— App allows teachers to link Minecraft accounts to Canvas to automatically sync in-game actions with grades and assignments in Canvas
— New suite also includes a MOOC with NASA for students and a Maker Movement MOOC for teachers
SALT LAKE CITY, Aug. 12, 2014 /PRNewswire/ — Learning technology company Instructure, the creator of the Canvas learning management system for K-12 and higher education, today announced a major new experiment in K-12 learning by unveiling a suite of more than 15 MOOCs for teachers, students and even parents on its Canvas Network platform. The most ambitious collection of K-12 MOOCs to date, the suite includes two Minecraft MOOCs that aim to help teachers leverage gamification best practices in the classroom. Enrollment is free and open for registration for anyone in the world at canvas.net.
Free Course for Teachers on How to Get Started with MinecraftEDU from Canvas Network by Instructure.
“Even young kids have gotten very adept at Minecraft, so it can be quite intimidating for teachers,” said Jason Schmidt, an instructional technologist for Bennington Public Schools who will teach the four-week MinecraftEdu MOOC. “If I can help get teachers over that hump, imagine how delighted students will be to have a learning environment tailored to their interests for a change.”
Instructure is also releasing a Minecraft app for Canvas, which allows students to link their Minecraft account to Canvas and use in-game actions to submit assignments. For instance, students can tag locations of their creations for teachers to visit and explore. Contents of books students write in Minecraft will automatically be loaded into the Canvas SpeedGrader. Teachers can even use Redstone, Minecraft’s in-game circuitry tool, to create automatically graded assignments.
“MOOCs have the power to tear down walls and bring our brightest contemporaries together,” said Melissa Loble, senior director of Canvas Network at Instructure. “Through Minecraft and other engaging forums, we want to help teachers and students come together to advance education everywhere.”
With courses ranging from a Mars mission simulator as taught by NASA to a DIY-focused course that teaches fabrication and circuitry to budding makers, the free Canvas Network offerings bring the power and versatility of online learning to the classroom as well as the home. To this end, Noblesville School District is teaching Canvas Network’s first-ever MOOC designed for parents, titled, “Parenting in the Digital Age.”
“Parental involvement in K-12 education has one of the biggest impacts on a child’s commitment to learning,” said Jared Stein, vice president of Research and Education at Instructure. “We’re launching the industry’s first-ever MOOC for parents to help them understand education in a digital world.”
Instructure sought partnering institutions that could help demonstrate the full potential of open online learning. It has already seen notable success with creative approaches to education. Last year, it partnered with the University of California, Irvine and AMC to produce a MOOC based on the hit TV show “The Walking Dead.” This course attracted more than 65,000 users around the world.
In total, seven MOOCs for teachers are launching on Canvas Network today, including:
Canvas Network offers open, online courses taught by educators everywhere. Powered by the Canvas learning management system, Canvas Network provides a place and platform where teachers, students and institutions worldwide can connect and chart their own course for personal growth, professional development and academic inquiry. Canvas Network is developed and supported by Instructure, an education technology company that partners with educators, institutions, and technologists to build open educational resources and break down barriers to learning.
To learn more or to enroll in any of the new K-12 MOOCs, visit canvas.net.
About Instructure
Instructure, Inc. developed the Canvas learning management system to make teaching and learning easier for everyone, everywhere. Canvas empowers learning in every context with open, usable SaaS technologies. And through Canvas Network, Instructure provides a cloud platform where teachers, learners and institutions worldwide can connect and chart their own course for personal growth, professional development and academic inquiry. Learn more at www.instructure.com.
SHANGHAI, August 12, 2014 /PRNewswire/ — 51job, Inc. (Nasdaq: JOBS) (“51job” or the “Company”), a leading provider of integrated human resource services in China, announced today its unaudited financial results for the second quarter of 2014 ended June 30, 2014.
Second Quarter 2014 Financial Highlights:
Total revenues increased 13.1% over Q2 2013 to RMB457.5 million (US$73.8 million), exceeding the Company’s guidance range
Online recruitment services revenues increased 15.8% over Q2 2013 to RMB312.0 million (US$50.3 million), which reflected the impact of a value-added tax (“VAT”) policy change effective June 1, 2014
Gross margin of 73.9% compared with 73.7% in Q2 2013
Income from operations decreased 2.4% over Q2 2013 to RMB122.4 million (US$19.7 million)
Fully diluted earnings per common share were RMB0.86 (US$0.28 per American depositary share (“ADS”))
Excluding share-based compensation expense, gain from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, non-GAAP adjusted fully diluted earnings per common share were RMB2.75 (US$0.89 per ADS), exceeding the Company’s guidance range
Cash and short-term investments increased to RMB4,207.9 million (US$678.3 million) as of June 30, 2014
Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, “In the second quarter, we made good progress in our customer acquisition efforts as we saw robust expansion of the unique employer user base in our online business. We were also pleased with the performance of our other HR services area which, despite operational adjustments we are currently undergoing in our HR outsourcing business, maintained solid growth and was lifted by increased contribution of our training and other services. We remain focused on our long-term vision to become the most comprehensive, end-to-end HR services provider in China and are pursuing initiatives, investments and opportunities to strengthen our market leadership and achieve this goal.”
