ChinaEdu (CEDU) Reports Fourth Quarter 2009 Results
BEIJING, March 11 /PRNewswire-Asia-FirstCall/ — ChinaEdu Corporation (Nasdaq:CEDU – News) (“ChinaEdu” or the “Company”), an educational services provider in China, today announced its unaudited financial results for the fourth quarter ended December 31, 2009.(1)
(in thousands,
unaudited) Three Months Ended Twelve Months Ended
December December Period December December Year
Period Ended 31, 2008 31, 2009 over 31, 2008 31, 2009 over
Currency USD USD Period % USD USD Year %
Financial Data:
Net revenue 12,678 13,993 10.4% 46,546 51,965 11.6%
Gross profit 6,965 8,481 21.8% 29,298 31,695 8.2%
Income from
operations (7,216) 2,913 N/A (1,912) 11,635 N/A
Net income
attributable
to ChinaEdu (5,711) 1,326 N/A (6,302) 5,096 N/A
Adjusted
EBITDA (2)
(non-GAAP) 1,539 4,004 160.2% 12,492 16,011 28.2%
Adjusted net
income attri-
butable to
ChinaEdu (3)
(non-GAAP) 2,491 1,722 -30.9% 6,198 6,904 11.4%
Net income
(loss)
attributable
to ChinaEdu
per ADS (4) (0.308) 0.082 N/A (0.330) 0.313 N/A
Adjusted net
income per
ADS (5)
(non-GAAP) 0.133 0.107 -19.5% 0.322 0.424 31.7%
Net income
per diluted
ADS (0.308) 0.075 N/A (0.330) 0.291 N/A
Adjusted net
income per
diluted ADS
(6) (non-
GAAP) 0.130 0.098 -24.6% 0.308 0.394 27.9%
Operating Data:
Revenue
students (7)
for online
degree
program 118,000 140,000 18.6% 243,000 287,000 18.1%
(1) The reporting currency of the Company is RMB, but for the convenience
of the reader, the amounts for the three and twelve months ended
December 31, 2009 and the years ended December 31, 2008 and 2009 are
presented in U.S. dollars. Unless otherwise stated, all translations
from RMB to U.S. dollars were made at the rate of RMB6.8259 to $1.00,
the noon buying rate in effect on December 31, 2009 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the RMB or U.S. dollar amounts referred could
be converted into U.S. dollars or RMB, as the case may be, at any
particular rate or at all. For analytical presentation, all
percentages are calculated using the numbers presented in the
financial statements contained in this earnings release. An
explanation of the Company's non-GAAP financial measures is included
in the section entitled "Non-GAAP Financial Measures" below, and the
related reconciliations to GAAP financial measures are presented in
the accompanying financial statements.
(2) "Adjusted EBITDA" is a non-GAAP measure defined as net income before
interest income, taxes, exchange loss, depreciation, amortization of
intangible assets and land use rights, share-based compensation and
goodwill and intangible assets impairment charges, if applicable.
(3) "Adjusted net income attributable to ChinaEdu" is a non-GAAP measure
defined as net income attributable to ChinaEdu excluding share-based
compensation, exchange loss, noncontrolling interest for share-based
compensation, amortization of intangible assets and land use rights
and goodwill and intangible assets impairment charges, if applicable.
(4) "ADS" is American Depositary Share. Each ADS represents three ordinary
shares.
(5) "Adjusted net income per ADS" is a non-GAAP measure which is computed
using adjusted net income attributable to ChinaEdu over number of ADSs
used in net income (loss) attributable to ChinaEdu per ADS calculation.
(6) "Adjusted net income per diluted ADS" is a non-GAAP measure which is
computed using adjusted net income attributable to ChinaEdu over
number of ADSs used in net income per diluted ADS calculation.
(7) "Revenue students" refer to students of university online degree
programs who have paid tuitions in the applicable period.
Fourth Quarter 2009 Highlights
-- Total net revenue for the fourth quarter of 2009 increased by 10.4% to
$14.0 million from $12.7 million for the corresponding period in 2008,
exceeding our previously disclosed guidance for the fourth quarter of
2009 of $12.9 million to $13.5 million.
-- Net revenue from online degree programs, the Company's major business
segment, increased by 9.3% to $11.2 million for the fourth quarter of
2009 from $10.3 million for the corresponding period in 2008.
-- The number of revenue students in online degree programs during the
fourth quarter of 2009 increased by approximately 18.6% to over 140,000
from approximately 118,000 for the corresponding period in 2008.
-- Adjusted EBITDA increased by 160.2% to $4.0 million in the fourth
quarter of 2009 from $1.5 million for the corresponding period in 2008.
-- Net income attributable to ChinaEdu increased to $1.3 million in the
fourth quarter of 2009 from a loss $5.7 million for the corresponding
period in 2008.
-- Adjusted net income attributable to ChinaEdu decreased by 30.9% to $1.7
million in the fourth quarter of 2009 from $2.5 million for the
corresponding period in 2008.
-- Net income per diluted ADS was $0.075 for the fourth quarter of 2009 as
compared to a loss of $0.308 for the corresponding period in 2008.
-- Adjusted net income per diluted ADS was $0.098 for the fourth quarter
of 2009 as compared to $0.130 for the corresponding period in 2008.
Fiscal Year 2009 Highlights
-- Total net revenue for the fiscal year 2009 increased by 11.6% to $52.0
million from $46.5 million for the fiscal year 2008.
-- Net revenue from online degree programs for the fiscal year 2009
increased by 11.7% to $41.8 million from $37.4 million for the fiscal
year 2008.
-- The number of revenue students in online degree programs for the fiscal
year 2009 increased by approximately 18.1% to over 287,000 from
approximately 243,000 for the fiscal year 2008.
-- Adjusted EBITDA for the fiscal year 2009 increased by 28.2% to $16.0
million from $12.5 million for the fiscal year 2008.
-- Net income attributable to ChinaEdu increased to $5.1 million in the
fiscal year 2009 from a loss $6.3 million for the fiscal year 2008.
