BEIJING, March 7, 2018 /PRNewswire/ -- China Distance
Education Holdings Limited (NYSE: DL) ("CDEL", or the "Company"), a
leading provider of online education and value-added services for
professionals and corporate clients in China, today announced unaudited financial
results for the first quarter of fiscal year 2018 ended
December 31, 2017.
First Quarter Fiscal 2018 Financial and Operational
Highlights
- Net revenue increased by 12.2% to $35.9
million from $32.0 million in
the prior year period.
- Total course enrollments were 1,227,000, a decrease of 5.1%
from the first quarter of fiscal 2017.
- Cash receipts from online course registration were $40.3 million, a 50.4% increase from the first
quarter of fiscal 2017.
- Gross profit decreased by 8.7% to $17.5
million from $19.2 million in
the prior year period.
- Non-GAAP1 gross profit decreased by 8.7% to
$17.5 million from $19.2 million in the prior year period.
- Gross margin was 48.8%, compared with 59.9% in the prior year
period. Non-GAAP1 gross margin was 48.9%, compared with 60.1% in
the prior year period.
- Operating income decreased by 35.8% to $5.1 million from $8.0
million in the prior year period.
- Non-GAAP1 operating income decreased by 33.6% to
$5.6 million from $8.5 million in the prior year period.
- Net income was $94,000, compared
with net income of $8.6 million in
the prior year period.
- Non-GAAP1 net income was $0.6
million compared with net income of $9.1 million in the prior year period.
- Basic and diluted net income per American Depositary Share
("ADS") were $0.003, compared with
basic and diluted net income per ADS of $0.260 and $0.259,
respectively, for the first quarter of fiscal 2017. Each ADS
represents four ordinary shares.
- Basic and diluted non-GAAP1 net income per ADS were
$0.018, compared with basic and
diluted non-GAAP1 net income per ADS of $0.276 and $0.275,
respectively, for the first quarter of fiscal 2017.
- Cash flow from operations decreased by 19.9% to $13.2 million from $16.5
million in the first quarter of fiscal 2017.
1 For more
information about the non-GAAP financial measures contained in this
press release, please see "Use of Non-GAAP Financial Measures"
below
|
Mr. Zhengdong Zhu, Chairman and
CEO of CDEL, said, "We are pleased to report first quarter net
revenue growth of 12.2% year-over-year, which exceeded the high end
of our guidance range. Better-than-expected first quarter net
revenue was driven primarily by the continued strength of our
accounting vertical as well as strong growth from the sale of books
and reference materials. Our first quarter total course enrollments
were down 5.1% year-over-year, largely due to a decline in
accounting continuing education course enrollments as a result of
the previously disclosed cancellation of the Accounting Certificate
examination. Excluding accounting continuing education course
enrollments, our first quarter total course enrollments increased
26.4% year-over-year. In particular, our first quarter online
accounting test preparation course enrollments grew 39.3%
year-over-year. We are pleased to report that the strong growth of
online accounting test preparation course enrollments contributed
to an impressive 50.4% year-over-year increase in cash receipts
from online course registration."
Mr. Zhu concluded, "As China's preeminent provider of online
education and value-added services for professionals and corporate
clients, we strive to build industry-leading education verticals
that promote our lifelong learning ecosystem. With a proven
business model and powerful growth initiatives in place, we look
forward to continuing our relentless efforts to grow our
diversified industry verticals and broaden our course offerings and
services in key disciplines."
Mr. Mark Marostica, Co-Chief
Financial Officer of CDEL, said, "As previously disclosed, we
experienced a significant decrease in our operating margin in the
fourth quarter of fiscal 2017 (September), primarily due to
increased salaries and related expenses, as well as an increase in
advertising and promotional expenses. As anticipated, the increase
in salaries and related expenses in the first quarter of fiscal
2018 compared with the year-ago period continued to be the primary
driver of the year-over-year decline in our first quarter operating
margin. However, excluding the headcount of Jiangsu Asset, which we
acquired in November 2017, our first
quarter headcount remained relatively stable compared with the
fourth quarter of fiscal 2017 as expected."
Mr. Marostica continued, "We delivered strong growth of cash
receipts in the first quarter despite a moderation in the rate of
growth of our advertising and promotional expenses, which were up
only approximately 7% year-over-year in the first quarter,
showcasing the strength of our brand and wide appeal of our courses
to students. We anticipate the moderation in the rate of growth of
advertising and promotion spending and relatively stable headcount
will extend into our second quarter of fiscal 2018 as well, and
augur an improvement in our operating margin in the second half of
fiscal 2018."
