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08.04.2021 23:50:00
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Ambow Education Announces Fourth Quarter and Full Year 2020 Financial Results
BEIJING, April 8, 2021 /PRNewswire/ -- Ambow Education Holding Ltd. ("Ambow" or the "Company") (NYSE American: AMBO), a leading national provider of educational and career enhancement services in China, today announced its unaudited financial and operating results for the fourth quarter and audited financial and operating results for the fiscal year ended December 31, 2020, respectively.
"In the fourth quarter of 2020, we remained focused and diligent in our efforts to help students achieve positive learning outcomes, especially as they navigate these challenging times," noted Dr. Jin Huang, Ambow's President and Chief Executive Officer. "We're pleased to report improved operating profitability in the fourth quarter, driven by healthy top-line performance and effective control over operating costs and expenses. Notably, gross margin increased 590 basis points year-over-year to 38.1%, reflecting the resilience of our business model in the wake of a weakened global economy due to COVID-19. With two decades of experience in education technology under our belt and powerful growth initiatives in place, we are confident in our ability to drive solid growth and further cement our leading position in China's career enhancement market."
"We recognize the increasingly pivotal role of advanced technologies and solutions as these uncertain times have reshaped the way education is delivered and received. The outbreak of COVID-19 further accelerated the integration of technology into classroom learning and significantly boosted the demand for online education from both students and education professionals. Through innovative solutions such as Huanyujun Education Hub, we are cultivating an online-to-offline education ecosystem that is built on cloud-based infrastructure to empower teaching and address both in-school and after-school learning needs. In December 2020, Ambow won approval to establish a postdoctoral scientific research workstation specialized in next-generation education tech research and development, a further testament to our strong capabilities in technology advancement and innovation. Heading into 2021, we look forward to executing our growth initiatives with the goal of consistently driving shareholder value," concluded Dr. Huang.
Fourth Quarter 2020 Financial Highlights
- Net revenues for the fourth quarter of 2020 remained flat at RMB173.5 million (US$26.6 million) compared to RMB173.3 million in the same period of 2019.
- Gross profit for the fourth quarter of 2020 increased by 18.7% to RMB66.1 million (US$10.1 million) from RMB55.7 million in the same period of 2019. Gross profit margin was 38.1%, compared with 32.1% for the fourth quarter of 2019. The increases in gross profit and gross profit margin were mainly attributable to stringent cost management.
- Operating expenses for the fourth quarter of 2020 decreased by 11.7% to RMB62.8 million (US$9.6 million) from RMB71.1 million in the same period of 2019. The decrease was primarily attributable to stringent expense controls to improve operating efficiency, partially offset by operating expenses related to NewSchool of Architecture and Design, LLC ("NewSchool") which was acquired in the first quarter of 2020.
- Operating income for the fourth quarter of 2020 was RMB3.3 million (US$0.5 million), compared to operating loss of RMB15.4 million in the same period of 2019.
- Net income attributable to ordinary shareholders was RMB11.0 million (US$1.7 million), or RMB0.23(US$0.04) per basic and diluted share, compared with a net loss of RMB12.2 million, or RMB0.28(US$0.04) per basic and diluted share, for the fourth quarter of 2019.
- As of December 31, 2020, Ambow maintained strong cash resources of RMB282.5 million (US$43.3 million), comprised of cash and cash equivalents of RMB118.8 million (US$18.2 million), restricted cash of RMB0.8 million (US$0.1 million) and short-term investments of RMB162.9 million (US$25.0 million).
Fiscal Year 2020 Financial Highlights
- Net revenues for fiscal year 2020 decreased by 8.9% to RMB532.0 million (US$81.5 million) from RMB583.9 million in 2019. The decrease was primarily due to fewer boarding and other ancillary services provided for K-12 schools, and fewer services provided at the Company's tutoring centers, training offices and college campuses as a result of the outbreak of COVID-19. This was partially offset by the revenues from NewSchool.
