BEIJING, China, Nov. 12, 2020 (GLOBE NEWSWIRE) — ATA Creativity International (“ACG” or the “Firm”, Nasdaq: AACG), a world academic companies firm centered on offering high quality studying experiences that domesticate and improve college students’ creativity, immediately introduced preliminary unaudited monetary outcomes for the quarter and 9 months ended September 30, 2020 (“Third Quarter 2020” and “9 Months 2020”, respectively).
Third Quarter 2020 Highlights
- Throughout Third Quarter 2020, pupil enrollment was 1,225, of which 666 had been enrolled in ACG’s portfolio coaching packages. Roughly 44,203 credit score hours (i.e., the usual unit measuring academic credit score for the portfolio coaching program; every credit score hour equates to roughly one hour of time dedicated) had been delivered throughout Third Quarter 2020.
- Third Quarter 2020 internet revenues of RMB42.2 million (US$6.2 million), primarily pushed by revenues from portfolio coaching companies
- Scholar enrollments and internet revenues, notably these associated to the academic journey companies enterprise, continued to be impacted by the coronavirus illness (“COVID-19”) throughout Third Quarter 2020.
- Third Quarter 2020 internet revenue attributable to ACG of RMB19.Three million (US$2.Eight million), in comparison with internet loss attributable to ACG of RMB25.2 million within the prior-year interval
- 9 Months 2020 internet revenues of RMB101.Three million (US$14.9 million)
- 9 Months 2020 internet loss from persevering with operations attributable to ACG of RMB33.Three million (US$4.9 million), in comparison with RMB56.Three million within the prior-year interval
- RMB111.9 million (US$16.5 million) in money and money equivalents as of September 30, 2020
Administration Commentary
Mr. Kevin Ma, Chairman and CEO of ACG, acknowledged, “Throughout the third quarter of 2020, enrollment ranges inside our portfolio coaching program elevated by 50% with credit score hours delivered growing by over 58% from the prior sequential quarter, which we really feel is an unbelievable achievement contemplating many college students continued to pursue their research by way of on-line supply when most would possible want to take action in-person. The general public well being scenario in China continues to enhance, and we’re happy that just about all of our coaching facilities have been in a position to resume conventional in-person supply of coursework. ACG’s acquisition of Beijing Huanqiuyimeng Schooling Session Corp. (‘Huanqiuyimeng’) happened at an opportune time as the 2 corporations had considerably assimilated by early 2020 when the pandemic hit, and it performed a key function in our profitable transitioning of coursework to the web platform. We labored to develop expertise techniques that may help Huanqiuyimeng’s day by day operations and leveraged our management in finance, administration and evaluation, all of which had been essential parts contributing to our profitable navigation of challenges created by the pandemic. The distinctive circumstances of the pandemic necessitated a transition to a web based training mannequin, which has confirmed advantageous for college students who require the elevated flexibility distant studying supplies and for establishments that may now serve a a lot wider pupil inhabitants because of expertise. We imagine there stays an excessive amount of runway for progress, and we’re optimistic for our future as we head into 2021.”
Outlook/Affect of COVID-19
Mr. Jun Zhang, President of ACG, acknowledged, “We had been happy to see continued robust enrollment in Third Quarter 2020 as conventional in-person supply of coursework grew to become more and more accessible and lots of college students continued their educations on-line in the course of the interval. The fourth quarter tends to be our busiest time of the yr as college students are working in earnest to finish their portfolios forward of year-end utility deadlines for entry within the fall of 2021. Given the consequences of the pandemic, we anticipate fourth quarter enrollments in our Portfolio Coaching Program will stay regular. Whereas our instructional journey enterprise will proceed to be impacted by way of the rest of the yr, the autumn and winter are usually lighter journey seasons, and we plan to proceed providing alternate options to our conventional journey packages, mitigating the general impression on our enterprise. Whereas the pandemic has undoubtedly overturned the economic system and numerous lives have been devastated by this illness, our college students have proven an excessive amount of resilience, and we’re proud that ACG as an establishment has risen to the problem of constant to offer the academic alternatives our college students search. We imagine we are going to emerge from the pandemic stronger than earlier than and look ahead to supporting our college students with further choices and improved infrastructure nicely into the long run.”