Second Quarter 2014 Unaudited Financial Results
Total revenues for the second quarter ended June 30, 2014 were RMB457.5 million (US$73.8 million), an increase of 13.1% from RMB404.4 million for the same quarter in 2013.
Online recruitment services revenues for the second quarter of 2014 were RMB312.0 million (US$50.3 million), representing a 15.8% increase from RMB269.5 million for the same quarter of the prior year. The growth was principally due to an increase in the number of unique employers using online recruitment services, which was partially offset by a decrease in average revenue per unique employer and the impact of the VAT policy change effective June 1, 2014 (as described below in “Other Company News”). Unique employers increased 21.3% to 280,203 in the second quarter of 2014 compared with 231,011 in the same quarter of the prior year driven by strengthened customer acquisition efforts and increased usage of online recruitment services by employers. However, average revenue per unique employer decreased 4.6% in the second quarter of 2014 as compared with the same quarter in 2013 primarily due to the addition of new customers who generally purchase introductory, lower priced services and the effect of the VAT policy change on online recruitment services revenues.
Print advertising revenues for the second quarter of 2014 decreased 78.8% to RMB2.3 million (US$0.4 million) compared with RMB11.0 million for the same quarter in 2013 primarily due to the ongoing business transition away from print advertising services. The estimated number of print advertising pages generated in the second quarter of 2014 was 21 pages compared with 355 pages in the same quarter in 2013. The Company operates a print publication in the city of Xian as of June 30, 2014 compared with five cities as of June 30, 2013.
Other human resource related revenues for the second quarter of 2014 increased 15.6% to RMB143.2 million (US$23.1 million) from RMB123.8 million in the same quarter of 2013 primarily due to growth and usage of business process outsourcing and training services.
Gross profit for the second quarter of 2014 increased 13.9% to RMB325.8 million (US$52.5 million) from RMB286.0 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, increased to 73.9% in the second quarter of 2014 compared with 73.7% in the same quarter in 2013.
Operating expenses for the second quarter of 2014 increased 26.7% to RMB203.4 million (US$32.8 million) from RMB160.6 million for the same quarter of 2013. Sales and marketing expenses for the second quarter of 2014 increased 28.3% to RMB142.6 million (US$23.0 million) from RMB111.1 million for the same quarter of the prior year primarily due to additional sales headcount, higher employee compensation expenses and greater advertising expenditures. General and administrative expenses for the second quarter of 2014 increased 23.0% to RMB60.8 million (US$9.8 million) from RMB49.4 million in the second quarter of 2013 primarily due to higher share-based compensation expense and professional service fees as well as greater office, rental and depreciation expenses.
Income from operations for the second quarter of 2014 decreased 2.4% to RMB122.4 million (US$19.7 million) from RMB125.5 million for the same quarter of the prior year. Operating margin, which is income from operations as a percentage of net revenues, was 27.8% in the second quarter of 2014 compared with 32.3% in the same quarter of 2013. Excluding share-based compensation expense, operating margin would be 31.9% in the second quarter of 2014 compared with 36.2% in the same quarter of 2013.
In April 2014, the Company completed an offering of US$172.5 million in convertible senior notes. In connection with this offering, US$50 million of the net proceeds received by the Company was used to enter into zero-strike call option transactions, which were executed in the second quarter. As a result, in the second quarter of 2014, the Company recognized a mark-to-market loss of RMB28.9 million (US$4.7 million) associated with a change in fair value of convertible notes and of RMB24.9 million (US$4.0 million) associated with a change in fair value of zero-strike call options. The Company also incurred RMB47.2 million (US$7.6 million) in one-time issuance costs related to the convertible notes offering in the second quarter of 2014.
Other income in the second quarter of 2014 included local government financial subsidies of RMB32.6 million (US$5.3 million). The effective tax rate in the second quarter of 2014 increased to 36.0% compared with 17.5% in the second quarter of 2013 as a result of non-tax deductible items, primarily the convertible notes issuance costs and the changes in fair value of convertible notes and zero-strike call options, which comprised a large portion of the income before income tax base. The effective tax rate on non-GAAP results in the second quarter of 2014 was 15.0% compared with 15.6% in the second quarter of 2013.
