BEIJING, May 20, 2019 /PRNewswire/ -- Puxin Limited (NYSE:
NEW) ("Puxin" or the "Company"), a successful consolidator of the
after-school education industry in China, today announced its unaudited financial
results for the first quarter ended March
31, 2019.
First Quarter 2019 Financial and Operational
Highlights
- Net revenues were RMB615.7
million (US$91.7 million), an
increase of 24.2% from RMB495.7
million in the first quarter of 2018.
- Operating loss was RMB136.5
million (US$20.3 million), a
decrease of 58.1% from RMB325.8
million in the first quarter of 2018.
- Adjusted operating loss[1] was
RMB41.8 million (US$6.2 million), an increase of 3.6% from
RMB40.4 million in the first quarter
of 2018.
- Net loss attributable to Puxin Limited was RMB248.8 million (US$37.1
million), a decrease of 29.9% from RMB355.0 million in the first quarter of
2018.
- Adjusted net loss attributable to Puxin
Limited[2] was RMB73.8
million (US$11.0 million), an
increase of 63.8% from RMB45.0
million in the first quarter of 2018.
- Adjusted EBITDA[3]
was RMB(16.9) million (US$(2.5) million), a decrease of 10.8% from
RMB(19.0) million in the first
quarter of 2018.
- Cash and cash equivalents were RMB666.6
million (US$99.3 million),
compared with RMB778.0 million as of
December 31, 2018.
- Student enrollments increased by 54.1% to 402,061 from 260,973
in the first quarter of 2018.
Mr. Yunlong Sha, Chairman and
Chief Executive Officer of Puxin, commented, "We started off the
year strongly with net revenues growing 24.2% year-over-year to
RMB615.7 million, significantly
exceeding the high-end of our guidance, while our net loss
attributable to Puxin Limited narrowed by 29.9% from the same
period last year. In particular, revenues from K-12 education rose
38% year-over-year, mainly driven by our efforts to strengthen
organic growth in student enrollment. Gross profit for the quarter
increased by 26% year-over-year while our gross margin expanded
above 45%. Although we slowed the pace of acquisitions late last
year in response to changes in the regulatory environment, student
enrollments during the quarter increased by 54.1%, while our
retention rate reached 81.3%, which we believe demonstrates the
solid integration of schools that we have acquired over the past
few years. We have worked diligently to implement a structured
management approach, and improve and standardize both the teaching
quality and materials in all of the new classrooms that we acquire.
It also highlights the enormous organic growth potential of our
existing schools, our strong operational capabilities, and the
increasing trust parents have in our educational services. With our
unique 'acquisition plus integration' model, in addition to the
launch of our online education business in the fourth quarter of
last year, we are looking forward to further exploring an
Online-Merge-Offline, or "OMO", model in the education market in
China.
Financial Results for the First Quarter of 2019
Net Revenues
Net revenues increased by 24.2% to RMB615.7 million (US$91.7
million) from RMB495.7 million
in the first quarter of 2018. This increase was primarily driven by
increases in student enrollments. Student enrollments increased by
54.1% to 402,061 from 260,973 in the same period of 2018.
Cost of Revenues
Cost of revenues increased by 22.7% to RMB335.6 million (US$50.0
million) from RMB273.5 million
in the same period of 2018, primarily due to an increase in teacher
compensation. Cost of revenues, excluding share-based compensation
expenses, increased by 22.6% to RMB334.2
million (US$49.8 million) from
RMB272.5 million in the first quarter
of 2018.
Gross Profit and Gross Margin
Gross profit was RMB280.1 million
(US$41.7 million), an increase of
26.0% from RMB222.3 million in the
same period of 2018. Gross margin was 45.5%, compared with 44.8%
for the same period in 2018.
Operating Expenses
Total operating expenses decreased by 24.0% to RMB416.6 million (US$62.1
million) from RMB548.0 million
in the first quarter of 2018.
Selling expenses increased by 35.2% to RMB222.6 million (US$33.2
million) from RMB164.6 million
in the first quarter of 2018. Selling and marketing expenses,
excluding share-based compensation expenses, increased by 32.7% to
RMB215.5 million (US$32.1 million) from RMB162.4 million in the first quarter of 2018.
