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Tarena International, Inc. Announces the Results for the First Quarter of 2022

BEIJING, May 17, 2022 /PRNewswire/ -- Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of adult professional education and childhood & adolescent quality education services in China, today announced its unaudited financial results for the first quarter ended March 31, 2022.

First Quarter 2022 Highlights

  • Net revenues increased by 16.8% year-over-year to RMB623.5 million (US$98.4 million), from RMB533.8 million in the same period of 2021.
  • Net revenue from childhood & adolescent quality education business, which represented 56.8% of the total net revenues, increased by 27.2% year-over-year to RMB353.9 million (US$55.8 million), from RMB278.3 million in the same period of 2021.
  • Net revenue from adult professional education business, which represented 43.2% of the total net revenues, increased by 5.5% year-over-year to RMB269.6 million (US$42.5 million), from RMB255.5 million in the same period of 2021.
  • Gross profit increased by 43.6% year-over-year to RMB358.9 million (US$56.6 million), from RMB249.9 million in the same period of 2021.
  • Gross profit margin increased by 10.8% points year-over-year to 57.6%, from 46.8% in the same period of 2021.
  • Operating income was RMB28.6 million (US$4.5 million), compared to operating loss of RMB129.5 million in the same period of 2021. Operating margin improved year-over-year to 4.6% from -24.3% in the same period of 2021.
  • Non-GAAP operating income, which excluded share-based compensation expenses, was RMB30.0 million (US$4.7 million), compared to non-GAAP operating loss of RMB122.6 million in the same period of 2021.  
  • Income tax expense was RMB5.4 million (US$0.9 million), compared to income tax benefit of RMB7.4 million in the same period of 2021.
  • Net income was RMB27.1 million (US$4.3 million), compared to net loss of RMB121.9 million in the same period of 2021.
  • Non-GAAP net income, which excluded share-based compensation expenses, was RMB28.5 million (US$4.5 million), compared to non-GAAP net loss of RMB115.0 million in the same period of 2021.
  • Basic income per ordinary share was RMB0.48 (US$0.08), compared to loss per ordinary share of RMB2.17 in the first quarter of 2021. Diluted income per ordinary share was RMB0.47 (US$0.07), compared to loss per ordinary share of RMB2.17 in the first quarter of 2021.
  • Cash, cash equivalents and time deposits, including current and non-current, and restricted cash totaled RMB416.4 million (US$65.7 million) as of March 31, 2022, compared to RMB430.4 million as of December 31, 2021.
  • Net cash outflow from operating activities in the first quarter of 2022 was RMB18.9 million (US$3.0 million). Capital expenditures in the first quarter of 2022 were RMB10.6 million (US$1.7 million).
  • Deferred revenue totaled RMB1,974.2 million (US$311.4 million) as of March 31, 2022, compared to RMB2,024.9 million as of December 31, 2021, representing a decrease of 2.5%.
  • Total student enrollments in childhood & adolescent quality education business, defined as the total number of students who attended at least one paid lesson during that period or have deposit balances in their accounts at the end of that period, in the first quarter of 2022 reached 173,100, increased by 27.7%, compared to the student enrollments of 135,500 in the same period of 2021.
  • Total number of learning centers in childhood & adolescent quality education decreased to 232 as of March 31, 2022, from 236 as of March 31, 2021.
  • Total student enrollments in adult professional education business, defined as the total number of courses enrolled by students during that period, including multiple courses enrolled by the same student, in the first quarter of 2022 decreased by 5.5% year-over-year to 29,300.
  • Total number of learning centers in adult professional education increased to 99 as of March 31, 2022, from 96 as of March 31, 2021.