Net income for the second quarter of 2014 was RMB52.0 million (US$8.4 million) compared with RMB119.2 million for the same quarter in 2013. Fully diluted earnings per common share for the second quarter of 2014 were RMB0.86(US$0.14) compared with RMB1.99 for the same quarter in 2013. Fully diluted earnings per ADS for the second quarter of 2014 were RMB1.72(US$0.28) compared with RMB3.98 in the second quarter of 2013.
In the second quarter of 2014, total share-based compensation expense was RMB18.3 million (US$3.0 million) compared with RMB14.8 million in the second quarter of 2013. The Company also recognized a gain from foreign currency translation of RMB5.3 million (US$0.9 million) in the second quarter of 2014 compared with a loss of RMB2.4 million in the second quarter of 2013.
Excluding share-based compensation expense, gain/loss from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, non-GAAP adjusted net income for the second quarter of 2014 increased 21.5% to RMB165.8 million (US$26.7 million) compared with RMB136.4 million for the second quarter of 2013. Non-GAAP adjusted fully diluted earnings per common share were RMB2.75(US$0.44) in the second quarter of 2014 compared with RMB2.28 in the second quarter of 2013. Non-GAAP adjusted fully diluted earnings per ADS in the second quarter of 2014 were RMB5.50(US$0.89) compared with RMB4.56 in the second quarter of 2013.
Six Months 2014 Unaudited Financial Results
Total revenues for the six months ended June 30, 2014 were RMB894.7 million (US$144.2 million), an increase of 14.0% from RMB784.7 million for the same period in 2013. Income from operations for the six months ended June 30, 2014 increased 0.5% to RMB242.2 million (US$39.0 million) from RMB241.0 million for the same period in 2013.
Net income for the six months ended June 30, 2014 was RMB170.4 million (US$27.5 million) compared with RMB228.0 million for the same period in 2013. Fully diluted earnings per common share for the six months ended June 30, 2014 was RMB2.81(US$0.45) compared with RMB3.81 for the same period in 2013. Fully diluted earnings per ADS for the six months ended June 30, 2014 were RMB5.63(US$0.91) compared with RMB7.63 for the same period in 2013.
Excluding share-based compensation expense, gain/loss from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, non-GAAP adjusted net income for the six months ended June 30, 2014 increased 16.7% to RMB303.4 million (US$48.9 million) from RMB260.1 million for the six months ended June 30, 2013. Non-GAAP adjusted fully diluted earnings per common share were RMB5.01(US$0.81) for the six months ended June 30, 2014 compared with RMB4.35 in the same period in 2013. Non-GAAP adjusted fully diluted earnings per ADS for the six months ended June 30, 2014 were RMB10.02(US$1.62) compared with RMB8.70 in the same period in 2013.
As of June 30, 2014, cash and short-term investments totaled RMB4,207.9 million (US$678.3 million) compared with RMB3,147.5 million as of December 31, 2013. Short-term investments consist of certificates of deposit with original maturities from three months to one year.
Business Outlook
Based on current market conditions and factoring in a full-quarter effect of the VAT policy change, the Company’s total revenues target for the third quarter of 2014 is in the estimated range of RMB455 million to RMB470 million (US$73.3 million to US$75.8 million). Excluding share-based compensation expense, any gain or loss from foreign currency translation, and any mark-to-market gain or loss associated with a change in fair value of convertible notes, as well as the related tax effect of these items, the Company’s non-GAAP fully diluted earnings target for the third quarter of 2014 is in the estimated range of RMB2.25 to RMB2.45 (US$0.36 to US$0.39) per common share. The Company expects total share-based compensation expense in the third quarter of 2014 to be in the estimated range of RMB21 million to RMB22 million (US$3.4 million to US$3.5 million).
Other Company News
Effective June 1, 2014, the Company’s PRC subsidiaries ceased paying a 3% business tax on gross revenues from value-added telecommunication services in China and instead became subject to a VAT of 6%, reflected directly at the net revenues level, while being permitted to offset input VAT supported by valid VAT invoices received from vendors against the VAT liability. Due to this policy change, the Company’s revenues, principally its online recruitment services revenues, have been reduced, which affects the comparability of revenue figures before and after June 1, 2014.
In June 2014, the Company’s shareholders approved an increase to a share repurchase program originally authorized in September 2008 from US$25 million to US$75 million.