Working Evaluate
Enrollment Replace
ACG pupil enrollment for Third Quarter 2020 was 1,225, of which 666 had been enrolled in its portfolio coaching packages, which include time-based packages and project-based packages.
A complete of 44,203 credit score hours had been delivered for portfolio coaching packages throughout Third Quarter 2020, of which 26,117 credit score hours had been delivered for time-based packages and 18,086 credit score hours had been delivered for project-based packages. These programs had been delivered both in particular person by way of ACG’s nationwide coaching heart community or by way of on-line platform.
The next is a abstract of the credit score hours delivered for ACG’s portfolio coaching packages, for the interval starting July 1, 2020, to September 30, 2020, in comparison with these for the prior-year interval:
| July 1 – Sept. 30, 2020 | July 1 – Sept. 30, 2019 | % Change | ||||
| No. of Credit score Hours |
No. of Credit score Hours |
|||||
| Time-based Program | 26,117 | 36,363 | (28.2%) | |||
| Challenge-based Program | 18,086 | 18,868 | (4.1%) | |||
| Complete | 44,203 | 55,231 | (20.0%) | |||
Throughout Third Quarter 2020, 559 college students had been enrolled in ACG’s different packages, which consists of abroad examine counseling and international language coaching companies enrollments in addition to enrollments for different academic companies corresponding to some short-term on-line bootcamp packages and different lately launched background enhancement packages, corresponding to internships in fields like style and architectural design.
GAAP Outcomes
Word: Affect of Huanqiuyimeng Acquisition on and Sure Changes to the Firm’s Monetary Statements
Following the completion of the Huanqiuyimeng enterprise acquisition whereby Huanqiuyimeng grew to become an entirely owned subsidiary of the Firm in 2019, the monetary outcomes introduced on this press launch incorporate monetary contributions from Huanqiuyimeng for Third Quarter 2020 and 9 Months 2020. Please notice that the prior-year interval comparisons within the beneath monetary critiques embody roughly two months of contributions from the Huanqiuyimeng enterprise as management of Huanqiuyimeng transitioned to ACG on August 6, 2019. As well as, the Firm has utilized acquisition accounting and made buy worth allocation (“PPA”) changes to varied property acquired and liabilities assumed from the Huanqiuyimeng enterprise acquisition.
Third Quarter 2020 Monetary Evaluate
ACG’s complete internet revenues for Third Quarter 2020 had been RMB42.2 million (US$6.2 million), in comparison with RMB40.6 million within the prior-year interval. Web revenues for this quarter embody a detrimental adjustment of RMB6.Zero million ensuing from amortization of the distinction between the carrying worth of deferred revenues in Huanqiuyimeng’s e book and the honest worth of deferred revenues assessed from the PPA course of utilized to the Huanqiuyimeng enterprise acquisition (“PPA Adjustment to Web Revenues”). Revenues from portfolio coaching packages had been RMB34.2 million, or 81.0% of complete internet revenues, in the course of the interval. Revenues from abroad examine counselling companies, different academic companies and the Okay-12 enterprise had been RMB8.Zero million, or 19.0% of complete internet revenues in the course of the interval.
Gross revenue for Third Quarter 2020 was RMB15.Eight million (US$2.Three million), in comparison with RMB14.6 million within the prior-year interval. Gross margin was 37.4% in the course of the interval, in contrast 35.9% within the prior-year interval. Excluding the PPA Adjustment to Web Revenues acknowledged above, gross margin for Third Quarter 2020 would have been 45.2%.
Complete working bills for Third Quarter 2020 had been RMB32.Four million (US$4.Eight million), in comparison with RMB40.Eight million within the prior-year interval. This lower was primarily pushed by a value-added tax exemption stipulated by the State Authority of Taxation in response to the impression of COVID-19 on the particular business by which Huanqiuyimeng operates in China in 2020, in addition to decrease common and administrative prices because of reductions in headcount and workplace area made as a part of a common expense financial savings plan launched in response to COVID-19.
Loss from operations for Third Quarter 2020 was RMB16.5 million (US$2.Four million), in comparison with RMB26.1 million within the prior-year interval.
