BEIJING, Aug. 13, 2015 /PRNewswire/ -- Xueda Education
Group (NYSE: XUE) ("Xueda" or the "Company"), a leading national
provider of personalized tutoring services for primary and
secondary school students in China, today announced its unaudited financial
results for the quarter ended June 30,
2015.
Financial Highlights for Second Quarter 2015 Compared to
Second Quarter 2014
- Total net revenues increased 0.4% to $121.3 million from $120.8
million.
- Gross margin was 37.9%, compared to 34.5%.
- Net income attributable to Xueda Education Group was
$10.7 million, compared to
$15.3 million.
- Non-GAAP diluted net income[1] per ADS attributable
to Xueda Education Group was $0.19,
compared to $0.27.
Operational Highlights for Second Quarter 2015
- Effective student count[2] increased 8.2% to 63,726,
from 58,895 for the second quarter 2014.
- New student sign-ups[3] decreased 1.2% to 26,721,
from 27,049 for the second quarter 2014.
- The number of retained student increased 16.2% to 37,005, from
31,846 for the second quarter 2014.
- New learning centers increased net 17, with 19 opened and 2
closed. Total number of learning centers at the end of the second
quarter was 499. Total area of learning centers decreased 1.5%
year-over-year to approximately 286,000 square meters, from
approximately 290,000 square meters in the second quarter
2014.
[1]
|
All non-GAAP measures
exclude share-based compensation expenses. For further details on
non-GAAP measures, please refer to the reconciliation tables and a
detailed discussion of the Company's use of non-GAAP information
set forth elsewhere in this press release.
|
[2]
|
Effective student
count is defined as the number of students who (i) had
effective contracts with amounts of at least RMB200 per contract as
of the last day of the relevant period and(ii) had attended
at least one tutoring session within the 180 days before the last
day of the relevant period.
|
[3]
|
New student sign-ups
is defined as the number of students who enrolled in a Xueda
program during the relevant period for the second time in the last
three calendar years.
|
Second Quarter 2015 Financial and Operating Results
Total Net Revenues
Total net revenues for the second quarter 2015 increased 0.4%
year-over-year to $121.3 million,
from $120.8 million for the second
quarter 2014. The increase reflects 5.9% revenue growth
year-over-year from one-on-one tutoring and 67.9% revenue growth
year-over-year from small group tutoring. For comparison
purposes, the Company notes that in the second quarter 2014, it
recorded a one-time sale of Internet-enabled tablet devices of
$9.9 million as part of its effort to
support the launch of eXueda.
- Effective student count increased 8.2% to 63,726 for the second
quarter 2015, from 58,895 for the second quarter 2014.
- Average net revenue per student for the second quarter 2015
decrease 5.1% to $1,729, compared to
1,822 for the second quarter 2014.
Cost of Revenues
Cost of revenues for the second quarter 2015 decreased 4.7% to
$75.4 million, from $79.2 million for the second quarter 2014.
Gross Profit and Gross Margin
Gross profit for the second quarter 2015 increased 10.3% to
$45.9 million, from $41.7 million for the second quarter 2014. Gross
margin for the second quarter 2015 was 37.9%, compared to 34.5% for
the second quarter 2014. For comparison purposes, excluding
the impact from the one-time sale of Internet-enabled tablet
devices recorded in the second quarter 2014, gross margin for the
second quarter 2014 would have been 39.4%.
- Teaching staff cost for the second quarter 2015 increased to
$60.3 million, from $51.7 million in the second quarter 2014. As a
percentage of total net revenues, teaching staff cost was 49.7% and
42.8% for the second quarters 2015 and 2014, respectively.
- Rental cost for the second quarter 2015 was $10.6 million, unchanged from the second quarter
2014. As a percentage of total net revenues, rental costs
were 8.7% and 8.8%, for the second quarters 2015 and 2014,
respectively.
- Depreciation cost for the second quarter 2015 was $2.6 million, compared to $3.1 million for the second quarter
2014.
Operating Expenses
Total operating expenses for the second quarter 2015 increased
to $29.1 million from $23.3 million for the second quarter 2014.