The increases were primarily due to increases in selling and
marketing staff compensation.
General and administrative expenses decreased by 49.4% to
RMB194.0 million (US$28.9 million) from RMB383.4 million during the same period of 2018.
The decrease was primarily due to a decrease in share-based
compensation expenses. General and administrative expenses,
excluding share-based compensation expenses, increased by 6.5% to
RMB107.8 million (US$16.1 million) from RMB101.2 million in the first quarter of
2018.
Total share-based compensation expenses allocated to related
operating costs and expenses decreased by 66.8% to RMB94.7 million (US$14.1
million) from RMB285.4 million
in the same period of 2018. The decrease was primarily due to less
new grants of options to employees in the first quarter of
2019.
Operating Loss and Operating Margin
Operating loss decreased by 58.1% to RMB136.5 million (US$20.3
million) from RMB325.8 million
in the first quarter of 2018.
Operating margin was (22.2)% in the first quarter of 2019,
compared with (65.7)% for the same period in 2018.
Adjusted operating loss was RMB41.8
million (US$6.2 million),
compared with RMB40.4 million in the
first quarter of 2018.
Adjusted operating margin was (6.8)%, compared with (8.1)% in
the same period of the prior year.
Net Loss
Net loss attributable to Puxin Limited decreased by 29.9% to
RMB248.8 million (US$37.1 million) from RMB355.0 million during the first quarter of
2018. Basic and diluted net loss per ADS attributable to Puxin
Limited were RMB3.02 (US$0.44), compared with RMB6.10 during the same period of 2018.
Adjusted net loss attributable to Puxin Limited was RMB73.8 million (US$11.0
million), compared with RMB45.0
million during the same period of 2018. Adjusted basic and
diluted net loss per ADS attributable to Puxin
Limited[4] were
RMB0.90 (US$0.13), compared with RMB0.78 during the same period of 2018.
EBITDA
EBITDA decreased by 41.7% to RMB(191.9)
million (US$(28.6) million)
from RMB(328.9) million in the first
quarter of 2018.
EBITDA margin was (31.2)% in the first quarter of 2019, compared
with (66.4)% for the same period in 2018.
Adjusted EBITDA was RMB(16.9)
million (US$(2.5) million),
compared with RMB(19.0) million in
the first quarter of 2018.
Adjusted EBITDA margin was (2.7)%, compared with (3.8)% in the
same period of the prior year.
Cash and cash equivalents
As of March 31, 2019, the Company
had total cash and cash equivalents of RMB666.6 million (US$99.3 million), compared with RMB778.0 million as of December 31, 2018.
Business Outlook
For the second quarter of 2019, based on the information
available as of the date of this press release, the Company expects
net revenues to be between RMB611.0
million and RMB637.6 million,
which represents an increase of 15% to 20% year-over-year. These
forecasts reflect the Company's current and preliminary views on
the market and operational conditions, which are subject to
change.
Conference Call Information
Puxin's management team will hold a conference call on
May 20, 2019 at 8:00 AM U.S. Eastern Time (or 8:00 PM on the same day, Beijing/Hong Kong Time) following the
quarterly results announcement. Participants may access the call by
dialing the following numbers:
International:
|
+1-412-902-4272
|
China:
|
4001-201203
|
US:
|
+1-888-346-8982
|
Hong Kong:
|
+852-301-84992
|
Passcode:
|
Puxin
|
Please dial in 10 minutes before the call is scheduled to begin.
When prompted, ask to be connected to the Puxin Limited Call.
Participants will be required to state their name and company upon
entering the call.
A replay of the conference call will be accessible two hours
after the conclusion of the conference call through May 27, 2019 by dialing the following
numbers:
International:
|
+1-412-317-0088
|
US:
|
+1-877-344-7529
|
Passcode:
|
10131688
|
A live webcast and archive of the conference call will be
available on the Investor Relations section of Puxin's website at
http://ir.pxjy.com/.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated
in Renminbi ("RMB"). This announcement contains translations of
certain RMB amounts into U.S. dollars ("USD") at specified rates
solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to USD are made at the rate of
RMB6.7112 to US$1.00, the exchange rate set forth in the H.10
statistical release of the Federal Reserve Board on March 29, 2019. No representation is made that
the RMB amounts could have been, or could be, converted, realized
or settled into US$ at that rate on March
29, 2019, or at any other rate.