Web revenue attributable to ACG for Third Quarter 2020 was RMB19.Three million (US$2.Eight million), in comparison with a internet lack of RMB25.2 million within the prior-year interval.
For Third Quarter 2020, fundamental and diluted earnings per widespread share attributable to ACG had been each RMB0.28 (US$0.04), in comparison with fundamental and diluted losses per widespread share attributable to ACG of RMB0.51 for the prior-year interval. Primary and diluted earnings per ADS attributable to ACG had been each RMB0.56 (US$0.08), in comparison with fundamental and diluted losses per ADS attributable to ACG of RMB1.02 within the prior-year interval.
9 Months 2020 Monetary Evaluate
ACG’s complete internet revenues for 9 Months 2020 had been RMB101.Three million (US$14.9 million), in comparison with RMB43.6 million within the prior-year interval. Web revenues for the interval embody a detrimental adjustment of RMB18.Zero million ensuing from the PPA Adjustment to Web Revenues, as famous above. Revenues from portfolio coaching packages had been RMB72.Four million, or 71.4% of complete internet revenues, in the course of the interval. Revenues from different training companies and the Okay-12 enterprise had been RMB28.9 million, or 28.6% of complete internet revenues in the course of the interval.
Gross revenue for 9 Months 2020 was RMB34.1 million (US$5.Zero million), in comparison with RMB15.Zero million within the prior-year interval. Gross margin was 33.7% in the course of the interval, in comparison with 34.3% within the prior-year interval. Excluding the PPA Adjustment to Web Revenues acknowledged above, gross margin for 9 Months 2020 would have been 43.7%.
Complete working bills for 9 Months 2020 had been RMB116.1 million (US$17.1 million), in comparison with RMB77.Three million within the prior-year interval, which included solely two months of bills associated to Huanqiuyimeng operations as management transitioned to ACG on August 6, 2019.
Loss from persevering with operations for 9 Months 2020 was RMB81.5 million (US$12.Zero million), in comparison with RMB61.7 million within the prior-year interval because of the elevated working bills, which had been partially offset by the rise in gross revenue talked about above.
Web loss from persevering with operations attributable to ACG for 9 Months 2020 was RMB33.Three million (US$4.9 million), in comparison with RMB56.Three million within the prior-year interval.
For 9 Months 2020, fundamental and diluted losses from persevering with operations per widespread share attributable to ACG had been each RMB 0.60 (US$0.09), in comparison with RMB1.24 for the prior-year interval. Primary and diluted losses from persevering with operations per ADS attributable to ACG had been each RMB 1.20 (US$0.18), in comparison with RMB2.48 within the prior-year interval.
Non-GAAP Measures
Adjusted internet revenue attributable to ACG for Third Quarter 2020, which excludes share-based compensation expense and international forex trade loss (non-GAAP), was RMB19.7 million (US$2.9 million), in comparison with adjusted internet lack of RMB23.Three million within the prior-year interval.
Primary and diluted earnings per widespread share attributable to ACG excluding share-based compensation expense and international forex trade loss (non-GAAP) for Third Quarter 2020, had been RMB0.29 (US$0.04). Primary and diluted earnings per ADS attributable to ACG excluding share-based compensation expense and international forex trade loss (non-GAAP) for Third Quarter 2020 had been RMB0.58 (US$0.08).
Please see the notice about non-GAAP measures and the reconciliation desk on the finish of this press launch.
Different Knowledge
The variety of weighted common ADSs used to calculate each fundamental and diluted earnings per ADS for Third Quarter 2020 was 32.1 million. Every ADS represents two widespread shares.
Stability Sheet Highlights
As of September 30, 2020, ACG’s money and money equivalents had been RMB111.9 million (US$16.5 million), working capital deficit was RMB134.9 million (US$19.9 million), and complete shareholders’ fairness was RMB259.Eight million (US$38.Three million); in comparison with money and money equivalents of RMB154.2 million, working capital deficit of RMB81.Three million, and complete shareholders’ fairness of RMB305.6 million, respectively, as of December 31, 2019.
