BEIJING, Sept. 8,
2023 /PRNewswire/ -- Gravitas Education Holdings,
Inc. ("GEHI" or the "Company") (NYSE: GEHI), a
leading early childhood education service provider in China
and Singapore, today announced its
unaudited financial results for the first half of 2023.
The Company's Acquisition of eLMTree and
Divestiture of its PRC Business
The Company announced on April 18,
2023, that it has entered into an agreement and plan of
merger (the "Merger Agreement"), dated April
18, 2023, with Bright Sunlight Limited, a Cayman Islands exempted company and a direct,
wholly owned subsidiary of the Company (the "Merger Sub"), Best
Assistant Education Online Limited, a Cayman Islands exempted company ("Best
Assistant") and a controlled subsidiary of NetDragon Websoft
Holdings Limited (HKEX: 0777, "NetDragon"), a Cayman Islands exempted company, and solely
for purposes of certain named sections thereof, NetDragon. It is
contemplated that Best Assistant will transfer the education
business of NetDragon outside of the PRC to Elmtree Inc., a
Cayman Islands exempted company
limited by shares ("eLMTree") and currently a wholly owned
subsidiary of Best Assistant. Pursuant to the Merger Agreement,
Merger Sub will merge with and into eLMTree with eLMTree continuing
as the surviving company and becoming a wholly owned subsidiary of
the Company (the "Merger").
Concurrent with the execution of the Merger Agreement, the
Company has entered into a share purchase agreement (the
"Divestiture Agreement") with Rainbow Companion, Inc. (the
"Divestiture Purchaser"), a purchaser consortium formed by Joy Year
Limited, Bloom Star Limited, Ascendent Rainbow (Cayman) Limited
(and its affiliates), Trump Creation Limited and China Growth
Capital Limited. Pursuant to the Divestiture Agreement, immediately
prior to the Closing, the Company will transfer all its education
business in China to the
Divestiture Purchaser (the "Divestiture"). Upon completion of the
Divestiture, the Company will cease to operate any education
business in China.
As the Company will divest its China business, the Company's China operations and its associated assets and
liabilities have been reclassified as discontinued operations in
the financial results. After the Divestiture, the Company's
Singapore operations and its
associated assets and liabilities will continue to remain with the
Company. As the Merger has not closed, the financial information of
eLMTree is not included in the Company's financial results for the
first six months of 2023. For the unaudited pro forma condensed
combined financial information which presents the combined
financial information of the Company following the Divestiture and
eLMTree after giving effect to the Merger, please refer to the
proxy statement for extraordinary general meeting of the Company
that was included in our current report on Form 6-K filed with the
Securities and Exchange Commission on July
31, 2023.
First Six Months of 2023 Financial
Results
- Net revenues from continuing operations were US$18.0 million, compared with US$15.3 million for the first six months of
2022.
- Gross profit from continuing operations was US$2.7 million, compared with US$1.0 million for the first six months of
2022.
- Net loss from continuing operations attributable to ordinary
shareholders of GEHI for the first six months of 2023 was
US$2.2 million, compared with
US$1.1 million for the same period of
2022. Adjusted net loss from continuing operations attributable to
ordinary shareholders[1]
of GEHI for the first six months of 2023 was US$2.1 million, compared with US$1.0 million for the same period of 2022.
Net loss attributable to ordinary shareholders of
GEHI for the first six months of 2023 was
US$4.5 million, compared with
US$26.8 million of net income
attributable to ordinary shareholders of GEHI for the
same period of 2022. Adjusted net loss attributable to ordinary
shareholders[1] of GEHI
for the first six months of 2023 was US$4.1 million, compared with US$27.3 million of adjusted net income
attributable to ordinary shareholders[1] of
GEHI for the same period of 2022.
First Six Months of 2023 Financial Results
Net Revenues from Continuing Operations
Net revenues from continuing operations for the first six months
of 2023 were US$18.0 million, an
increase of 17.9% from US$15.3
million for the same period of 2022.