Total operating expenses for the second quarter 2015 accounted for
24.0% of total net revenues, compared to 19.3% for the second
quarter 2014. Total non-GAAP operating expenses for the second
quarter 2015 were $28.1 million,
compared to $21.8 million for the
same period in 2014. Total non-GAAP operating expenses for
the second quarter 2015 comprised 23.1% of total net revenues,
compared to 18.1% for the second quarter 2014.
General and administrative expenses for the second quarter 2015
increased 36.8% year-over-year to $18.1
million, from $13.2 million
for the same period in 2014. The increase was mainly
attributable to legal and advisory expenses associated with the
Company's evaluation of the preliminary non-binding proposal
received from Xiamen Insight Investment Co., Ltd., ("Insight") on
April 20, 2015, and additional staff
cost and office expenses as part of expanded business
operations. Non-GAAP general and administrative expenses for
the second quarter 2015 were $17.0
million, compared to $11.7
million for the same period in 2014. Non-GAAP general and
administrative expenses for the second quarter 2015 accounted for
14.0% of total net revenues, compared to 9.7% for the second
quarter 2014.
Sales and marketing expenses for the second quarter 2015
increased 9.5% year-over-year to $11.1
million, compared to $10.1
million for the same period in 2014. Sales and marketing
expenses for the second quarter 2015 represented 9.1% of total net
revenues, compared to 8.4% for the second quarter 2014.
Operating Income
Operating income for the second quarter 2015 was $16.8 million, compared to $18.3 million for the second quarter 2014.
Non-GAAP operating income for the second quarter 2015 was
$17.9 million, compared to
$19.8 million for the second quarter
2014.
Net Income and Net Income per ADS
Net income attributable to Xueda Education Group for the second
quarter 2015 was $10.7 million,
compared to $15.3 million for the
same period in 2014. Diluted net income attributable to Xueda
Education Group per ADS for the second quarter 2015 was
$0.17 per ADS, compared to
$0.24 for the second quarter
2014.
Non-GAAP net income attributable to Xueda Education Group for
the second quarter 2015 was $11.8
million, compared to $16.7
million for the second quarter 2014. Non-GAAP diluted net
income attributable to Xueda Education Group per ADS for the second
quarter 2015 was $0.19 per ADS,
compared to $0.27 for the second
quarter 2014.
Cash Flow
Net operating cash outflow for the second quarter 2015 was
$13.6 million, compared to
$19.7 million outflow for the second
quarter 2014. The improvement in operating cash flow was mainly
attributable to improved cash collections from increased effective
student enrollment. Capital expenditures for the second quarter
2015 were $2.5 million, compared to
$3.7 million for the second quarter
2014.
First Half 2015 Financial Results and Operating
Results
Total Net Revenues
Total net revenues were $206.8
million for the first half 2015, an increase of 0.3%
year-over-year from $206.1 million
for the corresponding period in 2014.
- Total new student sign-ups were 56,163 for the first half 2015,
an increase of 2.5% year-over-year, from 54,793 for the
corresponding period in 2014.
- Average net revenue per student was $2,938 for the first half 2015, compared to
$3,095 for the corresponding period
in 2014.
Cost of Revenues
Total cost of revenues were $139.2
million for the first half 2015, a decrease of 0.8% from
$140.3 million for the corresponding
period in 2014.
Gross Profit and Gross Margin
Gross profit was $67.6 million for
the first half 2015, an increase of 2.8% year-over-year from
$65.7 million for the corresponding
period in 2014. For the first half 2015, gross margin was
32.7%, compared to 31.9% for the corresponding period in 2014.
Excluding the impact of the one-time sale of Internet-enabled
tablet devices recorded in the second quarter 2014, gross margin
for the first half 2014 would have been 32.8%.
- Teaching staff cost was 52.1% of total net revenues for the
first half 2015, compared to 46.2% for the corresponding period in
2014.
- Rental cost was 10.1% of total net revenues for the first half
2015, nearly unchanged from 10.2% for the corresponding period in
2014. Total number of learning centers at the end of the first half
of 2015 was 499, compared to 462 for the corresponding period in
2014.
Operating Expenses
Total operating expenses were $50.4
million for the first half 2015, an increase of 7.1%
year-over-year from $47.1 million for
the corresponding period in 2014. Total operating expenses
accounted for 24.4% of total net revenues for the first half 2015,
compared to 22.9% for the corresponding period in 2014.
