Delaware
|
001-33771
|
20-178991
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
Suite 08, 20/F, One International Financial Centre, 1 Harbour View Street
Central, Hong Kong
|
(Address of Principal Executive Offices and Zip Code)
|
(d)
|
Exhibits
|
Exhibit No.
|
Description
|
99.1
|
Press Release dated March 16, 2011
|
99.2
|
Press Release dated March 16, 2011
|
Dated: March 21, 2011 |
CHINACAST EDUCATION CORPORATION
|
||
|
By:
|
/s/ Antonio Sena | |
Name: Antonio Sena
|
|||
Title: Chief Financial Officer
|
|||
Exhibit No.
|
Description
|
99.1
|
Press Release dated March 16, 2011
|
99.2
|
Press Release dated March 16, 2011
|
|
·
|
Total revenues increased 53% to $77.9 million
|
|
·
|
Adjusted net income (non-GAAP) increased 43% to $27.1 million
|
|
·
|
Adjusted diluted EPS (non-GAAP) of $0.56
|
|
·
|
Adjusted EBITDA (non-GAAP) increased 42% to $41.7 million
|
|
·
|
Full Year 2010 Highlights1:
|
|
o
|
Total revenues increased 53% to $77.9 million
|
|
o
|
Gross profit increased 28% to $37.4 million; Gross profit margin was 48%
|
|
o
|
Net income decreased 20% to $10.9 million; Net income margin was 14%
|
|
o
|
Diluted EPS of $0.22
|
|
o
|
Before a one-time, non-cash impairment charge of $9.1 million
|
|
§
|
Net income increased 47% to $19.9 million; Net income margin was 26%
|
|
§
|
Diluted EPS of $0.41
|
|
o
|
Adjusted net income (non-GAAP) increased 43% to $27.1 million; Adjusted net income (non-GAAP) margin was 35%
|
|
o
|
Adjusted diluted EPS of $0.56
|
|
o
|
Adjusted EBITDA (non-GAAP) increased 42% to $41.7 million; Adjusted EBITDA margin (non-GAAP) was 54%
|
|
o
|
Cash, cash equivalents and term deposits was $143.7 million
|
|
o
|
Total equity was $278.1 million
|
|
·
|
Fourth Quarter 2010 Highlights:
|
|
o
|
Total revenues increased 56% to $25.7 million
|
|
o
|
Gross profit increased 28% to $10.2 million; Gross profit margin was 40%
|
|
o
|
Net income decreased 279% to ($5.1) million
|
|
o
|
Diluted EPS of ($0.10)
|
|
o
|
Before a one-time, non-cash impairment charge of $9.1 million
|
|
§
|
Net income increased 42% to $4.0 million; Net income margin was 16%
|
|
§
|
Diluted EPS of $0.08
|
|
o
|
Adjusted net income (non-GAAP) increased 31% to $6.1 million; Adjusted net income (non-GAAP) margin was 23.5%
|
|
o
|
Adjusted diluted EPS (non-GAAP) of $0.12
|
|
o
|
Adjusted EBITDA (non-GAAP) increased 29% to $10.2 million; Adjusted EBITDA margin (non-GAAP) was 40%
|
|
·
|
Total net revenue will be between $94 million to $96 million (a year-on-year increase of 21% to 23%)
|
|
·
|
Adjusted net income excluding share based compensation, amortization of intangibles, gain on disposal of property and equipment, and impairment expenses (non-GAAP) will be between $32 million to $34 million (a year-on-year increase of 18% to 25%)
|
|
·
|
Adjusted EBITDA excluding share based compensation (non-GAAP) will be between $50 million to $52 million (a year-on-year increase of 20% to 25%)
|
As of December 31,
|
||||||||||||
2009
|
2010
|
2010
|
||||||||||
RMB
|
RMB
|
US$
|
||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
327,628 | 244,403 | 37,031 | |||||||||
Term deposits
|
507,000 | 704,000 | 106,667 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of RMBnil and nill as of December 31, 2009 and 2010
|
53,828 | 59,420 | 9,003 | |||||||||
Inventory
|
1,386 | 993 | 150 | |||||||||
Prepaid expenses and other current assets
|
19,178 | 48,221 | 7,306 | |||||||||
Amounts due from related parties