First Quarter Fiscal 2018 Financial Results
Net Revenue. Total net revenue increased by 12.2%
to $35.9 million in the first quarter
of fiscal 2018 from $32.0 million in
the first quarter of fiscal 2017. Net revenue from online education
services, books and reference materials, and other sources
contributed 62.6%, 6.6% and 30.8%, respectively, of total net
revenues for the first quarter of fiscal 2018.
Online education services. Net revenue from online
education services increased by 11.6% to $22.4 million in the first quarter of fiscal 2018
from $20.1 million in the first
quarter of fiscal 2017, mainly due to strong revenue growth from
our accounting vertical. In particular, the strong revenue growth
of elementary APQE courses more than offset the adverse revenue
impact from the cancellation of the Accounting Certificate
Examination and the downstream effect of this examination
cancellation on Accounting Continuing Education revenue. In
addition, the strong revenue growth from intermediate APQE and
accounting practical skills training courses also contributed to
the revenue growth. The year-over-year increase in revenue from
online education services was partially offset by a decrease in
revenue from E&C Continuing Education courses.
Books and reference materials. Net revenue from books and
reference materials increased by 44.8% to $2.4 million in the first quarter of fiscal 2018,
from $1.6 million in the first
quarter of fiscal 2017.
Others. Net revenue from other sources increased by 8.1%
to $11.1 million in the first quarter
of fiscal 2018 from $10.2 million in
the first quarter of fiscal 2017, primarily due to revenue growth
from offline accounting professional training courses. The increase
in revenue from other sources was partially offset by
year-over-year decreases in revenue from the sale of learning
simulation software and business start-up training services.
Cost of Sales. Cost of sales increased by 43.5% to
$18.4 million in the first quarter of
fiscal 2018 from $12.8 million in the
first quarter of fiscal 2017. Non-GAAP1 cost of sales
increased by 43.6% to $18.3 million
in the first quarter of fiscal 2018 from $12.8 million in the first quarter of fiscal
2017. The increase was mainly due to increased salaries and related
expenses resulting from a higher number of personnel, increased
cost of books and reference materials, increased rental and related
expenses, as well as other miscellaneous expenses.
Gross Profit and Gross Margin. Gross profit
was $17.5 million in the first
quarter of fiscal 2018, down 8.7% from $19.2
million in the prior year period. Non-GAAP1 gross
profit was $17.5 million, down 8.7%
from $19.2 million in the prior year
period. Gross margin was 48.8% in the first quarter of fiscal 2018,
compared with 59.9% in the first quarter of fiscal 2017.
Non-GAAP1 gross margin was 48.9% in the first quarter of
fiscal 2018, compared with 60.1% in the first quarter of fiscal
2017.
Operating Expenses. Total operating expenses
increased by 20.5% to $14.1 million
in the first quarter of fiscal 2018, from $11.7 million in the prior year period.
Non-GAAP1 total operating expenses increased by 21.3% to
$13.7 million in the first quarter of
fiscal 2018, from $11.3 million in
the prior year period.
Selling expenses. Selling expenses increased by 27.0% to
$9.1 million in the first quarter of
fiscal 2018 from $7.2 million in the
prior year period. Non-GAAP1 selling expenses increased
by 27.0% to $9.1 million in the first
quarter of fiscal 2018 from $7.2
million in the prior year period. The increase was primarily
driven by increased salaries and related expenses and increased
commissions to online agents.
General and administrative expenses. General and
administrative expenses increased by 10.3% to $5.0 million in the first quarter of fiscal 2018
from $4.5 million in the prior year
period. Non-GAAP1 general and administrative expenses
increased by 11.4% to $4.6 million in
the first quarter of fiscal 2018 from $4.1
million in the prior year period. The increase was mainly
due to increased salaries and related expenses.
Income Tax Expense. Income tax expense decreased
by 72.0% to $0.7 million in the first
quarter of fiscal 2018 from $2.4
million in the prior year period, primarily due to a
decrease in taxable income.
Net Income. As a result of the foregoing, net
income was $94,000 in the first
quarter of fiscal 2018 compared with net income of $8.6 million in the prior year period.
Non-GAAP1 net income was $0.6
million in the first quarter of fiscal 2018 compared with
net income of $9.1 million in the
prior year period.
