UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549
|
FORM 6-K/A
(Amendment No. 1)
|
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
|
For the month of May 2020
Commission File Number: 001-36363
|
TARENA INTERNATIONAL, INC. |
6/F, No. 1 Andingmenwai Street, Lychee Plaza, Chaoyang District, Beijing 100011, People’s Republic of China Tel: +86 10 6213-5687
1/F, Block A, Training Building, 65 Kejiyuan Road, Baiyang Jie Dao, Economic Development District, Hangzhou 310000, People’s Republic of China
|
(Address of principal executive offices)
|
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F | x | Form 40-F | o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
EXPLANATORY NOTE
Tarena International, Inc. (the “Company”) is filing this Amendment No. 1 (this “Amendment”) to its report on Form 6-K, originally furnished to the United States Securities and Exchange Commission on May 1, 2020 (the “Original 6-K”), solely to furnish the correct version of the press release (the “Correct Press Release”) issued by the Company on May 1, 2020 regarding the unaudited financial results of the Company for the first half of fiscal year 2019.
Compared with Exhibit 99.1 to the Original 6-K which was a draft that was furnished accidentally, (i) the Correct Press Release contains the following modifications to the bullet-points under the heading “First Half Fiscal Year 2019 Highlights”: (A) deleted the second bullet-point under such heading, (B) changed the third bullet-point to replace “38.3%” with “30.4%” and replace “RMB277.2 million (US$40.4 million)” with “RMB312.8 million (US$45.6 million), (C) changed the seventh bullet-point to add “, including current and non-current” after “time deposits” and to replace “728.2” with “728.7”, and (D) changed the eighth bullet-point to add “a balance of” before “RMB830.0 million”; (ii) the Correct Press Release also added “The Company’s Interim Financial Statements are prepared and presented in accordance with U.S. GAAP. However, the Interim Financial Statements have not been audited or reviewed by the Company’s independent registered accounting firm.” to the end of the section under the heading “First Half Fiscal Year 2019 Highlights”; and (iii) the Correct Press Release replaced the item “Time deposits” with “Time deposits-non current” in the UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS.
Except as specifically described in this explanatory note, this Amendment does not amend, modify or update any disclosures contained in the Original 6-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TARENA INTERNATIONAL, INC. | ||
By: | /s/ Wing Kee Lau | |
Name: | Wing Kee Lau | |
Title: | Chief Financial Officer | |
Date: May 4, 2020 |
EXHIBIT INDEX
Exhibit 99.1 – Press Release
Exhibit 99.1
Tarena International, Inc. Announces Unaudited First Half Fiscal Year 2019 Results
First Half Year 2019 Net Revenues up by 3.3% Year-Over-Year
First Half 2019 Student Enrollment in adult education down by 4.8% Year-Over-Year
First Half 2019 Student Enrollment in K-12 education up by 214.0% Year-Over-Year
BEIJING, May 1, 2020 /PRNewswire/ -- Tarena International, Inc. (NASDAQ: TEDU) ("Tarena" or the "Company"), a leading provider of professional education services in China, today announced its unaudited financial results for the six months ended June 30, 2019.
First Half Fiscal Year 2019 Highlights
· | Net revenues increased by 3.3% year-over-year to RMB882. 6 million (US$128.6 million), from RMB854.2 million in the same period in 2018. |
· | Gross profit decreased by 30.4% year-over-year to RMB312.8 million (US$45.6 million), from RMB449.2 million in the same period in 2018. |
· | Operating loss was RMB646.9 million (US$94.2 million), compared to an operating loss of RMB345.9 million in the same period in 2018. |
· | Net loss was RMB625.1 million (US$91.1 million), compared to a net loss of RMB338.0 million in the same period in 2018. |
· | Basic and diluted loss per American Depositary Share ("ADS") was RMB11.36 (US$1.65). |
· | Cash, cash equivalents, time deposits, including current and non-current, and restricted cash totaled RMB728.7 million (US$106.1 million) as of June 30, 2019, compared to a balance of RMB704.8 million as of December 31, 2018. |
· | Deferred revenue totaled RMB1,398.4 million (US$203.7 million) as of June 30, 2019, compared to a balance of RMB830.0 million as of December 31, 2018, representing an increase of 68.5%. |
· | Total student enrollments in adult education in the first half of 2019 decreased by 4.8% year-over-year to approximately 62,900. |
· | Total number of learning centers in adult education decreased to 142 as of June 30, 2019, from 180 as of December 31, 2018. |
· | Total student enrollments in K-12 education in the first half of 2019 increased by 214.0% year-over-year to approximately 58,400. |
· | Total number of learning centers in K-12 education increased to 177 as of June 30, 2019, from 148 as of December 31, 2018. |
The Company’s Interim Financial Statements are prepared and presented in accordance with U.S. GAAP. However, the Interim Financial Statements have not been audited or reviewed by the Company’s independent registered accounting firm.
About Tarena International, Inc.