Revenues from kindergarten services from continuing operations
for the first six months of 2023 were US$9.5
million, an increase of 18.5% from US$8.0 million for the same period last year. The
increase in our revenues generated from kindergarten services was
primarily due to a 3.3% increase in the average number of students
from 1,412 to 1,459, and a 14.7% increase in the average tuition
and fees from US$933 to US$1,070 during the comparison periods.
Revenues from student care center services from continuing
operations for the first six months of 2023 were US$7.8 million, an increase of 17.1% from
US$6.7 million for the same period
last year. The increase in our revenues generated from student care
center services was primarily due to a 18.5% increase in the
average number of students from 5,757 to 6,820.
Revenues from franchise services from continuing operations for
the first six months of 2023 were US$0.7
million, an increase of 18.1% from US$0.6 million for the same period last year. The
increase in our revenues generated from franchise services was
primarily due to an increase in the number of franchise
facilities.
Cost of Revenues of Continuing Operations
Cost of revenues of continuing operations for the first six
months of 2023 was US$15.3 million,
compared with US$14.2 million for the
first six months of 2022. The increase was primarily due to an
increase in staff compensation at the Company's directly operated
kindergartens and higher operating cost.
Gross Profit from Continuing
Operations
Gross profit from continuing operations for the first six months
of 2023 was US$2.7 million, compared
with US$1.0 million for the same
period last year.
Operating Expenses of Continuing Operations
Total operating expenses of continuing operations for the first
six months of 2023 were US$6.0
million, compared with US$3.3
million for the same period last year. Excluding share-based
compensation expenses, operating expenses of continuing operations
were US$5.8 million for the first six
months of 2023, compared with US$3.1
million for the same period last year.
Selling expenses of continuing operations were US$0.3 million for the first six months of 2023,
compared with US$0.2 million for the
same period last year.
General and administrative expenses of continuing operations for
the first six months of 2023 were US$5.7
million, compared with US$3.0
million for the same period last year. Excluding share-based
compensation expenses, general and administrative expenses of
continuing operations were US$5.5
million for the first six months of 2023, an increase of
90.9% from US$2.9 million for the
same period of 2022. The increase in general and administrative
expenses excluding share-based compensation expenses was primarily
due to the increase in transaction cost related to the Merger.
Operating Loss from Continuing Operations
Operating loss from continuing operations for the first six
months of 2023 was US$3.3 million,
compared with US$2.2 million for the
same period last year. Adjusted operating loss[2] from continuing operations for the
first six months of 2023 was US$3.1
million, compared with US$2.1
million for the same period last year.
Net Loss from Continuing Operations
Net loss from continuing operations attributable to ordinary
shareholders of GEHI for the first six months of 2023 was
US$2.2 million, compared with
US$1.1 million for the same period of
2022. Adjusted net loss from continuing operations attributable to
ordinary shareholders of GEHI for the first six months of 2023 was
US$2.1 million, compared with
US$1.0 million for the same period of
2022.
Basic and diluted net loss from continuing operations per
American Depositary Share ("ADS") attributable to ordinary
shareholders of GEHI for the first six months of 2023 were both
US$1.59, compared with both of
US$0.79 for the same period of 2022.
Each ADS represents twenty Class A ordinary shares.
Adjusted basic and diluted net loss from continuing operations
per ADS attributable to ordinary shareholders[3] of GEHI for the first six months
of 2023 were both US$1.49 compared
with both of US$0.69 for the same
period of 2022.
EBITDA[4] from
continuing operations for the first six months of 2023 was negative
US$1.6 million, compared with
negative US$0.1 million for the same
period of 2022. Adjusted EBITDA[5] from continuing operations for the
first six months of 2023 was negative US$1.4
million, compared with US$31.0
thousand for the same period of 2022.