Key Financial Results



For the Three Months Ended

March 31,

Variance

% of
change




2021


2022


RMB





Unaudited


Unaudited







RMB


RMB








(in thousands, except for percentages)


Net revenues


533,786


623,506


89,720

16.8


Cost of revenues (a)


(283,843)


(264,588)


19,255

-6.8


Gross profit


249,943


358,918


108,975

43.6


Gross margin


46.8%


57.6%


10.8%



Selling and marketing expenses(a)


(213,758)


(172,400)


41,358

-19.3


General and administrative expenses(a)


(143,192)


(141,585)


1,607

-1.1


Research and development expenses(a)


(22,468)


(16,342)


6,126

-27.3


Total operating expenses


(379,418)


(330,327)


49,091

-12.9


Operating income/(loss)


(129,475)


28,591


158,066

122.1















Notes:













(a)   Includes share-based compensation expenses.

"In the first quarter of 2022, we ended our long streak of quarterly net losses to achieve a net income. This marked the beginning of a healthy trajectory for our business. Our net income reached RMB27.1 million, operating income reached RMB28.6 million, and operating margin reached 4.6%. Even under the impact of seasonal factors of the Chinese New Year, our cash balance remained relatively well preserved at RMB416.4 million.

Such financial performance resulted from the effective implementation and execution of our sound long-term business strategy, with revenue growth and continued cost reduction. In the first quarter of 2022, our net revenues increased by 16.8% year-over-year, with the adult professional education business enjoying renewed year-over-year growth of 5.5%; the childhood & adolescent quality education business has seen positive year-over-year growth for seven consecutive quarters since the outbreak of the pandemic, with 27.2% year-over-year increase in the first quarter of 2022. On the other hand, in the first quarter of 2022, our cost of revenues and operating expenses decreased by 6.8% and 12.9% year-over-year respectively, thanks to continued effective cost management." remarked Ms. Ying Sun, the Chief Executive Officer of Tarena.

"Our core competitive advantages are backed by the constant optimization and upgrading of our business procedures and processes, which include our Online-Merge-Offline (OMO) customer acquisition model and omni-channel service delivery capability. This ability was tested in the first quarter, when we kept the business running smoothly, even when a resurgence of COVID-19 cases emerged in certain areas in China.

Looking ahead, we will continue to focus on the core advantages of 'adaptation of the Online-Merge-Offline (OMO) model to develop and deliver our comprehensive products', 'offline learning center operation capability' and 'customer acquisition capability' to continually improve operational efficiency and maintain positive and healthy development." concluded Ms. Ying Sun.

First Quarter 2022 Results

Net Revenues

Total net revenues increased by 16.8% to RMB623.5 million (US$98.4 million) in the first quarter of 2022, from RMB533.8 million in the same period of 2021.

Net revenue from childhood & adolescent quality education business increased by 27.2% to RMB353.9 million (US$55.8 million) in the first quarter of 2022, from RMB278.3 million in same period of 2021. The increase was primarily due to increase in student enrollments from 135,500 in the first quarter of 2021 to 173,100 in the same period of 2022.

Net revenue from adult professional education business increased by 5.5% to RMB269.6 million (US$42.5 million) in the first quarter of 2022, from RMB255.5 million in same period of 2021. The increase was mainly attributable to the increase in certificate revenue, partially offset by a drop in student enrollments from 31,000 in the first quarter of 2021 to 29,300 in the same period of 2022.

Cost of Revenues

Cost of revenues decreased by 6.8% to RMB264.6 million (US$41.7 million) in the first quarter of 2022, from RMB283.8 million in the same period of 2021. The decrease was primarily due to decline in personnel-related cost resulting from decrease in the accrual of performance-based bonus and decrease in depreciation expenses.

Gross Profit and Gross Margin

Gross profit increased by 43.6% to RMB358.9 million (US$56.6 million) in the first quarter of 2022, from RMB249.9 million in the same period of 2021. Gross margin, which is equal to gross profit divided by net revenues, was 57.6% in the first quarter of 2022, compared to 46.8% in the same period of 2021. The increase in gross margin was primarily attributable to the increase in net revenue and decrease in cost of revenues in both childhood & adolescent quality education and adult professional education businesses.