- Gross profit for fiscal year 2020 decreased by 25.9% to RMB144.5 million (US$22.1 million) from RMB195.0 million in 2019. Gross profit margin was 27.2%, compared with 33.4% in 2019. The decreases in gross profit and margin were mainly attributable to the decrease in revenue while keeping cost deployment to weather the COVID-19 pandemic in 2020.
- Operating expenses for fiscal year 2020 decreased by 8.1% to RMB269.0 million (US$41.2 million) from RMB292.7 million in 2019. The decrease was primarily attributable to lower expenditures due to the temporary suspension of operations at training offices and tutoring centers during the period as part of the national pandemic containment efforts and stringent expense controls to improve operating efficiency. The decrease was partially offset by NewSchool's operating expenses.
- Operating loss for fiscal year 2020 was RMB124.6 million (US$19.1 million), compared to operating loss of RMB97.7 million in 2019.
- Net loss attributable to ordinary shareholders was RMB62.7 million (US$9.6 million), or RMB1.41(US$0.22) per basic and diluted share, compared with a net loss of RMB99.9 million, or RMB2.30(US$0.33) per basic and diluted share, in 2019.
The Company's fourth quarter and fiscal year 2020 financial and operating results can also be found on its Form 6-K and Form 20-F filed with the U.S. Securities and Exchange Commission at www.sec.gov.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all amounts translated from RMB to U.S. dollars for the fourth quarter and the twelve months of 2020 are based on the effective exchange rate of 6.5250 as of December 31, 2020; all amounts translated from RMB to U.S. dollars for the fourth quarter and the twelve months of 2019 are based on the effective exchange rate of 6.9618 as of December 31, 2019. The exchange rates were according to the middle rate as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
About Ambow Education Holding Ltd.
Ambow Education Holding Ltd. is a leading national provider of educational and career enhancement services in China, offering high-quality, individualized services and products. With its extensive network of regional service hubs complemented by a dynamic proprietary learning platform and distributors, Ambow provides its services and products to students in 15 out of the 34 provinces and autonomous regions within China.
Follow us on Twitter: @Ambow_Education
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," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook and quotations from management in this announcement, as well as Ambow's strategic and operational plans, contain forward-looking statements. Ambow may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. 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 statements, including but not limited to the following: the Company's goals and strategies, expansion plans, the expected growth of the content and application delivery services market, the Company's expectations regarding keeping and strengthening its relationships with its customers, and the general economic and business conditions in the regions where the Company provides its solutions and services. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Ambow undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries please contact:
Ambow Education Holding Ltd.
Tel: +86-10-6206-8000
Email: ir@ambow.com
The Piacente Group | Investor Relations
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: ambow@tpg-ir.com