Net Income/loss from Discontinued Operations
Loss from discontinued operations after taxes for the first six
months of 2023 was US$2.4 million,
compared with US$4.1 million for the
same period last year. Gain on disposal of discontinued operations
after taxes for the first six months of 2023 was nil, compared with
US$30.5 million for the same period
of 2022. This was primarily because the company divested its
directly operated kindergarten business and recognized $30.5 million disposal gain in the first half of
2022, while the Divestiture announced on April 18, 2023 has not complete in the first half
of 2023 and the company has not recognized any gains from the
Divestiture.
Net Income/loss
Net loss attributable to ordinary shareholders of GEHI for the
first six months of 2023 was US$4.5
million, compared with US$26.8
million of net income attributable to ordinary shareholders
of GEHI for the same period of 2022. This was primarily due to the
decrease of US$30.5 million disposal
gain the Company recognized from discontinued operation in the
first half of 2022.
Adjusted net loss attributable to ordinary shareholders of GEHI
for the first six months of 2023 was US$4.1
million, compared with US$27.3
million of adjusted net income attributable to ordinary
shareholders of GEHI for the same period of 2022.
Basic and diluted net loss per ADS attributable to ordinary
shareholders of GEHI for the first six months of 2023 were both
US$3.15, compared with both
US$19.11 of basic and diluted net
income per ADS attributable to ordinary shareholders of GEHI for
the same period of 2022. Each ADS represents twenty Class A
ordinary shares.
Adjusted basic and diluted net loss per ADS attributable to
ordinary shareholders[3] of GEHI for the first
six months of 2023 were both US$2.93,
compared with both US$19.42 of
adjusted basic and diluted net income per ADS attributable to
ordinary shareholders[3] of GEHI for the same period
of 2022.
EBITDA for the first six months of 2023 was negative
US$3.3 million, compared with
US$36.3 million for the same period
of 2022. Adjusted EBITDA for the first six months of 2023 was
negative US3.0 million, compared with US$36.8 million for the same period of 2022.
|
[1] Adjusted
net income (loss) (from continuing operations) attributable to
ordinary shareholders is a non-GAAP financial measure, which is
defined as net income (loss) (from continuing operations)
attributable to ordinary shareholders excluding share-based
compensation expenses and changes in redeemable non-controlling
interests. See "Use of Non-GAAP Financial Measures" and
"Reconciliations of GAAP and non-GAAP results" elsewhere in this
earnings release.
|
|
[2] Adjusted
operating income (loss) is a non-GAAP financial measure, which is
defined as operating income (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.
|
|
[3] Adjusted
basic and diluted net income (loss) (from continuing operations)
per ADS attributable to ordinary shareholders is a non- GAAP
financial measure, which is defined as basic and diluted net income
(loss) (from continuing operations) per ADS attributable to
ordinary shareholders excluding share-based compensation expenses
and changes in redeemable non-controlling interest. See "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
non-GAAP results" elsewhere in this earnings release.
|
|
[4] EBITDA
is defined as net income (loss) excluding depreciation,
amortization and income tax expenses. See "Use of Non-GAAP
Financial Measures" and "Reconciliations of GAAP and non-GAAP
results" elsewhere in this earnings release.
|
|
[5] Adjusted
EBITDA is a non-GAAP financial measure, which is defined as net
income (loss) excluding depreciation, amortization, income tax
expenses, and share-based compensation expenses. See "Use of
Non-GAAP Financial Measures" and "Reconciliations of GAAP and
non-GAAP results" elsewhere in this earnings release.
|
About Gravitas Education Holdings, Inc.
Founded on the core values of "Care" and "Responsibility,"
"Inspire" and "Innovate," Gravitas Education Holdings, Inc.