Operating Expenses

Total operating expenses decreased by 12.9% to RMB330.3 million (US$52.1 million) in the first quarter of 2022, from RMB379.4 million in the same period of 2021. Total non-GAAP operating expenses, which excluded share-based compensation expenses, decreased by 11.8% to RMB328.9 million (US$51.9 million) in the first quarter of 2022, from RMB372.7 million in the same period of 2021. Total share-based compensation expenses allocated to operating expenses decreased by 79.1% to RMB1.4 million (US$0.2 million) in the first quarter of 2022, from RMB6.7 million in the same period of 2021.

Selling and marketing expenses decreased by 19.3% to RMB172.4 million (US$27.2 million) in the first quarter of 2022, from RMB213.8 million in the same period of 2021. The decrease was mainly due to decrease in personnel-related cost resulting from the drop in the number of sales staffs and decline in advertising expenses in the first quarter of 2022 as compared to the same period of 2021.  

General and administrative expenses decreased slightly by 1.1% to RMB141.6 million (US$22.3 million) in the first quarter of 2022, from RMB143.2 million in the same period of 2021.

Research and development expenses decreased by 27.3% to RMB16.3 million (US$2.6 million) in the first quarter of 2022, from RMB22.5 million in the same period of 2021. The decrease was mainly due to decrease in personnel-related expense in the first quarter of 2022.

Operating Income/(Loss)

Operating income was RMB28.6 million (US$4.5 million) in the first quarter of 2022, compared to operating loss of RMB129.5 million in the same period of 2021. Non-GAAP operating income, which excluded share-based compensation expenses, was RMB30.0 million (US$4.7 million) in the first quarter of 2022, compared to non-GAAP operating loss of RMB122.6 million in the same period of 2021.

Interest Income

Net interest income was RMB0.3 million (US$0.05 million) in the first quarter of 2022, compared to net interest income of RMB0.6 million in the same period of 2021.

Other Income

Other income was RMB3.7 million (US$0.6 million) in the first quarter of 2022, compared to RMB0.3 million in other income in the same period of 2021. The increase was primarily attributable to the gain realized in the disposal of a long-term investment.

Foreign Exchange Loss

Foreign exchange loss was RMB0.1 million (US$0.01 million) in the first quarter of 2022, compared to RMB0.7 million foreign exchange loss in the same period of 2021.

Income Tax (Expense)/Benefit

The Company recorded an income tax expense of RMB5.4 million (US$0.9 million) in the first quarter of 2022, compared to income tax benefit of RMB7.4 million in the same period of 2021. The increase in tax expense was mainly because the Company has made profits in the first quarter of 2022.

Net Income/(Loss)

As a result of the foregoing, net income was RMB27.1 million (US$4.3 million) in the first quarter of 2022, compared to net loss of RMB121.9 million in the same period of 2021. Non-GAAP net income, which excluded share-based compensation expenses, was RMB28.5 million (US$4.5 million) in the first quarter of 2022, compared to non-GAAP net loss of RMB115.0 million in the same period of 2021.

Basic and Diluted Income/(Loss) per ordinary share

Basic income per ordinary share was RMB0.48 (US$0.08) in the first quarter of 2022, compared to loss per ordinary share of RMB2.17 in the first quarter of 2021. Diluted income per ordinary share was RMB0.47 (US$0.07) in the first quarter of 2022, compared to loss per ordinary share of RMB2.17 in the first quarter of 2021. Non-GAAP basic income per ordinary share, which excluded share-based compensation expenses, was RMB0.50 (US$0.08) in the first quarter of 2022, compared to non-GAAP loss per ordinary share of RMB2.05 in the first quarter of 2021. Non-GAAP diluted income per ordinary share, which excluded share-based compensation expenses, was RMB0.49 (US$0.08) in the first quarter of 2022, compared to non-GAAP loss per ordinary share of RMB2.05 in the first quarter of 2021.

