UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2024
Commission File Number: 001-37790
51TALK ONLINE EDUCATION GROUP
24 Raffles Place #17-04 Clifford Centre,
Singapore 048621
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
51TALK ONLINE
EDUCATION GROUP |
| |
|
|
|
| |
By |
: |
/s/
Cindy Chun Tang |
| |
Name |
: |
Cindy
Chun Tang |
| |
Title |
: |
Chief
Financial Officer |
Date: March 22, 2024
Exhibit 99.1
51Talk
Online Education Group Announces the Results for the Fourth Quarter and Full Year 2023
SINGAPORE,
March 22, 2024 -- 51Talk Online Education Group (“51Talk” or the “Company”) (NYSE American: COE),
a global online education platform with core expertise in English education, announced its unaudited results for the fourth quarter and
full year ended December 31, 2023.
Full Year
2023 Financial and Operating Highlights
| · | Gross billings1 for 2023 were US$39.9 million, a 38.4% growth from 2022. |
| · | Net revenues were US$27.3 million for 2023, an 81.4% increase from US$15.0 million for 2022. |
| · | The number of active students with attended lesson consumption was approximately 50,800 in 2023, representing
a 93.9% increase from 26,200 in 2022. |
Fourth
Quarter 2023 Financial and Operating Highlights
| · | Gross billings for the fourth quarter of 2023 were US$11.1 million, a 46.8% growth from the fourth quarter
of 2022. |
| · | Net revenues were US$7.7 million for the fourth quarter of 2023, a 51.6% increase from US$5.1 million
for the fourth quarter of 2022. |
| · | The number of active students with attended lesson consumption was approximately 40,500 in the fourth
quarter of 2023, representing a 77.6% increase from approximately 22,800 for the fourth quarter of 2022. |
| | |
For the three months ended | | |
For the year ended | |
| | |
Jun. 30, | | |
Sept. 30, | | |
Dec. 31, | | |
Dec. 31, | |
| Key Financial and Operating Data | |
2023 | | |
2023 | | |
2023 | | |
2023 | |
| Net Revenues (in US$ millions) | |
| 6.3 | | |
| 7.8 | | |
| 7.7 | | |
| 27.3 | |
| Gross Margin | |
| 78.4 | % | |
| 76.3 | % | |
| 75.6 | % | |
| 76.8 | % |
| Gross Billings (in US$ millions) | |
| 9.8 | | |
| 10.9 | | |
| 11.1 | | |
| 39.9 | |
| | |
| | | |
| | | |
| | | |
| | |
| Active students with attended lesson consumption2 (in thousands) | |
| 29.7 | | |
| 36.0 | | |
| 40.5 | | |
| 50.8 | |
1 Gross billings for a given period, which is one of the
Company’s key operating data, is defined as the total amount of cash received and receivable from third party payment platforms
for the sale of course packages and services in such period, net of the total amount of refunds in such period. The gross billings data
included herein was from the Company’s business system and converted with quarterly corresponding exchange rate, which may lead
to differences with bank records.
2 An “active student with attended lesson consumption”
for a given period refers to a student who attended at least one paid lesson, excluding those students who only attended paid live broadcasting
lessons or trial lessons.
“While FY2023 represents
the sophomore year of our global expansion, it is the first full year where we entirely dedicated ourselves to bring our global business
on a solid footing to penetrate selected markets. Financially, FY2023 is the first year of four full quarters of 100% revenues derived
from international markets. FY2023 marks a landmark year for us since we have proven that our business model can be successfully applied
in different geographies across different continents. By now, we are fully equipped to execute our vision of empowering each child to
be able to speak to the world, one student at a time”, said Mr. Jack Jiajia Huang, Founder, Chairman and Chief Executive Officer
of 51Talk.
“During FY2023, we had
just over 50 thousand active students with attended lesson consumption and gross billings of US$40 million, a long way from two years
ago where we had booked less than one million US dollars. Looking ahead to 2024, we will continue to intensify our localization efforts
in selected markets where we see large growth potential and benefit from an early-mover advantage.