(formerly known as RYB Education, Inc.) is a leading early
childhood education service provider in China. Since opening its first play-and-learn
center in 1998, the Company has grown and flourished with the
mission to provide high-quality, individualized and age-appropriate
care and education to nurture and inspire each child for his or her
betterment in life. During its two decades of operating history,
the Company has built itself into a well-recognized education brand
and helped bring about many new educational practices in
China's early childhood education
industry. GEHI's comprehensive early childhood education solutions
meet the needs of children from infancy to 6 years old through
structured courses at kindergartens and play-and-learn centers, as
well as at-home educational products and services.
Use of Non-GAAP Financial Measures
We use EBITDA, adjusted EBITDA, adjusted operating income,
adjusted net income, and adjusted basic and diluted net income per
ADS, each a non-GAAP financial measure, in evaluating our operating
results and for financial and operational decision-making
purposes.
EBITDA is defined as net income excluding depreciation,
amortization and income tax expenses; adjusted EBITDA is defined as
net income excluding depreciation, amortization, income tax
expenses, and share-based compensation expenses; adjusted operating
income is defined as operating income excluding share-based
compensation expenses; adjusted net income attributable to ordinary
shareholders is defined as net income attributable to ordinary
shareholders excluding share-based compensation expenses and
changes in redeemable non-controlling interest; and adjusted basic
and diluted net income per ADS attributable to ordinary
shareholders are defined as basic and diluted net income per ADS
attributable to ordinary shareholders excluding share-based
compensation expenses and changes in redeemable non-controlling
interest.
We believe that EBITDA, adjusted EBITDA, adjusted operating
income, adjusted net income, and adjusted basic and diluted net
income per ADS, help identify underlying trends in our business
that could otherwise be distorted by the effect of certain expenses
that we include in income from operations and net income. We
believe that EBITDA, adjusted EBITDA, adjusted operating income,
adjusted net income, and adjusted basic and diluted net income per
ADS, provide useful information about our operating results,
enhance the overall understanding of our past performance and
future prospects and allow for greater visibility with respect to
key metrics used by our management in its financial and operational
decision-making.
EBITDA, adjusted EBITDA, adjusted operating income, adjusted net
income, and adjusted basic and diluted net income per ADS, should
not be considered in isolation or construed as an alternative to
net income or any other measure of performance or as an indicator
of our operating performance. Investors are encouraged to review
the historical adjusted financial measures to the most directly
comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted
operating income, adjusted net income, and adjusted basic and
diluted net income per ADS, presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to our data. We
encourage investors and others to review our financial information
in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements 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," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company'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: the
Company's brand recognition and market reputation; student
enrollment in the Company's teaching facilities; the Company's
growth strategies; its future business development, results of
operations and financial condition; trends and competition
in China's early childhood education market; changes in
its revenues and certain cost or expense items; the expected growth
of the Chinese early childhood education market; Chinese
governmental policies relating to the Company's industry and
general economic conditions in China. Further information
regarding these and other risks is included in the Company's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
In China:
Gravitas Education Holdings, Inc.