-- Adjusted net income attributable to ChinaEdu increased by 11.4% to $6.9
million in the fiscal year 2009 from $6.2 million for the fiscal year
2008.
-- Net income per diluted ADS was $0.291 for the fiscal year 2009 as
compared to a loss of $0.330 for the fiscal year 2008.
-- Adjusted net income per diluted ADS was $0.394 for the fiscal year 2009
as compared to $0.308 for the fiscal year 2008.
“We are pleased to report solid results for the fourth quarter of 2009, completing the fiscal year 2009 with 11.6% total net revenue growth over 2008. Adjusted net income per diluted ADS for the fiscal year 2009 increased 27.9% over 2008. In 2009, all of our major business lines have recorded strong growth and we are very confident of our future prospects,” said Ms. Julia Huang, ChinaEdu’s Chairman and Chief Executive Officer. “In 2009, we announced several strategic partnerships for our online degree programs, which we believe will contribute significantly to our company’s future growth. Our learning centers network continued to expand, reaching 60 learning centers at the end of 2009, contributing to over 5% of our total net revenue in the fourth quarter of 2009. We are also very pleased with our 101 online tutoring segment’s performance, which recorded nearly 27% of net revenue growth in 2009. Looking ahead, we are committed to continuing research and development efforts of the technology platform and the internet & mobile applications for the online degree and non-degree programs, while continue to maintain a tight control over our expenses. Overall, we believe our company is positioned strongly to capture the immense potential that online education can offer in the future.”
Financial Results for the Fourth Quarter Ended December 31, 2009
Net Revenue
Total net revenue for the fourth quarter of 2009 was $14.0 million, representing a 10.4% increase from the corresponding period in 2008. Net revenue from online degree programs for the fourth quarter of 2009 was $11.2 million, representing a 9.3% increase from $10.3 million for the corresponding period in 2008. The growth in net revenue was due to strong enrollment growth for the 2009 fall semester, which registered over 140,000 revenue students representing an increase of 18.6% as compared to 118,000 revenue students for the 2008 fall semester.
Net revenue from the Company’s non-online degree programs (online tutoring programs, international curriculum programs and private primary and secondary schools) for the fourth quarter of 2009 was $2.8 million, representing a 14.9% increase from $2.4 million for the corresponding period in 2008. This increase was attributable to a 23.2% increase in net revenue for the 101 online tutoring programs from increased sales and a 43.9% increase in net revenue at Anqing School due to increase in student enrollment from the academic year beginning in September 2008 as a result of the completion of construction of the new campus, but offset by a 29.6% decrease in net revenue for the international curriculum programs due to the termination of our New Zealand contract.
A refund of valued-added tax (“VAT”) of $0.6 million in the fourth quarter of 2009 and $0.9 million in the corresponding period in 2008 was recognized as net revenue primarily in online degree programs.
Cost of Revenue
Total cost of revenue for the fourth quarter of 2009 was $5.5 million, representing a decrease of 3.5% as compared to $5.7 million for the corresponding period of 2008. Cost of revenue for online degree programs for the fourth quarter of 2009 was $3.9 million, representing a decrease of 5.8% as compared to $4.1 million for the fourth quarter of 2008. The decrease in online degree programs’ cost of revenue was primarily due to a decrease in special courseware development in the fourth quarter of 2009 as compared to the fourth quarter of 2008, as well as a decrease in employee and recruiting commission related costs.
By the end of the fourth quarter of 2009, we had 60 operational learning centers of which 22 were proprietary and 38 were contracted locations, as compared to 37 operational learning centers as of the end of the fourth quarter of 2008, of which 16 were proprietary and 21 were contracted locations.
Cost of revenue for non-online degree programs for the fourth quarter of 2009 was $1.6 million, representing a 2.3% increase for the corresponding period in 2008. This increase was attributable primarily to an increase in cost of revenue related to Anqing School’s new campus, which was partially offset by a decrease in cost of revenue for the international curriculum programs and our 101 online tutoring programs.
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2009 was $8.5 million, representing a 21.8% increase from $7.0 million for the corresponding period of 2008. Total gross margin for the fourth quarter of 2009 was 60.6% as compared to 54.9% for the corresponding period of 2008. Gross margin for the online degree programs increased to 65.2% for the fourth quarter of 2009 as compared to 59.7% for the corresponding period of 2008. Gross margin for Anqing School improved significantly, due to increased enrollment at the new campus, as compared to the corresponding period in 2008 despite additional depreciation expenses resulting from the construction of the new campus. Gross margin for 101 online tutoring programs also improved due to tight cost controls.
Operating Expenses
Total operating expenses were $5.6 million for the fourth quarter of 2009, representing a 60.7% decrease from $14.2 million for the corresponding period in 2008. This decrease was attributable primarily to the factors discussed below:
-- General and administrative expenses for the fourth quarter of 2009 were
$3.4 million, which represented a 16.0% decrease from $4.0 million for
the corresponding period of 2008. This decrease was primarily
attributable to a decrease in headquarter employee related expenses of
approximately $0.3 million in the fourth quarter of 2009 as compared to
the corresponding period of 2008. General and administrative expenses
for the fourth quarter of 2008 were also higher due to an account
receivables write-off of approximately $0.2 million.
-- Selling and marketing expenses were $1.0 million for the fourth quarter
of 2009, which represented a 19.8% decrease from $1.2 million for the
corresponding period in 2008. This decrease was attributable primarily
to a decrease in the amount spent on conferences and other sales
activities at our 101 online tutoring programs in the fourth quarter of
2009.
-- Research and development expenses, mainly contributing to technology
platform upgrade and the internet & mobile applications development,
for the fourth quarter of 2009 were $1.2 million, representing a 6.0%
decrease from $1.3 million for the corresponding period in 2008. The
decrease was attributable primarily to a reduction in employee related
expenses in the fourth quarter of 2009 as compared to the fourth
quarter of 2008. However, research and development expenses for fiscal
year 2009 increased by 16.0% compared with fiscal year 2008.
-- There was no impairment charge of goodwill and intangible assets in the
fourth quarter of 2009, while such charge was $7.7 million in the
corresponding period of 2008.