General and administrative expenses were $31.3 million for the first half 2015, an
increase of 9.8% year-over-year from $28.5
million for the corresponding period in 2014. The
increase was primarily due to legal and advisory expenses
associated with the Company's evaluation of the preliminary
non-binding proposal received from Xiamen Insight on April 20, 2015, and additional staff cost and
office expenses as part of expanded business operations. Selling
and marketing expenses were $19.1
million for the first half 2015, compared to $18.6 million for the corresponding period in
2014.
Operating Income
Income from operations for the first half 2015 was $17.1 million, a decrease of 8.0% year-over-year
from $18.6 million for the
corresponding period in 2014. Non-GAAP income from operations
for the first half 2015 was $19.2
million, a decrease of 16.2% from $22.9 million for the corresponding period in
2014. The decrease was primarily due to higher operating
expenses in the first half 2015.
Net Income and Net Income per ADS
Net income attributable to Xueda Education Group for the first
half 2015 was $11.7 million, a
decrease of 28.8% year-over-year from $16.4
million for the corresponding period in 2014. Diluted net
income attributable to Xueda Education Group per ADS for the first
half 2015 was $0.19, compared to
$0.25 for the corresponding period in
2014.
Non-GAAP net income attributable to Xueda Education Group for
the first half 2015 was $13.8
million, compared to $20.7
million for the corresponding period in 2014. Non-GAAP
diluted net income attributable to Xueda Education Group per ADS
for the first half 2015 was $0.22,
compared to $0.31 for the
corresponding period in 2014.
Cash and Cash Flow
Net operating cash inflow for the first half 2015 was
$19.4 million, compared to a cash
outflow of $2.5 million for the
corresponding period in 2014. The increase in net operating
cash inflow was mainly attributable to increased cash collection
from improved effective student enrollment and the reduction of
promotional discount schemes. Capital expenditures for the first
half 2015 were $5.3 million, compared
to $7.1 million for the corresponding
period in 2014.
Cash and Short-term Investments
As of June 30, 2015, the Company
had cash, cash equivalents and short-term investments totaling
$210.0 million compared to
$208.5 million as of December 31, 2014. The increase was primarily
attributable to higher cash collection from increased effective
student enrollment.
Business Outlook
Considering the definitive merger agreement signed by the
Company with Insight on July 26,
2015, the Company does not intend to issue any forward
guidance or business outlook at this time.
Non-GAAP Financial Measures
To supplement the financial measures calculated in accordance
with U.S. GAAP, this press release includes certain non-GAAP
financial measures of adjusted cost of revenues, adjusted gross
profit (loss), adjusted operating expenses, adjusted general and
administrative expenses, adjusted selling and marketing expenses,
adjusted operating income (loss), adjusted net income (loss) and
adjusted diluted net income (loss) per ADS, each of which is
adjusted to exclude share-based compensation expenses. The Company
believes excluding such expenses from its non-GAAP financial
measures is useful for its management and investors to assess and
analyze the Company's core operating results as such expenses are
not directly attributable to the underlying performance of the
Company's business operations and do not impact its cash earnings.
The Company also believes that these non-GAAP financial measures
are important to help investors understand the Company's current
financial performance and future prospects and compare business
trends among different reporting periods on a consistent basis.
These non-GAAP financial measures should be considered in addition
to financial measures presented in accordance with U.S. GAAP, but
should not be considered as a substitute for, or superior to,
financial measures presented in accordance with U.S. GAAP. For a
reconciliation of each of these non-GAAP financial measures to the
most directly comparable U.S. GAAP financial measure, please
see the financial information included elsewhere in this press
release.
About Xueda Education Group
Xueda Education Group ("Xueda") is a leading national provider
of personalized tutoring services for primary and secondary school
students in China. For more
information about Xueda, please visit http://ir.xueda.com.
Forward-looking Statements
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on our current expectations,
market and operating conditions, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," "targets" and similar expressions, and variations or
negatives of these words. These forward-looking statements are not
guarantees of future results and are subject to risks and
uncertainties beyond our control, which could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. Further information regarding these
and other risks, uncertainties or factors is included in our
filings with the U.S. Securities and Exchange Commission. We do not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law.