Replace on Share Repurchase Program
In Could 2020, ACG’s Board of Administrators authorized a share repurchase plan authorizing the Firm to repurchase as much as US$1.Zero million of its issued and excellent ADSs on the open market and thru privately negotiated transactions. By November 1, 2020, the Firm had repurchased 450,337 ADSs at a mean inventory worth of US$1.2631. This share repurchase plan continues by way of December 31, 2020. The Board might droop or discontinue the repurchase program at any time. This repurchase program doesn’t obligate ACG to make further repurchases at any particular time or in any particular scenario.
Convention Name and Webcast Info (With Accompanying Presentation)
ACG will host a convention name at 8 p.m. Jap Time on Thursday, November 12, 2020 (9 a.m. Beijing time on Friday, November 13, 2020), throughout which administration will talk about the outcomes of the quarter and 9 months ended September 30, 2020. Buyers are welcome to ship any questions prematurely of the convention name both by way of the webcast portal or by way of e-mail to the Firm’s contacts listed beneath.
To take part within the convention name, please use the next dial-in numbers about 10 minutes previous to the scheduled convention name time:
| U.S. & Canada (Toll-Free): | +1 (877) 737-7051 |
| Worldwide (Toll): | +1 (201) 689-8878 |
| Native Entry | |
| China: | (400) 120 2840 |
| Hong Kong: | (800) 965561 |
A stay webcast of the convention name might be accessed on the investor relations part of ACG’s web site at www.atai.net.cn or by clicking the next hyperlink: https://78449.themediaframe.com/dataconf/productusers/atac/mediaframe/41783/indexl.html.
An accompanying slide presentation in PDF format may also be made accessible 30 minutes previous to the convention name on the identical investor relations part of ACG’s web site. To hearken to the webcast, please go to ACG’s web site a couple of minutes previous to the beginning of the decision to register, obtain, and set up any needed audio software program.
A replay will likely be accessible shortly after the decision on the investor relations part of ACG’s web site and can stay accessible for 90 days.
About ATA Creativity International
ATA Creativity International is a world academic companies firm centered on offering high quality studying experiences that domesticate and improve college students’ creativity. ATA Creativity International provides a variety of training companies consisting primarily of portfolio coaching, academic journey, abroad examine counseling and different academic companies by way of its coaching heart community. For extra info, please go to ACG’s web site at www.atai.net.cn.
Cautionary Word Relating to Ahead-looking Statements
This announcement incorporates forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended, and as outlined within the Non-public Securities Litigation Reform Act of 1995.
These forward-looking statements might be recognized by phrases corresponding to “anticipate,” “imagine,” “might,” “estimate,” “count on,” “forecast,” “future,” “intend,” “look ahead to,” “outlook,” “plan,” “ought to,” “will,” and related phrases and embody, amongst different issues, statements relating to ACG’s future progress and outcomes of operations; ACG’s technique of changing into a number one worldwide training service supplier; ACG’s plans for mergers and acquisitions usually; the advantages of the Huanqiuyimeng Acquisition; ACG’s capability to function effectively and keep continued monetary energy below uncommon circumstances; ACG’s progress technique, anticipated progress prospects and subsequent enterprise actions; market demand for ACG’s portfolio coaching packages and different training companies; the impression of the COVID-19 outbreak on ACG and its operations; ACG’s plan and anticipated advantages of the measures applied in response to the COVID-19 outbreak; and the implementation, suspension or termination of the share repurchase program.
The components that might trigger the Firm’s precise monetary and working outcomes to vary from what the Firm at present anticipates might embody its capability to develop and create content material that might accommodate wants of potential college students, its capability to offer efficient inventive associated worldwide training companies and management gross sales and advertising and marketing bills, its recognition within the market for companies it delivered and branding it established, its capability to combine the acquired enterprise, its capability to take care of market share amid growing competitors, its capability to establish and execute on M&A alternatives inside the training sector, the economic system of China, uncertainties with respect to China’s authorized and regulatory environments, the impression of the COVID-19 outbreak and different components acknowledged within the Firm’s filings with the U.S. Securities and Trade Fee (“SEC”).