In terms of technology, our broad-based
efforts to deploy AI enabled tools to elevate the effectiveness of our human teachers is starting to bear fruits. Our teachers and learning
consultants obtain more comprehensive and accurate quantitative student assessments to customize students’ learning path. In addition
we equip teachers with tools to engage with students more effectively and provide an elevated learning experience. As a consequence, our
students will obtain more personalized exercises, be exposed to more immersive interactions and benefit from more accurate assessments.”
Mr. Huang concluded.
Fourth
Quarter 2023 Financial Results
Net Revenues and Gross Margin
Net
revenues for the fourth quarter of 2023 were US$7.7 million, a 51.6% increase from US$5.1 million for the same quarter last year.
The number of active students with attended lesson consumption was approximately 40,500 in the fourth quarter of 2023, a 77.6% increase
from approximately 22,800 for the same quarter last year.
Cost
of revenues for the fourth quarter of 2023 was US$1.9 million, a 75.9% increase from US$1.1 million for the same quarter last year.
The increase was primarily due to the increase in total service fees paid to teachers, mainly resulting from an increased number of paid
lessons.
Gross
profit for the fourth quarter of 2023 was US$5.8 million, a 45.2% increase from US$4.0 million for the same quarter last year.
Gross
margin for the fourth quarter of 2023 was 75.6%, compared with 79.0% for the same quarter last year.
Operating Expenses
Total
operating expenses for the fourth quarter of 2023 were US$10.4 million, a 68.4% increase from US$6.2 million for the same quarter
last year. The increase was mainly due to the increase in sales and marketing expenses.
Sales
and marketing expenses for the fourth quarter of 2023 were US$7.7 million, a 91.9% increase from US$3.99 million for the same quarter
last year. The increase was mainly due to higher sales personnel costs related to increases in the number of sales and marketing personnel.
Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for the fourth quarter of 2023 were US$7.6 million,
a 92.5% increase from US$3.96 million for the same quarter last year.
Product
development expenses for the fourth quarter of 2023 were US$0.9 million, a 98.6% increase from US$0.44 million for the same quarter
last year. The increase was mainly due to the higher product development personnel costs related to increases in the number of product
development personnel. Excluding share-based compensation expenses, non-GAAP product development expenses for the fourth quarter of 2023
were US$0.8 million, a 110.0% increase from US$0.39 million for the same quarter last year.
General
and administrative expenses for the fourth quarter of 2023 were US$1.9 million, a 7.2% increase from US$1.74 million for the same
quarter last year. Excluding share-based compensation expenses, non-GAAP general and administrative expenses for the fourth quarter of
2023 were US$1.7 million, a 0.6% decrease from US$1.71 million for the same quarter last year.
Loss from Operations
Operating
loss for the fourth quarter of 2023 was US$4.6 million, compared with operating loss of US$2.2 million for the same quarter last
year.
Non-GAAP
operating loss for the fourth quarter of 2023 was US$4.3 million, compared with non-GAAP operating loss of US$2.1 million for the
same quarter last year.
Net Loss
Net
loss for the fourth quarter of 2023 was US$4.7 million, compared with net loss of US$2.0 million for the same quarter last year.
Excluding
share-based compensation expenses of US$0.3 million, non-GAAP net loss for the fourth quarter of 2023 was US$4.4 million, compared with
non-GAAP net loss of US$1.9 million for the same quarter last year.
Basic
and diluted net loss per share attributable to ordinary shareholders for the fourth quarter of 2023 was US$0.01, compared with
basic and diluted net loss per share of US$0.01 for the same quarter last year.
Excluding
share-based compensation expenses of US$0.3 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders
for the fourth quarter of 2023 was US$0.01, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders
of US$0.01 for the same quarter last year.
Basic
and diluted net loss per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of
2023 was US$0.81, compared with basic and diluted net loss per ADS of US$0.36 for the same quarter last year. Each ADS represents
60 Class A ordinary shares.
Excluding
share-based compensation expenses of US$0.3 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders
for the fourth quarter of 2023 was US$0.76, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders
of US$0.34 for the same quarter last year.
