions across China, including medical examination, disease
screening, outpatient service and other value-added services.
iKang’s customer base primarily comprises corporate clients, who
contract with iKang to deliver medical examination services to
their employees and clients, and receive these services at
pre-agreed rates. iKang also directly markets its services to
individual customers. In the fiscal six months ended September 30,
2018, iKang served a total of 3.79 million customer visits under
both corporate and individual programs.
As of December 20, 2018, iKang has a nationwide
network of 119 self-owned operating medical centers, covering 35 of
China’s most affluent cities: Beijing, Shanghai, Guangzhou,
Shenzhen, Chongqing, Tianjin, Nanjing, Suzhou, Hangzhou, Chengdu,
Fuzhou, Jiangyin, Changzhou, Wuhan, Changsha, Yantai, Yinchuan,
Weihai, Weifang, Shenyang, Xi’an, Wuhu, Guiyang, Ningbo, Foshan,
Jinan, Bijie, Qingdao, Wuxi, Kaili, Mianyang, Zhenjiang, Guyuan and
Liupanshui, as well as Hong Kong. iKang has also extended its
coverage to over 200 cities by contracting with over 400
third-party facilities, which include select independent medical
examination centers and hospitals across all of China’s provinces,
creating a nationwide network that allows iKang to serve its
customers in markets where it does not operate its own medical
centers.
Forward-looking StatementsThis
press release contains forward-looking statements. These
statements, including management quotes and business outlook, 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,”
"estimate," "project," "predict," "believe," "expect,"
"anticipate," "intend," "potential," "plan," "goal" and similar
statements. iKang may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Such
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These forward-looking statements
include, but are not limited to, statements about: the Company’s
goals and strategies; its future business development, financial
condition and results of operations; its ability to retain and grow
its customer base and network of medical centers; the growth of,
and trends in, the markets for its services in China; the demand
for and market acceptance of its brand and services; competition in
its industry in China; relevant government policies and regulations
relating to the corporate structure, business and industry;
fluctuations in general economic and business conditions in China.
Further information regarding these and other risks is included in
iKang’s filing with the Securities and Exchange Commission. iKang
undertakes no duty to update any forward-looking statement as a
result of new information, future events or otherwise, except as
required under applicable law.
IR Contact:
iKang Healthcare Group, Inc.Christy XieDirector
of Investor RelationsTel: +86 10 5320
8599Email: ir@ikang.comWebsite: www.ikanggroup.com
FleishmanHillardEmail: ikang@fleishman.com
IKANG HEALTHCARE GROUP,
INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
As of |
|
As of |
|
March 31, |
|
September 30, |
|
2018 |
|
2018 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
$ |
62,901 |
|
$ |
38,276 |
Accounts
receivable, net of allowance for doubtful accounts of $23,142 |
|
149,259 |
|
|
219,649 |
and
$24,396 as of March 31, 2018 and September 30, 2018,
respectively |
|
|
|
|
|
Inventories |
|
9,261 |
|
|
9,506 |
Amount
due from related parties |
|
7,019 |
|
|
6,552 |
Prepaid
expenses and other current assets |
|
66,939 |
|
|
79,180 |
|
|
|
|
|
|
Total current
assets |
$ |
295,379 |
|
$ |
353,163 |
|
|
|
|
|
|
Property and equipment,
net |
$ |
173,283 |
|
$ |
161,712 |
Acquired intangible
assets, net |
|
21,993 |
|
|
17,611 |
Goodwill |
|
117,995 |
|
|
108,792 |
Long-term
investments |
|
196,816 |
|
|
180,473 |
Deferred tax
assets-non-current |
|
39,380 |
|
|
48,826 |
Rental deposit and
other non-current assets |
|
20,309 |
|
|
22,976 |
|
|
|
|
|
|
TOTAL ASSETS |
$ |
865,155 |
|
$ |
893,553 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