-- Share-based compensation for the fourth quarter of 2009, which was
allocated to the related cost and operating expense line items,
remained flat at $0.2 million as compared to $0.2 million for the
corresponding period in 2008.
Income from Operations
As a result of the factors discussed above, income from operations for the fourth quarter of 2009 was $2.9 million, as compared to a loss of $7.2 million for the corresponding period of 2008. Operating margin was 20.8% for the fourth quarter of 2009 as compared to a loss of 56.9% in the corresponding period of 2008. The increase in income from operations and operating margin was primarily because there was not an impairment charge of goodwill and intangible assets in the fourth quarter of 2009, while such charge was $7.7 million in the corresponding period of 2008.
Adjusted income from operations, which is a non-GAAP measure defined as income from operations excluding share-based compensation, exchange loss, amortization of intangible assets and land use rights and goodwill and intangible assets impairment charges, if applicable, was $3.3 million for the fourth quarter of 2009, which increased by 228.3% as compared to $1.0 million in the corresponding period of 2008. Adjusted operating margin, which is a non-GAAP measure defined as a ratio of adjusted operating income from operations (non-GAAP) over net revenue, for the fourth quarter of 2009, was 23.9% as compared to 8.0% for the corresponding period of 2008.
Interest Income
Interest income was $0.2 million in the fourth quarter of 2009, as compared to $0.4 million in the corresponding quarter of 2008. This decrease was attributable primarily to (i) reduced interest-bearing cash and bank deposit balance of $47.7 million as of December 31, 2009, as compared to $61.2 million as of December 31, 2008, and (ii) a lower interest rate for the fourth quarter of 2009 as compared to the corresponding period of 2008.
Income Tax Expense
Income tax expense for the fourth quarter of 2009 was $0.8 million, as compared to income tax benefit of $2.9 million for the corresponding period in 2008. In December 2008, seven of our subsidiaries and affiliate companies obtained the “high and new technology enterprises” or “HNTE” status under the new PRC Enterprise Income Tax Law, which came into effect on January 1, 2008. The HNTE entities enjoy a 15% tax rate, which is lower than the statutory tax rate of 25%. A catch-up adjustment was recorded in the fourth quarter of 2008 to adjust our 2008 income tax expenses based on a decrease in tax rate from 25% to 15%. As a result, we had an income tax benefit in the fourth quarter of 2008.
Noncontrolling Interest
Noncontrolling interest was $1.1 million in the fourth quarter of 2009, representing a decrease from $1.8 million in the corresponding period in 2008, which was attributable primarily to the noncontrolling interest impact related to the reduction in our deferred tax liabilities for the fiscal year 2008 resulted from a change of tax rate from 25% to 15%.
Net Income (Loss) attributable to ChinaEdu
Net income (loss) attributable to ChinaEdu, which is net income excluding net income attributable to noncontrolling interest, was $1.3 million for the fourth quarter of 2009, as comparable to a net loss of $5.7 million for the corresponding period in 2008. The increase was primarily because there was not an impairment charge of goodwill and intangible assets in the fourth quarter of 2009, while such a charge was $7.7 million in the corresponding period of 2008.
Net income per basic and diluted ADS were $0.082 and $0.075, respectively, for the fourth quarter of 2009, which have improved significantly as compared to losses of $0.308 and $0.308, respectively, for the corresponding period in 2008.
Adjusted net income attributable to ChinaEdu (non-GAAP) decreased by 30.9% to $1.7 million for the fourth quarter of 2009, as compared to $2.5 million in the corresponding period of 2008. Adjusted net margin, which is a non-GAAP measure defined as a ratio of adjusted net income attributable to ChinaEdu (non-GAAP) over net revenue, was 12.3% in the fourth quarter of 2009 as compared to 19.6% in the corresponding period of 2008. The decrease in adjusted net income attributable to ChinaEdu (non-GAAP) was primarily due to a one-time reduction in income tax expenses in the fourth quarter of 2008.
Adjusted net income per basic and diluted ADS were $0.107 and $0.098, respectively, for the fourth quarter of 2009.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (non-GAAP) was $4.0 million for the fourth quarter of 2009, which increased by 160.2% as compared to $1.5 million for the corresponding period in 2008. This increase was attributable primarily to improved operating results from our learning centers network, 101 online tutoring programs and Anqing School.
Deferred Revenue
Deferred revenue at the end of the fourth quarter of 2009 was $15.5 million, with current deferred revenue of $14.3 million and non-current deferred revenue of $1.2 million. Deferred revenue at the end of the fourth quarter of 2009 increased significantly as compared to deferred revenue of $6.1 million at the end of the third quarter 2009 due to seasonality of enrollments, which results from tuition received generally during the second quarter (spring semester) and the fourth quarter (fall semester) of each year.
Cash and Cash Equivalents
As of December 31, 2009, ChinaEdu reported cash and cash equivalents of $29.8 million, which primarily consisted of cash-on-hand, demand deposits and term deposits with maturity periods of three months or less.
Term Deposits and Amount Due from Related Parties
Term deposits and amount due from related parties (which represents cash owed to us by our collaborative alliance partners) were $17.9 million and $25.9 million, respectively, on December 31, 2009.
Financial Results for the Fiscal Year Ended December 31, 2009
Net Revenue
Total net revenue for the fiscal year ended December 31, 2009 was $52.0 million, representing an 11.6% increase from $46.5 million for the fiscal year 2008. Net revenue from online degree programs for the fiscal year 2009 was $41.8 million, representing an 11.7% increase from $37.4 million for the fiscal year 2008. This increase was attributable primarily to enrollment growth at our university partners’ online degree programs in fiscal year 2009 as compared to fiscal year 2008. In the aggregate, our university partners had approximately 287,000 revenue students during fiscal year 2009, representing an 18.1% increase from approximately 243,000 revenue students in fiscal year 2008.