Tarena is a leading provider of professional education services in China. Through its innovative education platform combining live distance instruction, classroom-based tutoring and online learning modules, Tarena offers professional education courses in IT and non-IT subjects. Tarena also offers K-12 education programs. Its professional education courses provide students with practical skills to prepare them for jobs in industries with significant growth potential and strong hiring demand.
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data and per share data)
As of | ||||||||
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
Unaudited | ||||||||
RMB | RMB | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 569,498 | 530,984 | ||||||
Time deposits | 158,660 | 158,585 | ||||||
Restricted cash | - | 14,700 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 36,217 | 39,901 | ||||||
Amounts due from a related party | 16,448 | 9,938 | ||||||
Prepaid expenses and other current assets | 201,992 | 171,466 | ||||||
Total current assets | 982,815 | 925,574 | ||||||
Time deposits-non current | 523 | 517 | ||||||
Accounts receivable, net of allowance for doubtful accounts-non current | 19,357 | 12,157 | ||||||
Amounts due from a related party | 6,500 | 6,500 | ||||||
Property and equipment, net | 594,553 | 626,068 | ||||||
Intangible assets, net | 21,157 | 19,046 | ||||||
Goodwill | 52,782 | 52,782 | ||||||
Right-of-use assets | 617,356 | - | ||||||
Long-term investments | 69,651 | 59,651 | ||||||
Deferred income tax assets | 66,811 | 53,752 | ||||||
Other non-current assets | 114,350 | 122,000 | ||||||
Total assets | 2,545,855 | 1,878,047 | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Short-term bank loan | - | 13,726 | ||||||
Accounts payable | 48,741 | 18,529 | ||||||
Amounts due to related parties | - | 872 | ||||||
Income taxes payable | 66,644 | 71,847 | ||||||
Deferred revenue | 1,398,388 | 830,019 | ||||||
Accrued expenses and other current liabilities | 448,004 | 365,428 | ||||||
Operating lease liabilities - current | 301,166 | - | ||||||
Total current liabilities | 2,262,943 | 1,300,421 | ||||||
Operating lease liabilities – non-current | 296,262 | - | ||||||
Other non-current liabilities | 5,825 | 5,983 | ||||||
Total liabilities | 2,565,030 | 1,306,404 | ||||||
Commitments and contingencies | — | — | ||||||
Shareholders’ equity: | ||||||||
Class A ordinary shares | 331 | 331 | ||||||
Class B ordinary shares | 74 | 74 | ||||||
Treasury stock | (457,169 | ) | (457,169 | ) | ||||
Additional paid-in capital | 1,247,392 | 1,222,072 | ||||||
Accumulated other comprehensive income | 58,745 | 50,472 | ||||||
Accumulated deficit | (867,217 | ) | (243,162 | ) | ||||
Total equity attributable to Tarena International, Inc. | (17,844 | ) | 572,618 | |||||
Non-controlling interest | (1,331 | ) | (975 | ) | ||||
Total liabilities and equity | 2,545,855 | 1,878,047 |
TARENA INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, except share data and per share data)
For the Six Months Ended June 30, | ||||||||
2019 | 2018 | |||||||
Unaudited | Unaudited | |||||||
RMB | RMB | |||||||
Net revenues | 882,613 | 854,182 | ||||||
Cost of revenues | (569,851 | ) | (404,978 | ) | ||||
Gross profit | 312,762 | 449,204 | ||||||
Selling and marketing expenses | (576,038 | ) | (467,489 | ) | ||||
General and administrative expenses | (294,670 | ) | (244,594 | ) | ||||
Research and development expenses | (88,952 | ) | (83,003 | ) | ||||
Operating loss | (646,898 | ) | (345,882 | ) | ||||
Interest income | 9,427 | 14,949 | ||||||
Other (loss) income | (483 | ) | 707 | |||||
Foreign currency exchange income | 1,106 | 1,032 | ||||||
Loss before income taxes | (636,848 | ) | (329,194 | ) | ||||
Income tax benefit (expense) | 11,737 | (8,835 | ) | |||||
Net loss | (625,111 | ) | (338,029 | ) | ||||
Less: Net loss attributable to non-controlling interests | (1,056 | ) | (782 | ) | ||||
Net loss attributable to Class A and Class B ordinary shareholders | (624,055 | ) | (337,247 | ) | ||||
Net loss per Class A and Class B ordinary share: | ||||||||
Basic | (11.36 | ) | (5.99 | ) | ||||
Diluted | (11.36 | ) | (5.99 | ) | ||||
Weighted average number of Class A and Class B ordinary shares outstanding: | ||||||||
Basic | 54,929,910 | 56,277,694 | ||||||
Diluted | 54,929,910 | 56,277,694 | ||||||
Net loss | (625,111 | ) | (338,029 | ) | ||||
Other comprehensive income | ||||||||
Foreign currency translation adjustment, net of nil income taxes | 8,273 | 14,415 | ||||||
Comprehensive loss | (616,838 | ) | (323,614 | ) |