|
6,388 | 3,438 | 521 | |||||||||
Deferred tax assets - current
|
1,010 | 2,972 | 450 | |||||||||
Assets held for sale
|
34 | - | - | |||||||||
Current portion of prepaid lease payments for land use right
|
3,246 | 3,986 | 604 | |||||||||
Total current assets
|
919,698 | 1,067,433 | 161,732 | |||||||||
Non-current deposits and prepayments
|
14,550 | 7,388 | 1,119 | |||||||||
Property and equipment, net
|
516,938 | 763,926 | 115,746 | |||||||||
Prepaid lease payments for land use rights - non-current
|
144,818 | 177,544 | 26,901 | |||||||||
Acquired intangible assets, net
|
71,286 | 100,816 | 15,275 | |||||||||
Long-term investments
|
3,101 | 3,000 | 455 | |||||||||
Non-current advances to related party
|
99,727 | - | - | |||||||||
Goodwill
|
503,771 | 774,083 | 117,285 | |||||||||
Total assets
|
2,273,889 | 2,894,190 | 438,513 | |||||||||
Liabilities and equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Accounts payable (including accounts payable of the consolidated VIE without recourse to ChinaCast Education Corporation of RMB719 and RMB1,635 as of December 31, 2009 and December 31, 2010, respectively)
|
16,061 | 48,602 | 7,364 | |||||||||
Accrued expenses and other current liabilities (including accrued expenses and other liabilities of the consolidated VIE without recourse to ChinaCast Education Corporation of RMB16,740 and RMB17,502 as of December 31, 2009 and December 31, 2010, respectively)
|
214,316 | 279,973 | 42,420 | |||||||||
Deferred revenues
|
156,645 | 262,824 | 39,822 | |||||||||
Income taxes payable (including income taxes payable of the consolidated VIE without recourse to ChinaCast Education Corporation of RMB2,293 and RMB4,844 as of December 31, 2009 and December 31, 2010, respectively)
|
68,731 | 99,461 | 15,070 | |||||||||
Current portion of long-term bank borrowings(including current portion of long-term bank borrowings of the consolidated VIE without recourse to ChinaCast Education Corporation of nil as of December 31, 2009 and December 31, 2010)
|
104,400 | 170,000 | 25,758 | |||||||||
Current portion of capital lease obligation (including current portion of capital lease obligation of the consolidated VIE without recourse to ChinaCast Education Corporation of nil as of December 31, 2009 and December 31, 2010)
|
1,323 | - | - | |||||||||
Other borrowings(including other borrowings of the consolidated VIE without recourse to ChinaCast Education Corporation of nil as of December 31, 2009 and December 31, 2010)
|
200 | 1,500 | 227 | |||||||||
Liabilities held for sale
|
1,315 | - | - | |||||||||
Total current liabilities
|
562,991 | 862,360 | 130,661 |
As of December 31,
|
||||||||||||
2009
|
2010
|
2010
|
||||||||||
RMB
|
RMB
|
US$
|
||||||||||
Long-term bank borrowings(including long-term bank Borrowings of the consolidated VIE without recourse to ChinaCast Education Corporation of nil as of December 31, 2009 and December 31, 2010)
|
134,000 | 90,000 | 13,636 | |||||||||
Deferred tax liabilities - non-current(including deferred tax liabilities – non-current of the consolidated VIE without recourse to ChinaCast Education Corporation of nil as of December 31, 2009 and December 31, 2010)
|
30,923 | 51,503 | 7,803 | |||||||||
Unrecognized tax benefits - non-current (including unrecognized tax benefits of the consolidated VIE without recourse to ChinaCast Education Corporation of RMB5,257 and RMB5,799 as of December 31, 2009 and December 31, 2010, respectively)
