SINGAPORE, March 29,
2023 /PRNewswire/ -- 51Talk Online Education Group
("51Talk" or the "Company") (NYSE: COE), a global online education
platform with core expertise in English education, announced its
unaudited results for the third quarter ended September 30, 2022, and the fourth quarter and
full year ended December 31,
2022.
Full Year 2022 Financial Highlights
The Company completed the divestiture of its China mainland business on June 30th, 2022. After the
divestiture, the Company focuses on providing online English
tutoring lessons taught by foreign teachers to K-12 and
post-secondary students in countries and regions outside of
mainland China.
The Company has announced that the change of the Company's legal
name from China Online Education Group to 51Talk Online
Education Group was approved and adopted by way of annual
general meeting on September 30,
2022.
The Company has changed the ratio of its American depositary
shares ("ADSs") to Class A ordinary shares (the "ADS Ratio") from
one (1) ADS representing fifteen (15) Class A ordinary shares to
one (1) ADS representing sixty (60) Class A ordinary shares.The
effective date was on December 15,
2022 (U.S. Eastern Time).
- Net revenues were US$15.0 million
for the full year 2022 and gross margin was 78.8% for the full year
2022.
- Net loss was US$42.5 million,
including net loss from continuing operations[1] of US$12.8
million and net loss from discontinued
operations[2] of
US$29.7 million.
- Non-GAAP net loss[3]
was 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.
- Cash, cash equivalents and time deposits balance stood at
US$23.1 million as of December 31, 2022.
- Operating cash outflow was US$45.7
million for the full year 2022, including discontinued
operating cash outflow of US$47.6
million and continuing operating cash inflow of US$1.9 million.
- Gross Billings[4] for the full year of 2022 were
US$28.7 million.
Fourth Quarter 2022 Financial
Highlights
- Net revenues for the fourth quarter of 2022 were US$5.1 million, and gross margin for the fourth
quarter of 2022 was 79.0%.
- Net loss for the fourth quarter of 2022 was US$2.0 million.
- Non-GAAP net loss for the fourth quarter of 2022 was
US$1.9 million.
- Operating cash inflow for the fourth quarter of 2022 was
US$0.6 million.
- Gross Billings[4] for the fourth quarter of 2022
were US$7.5
million.
Third Quarter 2022 Financial
Highlights
- Net revenues for the third quarter of 2022 were US$4.6 million, and gross margin for the third
quarter of 2022 was 78.6%.
- Net loss for the third quarter of 2022 was US$2.8 million.
- Non-GAAP net loss for the third quarter of 2022 was
US$2.6 million.
- Cash, cash equivalents and restricted cash balance stood at
US$22.2 million as of September 30, 2022.
- Operating cash inflow for the third quarter of 2022 was
US$0.6 million.
- Gross Billings[4] for the third quarter of 2022 were
US$8.2
million.
Key Financial and
Operating Data
|
For the three months
ended
|
|
For the year
ended
|
|
Jun.
30,
|
|
Sept.
30,
|
|
Dec.
31,
|
|
Dec.
31,
|
|
2022[5]
|
|
2022
|
|
2022
|
|
2022[5]
|
|
|
|
|
|
|
|
|
Net Revenues
(in US$ millions)
|
3.5
|
|
4.6
|
|
5.1
|
|
15.0
|
Gross
Margin
|
79.2 %
|
|
78.6 %
|
|
79.0 %
|
|
78.8 %
|
Gross Billings
(in US$ millions)
|
7.8
|
|
8.2
|
|
7.5
|
|
28.7
|
|
|
|
|
|
|
|
|
Active students with
attended lesson consumption[6] (in thousands)
|
14.9
|
|
19.5
|
|
22.8
|
|
26.2
|
|
|
|
|
|
|
|
|
[1] "Continuing
operations" refers to the Company's remaining international
business after the divestiture of its China mainland
business.
|
[2] "Discontinued
operations" refers to the Company's China mainland business, which
has been disposed on June 30th, 2022.
|
[3] For more
information on non-GAAP financial measures, please see the section
of "Use of Non-GAAP Financial Measures" and the table
captioned
"Reconciliation of Non-GAAP
Measures to the Most Comparable GAAP Measures" set forth in this
press release
|
[4] Gross
Billings
for a specific 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.