AMBOW EDUCATION HOLDING LTD. AUDITED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data) | ||||||||
As of December 31, | As of December 31, | |||||||
2020 | 2019 | |||||||
US$ | RMB | RMB | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 18,210 | 118,821 | 157,600 | |||||
Restricted cash | 126 | 824 | - | |||||
Short term investments, available for sale | 18,062 | 117,854 | 57,487 | |||||
Short term investments, held to maturity | 6,897 | 45,000 | 31,000 | |||||
Accounts receivable, net | 3,214 | 20,972 | 17,939 | |||||
Amounts due from related parties | 463 | 3,024 | 2,318 | |||||
Prepaid and other current assets, net | 18,028 | 117,634 | 133,296 | |||||
Total current assets | 65,000 | 424,129 | 399,640 | |||||
Non-current assets: | ||||||||
Property and equipment, net | 22,144 | 144,492 | 157,463 | |||||
Land use rights, net | 263 | 1,715 | 1,759 | |||||
Intangible assets, net | 8,400 | 54,808 | 56,607 | |||||
Goodwill | 3,940 | 25,710 | 60,353 | |||||
Deferred tax assets, net | 971 | 6,338 | 10,195 | |||||
Operating lease right-of-use asset | 37,948 | 247,608 | 257,361 | |||||
Finance lease right-of-use asset | 897 | 5,850 | 6,450 | |||||
Other non-current assets, net | 21,313 | 139,067 | 70,971 | |||||
Total non-current assets | 95,876 | 625,588 | 621,159 | |||||
Total assets | 160,876 | 1,049,717 | 1,020,799 | |||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Short-term borrowing * | 1,533 | 10,000 | - | |||||
Deferred revenue * | 25,088 | 163,699 | 165,111 | |||||
Accounts payable * | 2,976 | 19,423 | 14,718 | |||||
Accrued and other liabilities * | 32,121 | 209,590 | 192,957 | |||||
Income taxes payable, current * | 28,297 | 184,638 | 180,715 | |||||
Amounts due to related parties * | 390 | 2,543 | 1,971 | |||||
Operating lease liability, current * | 8,230 | 53,702 | 53,512 | |||||
Total current liabilities | 98,635 | 643,595 | 608,984 | |||||
Non-current liabilities: | ||||||||
Long-term borrowing | 1,470 | 9,594 | - | |||||
Other non-current liabilities * | 45 | 292 | - | |||||
Income taxes payable, non-current * | 5,328 | 34,763 | 32,152 | |||||
Operating lease liability, non-current * | 33,765 | 220,319 | 216,067 | |||||
Total non-current liabilities | 40,608 | 264,968 | 248,219 | |||||
Total liabilities | 139,243 | 908,563 | 857,203 | |||||
EQUITY | ||||||||
Preferred shares | ||||||||
(US$ 0.003 par value;1,666,667 shares | - | - | - | |||||
Class A Ordinary shares | ||||||||
(US$0.003 par value; 66,666,667 and | 122 | 794 | 730 | |||||
Class C Ordinary shares | ||||||||
(US$0.003 par value; 8,333,333 and 8,333,333 | 14 | 90 | 90 | |||||
Additional paid-in capital | 543,306 | 3,545,073 | 3,508,745 | |||||
Statutory reserve | 645 | 4,210 | 20,185 | |||||
Accumulated deficit | (524,007) | (3,419,146) | (3,371,815) | |||||
Accumulated other comprehensive income | 1,855 | 12,101 | 6,341 | |||||
Total Ambow Education Holding Ltd.'s equity | 21,935 | 143,122 | 164,276 | |||||
Non-controlling interests | (302) | (1,968) | (680) | |||||
Total equity | 21,633 | 141,154 | 163,596 | |||||
Total liabilities and equity | 160,876 | 1,049,717 | 1,020,799 | |||||
* All of the VIE's assets can be used to settle obligations of their primary beneficiary. Liabilities recognized as a result of | ||||||||
AMBOW EDUCATION HOLDING LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except for share and per share data) | |||||||||||
For the years ended December 31, | For the three months ended December 31, | ||||||||||
2020 | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||