The monetary info contained on this launch ought to be learn at the side of the consolidated monetary statements and associated notes included within the Firm’s annual report on Kind 20-F for its fiscal yr ended December 31, 2019, and different filings that ACG has made with the SEC. The filings can be found on the SEC’s web site at www.sec.gov and at ACG’s web site at www.atai.internet.cn. For extra info on the chance components that might adversely have an effect on the Firm’s enterprise, monetary circumstances, outcomes of operations, and prospects, please see the “Danger Components” part of the Firm’s Kind 20-F for the fiscal yr ended December 31, 2019.
The forward-looking statements on this launch contain identified and unknown dangers and uncertainties and are primarily based on present expectations, assumptions, estimates, and projections about ACG and the markets by which it operates. The Firm undertakes no obligation to replace forward-looking statements, which converse solely as of the date of this launch, to replicate subsequent occasions or circumstances, or modifications in its expectations, besides as could also be required by regulation. Though the Firm believes that its expectations and assumptions expressed in these forward-looking statements are cheap, the Firm can’t guarantee you that its expectations and assumptions will transform appropriate, and buyers are cautioned that precise outcomes might differ materially from the anticipated outcomes.
Foreign money Comfort Translation
The Firm’s monetary info is acknowledged in Renminbi (“RMB”), the forex of the Folks’s Republic of China. The translations of RMB quantities for the quarter and 9 months ended September 30, 2020, into U.S. {dollars} are included solely for the comfort of readers and have been made on the fee of RMB6.7896 to US$1.00, the midday shopping for fee as of September 30, 2020, in New York for cable transfers in RMB per U.S. greenback as set forth within the H.10 weekly statistical launch of the Federal Reserve Board. Such translations shouldn’t be construed as representations that RMB quantities may very well be transformed into U.S. {dollars} at that fee or every other fee, or to be the quantities that may have been reported below U.S. usually accepted accounting ideas (“GAAP”).
About Non-GAAP Monetary Measures
To complement ACG’s consolidated monetary info introduced in accordance with U.S. GAAP, ACG makes use of the next non-GAAP monetary measures: internet revenue (loss) excluding share-based compensation expense and international forex trade acquire or loss, and fundamental and diluted earnings (losses) per widespread share and ADS excluding share-based compensation expense and international forex trade acquire or loss.
The presentation of those non-GAAP monetary measures will not be supposed to be thought-about in isolation or as an alternative to the monetary info ready and introduced in accordance with GAAP. ACG believes these non-GAAP monetary measures present significant supplemental details about its efficiency by excluding share- primarily based compensation expense and international forex trade acquire or loss, which is probably not indicative of its working efficiency.
ACG believes that each administration and buyers profit from these non-GAAP monetary measures in assessing its efficiency and when planning and forecasting future durations. These non-GAAP monetary measures additionally facilitate administration’s inner comparisons to ACG’s historic efficiency. ACG computes its non-GAAP monetary measures utilizing a constant technique from interval to interval. ACG believes these non-GAAP monetary measures are helpful to buyers in permitting for larger transparency with respect to supplemental info utilized by administration in its monetary and operational resolution making. A limitation of utilizing non-GAAP internet revenue (loss) excluding share-based compensation expense and international forex trade acquire or loss and fundamental and diluted earnings (losses) per widespread share and per ADS excluding share-based compensation expense and international forex trade acquire or loss is that share-based compensation expenses and international forex trade acquire or loss have been, and are anticipated to proceed to be for the foreseeable future, a big recurring expense in ACG’s enterprise.
Administration compensates for these limitations by offering particular info relating to the GAAP quantities excluded from every non-GAAP measure. The desk captioned “Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures” proven on the finish of this information launch has extra particulars on the reconciliations between GAAP monetary measures which might be most instantly similar to the non-GAAP monetary measures utilized by ACG.