Operating Cash Flow. Net operating cash
inflow decreased by 19.9% to $13.2
million in the first quarter of fiscal 2018 from
$16.5 million in the prior year
period. The decrease in operating cash inflow was mainly
attributable to the decrease in net income before non-cash items
generated in the first quarter of fiscal 2018. The increase in
accounts receivable, inventories, prepayments and other current
assets, and the decrease in income tax payable also contributed to
the operating cash outflow. This operating cash outflow was
partially offset by the increase in accrued expenses and other
liabilities, and deferred revenue.
Cash and Cash Equivalents, Term Deposits, Restricted Cash
and Short-term Investments. Cash and cash equivalents, term
deposits, restricted cash and short-term investments as of
December 31, 2017 increased by 2.3%
to $103.0 million from $100.6 million as of September 30, 2017, mainly due to the operating
cash inflow generated and a 1-year bank loan of $20.1 million raised in the first quarter of
fiscal 2018. The increase was partially offset by (i) the payments
of balances of $5.4 million and
$0.4 million in connection with
acquisition of Jiangsu Asset and investment in Chongqing Moses
Robots, respectively, (ii) the payments of $2.4 million and $3.8
million in connection with investments in Hangzhou Wanting
and Beijing teacheredu,
respectively, (iii) the payment of deposit of $7.6 million for the purchase of an office
building in Xiamen, (iv) the
repayment of a short-term loan from a related party of $1.7 million, (v) the repayment of a bank loan of
$15.0 million and (vi) the capital
expenditure of $1.2 million.
Outlook
For the second quarter of fiscal 2018, the Company expects to
generate total net revenue in the range of $27.8 million to $28.9
million, representing year-over-year growth of approximately
27% to 32%.
For fiscal year 2018, the Company expects to generate total net
revenues in the range of $150.6
million to $157.2 million,
representing year-over-year growth of approximately 15% to 20%.
The above guidance reflects the Company's current and
preliminary view, which is subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, March 8, 2018
(9:00 p.m. Beijing Time on
Thursday, March 8, 2018) to discuss
financial results and answer questions from investors and analysts.
Listeners may access the call by dialing:
US Toll Free: +1-866-519-4004
International: +65-6713-5090
Mainland China: 400-620-8038
Hong Kong: +852-3018-6771
United Kingdom:
+44-203-6214-779
Passcode: CDEL or DL
A telephone replay will be available two hours after the call
until March 15, 2018 by dialing:
US Toll Free: +1-855-452-5696
International: +61-2-8199-0299
Mainland China: 400-632-2162
Hong Kong: 800-963-117
United Kingdom: 0808-234-0072
Replay Passcode: 9661389
Additionally, a live and archived webcast of the conference call
will be available at http://ir.cdeledu.com.
About China Distance Education Holdings Limited
China Distance Education Holdings Limited is a leading provider
of online education and value-added services for professionals and
corporate clients in China. The
courses offered by the Company through its websites are designed to
help professionals seeking to obtain and maintain professional
licenses and to enhance their job skills through our professional
development courses in China in
the areas of accounting, healthcare, engineering &
construction, and other industries. The Company also offers
professional education courses for participants in the national
judicial examination, online test preparation courses for
self-taught learners pursuing higher education diplomas or degrees,
test preparation courses for university students intending to take
the nationwide graduate school entrance exam, practical accounting
training courses for college students and working professionals, as
well as online language courses and third-party developed online
courses. In addition, the Company provides business services to
corporate clients, including but not limited to tax advisory,
bookkeeping and accounting outsourcing services. For further
information, please visit http://ir.cdeledu.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "may," "should," "potential," "continue," "expect,"
"predict," "anticipate," "future," "intend," "plan," "believe,"
"is/are likely to," "estimate" and similar statements. Among other
things, the outlook for the second quarter and full fiscal year
2018 and quotations from management in this announcement, as well
as the Company's strategic and operational plans (in particular,
the anticipated benefits of strategic growth initiatives, including
the promotion of the Company's lifelong learning ecosystem, as well
as cost control) contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its
periodic and annual reports to the SEC, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and growth strategies; future
prospects and market acceptance of our courses and other products
and services; our future business development and results of
operations; projected revenues, profits, earnings and other
estimated financial information; projected enrollment numbers; our
plans to expand and enhance our courses and other products and
services; competition in the education and test preparation
markets; and Chinese laws, regulations and policies, including
those applicable to the Internet, Internet content providers, the
education and telecommunications industries, mergers and
acquisitions, taxation and foreign exchange.