US$ | RMB | RMB | US$ | RMB | RMB | ||||||
Audited | Audited | Audited | Unaudited | Unaudited | Unaudited | ||||||
NET REVENUES | |||||||||||
Educational program and | 80,571 | 525,727 | 582,706 | 25,690 | 167,629 | 173,339 | |||||
Intelligent program and | 958 | 6,253 | 1,203 | 904 | 5,901 | 10 | |||||
Total net revenues | 81,529 | 531,980 | 583,909 | 26,594 | 173,530 | 173,349 | |||||
COST OF REVENUES | |||||||||||
Educational program and | (58,172) | (379,571) | (383,635) | (15,615) | (101,888) | (118,181) | |||||
Intelligent program and | (1,214) | (7,919) | (5,259) | (855) | (5,579) | 559 | |||||
Total cost of revenues | (59,386) | (387,490) | (388,894) | (16,470) | (107,467) | (117,622) | |||||
GROSS PROFIT | 22,143 | 144,490 | 195,015 | 10,124 | 66,063 | 55,727 | |||||
Operating expenses: | |||||||||||
Selling and marketing | (8,024) | (52,355) | (55,721) | (2,221) | (14,494) | (14,943) | |||||
General and administrative | (26,710) | (174,283) | (194,417) | (7,211) | (47,053) | (53,907) | |||||
Research and development | (874) | (5,703) | (3,793) | (191) | (1,247) | (2,238) | |||||
Impairment loss | (5,624) | (36,699) | (38,754) | - | - | - | |||||
Total operating expenses | (41,232) | (269,040) | (292,685) | (9,623) | (62,794) | (71,088) | |||||
OPERATING (LOSS) | (19,089) | (124,550) | (97,670) | 501 | 3,269 | (15,361) | |||||
OTHER INCOME | |||||||||||
Interest income, net | 1,456 | 9,501 | 5,379 | 360 | 2,351 | 2,036 | |||||
Foreign exchange gain (loss), | 150 | 980 | 23 | 145 | 949 | (23) | |||||
Other (loss) income, net | (191) | (1,244) | 396 | (319) | (2,084) | 203 | |||||
Gain from derecognition of | 602 | 3,926 | - | 602 | 3,926 | - | |||||
Gain from deregistration of | 608 | 3,967 | 1,841 | - | - | - | |||||
Gain on disposal of | 115 | 752 | - | - | - | 562 | |||||
Gain on the bargain purchase | 6,172 | 40,273 | - | - | - | - | |||||
Gain from fair value change of | - | - | 1,322 | - | - | 1,322 | |||||
Gain on sale of investment | 533 | 3,476 | 1,200 | 153 | 999 | 778 | |||||
Total other income | 9,445 | 61,631 | 10,161 | 941 | 6,141 | 4,878 | |||||
(LOSS) INCOME BEFORE | (9,644) | (62,919) | (87,509) | 1,442 | 9,410 | (10,483) | |||||
Income tax (expense) benefit | (163) | (1,062) | (12,917) | 205 | 1,337 | (1,885) | |||||
NET (LOSS) INCOME | (9,807) | (63,981) | (100,426) | 1,647 | 10,747 | (12,368) | |||||
Less: Net loss attributable to | (194) | (1,269) | (485) | (35) | (229) | (216) | |||||
NET (LOSS) INCOME | (9,613) | (62,712) | (99,941) | 1,682 | 10,976 | (12,152) | |||||
NET (LOSS) INCOME | (9,807) | (63,981) | (100,426) | 1,647 | 10,747 | (12,368) | |||||
OTHER | |||||||||||
Foreign currency translation | 955 | 6,234 | (2,924) | (689) | (4,497) | 343 | |||||
Unrealized gains on short term | |||||||||||
Unrealized holding gains | 377 | 2,458 | 2,046 | 144 | 940 | 808 | |||||
Less: reclassification | 449 | 2,932 | 1,086 | 118 | 771 | 597 | |||||
Other comprehensive income | 883 | 5,760 | (1,964) | (663) | (4,328) | 554 | |||||
TOTAL | (8,924) | (58,221) | (102,390) | 984 | 6,419 | (11,814) | |||||
Net (loss) income per share – | (0.22) | (1.41) | (2.30) | 0.04 | 0.23 | (0.28) | |||||
Weighted average shares used | 44,372,326 | 44,372,326 | 43,505,175 | 46,721,812 | 46,721,812 | 43,529,884 | |||||
AMBOW EDUCATION HOLDING LTD. | |||||||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||
(All amounts in thousands, except for share and per share data) | |||||||||||||||||||||
Attributable to Ambow Education Holding Ltd.'s Equity | |||||||||||||||||||||