|
[5] For purposes of
comparison, the financial and operating data of continuing business
for the second quarter of 2022 or full year of 2022 are presented
in this column.
|
[6] An "active student
with attended lesson consumption" for a specified 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.
|
"FY2022 represents a new beginning for 51Talk. Specifically, we
completed our divestiture of the China mainland business in the second quarter
with the third quarter being the first quarter where 100% of the
Company's revenues derived from international markets. On
September 30th, our shareholders
approved the proposal of changing our legal name from China Online
Education Group to 51Talk Online Education Group. We believe these
are all significant milestones that we have accomplished in 2022
and are excited by the future prospects of 51Talk as we continue to
execute our localization strategy in the international markets."
said Mr. Jack Jiajia Huang, Founder,
Chairman and Chief Executive Officer of 51Talk.
"Our Gross Billings for 2022 was US$28.7
million. In Q1 and Q2, we benefited from immediate demand due to
COVID-related closing of schools and offline tutoring providers. In
Q3 and Q4, classes returned to normal in some international markets
and created defections from our classes.
Starting from Q3 onwards, we intensified our localization
efforts and deployed marketing and operational personnel in
selected places. As our international experience grows, we are
confident in our execution and expansion over the medium term.
Results from early sales initiatives foster our belief that our
product, processes and technology can be transferred to
international markets with equal success in a post COVID world.
In terms of technology, we believe AI-powered tutors will
transform online education. The combination of tutor and AI will
significantly improve user experience and greatly promote
personalized education. Specifically, adaptive learning or the
creation of personalized teaching content, the provision of
customized teaching tools for teachers and customized lesson
feedback based on students' learning situations, among others. We
have already begun integrating ChatGPT into our products and
operations and continue to strategically build around our vision of
personalized education.
Finally, our international business achieved positive operating
cash flow during Q3 and Q4, reflecting strong execution of our
sustainable growth strategy." Mr. Huang concluded.
Third Quarter 2022 Financial Results
Net Revenues and Gross Margin
Net revenues for the third quarter of 2022 were US$4.6 million. The number of active
students with attended lesson consumption was approximately 19,500
in the third quarter of 2022.
Cost of revenues for the third quarter of 2022 was US$1.0 million. Gross profit for the third
quarter of 2022 was US$3.6 million. Gross margin for the third
quarter of 2022 was 78.6%.
Operating Expenses
Total operating expenses for the third quarter of 2022 were
US$6.2 million.
Sales and marketing expenses for the third quarter of 2022 were
US$3.7 million. Excluding
share-based compensation expenses, non-GAAP sales and marketing
expenses for the third quarter of 2022 were US$3.7 million.
Product development expenses for the third quarter of 2022 were
US$0.63 million. Excluding
share-based compensation expenses, non-GAAP product development
expenses for the third quarter of 2022 were US$0.58 million.
General and administrative expenses for the third quarter of
2022 were US$1.8 million.
Excluding share-based compensation expenses, non-GAAP general and
administrative expenses for the third quarter of 2022 were
US$1.7 million.
Loss from Operations
Operating loss for the third quarter of 2022 was US$2.6 million.
Non-GAAP operating loss for the third quarter of 2022 was
US$2.4 million.
Net Loss
Net loss for the third quarter of 2022 was US$2.8 million.
Excluding share-based compensation expenses of US$ 0.2 million, non-GAAP net loss for the third
quarter of 2022 was US$2.6
million.
Basic and diluted net loss per share attributable to
ordinary shareholders for the third quarter of 2022 was
US$0.01.
Excluding share-based compensation expenses of US$ 0.2 million, non-GAAP basic and diluted net
loss per share attributable to ordinary shareholders for the
third quarter of 2022 was US$0.01.
Basic and diluted net loss per American depositary share ("ADS")
attributable to ordinary shareholders for the third quarter of 2022
was US$0.50. Each ADS represents 60
Class A ordinary shares.
Excluding share-based compensation expenses of US$0.2 million, non-GAAP basic and diluted net
loss per ADS attributable to ordinary shareholders for the third
quarter of 2022 was US$0.46.
Balance Sheet
As of September 30, 2022, the
Company had total cash, cash equivalents, restricted cash of
US$22.2 million.
The Company had advances from students[7] of US$13.2
million as of September 30,
2022.