Cash Flow

Net cash outflow from operating activities in the first quarter of 2022 was RMB18.9 million (US$3.0 million). Capital expenditures in the first quarter of 2022 were RMB10.6 million (US$1.7 million).

Business Outlook

Based on the Company's current estimates, total net revenues for the second quarter of 2022 are expected to be in the range of RMB600 million and RMB630 million, which represent an increase of 3.1% to 8.2% as compared to the net revenues in the second quarter of 2021, after taking into consideration the seasonal fluctuation factor and the likely continued impact of the COVID-19.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions, which are subject to change, particularly as to the potential impact of COVID-19 on the economy in China and elsewhere in the world.

Exchange Rate Information

All translations made in the financial statements or elsewhere in this press release made from RMB into United States dollars ("US$") are solely for convenience and calculated at the rate of US$1.00=RMB6.3393, representing the exchange rate as of March 31, 2022, set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate, on March 31, 2022.

Conference Call

Company management will hold an earnings conference call and live webcast to discuss the Company's results at 8:00 AM on May 17, 2022, U.S. Eastern Time (8:00 PM on May 17, 2022, Beijing Time).

Dial-in details for the earnings conference call are as follows:

United States: +1-855-824-5644
Hong Kong, China: +852-3027-6500
Mainland China: 8009-880-563/400-821-0637
United Kingdom: 0800-026-1542
International: +1-646-722-4977
Passcode: 27103456#

Please dial in ten minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following number until May 24, 2022:

United States: +1-646-982-0473
International: +61-2-8325-2405
Passcode: 520002317#

Additionally, a live and archived webcast of this call will be available on the Investor Relations section of Tarena's website at http://ir.tedu.cn.

About Tarena International, Inc.

Tarena is a leading provider of adult professional education and childhood and adolescent quality education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers adult professional education courses in IT and non-IT subjects. Its adult professional education courses provide students with practical skills to prepare them for jobs in industries with significant growth potential and strong hiring demand. Tarena also offers childhood and adolescent quality education programs, including computer coding and robotics programming courses, etc., targeting students aged between three and eighteen.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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," "confident" and similar statements. Among other things, the business outlook, the quotations from management in this announcement, as well as the Company's strategic and operational plans contain forward-looking statements. Tarena may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including any business outlook and statements about Tarena's beliefs and expectations, are forward-looking statements. Many factors, risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: the impact of the COVID-19 outbreak; Tarena's goals and strategies; its future business development, financial condition and results of operations; its ability to continue to attract students to enroll in its courses; its ability to continue to recruit, train and retain qualified instructors and teaching assistants; its ability to continually tailor its curriculum to market demand and enhance its courses to adequately and promptly respond to developments in the professional job market; its ability to maintain or enhance its brand recognition, its ability to maintain high job placement rate for its students, and its ability to maintain cooperative relationships with financing service providers for student loans.

Further information regarding these and other risks, uncertainties or factors is included in Tarena's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tarena does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

Beginning in the second quarter of 2016, the Company revised its non-GAAP financial measures to exclude gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact, in addition to its historical practice of excluding share-based compensation expenses for non-GAAP results.

To supplement Tarena's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Tarena's management uses non-GAAP measures of cost of revenues, operating expenses, operating income, net income, and basic and diluted net income per ordinary share, which are adjusted from results based on GAAP to exclude the share-based compensation expenses, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact. These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Tarena's management believes that excluding the share-based compensation expenses, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact provides meaningful supplemental information regarding our performance and liquidity by excluding certain items identified as non-recurring and infrequent in nature, and non-cash charges. The amount of share-based compensation expenses, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact are not built into the Company's annual budgets and quarterly forecasts, which generally will be the basis for information Tarena provides to analysts and investors as guidance for future operating performance.

