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Ambow Education Holding just reported results for the fourth quarter of 2023.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
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Ambow Education Announces Second Half and Full-Year 2023 Financial Results
PR Newswire
CUPERTINO, Calif., April 25, 2024
Unlocking Digital Education Market Opportunities with Pioneering AI-Driven HybriU
CUPERTINO, Calif., April 25, 2024 /PRNewswire/ — Ambow Education Holding Ltd. (NYSE American: AMBO) ("Ambow" or the "Company"), an AI-driven educational technology company, today announced its financial and operating results for the second half([1]) and 2023 full fiscal year, ([2]) ended December 31, 2023.
"2023 was a transitional year for us. We strategically pivoted our business, securing the bedrock for our future growth with HybriU's official launch in July, marking our foray into the large, untapped hybrid and digital education market," said Dr. Jin Huang, Ambow's President, Chief Executive Officer and acting Chief Financial Officer. "The steps we have taken vastly improved our financial profile, achieving a gross margin of 50% in the fourth quarter of 2023 compared with a negative gross margin in the same period of 2022.
"Our sights are now squarely set on emerging opportunities with our transformational, first-to-market total solution HybriU product. HybriU's all-encompassing technology integrates innovative AI, lecture capture, connectivity, immersive technologies, and a comprehensive management platform for educational purposes. Most recently, we implemented HybriU at NewSchool of Architecture & Design in San Diego, where we hosted a highly successful open house event during the ASU+GSV summit. This gives us first-mover advantages as we diligently work to deploy our cutting-edge AI technology throughout higher education and workforce training scenarios. As we make more inroads in these large markets and continue to prudently manage our expenses, we foresee continued financial momentum with expected profitability for the full year 2024," concluded Dr. Huang.
([1]) Financial results for the second half of 2023 have not been audited or reviewed by the Company's independent registered accounting firm. ([2]) Financial results for the full fiscal year ended December 31, 2023 have been audited by the Company's independent registered accounting firm.
Fourth Quarter 2023 Financial Highlights
Full Fiscal Year 2023 Financial Highlights
Recent Developments
On January 19, 2023, the New England Commission of Higher Education ("NECHE") informed BSC of its intention to withdraw BSC's accreditation. On April 11, 2023, the Board of Trustees voted to permanently close Bay State College at the end of the 2022-2023 academic year. This permanent closure was completed on August 31, 2023.
Subsequent Events
Bay State College engaged in a purchase and sale agreement (the "Purchase Agreement") with PRP Consulting Group P.C. (the "Purchaser"), a third party. Under the terms of the Purchase Agreement, Bay State College agreed to transfer all Account Receivable Portfolio to the Purchaser in exchange for a cash payment of $0.7 million. The transaction was finalized on January 4, 2024.
Our ADSs (each representing twenty Class A ordinary shares) currently trade in the NYSE American under the symbol "AMBO." Prior to February 20, 2024, one ADS represented two Class A ordinary shares. On February 20, 2024, we effected a change of the ADS to Class A ordinary share ratio from one ADS representing two Class A ordinary shares to one ADS representing 20 Class A ordinary shares. The ratio change has the same effect as a 1-for-10 ADS reverse split.
On March 6, 2024, Ambow appointed Mr. Norm Allgood as fractional Head of HybriU to lead the dissemination and implementation of HybriU, Ambow's AI-driven hybrid learning solution for education and workforce training.
Exchange Rate Information
Historically, we presented our financial results in Renminbi. Starting on January 1, 2023, we changed our reporting currency from Renminbi to U.S. dollars since the majority of our revenues and expenses are now denominated in U.S. dollars. We believe the alignment of the reporting currency with the underlying operations would better illustrate our results of operations for each period. The historical results of operations and financial statements included in this report are presented based on what was presented in the previously filed Form 20-F.
About Ambow
Ambow Education Holding Ltd. is a U.S.-based, AI-driven educational technology company. Its mission is to eliminate barriers between online and offline environments, languages and regions, and academia and industry. Ambow aims to empower educators, students, institutions and organizations with advanced technology designed explicitly for the education industry. For more information, visit Ambow's corporate website at https://www.ambow.com/.