Balance Sheet
As
of December 31, 2023, the Company had total cash, cash equivalents, time deposits of US$23.4 million, compared with US$23.1
million as of December 31, 2022.
The
Company had advances from students3 of US$27.4 million as of December 31, 2023, compared with US$15.2 million
as of December 31, 2022.
Full Year
2023 Financial Results
Net Revenues and Gross margin
Net
revenues for 2023 were US$27.3 million, an 81.4% increase from US$15.0 million for 2022. The number of active students with attended
lesson consumption was approximately 50,800 for 2023, a 93.9% increase from approximately 26,200 for the last year.
Cost
of revenues for 2023 was US$6.3 million, a 97.9% increase from US$3.2 million for 2022. The increase was primarily due to the increase
in total service fees paid to teachers, mainly resulting from an increased number of paid lessons.
Gross
profit for 2023 was US$21.0 million, a 77.0% increase from US$11.9 million for 2022.
Gross
margin for 2023 was 76.8%, compared with 78.8% for 2022.
Operating Expenses
Total
operating expenses for 2023 were US$34.9 million, a 44.2% increase from US$24.2 million for 2022. The increase was mainly due to
the increase in sales and marketing expenses.
Sales
and marketing expenses for 2023 were US$24.1 million, an 81.5% increase from US$13.28 million for 2022. The increase was mainly
due to higher sales personnel costs related to the increase in the number of sales and marketing personnel and the increased investment
in marketing. Excluding share-based compensation expenses, non-GAAP sales and marketing expenses for 2023 were US$24.0 million, an 80.6%
increase from US$13.26 million for 2022.
3 “Advances from students” is defined as the
amount of obligation to transfer goods or service to students or business partners for which consideration has been received from students
in advance. The deposits from students are also presented in the total amount of “advances from students.”
Product
development expenses for 2023 were US$3.1 million, a 7.8% increase from US$2.9 million for 2022. The increase was mainly due to
the higher personal cost and welfare. Excluding share-based compensation expenses, non-GAAP product development expenses for 2023 were
US$2.9 million, a 7.1% increase from US$2.7 million for 2022.
General
and administrative expenses for 2023 were US$7.7 million, a 4.2% decrease from US$8.1 million for 2022. The decrease was primarily
due to the reduction of consulting and audit fees. Excluding share-based compensation expenses, non-GAAP general and administrative expenses
for 2023 were US$7.1 million, a 5.0% decrease from US$7.5 million for 2022.
Loss from Operations
Operating
loss for 2023 was US$13.9 million, compared with operating loss of US$12.4 million for 2022.
Excluding
share-based compensation expenses of US$0.9 million, non-GAAP operating loss for 2023 was US$13.0 million, compared with non-GAAP
operating loss of US$11.6 million for 2022.
Net Loss
Net
loss for 2023 was US$14.0 million, compared with net loss of US$42.5 million (including net loss from continuing operations4
of US$12.8 million and net loss from discontinued operations5
of US$29.7 million) for 2022.
Excluding share-based compensation expenses of
US$0.9 million, non-GAAP net loss for 2023 was US$13.1 million, compared with non-GAAP net loss of US$41.8 million (including non-GAAP
net loss from continuing operations of US$12.1 million and non-GAAP net loss from discontinued operations of US$29.7 million) for 2022.
Basic
and diluted net loss per share attributable to ordinary shareholders for 2023 was US$0.04, compared with basic and diluted net
loss per share of US$0.13 for 2022.
Excluding
share-based compensation expenses of US$0.9 million, non-GAAP basic and diluted net loss per share attributable to ordinary shareholders
for 2023 was US$0.04, compared with non-GAAP basic and diluted net loss per share attributable to ordinary shareholders of US$0.12 for
2022.
Basic
and diluted net loss per American depositary share attributable to ordinary shareholders for 2023 was US$2.46, compared with basic and
diluted net loss per ADS of US$7.61 for 2022. Each ADS represents 60 Class A ordinary shares.