Investor Relations
Tel: 86-10-8767-5752
E-mail: ir@geh.com.cn
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands of
U.S. dollars)
|
|
|
As of
|
|
June
30,
2023
|
December
31,
2022
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
19,753
|
20,510
|
|
Accounts receivable,
net
|
1,097
|
658
|
|
Inventories
|
103
|
96
|
|
Prepaid expenses and
other current assets
|
661
|
691
|
|
Amount due from related
parties
|
526
|
504
|
|
Current assets for
discontinued operations
|
12,260
|
18,786
|
|
Total current
assets
|
34,400
|
41,245
|
|
|
|
|
Non-current
assets:
|
|
|
|
Property, plant and
equipment, net
|
4,979
|
4,780
|
|
Intangible assets,
net
|
5,614
|
5,647
|
|
Deferred tax
assets
|
33
|
34
|
|
Other non-current
assets
|
1,545
|
1,354
|
|
Prepayments to related
parties
|
1,076
|
1,009
|
|
Operating lease
right-of-use assets
|
4,589
|
5,559
|
|
Non-current assets for
discontinued operations
|
17,839
|
21,045
|
|
Total
assets
|
70,075
|
80,673
|
|
|
|
|
Liabilities
|
|
|
|
Current
liabilities:
|
|
|
|
Prepayments from
customers, current portion
|
32
|
53
|
|
Accrued expenses and
other current liabilities – third
parties
|
5,068
|
3,670
|
|
Accrued expenses and
other current liabilities –
related parties
|
344
|
232
|
|
Income tax
payable
|
835
|
949
|
|
Operating lease
liabilities, current portion
|
2,807
|
2,928
|
|
Deferred revenue,
current portion
|
400
|
892
|
|
Current liabilities for
discontinued operations
|
19,540
|
23,509
|
|
Total current
liabilities
|
29,026
|
32,233
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Other non-current
liabilities
|
3,509
|
3,604
|
|
Deferred income tax
liabilities
|
950
|
959
|
|
Operating lease
liabilities, non-current portion
|
1,943
|
2,468
|
|
Non-current liabilities
for discontinued operations
|
13,314
|
16,510
|
|
Total
liabilities
|
48,742
|
55,774
|
|
|
|
|
Mezzanine
equity
|
|
|
|
Redeemable
non-controlling interests
|
281
|
111
|
|
|
|
|
Equity
|
|
|
|
Ordinary
shares
|
29
|
29
|
|
Treasury
stock
|
(6,897)
|
(7,445)
|
|
Additional paid-in
capital
|
134,828
|
135,060
|
|
Statutory
reserve
|
5,293
|
5,293
|
|
Accumulated other
comprehensive loss
|
(1,005)
|
(1,625)
|
|
Accumulated
deficit
|
(111,512)
|
(107,059)
|
|
Total Gravitas
Education Holdings, Inc.
shareholders' equity
|
20,736
|
24,253
|
|
Non-controlling
interest
|
316
|
535
|
|
Total
equity
|
21,052
|
24,788
|
|
Total liabilities,
mezzanine equity and total equity
|
70,075
|
80,673
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(in thousands of U.S. dollars, except share, ADS, per
share and per ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
|
|
|
Services-third parties
|
|
|
|
|
|
17,891
|
|
15,188
|
|
Services-related parties
|
|
|
|
|
36
|
|
54
|
|
Total services
revenues
|
|
|
|
|
17,927
|
|
15,242
|
|
Products
|
|
|
|
|
|
|
|
|
|
Products-third
parties
|
|
|
|
|
91
|
|
42
|
|
Total products
revenues
|
|
|
|
|
91
|
|
42
|
|
Total net revenues
|
|
|
|
|
18,018
|
|
15,284
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
15,270
|
|
14,198
|
|
Products
|
|
|
|
|
|
57
|
|
37
|
|
Total cost of revenues
|
|
|
|
|
15,327
|
|
14,235
|
|
Gross profit
|
|
|
|
|
|
2,691
|
|
1,049
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
|
|
285
|
|
227
|
|
General and
administrative expenses
|
|
|
|
5,687
|
|
3,046
|
|
Total operating expenses
|
|
|
|
5,972
|
|
3,273
|
|
|
|
|
|
|
|
|
|
|
Operating loss from continuing
operations
|
|
|
(3,281)
|
|
(2,224)
|
|
Government subsidy
income
|
|
|
|
1,199
|
|
1,095
|
|
Loss before income taxes from continuing
operations
|
|
(2,082)
|
|
(1,129)
|
|
Less: Income tax
benefits
|
|
|
|
|
-
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations
|
|
|
|
(2,082)
|
|
(1,126)
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
|
|
|
Loss from discontinued
operations, net of income taxes
|
|
(2,401)
|
|
(4,146)
|
|
Gain on disposal, net
of income taxes
|
|
|
|
-
|
|
30,537
|
|
Net (loss) income from discontinued operations, net
of
|
|
|
|
|
|
income taxes
|
|
|
|
|
(2,401)
|
|
26,391
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
|
|
(4,483)
|
|
25,265
|
|
Net income (loss)
attributable to non-controlling interest from
|
|
|
|
|
|
continuing
operations
|
|
|
|
|
167
|
|
(18)
|
|
Net loss attributable
to non-controlling interest from
|
|
|
|
|
|
|
discontinued
operations
|
|
|
|
|
(197)
|
|
(1,550)
|
|
Net (loss) income attributable to ordinary
shareholders of
|
|
|
|
|
|
Gravitas Education Holdings,
Inc.