Net revenue from the Company’s non-online degree programs for the fiscal year 2009 was $10.2 million, representing an 11.5% increase compared to $9.1 million for the fiscal year 2008. This result was attributable primarily to the increase in student enrollment at the Anqing School and increase in net revenue from the 101 online tutoring programs in fiscal year 2009, which was offset by a decrease in net revenue from international curriculum programs.
Cost of Revenue
Total cost of revenue for the fiscal year 2009 was $20.3 million, representing an increase of 17.5% as compared to $17.2 million for the fiscal year 2008. Cost of revenue from our online degree programs for fiscal year 2009 was $14.0 million, representing a 25.2% increase from $11.2 million in fiscal year 2008. The increase was primarily due to the cost increase related to the expansion of our learning centers network and increase in employee related costs throughout fiscal year 2009.
Cost of revenue for non-online degree programs for the fiscal year 2009 was $6.3 million, representing a 3.5% increase from $6.1 million for the fiscal year 2008. This increase was attributable primarily to the increase in cost of revenue at Anqing School and 101 online tutoring programs, but was offset by a decrease in cost of revenue for the international curriculum programs.
Gross Profit
Gross profit for the fiscal year 2009 was $31.7 million as compared with $29.3 million for the fiscal year 2008, representing an increase of 8.2%.
Gross margin for the fiscal year 2009 was 61.0%, as compared with gross margin of 62.9% for the fiscal year 2008. Gross margin for the online degree programs was 66.5% in 2009 as compared with gross margin for the online degree programs of 70.2% for 2008. The decrease in gross margin was primarily due to investment in our learning centers network.
Operating Expenses
Total operating expenses for the fiscal year 2009 were $20.1 million, representing a 35.7% decrease from $31.2 million for fiscal year 2008. This decrease was attributable primarily to the factors discussed below:
-- General and administrative expenses for the fiscal year 2009 were $12.1
million, representing a 4.7% decrease from $12.7 million for fiscal
year 2008. The decrease was primarily because there was almost no
account receivables write off and exchange loss in 2009 as well as a
reduction in rent in fiscal year 2009 as compared to fiscal year 2008.
-- Selling and marketing expenses for the fiscal year 2009 were $3.5
million, representing a 20.6% decrease from $4.4 million for the fiscal
year 2008. The decrease was attributable primarily to a shift from
conducting general sales and marketing activities to focusing on direct
recruiting related activities at our learning centers network.
-- Research and development expenses for the fiscal year 2009 were $4.5
million, representing a 16.0% increase from $3.8 million for the fiscal
year 2008. This increase was attributable primarily to technology
platform upgrade and the internet & mobile applications development for
the online degree and non-degree programs.
-- There was not an impairment charge of goodwill and intangible assets in
the fiscal year 2009, while such charge was $10.3 million in the fiscal
year 2008.
-- Share-based compensation for the fiscal year 2009, which was allocated
to the related cost of revenue and operating expense line items, was
$1.1 million, representing an increase of $0.3 million from $0.8
million for the fiscal year 2008. This increase was attributable
primarily to the re-pricing for under-water options and an increase in
the number and fair value of options granted in fiscal year 2009 as
compared to fiscal year 2008.
Income (Loss) from Operations
Income from operations was $11.6 million for the fiscal year 2009, as compared to a loss of $1.9 million for the fiscal year 2008. Operating margin was 22.4% for the fiscal year 2009 as compared to a negative 4.1% for the fiscal year 2008. The increase was primarily because there was not an impairment charge of goodwill and intangible assets in the fiscal year 2009, while such charge was $10.3 million in the fiscal year 2008.
Adjusted income from operations was $13.6 million for fiscal year 2009, representing a 26.9% increase from $10.7 million for the fiscal year 2008. Correspondingly, adjusted operating margin for the fiscal year 2009 was 26.1% for the fiscal year 2009 as compared to 23.0% for the fiscal year 2008. The increase was primarily due to improved operating results from our learning centers network, 101 online tutoring programs and Anqing School.
Interest Income
Interest income decreased by 53.2% to $0.7 million in the fiscal year 2009, as compared to $1.6 million in the fiscal year 2008. This decrease was attributable primarily to (i) the reduced interest bearing cash and bank deposit balance of $47.7 million as of December 31, 2009, as compared to $61.2 million as of December 31, 2008, and (ii) a lower interest rate for the fiscal year 2009 as compared to the fiscal year 2008.
Income Tax Expense
Income tax expense for the fiscal year 2009 was $2.8 million, representing a significant increase from $0.5 million for the fiscal year 2008. In December 2008, seven of our subsidiaries and affiliate companies obtained the HNTE status under the new PRC Enterprise Income Tax Law, which came into effect on January 1, 2008. The HNTE entities enjoy a 15% tax rate, which is lower than the statutory tax rate of 25%. An adjustment was recorded in the fourth quarter of 2008 to adjust our deferred income tax expenses based on the decrease in tax rate from 25% to 15%, which resulted in a low deferred income tax expense in 2008.
In addition, 2008 income tax was lower because there was a significant decrease in deferred tax liabilities related to impairment of acquired intangible assets in our international curriculum programs, while there was no such charge in 2009.
Noncontrolling Interest
Noncontrolling interest was $4.7 million in the fiscal year 2009, representing an 11.9% decrease, as compared to $5.3 million in the fiscal year 2008, which was attributable primarily to the noncontrolling interest impact related to the reduction in our deferred tax liabilities for the fiscal year 2008 resulted from change of tax rate from 25% to 15%.
Net Income (Loss) attributable to ChinaEdu
Net income attributable to ChinaEdu was $5.1 million for the fiscal year 2009, compared with a loss of $6.3 million for the fiscal year 2008, primarily because there was not an impairment charge of goodwill and intangible assets in the fiscal year 2009, while such charge was $10.3 million in the fiscal year 2008.
Net income per basic and diluted ADS were $0.313 and $0.291, respectively for the fiscal year of 2009, which improved significantly as compared to losses of $0.330 and $0.330, respectively, for the fiscal year 2008.
Adjusted net income attributable to ChinaEdu (non-GAAP) increased by 11.4% to $6.9 million for the fiscal year 2009, as compared to $6.2 million in the fiscal year 2008. Adjusted net margin remained flat at 13.3% for the fiscal year 2009.