Further information regarding these and other risks is included
in the Company's annual report on Form 20-F and other documents
filed or furnished with the SEC. All information provided in this
press release is as of the date of this press release. The Company
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth in this press
release is preliminary and subject to adjustments. Adjustments to
the financial statements may be identified when audit work is
performed for the year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
Use of Non-GAAP Financial Measures
To supplement the Company's consolidated financial results
presented in accordance with U.S. generally accepted accounting
principles, or GAAP, the Company uses the following measures
defined as non-GAAP financial measures: non-GAAP net income,
operating income, gross profit, cost of sales, selling expenses,
general and administrative expenses, net income margin, operating
margin, gross profit margin and basic and diluted earnings per ADS
and per share. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP
financial measures, please see the table captioned "Reconciliations
of non-GAAP measures to comparable GAAP measures" set forth at the
end of this release.
The Company believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses. However, non-GAAP financial measures may not be
indicative of the Company's operating performance from a cash
perspective. The Company believes that both management and
investors benefit from these non-GAAP financial measures in
assessing its performance and when planning and forecasting future
periods. These non-GAAP financial measures also facilitate
management's internal comparisons to the Company's historical
performance and liquidity. The Company computes its non-GAAP
financial measures using the same consistent method from quarter to
quarter. The Company believes these non-GAAP financial measures are
useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of
excluding share-based compensation expenses from the
above-mentioned line items and presenting these non-GAAP measures
is that such items may continue to be for the foreseeable future a
significant recurring expense or income in our business. Management
compensates for this limitation by providing specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying table at the end of this release provides more detail
on the reconciliations between GAAP financial measures that are
most directly comparable to non-GAAP financial measures.
Contacts:
|
|
China Distance
Education Holdings Limited
|
The Piacente Group |
Investor Relations
|
Investor Relations
Department
|
Brandi
Piacente
|
Tel: +86-10-8231-9999
ext. 1805
|
Tel: +1
212-481-2050
|
Email:
IR@cdeledu.com
|
Email:
DL@tpg-ir.com
|
(Financial Tables on Following Pages)
China Distance
Education Holdings Limited
|
Consolidated
Balance Sheets
|
(in thousands of
US Dollars, except number of shares and per share
data)
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
December 31,
2017
|
|
|
(Derived from
Audited)
|
|
(Unaudited)
|
|
Assets:
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
60,526
|
|
59,295
|
|
|
Restricted
cash
|
34,855
|
|
38,404
|
|
|
Short term
investments
|
5,261
|
|
5,303
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of US$1,280 and
US$1,191 as of December 31, 2017 and September 30, 2017,
respectively
|
5,525
|
|
7,418
|
|
|
Inventories
|
864
|
|
2,844
|
|
|
Prepayment and other
current assets
|
10,439
|
|
14,655
|
|
|
Deferred tax assets,
current portion
|
1,654
|
|
-
|
|
|
Deferred
cost
|
711
|
|
639
|
|
|
Total
current assets
|
119,835
|
|
128,558
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Property, plant and
equipment, net
|
14,022
|
|
17,023
|
|
|
Goodwill
|
29,459
|
|
33,721
|
|
|
Long term
investments
|
43,631
|
|
52,381
|
|
|
Other intangible
assets, net
|
9,947
|
|
10,410
|
|
|
Deposit for purchase
of non-current assets