For extra info on our firm, please contact the next people:
| On the Firm | Investor Relations | |
| ATA Creativity International | The Fairness Group Inc. | |
| Amy Tung, CFO | Carolyne Y. Sohn, Vice President | |
| +86 10 6518 1133 x 5518 | 415-568-2255 | |
| amytung@atai.net.cn | csohn@equityny.com | |
| Adam Prior, Senior Vice President | ||
| 212-836-9606 | ||
| aprior@equityny.com | ||
| ATA CREATIVITY GLOBAL AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | September 30, | September 30, | ||||||
| 2019 | 2020 | 2020 | ||||||
| RMB | RMB | USD | ||||||
| ASSETS | ||||||||
| Present property: | ||||||||
| Money and money equivalents | 154,197,758 | 111,864,329 | 16,475,835 | |||||
| Accounts receivable, internet | 214,591 | 752,314 | 110,804 | |||||
| Subscription receivable | 8,530,931 | — | — | |||||
| Pay as you go bills and different present property | 16,490,369 | 15,839,853 | 2,332,958 | |||||
| Mortgage receivable, internet | 4,126,502 | 4,028,251 | 593,297 | |||||
| Complete present property | 183,560,151 | 132,484,747 | 19,512,894 | |||||
| Lengthy-term investments | 45,726,391 | 76,217,149 | 11,225,573 | |||||
| Goodwill | 200,478,795 | 194,754,963 | 28,684,306 | |||||
| Property and gear, internet | 42,070,794 | 39,320,610 | 5,791,300 | |||||
| Intangible property, internet | 135,599,770 | 119,144,330 | 17,548,063 | |||||
| Proper-of-use property | 40,786,291 | 34,878,923 | 5,137,110 | |||||
| Deferred revenue tax property | 11,464,891 | 1,159,562 | 170,785 | |||||
| Different non-current property | 16,402,750 | 21,718,104 | 3,198,731 | |||||
| Complete property | 676,089,833 | 619,678,388 | 91,268,762 | |||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Present liabilities: | ||||||||
| Accrued bills and different payables | 47,747,054 | 41,366,621 | 6,092,644 | |||||
| Quick-term mortgage | 4,991,000 | 3,500,000 | 515,494 | |||||
| Payable for enterprise acquisition | 19,642,082 | 4,642,082 | 683,705 | |||||
| Lease liabilities-current | 20,556,017 | 15,853,671 | 2,334,993 | |||||
| Deferred revenues | 171,880,131 | 201,988,560 | 29,749,700 | |||||
| Complete present liabilities | 264,816,284 | 267,350,934 | 39,376,536 | |||||
| Different non-current liabilities | 12,500,120 | 17,892,422 | 2,635,269 | |||||
| Deferred revenue tax liabilities | 48,241,809 | 27,112,309 | 3,993,212 | |||||
| Complete liabilities | 325,558,213 | 312,355,665 | 46,005,017 | |||||
| Mezzanine equity-redeemable non-controlling pursuits | 44,896,428 | 47,566,642 | 7,005,809 | |||||
| Shareholders’ fairness: | ||||||||
| Frequent shares | 4,692,312 | 4,716,675 | 694,691 | |||||
| Treasury shares | (27,737,073 | ) | (31,740,603 | ) | (4,674,886 | ) | ||
| Further paid-in capital | 560,814,066 | 561,009,660 | 82,627,793 | |||||
| Accrued different complete loss | (37,478,167 | ) | (38,838,635 | ) | (5,720,313 | ) | ||
| Retained earnings (amassed deficit) | (200,151,065 | ) | (237,694,169 | ) | (35,008,567 | ) | ||
| Complete shareholders’ fairness attributable to ACG | 300,140,073 | 257,452,928 | 37,918,718 | |||||
| Non-redeemable non-controlling pursuits | 5,495,119 | 2,303,153 | 339,218 | |||||
| Complete shareholders’ fairness | 305,635,192 | 259,756,081 | 38,257,936 | |||||
| Commitments and contingencies | ||||||||
| Complete liabilities, mezzanine fairness and shareholders’ fairness | 676,089,833 | 619,678,388 | 91,268,762 | |||||
| ATA CREATIVITY GLOBAL AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||
| Three-month Interval Ended | ||||||||
| September 30, | September 30, |