|
|
|
|
(4,453)
|
|
26,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share attributable to
ordinary
|
|
|
|
|
|
shareholders of Gravitas Education Holdings, Inc. –
Basic
|
|
|
|
|
|
and diluted
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
|
|
(0.08)
|
|
(0.04)
|
|
Net (loss) income from
discontinued operations
|
|
|
(0.08)
|
|
1.00
|
|
Net (loss)
income
|
|
|
|
|
(0.16)
|
|
0.96
|
|
Net (loss) income per ADS attributable to
ordinary
|
|
|
|
|
|
|
shareholders of Gravitas Education Holdings, Inc. –
Basic
|
|
|
|
|
|
and diluted (Note 1)
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
|
|
(1.59)
|
|
(0.79)
|
|
Net (loss) income from
discontinued operations
|
|
|
(1.56)
|
|
19.90
|
|
Net (loss)
income
|
|
|
|
|
(3.15)
|
|
19.11
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in calculating net
(loss)
|
|
|
|
|
|
income per ordinary share
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
|
|
28,234,094
|
|
28,078,124
|
|
|
|
|
|
|
|
|
|
Note 1：Each ADS
represents twenty Class A ordinary shares.
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
(in thousands of U.S. dollars, except share, ADS, per
share and per ADS data)
|
|
|
|
|
|
|
Six months Ended
|
|
June 30,
|
|
|
2023
|
|
2022
|
|
Net (loss) income
|
|
(4,483)
|
|
25,265
|
|
Other comprehensive
income (loss), net of tax of nil:
|
|
|
|
|
|
Change in cumulative
foreign currency translation
adjustments
|
|
(251)
|
|
(2411)
|
|
Total comprehensive (loss)
income
|
|
(4,734)
|
|
22,854
|
|
Less: Comprehensive
loss attributable to non-
controlling interest
|
|
(49)
|
|
(1,928)
|
|
Comprehensive (loss) income attributable to
Gravitas Education Holdings, Inc.
|
|
(4,685)
|
|
24,782
|
|
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS
|
|
(in thousands of U.S. dollars, except share, ADS, per
share and per ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
2023
|
|
2022
|
|
Operating loss from continuing
operations
|
|
(3,281)
|
|
(2,224)
|
|
Share-based
compensation expenses on
continuing operations
|
|
142
|
|
142
|
|
Adjusted operating loss from continuing
operations
|
|
|
|
|
|
|
(3,139)
|
|
(2,082)
|
|
|
|
|
|
|
Net loss from
continuing operations
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.
|
|
(2,249)
|
|
(1,108)
|
|
Net (loss) income from
discontinued
operations attributable to ordinary
shareholders of Gravitas Education
Holdings, Inc.
|
|
(2,204)
|
|
27,941
|
|
Net (loss) income attributable to
ordinary shareholders of Gravitas
Education Holdings, Inc.
|
|
(4,453)
|
|
26,833
|
|
Share-based
compensation expenses on
continuing operations
|
|
142
|
|
142
|
|
Share-based
compensation expenses on
discontinued operations
|
|
175
|
|
293
|
|
Adjusted net loss from
continuing
operations attributable to ordinary
shareholders of Gravitas Education
Holdings, Inc.