Excluding
share-based compensation expenses of US$0.9 million, non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders
for 2023 was US$2.30, compared with non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders of US$7.48 for 2022.
4 “Continuing operations” refers to the Company’s
remaining international business after the divestiture of its China mainland business.
5 “Discontinued operations” refers to the Company’s
China mainland business, which has been disposed on June 30th, 2022.
Outlook
For the first quarter
of 2024, the Company currently expects net gross billings to be between US$11.5 million and US$12.0 million, which would represent a sequential
growth of 3.6% to 8.1% and an increase of approximately 43.8% to 50.0% from the same quarter last year.
The above outlook is
based on current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions
and customer demand, which are all subject to change.
Conference Call
The Company’s
management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 22, 2024 (8:00 PM Singapore/Hong Kong
time on March 22, 2024).
Dial-in details for the earnings conference call are as follows:
| United States (toll free): |
1-888-346-8982 |
| International: |
1-412-902-4272 |
| Singapore (toll free): |
800-120-6157 |
| Mainland China (toll free): |
4001-201203 |
| Hong Kong (toll free): |
800-905945 |
| Hong Kong (local toll): |
852-301-84992 |
Participants should dial-in at least 5 minutes before the scheduled
start time and ask to be connected to the call for “51Talk Online Education Group.”
Additionally,
a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.51talk.com.
A replay of the conference call will be accessible until March 29,
2024, by dialing the following telephone numbers:
| United States (toll free): |
1-877-344-7529 |
| International: |
1-412-317-0088 |
| Replay Access Code: |
5998929 |
About 51Talk Online Education Group
51Talk
Online Education Group (NYSE American: COE) is a global online education platform with core expertise in English education. The Company’s
mission is to make quality education accessible and affordable. The Company’s online and mobile education platforms enable students
to take live interactive English lessons, on demand. The Company connects its students with a large pool of highly qualified teachers
that it assembled using a shared economy approach, and employs student and teacher feedback and data analytics to deliver a personalized
learning experience to its students.
Use of Non-GAAP Financial Measures
In
evaluating its business, 51Talk considers and uses the following measures defined as non-GAAP financial measures by the SEC as
supplemental metrics to review and assess its operating performance: non-GAAP sales and marketing expenses, non-GAAP product development
expenses, non-GAAP general and administrative expenses, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss),
non-GAAP net income/(loss) attributable to ordinary shareholders, and non-GAAP net income/(loss) attributable to ordinary shareholders
per share and per ADS. To present each of these non-GAAP measures, the Company excludes share-based compensation expenses. The presentation
of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared
and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations
of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this press release.
51Talk
believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding share-based
compensation expenses that may not be indicative of its operating performance from a cash perspective. 51Talk believes that both management
and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods.
These non-GAAP financial measures also facilitate management’s internal comparisons to 51Talk’s historical performance. 51Talk
computes its non-GAAP financial measures using the same consistent method from quarter to quarter and from period to period. 51Talk believes
these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information
used by management in its financial and operational decision-making. A limitation of using non-GAAP measures is that these non-GAAP measures
exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense
in the 51Talk’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts
excluded from each non-GAAP measure. The accompanying table at the end of this press release provides more details on the reconciliations
between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking”
statements pursuant to 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”, “expects”, “anticipates”, “aims”,
“future”, “intends”, “plans”, “believes”, “estimates”, “likely to”
and similar statements. Among other things, 51Talk’s quotations from management in this announcement, as well as 51Talk’s
strategic and operational plans, contain forward-looking statements. 51Talk may also make written or oral forward-looking statements in
its periodic reports to the Securities and Exchange Commission (“SEC”), 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. Statements that are
not historical facts, including statements about 51Talk’s beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained
in any forward-looking statement, including but not limited to the following: 51Talk’s goals and strategies; 51Talk’s expectations
regarding demand for and market acceptance of its brand and platform; 51Talk’s ability to retain and increase its student enrollment;
51Talk’s ability to offer new courses; 51Talk’s ability to engage, train and retain new teachers; 51Talk’s future business
development, results of operations and financial condition; 51Talk’s ability to maintain and improve infrastructure necessary to
operate its education platform; competition in the online education industry in its international markets; the expected growth of, and
trends in, the markets for 51Talk’s course offerings in its international markets; relevant government policies and regulations
relating to 51Talk’s corporate structure, business and industry; general economic and business condition in the Philippines, its
international markets and elsewhere; and assumptions underlying or related to any of the foregoing. Further information regarding these
and other risks is included in 51Talk’s filings with the SEC. All information provided in this press release is as of the date of
this press release, and 51Talk does not undertake any obligation to update any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
51Talk Online Education Group
Investor Relations
Mr. David Chung
davidchung@51talk.com
Ms. Jinling Wang
wangjinling@51talk.com
51TALK
ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In
thousands)
| | |
As of | |
| | |
Dec. 31, | | |
Dec. 31, | |
| | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | |
| ASSETS | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 18,186 | | |
| 12,625 | |
| Time deposits | |
| 4,872 | | |
| 10,764 | |
| Prepaid expenses and other current assets | |
| 3,509 | | |
| 6,245 | |
| Total current assets | |
| 26,567 | | |
| 29,634 | |
| | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Property and equipment, net | |
| 25 | | |
| 138 | |
| Intangible assets, net | |
| 104 | | |
| 92 | |
| Right-of-use assets | |
| 769 | | |
| 723 | |
| Deferred tax assets | |
| - | | |
| 72 | |
| Other non-current assets | |
| 169 | | |
| 348 | |
| Total non-current assets | |
| 1,067 | | |
| 1,373 | |
| | |
| | | |
| | |
| Total assets | |
| 27,634 | | |
| 31,007 | |
| | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Advances from students | |
| 15,167 | | |
| 27,432 | |
| Accrued expenses and other current liabilities | |
| 4,341 | | |
| 5,026 | |
| Amounts due to related parties | |
| 389 | | |
| 4,550 | |
| Lease liability | |
| 427 | | |
| 590 | |
| Taxes payable | |
| 186 | | |
| 301 | |
| Total current liabilities | |
| 20,510 | | |
| 37,899 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Lease liability | |
| 307 | | |
| 41 | |
| Other non-current liabilities | |
| 156 | | |
| 176 | |
| Deferred tax liabilities | |
| 84 | | |
| - | |
| Total non-current liabilities | |
| 547 | | |
| 217 | |
| | |
| | | |
| | |