Accumulated | |||||||||||||||||||||
Class A Ordinary | Class C Ordinary | Additional | other | Non- | |||||||||||||||||
shares | shares | paid-in | Statutory | Accumulated | comprehensive | controlling | Total | ||||||||||||||
Shares | Amount | Shares | Amount | capital | reserves | deficit | income | Interest | Equity | ||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||
Balance as of January 1, | 38,858,199 | 730 | 4,708,415 | 90 | 3,508,745 | 20,185 | (3,371,815) | 6,341 | (680) | 163,596 | |||||||||||
Share-based compensation | - | - | - | - | 238 | - | - | - | - | 238 | |||||||||||
Issuance of ordinary shares | 12,500 | 0 | - | - | (0) | - | - | - | - | - | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | 433 | - | 433 | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 154 | - | 154 | |||||||||||
Impact on adoption of ASC | - | - | - | - | - | - | (594) | - | - | (594) | |||||||||||
Net income/(loss) | - | - | - | - | - | - | 6,039 | - | (412) | 5,627 | |||||||||||
Balance as of March 31, | 38,870,699 | 730 | 4,708,415 | 90 | 3,508,983 | 20,185 | (3,366,370) | 6,928 | (1,092) | 169,454 | |||||||||||
Share-based compensation | - | - | - | - | 242 | - | - | - | - | 242 | |||||||||||
Issuance of ordinary shares | 12,500 | 1 | - | - | (1) | - | - | - | - | - | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | 7,895 | - | 7,895 | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 118 | - | 118 | |||||||||||
Deregistration of | - | - | - | - | - | (15,473) | 15,473 | - | - | - | |||||||||||
Net income/(loss) | - | - | - | - | - | - | 4,807 | - | (296) | 4,511 | |||||||||||
Balance as of June 30, | 38,883,199 | 731 | 4,708,415 | 90 | 3,509,224 | 4,712 | (3,346,090) | 14,941 | (1,388) | 182,220 | |||||||||||
Share-based compensation | - | - | - | - | 239 | - | - | - | - | 239 | |||||||||||
Issuance of ordinary shares | 12,501 | 0 | - | - | (0) | - | - | - | - | - | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | 2,403 | - | 2,403 | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | (915) | - | (915) | |||||||||||
Deregistration of subsidiary | - | - | - | - | - | - | - | - | (16) | (16) | |||||||||||
Disposal of subsidiaries | - | - | - | - | (133) | (502) | 502 | - | - | (133) | |||||||||||
Net loss | - | - | - | - | - | - | (84,534) | - | (332) | (84,866) | |||||||||||
Balance as of | 38,895,700 | 731 | 4,708,415 | 90 | 3,509,330 | 4,210 | (3,430,122) | 16,429 | (1,736) | 98,932 | |||||||||||
Share-based compensation | - | - | - | - | 228 | - | - | - | - | 228 | |||||||||||
Issuance of ordinary shares | 12,500 | 0 | - | - | (0) | - | - | - | - | - | |||||||||||
Issuance of ordinary shares | 3,015,076 | 63 | - | - | 35,515 | - | - | - | - | 35,578 | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | (4,497) | - | (4,497) | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 169 | - | 169 | |||||||||||
Deregistration of subsidiary | - | - | - | - | - | - | - | - | (3) | (3) | |||||||||||
Net income/(loss) | - | - | - | - | - | - | 10,976 | - | (229) | 10,747 | |||||||||||
Balance as of | 41,923,276 | 794 | 4,708,415 | 90 | 3,545,073 | 4,210 | (3,419,146) | 12,101 | (1,968) | 141,154 | |||||||||||
Balance as of January 1, | 38,756,289 | 794 | 4,708,415 | 90 | 3,507,123 | 20,149 | (3,271,838) | 8,305 | (1,786) | 262,771 | |||||||||||
Share-based compensation | - | - | - | - | 872 | - | - | - | - | 872 | |||||||||||
Issuance of ordinary shares | 28,646 | 1 | - | - | (1) | - | - | - | - | - | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | (2,428) | - | (2,428) | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 75 | - | 75 | |||||||||||