[7] "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"
Fourth Quarter 2022 Financial Results
Net Revenues and Gross Margin
Net revenues for the fourth quarter of 2022 were US$5.1 million. The number of active
students with attended lesson consumption was approximately
22,800 in the fourth quarter of 2022.
Cost of revenues for the fourth quarter of 2022 was US$1.1 million. Gross profit for the fourth
quarter of 2022 was US$4.0
million. Gross margin for the fourth quarter of 2022 was
US$79.0 %.
Operating Expenses
Total operating expenses for the fourth quarter of 2022 were
US$6.2 million.
Sales and marketing expenses for the fourth quarter of 2022
were US$3.99 million. Excluding share-based
compensation expenses, non-GAAP sales and marketing expenses for
the fourth quarter of 2022 were US$3.96
million.
Product development expenses for the fourth quarter of 2022 were
US$0.44 million. Excluding
share-based compensation expenses, non-GAAP product development
expenses for the fourth quarter of 2022 were US$0.39 million.
General and administrative expenses for the fourth quarter of
2022 were US$1.74 million.
Excluding share-based compensation expenses, non-GAAP general and
administrative expenses for the fourth quarter of 2022 were
US$1.71 million.
Loss from Operations
Operating loss for the fourth quarter of 2022 was US$2.2 million.
Non-GAAP operating loss for the fourth quarter of 2022 was
US$2.1 million.
Net Loss
Net loss for the fourth quarter of 2022 was US$2.0 million.
Excluding share-based compensation expenses of US$0.1 million, non-GAAP net loss for the fourth
quarter of 2022 was US$1.9
million.
Basic and diluted net loss per share attributable to
ordinary shareholders for the fourth quarter of 2022 was
US$0.01.
Excluding share-based compensation expenses of US$0.1 million, non-GAAP basic and diluted
net loss per share attributable to ordinary shareholders for
the fourth quarter of 2022 was US$0.01.
Basic and diluted net loss per American depositary share ("ADS")
attributable to ordinary shareholders for the fourth quarter of
2022 was US$0.36. Each ADS represents
60 Class A ordinary shares.
Excluding share-based compensation expenses of US$0.1 million, non-GAAP basic and diluted
net loss per ADS attributable to ordinary shareholders for the
fourth quarter of 2022 was US$0.34.
Balance Sheet
As of December 31, 2022, the
Company had total cash, cash equivalents, time deposits of
US$23.1 million.
The Company had advances from students of US$15.2 million as of December 31, 2022.
Full Year 2022 Financial Results
Net Revenues and Gross margin
Net revenues for 2022 were US$15.0 million. The increase was primarily
attributed to an increase in the number of active students with
general lesson consumption.
Cost of revenues for 2022 was US$3.2
million. Gross profit for 2022 was US$11.9 million, gross margin for 2022 was
78.8%.
Operating Expenses
Total operating expenses for 2022 were US$24.2 million.
Sales and marketing expenses for 2022 were US$13.28 million. Excluding share-based
compensation expenses, non-GAAP sales and marketing expenses for
2022 were US$13.26 million.
Product development expenses for 2022 were US$2.9 million. Excluding share-based
compensation expenses, non-GAAP product development expenses for
2022 were US$2.7 million.
General and administrative expenses for 2022 were US$8.1 million. Excluding share-based
compensation expenses, non-GAAP general and administrative expenses
for 2022 were US$7.5 million.
Loss from Operations
Operating loss for 2022 was US$12.4
million.
Non-GAAP operating loss for 2022 was US$11.6 million.
Net Loss
Net loss for 2022 was US$42.6
million.
Non-GAAP net loss for 2022 was US$41.8 million.
Basic and diluted net loss per ADS attributable to ordinary
shareholders for 2022 was US$7.61.
Each ADS represents 60 Class A ordinary shares.
Non-GAAP basic and diluted net loss per ADS attributable to
ordinary shareholders for 2022 was US$7.48.
The financial statements for the third quarter ended
September 30, 2022 and fourth quarter
and full year ended December 31, 2022
herein have not been audited or reviewed by the Company's
independent registered accounting firm. The audited financial
statements for the year ended December 31,
2022 to be disclosed in the Company's Form 20-F may differ
from the above-mentioned unaudited and unreviewed financial
statements.