The non-GAAP financial measures are provided to enhance investors' overall understanding of Tarena's current financial performance and prospects for the future. A limitation of using non-GAAP cost of revenues, operating expenses, operating income (loss) and net income (loss), excluding the share-based compensation expenses, gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact is that the share-based compensation charge has been and will continue to be a recurring expense in the Company's business for the foreseeable future, and gain or loss on derivative instruments, goodwill impairment, impairment of intangibles via acquisitions of businesses and the related tax impact may recur in the future. In order to mitigate these limitations, the Company has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between GAAP financial measures that are most directly comparable to the non-GAAP financial measures the Company has presented.

For further information, please contact:

Investor Relations Contact
Tarena International, Inc.
Email: ir@tedu.cn

 

 

 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data and per share data)






As of



December 31,


March 31,


March 31,



2021


2022


2022



Audited


Unaudited


Unaudited



RMB


RMB


USD

ASSETS







Current assets:







Cash and cash equivalents


423,766


409,803


64,645

Time deposits


6,257


6,236


984

Restricted cash


255


150


24

Accounts receivable, net of allowance for doubtful accounts


48,458


56,311


8,883

Amounts due from related parties


839


962


152

Prepaid expenses and other current assets


139,757


121,838


19,218

Total current assets


619,332


595,300


93,906

Time deposits-non current


123


224


35

Accounts receivable, net of allowance for doubtful accounts-non current


90


188


30

Amount due from related parties-non current


683


694


109

Property and equipment, net


299,441


282,728


44,599

Intangible assets, net


9,906


9,306


1,468

Goodwill


52,782


52,782


8,326

Right-of-use assets


495,936


425,346


67,097

Long-term investments, net


46,449


44,445


7,011

Deferred income tax assets


41,000


38,846


6,128

Other non-current assets, net


76,040


77,298


12,194

Total assets


1,641,782


1,527,157


240,903








LIABILITIES AND EQUITY







Current liabilities:







Short-term bank loans


30,000


32,000


5,048

Accounts payable


8,914


6,950


1,096

Amounts due to related parties


554


353


56

Operating lease liabilities-current


239,937


217,993


34,388

Income taxes payable


89,000


91,962


14,507

Deferred revenue-current


2,008,078


1,958,480


308,943

Accrued expenses and other current liabilities


563,603


538,536


84,951

Total current liabilities


2,940,086


2,846,274


448,989

Deferred revenue-non current


16,774


15,706


2,478

Operating lease liabilities-non current


272,575


229,185


36,153

Other non-current liabilities


4,767


4,688


739

Total liabilities


3,234,202


3,095,853


488,359

Commitments and contingencies


-


-


-

Shareholders' equity:







Class A ordinary shares


355


355


56

Class B ordinary shares


74


74


12

Treasury stock


(459,815)


(464,497)


(73,273)

Additional paid-in capital


1,347,205


1,348,593


212,735

Accumulated other comprehensive income


48,699


48,648


7,674

Accumulated deficit


(2,520,438)


(2,493,877)


(393,399)

Total deficit attributable to the shareholders of Tarena International, Inc.


(1,583,920)


(1,560,704)


(246,195)

Non-controlling interest


(8,500)


(7,992)


(1,261)

Total liabilities and equity


1,641,782


1,527,157


240,903

 

 

 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME/(LOSS)
(in thousands, except share data and per share data)







For the Three Months Ended

March 31,




2021


2022


2022




Unaudited


Unaudited


Unaudited




RMB


RMB


USD










Net revenues


533,786


623,506


98,356


Cost of revenues(a)


(283,843)


(264,588)


(41,738)


Gross profit


249,943


358,918


56,618


Selling and marketing expenses(a)


(213,758)


(172,400)


(27,195)


General and administrative expenses(a)


(143,192)


(141,585)


(22,334)


Research and development expenses(a)


(22,468)


(16,342)


(2,579)


Operating income/(loss)


(129,475)


28,591


4,510


Interest income


589


298


47


Other income


343


3,663


578


Foreign exchange loss


(689)


(85)


(13)


Income/(loss) before income taxes


(129,232)