September 30, |
||||||
| 2019 | 2020 | 2020 | ||||||
| RMB | RMB | USD | ||||||
| Web revenues | 40,648,907 | 42,220,208 | 6,218,365 | |||||
| Price of revenues | 26,075,637 | 26,440,055 | 3,894,199 | |||||
| Gross revenue | 14,573,270 | 15,780,153 | 2,324,166 | |||||
| Working bills: | ||||||||
| Analysis and growth | 2,993,184 | 1,968,166 | 289,880 | |||||
| Gross sales and advertising and marketing | 13,866,071 | 14,426,538 | 2,124,799 | |||||
| Normal and administrative | 23,967,626 | 16,023,050 | 2,359,940 | |||||
| Complete working bills | 40,826,881 | 32,417,754 | 4,774,619 | |||||
| Different working revenue, internet | 105,184 | 125,020 | 18,413 | |||||
| Loss from operations | (26,148,427 | ) | (16,512,581 | ) | (2,432,040 | ) | ||
| Different revenue (expense): | ||||||||
| Investments loss | (7,850 | ) | (655,016 | ) | (96,473 | ) | ||
| Impairment loss from funding | (5,919,198 | ) | (1,576,391 | ) | (232,177 | ) | ||
| Change in honest worth of long-term funding | — | 34,131,246 | 5,026,989 | |||||
| Curiosity revenue, internet of curiosity bills | 504,175 | 233,578 | 34,402 | |||||
| International forex trade acquire (loss), internet | (35,926 | ) | (65,748 | ) | (9,684 | ) | ||
| Revenue (loss) earlier than revenue taxes | (31,607,226 | ) | 15,555,088 | 2,291,017 | ||||
| Revenue tax profit | (3,395,225 | ) | (2,559,069 | ) | (376,910 | ) | ||
| Web revenue (loss) | (28,212,001 | ) | 18,114,157 | 2,667,927 | ||||
| Web loss attributable to redeemable non-controlling pursuits | (832,023 | ) | (467,589 | ) | (68,868 | ) | ||
| Web loss attributable to non-redeemable non-controlling pursuits | (2,146,674 | ) | (697,873 | ) | (102,786 | ) | ||
| Web revenue (loss) attributable to ACG | (25,233,304 | ) | 19,279,619 | 2,839,581 | ||||
| Different complete loss: | ||||||||
| International forex translation adjustment, internet of nil revenue taxes | 1,767,000 | (2,933,928 | ) | (432,121 | ) | |||
| Complete revenue (loss) attributable to ACG | (23,466,304 | ) | 16,345,691 | 2,407,460 | ||||
| Primary and diluted earnings (losses) per widespread share attributable to ACG | (0.51 | ) | 0.28 | 0.04 | ||||
| Primary and diluted earnings (losses) per ADS attributable to ACG | (1.02 | ) | 0.56 | 0.08 | ||||
| ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||
| 9-month Interval Ended | ||||||||
| September30, | September 30, | September30, |
||||||
| 2019 | 2020 | 2020 | ||||||
| RMB | RMB | USD | ||||||
| Web revenues | 43,631,500 | 101,319,831 | 14,922,798 | |||||
| Price of revenues | 28,674,651 | 67,184,166 | 9,895,158 | |||||
| Gross revenue | 14,956,849 | 34,135,665 | 5,027,640 | |||||
| Working bills: | ||||||||
| Analysis and growth | 9,354,973 | 6,374,836 | 938,912 | |||||
| Gross sales and advertising and marketing | 17,045,082 | 35,872,541 | 5,283,454 | |||||
| Normal and administrative | 50,856,838 | 73,842,659 | 10,875,848 | |||||
| Complete working bills | 77,256,893 | 116,090,036 | 17,098,214 | |||||
| Different working revenue, internet | 562,085 | 471,955 | 69,511 | |||||
| Loss from persevering with operations | (61,737,959 | ) | (81,482,416 | ) | (12,001,063 | ) | ||
| Different revenue (expense): | ||||||||
| Investments loss | (7,850 | ) | (1,779,478 | ) | (262,089 | ) | ||
| Impairment lack of long-term investments | (5,919,198 | ) | (1,576,391 | ) | (232,177 | ) | ||
| Change in honest worth of long-term funding | — | 34,131,246 | 5,026,989 | |||||
| Curiosity revenue, internet of curiosity bills | 2,604,306 | 884,670 | 130,298 | |||||