|
62,457 | 109,933 | 16,657 | |||||||||
Total non-current liabilities
|
227,380 | 251,436 | 38,096 | |||||||||
Total liabilities
|
790,371 | 1,113,796 | 168,757 | |||||||||
Commitments and contingencies (Note 24)
|
||||||||||||
Equity:
|
||||||||||||
Ordinary shares (US$0.0001 par value; 100,000,000 shares authorized; 45,170,698 and 49,778,952 shares issued and outstanding in 2009 and 2010, respectively)
|
33 | 36 | 5 | |||||||||
Additional paid-in capital
|
1,290,651 | 1,510,527 | 228,868 | |||||||||
Statutory reserve
|
39,139 | 47,671 | 7,223 | |||||||||
Accumulated other comprehensive loss
|
(6,055 | ) | (3,194 | ) | (484 | ) | ||||||
Retained earnings
|
136,583 | 199,862 | 30,282 | |||||||||
Total ChinaCast Education Corporation shareholders' equity
|
1,460,351 | 1,754,902 | 265,894 | |||||||||
Noncontrolling interest
|
23,167 | 25,492 | 3,862 | |||||||||
Total equity
|
1,483,518 | 1,780,394 | 269,756 | |||||||||
Total liabilities and equity
|
2,273,889 | 2,894,190 | 438,513 |
For the years ended December 31,
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
|||||||||||||
Revenues:
|
||||||||||||||||
Service
|
253,702 | 337,940 | 495,808 | 75,122 | ||||||||||||
Equipment
|
28,912 | 8,607 | 18,203 | 2,758 | ||||||||||||
282,614 | 346,547 | 514,011 | 77,880 | |||||||||||||
Cost of revenues:
|
||||||||||||||||
Service
|
(97,730 | ) | (139,046 | ) | (249,440 | ) | (37,794 | ) | ||||||||
Equipment
|
(29,122 | ) | (8,455 | ) | (17,952 | ) | (2,720 | ) | ||||||||
(126,852 | ) | (147,501 | ) | (267,392 | ) | (40,514 | ) | |||||||||
Gross profit
|
155,762 | 199,046 | 246,619 | 37,366 | ||||||||||||
Operating (expenses) income:
|
||||||||||||||||
Selling and marketing expenses (including share-based compensation of RMB1,626, RMB1,640 and RMB406 for 2008, 2009 and 2010, respectively)
|
(5,770 | ) | (4,649 | ) | (2,995 | ) | (454 | ) | ||||||||
General and administrative expenses (including share-based compensation of RMB14,225, RMB14,566 and RMB7,439 for 2008, 2009 and 2010, respectively)
|
(67,704 | ) | (69,641 | ) | (84,437 | ) | (12,793 | ) | ||||||||
Foreign exchange loss
|
(1,162 | ) | (87 | ) | (974 | ) | (148 | ) | ||||||||
Impairment loss of non-current advance
|
- | - | (59,842 | ) | (9,067 | ) | ||||||||||
Management service fee
|
6,463 | 5,128 | - | - | ||||||||||||
Change in fair value of contingent consideration
|
- | - | 9,417 | 1,427 | ||||||||||||
Other operating income
|
56 | 210 | 324 | 49 | ||||||||||||
Total operating expenses, net
|
(68,117 | ) | (69,039 | ) | (138,507 | ) | (20,986 | ) | ||||||||
Income from operations
|
87,645 | 130,007 | 108,112 | 16,380 | ||||||||||||
Impairment loss on cost method investment
|
(8,500 | ) | (436 | ) | - | - | ||||||||||
Gain on disposal of cost method investment
|
- | - | 2,123 | 322 | ||||||||||||
Interest income
|
19,461 | 8,317 | 14,103 | 2,137 | ||||||||||||
Interest expense
|
(2,575 | ) | (7,988 | ) | (13,679 | ) | (2,073 | ) | ||||||||
Income before provision for income taxes, earnings in equity investments
|
96,031 | 129,900 | 110,659 | 16,766 | ||||||||||||
Provision for income taxes
|
(24,381 | ) | (29,949 | ) | (38,573 | ) | (5,844 | ) | ||||||||
Net income before earnings in equity investments
|
71,650 | 99,951 | 72,086 | 10,922 | ||||||||||||
Earnings in equity investments
|
(441 | ) | (1,687 | ) | (101 | ) | (15 | ) | ||||||||
Income from continuing operations, net of tax
|
71,209 | 98,264 | 71,985 | 10,907 | ||||||||||||