Use of Non-GAAP Financial Measures
To supplement the Company's financial results presented in
accordance with U.S. GAAP, the Company also uses non-GAAP financial
measures, including adjusted operating loss, adjusted net loss
attributable to Puxin Limited, EBITDA, adjusted EBITDA, adjusted
basic and diluted net loss per ADS attributable to Puxin Limited,
as supplemental measures to review and assess the Company's
operating performance. Adjusted operating loss is defined as
operating loss excluding share-based compensation expenses;
adjusted net loss attributable to Puxin Limited is defined as net
loss attributable to Puxin Limited excluding share-based
compensation expenses, loss on changes in fair value of convertible
notes, derivative liabilities and warrants and loss on
extinguishment of convertible notes; EBITDA is defined as net loss
excluding depreciation, amortization, interest expense, interest
income and income tax (benefits) expenses; adjusted EBITDA is
defined as net loss excluding depreciation, amortization, interest
expense, interest income, income tax (benefits) expenses,
share-based compensation expenses, loss on changes in fair value of
convertible notes, derivative liabilities and warrants and loss on
extinguishment of convertible notes, and adjusted basic and diluted
net loss per ADS attributable to Puxin Limited are defined as basic
and diluted net loss per ADS attributable to Puxin Limited
excluding share-based compensation expenses, loss on changes in
fair value of convertible notes, derivative liabilities and
warrants and loss on extinguishment of convertible notes.
The Company believes that these non-GAAP financial measures
provide useful information about the Company's operating results,
enhance the overall understanding of the Company's past performance
and future prospects and allow for greater visibility with respect
to key metrics used by the Company's management in its financial
and operational decision-making.
Non-GAAP financial measures are not defined under U.S. GAAP and
are not presented in accordance with U.S. GAAP. These non-GAAP
financial measures have limitations as analytical tools, and when
assessing the Company's operating performance, investors should not
consider them in isolation. In addition, calculations of this
non-GAAP financial information may be different from calculations
used by other companies, and therefore comparability may be
limited.
The Company mitigates these limitations by reconciling the
non-GAAP financial measures to the most comparable U.S. GAAP
performance measures, all of which should be considered when
evaluating our performance.
For more information on this non-GAAP financial measure, please
see the table captioned "Reconciliations of GAAP and non-GAAP
results" set forth at the end of this press release.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will", "expects",
"anticipates", "future", "intends", "plans", "believes",
"estimates", "confident" and similar statements. The Company may
also make written or oral forward-looking statements in its reports
filed with or furnished 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. Any statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements
that involve factors, risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Such factors and risks include, but not
limited to the following: its goals and strategies, its ability to
achieve and maintain profitability, its ability to attract and
retain students to enroll in its courses, its ability to
effectively manage its business expansion and successfully
integrate businesses it acquired, its ability to identify or pursue
targets for acquisitions, its ability to compete effectively
against its competitors, its ability to improve the content of its
existing courses or to develop new courses, and relevant government
policies and regulations relating to the Company's corporate
structure, business and industry. Further information regarding
these and other risks is included in the Company's filings with the
U.S. Securities and Exchange Commission. All information provided
in this press release is current as of the date of the press
release, and the Company does not undertake any obligation to
update such information, except as required under applicable
law.
About Puxin Limited
Puxin Limited ("Puxin" or the "Company") is a successful
consolidator of the after-school education industry in China. Puxin has a strong acquisition and
integration expertise to effectively improve education quality and
operational performance of acquired schools. Puxin offers a full
spectrum of K-12 and study-abroad tutoring programs designed to
help students achieve academic excellence, as well as prepare for
admission tests and applications for top schools, universities and
graduate programs in China and
other countries. The Company has developed a business model
effectively combining strategic acquisitions and organic growth
achieved through successful post-acquisition integration, which has
differentiated the Company from other after-school education
service providers in China. For
more information, please visit http://www.pxjy.com/.