Adjusted net income per basic and diluted ADS were $0.424 and $0.394, respectively for the fiscal year 2009, which increased by 31.7% and 27.9% from $0.322 and $0.308, respectively, for the fiscal year 2008.
Adjusted EBITDA (Non-GAAP)
Adjusted EBITDA (non-GAAP) was $16.0 million for the fiscal year 2009, which increased by 28.2% as compared to $12.5 million for the fiscal year 2008. This increase was attributable primarily to the increased net revenue and decreased general and administrative expenses and selling and marketing expenses as discussed above. Adjusted EBITDA margin was 30.8% for the fiscal year 2009 as compared to 26.8% for the fiscal year 2008.
First Quarter 2010 Total Net Revenue Guidance
For the first quarter of 2010, ChinaEdu expects its total net revenue to be in the range of RMB87 million to RMB90 million or $12.7 million to $13.2 million. This forecast reflects ChinaEdu’s current and preliminary view, which is subject to change.
Conference Call
ChinaEdu senior management will host a conference call on Friday, March 12, 2010 at 8:00 a.m. U.S. Eastern time / 5:00 a.m. U.S. Pacific time / 9:00 p.m. Beijing/Hong Kong time.
The conference call may be accessed by calling (US) 866 396 2384/ (International) +1 617 847 8711/ (HK) +852 3002 1672/ (China) +86 10 800 152 1490, and entering the passcode: 76490238. A telephone replay of the conference call will be available shortly after the call until March 19, 2010 at (US) 888 286 8010/ (International) +1 617 801 6888 and entering passcode: 86606775. A live and archived webcast may be accessed via ChinaEdu’s investor relations website at http://ir.chinaedu.net .
Non-GAAP Financial Measures
To supplement the unaudited condensed consolidated financial information presented in accordance with Accounting Principles Generally Accepted in the United States of America (“GAAP”), the Company uses non-GAAP measures of income from operations and net income attributable to ChinaEdu, which are adjusted from results based on GAAP to exclude certain non-cash items of share-based compensation, exchange loss, amortization of intangible assets and land use rights and goodwill and intangible assets impairment charges, if applicable. The Company also uses adjusted EBITDA, which is also a non-GAAP measure and is adjusted from GAAP results of net income to exclude interest income, taxes, exchange loss, depreciation, amortization of intangible assets and land use rights, share-based compensation and goodwill and intangible assets impairment charges, if applicable. These non-GAAP financial measures are provided to enhance the investors’ overall understanding of the Company’s current and past financial performance in on-going core operations as well as prospects for the future. These measures should be considered in addition to results prepared and presented in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. Management considers the non-GAAP information as important measures internally and therefore deems it important to provide all of this information to investors.
About ChinaEdu
ChinaEdu Corporation is an educational services provider in China, incorporated as an exempted limited liability company in the Cayman Islands. Established in 1999, the Company’s primary business is to provide comprehensive services to the online degree programs of leading Chinese universities. These services include academic program development, technology services, enrollment marketing, student support services and finance operations. The Company’s other lines of businesses include the operation of private primary and secondary schools, online interactive tutoring services and providing marketing and support for international curriculum programs.
The Company believes it is the largest service provider to online degree programs in China in terms of the number of higher education institutions that are served and the number of student enrollments supported. The Company currently has 15 long-term, exclusive contracts that generally vary from 10 to 50 years in length. ChinaEdu also performs recruiting services for 15 universities through its nationwide learning centers network.
Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and contingencies, many of which are beyond our control which may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company’s actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2008, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to (and expressly disclaim any such obligation to) update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Lily Liu, CFO
ChinaEdu Corporation
Phone: +86-10-8418-6655 x1002
Email: ir@chinaedu.net
S. Jimmy Xia, IR Manager
ChinaEdu Corporation
Phone: +86-10-8418-6655 x1150
Email: ir@chinaedu.net
ChinaEdu Corporation
Unaudited Condensed Consolidated Balance Sheets
December
31, 2008 December December
(in thousands, unaudited) As Adjusted(1) 31, 2009 31, 2009
RMB RMB US$
Current assets:
Cash and cash equivalents 353,933 203,143 29,761
Term deposits 63,500 122,304 17,918
Restricted cash -- 365 53
Accounts receivable, net 14,854 28,334 4,151
Inventory -- 1,852 271
Prepaid expenses and other
current assets 20,251 25,315 3,709
Amounts due from related parties 150,472 176,802 25,902
Deferred tax assets 3,986 3,309 485
Investments -- 17,706 2,594
Total current assets 606,996 579,130 84,844
Cost method investment 1,210 1,210 177
Investment -- 3,000 440
Land use rights, net 28,344 27,874 4,084
Property and equipment, net 161,925 203,995 29,885
Deposits paid for acquisition
of property and equipment 8,619 13,898 2,036
Intangible assets, net 70,377 66,621 9,760
Deferred tax assets 2,096 1,541 226
Rental deposits 958 868 127
Goodwill 38,155 38,155 5,590
Total assets 918,680 936,292 137,169
Liabilities and equity
Current liabilities:
Accounts payable 8,530 6,467 947
Deferred revenues 96,068 97,853 14,336
Accrued expenses and other
current liabilities 51,629 68,917 10,096
Amounts due to related parties 25,769 25,668 3,760
Income taxes payable 27,917 33,389 4,892
Other taxes payable 12,008 15,900 2,329
Total current liabilities 221,921 248,194 36,360
Deferred revenues 6,073 8,075 1,183
Deferred tax liabilities 11,069 10,143 1,486
Unrecognized tax benefit 5,473 7,727 1,132
Total liabilities 244,536 274,139 40,161
ChinaEdu shareholders' equity 589,829 559,973 82,039
Noncontrolling interest 84,315 102,180 14,969
Total equity 674,144 662,153 97,008
Total liabilities and equity 918,680 936,292 137,169
(1) Amount in relation to noncontrolling interest, formerly named minority
interest, as of December 31, 2008 is reclassified in accordance with
ASC 810 (formerly FASB Statement No. 160, Noncontrolling Interest),
which was adopted by the Company on January 1, 2009.