Discontinued operations
|
||||||||||||||||
Loss from discontinued operations, net of taxes of RMBnil for 2008, 2009 and 2010
|
(21,025 | ) | (74 | ) | - | - | ||||||||||
Gain on termination of discontinued operation, net of taxes of RMBnil for 2008, 2009 and 2010
|
- | 1,228 | 1,280 | 194 | ||||||||||||
Net (loss) income on discontinued operation
|
(21,025 | ) | 1,154 | 1,280 | 194 | |||||||||||
Net income
|
50,184 | 99,418 | 73,265 | 11,101 | ||||||||||||
Less: Net income attributable to noncontrolling interest
|
(7,517 | ) | (7,339 | ) | (1,454 | ) | (220 | ) | ||||||||
Net income attributable to ChinaCast Education Corporation
|
42,667 | 92,079 | 71,811 | 10,881 |
For the years ended December 31,
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
|||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net income
|
50,184 | 99,418 | 73,265 | 11,101 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
Depreciation
|
16,565 | 29,489 | 53,126 | 8,049 | ||||||||||||
Amortization of acquired intangible assets
|
16,280 | 20,596 | 39,470 | 5,980 | ||||||||||||
Amortization of land use rights
|
1,908 | 2,639 | 3,534 | 535 | ||||||||||||
Share-based compensation
|
15,851 | 16,206 | 7,845 | 1,189 | ||||||||||||
(Gain) loss on disposal of property and equipment
|
(37 | ) | 1,364 | 684 | 104 | |||||||||||
Earnings in equity investments
|
441 | 1,687 | 101 | 15 | ||||||||||||
Write-down of inventory
|
262 | 276 | - | - | ||||||||||||
Gain on termination of discontinued operation
|
- | - | (1,280 | ) | (194 | ) | ||||||||||
Gain on disposal of acquired intangible assets
|
- | (1,552 | ) | - | - | |||||||||||
Impairment loss on cost method investment
|
8,500 | 436 | - | - | ||||||||||||
Impairment loss on acquired intangible assets
|
14,500 | - | - | - | ||||||||||||
Impairment loss of non-current advance
|
- | - | 59,842 | 9,067 | ||||||||||||
Gain on disposal of subsidiary
|
- | (1,228 | ) | - | - | |||||||||||
Gain on disposal of cost method investment
|
- | - | (2,123 | ) | (322 | ) | ||||||||||
Change in fair value of contingent consideration-prior year
|
- | - | (9,417 | ) | (1,427 | ) | ||||||||||
Changes in assets and liabilities:
|
||||||||||||||||
Accounts receivable
|
1,927 | (20,298 | ) | (4,790 | ) | (726 | ) | |||||||||
Inventory
|
334 | (243 | ) | 393 | 60 | |||||||||||
Prepaid expenses and other current assets
|
(1,566 | ) | (8,910 | ) | (21,086 | ) | (3,195 | ) | ||||||||
Non-current deposits and prepayments
|
1,746 | (1,491 | ) | 8,162 | 1,237 | |||||||||||
Amounts due from related parties
|
760 | (3,900 | ) | 2,950 | 447 | |||||||||||
Accounts payable
|
(11,163 | ) | 4,594 | 6,136 | 930 | |||||||||||
Accrued expenses and other current liabilities
|
22,813 | (11,669 | ) | (2,839 | ) | (430 | ) | |||||||||
Deferred revenues
|
51,172 | (16,287 | ) | 103,426 | 15,671 | |||||||||||
Amounts due to related parties
|
1,127 | (1,127 | ) | - | - | |||||||||||
Income taxes payable
|
13,844 | 18,137 | 25,175 | 3,814 | ||||||||||||
Deferred tax assets
|
- | (270 | ) | (1,413 | ) | (214 | ) | |||||||||
Deferred tax liabilities
|
(2,266 | ) | (3,463 | ) | (8,423 | ) | (1,276 | ) | ||||||||
Unrecognized tax benefits
|
9,883 | 10,683 | 19,833 | 3,005 | ||||||||||||
Net cash provided by operating activities
|
213,065 | 135,087 | 352,571 | 53,420 | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of cost method investment
|
(3,000 | ) | - | |||||||||||||
Advances to related party