Contact:
Xueda Education Group
Ross Warner
Tel: +86-10-6427-8899 ext. 6619
Email: investor_relations@xueda.com
Asia Bridge Capital Limited
Wendy Sun
Tel: +86-10-8556-9033 (China)
+1-888-550-8392
(U.S.)
Email: wendy.sun@asiabridgegroup.com
-tables to follow-
Xueda Education
Group
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands
of U.S. Dollars)
|
|
As
of
|
|
June 30,
2015
|
December 31,
2014
|
|
(Unaudited)
|
(Note)
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$139,416
|
$ 113,825
|
Short-term
investments
|
70,596
|
94,721
|
Prepaid expenses and
other current assets
|
17,484
|
14,813
|
Amounts due from
related parties
|
-
|
170
|
Deferred tax
assets-current
|
9,545
|
6,125
|
Total current
assets
|
237,041
|
229,654
|
|
|
|
Property and
equipment, net
|
29,016
|
30,433
|
Rental
deposits
|
5,086
|
4,893
|
Goodwill
|
876
|
875
|
Long-term
investments
|
12,935
|
9,010
|
Other noncurrent
assets
|
3,528
|
4,084
|
Total
assets
|
$288,482
|
$ 278,949
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
Current
liabilities:
|
|
|
Deferred
revenue-current (including deferred
revenue of the consolidated VIE without
recourse to the Group of $91,126 and
$102,461 as of June 30, 2015 and December
31, 2014, respectively)
|
91,126
|
102,461
|
Accrued expenses and
other current liabilities
(including accrued expenses and other
current liabilities of the consolidated VIE
without recourse to the Group of $37,752 and
$30,605 as of June 30, 2015 and December
31, 2014, respectively)
|
44,201
|
32,473
|
Income taxes payable
(including income
taxes payable of the consolidated VIE
without recourse to the Group of $13,263 and
$8,632 as of June 30, 2015 and December 31,
2014, respectively)
|
17,095
|
9,064
|
Deferred
income-current (including deferred
income of the consolidated VIE without
recourse to the Group of nil and nil as of June
30, 2015 and December 31, 2014,
respectively)
|
158
|
550
|
Amounts due to
related parties (including
amounts due to related parties of the
consolidated VIE without recourse to the
Group of nil and nil as of June 30, 2015 and
December 31, 2014, respectively)
|
25
|
-
|
Total current
liabilities
|
152,605
|
144,548
|
Deferred
revenue-noncurrent (including
deferred revenue of the consolidated VIE
without recourse to the Group of $20,959 and
$23,687 as of June 30, 2015 and December
31, 2014, respectively)
|
20,959
|
23,687
|
|
|
|
Total
liabilities
|
173,564
|
168,235
|
|
|
|
Total Xueda
Education Group Shareholders' equity
|
115,075
|
110,793
|
Noncontrolling
interests
|
(157)
|
(79)
|
Total
equity
|
114,918
|
110,714
|
Total liabilities
and equity
|
$ 288,482
|
$ 278,949
|
|
Note: The above
financial information as of December 31, 2014 is derived from Xueda
Education Group's audited financial statements for the year ended
December 31, 2014.