Net loss | - | - | - | - | - | - | (23,756) | - | (93) | (23,849) | |||||||||||
Balance as of March 31, | 38,784,935 | 729 | 4,708,415 | 90 | 3,507,994 | 20,149 | (3,295,594) | 5,952 | (1,879) | 237,441 | |||||||||||
Share-based compensation | - | - | - | - | 266 | - | - | - | - | 266 | |||||||||||
Issuance of ordinary shares | 19,097 | 0 | - | - | (0) | - | - | - | - | - | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | (746) | - | (746) | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 173 | - | 173 | |||||||||||
Addition of noncontrolling | - | - | - | - | - | - | - | - | 502 | 502 | |||||||||||
Net income (loss) | - | - | - | - | - | - | 8,778 | - | (180) | 8,598 | |||||||||||
Balance as of June 30, | 38,804,032 | 729 | 4,708,415 | 90 | 3,508,260 | 20,149 | (3,286,816) | 5,379 | (1,557) | 246,234 | |||||||||||
Share-based compensation | - | - | - | - | 244 | - | - | - | - | 244 | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | (93) | - | (93) | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 501 | - | 501 | |||||||||||
Net (loss) / income | - | - | - | - | - | - | (72,811) | - | 4 | (72,807) | |||||||||||
Balance as of | 38,804,032 | 729 | 4,708,415 | 90 | 3,508,504 | 20,149 | (3,359,627) | 5,787 | (1,553) | 174,079 | |||||||||||
Share-based compensation | - | - | - | - | 242 | - | - | - | - | 242 | |||||||||||
Issuance of ordinary shares | 54,167 | 1 | - | - | (1) | - | - | - | - | - | |||||||||||
Foreign currency translation | - | - | - | - | - | - | - | 343 | - | 343 | |||||||||||
Appropriation to statutory | - | - | - | - | - | 36 | (36) | - | - | - | |||||||||||
Unrealized gain on | - | - | - | - | - | - | - | 211 | - | 211 | |||||||||||
Deregistration of | - | - | - | - | - | - | - | - | 306 | 306 | |||||||||||
Noncontrolling interests | - | - | - | - | - | - | - | - | 783 | 783 | |||||||||||
Net loss | - | - | - | - | - | - | (12,152) | - | (216) | (12,368) | |||||||||||
Balance as of | 38,858,199 | 730 | 4,708,415 | 90 | 3,508,745 | 20,185 | (3,371,815) | 6,341 | (680) | 163,596 | |||||||||||
Discussion of Segment Operations (All amounts in thousands) | |||||||||||
For the years ended December 31, | For the three months ended December 31, | ||||||||||
2020 | 2020 | 2019 | 2020 | 2020 | 2019 | ||||||
US$ | RMB | RMB | US$ | RMB | RMB | ||||||
NET REVENUES | |||||||||||
K-12 Schools | 44,680 | 291,539 | 313,747 | 16,210 | 105,773 | 110,533 | |||||
CP&CE Programs | 36,849 | 240,441 | 270,162 | 10,384 | 67,757 | 62,816 | |||||
Total net revenues | 81,529 | 531,980 | 583,909 | 26,594 | 173,530 | 173,349 | |||||
COST OF REVENUES | |||||||||||
K-12 Schools | (28,909) | (188,628) | (197,064) | (10,522) | (68,656) | (68,177) | |||||
CP&CE Programs | (30,477) | (198,862) | (191,830) | (5,948) | (38,811) | (49,445) | |||||
Total cost of revenues | (59,386) | (387,490) | (388,894) | (16,470) | (107,467) | (117,622) | |||||
GROSS PROFIT | |||||||||||
K-12 Schools | 15,771 | 102,911 | 116,683 | 5,688 | 37,117 | 42,356 | |||||
CP&CE Programs | 6,372 | 41,579 | 78,332 | 4,436 | 28,946 | 13,371 | |||||
Total gross profit | 22,143 | 144,490 | 195,015 | 10,124 | 66,063 | 55,727 | |||||
View original content:http://www.prnewswire.com/news-releases/ambow-education-announces-fourth-quarter-and-full-year-2020-financial-results-301265491.html
SOURCE Ambow Education Holding Ltd.
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Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.