|
641
|
|
8,206
|
|
|
Deferred tax assets,
non-current portion
|
-
|
|
3,078
|
|
|
Other non-current
assets
|
7,016
|
|
5,868
|
|
|
Total
non-current assets
|
104,716
|
|
130,687
|
|
|
|
|
|
|
|
|
Total
assets
|
224,551
|
|
259,245
|
|
|
|
|
|
|
|
Liabilities and
equity:
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Bank
borrowings
|
29,965
|
|
35,079
|
|
|
Accrued expenses and
other liabilities (including accrued expenses and other
liabilities of the consolidated VIE without recourse to China
Distance Education
Holdings Limited of US$37,012 and US$31,684 as of December 31, 2017
and
September 30, 2017, respectively)
|
38,728
|
|
44,326
|
|
|
Amount due to a
related party
|
1,648
|
|
-
|
|
|
Income tax payable
(including income tax payable of the consolidated VIE without
recourse to China Distance Education Holdings Limited of US$3,802
and
US$3,641 as of December 31, 2017 and September 30, 2017,
respectively)
|
6,750
|
|
4,994
|
|
|
Deferred revenue
(including deferred revenue of the consolidated VIE without
recourse to China Distance Education Holdings Limited of US$66,014
and
US$49,575 as of December 31, 2017 and September 30, 2017,
respectively)
|
50,506
|
|
67,085
|
|
|
Refundable fees
(including refundable fees of the consolidated VIE without
recourse to China Distance Education Holdings Limited of US$833 and
US$1,074
as of December 31, 2017 and September 30, 2017,
respectively)
|
1,074
|
|
833
|
|
|
Dividend
payable
|
39
|
|
14,970
|
|
|
Total
current liabilities
|
128,710
|
|
167,287
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Deferred tax
liabilities, non-current portion
|
3,099
|
|
4,522
|
|
|
Long-term bank
borrowing
|
19,930
|
|
20,380
|
|
|
Total
non-current liabilities
|
23,029
|
|
24,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
151,739
|
|
192,189
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Ordinary shares (par
value of US$0.0001 per share at December 31, 2017 and
September 30, 2017, respectively; Authorized –500,000,000 shares at
December
31, 2017 and September 30, 2017, respectively; Issued and
outstanding –
132,804,973 and 131,854,773 shares at December 31, 2017 and
September 30,
2017, respectively)
|
13
|
|
13
|
|
|
Additional paid-in
capital
|
19,097
|
|
19,532
|
|
|
Accumulated other
comprehensive loss (gain)
|
(3,367)
|
|
1,314
|
|
|
Retained
Earnings
|
33,040
|
|
18,185
|
|
|
Total
China Distance Education Holdings Limited shareholder's
equity
|
48,783
|
|
39,044
|
|
|
Noncontrolling
interest
|
24,029
|
|
28,012
|
|
|
Total
equity
|
72,812
|
|
67,056
|
|
|
Total
liabilities and equity
|
224,551
|
|
259,245
|
|
|
|
|
|
|
|
China Distance
Education Holdings Limited
|
Unaudited
Consolidated Statements Of Operations
|
(in
thousands of US dollars, except number of shares, per share and per
ADS data)
|
|
|
Three Months
Ended December 31,
|
|
2016
|
|
2017
|
|
|
|
|
Sales, net of
business tax, value-added tax and related
surcharges:
|
|
|
|
|
Online education
services
|
20,106
|
|
22,433
|
|
Books and reference
materials
|
1,641
|
|
2,377
|
|
Other
revenue
|
10,236
|
|
11,068
|
|
- Sale of
learning simulation software
|
6,463
|
|
6,160
|
|
- Business
start-up training services
|
1,646
|
|
1,407
|
|
-
Others
|
2,127
|
|
3,501
|
|
Total
net revenues
|
31,983
|
|
35,878
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
Cost of services and
others
|
(11,963)
|
|
(16,339)
|
|
Cost of tangible
goods sold
|
(847)
|
|
(2,042)
|
|
Total
cost of sales
|
(12,810)
|
|
(18,381)
|
|
|
|
|
|
Gross
profit
|
19,173
|
|
17,497
|
|
|
|
|
Operating
expenses
|
|
|
|
|
Selling
expenses
|
(7,185)
|
|
(9,121)
|
|
General and
administrative expenses
|
(4,530)
|
|
(4,996)
|
|
Total
operating expenses
|
(11,715)
|
|
(14,117)
|
Other operating
income
|
499
|
|
1,729
|
|
|
|
|
|
Operating
income
|
7,957
|
|
5,109
|
|
|
|
|
Interest
income
|
230
|
|
457
|
Interest
expense
|
(119)
|
|
(748)
|
Exchange gain
(loss)
|
3,907
|
|
(1,899)
|
|
|
|