|
Xueda Education
Group
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands
of U.S. Dollars, except number of ADSs and per ADS
data)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|
2015
|
2014
|
2015
|
2014
|
|
|
|
|
Net
revenues
|
$ 121,339
|
$ 120,810
|
$ 206,769
|
$ 206,064
|
Cost of
revenues(1)
|
(75,400)
|
(79,160)
|
(139,193)
|
(140,319)
|
Gross
profit
|
45,939
|
41,650
|
67,576
|
65,745
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
General and
administrative(1)
|
(18,059)
|
(13,202)
|
(31,310)
|
(28,507)
|
Selling and
marketing(1)
|
(11,074)
|
(10,117)
|
(19,128)
|
(18,605)
|
Total operating
expenses
|
(29,133)
|
(23,319)
|
(50,438)
|
(47,112)
|
Income from
operations
|
16,806
|
18,331
|
17,138
|
18,633
|
Interest
income
|
1,467
|
1,592
|
2,790
|
3,058
|
Income before
income tax
expenses and loss in equity
method investment
|
18,273
|
19,923
|
19,928
|
21,691
|
Income tax
expenses
|
(7,079)
|
(4,939)
|
(7,646)
|
(5,372)
|
Income after
income tax
expenses before loss in equity
method investment
|
11,194
|
14,984
|
12,282
|
16,319
|
Loss in equity method
investment
|
(584)
|
-
|
(675)
|
-
|
Net
income
|
10,610
|
14,984
|
11,607
|
16,319
|
Net loss attributable
to non-
controlling interests, net of taxes
|
127
|
272
|
77
|
93
|
Net income
attributable to
Xueda Education Group
|
10,737
|
15,256
|
11,684
|
16,412
|
|
|
|
|
|
Net income
attributable to
Xueda Education Group per ADS:
|
|
|
|
|
|
|
|
|
|
Basic
|
0.17
|
0.25
|
0.19
|
0.26
|
Diluted
|
0.17
|
0.24
|
0.19
|
0.25
|
|
|
|
|
|
Weighted average
ADS
numbers used in calculating net
income attributable to Xueda
Education Group per ADS:
|
|
|
|
|
Basic
|
62,596,787
|
61,919,516
|
62,356,308
|
64,350,949
|
Diluted
|
63,072,477
|
63,161,208
|
62,763,568
|
65,864,497
|
(1) Includes the following amounts of share-based
compensation expenses for the periods indicated:
|
Three Months
Ended
June 30,
|
Six Months Ended
June
30,
|
|
2015
|
2014
|
2015
|
2014
|
Share-based
compensation expenses included in:
|
|
|
|
|
Cost of
revenues
|
$8
|
$15
|
$16
|
$19
|
Selling and marketing
expenses
|
-
|
4
|
-
|
10
|
General and
administrative expenses
|
1,068
|
1,471
|
2,050
|
4,276
|
Total
|
$1,076
|
$1,490
|
$2,066
|
$4305
|
Xueda Education
Group
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
(in thousands
of U.S Dollars)
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|
2015
|
2014
|
2015
|
2014
|
Net income
|
$ 10,610
|
$ 14,984
|
$ 11,607
|
$ 16,319
|
Other comprehensive
income (loss), net of tax
of nil
|
192
|
377
|
239
|
(624)
|
Total
comprehensive income
|
$ 10,802
|
$ 15,361
|
$ 11,846
|
$ 15,695
|
Less: Comprehensive
loss attributable to non-
controlling interests
|
(127)
|
(274)
|
(78)
|
(76)
|
Total
comprehensive income attributable to
Xueda Education Group
|
$10,929
|
$15,635
|
$11,924
|
$15,771
|
Xueda Education
Group
|
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST
|
COMPARABLE GAAP
MEASURES
|
(in thousands of
U.S Dollars, except number of ADS and per ADS data)
|
|
|
Three Months Ended
June 30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Cost of
revenues
|
$(75,400)
|
|
$(79,160)
|
|
Share-based
compensation expense included in
cost of revenues
|
8
|
|
15
|
|
Non-GAAP cost of
revenues
|
(75,392)
|
|
(79,145)
|
|
|
|
|
|
|
General and
administrative expenses
|
(18,059)
|
|
(13,202)
|
|
Share-based
compensation expense included in
general and administrative expenses
|
1,068
|
|
1,471
|
|
Non-GAAP general and
administrative expenses
|
(16,991)
|
|
(11,731)
|
|
|
|
|
|
|
Selling and marketing
expenses
|
(11,074)
|
|
(10,117)
|
|
Share-based
compensation expense included in