| International forex trade acquire (loss), internet | (21,174 | ) | (126,772 | ) | (18,671 | ) | ||
| Loss from persevering with operations earlier than revenue taxes | (65,081,875 | ) | (49,949,141 | ) | (7,356,713 | ) | ||
| Revenue tax profit | (3,395,225 | ) | (10,732,321 | ) | (1,580,700 | ) | ||
| Loss from persevering with operations, internet of revenue taxes | (61,686,650 | ) | (39,216,820 | ) | (5,776,013 | ) | ||
| Discontinued operations: | ||||||||
| Revenue from discontinued operations, internet of revenue taxes | 4,894,198 | — | — | |||||
| Web loss | (56,792,452 | ) | (39,216,820 | ) | (5,776,013 | ) | ||
| Web loss attributable to redeemable non-controlling pursuits from persevering with operations | (1,928,862 | ) | (1,615,454 | ) | (237,931 | ) | ||
| Web loss attributable to non-redeemable non-controlling pursuits from persevering with operations | (3,462,882 | ) | (4,343,933 | ) | (639,792 | ) | ||
| Web loss attributable to ACG | (51,400,708 | ) | (33,257,433 | ) | (4,898,290 | ) | ||
| Web loss from persevering with operations attributable to ACG | (56,294,906 | ) | (33,257,433 | ) | (4,898,290 | ) | ||
| Web revenue from discontinued operations attributable to ACG | 4,894,198 | — | — | |||||
| Different complete loss: | ||||||||
| International forex translation adjustment, internet of nil revenue taxes | 1,897,146 | (1,360,468 | ) | (200,375 | ) | |||
| Complete loss attributable to ACG | (49,503,562 | ) | (34,617,901 | ) | (5,098,665 | ) | ||
| Primary and diluted losses per widespread share attributable to ACG | (1.14 | ) | (0.60 | ) | (0.09 | ) | ||
| Primary and diluted losses per ADS attributable to ACG | (2.28 | ) | (1.20 | ) | (0.18 | ) | ||
| Primary and diluted losses from persevering with operations per widespread share attributable to ACG | (1.24 | ) | (0.60 | ) | (0.09 | ) | ||
| Primary and diluted earnings from discontinued operations per widespread share attributable to ACG | 0.10 | — | — | |||||
| Primary and diluted losses from persevering with operations per ADS attributable to ACG | (2.48 | ) | (1.20 | ) | (0.18 | ) | ||
| Primary and diluted earnings from discontinued operations per ADS attributable to ACG | 0.20 | — | — | |||||
| RECONCILIATIONS OF NON-GAAP MEASURES | ||||||||||
| TO THE MOST COMPARABLE GAAP MEASURES | ||||||||||
| Three-month Interval Ended | Nine-month Interval Ended | |||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||
| 2019 | 2020 | 2019 | 2020 | |||||||
| RMB | RMB | RMB | RMB | |||||||
| GAAP internet revenue (loss) attributable to ACG | (25,233,304 | ) | 19,279,619 | (51,400,708 | ) | (33,257,433 | ) | |||
| Share-based compensation bills | 1,880,228 | 388,208 | 4,782,335 | 1,384,300 | ||||||
| International forex trade loss, internet | 35,926 | 65,748 | 21,174 | 126,772 | ||||||
| Non-GAAP internet revenue (loss) attributable to ACG | (23,317,150 | ) | 19,733,575 | (46,597,199 | ) | (31,746,361 | ) | |||
| GAAP earnings (losses) per widespread share attributable to ACG | ||||||||||
| Primary and diluted | (0.51 | ) | 0.28 | (1.14 | ) | (0.60 | ) | |||
| Non-GAAP earnings (losses) per widespread share attributable to ACG | ||||||||||
| Primary and diluted | (0.47 | ) | 0.29 | (1.04 | ) | (0.58 | ) | |||
The post ATA Creativity Global Reports 2020 Third Quarter Financial Results Nasdaq:AACG appeared first on Correct Success.
source https://correctsuccess.com/financial-management/ata-creativity-global-reports-2020-third-quarter-financial-results-nasdaqaacg/
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