| Total liabilities | |
| 21,057 | | |
| 38,116 | |
| | |
| | | |
| | |
| Total shareholders’ equity/(deficit) | |
| 6,577 | | |
| (7,109 | ) |
| | |
| | | |
| | |
| Total liabilities and shareholders’ equity/(deficit) | |
| 27,634 | | |
| 31,007 | |
51TALK ONLINE EDUCATION GROUP
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the twelve months ended | |
| | |
Dec 31, | | |
Sep. 30, | | |
Dec 31, | | |
Dec 31, | | |
Dec 31, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues | |
| 5,051 | | |
| 7,828 | | |
| 7,659 | | |
| 15,048 | | |
| 27,299 | |
| Cost of revenues | |
| (1,062 | ) | |
| (1,858 | ) | |
| (1,868 | ) | |
| (3,194 | ) | |
| (6,322 | ) |
| Gross profit | |
| 3,989 | | |
| 5,970 | | |
| 5,791 | | |
| 11,854 | | |
| 20,977 | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (3,985 | ) | |
| (6,905 | ) | |
| (7,646 | ) | |
| (13,279 | ) | |
| (24,101 | ) |
| Product development expenses | |
| (435 | ) | |
| (868 | ) | |
| (864 | ) | |
| (2,865 | ) | |
| (3,088 | ) |
| General and administrative expenses | |
| (1,742 | ) | |
| (2,048 | ) | |
| (1,867 | ) | |
| (8,068 | ) | |
| (7,727 | ) |
| Total operating expenses | |
| (6,162 | ) | |
| (9,821 | ) | |
| (10,377 | ) | |
| (24,212 | ) | |
| (34,916 | ) |
| Loss from operations | |
| (2,173 | ) | |
| (3,851 | ) | |
| (4,586 | ) | |
| (12,358 | ) | |
| (13,939 | ) |
| Interest income | |
| 24 | | |
| 29 | | |
| 67 | | |
| 27 | | |
| 165 | |
| Other expenses, net | |
| 147 | | |
| (43 | ) | |
| (105 | ) | |
| (453 | ) | |
| (268 | ) |
| Loss before income tax expenses and discontinued operations | |
| (2,002 | ) | |
| (3,865 | ) | |
| (4,624 | ) | |
| (12,784 | ) | |
| (14,042 | ) |
| Income tax (expenses)/benefit | |
| - | | |
| 1 | | |
| 12 | | |
| (60 | ) | |
| 65 | |
| Loss from continuing operations, net of income tax | |
| (2,002 | ) | |
| (3,864 | ) | |
| (4,612 | ) | |
| (12,844 | ) | |
| (13,977 | ) |
| Loss from discontinued operations, net of income tax | |
| - | | |
| - | | |
| - | | |
| (29,712 | ) | |
| - | |
| Net loss, all attributable to the Company’s ordinary shareholders | |
| (2,002 | ) | |
| (3,864 | ) | |
| (4,612 | ) | |
| (42,556 | ) | |
| (13,977 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing basic and diluted loss per share | |
| 337,549,708 | | |
| 341,725,689 | | |
| 342,841,445 | | |
| 335,640,275 | | |
| 341,070,214 | |
51TALK ONLINE EDUCATION GROUP
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the twelve months ended | |
| | |
Dec 31, | | |
Sep. 30, | | |
Dec 31, | | |
Dec 31, | | |
Dec 31, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net loss per share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.13 | ) | |
| (0.04 | ) |
| Net loss per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.36 | ) | |
| (0.68 | ) | |
| (0.81 | ) | |
| (7.61 | ) | |
| (2.46 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expenses are included in the operating expenses as follows: | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (30 | ) | |
| (33 | ) | |
| (31 | ) | |
| (17 | ) | |
| (149 | ) |
| Product development expenses | |
| (45 | ) | |
| (44 | ) | |
| (45 | ) | |
| (149 | ) | |
| (179 | ) |
| General and administrative expenses | |
| (34 | ) | |
| (166 | ) | |
| (170 | ) | |
| (546 | ) | |
| (582 | ) |
51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the twelve months ended | |
| | |
Dec 31, | | |
Sep. 30, | | |
Dec 31, | | |
Dec 31, | | |
Dec 31, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Sales and marketing expenses | |
| (3,985 | ) | |
| (6,905 | ) | |
| (7,646 | ) | |
| (13,279 | ) | |
| (24,101 | ) |
| Less: Share-based compensation expenses | |
| (30 | ) | |
| (33 | ) | |
| (31 | ) | |
| (17 | ) | |
| (149 | ) |
| Non-GAAP sales and marketing expenses | |
| (3,955 | ) | |
| (6,872 | ) | |
| (7,615 | ) | |
| (13,262 | ) | |
| (23,952 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Product development expenses | |
| (435 | ) | |
| (868 | ) | |
| (864 | ) | |
| (2,865 | ) | |
| (3,088 | ) |
| Less: Share-based compensation expenses | |
| (45 | ) | |
| (44 | ) | |
| (45 | ) | |