Effective August 8, 2014, the Company changed the ratio of its ADS to common share from one (1) ADS to two (2) common shares to one (1) ADS to one (1) common share. The presentation of per ADS data contained in this press release does not reflect this ratio change.
Currency Convenience Translation
For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.2036 to US$1.00, the noon buying rate on June 30, 2014 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
Conference Call Information
Management will hold a conference call at 9:00 p.m. Eastern Time on August 11, 2014 (9:00 a.m.Shanghai / Hong Kong time zone on August 12, 2014) to discuss its second quarter 2014 financial results, operating performance and business outlook. To dial in to the call, please use conference ID 5363023 and the following telephone numbers:
US:
+1-866-839-8029
Hong Kong:
+852-2598-7556
International:
+1-914-449-1588
The call will also be available live and on replay through 51job’s investor relations website, http://ir.51job.com. Please go to the website at least fifteen minutes early to register or install any necessary audio software.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), 51job uses non-GAAP financial measures of income before income tax expense, income tax expense, adjusted net income, adjusted earnings per share and adjusted earnings per ADS, which are adjusted from results based on GAAP to exclude share-based compensation expense, gain/loss from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items. The Company believes excluding share-based compensation expense and its related tax effect from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company’s core operating results as such expense is not directly attributable to the underlying performance of the Company’s business operations and do not impact its cash earnings. The Company believes excluding gain/loss from foreign currency translation and its related tax effect from its non-GAAP financial measures is useful for its management and investors as such translation loss is not indicative of the Company’s core business operations and will not result in cash settlement nor impact the Company’s cash earnings. The Company believes excluding convertible senior notes issuance costs and its related tax effect from its non-GAAP financial measures is useful for its management and investors as such costs are one-time, non-recurring and not attributable to the underlying performance of the Company’s business. The Company believes excluding change in fair value of convertible notes and its related tax effect from its non-GAAP financial measures is useful for its management and investors as such change is not indicative of the Company’s core business operations and will not result in cash settlement nor impact the Company’s cash earnings. The Company believes excluding change in fair value of zero-strike call options and its related tax effect from its non-GAAP financial measures is useful for its management and investors as such change is not indicative of the Company’s core business operations and will not result in cash settlement nor impact the Company’s cash earnings. 51job also believes these non-GAAP financial measures excluding share-based compensation expense, gain/loss from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options, as well as the related tax effect of these items, are important in helping investors to understand the Company’s current financial performance and future prospects and to compare business trends among different reporting periods on a consistent basis. The presentation of these additional measures should not be considered a substitute for or superior to GAAP results or as being comparable to results reported or forecasted by other companies. The non-GAAP measures have been reconciled to GAAP measures in the attached financial statements.
About 51job
51job is a leading provider of integrated human resource services in China with a strong focus on recruitment related services. Through online recruitment services at http://www.51job.comand mobile applications, 51job enables enterprises to attract, identify and recruit employees and connects millions of job seekers with employment opportunities. 51job also provides a number of other value-added human resource services, including business process outsourcing, training, executive search and compensation and benefits analysis. 51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.
Safe Harbor Statement
Statements in this release regarding targets for the third quarter of 2014, future business and operating results constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management’s current expectations, and actual results could differ materially. Among the factors that could cause actual results to differ are the number of recruitment advertisements placed, sales orders received and customer contracts executed during the remaining weeks of the third quarter of 2014; any accounting adjustments that may occur during the quarterly close; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; behavioral and operational changes of customers in meeting their human resource needs as they respond to evolving social, economic, regulatory and political changes in China as well as stock market volatilities; introduction by its competitors of new or enhanced products or services; price competition in the market for the various human resource services that the Company provides in China; acceptance of new products and services developed or introduced by the Company outside of the human resources industry; and fluctuations in general economic conditions. For additional information on these and other factors that may affect the Company’s financial results, please refer to the Company’s filings with the Securities and Exchange Commission. 51job undertakes no obligation to update these targets prior to announcing final results for the third quarter of 2014 or as a result of new information, future events or otherwise.