Contacts
Puxin Limited
Phone: +86-10-6269-8930
E-mail: ir@pxjy.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
[1] Adjusted operating loss is a
non-GAAP financial measure, which is defined as operating loss
excluding share-based compensation expenses. See "Use of Non-GAAP
Financial Measures" and "Reconciliations of GAAP and non-GAAP
results" elsewhere in this earnings release.
|
[2] Adjusted net loss attributable to
Puxin Limited is a non-GAAP financial measure, which is defined as
net loss attributable to Puxin Limited excluding share-based
compensation expenses and loss on changes in fair value of
convertible notes, derivative liabilities and warrants and loss on
extinguishment of convertible notes. See "Use of Non-GAAP Financial
Measures" and "Reconciliations of GAAP and non-GAAP results"
elsewhere in this earnings release.
|
[3] EBITDA
is a non-GAAP financial measure, which is defined as net loss
excluding depreciation, amortization, interest expense, interest
income and income tax (benefits) expenses; adjusted EBITDA is a
non-GAAP financial measure, which is defined as net loss excluding
depreciation, amortization, interest expense, interest income,
income tax (benefits) expenses, share-based compensation expenses,
loss on changes in fair value of convertible notes, derivative
liabilities and warrants and loss on extinguishment of convertible
notes. See "Use of Non-GAAP Financial Measures" and
"Reconciliations of GAAP and non-GAAP results" elsewhere in this
earnings release.
|
[4]
Adjusted basic and diluted net loss per ADS attributable to Puxin
Limited is a non-GAAP financial measure, which is defined as basic
and diluted net loss per ADS attributable to Puxin Limited
excluding share-based compensation expenses, loss on changes in
fair value of convertible notes, derivative liabilities and
warrants and loss on extinguishment of convertible notes. See "Use
of Non-GAAP Financial Measures" and "Reconciliations of GAAP and
non-GAAP results" elsewhere in this earnings release.
|
PUXIN
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of RMB
and USD, except for share, per share and per ADS data)
|
|
|
|
|
As of December
31
|
As of March
31
|
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
778,006
|
666,614
|
99,329
|
Restricted cash,
current portion
|
-
|
100,668
|
15,000
|
Inventories
|
9,659
|
9,380
|
1,398
|
Prepaid expenses and
other current assets
|
128,638
|
84,921
|
12,654
|
Total current
assets
|
916,303
|
861,583
|
128,381
|
|
|
|
|
Non-current
assets
|
|
|
|
Restricted cash,
non-current portion
|
40,971
|
39,539
|
5,891
|
Operating lease
right-of-use assets
|
-
|
781,704
|
116,478
|
Property, plant and
equipment, net
|
248,801
|
250,267
|
37,291
|
Intangible
assets
|
218,978
|
211,611
|
31,531
|
Goodwill
|
1,243,817
|
1,247,517
|
185,886
|
Deferred tax
assets
|
3,456
|
1,684
|
251
|
Rental
deposit
|
64,693
|
63,059
|
9,396
|
TOTAL ASSETS
|
2,737,019
|
3,456,964
|
515,105
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Accrued expenses and
other current liabilities (including accrued
expenses and other current liabilities of the
consolidated VIE
without recourse to the Group of RMB490,696 and RMB
556,434
as of December 31, 2018 and March 31, 2019,
respectively)
|
515,623
|
560,441
|
83,509
|
Income tax payable of
the consolidated VIE without recourse to the
Group
|
15,755
|
12,725
|
1,896
|
Deferred revenue,
current portion (including deferred revenue,
current portion of the consolidated VIE without
recourse to the
Group of RMB862,043 and RMB 822,589 as of
December 31, 2018 and
March 31, 2019, respectively)
|
876,861
|
834,962
|
124,413
|
Operating lease
liabilities, current portion (including operating lease
liabilities, current portion of the consolidated VIE
without recourse
to the Group of RMB nil and RMB164,675 as of
December 31, 2018 and
March 31, 2019, respectively)
|
-
|
165,902
|
24,720
|
Amounts due to
related parties (including amounts due to related
parties of the consolidated VIE without recourse to
the Group of
RMB3,199 and RMB604 as of December 31, 2018 and March
31,
2019, respectively)
|
54,493
|
46,898
|
6,988
|
Bank borrowing of the
consolidated VIE without recourse to the