| (149 | ) | |
| (179 | ) |
| Non-GAAP product development expenses | |
| (390 | ) | |
| (824 | ) | |
| (819 | ) | |
| (2,716 | ) | |
| (2,909 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (1,742 | ) | |
| (2,048 | ) | |
| (1,867 | ) | |
| (8,068 | ) | |
| (7,727 | ) |
| Less: Share-based compensation expenses | |
| (34 | ) | |
| (166 | ) | |
| (170 | ) | |
| (546 | ) | |
| (582 | ) |
| Non-GAAP general and administrative expenses | |
| (1,708 | ) | |
| (1,882 | ) | |
| (1,697 | ) | |
| (7,522 | ) | |
| (7,145 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| (6,162 | ) | |
| (9,821 | ) | |
| (10,377 | ) | |
| (24,212 | ) | |
| (34,916 | ) |
| Less: Share-based compensation expenses | |
| (109 | ) | |
| (243 | ) | |
| (246 | ) | |
| (712 | ) | |
| (910 | ) |
| Non-GAAP operating expenses | |
| (6,053 | ) | |
| (9,578 | ) | |
| (10,131 | ) | |
| (23,500 | ) | |
| (34,006 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss from operations | |
| (2,173 | ) | |
| (3,851 | ) | |
| (4,586 | ) | |
| (12,358 | ) | |
| (13,939 | ) |
| Less: Share-based compensation expenses | |
| (109 | ) | |
| (243 | ) | |
| (246 | ) | |
| (712 | ) | |
| (910 | ) |
| Non-GAAP loss from operations | |
| (2,064 | ) | |
| (3,608 | ) | |
| (4,340 | ) | |
| (11,646 | ) | |
| (13,029 | ) |
51TALK ONLINE EDUCATION GROUP
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(In thousands except for number of shares and per share data)
| | |
For the three months ended | | |
For the twelve months ended | |
| | |
Dec 31, | | |
Sep. 30, | | |
Dec 31, | | |
Dec 31, | | |
Dec 31, | |
| | |
2022 | | |
2023 | | |
2023 | | |
2022 | | |
2023 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Income tax (expenses)/benefit | |
| - | | |
| 1 | | |
| 12 | | |
| (60 | ) | |
| 65 | |
| Less: Tax impact of Share-based compensation expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Non-GAAP income tax (expenses)/benefit | |
| - | | |
| 1 | | |
| 12 | | |
| (60 | ) | |
| 65 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss from continuing operations, net of income tax | |
| (2,002 | ) | |
| (3,864 | ) | |
| (4,612 | ) | |
| (12,844 | ) | |
| (13,977 | ) |
| Less: Share-based compensation expenses | |
| (109 | ) | |
| (243 | ) | |
| (246 | ) | |
| (712 | ) | |
| (910 | ) |
| Non-GAAP loss from continuing operations, net of income tax | |
| (1,893 | ) | |
| (3,621 | ) | |
| (4,366 | ) | |
| (12, 132) | | |
| (13,067 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss from discontinued operations, net of income tax | |
| - | | |
| - | | |
| - | | |
| (29,712 | ) | |
| - | |
| Less: Share-based compensation expenses | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Non-GAAP loss from discontinued operations, net of income tax | |
| - | | |
| - | | |
| - | | |
| (29,712 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss, all attributable to the Company’s ordinary shareholders | |
| (2,002 | ) | |
| (3,864 | ) | |
| (4,612 | ) | |
| (42,556 | ) | |
| (13,977 | ) |
| Less: Share-based compensation expenses | |
| (109 | ) | |
| (243 | ) | |
| (246 | ) | |
| (712 | ) | |
| (910 | ) |
| Non-GAAP net loss, all attributable to the Company’s ordinary shareholders | |
| (1,893 | ) | |
| (3,621 | ) | |
| (4,366 | ) | |
| (41,844 | ) | |
| (13,067 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing basic and diluted loss per share | |
| 337,549,708 | | |
| 341,725,689 | | |
| 342,841,445 | | |
| 335,640,275 | | |
| 341,070,214 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP net loss per share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and Diluted | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.01 | ) | |
| (0.12 | ) | |
| (0.04 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP net loss per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic and Diluted | |
| (0.34 | ) | |
| (0.64 | ) | |
| (0.76 | ) | |
| (7.48 | ) | |
| (2.30 | ) |
51Talk Online Education (NYSE:COE)
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51Talk Online Education (NYSE:COE)
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