32,467


5,122


Income tax benefit/(expense)


7,352


(5,398)


(852)


Net income/(loss)


(121,880)


27,069


4,270


Less: Net income/(loss) attributable to non-controlling interests


(1,039)


508


80


Net income/(loss) attributable to Class A and Class B ordinary  
shareholders


(120,841)


26,561


4,190










Net income/(loss) per Class A and Class B ordinary share:








  Basic


(2.17)


0.48


0.08


  Diluted


(2.17)


0.47


0.07


Weighted average number of Class A and Class B ordinary shares
outstanding:








  Basic


55,670,995


55,676,443


55,676,443


  Diluted


55,670,995


56,603,993


56,603,993










Net  income/(loss)


(121,880)


27,069


4,270


Other  comprehensive income/(loss)








Foreign currency translation adjustment, net of nil income taxes


87


(51)


(8)


Comprehensive  income/(loss)


(121,793)


27,018


4,262










Notes:








(a) Includes share-based compensation expenses as follows:


















For the Three Months Ended

March 31,




2021

Unaudited


2022

Unaudited


2022

Unaudited





RMB


RMB


USD












Cost of revenues


185


11


2



Selling and marketing expenses


1,033


144


23



General and administrative expenses


5,310


958


151



Research and development expenses


379


275


43












 

 

 

TARENA INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(in thousands, except share data and per share data)







For the Three Months Ended March 31,




2021
Unaudited


2022

Unaudited


2022

Unaudited




RMB


RMB


USD










GAAP Cost of revenues


283,843


264,588


41,738


Share-based compensation expense in cost of revenues


185


11


2


Non-GAAP Cost of revenues


283,658


264,577


41,736










GAAP Selling and marketing expenses


213,758


172,400


27,195


Share-based compensation expense in selling and marketing
expenses


1,033


144


23


Non-GAAP Selling and marketing expenses


212,725


172,256


27,172










GAAP General and administrative expenses


143,192


141,585


22,334


Share-based compensation expense in general and administrative
expenses


5,310


958


151


Non-GAAP General and administrative expenses


137,882


140,627


22,183










GAAP Research and development expenses


22,468


16,342


2,579


Share-based compensation expense in research and development
expenses


379


275


43


Non-GAAP Research and development expenses


22,089


16,067


2,536










Operating income/(loss)


(129,475)


28,591


4,510


Share-based compensation expenses


6,907


1,388


219


Non-GAAP Operating income/(loss)


(122,568)


29,979


4,729










Net income/(loss)


(121,880)


27,069


4,270


Share-based compensation expenses


6,907


1,388


219


Non-GAAP Net income/(loss)


(114,973)


28,457


4,489


  Less: Net income/(loss) attributable to non-controlling interests


(1,039)


508


80


Non-GAAP net income/(loss) attributable to Class A and Class
B ordinary shareholders


(113,934)


27,949


4,409


Non-GAAP net income/(loss) per Class A and Class B ordinary
share
(a)








  Basic


(2.05)


0.50


0.08


  Diluted


(2.05)


0.49


0.08


Weighted average number of ordinary shares outstanding used
in
calculating Non-GAAP net loss per Class A and Class B
ordinary share
(a)








  Basic


55,670,995


55,676,443


55,676,443


  Diluted


55,670,995


56,603,993


56,603,993










Notes:

(a) The Non-GAAP net income/(loss) per ordinary share is computed using Non-GAAP net income/(loss) attributable to ordinary
shareholders and the same number of ordinary shares are used in GAAP basic and diluted net income/(loss) per ordinary share calculation.

(b) There was no tax impact of share-based compensation expenses for the first quarter of 2022 and 2021, respectively.

 

Cision View original content:https://www.prnewswire.com/news-releases/tarena-international-inc-announces-the-results-for-the-first-quarter-of-2022-301548751.html

SOURCE Tarena International, Inc.

For further information: Tarena International, Inc. Tel +86-10-56683450