|
(26,294 | ) | (20,309 | ) | - | - | ||||||||||
Repayment from advances to related party
|
35,991 | 32,611 | - | - | ||||||||||||
Deposits for business acquisition
|
(19,000 | ) | - | - | - | |||||||||||
Return of deposit for business acquisition
|
19,000 | - | - | - | ||||||||||||
Purchase of property and equipment
|
(56,351 | ) | (41,280 | ) | (100,377 | ) | (15,209 | ) | ||||||||
Purchase of subsidiaries, net of cash acquired
|
(465,507 | ) | (221,887 | ) | (340,260 | ) | (51,555 | ) | ||||||||
Term deposits
|
227,768 | (138,000 | ) | (197,000 | ) | (29,848 | ) | |||||||||
Advance from disposal of intangible assets
|
- | 1,000 | - | - | ||||||||||||
Disposal of intangible assets
|
- | 6,000 | - | - | ||||||||||||
Disposal of property and equipment
|
244 | 51 | - | - | ||||||||||||
Deposit for investment
|
- | (3,000 | ) | - | - | |||||||||||
Cash contribution from minority interest
|
20,000 | 3,030 | ||||||||||||||
Acquisition of brand name usage right
|
- | - | - | - | ||||||||||||
Net cash spent on disposal of discontinued operation
|
- | (683 | ) | - | - | |||||||||||
Net cash used in investing activities
|
(287,149 | ) | (385,497 | ) | (617,637 | ) | (93,582 | ) |
For the years ended December 31,
|
||||||||||||||||
2008
|
2009
|
2010
|
2010
|
|||||||||||||
RMB
|
RMB
|
RMB
|
US$
|
|||||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Deferred consideration paid for acquisition of subsidiary
|
- | (4,150 | ) | (20,540 | ) | (3,112 | ) | |||||||||
Proceeds from share offering, net of issuance costs
|
64,236 | 297,351 | 232,971 | 35,299 | ||||||||||||
Other borrowings raised
|
5,998 | 10,850 | 93,500 | 14,167 | ||||||||||||
Bank borrowings raised
|
- | 70,000 | 136,000 | 20,606 | ||||||||||||
Bank borrowings repaid
|
(168,400 | ) | (25,515 | ) | ||||||||||||
Guarantee deposit paid
|
- | (3,000 | ) | (1,000 | ) | (151 | ) | |||||||||
Repayment of other borrowings
|
(11,501 | ) | (11,747 | ) | (92,200 | ) | (13,970 | ) | ||||||||
Repayment of capital lease obligation
|
- | - | (1,323 | ) | (200 | ) | ||||||||||
Exercise of warrants and issuance of restricted shares of common stock, net of issuance costs (Note 18)
|
98,510 | - | ||||||||||||||
Net cash provided by (used in) financing activities
|
155,941 | 358,113 | 179,008 | 27,124 | ||||||||||||
Effect of foreign exchange rate changes
|
(336 | ) | (189 | ) | 2,833 | 428 | ||||||||||
Net (decrease) increase in cash and cash equivalents
|
81,521 | 107,514 | (86,058 | ) | (13,038 | ) | ||||||||||
Less: cash and cash equivalents in assets held for sale
|
- | (17 | ) | - | - | |||||||||||
Cash and cash equivalents at beginning of the year
|
138,610 | 220,131 | 327,628 | 49,641 | ||||||||||||
Cash and cash equivalents at end of the year
|
220,131 | 327,628 | 244,403 | 37,031 | ||||||||||||
Non-cash investing and financing activities:
|
||||||||||||||||
Payable assumed in purchase of property and equipment
|
23,189 | 49,335 | 30,609 | 4,638 | ||||||||||||
Inception of capital leases
|
3,784 | - | - | - | ||||||||||||
Non-current advance used to acquire NCI
|
- | - | 40,000 | 6,061 | ||||||||||||
Consideration payable for acquisition of subsidiaries
|
4,150 | 30,482 | 78,721 | 11,927 | ||||||||||||
Receivable from disposal of subsidiaries
|
- | 100 | - | - | ||||||||||||
Issuance of restricted shares of common stock for acquisition of additional interests in subsidiary
|
- | 135,000 | - | - | ||||||||||||
Supplemental cash flow information:
|
||||||||||||||||
Interest paid (net of amount capitalized of RMB1,421 and RMB8,832 in 2009 and 2010, respectively)
|
2,575 | 7,988 | 13,679 | 2,073 | ||||||||||||
Income taxes paid
|
3,846 | 5,014 | 3,281 | 497 |
3 months ended
|
3 months ended
|
%change
|
||||||||||
31/12/2010
|
31/12/2009
|
+/(-) | ||||||||||
US$'000
|
US$'000
|
|||||||||||
Adjusted Net Income (Non-GAAP)
|
||||||||||||
Net income attributable to ChinaCast Education Corporation
|
( 5,065 | ) | 2,830 | (278.98 | ) | |||||||
Share-based Compensation
|
200 | 494 | (59.51 | ) | ||||||||
Amortization of Acquired Intangible Assets
|
1,854 | 1,289 | 43.83 | |||||||||
Impairment loss on non-current advance
|
9,067 | - | ||||||||||
Adjusted Net Income (non-GAAP)
|
6,056 | 4,613 | 31.28 | |||||||||
Adjusted Net Margin (non-GAAP)
|
23.5 | % | 28.0 | % | ||||||||
Adjusted Diluted EPS (Non-GAAP)
|
0.12 | 0.12 | 0.00 | |||||||||
Adjusted EBITDA (Non-GAAP)
|
||||||||||||
Net income attributable to ChinaCast Education Corporation
|
(5,065 | ) | 2,830 | (278.98 | ) | |||||||
Depreciation
|
2,469 | 1,650 | 49.64 | |||||||||
Amortization of Acquired Intangible Assets
|
1,854 | 1,289 | 43.83 | |||||||||
Amortization of Land Use Rights
|
155 | 98 | 58.16 | |||||||||
Share-based Compensation
|
200 | 494 | (59.51 | ) | ||||||||
Impairment loss on non-current advance
|
9,067 | - | ||||||||||
Interest Income
|
(574 | ) | (205 | ) | 180.00 | |||||||
Interest Expesne
|
463 | 353 | 31.16 | |||||||||
Provision for income taxes
|
1,672 | 1,303 | 28.32 | |||||||||
Earnings in equity investments
|
2 | 47 | (95.74 | ) | ||||||||
Net income attributable to noncontrolling interest
|
4 | 58 | (93.10 | ) | ||||||||
Adjusted EBITDA (non-GAAP)
|
10,247 | 7,917 | 29.43 | |||||||||
Adjusted EBITDA Margin (non-GAAP)
|
39.8 | % | 48.0 | % | ||||||||
YoY
|
||||||||||||
12 months ended
|
12 months ended
|
%change
|
||||||||||
31/12/2010
|
31/12/2009
|
+/(-)
|
||||||||||
US$'000
|
US$'000
|
|||||||||||
Adjusted Net Income (Non-GAAP)
|
||||||||||||
Net income attributable to ChinaCast Education Corporation
|
10,881 | 13,541 | (19.64 | ) | ||||||||
Share-based Compensation
|
1,189 | 2,383 | (50.10 | ) | ||||||||
Amortization of Acquired Intangible Assets
|
5,980 | 3,029 | 97.42 | |||||||||
Impairment loss of non-current advance
|
9,067 | - | ||||||||||
Adjusted Net Income (non-GAAP)
|
27,117 | 18,953 | 43.07 | |||||||||
Adjusted Net Margin (non-GAAP)
|
34.8 | % | 37.2 | % | ||||||||
Adjusted Diluted EPS (Non-GAAP)
|
0.56 | 0.53 | 5.66 | |||||||||
Adjusted EBITDA (Non-GAAP)
|
||||||||||||
Net income attributable to ChinaCast Education Corporation
|
10,881 | 13,541 | (19.64 | ) | ||||||||
Depreciation
|
8,049 | 4,337 | 85.59 | |||||||||
Amortization of Acquired Intangible Assets
|
5,980 | 3,029 | 97.42 | |||||||||
Amortization of Land Use Rights
|
535 | 388 | 37.89 | |||||||||
Share-based Compensation
|
1,189 | 2,383 | (50.10 | ) | ||||||||
Impairment loss on non-current advance
|
9,067 | - | ||||||||||
Interest Income
|
(2,137 | ) | (1,223 | ) | 74.73 | |||||||
Interest Expesne
|
2,073 | 1,175 | 76.43 | |||||||||
Provision for income taxes
|
5,844 | 4,404 | 32.70 | |||||||||
Earnings in equity investments
|
15 | 248 | (93.95 | ) | ||||||||
Net income attributable to noncontrolling interest
|
220 | 1,079 | (79.61 | ) | ||||||||
Adjusted EBITDA (non-GAAP)
|
41,715 | 29,361 | 42.08 | |||||||||
Adjusted EBITDA Margin (non-GAAP)
|
53.6 | % | 57.6 | % |