|
|
(2,107)
|
|
(966)
|
|
Adjusted net (loss)
income from
discontinued operations attributable to
ordinary shareholders of Gravitas
Education Holdings, Inc.
|
|
(2,029)
|
|
28,234
|
|
Adjusted net (loss) income attributable
to ordinary shareholders of Gravitas
Education Holdings, Inc.
|
|
(4,136)
|
|
27,268
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
(2,082)
|
|
(1,126)
|
|
Net (loss) income from
discontinued
operations
|
|
(2,401)
|
|
26,391
|
|
Net (loss) income
|
|
(4,483)
|
|
25,265
|
|
Add: Income tax
benefits on continuing
operations
|
|
-
|
|
(3)
|
|
Income tax expenses on discontinued
operations
|
|
292
|
|
6,667
|
|
Depreciation of
property, plant and
equipment, and amortization of intangible
assets of continuing operations
|
|
494
|
|
1,018
|
|
Depreciation of
property, plant and
equipment, and amortization of intangible
assets of discontinued operations
|
|
415
|
|
3,393
|
|
EBITDA from continuing
operations
|
|
(1,588)
|
|
(111)
|
|
EBITDA from
discontinued operations
|
|
(1,694)
|
|
36,451
|
|
EBITDA
|
|
(3,282)
|
|
36,340
|
|
Share-based
compensation expenses on
continuing operations
|
|
142
|
|
142
|
|
Share-based
compensation expenses on
discontinued operations
|
|
175
|
|
293
|
|
Adjusted EBITDA from
continuing
operations
|
|
(1,446)
|
|
31
|
|
Adjusted EBITDA from
discontinued
operations
|
|
(1,519)
|
|
36,744
|
|
Adjusted EBITDA
|
|
(2,965)
|
|
36,775
|
|
|
|
|
|
|
Net (loss) income per ADS attributable
to ordinary shareholders of Gravitas
Education Holdings, Inc.- Basic and
diluted (Note1)
|
|
|
|
|
|
Net loss from
continuing operations
|
|
(1.59)
|
|
(0.79)
|
|
Net (loss) income from
discontinued operations
|
|
(1.56)
|
|
19.90
|
|
Net (loss)
income
|
|
(3.15)
|
|
19.11
|
|
|
|
|
|
|
Adjusted net (loss) income per ADS
attributable to ordinary shareholders
of Gravitas Education Holdings, Inc.-
Basic and diluted (Note1)
|
|
|
|
|
|
Net loss from
continuing operations
|
|
(1.49)
|
|
(0.69)
|
|
Net (loss) income from
discontinued operations
|
|
(1.44)
|
|
20.11
|
|
Net (loss)
income
|
|
(2.93)
|
|
19.42
|
|
|
|
|
|
|
Weighted average shares
used in
calculating basic and diluted net (loss)
income per ADS (Note1)
|
|
28,234,094
|
|
28,078,124
|
|
Weighted average shares
used in
calculating basic and diluted adjusted net
(loss) income per ADS (Note1)
|
|
28,234,094
|
|
28,078,124
|
|
|
|
|
|
|
Adjusted (loss) net income per share
attributable to ordinary shareholders of
Gravitas Education Holdings, Inc.-
Basic and diluted (Note1)
|
|
|
|
|
|
Net loss from
continuing operations
|
|
(0.07)
|
|
(0.03)
|
|
Net (loss) income from
discontinued
operations
|
|
(0.08)
|
|
1.00
|
|
Net (loss)
income
|
|
(0.15)
|
|
0.97
|
|
|
|
|
|
|
Note
1：Each ADS represents twenty Class A ordinary
shares.
|
View original
content:https://www.prnewswire.com/news-releases/gravitas-education-holdings-inc-reports-first-half-2023-financial-results-301922182.html
SOURCE Gravitas Education Holdings Inc.