ChinaEdu Corporation
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended
(in thousands, except December 31,
for percentage, share, 2008 As September December December
and per share Adjusted (1) 30, 2009 31, 2009 31, 2009
information) RMB RMB RMB US$
Gross Revenue (2) 89,441 94,303 95,871 14,045
Business Tax and Surcharge 2,901 4,559 354 52
Net Revenue:
Online degree programs 69,945 71,510 76,457 11,201
Online tutoring programs 4,472 5,778 5,510 807
Private primary and
secondary schools 6,823 7,669 9,816 1,438
International curriculum
programs 5,300 4,787 3,734 547
Total net revenue 86,540 89,744 95,517 13,993
Cost of revenue:
Online degree programs 28,195 23,633 26,575 3,893
Online tutoring programs 1,443 1,426 1,222 179
Private primary and
secondary schools 5,828 7,070 7,298 1,069
International curriculum
programs 3,532 2,840 2,531 371
Total cost of revenue 38,998 34,969 37,626 5,512
Gross profit:
Online degree programs 41,750 47,877 49,882 7,308
Online tutoring programs 3,029 4,352 4,288 628
Private primary and
secondary schools 995 599 2,518 369
International curriculum
programs 1,768 1,947 1,203 176
Total gross profit 47,542 54,775 57,891 8,481
Online degree programs 59.7% 67.0% 65.2% 65.2%
Online tutoring programs 67.7% 75.3% 77.8% 77.8%
Private primary and
secondary schools 14.6% 7.8% 25.7% 25.7%
International curriculum
programs 33.4% 40.7% 32.2% 32.2%
Gross margin 54.9% 61.0% 60.6% 60.6%
Operating expenses:
General and administrative 27,410 20,519 23,014 3,372
Selling and marketing 8,202 6,766 6,578 964
Research and development 8,947 7,522 8,410 1,232
Goodwill and intangible
assets impairment 52,236 -- -- --
Total operating expenses 96,795 34,807 38,002 5,568
Income (loss) from
operations (49,253) 19,968 19,889 2,913
Operating margin -56.9% 22.2% 20.8% 20.8%
Other income (expense) 145 (264) 761 111
Interest income 2,973 1,041 1,085 159
Interest expense (1) (1) (1) --
Income (loss) before
income tax provisions (46,136) 20,744 21,734 3,183
Income tax expense 19,621 (4,835) (5,487) (804)
Net income (loss) (26,515) 15,909 16,247 2,379
Net income attributable to
the noncontrolling
interest (12,469) (8,610) (7,191) (1,053)
Net income (loss)
attributable to ChinaEdu (38,984) 7,299 9,056 1,326
Net margin -45.0% 8.1% 9.5% 9.5%
Net income (loss)
attributable to ChinaEdu
per ADS:
Basic (2.10) 0.45 0.56 0.082
Diluted (2.10) 0.41 0.51 0.075
Weighted average aggregate
number of ADSs
outstanding:
Basic 18,650,558 16,227,267 16,148,719 16,148,719
Diluted 18,650,558 17,604,567 17,589,699 17,589,699
(2) Gross revenue are
detailed as follows
Online degree programs 72,411 75,564 76,441 11,199
Online tutoring programs 4,643 6,002 5,658 829
Private primary and
secondary schools 6,853 7,671 9,821 1,439
International curriculum
programs 5,534 5,066 3,951 579
Twelve Months Ended
December
(in thousands, except 31, 2008 December December
for percentage, share, As Adjusted (1) 31, 2009 31, 2009
and per share information) RMB RMB US$
Gross Revenue (2) 327,903 368,447 53,978
Business Tax and Surcharge 10,183 13,741 2,013
Net Revenue:
Online degree programs 255,388 285,178 41,779
Online tutoring programs 15,436 19,584 2,869
Private primary and secondary schools 19,289 30,627 4,487
International curriculum programs 27,607 19,317 2,830
Total net revenue 317,720 354,706 51,965
Cost of revenue:
Online degree programs 76,224 95,428 13,980
Online tutoring programs 4,017 5,713 837
Private primary and secondary schools 17,572 26,109 3,825
International curriculum programs 19,920 11,112 1,628
Total cost of revenue 117,733 138,362 20,270
Gross profit:
Online degree programs 179,164 189,750 27,799
Online tutoring programs 11,419 13,871 2,032
Private primary and secondary schools 1,717 4,518 662
International curriculum programs 7,687 8,205 1,202
Total gross profit 199,987 216,344 31,695
Online degree programs 70.2% 66.5% 66.5%
Online tutoring programs 74.0% 70.8% 70.8%
Private primary and secondary schools 8.9% 14.8% 14.8%
International curriculum programs 27.8% 42.5% 42.5%
Gross margin 62.9% 61.0% 61.0%
Operating expenses:
General and administrative 86,908 82,858 12,139
Selling and marketing 29,851 23,688 3,470
Research and development 26,185 30,385 4,451
Goodwill and intangible assets
impairment 70,093 -- --
Total operating expenses 213,037 136,931 20,060
Income (loss) from operations -13,050 79,413 11,635
Operating margin -4.1% 22.4% 22.4%
Other income (expense) 562 1,748 256
Interest income 10,652 4,980 730
Interest expense (1,298) (2) --
Income (loss) before income tax
provisions (3,134) 86,139 12,621
Income tax expense (3,473) (19,287) (2,826)
Net income (loss) (6,607) 66,852 9,795
Net income attributable to the
noncontrolling interest (36,412) (32,073) (4,699)
Net income (loss) attributable to
ChinaEdu (43,019) 34,779 5,096
Net margin -13.5% 9.8% 9.8%
Net income (loss) attributable to
ChinaEdu per ADS:
Basic (2.25) 2.14 0.313
Diluted (2.25) 1.99 0.291
Weighted average aggregate number of
ADSs outstanding:
Basic 19,226,501 16,281,535 16,281,535
Diluted 19,226,501 17,506,561 17,506,561
(2) Gross revenue are detailed as
follows
Online degree programs 263,727 297,192 43,539