Safe Harbor Statement
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Ambow and the industry. All information provided in this press release is as of the date hereof, and Ambow undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Ambow believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
Ambow Education Holding Ltd.
E-mail: ir@ambow.com
or
Piacente Financial Communications
Tel: +1 212 481 2050
E-mail: ambow@tpg-ir.com
AMBOW EDUCATION HOLDING LTD. CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data) As of December 31, As of December 31, ------------------ ------------------ 2022 2023 ------------------ ------------------ ASSETS Current assets: Cash and cash equivalents $3,308 $4,834 Restricted cash 4,362 5,221 Accounts receivable, net 1,983 2,280 Prepaid and other current assets 6,171 178 Total current assets 15,824 12,513 Non-current assets: Property and equipment, net 276 6 Intangible assets, net 537 522 Operating lease right-of-use asset 6,909 4,896 Other non-current assets, net 1,970 2,629 ------------------ ------------------ Total non-current assets 9,692 8,053 Total assets $25,516 $20,566 ================== ================== LIABILITIES Current liabilities: Short-term borrowings 3,029 3,939 Accounts payable 2,393 1,386 Accrued and other liabilities 3,737 1,468 Income taxes payable, current 528 510 Operating lease liability, current 2,218 2,486 ------------------ ------------------ Total current liabilities 11,905 9,789 Non-current liabilities: Operating lease liability, non-current 5,744 4,349 ------------------ ------------------ Total non-current liabilities 5,744 4,349 Total liabilities $17,649 $14,138 ================== ================== EQUITY Preferred shares (US$ 0.003 par value; 1,666,667 shares authorized, nil issued and outstanding as of December 31, 2022 and 2023) - Class A Ordinary shares (US$ 0.003 par value; 66,666,667 and 66,666,667 shares authorized; 47,419,109 and 52,419,109 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 131 146 Class C Ordinary shares (US$ 0.003 par value; 8,333,333 and 8,333,333 shares authorized; 4,708,415 and 4,708,415 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 13 13 Additional paid-in capital 515,182 517,031 Accumulated deficit (507,459) (510,634) Accumulated other comprehensive income - (128) ------------------ ------------------ Total equity 7,867 6,428 ------------------ ------------------ Total liabilities and equity $25,516 $20,566 ================== ================== AMBOW EDUCATION HOLDING LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (All amounts in thousands, except for share and per share data) For the three months ended For the three months ended September 30, December 31, ------------------------------------- ---------------------------------- 2022 2023 2022 2023 ------------------ ----------------- ----------------- --------------- NET REVENUES Educational program and services $ 2,351 $ 671 $ 3,274 $ 2,395 COST OF REVENUES Educational program and services (4,113) (1,400) (3,941) (1,187) GROSS (LOSS) PROFIT (1,762) (729) (667) 1,208 Operating expenses: Selling and marketing (283) (330) (95) (296) General and administrative (1,320) (903) (747) (912) Research and development - (242) - (242) Impairment loss (637) - - - ------------------ ----------------- ----------------- --------------- Total operating expenses (2,240) (1,475) (842) (1,450) OPERATING LOSS (4,002) (2,204) (1,509) (242) ------------------ ----------------- ----------------- --------------- OTHER INCOME (EXPENSES) Interest (expenses) income (34) (39) 1 15 Foreign exchange gain (loss), net - 21 - (12) Other (expenses) income, net (33) (12) 661 94 Gain on disposal of assets - - - 1,400 Total other (expenses) income (67) (30) 662 1,497 (LOSS) INCOME BEFORE INCOME TAX AND NON-CONTROLLING INTEREST (4,069) (2,234) (847) 1,255 ------------------ ----------------- ----------------- --------------- Income tax benefit (expenses) 1 (1) (33) - (LOSS) INCOME FROM CONTINUING OPERATIONS (4,068) (2,235) (880) 1,255 ------------------ ----------------- ----------------- --------------- (Loss) Income from and on sale of discontinued operations, net of income tax (923) - 4,794 - NET (LOSS) INCOME $ (4,991) $ (2,235) $ 3,914 $ 1,255 ------------------ ----------------- ----------------- --------------- Less: Net loss attributable to noncontrolling interests from continuing operations - - - - Less: Net loss attributable to noncontrolling interests from discontinued