selling and marketing expenses
|
-
|
|
4
|
|
Non-GAAP selling and
marketing expenses
|
(11,074)
|
|
(10,113)
|
|
|
|
|
|
|
Total operating
expenses
|
(29,133)
|
|
(23,319)
|
|
Share-based
compensation expenses
|
1,068
|
|
1,475
|
|
Non-GAAP total
operating expenses
|
(28,065)
|
|
(21,844)
|
|
|
|
|
|
|
Total cost of
revenues and operating expenses
|
(104,533)
|
|
(102,479)
|
|
Share-based
compensation expenses
|
1,076
|
|
1,490
|
|
Non-GAAP cost of
revenues and operating
expenses
|
(103,457)
|
|
(100,989)
|
|
|
|
|
|
|
Gross
profit
|
45,939
|
|
41,650
|
|
Share-based
compensation expenses
|
8
|
|
15
|
|
Non-GAAP gross
profit
|
45,947
|
|
41,665
|
|
|
|
|
|
|
Income from
operations
|
16,806
|
|
18,331
|
|
Share-based
compensation expenses
|
1,076
|
|
1,490
|
|
Non-GAAP income from
operations
|
17,882
|
|
19,821
|
|
|
|
|
|
|
Net income
attributable to Xueda Education
Group
|
10,737
|
|
15,256
|
|
Share-based
compensation expenses
|
1,076
|
|
1,490
|
|
Non-GAAP net
income attributable to Xueda
Education Group
|
11,813
|
|
16,746
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Xueda
Education Group per ADS:
|
|
|
|
|
Basic
|
0.19
|
|
0.27
|
|
Diluted
|
0.19
|
|
0.27
|
|
|
|
|
|
|
Weighted average
ADS numbers used in
calculating
non-GAAP net income attributable to Xueda Education Group
per ADS:
|
|
|
|
|
Basic
|
62,596,787
|
|
61,919,516
|
|
Diluted
|
63,072,477
|
|
63,161,208
|
|
Xueda Education
Group
|
UNAUDITED
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
|
(in thousands of
U.S Dollars)
|
|
Six Months Ended
June 30,
|
|
2015
|
|
2014
|
|
|
|
|
Cost of
revenues
|
$(139,193)
|
|
$(140,319)
|
Share-based
compensation expense included in
cost of revenues
|
16
|
|
19
|
Non-GAAP cost of
revenues
|
(139,177)
|
|
(140,300)
|
|
|
|
|
General and
administrative expenses
|
(31,310)
|
|
(28,507)
|
Share-based
compensation expense included in
general and administrative expenses
|
2,050
|
|
4,276
|
Non-GAAP general and
administrative expenses
|
(29,260)
|
|
(24,231)
|
|
|
|
|
Selling and marketing
expenses
|
(19,128)
|
|
(18,605)
|
Share-based
compensation expense included in
selling and marketing expenses
|
-
|
|
10
|
Non-GAAP selling and
marketing expenses
|
(19,128)
|
|
(18,595)
|
|
|
|
|
Total operating
expenses
|
(50,438)
|
|
(47,112)
|
Share-based
compensation expenses
|
2,050
|
|
4,286
|
Non-GAAP operating
expenses
|
(48,388)
|
|
(42,826)
|
|
|
|
|
Total costs of
revenues and operating expenses
|
(189,631)
|
|
(187,431)
|
Share-based
compensation expenses
|
2,066
|
|
4,305
|
Non-GAAP costs of
revenues and operating
expenses
|
(187,565)
|
|
(183,126)
|
|
|
|
|
Gross
profit
|
67,576
|
|
65,745
|
Share-based
compensation expenses
|
16
|
|
19
|
Non-GAAP gross
profit
|
67,592
|
|
65,764
|
|
|
|
|
Income from
operations
|
17,138
|
|
18,633
|
Share-based
compensation expenses
|
2,066
|
|
4,305
|
Non-GAAP income from
operations
|
19,204
|
|
22,938
|
|
|
|
|
Net income
attributable to Xueda Education Group
|
11,684
|
|
16,412
|
Share-based
compensation expenses
|
2,066
|
|
4,305
|
Non-GAAP net
income attributable to Xueda
Education Group
|
13,750
|
|
20,717
|
|
|
|
|
Non-GAAP net
income attributable to Xueda
Education Group per ADS:
|
|
|
|
Basic
|
0.22
|
|
0.32
|
Diluted
|
0.22
|
|
0.31
|
|
|
|
|
Weighted average
ADS numbers used in calculating non-GAAP net income
attributable
to Xueda Education Group per ADS:
|
|
|
|
Basic
|
62,356,308
|
|
64,350,949
|
Diluted
|
62,763,568
|
|
65,864,497
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xueda-education-group-reports-second-quarter-2015-financial-results-300128226.html
SOURCE Xueda Education Group