51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
For the Three Months Ended
(In thousands, except share, per share and per ADS data)
June 30, 2013
(unaudited)
June 30, 2014
(unaudited)
June 30, 2014
(unaudited)
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services
269,533
312,021
50,297
Print advertising
11,020
2,338
377
Other human resource related revenues
123,808
143,165
23,077
Total revenues
404,361
457,524
73,751
Less: Business and related tax
(16,391)
(16,478)
(2,656)
Net revenues
387,970
441,046
71,095
Cost of services (Note 2)
(101,949)
(115,234)
(18,575)
Gross profit
286,021
325,812
52,520
Operating expenses:
Sales and marketing (Note 3)
(111,117)
(142,568)
(22,981)
General and administrative (Note 4)
(49,438)
(60,805)
(9,802)
Total operating expenses
(160,555)
(203,373)
(32,783)
Income from operations
125,466
122,439
19,737
(Loss) Gain from foreign currency translation
(2,390)
5,337
860
Interest and investment income, net
18,572
22,030
3,551
Convertible senior notes issuance costs
————
(47,210)
(7,610)
Change in fair value of convertible notes
————
(28,879)
(4,655)
Change in fair value of zero-strike call options
————
(24,874)
(4,010)
Other income, net
2,879
32,303
5,207
Income before income tax expense
144,527
81,146
13,080
Income tax expense
(25,291)
(29,189)
(4,705)
Net income
119,236
51,957
8,375
Other comprehensive income:
Foreign currency translation adjustments
(3)
5
1
Comprehensive income
119,233
51,962
8,376
Earnings per share:
Basic
2.04
0.88
0.14
Diluted
1.99
0.86
0.14
Earnings per ADS (Note 5):
Basic
4.08
1.75
0.28
Diluted
3.98
1.72
0.28
Weighted average number of common shares outstanding:
Basic
58,400,383
59,285,976
59,285,976
Diluted
59,899,196
60,273,997
60,273,997
Notes:
1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2036 to US$1.00 on June 30, 2014 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
2. Includes share-based compensation expense of RMB2,375 and RMB2,935 (US$473) for the three months ended June 30, 2013 and 2014, respectively.
3. Includes share-based compensation expense of RMB2,041 and RMB2,523 (US$407) for the three months ended June 30, 2013 and 2014, respectively.
4. Includes share-based compensation expense of RMB10,403 and RMB12,862 (US$2,073) for the three months ended June 30, 2013 and 2014, respectively.
5. Each ADS represents two common shares.
51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
For the Six Months Ended
(In thousands, except share, per share and per ADS data)
June 30, 2013
(unaudited)
June 30, 2014
(unaudited)
June 30, 2014
(unaudited)
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services
517,564
613,564
98,905
Print advertising
35,822
10,776
1,737
Other human resource related revenues
231,350
270,385
43,585
Total revenues
784,736
894,725
144,227
Less: Business and related tax
(32,037)
(34,149)
(5,505)
Net revenues
752,699
860,576
138,722
Cost of services (Note 2)
(201,312)
(222,049)
(35,794)
Gross profit
551,387
638,527
102,928
Operating expenses:
Sales and marketing (Note 3)
(212,550)
(274,521)
(44,252)
General and administrative (Note 4)
(97,858)
(121,796)
(19,633)
Total operating expenses
(310,408)
(396,317)
(63,885)
Income from operations
240,979
242,210
39,043
(Loss) Gain from foreign currency translation
(3,791)
5,876
947
Interest and investment income, net
35,849
43,700
7,044
Convertible senior notes issuance costs
————
(47,210)
(7,610)
Change in fair value of convertible notes
————
(28,879)
(4,655)
Change in fair value of zero-strike call options
————
(24,874)
(4,010)
Other income, net
3,019
32,378
5,219
Income before income tax expense
276,056
223,201
35,978
Income tax expense
(48,028)
(52,765)
(8,505)
Net income
228,028
170,436
27,473
Other comprehensive income:
Foreign currency translation adjustments
(0)
84
14
Comprehensive income
228,028
170,520
27,487
Earnings per share:
Basic
3.92
2.88
0.46
Diluted
3.81
2.81
0.45
Earnings per ADS (Note 5):
Basic
7.84
5.75
0.93
Diluted
7.63
5.63
0.91
Weighted average number of common shares outstanding:
Basic
58,153,065
59,260,210
59,260,210
Diluted
59,802,414
60,550,822
60,550,822
Notes:
1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2036 to US$1.00 on June 30, 2014 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
2. Includes share-based compensation expense of RMB4,531 and RMB6,090 (US$982) for the six months ended June 30, 2013 and 2014, respectively.
3. Includes share-based compensation expense of RMB3,895 and RMB5,235 (US$844) for the six months ended June 30, 2013 and 2014, respectively.
4. Includes share-based compensation expense of RMB19,853 and RMB26,687 (US$4,302) for the six months ended June 30, 2013 and 2014, respectively.
5. Each ADS represents two common shares.
51job, Inc.