operations (35) - (29) - NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS FROM CONTINUING OPERATIONS (4,068) (2,235) (880) 1,255 NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS FROM DISCONTINUED OPERATIONS (888) - 4,823 - NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS $ (4,956) $ (2,235) $ 3,943 $ 1,255 OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX Foreign currency translation adjustments (278) - 104 - Other comprehensive (loss) income (278) - 104 - TOTAL COMPREHENSIVE (LOSS) INCOME (5,269) (2,235) 4,018 1,255 ================== ================= ================= =============== Net (loss) income from continuing operations per share -- basic and diluted $ (0.08) $ (0.04) $ (0.02) $ 0.02 ================== ================= ================= =============== Net (loss) income from discontinued operations per share -- basic and diluted $ (0.02) - $ 0.09 - ================== ================= ================= =============== Net (loss) income from continuing operations per ADS -- basic and diluted $ (1.60) $ (0.80) $ (0.40) $ 0.40 ================== ================= ================= =============== Net (loss) income from discontinued operations per ADS -- basic and diluted $ (0.40) - $ 1.80 - ================== ================= ================= =============== Weighted average shares used in calculating basic and diluted net (loss) income per share 52,110,948 57,127,524 52,127,524 57,127,524 ------------------ ----------------- ----------------- --------------- AMBOW EDUCATION HOLDING LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except for share and per share data) For the years ended December 31, --------------------------------------------------- 2022 2023 ------------------------- ------------------------ NET REVENUES Educational program and services $ 14,840 $ 9,163 COST OF REVENUES Educational program and services (14,556) (6,669) GROSS PROFIT 284 2,494 Operating expenses: Selling and marketing (1,487) (1,051) General and administrative (7,628) (5,264) Research and development - (484) Impairment loss (657) - ------------------------- ------------------------ Total operating expenses (9,772) (6,799) OPERATING LOSS (9,488) (4,305) ------------------------- ------------------------ OTHER INCOME (EXPENSES) Interest expenses (101) (57) Other income (expenses), net 500 (199) Loss on disposal of subsidiaries (163) - Gain on disposal of assets - 1,400 ------------------------ Total other income 236 1,144 ------------------------ LOSS BEFORE INCOME TAX AND NON-CONTROLLING INTEREST (9,252) (3,161) ------------------------- ------------------------ Income tax expenses - (14) LOSS FROM CONTINUING OPERATIONS (9,252) (3,175) ------------------------- ------------------------ Loss from and on sale of discontinued operations, net of income tax (5,056) - NET LOSS $ (14,308) $ (3,175) ------------------------- ------------------------ Less: Net loss attributable to noncontrolling interests from continuing operations - - Less: Net loss attributable to noncontrolling interests from discontinued operations (235) - NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS FROM CONTINUING OPERATIONS (9,252) (3,175) NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS FROM DISCONTINUED OPERATIONS (4,821) - NET LOSS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS (14,073) (3,175) OTHER COMPREHENSIVE LOSS, NET OF TAX Foreign currency translation adjustments (339) - Other comprehensive loss (339) - ------------------------ TOTAL COMPREHENSIVE LOSS (14,647) (3,175) ========================= ======================== Net loss from continuing operations per share -- basic and diluted $ (0.19) $ (0.06) ========================= ======================== Net loss from discontinued operations per share -- basic and diluted $ (0.10) - ========================= ======================== Net loss from continuing operations per ADS -- basic and diluted $ (3.80) $ (1.20) ========================= ======================== Net loss from discontinued operations per ADS -- basic and diluted $ (2.00) - ========================= ======================== Weighted average shares used in calculating basic and diluted net (loss) income per share 49,458,266 56,333,003 ------------------------- ------------------------
View original content:https://www.prnewswire.com/news-releases/ambow-education-announces-second-half-and-full-year-2023-financial-results-302128013.html
SOURCE Ambow Education Holding Ltd.