Online tutoring programs 16,058 20,130 2,949
Private primary and secondary schools 19,319 30,684 4,495
International curriculum programs 28,799 20,441 2,995
ChinaEdu Corporation
Unaudited Condensed Consolidated Statements of Cash Flow
Three Months Ended
December September December December
(in thousands) 31, 2008 (1) 30, 2009 31, 2009 31, 2009
RMB RMB RMB US$
Operating activities:
Net income (loss) (26,515) 15,909 16,247 2,379
Share-based compensation 1,683 1,488 1,611 236
Depreciation 3,570 4,119 4,560 668
Amortization of land use
rights 182 152 152 22
Amortization of intangible
assets 2,087 1,114 1,129 165
Goodwill and intangible
assets impairment 52,236 -- -- --
Accounts receivable write-
off 1,215 16 (61) (9)
Loss from disposal of
property and equipment 1,663 110 310 45
Deferred income taxes (16,310) (613) (51) (7)
Accounts receivable (10,341) 11,797 (15,121) (2,215)
Inventory -- (722) (53) (8)
Prepaid expenses and other
current assets (7,287) (6,582) (2,800) (410)
Amounts due from related
parties (22,991) 26,821 11,511 1,686
Rental deposits 107 (67) 62 9
Land use right (160) -- -- --
Accounts payable (1,084) (1,368) (1,373) (201)
Deferred revenues 68,925 (60,114) 64,517 9,452
Accrued expenses and other
current liabilities 16,213 8,437 10,043 1,472
Amounts due to related
parties (29,096) 11,946 (37,523) (5,497)
Unrecognized tax benefit 872 89 184 27
Other taxes payable 5,287 2,122 2,054 301
Income tax payable (4,556) 4,800 5,131 752
Net cash provided by operating
activities 35,700 19,454 60,529 8,867
Investing activities:
Purchase of business -- -- -- --
Purchase of property and
equipment (4,745) (10,270) (6,277) (920)
Deposits paid for
acquisition of property and
equipment (2,616) 2,616 (13,987) (2,049)
Redeem (purchase) of term
deposits 41,000 (8,988) (33,825) (4,955)
Purchase of investments -- (14,083) (6,495) (952)
Purchase of contractual
right -- -- (735) (108)
Change in restricted cash -- -- (365) (53)
Proceeds from disposal of
property and equipment -- -- -- --
Net cash provided by (used in)
investing activities 33,639 (30,725) (61,684) (9,037)
Financing activities:
Repurchase of ordinary
shares (13,714) -- (14,740) (2,159)
Cancellation fee of
repurchased ordinary shares -- (249) -- --
Short term loan -- 2,117 (2,117) (310)
Repayment of long-term loan
interest and principal -- -- -- --
Cash dividends paid to
noncontrolling shareholders (7,269) -- (4,098) (600)
Capital contributions by
noncontrolling shareholders -- -- 735 108
Proceeds from exercise of
options 1,383 2,463 274 40
Net cash provided by (used in)
financing activities (19,600) 4,331 (19,946) (2,921)
Effect of foreign exchange
rate changes 865 48 4 1
CASH AND CASH EQUIVALENTS,
beginning of period 303,329 231,132 224,240 32,851
CASH AND CASH EQUIVALENTS,
end of period 353,933 224,240 203,143 29,761
Net increase (decrease) in cash 50,604 (6,892) (21,097) (3,090)
Twelve Months Ended
December December December
(in thousands) 31, 2008 (1) 31, 2009 31, 2009
RMB RMB US$
Operating activities:
Net income (loss) (6,607) 66,852 9,795
Share-based compensation 5,231 7,416 1,086
Depreciation 12,212 16,603 2,432
Amortization of land use
rights 606 619 91
Amortization of intangible
assets 8,746 5,237 767
Goodwill and intangible
assets impairment 70,093 -- --
Accounts receivable write-
off 1,215 364 53
Loss from disposal of
property and equipment 1,663 513 75
Deferred income taxes (8,387) 306 45
Accounts receivable (14,658) (13,844) (2,028)
Inventory -- (1,852) (271)
Prepaid expenses and other
current assets (2,970) (5,075) (743)
Amounts due from related
parties (44,950) (26,330) (3,857)
Rental deposits 665 90 13
Land use right (160) (1,989) (291)
Accounts payable (950) 115 17
Deferred revenues 15,210 3,792 556
Accrued expenses and other
current liabilities 10,011 19,082 2,796
Amounts due to related
parties (4,368) 268 39
Unrecognized tax benefit 1,141 2,254 330
Other taxes payable 5,342 3,892 570
Income tax payable 5,462 5,472 802
Net cash provided by operating
activities 54,547 83,785 12,277
Investing activities:
Purchase of business (6,700) -- --
Purchase of property and
equipment (36,323) (57,071) (8,361)
Deposits paid for
acquisition of property
and equipment (8,650) (11,371) (1,666)
Redeem (purchase) of term
deposits (57,458) (58,813) (8,616)
Purchase of investments -- (20,578) (3,015)
Purchase of contractual
right (1,225) (1,235) (181)
Change in restricted cash -- (365) (53)
Proceeds from disposal of
property and equipment 31 -- --
Net cash provided by (used in)
investing activities (110,325) (149,433) (21,892)
Financing activities:
Repurchase of ordinary
shares (34,190) (76,387) (11,191)
Cancellation fee of
repurchased ordinary
shares -- (249) (36)
Short term loan -- -- --
Repayment of long-term
loan interest and
principal (25,724) -- --
Cash dividends paid to
noncontrolling
shareholders (11,319) (14,698) (2,153)
Capital contributions by
noncontrolling
shareholders 1,225 1,715 251
Proceeds from exercise of
options 1,787 4,161 610
Net cash provided by (used in)
financing activities (68,221) (85,458) (12,519)
Effect of foreign exchange rate
changes (19,182) 316 44