AND EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable (including accounts payable of the consolidated VIEs |
|
|
|
|
|
without
recourse to iKang Healthcare Group, Inc. of $43,840 |
|
|
|
|
|
and $
49,476 as of March 31, 2018 and September 30, 2018,
respectively) |
$ |
52,800 |
|
$ |
59,219 |
Accrued
expenses and other current liabilities (including accrued
expenses |
|
|
|
|
|
and other
current liabilities of the consolidated VIEs without recourse |
|
|
|
|
|
to iKang
Healthcare Group, Inc. of $60,281 and $64,257, as of March
31, 2018 |
|
|
|
|
|
and
September 30, 2018, respectively) |
|
76,586 |
|
|
79,904 |
Income
tax payable (including income tax payable of the consolidated
VIEs |
|
|
|
|
|
without
recourse to iKang Healthcare Group, Inc. of $13,523 and |
|
|
|
|
|
$21,139
as of March 31, 2018 and September 30, 2018,
respectively) |
|
15,579 |
|
|
24,038 |
Deferred
revenues (including deferred revenues of the consolidated VIEs |
|
|
|
|
|
without
recourse to iKang Healthcare Group, Inc. of $87,388 and |
|
|
|
|
|
$97,023
as of March 31, 2018 and September 30, 2018, respectively) |
|
95,422 |
|
|
103,447 |
Amounts
due to related parties (including amounts due to related parties of
the |
|
|
|
|
|
consolidated VIEs and VIEs’ subsidiaries without recourse to
iKang |
|
|
|
|
|
Healthcare Group, Inc. of $3,480 and $3,668 as of March 31,
2018 |
|
|
|
|
|
and
September 30, 2018, respectively) |
|
3,692 |
|
|
3,819 |
Short
term borrowings (including short term borrowings of the
consolidated VIEs |
|
|
|
|
|
without
recourse to iKang Healthcare Group, Inc. of $196,450 and
$186,824 |
|
|
|
|
|
as of
March 31, 2018 and September 30, 2018, respectively) |
|
196,450 |
|
|
186,824 |
|
|
|
|
|
|
Total current
liabilities |
$ |
440,529 |
|
$ |
457,251 |
|
|
|
|
|
|
IKANG HEALTHCARE GROUP, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS -
continued |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
As of |
|
As of |
|
March 31, |
|
September 30, |
|
2018 |
|
2018 |
|
|
|
|
|
|
Deferred
revenues-non-current |
|
- |
|
|
172 |
Long-term borrowings
(including long term borrowings of the consolidated |
|
|
|
|
|
VIEs and VIEs’
subsidiaries without recourse to iKang Healthcare Group, Inc. |
|
|
|
|
|
of $38,884 and $40,769
as of March 31, 2018 and September 30, 2018,
respectively) |
|
38,884 |
|
|
45,989 |
Deferred tax
liabilities-non-current (including deferred tax liabilities |
|
|
|
|
|
non-current of the consolidated VIEs without recourse to iKang |
|
|
|
|
|
Healthcare Group, Inc. of $4,944 and $3,811 as of March 31, 2018
and |
|
|
|
|
|
September
30, 2018, respectively) |
|
5,917 |
|
|
4,607 |
|
|
|
|
|
|
TOTAL LIABILITIES |
$ |
485,330 |
|
$ |
508,019 |
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
Total
iKang Healthcare Group, Inc. shareholders' equity |
|
355,707 |
|
|
362,101 |
Non-controlling interests |
|
24,118 |
|
|
23,433 |
|
|
|
|
|
|
TOTAL EQUITY |
$ |
379,825 |
|
$ |
385,534 |
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
$ |
865,155 |
|
$ |
893,553 |
IKANG HEALTHCARE GROUP, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
Three-month periods |
Six-month periods |
|
|
ended September 30 |
ended September 30 |
|
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
152,417 |
|
$ |
177,691 |
|
$ |
268,016 |
|
$ |
327,928 |
|
Cost of revenues |
|
|
81,743 |
|
|
95,985 |
|
|
148,979 |
|
|
186,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
70,674 |
|
$ |
81,706 |
|
$ |
119,037 |
|
$ |
141,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing expenses |
|
$ |
19,663 |
|
$ |
26,848 |
|
$ |
38,922 |
|
$ |
51,171 |
|
General
and administrative expenses |
|
|
17,813 |
|
|
25,726 |
|
|
37,302 |
|
|
46,765 |
|
Research
and development expenses |
|
|
760 |
|
|
912 |
|
|
1,466 |
|
|
1,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
$ |
38,236 |
|
$ |
53,486 |
|
$ |
77,690 |
|
$ |
99,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
$ |
32,438 |
|
$ |