(20:36 GMT) *Ambow Education FY23 Loss/Shr 6c >AMBO(20:36 GMT) *Ambow Education FY23 Rev $9.2M >AMBO
Shares of DoorDash, Inc. fell sharply in today’s session as the company reported mixed financial results for its fourth quarter.
The company said it expects first-quarter marketplace GOV to be between $18.5 billion and $18.9 billion and adjusted EBITDA in the range of $320 million to $380 million.
DoorDash shares dipped 12.2% to $110.88 on Friday.
Here are some other stocks moving in today's mid-day session.
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Now Read This: How To Earn $500 A Month From Stepan Stock Ahead Of Q4 Earnings Results
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
US stocks look set to open mostly lower in Friday's premarket trading session as investors parse inflation data released earlier in the morning that came in higher than expected.
The Dow Jones Industrial Average futures were down 0.30%, S&P 500 futures were off 0.14%, while Nasdaq futures were up 0.12%.
The US Producer Price Index, which measures the change in the price of goods sold by manufacturers, rose by 0.3% in January, following a 0.1% decrease in December, and above the 0.1% gain expected in a survey compiled by Bloomberg as of 7:35 am ET.
Meanwhile, January housing starts fell by 14.8% from the previous month to a 1.331 million annual rate, below expectations compiled by Bloomberg as of 7:35 am ET for a 1.460 million rate after an increase to a revised 1.562 million pace in December.
Oil prices were moving lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude declining 0.63% and 0.18%, respectively.
In other world markets, Japan's Nikkei gained 0.86%, Hong Kong's Hang Seng surged 2.48%, and China's Shanghai Composite climbed 1.28%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was rising 1.32%, while Germany's DAX and France's CAC were up 0.56 and 0.37% respectively.
On the winning side, shares of Pop Culture Group skyrocketed nearly 400% in Friday's premarket session, adding to a 6.4% gain from Thursday. Shares of Fusion Fuel Green soared 215% after it said it was notified by the European Commission that its HEVO-Portugal project was selected for approval under the Important Projects of Common European Interest Hy2Infra program. Ambow Education shares jumped 183%, after climbing 16% the previous session. Lichen China shares surged 58%, adding to a 6% gain the previous session. And shares of Boqii advanced 55% after a nearly 5% loss on Thursday.
On the losing side, shares of Trupanion shed 24% after a nearly 6% gain on Thursday. Shares of Servotronics dropped 20%, adding to a 2.5% loss on Thursday. Bloom Energy shares tumbled 19%, a day after it reported lower Q4 non-GAAP earnings and revenue from a year earlier. Pixie Dust Technologies shares lost 17%, adding to a 3% loss the previous day. And shares of Greenpro Capital dropped 15%, nearly wiping out Thursday's 17% gain.
US stock futures were mixed in Friday's premarket session as investors awaited a raft of economic data, including the producer price index, US housing starts and the University of Michigan's consumer sentiment Index.
Dow Jones Industrial Average futures were off 0.11%, S&P 500 futures were up 0.14%, and Nasdaq futures were moving 0.52% higher.
Producer prices are expected to have risen by rise 0.1% in January, according to Investing.com, while consumer sentiment in February is seen rising 1 point to 80.0. Housing starts are expected to have declined to 1.45 million in January from 1.46 million in December.
In addition to the economic data, Michael Barr, vice chair for supervision at the Federal Reserve and Richmond Fed President Thomas Barkin are scheduled to speak.
Oil prices were moving lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude declining 0.88% and 0.76% respectively.
On the winning side, Fusion Fuel Green jumped 236% in premarket trading after saying the European Commission had selected its HEVO-Portugal project for approval under the Important Projects of Common European Interest Hy2Infra program. Ambow Education climbed 190%, adding to a 16% gain on Thursday. And Lichen China gained 41%, adding to a 6% gain the previous session.
On the losing side, Servotronics slumped 20% after a 2.5% loss a day earlier, while Royalty Management slipped 4%, after a 5% gain the previous day.
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