Puxin Limited (NEW) Reports Q2 Loss of $0.16 on Revenues of $80.3M

Puxin Limited (NYSE: NEW) reported Q2 EPS of ($0.16). Revenue for the quarter came in at $80.3 million.

• Net revenues reached RMB531.3 million (US$80.3 million), representing an increase of 123.2% from the second quarter of 2017.
• Operating loss was RMB86.1 million, an increase of 105.2% from RMB41.9 million in the same period of the prior year.
• Adjusted operating loss[1] was RMB61.0 million, an increase of 105.1% from RMB29.7 million in the same period of the prior year.
• Net loss attributable to Puxin Limited was RMB188.4 million (US$28.5 million), an increase of 347.3% from RMB42.1 million in the second quarter of 2017.
• Adjusted net loss attributable to Puxin Limited[2] increased by 136.9% to RMB70.9 million from RMB29.9 million in the same period of the prior year.
• Cash and cash equivalents was RMB941.3 million (US$142.3 million), compared with RMB164.7 million as of December 31, 2017.
• Student enrollments increased by 42.5% to 519,962 from 364,939 in the second quarter of 2017.
• Net loss attributable to Puxin Limited was RMB188.4 million (US$28.5 million), which compares with a net loss attributable to Puxin Limited of RMB42.1 million during the second quarter of 2017. Basic and diluted net loss per ADS attributable to Puxin Limited were RMB2.88 (US$0.44), compared with basic and diluted net loss per ADS attributable to Puxin Limited of RMB0.84 during the same period last year.
• Non-GAAP net loss attributable to Puxin Limited was RMB 70.9 million (US$10.7 million) compared with non-GAAP net loss attributable to Puxin Limited of RMB 29.9 million during the same period of last year. Non-GAAP basic and diluted net loss per ADS attributable to Puxin Limited were RMB1.09 (US$0.16), compared with non-GAAP basic and diluted net loss per ADS attributable to Puxin Limited of RMB0.60 during the same period last year.

Yunlong Sha, Chairman and Chief executive officer of Puxin, commented, "We are pleased to report strong growth in both top line revenues and student enrollments in the second quarter. The increases were mainly generated by our K-12 tutoring services and study-abroad test preparation services. In addition, it is particularly encouraging that we were able to achieve such growth at the same time as we integrated and restructured a number of newly acquired schools, which obviously shows that our Puxin Business System[3] effectively improves the organic growth capacity of the Group. The experiences that we accumulate in practice make the system more efficient and effective, which in turn strengthens the overall integration ability of our business."

For earnings history and earnings-related data on Puxin Limited (NEW) click here.

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