CASH AND CASH EQUIVALENTS, beginning
of period 497,114 353,933 51,851
CASH AND CASH EQUIVALENTS, end of
period 353,933 203,143 29,761
Net increase (decrease) in cash (143,181) (150,790) (22,090)
ChinaEdu Corporation
Reconciliations from income (loss) from operations to adjusted income from
operations (non-GAAP) and adjusted operating margin (non-GAAP)
Three Months Ended
December September December December
(in thousands, unaudited) 31, 2008 30, 2009 31, 2009 31, 2009
RMB RMB RMB US$
Income (loss) from
operations
GAAP Result (49,253) 19,968 19,889 2,913
Share-based compensation 1,683 1,488 1,611 236
Exchange loss -- -- -- --
Amortization 2,269 1,266 1,281 187
Goodwill and intangible
assets impairment 52,236 -- -- --
Adjusted income from
operations (non-GAAP) 6,935 22,722 22,781 3,336
Adjusted operating margin
(non-GAAP) 8.0% 25.3% 23.9% 23.9%
Twelve Months Ended
December December December
(in thousands, unaudited) 31, 2008 31, 2009 31, 2009
RMB RMB US$
Income (loss) from operations
GAAP Result (13,050) 79,413 11,635
Share-based compensation 5,231 7,416 1,086
Exchange loss 1,433 -- --
Amortization 9,352 5,856 858
Goodwill and intangible assets
impairment 70,093 -- --
Adjusted income from operations
(non-GAAP) 73,059 92,685 13,579
Adjusted operating margin (non-GAAP) 23.0% 26.1% 26.1%
ChinaEdu Corporation
Reconciliation from net income (loss) to adjusted EBITDA (non-GAAP)
and adjusted EBITDA margin (non-GAAP)
Three Months Ended
December September December December
(in thousands, unaudited) 31, 2008 30, 2009 31, 2009 31, 2009
RMB RMB RMB US$
Net income (loss) (26,515) 15,909 16,247 2,379
Income tax expense (19,621) 4,835 5,487 804
Share-based compensation 1,683 1,488 1,611 236
Exchange loss -- -- -- --
Amortization 2,269 1,266 1,281 187
Depreciation 3,570 4,119 4,560 668
Interest income and other, net (3,117) (776) (1,845) (270)
Goodwill and intangible assets
impairment 52,236 -- -- --
Adjusted EBITDA (non-GAAP) 10,505 26,841 27,341 4,004
Adjusted EBITDA margin (non-GAAP) 12.1% 29.9% 28.6% 28.6%
Twelve Months Ended
December December December
(in thousands, unaudited) 31, 2008 31, 2009 31, 2009
RMB RMB US$
Net income (loss) (6,607) 66,852 9,795
Income tax expense 3,473 19,287 2,826
Share-based compensation 5,231 7,416 1,086
Exchange loss 1,433 -- --
Amortization 9,352 5,856 858
Depreciation 12,212 16,603 2,432
Interest income and other, net (9,916) (6,726) (986)
Goodwill and intangible assets
impairment 70,093 -- --
Adjusted EBITDA (non-GAAP) 85,271 109,288 16,011
Adjusted EBITDA margin (non-GAAP) 26.8% 30.8% 30.8%
ChinaEdu Corporation
Reconciliations from net income (loss) attributable to ChinaEdu to
adjusted net income attributable to ChinaEdu (non-GAAP), adjusted net
margin (non-GAAP) and adjusted net income per ADS (non-GAAP)
Three Months Ended
(in thousands, unaudited) December September December December
31, 2008 30, 2009 31, 2009 31, 2009
RMB RMB RMB US$
Net income (loss) attri-
butable to ChinaEdu
GAAP Result (38,984) 7,299 9,056 1,326
Share-based compensation 1,683 1,488 1,611 236
Exchange loss -- -- -- --
Share-based compensation
attributable to the
noncontrolling interest (203) (168) (183) (27)
Amortization 2,269 1,266 1,281 187
Goodwill and intangible
assets impairment 52,236 -- -- --
Adjusted net income
attributable to ChinaEdu
(non-GAAP) 17,001 9,885 11,765 1,722
Adjusted net margin (non-
GAAP) 19.6% 11.0% 12.3% 12.3%
Adjusted net income per
ADS (non-GAAP)
Basic 0.91 0.61 0.73 0.107
Diluted 0.89 0.56 0.67 0.098
Weighted average aggregate
number of ordinary shares
outstanding:
Basic 18,650,558 16,227,267 16,148,719 16,148,719
Diluted 19,187,923 17,604,567 17,589,699 17,589,699
Twelve Months Ended
(in thousands, unaudited) December December December
31, 2008 31, 2009 31, 2009
RMB RMB US$
Net income (loss) attributable to
ChinaEdu
GAAP Result (43,019) 34,779 5,096
Share-based compensation 5,231 7,416 1,086
Exchange loss 1,433 -- --
Share-based compensation attributable
to the noncontrolling interest (786) (925) (136)
Amortization 9,352 5,856 858
Goodwill and intangible assets
impairment 70,093 -- --
Adjusted net income attributable to
ChinaEdu (non-GAAP) 42,304 47,126 6,904
Adjusted net margin (non-GAAP) 13.3% 13.3% 13.3%
Adjusted net income per ADS (non-GAAP)
Basic 2.20 2.89 0.424
Diluted 2.10 2.69 0.394
Weighted average aggregate number of
ordinary shares outstanding:
Basic 19,226,501 16,281,535 16,281,535
Diluted 20,162,529 17,506,561 17,506,561
Adjusted income from operations, which is a non-GAAP measure defined as
income from operations excluding share-based compensation, exchange loss,
amortization of intangible assets and land use rights, and goodwill and
intangible assets impairment charges, if applicable.
Adjusted net income attributable to ChinaEdu, which is a non-GAAP measure
defined as net income attributable to the ChinaEdu excluding share-based
compensation, exchange loss, noncontrolling interest for share-based
compensation, amortization of intangible assets and land use rights, and
goodwill and intangible assets impairment charges, if applicable.
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