Outlook
For the first quarter of 2023, the Company currently expects net
Gross Billings of international
business to be between $8.0 million
and $8.2 million, which would
represent sequential growth of 6.2% to 8.9% and an increase of
approximately 51.2% to 55.0% 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 29, 2023 (8:00 PM Singapore/Hong
Kong time on March 29,
2023).
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
April 05, 2023, by dialing the
following telephone numbers:
United States (toll
free):
|
1-877-344-7529
|
International:
|
1-412-317-0088
|
Replay Access
Code:
|
4004363
|
About 51Talk Online Education Group
51Talk Online Education Group (NYSE: 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.
|
|
51TALK ONLINE
EDUCATION GROUP
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
Sep.30,
|
|
Dec.
31,
|
|
|
|
|
|
|
2022
|
|
2022
|
|
|
|
|
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
21,259
|
|
18,186
|
|
|
|
|
Time
deposites
|
|
-
|
|
4,872
|
|
|
|
|
Restricted
cash
|
|
975
|
|
-
|
|
|
|
|
Amounts due from
related parties
|
|
3
|
|
-
|
|
|
|
|
Prepaid expenses and
other current assets
|
|
3,434
|
|
3,509
|
|
|
|
Total current
assets
|
|
25,671
|
|
26,567
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
32
|
|
25
|
|
|
|
|
Intangible assets,
net
|
|
107
|
|
104
|
|
|
|
|
Right-of-use
assets
|
|
853
|
|
769
|
|
|
|
|
Deferred tax
assets
|
|
31
|
|
-
|
|
|
|
|
Other non-current
assets
|
|
236
|
|
169
|
|
|
|
Total non-current
assets
|
|
1,259
|
|
1,067
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
26,930
|
|
27,634
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
AND SHAREHOLDERS'
EQUITY
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Advances from
students
|
|
13,167
|
|
15,167
|
|
|
|
|
Accrued expenses
and other current
liabilities
|
|
4,031
|
|
4,341
|
|
|
|
|
Amounts due to related
parties
|
|
-
|
|
389
|
|
|
|
|
Lease
liability
|
|
419
|
|
427
|
|
|
|
|
Taxes
payable
|
|
167
|
|
186
|
|
|
|
Total current
liabilities
|
|
17,784
|
|
20,510
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Lease
liability
|
|
399
|
|
307
|
|
|
|
|
Other non-current
liabilities
|
|
202
|
|
156
|
|
|
|
|
Deferred tax
liabilities
|
|
-
|
|
84
|
|
|
|
Total non-current
liabilities
|
|
601
|
|
547
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
18,385
|
|
21,057
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
8,545
|
|
6,577
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
26,930
|
|
27,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51TALK ONLINE
EDUCATION GROUP
|
UNAUDITED INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
|
(In thousands except
for number of shares and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
|
For the
year ended
|
|
|
Sep.
30,
|
|
Dec.
31,
|
|
Dec.
31,
|
|
|
2022
|
|
2022
|
|
2022
|
|
|
US$
|
|
US$
|
|
US$
|
Net revenues
|
|
4,593
|
|
5,051
|
|
15,048
|
Cost of
revenues
|
|
(984)
|
|
(1,062)
|
|
(3,194)
|
Gross profit
|
|
3,609
|
|
3,989
|
|
11,854
|
Operating
expenses
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(3,728)
|
|
(3,985)
|
|
(13,279)
|
Product development
expenses
|
|
(629)
|
|
(435)
|
|
(2,865)
|
General and
administrative expenses
|
|
(1,830)
|
|
(1,742)
|
|
(8,068)
|
Total operating
expenses
|
|
(6,187)
|
|
(6,162)
|
|
(24,212)
|
Loss from
operations
|
|
(2,578)
|
|
(2,173)
|
|
(12,358)
|
Other
income/(expenses), net
|
|
(190)
|
|
171
|
|
(426)
|
Loss before income tax
expenses and
discontinued operations
|
|
(2,768)
|
|
(2,002)
|
|
(12,784)
|
Income tax
expenses
|
|
(34)
|
|
-
|
|
(60)
|
Loss from continuing
operations, net of
income tax
|
|
(2,802)
|
|
(2,002)
|
|
(12,844)
|
Loss from discontinued
operations, net of
income tax
|
|
-
|
|
-
|
|
(29,712)
|
Net loss, all
attributable to the Company's
ordinary shareholders
|
|
(2,802)
|
|
(2,002)
|
|
(42,556)
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares
used in computing basic and diluted loss per
share
|
|
336,341,446
|
|
337,549,708
|
|
335,640,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51TALK ONLINE
EDUCATION GROUP
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
(In thousands except
for number of shares and per share data)
|
|
|
|
|
|
|
For the three months
ended
|
|
For the year ended
|
|
|
|
|
|
|
|
Sep.