28,220 |
|
$ |
41,347 |
|
$ |
42,187 |
|
Interest expense |
|
|
3,166 |
|
|
4,817 |
|
|
6,255 |
|
|
9,577 |
|
Interest income |
|
|
96 |
|
|
71 |
|
|
241 |
|
|
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expenses and loss from |
|
|
|
|
|
|
|
|
|
|
|
|
|
equity
method investments |
|
$ |
29,368 |
|
$ |
23,474 |
|
$ |
35,333 |
|
$ |
32,764 |
|
Income tax
expenses |
|
|
7,372 |
|
|
5,952 |
|
|
8,922 |
|
|
8,285 |
|
Loss from equity method
investments |
|
|
(1,555 |
) |
|
(969 |
) |
|
(2,425 |
) |
|
(1,609 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
20,441 |
|
$ |
16,553 |
|
$ |
23,986 |
|
$ |
22,870 |
|
Less: Net income
attributable to non-controlling interest |
|
|
963 |
|
|
433 |
|
|
932 |
|
|
493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to iKang Healthcare Group, Inc. |
|
$ |
19,478 |
|
$ |
16,120 |
|
$ |
23,054 |
|
$ |
22,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
of iKang
Healthcare Group, Inc. |
|
$ |
19,478 |
|
$ |
16,120 |
|
$ |
23,054 |
|
$ |
22,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
of iKang
Healthcare Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.57 |
|
$ |
0.46 |
|
$ |
0.67 |
|
$ |
0.64 |
|
Diluted |
|
$ |
0.56 |
|
$ |
0.45 |
|
$ |
0.67 |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per ADS (one
common share equals to two ADSs) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.28 |
|
$ |
0.23 |
|
$ |
0.34 |
|
$ |
0.32 |
|
Diluted |
|
$ |
0.28 |
|
$ |
0.22 |
|
$ |
0.33 |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
used in calculating net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
34,254,031 |
|
|
35,113,172 |
|
|
34,242,528 |
|
|
34,809,743 |
|
Diluted |
|
|
34,654,980 |
|
|
36,049,669 |
|
|
34,643,077 |
|
|
35,742,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IKANG HEALTHCARE GROUP, INC. |
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS |
(In thousands of US dollars, except share data
and per share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month periods |
|
Six-month periods |
|
|
ended September 30 |
|
ended September 30 |
|
|
|
2017 |
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
$ |
32,438 |
|
$ |
28,220 |
|
$ |
41,347 |
|
$ |
42,187 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
|
|
389 |
|
|
234 |
|
|
773 |
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
$ |
32,827 |
|
$ |
28,454 |
|
$ |
42,120 |
|
$ |
42,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to iKang Healthcare Group, Inc. |
|
$ |
19,478 |
|
$ |
16,120 |
|
$ |
23,054 |
|
$ |
22,377 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expenses |
|
|
389 |
|
|
234 |
|
|
773 |
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
$ |
19,867 |
|
$ |
16,354 |
|
$ |
23,827 |
|
$ |
22,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
$ |
32,438 |
|
$ |
28,220 |
|
$ |
41,347 |
|
$ |
42,187 |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,372 |
|
|
10,349 |
|
|
20,580 |
|
|
21,674 |
Share-based compensation expenses |
|
|
389 |
|
|
234 |
|
|
773 |
|
|
526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP EBITDA |
|
$ |
43,199 |
|
$ |
38,803 |
|
$ |
62,700 |
|
$ |
64,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
of iKang
Healthcare Group, Inc. |
|
$ |
19,867 |
|
$ |
16,354 |
|
$ |
23,827 |
|
$ |
22,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
of iKang
Healthcare Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.58 |
|
$ |
0.47 |
|
$ |
0.70 |
|
$ |
0.66 |
Diluted |
|
$ |
0.57 |
|
$ |
0.45 |
|
$ |
0.69 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
ADS (one common share equals to two ADSs) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.29 |
|
$ |
0.23 |
|
$ |
0.35 |
|
$ |
0.33 |
Diluted |
|
$ |
0.29 |
|
$ |
0.23 |
|
$ |
0.34 |
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
IKANG HEALTHCARE GROUP, INC. (NASDAQ:KANG)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
IKANG HEALTHCARE GROUP, INC. (NASDAQ:KANG)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024