Group
|
106,600
|
191,100
|
28,475
|
Promissory notes,
current portion (including promissory notes,
current portion of the consolidated VIE without
recourse to the
Group of RMB190,000 and RMB190,000 as of
December 31, 2018 and
March 31, 2019, respectively)
|
361,888
|
357,780
|
53,311
|
Total current
liabilities
|
1,931,220
|
2,169,808
|
323,312
|
PUXIN
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In thousands of RMB
and USD, except for share, per share and per ADS data)
|
|
|
As of December
31
|
As of March
31
|
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Deferred revenue,
non-current portion of the consolidated VIE
without recourse to the Group
|
121,191
|
131,441
|
19,585
|
Operating lease
liabilities, non-current portion of the consolidated
VIE without recourse to the Group
|
-
|
555,170
|
82,723
|
Deferred tax
liabilities of the consolidated VIE without recourse
to the Group
|
71,031
|
69,076
|
10,293
|
Franchise deposits of
the consolidated VIE without recourse to
the Group
|
1,763
|
1,793
|
267
|
Derivative
liabilities (including derivative liabilities of the
consolidated VIE without recourse to the Group of RMB
nil
and RMB nil as of December 31, 2018 and March 31,
2019,
respectively)
|
63,942
|
142,277
|
21,200
|
TOTAL
LIABILITIES
|
2,189,147
|
3,069,565
|
457,380
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Ordinary shares (par
value of USD0.00005 per share;
1,000,000,000 and
1,000,000,000 shares authorized,
188,627,228 and 188,627,228
shares issued and
165,038,164 and 165,042,756
shares outstanding as of December
31, 2018 and March 31, 2019, respectively)
|
62
|
62
|
9
|
Additional paid-in
capital
|
1,944,325
|
2,039,076
|
303,832
|
Statutory
reserve
|
4,595
|
4,595
|
685
|
Accumulated other
comprehensive income
|
68,214
|
61,750
|
9,201
|
Accumulated
deficit
|
(1,469,303)
|
(1,718,081)
|
(256,002)
|
Total Puxin Limited
shareholders' equity
|
547,893
|
387,402
|
57,725
|
Non-controlling
interest
|
(21)
|
(3)
|
-
|
TOTAL SHAREHOLDERS'
EQUITY
|
547,872
|
387,399
|
57,725
|
|
|
|
|
TOTAL LIABILITIES AND
TOTAL SHAREHOLDERS' EQUITY
|
2,737,019
|
3,456,964
|
515,105
|
PUXIN
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands of RMB
and USD, except for share, per share and per ADS data)
|
|
|
For the three months
ended March 31,
|
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
Net revenues
|
495,708
|
615,675
|
91,738
|
Cost of revenues
(including share-based compensation expenses of
RMB976 and RMB1,402 for the three months ended March
31,
2018 and 2019,
respectively)
|
273,458
|
335,599
|
50,006
|
Gross profit
|
222,250
|
280,076
|
41,732
|
|
|
|
|
Operating
expenses:
|
|
|
|
Selling expenses
(including share-based compensation expenses of
RMB2,236 and RMB7,118 for the three months ended March
31,
2018 and 2019,
respectively)
|
164,647
|
222,634
|
33,174
|
General and
administrative expenses (including share-based
compensation expenses of RMB282,202 and RMB86,228 for
the
three months ended March 31, 2018 and 2019,
respectively)
|
383,373
|
193,985
|
28,904
|
Total operating
expenses
|
548,020
|
416,619
|
62,078
|
|
|
|
|
Operating
loss
|
(325,770)
|
(136,543)
|
(20,346)
|
|
|
|
|
Interest
expense
|
5,040
|
30,039
|
4,476
|
Interest
income
|
103
|
766
|
114
|
Foreign exchange
loss
|
-
|
189
|
28
|
Loss on changes in fair
value of convertible notes, derivative
liabilities and
warrants
|
23,665
|
80,262
|
11,959
|
Loss on
extinguishment of convertible notes
|
900
|
-
|
-
|
Loss before income
taxes
|
(355,272)
|
(246,267)
|
(36,695)
|
Income tax (benefits)
expenses
|
(223)
|
2,493
|
371
|
Net loss
|
(355,049)
|
(248,760)
|
(37,066)
|
Less: Net (loss) income
attributable to non-controlling interest
|
(25)
|
18
|
3
|
Net loss attributable
to Puxin Limited
|
(355,024)
|
(248,778)
|
(37,069)
|
|
|
|
|
Net loss per share
attributable to Puxin Limited
|
|
|
|
Basic and
diluted
|
(3.05)
|
(1.51)
|
(0.22)
|
Net loss per ADS
attributable to Puxin Limited
|
|
|
|
Basic and
diluted
|
(6.10)
|
(3.02)
|
(0.44)
|
|
|
|
|
Weighted average shares
used in calculating basic and diluted net loss per
share
|
116,364,575
|
165,041,823
|
165,041,823
|
|
|
|
|
Note: Each ADS
represents two ordinary shares.