Reconciliation of GAAP and Non-GAAP Results
For the Three Months Ended
(In thousands, except share, per share and per ADS data)
June 30, 2013 (unaudited)
June 30, 2014 (unaudited)
June 30, 2014 (unaudited)
RMB
RMB
USD (Note 1)
GAAP income before income tax expense
144,527
81,146
13,080
Add back: Share-based compensation expense
14,819
18,320
2,953
Add back: Loss (Gain) from foreign currency translation
2,390
(5,337)
(860)
Add back: Convertible senior notes issuance costs
————
47,210
7,610
Add back: Change in fair value of convertible notes
————
28,879
4,655
Add back: Change in fair value of zero-strike call options
————
24,874
4,010
Non-GAAP income before income tax expense
161,736
195,092
31,448
GAAP income tax expense
(25,291)
(29,189)
(4,705)
Tax effect of share-based compensation expense, loss (gain) from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options
1
(124)
(20)
Non-GAAP income tax expense
(25,290)
(29,313)
(4,725)
Non-GAAP adjusted net income
136,446
165,779
26,723
Non-GAAP adjusted earnings per share:
Basic
2.34
2.80
0.45
Diluted
2.28
2.75
0.44
Non-GAAP adjusted earnings per ADS (Note 2):
Basic
4.67
5.59
0.90
Diluted
4.56
5.50
0.89
Weighted average number of common shares outstanding:
Basic
58,400,383
59,285,976
59,285,976
Diluted
59,899,196
60,273,997
60,273,997
For the Six Months Ended
(In thousands, except share, per share and per ADS data)
June 30, 2013 (unaudited)
June 30, 2014 (unaudited)
June 30, 2014 (unaudited)
RMB
RMB
US$ (Note 1)
GAAP income before income tax expense
276,056
223,201
35,978
Add back: Share-based compensation expense
28,279
38,012
6,128
Add back: Loss (Gain) from foreign currency translation
3,791
(5,876)
(947)
Add back: Convertible senior notes issuance costs
————
47,210
7,610
Add back: Change in fair value of convertible notes
————
28,879
4,655
Add back: Change in fair value of zero-strike call options
————
24,874
4,010
Non-GAAP income before income tax expense
308,126
356,300
57,434
GAAP income tax expense
(48,028)
(52,765)
(8,505)
Tax effect of share-based compensation expense, loss (gain) from foreign currency translation, convertible senior notes issuance costs, change in fair value of convertible notes and change in fair value of zero-strike call options
(0)
(124)
(20)
Non-GAAP income tax expense
(48,028)
(52,889)
(8,525)
Non-GAAP adjusted net income
260,098
303,411
48,909
Non-GAAP adjusted earnings per share:
Basic
4.47
5.12
0.83
Diluted
4.35
5.01
0.81
Non-GAAP adjusted earnings per ADS (Note 2):
Basic
8.95
10.24
1.65
Diluted
8.70
10.02
1.62
Weighted average number of common shares outstanding:
Basic
58,153,065
59,260,210
59,260,210
Diluted
59,802,414
60,550,822
60,550,822
Notes:
1. The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.2036 to US$1.00 on June 30, 2014 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal Reserve Board.
2. Each ADS represents two common shares.
51job, Inc.
Consolidated Balance Sheets
As of
(In thousands, except share and per share data)
December 31, 2013
(unaudited)
June 30, 2014
(unaudited)
June 30, 2014
(unaudited)
RMB
RMB
US$ (Note 1)
ASSETS
Current assets:
Cash
1,065,543
1,039,449
167,556
Restricted cash
15,489
3,472
560
Short-term investments
2,081,964
3,168,455
510,745
Accounts receivable (net of allowance of RMB3,347 and RMB804 as of December 31, 2013 and June 30, 2014, respectively)
SINGAPORE, Aug. 11, 2014 /PRNewswire/ — “Accelerate success and optimize performance” is what Shiv Khera helps to achieve through his 3 Day Hi-Impact Leadership Program called Blue Print for Success to be held in Singapore from 29th to 31st August, 2014.
He is the author of international bestseller “You Can Win”, which has sold over 3 million copies in 16 languages. His leadership programs helps increase productivity by creating a culture of trust and accountability. His program is designed to convert potential into performance.
Topics that will be covered include attitude, leadership, motivation and values. Over 40,000 people have benefited from his dynamic workshops and millions have heard him as a keynote speaker in 20 countries.
Upon completion of his 3 day program participants walk away with 31 day action plan that can be put to practice immediately.
Some of the comments from the previous participants are as follows:
1. “The Best of its Kind.” – Andre Keller, Chief Executive, Zuellig Pharma Sdn. Bhd.
2. “100% Return on my investment is an understatement!” – Linda Baker, CPA, N.J., USA.