|
|
Income
before income taxes
|
11,975
|
|
2,919
|
Income tax
expense
|
(2,394)
|
|
(671)
|
Loss from equity
method investment
|
(44)
|
|
(29)
|
|
|
|
|
Net
income
|
9,537
|
|
2,219
|
Net income
attributable to noncontrolling interest
|
(982)
|
|
(2,125)
|
Net
income attributable to China Distance Education
Holdings Limited
|
8,555
|
|
94
|
Net income
per share:
|
|
|
|
Net income
attributable to China Distance Education Holdings
Limited
shareholders
|
|
|
|
|
Basic
|
0.065
|
|
0.001
|
|
Diluted
|
0.065
|
|
0.001
|
Net income
per ADS:
|
|
|
|
Net income
attributable to China Distance Education Holdings
Limited
shareholders
|
|
|
|
|
Basic
|
0.260
|
|
0.003
|
|
Diluted
|
0.259
|
|
0.003
|
|
|
|
|
Weighted average
shares used in calculating net income per
share:
|
|
|
|
|
Basic
|
131,303,833
|
|
131,667,052
|
|
Diluted
|
131,646,433
|
|
132,338,042
|
China Distance
Education Holdings Limited
|
Reconciliations of
non-GAAP measures to comparable GAAP measures
|
(In thousands of
US Dollars, except number of shares, per share and per ADS
data)
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
2016
|
|
2017
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
Cost of
sales
|
|
12,810
|
|
18,381
|
Share-based
compensation expense in cost of sales
|
|
40
|
|
45
|
Non-GAAP cost of
sales
|
|
12,770
|
|
18,336
|
|
|
|
|
|
Selling
expenses
|
|
7,185
|
|
9,121
|
Share-based
compensation expense in selling expenses
|
|
21
|
|
20
|
Non-GAAP selling
expenses
|
|
7,164
|
|
9,101
|
|
|
|
|
|
General and
administrative expenses
|
|
4,530
|
|
4,996
|
Share-based
compensation expense in general and administrative
expenses
|
|
437
|
|
438
|
Non-GAAP general and
administrative expenses
|
|
4,093
|
|
4,558
|
|
|
|
|
|
Gross
profit
|
|
19,173
|
|
17,497
|
Share-based
compensation expenses
|
|
40
|
|
45
|
Non-GAAP gross
profit
|
|
19,213
|
|
17,542
|
|
|
|
|
|
Gross profit
margin
|
|
59.9%
|
|
48.8%
|
Non-GAAP gross profit
margin
|
|
60.1%
|
|
48.9%
|
|
|
|
|
|
Operating
income
|
|
7,957
|
|
5,109
|
Share-based
compensation expenses
|
|
498
|
|
503
|
Non-GAAP operating
income
|
|
8,455
|
|
5,612
|
|
|
|
|
|
Operating
margin
|
|
24.9%
|
|
14.2%
|
Non-GAAP operating
margin
|
|
26.4%
|
|
15.6%
|
|
|
|
|
|
Net income
|
|
8,555
|
|
94
|
Share-based
compensation expense
|
|
498
|
|
503
|
Non-GAAP net
income
|
|
9,053
|
|
597
|
|
|
-
|
|
|
Net income
margin
|
|
26.7%
|
|
0.3%
|
Non-GAAP net income
margin
|
|
28.3%
|
|
1.7%
|
|
|
|
|
|
Net income per
share—basic
|
|
0.065
|
|
0.001
|
Net income per
share—diluted
|
|
0.065
|
|
0.001
|
Non-GAAP net income
per share—basic
|
|
0.069
|
|
0.005
|
Non-GAAP net income
per share—diluted
|
|
0.069
|
|
0.005
|
|
|
|
|
|
Net income per ADS
attributable to China Distance Education Holdings Limited
shareholders—basic (note
1)
|
|
0.260
|
|
0.003
|
Net income per ADS
attributable to China Distance Education Holdings Limited
shareholders—diluted (note
1)
|
|
0.259
|
|
0.003
|
Non-GAAP net income
per ADS attributable to China Distance Education Holdings
Limited shareholders—basic (note
1)
|
|
0.276
|
|
0.018
|
Non-GAAP net income
per ADS attributable to China Distance Education Holdings
Limited shareholders—diluted (note
1)
|
|
0.275
|
|
0.018
|
|
|
|
|
|
Weighted average
shares used in calculating basic net income per share
|
|
131,303,833
|
|
131,667,052
|
Weighted average
shares used in calculating diluted net income per share
|
|
131,646,433
|
|
132,338,042
|
Weighted average
shares used in calculating basic non-GAAP net income per
share
|
|
131,303,833
|
|
131,667,052
|
Weighted average
shares used in calculating diluted non-GAAP net income per
share
|
|
131,646,433
|
|
132,338,042
|
Note 1: Each ADS
represents four ordinary shares
|
View original
content:http://www.prnewswire.com/news-releases/china-distance-education-holdings-limited-reports-financial-results-for-first-quarter-fiscal-year-2018-300610093.html
SOURCE China Distance Education Holdings Ltd