|
PUXIN
LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
(In thousands of RMB
and USD)
|
|
|
For the three months
ended March 31,
|
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Net loss
|
(355,049)
|
(248,760)
|
(37,066)
|
|
|
|
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
Change in
cumulative foreign currency translation adjustments
|
19,272
|
(6,464)
|
(963)
|
Total comprehensive
loss
|
(335,777)
|
(255,224)
|
(38,029)
|
Less: comprehensive
(loss) income attributable to non-controlling interest
|
(25)
|
18
|
3
|
|
|
|
|
Total comprehensive
loss attributable to Puxin Limited
|
(335,752)
|
(255,242)
|
(38,032)
|
PUXIN
LIMITED
|
RECONCILIATIONS OF
GAAP AND NON-GAAP RESULTS
|
(In thousands of RMB
and USD, except for share, per share and per ADS data)
|
|
|
For the three months
ended March 31,
|
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
USD
|
Operating
loss
|
(325,770)
|
(136,543)
|
(20,346)
|
Add: Share-based
compensation expenses
|
285,414
|
94,748
|
14,118
|
Adjusted operating
loss
|
(40,356)
|
(41,795)
|
(6,228)
|
|
|
|
|
Net loss attributable
to Puxin Limited
|
(355,024)
|
(248,778)
|
(37,069)
|
Add: Share-based
compensation expenses
|
285,414
|
94,748
|
14,118
|
Add: Loss on changes
in fair value of convertible notes, derivative
|
23,665
|
80,262
|
11,959
|
liabilities
and warrants
|
Add: Loss on
extinguishment of convertible notes
|
900
|
-
|
-
|
Adjusted net loss
attributable to Puxin Limited
|
(45,045)
|
(73,768)
|
(10,992)
|
|
|
|
|
Net loss
|
(355,049)
|
(248,760)
|
(37,066)
|
Add: Income tax
(benefits) expenses
|
(223)
|
2,493
|
371
|
Depreciation of property, plant and equipment
|
13,347
|
17,306
|
2,579
|
Amortization of intangible assets
|
8,052
|
7,767
|
1,157
|
Interest expense
|
5,040
|
30,039
|
4,476
|
Interest
income
|
(103)
|
(766)
|
(114)
|
EBITDA
|
(328,936)
|
(191,921)
|
(28,597)
|
Add: Share-based
compensation expenses
|
285,414
|
94,748
|
14,118
|
Loss on changes in fair value of convertible notes,
|
23,665
|
80,262
|
11,959
|
derivative liabilities and warrants
|
|
|
|
Loss on extinguishment of convertible notes
|
900
|
-
|
-
|
Adjusted
EBITDA
|
(18,957)
|
(16,911)
|
(2,520)
|
|
|
|
|
Net loss per ADS
attributable to Puxin Limited
|
|
|
|
- Basic and
diluted
|
(6.10)
|
(3.02)
|
(0.44)
|
|
|
|
|
Adjusted net loss per
ADS attributable to Puxin Limited
|
|
|
|
- Basic and
diluted
|
(0.78)
|
(0.90)
|
(0.13)
|
|
|
|
|
Weighted average
shares used in calculating basic and diluted
|
116,364,575
|
165,041,823
|
165,041,823
|
net loss per
share
|
|
|
|
|
|
|
|
Note: Each ADS
represents two ordinary shares
|
View original
content:http://www.prnewswire.com/news-releases/puxin-limited-announces-first-quarter-2019-unaudited-financial-results-300853029.html
SOURCE Puxin Limited