3. “….Where was this program 10 years ago? I wish I had an opportunity to do it then…..” – John Duckworthy, Financial Controller, Revlon Sdn, Bhd, Malaysia
4. Shiv has touched my mind and opened my heart to give back to society the values that have made me succeed as a doctor and CEO of Gleneagles Hospital.” – Dr. Timothy Low, CEO, Gleneagles Hospital, Singapore.
5. “Excellent! I came to see and I went home wanting to see more.” – Dr S.S. Ngoi, Surgeon, Singapore
His client list includes amongst others Lufthansa, IBM, HSBC, MetLife, Carrier, Philips, Audi, Ericsson, HP, GSK and many more.
About Shiv Khera – Mr. Shiv Khera is the founder of Qualified Learning Systems USA. His 30 years of research and experience have helped millions on the path of growth & fulfillment. His trademark is, ‘Winners don’t do different things, They do things differently.’
— Company to Hold Conference Call on August 25 at 8:00 p.m. EDT —
BEIJING, August 8, 2014 /PRNewswire/ — Xueda Education Group (NYSE: XUE) (“Xueda” or the “Company”), a leading national provider of p…
SINGAPORE, Aug. 7, 2014 /PRNewswire/ — Temaswiss Wealth‘s Chief Executive Officer, veteran banker Dr. Ranjan Chakravarty, was featuredtoday in Channel New Asia’s prime-time news programme, Singapore Tonight. Temaswiss Wealth states to be Asia’s premier organization that drives banking professionals’ enablement through domain expertise training.
Dr. Chakravarty particularly highlighted the market paradox of who currently benefits from specialized functional training in banking versus the need to rapidly upskill the local talent pool in Singapore and the ASEAN region. “Some industry stakeholders look at training budget allocation purely from an overtly short-term view and end up allocating budget as a function and proportion of the headcount’s overall cost to the bank. Training may not necessarily reach either a newer generation or functions that typically benefit from a lower-to-mid range compensation package in the industry. Where a senior executive may attend a seminar or conference for a material cost and perceive it as a perk, the same amount could be better spent in domain expertise training for a target population,” he stated. He pointed out the virtues of the Swiss and German banking apprenticeship models that provides: a flexible pool of interims to the industry at all times, subsequent selection aligned to aptitudes and aspirations, greater flexibility for functional shifts within a career and visibly the potential for net talent export.
Dr. Chakravarty further recognized that there is a need for a paradigm shift. “Banking-stakeholders buy-in and affordable training targeting the relevant talent pool can only succeed through a concerted effort of public and private-sector enablers such as ourselves,” he observed. “The banks do have to consider the costs of high staff turnover which could have been in some instances entirely avoidable by growing staff organizational loyalty and retention measures through training,” he concluded.
Temaswiss is a supporting partner to the prestigious FT ASEAN Wealth Management Summit taking place on 18 November in Singapore. The organization emphasizes on practical skill sets and domain knowledge as versus tertiary-education style programmes. A number of its unique course offerings are available for enrollment: Banker Ethics and Conduct, Banking Unit Audit Preparedness, Cross-Border and Outsourcing Risks. Temaswiss’ flagship Continuous Professional Development (CPD) cluster-courses programme, Mercator 360o Private Banker Certification is also expected to be launched later this month. There has been un-paralleled show of interest from banks in the ASEAN region and Hong Kong for Temaswiss’ tailor-made onsite and offsite programmes covering frontline bankers, middle office and risk management functions.
For inquiries please contact:
Mr. Shanmuga Retnam, Chief Business Officer, Temaswiss Wealth Gen: +65-6222-9529 DID: +65-6222-9527
HONG KONG, Aug. 7, 2014 /PRNewswire/ — New World Facilities Management Company Limited (NWFM) which manages and operates Youth Square is commended for the first time as the “Family-Friendly Employer” under the 2013/14 Family-Friendly Employers Award Scheme organized by the Family Council, in recognition of its outstanding achievement in implementing family-friendly employment policies and practices that enable employees to manage their time to undertake their family commitments and balance family life in the past year.
As a non-profit making company, NWFM regards staff as the most valuable asset. During the past year, NWFM proactively instituted diversified family-friendly policies and practices including paternity leave, compassionate leave and early release on festive days to enable staff to manage their time to take care of their family needs. NWFM also cares about the wellness of staff and offers a variety of activities for them including family engagement events, festive meals, community events and interest groups, etc. to achieve a balance between work and life.
Established in 2011, the Family-Friendly Employers Award Scheme is launched by The Family Council. It aims at recognizing companies or organizations who attach importance to the family-friendly spirit, encouraging them to continue to put in place measures to raise employers’ awareness of the importance of family core values, and fostering a pro-family culture and environment. With reference to criteria including family-friendly employment policies and practices, benefits to the company and employees, as well as commitment shown by the management, the Assessment Panel honors those companies or organizations fulfilling the family-friendly requirements of the Award Scheme.