30,
|
|
Dec.
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
|
(0.01)
|
|
(0.01)
|
|
(0.13)
|
|
Net loss per ADS
attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
|
(0.50)
|
|
(0.36)
|
|
(7.61)
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses are included in the operating expenses as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
|
|
-
|
|
(30)
|
|
(17)
|
|
Product development
expenses
|
|
|
|
(49)
|
|
(45)
|
|
(149)
|
|
General and
administrative expenses
|
|
|
|
(156)
|
|
(34)
|
|
(546)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 year
ended
|
|
|
|
|
|
|
Sep.
30,
|
|
Dec.
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2022
|
|
|
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
|
|
(3,728)
|
|
(3,985)
|
|
(13,279)
|
|
Less: Share-based
compensation expenses
|
|
|
|
-
|
|
(30)
|
|
(17)
|
|
Non-GAAP sales and
marketing expenses
|
|
|
|
(3,728)
|
|
(3,955)
|
|
(13,262)
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
expenses
|
|
|
|
(629)
|
|
(435)
|
|
(2,865)
|
|
Less: Share-based
compensation expenses
|
|
|
|
(49)
|
|
(45)
|
|
(149)
|
|
Non-GAAP product
development expenses
|
|
|
|
(580)
|
|
(390)
|
|
(2,716)
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
|
(1,830)
|
|
(1,742)
|
|
(8,068)
|
|
Less: Share-based
compensation expenses
|
|
|
|
(156)
|
|
(34)
|
|
(546)
|
|
Non-GAAP general and
administrative expenses
|
|
|
|
(1,674)
|
|
(1,708)
|
|
(7,522)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
(6,187)
|
|
(6,162)
|
|
(24,212)
|
|
Less: Share-based
compensation expenses
|
|
|
|
(205)
|
|
(109)
|
|
(712)
|
|
Non-GAAP operating
expenses
|
|
|
|
(5,982)
|
|
(6,053)
|
|
(23,500)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
(2,578)
|
|
(2,173)
|
|
(12,358)
|
|
Less: Share-based
compensation expenses
|
|
|
|
(205)
|
|
(109)
|
|
(712)
|
|
Non-GAAP loss from
operations
|
|
|
|
(2,373)
|
|
(2,064)
|
|
(11,646)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 year
ended
|
|
|
|
|
|
|
Sep.
30,
|
|
Dec.
31,
|
|
Dec.
31,
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expenses
|
|
|
|
(34)
|
|
-
|
|
(60)
|
|
|
Less: Tax impact of
Share-based compensation expenses
|
|
|
|
-
|
|
-
|
|
-
|
|
|
Non-GAAP income tax
expenses
|
|
|
|
(34)
|
|
-
|
|
(60)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations, net of income tax
|
|
|
|
(2,802)
|
|
(2,002)
|
|
(12,844)
|
|
|
Less: Share-based
compensation expenses
|
|
|
|
(205)
|
|
(109)
|
|
(712)
|
|
|
Non-GAAP
loss from continuing operations, net of
income tax
|
|
|
|
(2,597)
|
|
(1,893)
|
|
(12, 132)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
(2,802)
|
|
(2,002)
|
|
(42,556)
|
|
|
Add back: Share-based
compensation expenses
|
|
|
|
(205)
|
|
(109)
|
|
(712)
|
|
|
Non-GAAP net loss, all
attributable to the Company's
ordinary shareholders
|
|
|
|
(2,597)
|
|
(1,893)
|
|
(41,844)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in
computing basic and diluted loss per share
|
|
|
|
336,341,446
|
|
337,549,708
|
|
335,640,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
basic and
diluted
|
|
|
(0.01)
|
|
(0.01)
|
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per
ADS attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
basic and
diluted
|
|
|
(0.46)
|
|
(0.34)
|
|
(7.48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/51talk-online-education-group-announces-the-results-for-the-third-quarter-the-fourth-quarter-and-full-year-2022-301784419.html
SOURCE 51Talk Online Education Group