New World Facilities Management Company Limited
New World Facilities Management Company Limited is a non-profit making company and a wholly-owned subsidiary of New World Development Company Limited (Stock Code: 17.HK). Embracing the mission of youth development and supporting youth to contribute to society, we strive to develop Youth Square as the platform for youth to exchange knowledge and experience and to develop and discover their potential.
For more information on New World Facilities Management Company Limited, please visit www.nwfm.com.hk.
Youth Square
Youth Square is a project commissioned by the Home Affairs Bureau of HKSAR Government, and aims to be the hub of diversified youth development activities for youth to develop their potential. Youth Square has a 643-seat Y Theatre, Y Studio, multi-function areas and Y Loft with 148 guest rooms. Youth Square is located in Chai Wan and is managed and operated by New World Facilities Management Company Limited on a non-profit making basis.
– Recognized for his philanthropic endeavours in leadership development in India
The All India Management Association, an apex body of professional management in India set up in 1957, awarded the AIMA Corporate Citizen Award 2014 to Shiv Nadar, Founder & Chairman, HCL and Shiv Nadar Foundation, for his unparalleled efforts in philanthropy.
Accepting the award, Shiv Nadar said, “This is a great honor and I thank AIMA for this recognition. Education is a key determinant of development while inclusive education goes a step further to enable the progress and regeneration of communities. The Shiv Nadar Foundation would continue to harness the power of inclusive education to bridge the urban-rural divide and drive exponential social transformation in India by creating leaders from every socio-economic segment.”
Speaking on the occasion, Sanjiv Goenka, Chairman of the Jury, AIMA Managing India Awards 2014 & Chairman, RP-Sanjiv Goenka Group said, “I congratulate Shiv Nadar for the award and for his truly exemplary work in institution building and education. His vision is an inspiration and worthy of emulation and admiration. Under his guidance, HCL and the Shiv Nadar Foundation have established high benchmarks with regards to best business practices and inclusive leadership development.”
Shiv Nadar, acknowledged as visionary in modern computing and technology in India, founded HCL in 1976 as one of India’s original IT garage start-ups. Currently, HCL comprises three companies in India – HCL Technologies, HCL Infosystems and HCL Healthcare with annual revenues of US$ 6.5 billion and over 95,000 professionals from diverse nationalities operating across 31 countries including over 500 points of presence in India.
In 1994, he established the Shiv Nadar Foundation, a private philanthropic organization. A significant driver of social change and transformational education, the Foundation has set up landmark institutions in India spanning the entire education spectrum, from universities and colleges to K-12 schools. These include the SSN Institutions, India’s top ranked engineering college; the ShivNadarUniversity, a multidisciplinary university with strong research orientation and Vidya Gyan, a radical experiment in leadership development through free residential education to meritorious rural poor children. The Foundation has invested Rs 2,946 crore till March 2014 as per audited accounts, and is on course to spend Rs 3000 crore committed in 2013 over the next 5 years.
— Cost optimization, product adaptation to regional needs, and lean manufacturing essential for PPE companies to penetrate these markets
MOUNTAIN VIEW, Calif., Aug. 6, 2014 /PRNewswire/ — The recovery of the mining industry following industrialization in emerging economies and investments in mining to support the demand for metals and commodities have brightened prospects in personal protective equipment (PPE) globally. Multinational mining companies bring with them a strong safety culture, which trickles down to the small companies and service contractors, in turn, enhancing the uptake of PPE in developing nations.
Additionally, regulatory authorities such as the Mine Safety and Health Administration (MSHA) have publicized several fatal and non-fatal accidents in mines further affirming the importance of safety and PPE usage.
New analysis from Frost & Sullivan, Analysis of the Global Mining Industry PPE Market, finds that the market earned revenue of more than $2.26 billion in 2013 and estimates this to reach $2.78 billion in 2018. Product segments covered in this study are above-the-neck and respiratory protection, protective gloves, workwear, protective footwear, fall protection and gas detectors.
The mining industry is likely to remain an important end-user sector for the PPE market globally due to its high level of occupational hazards. However, developing countries currently lack proper regulatory enforcement. For instance, most Southern African countries have no specific PPE legislation for the workplace, and implementation of existing laws is neither strict nor continuous.
Additionally, environmental concerns related to greenhouse gas emissions have caused countries in the US and parts of Europe to increase use of green energy sources and biofuels. Government subsidies for green energy adoption have constricted coal mining budgets in turn hampering PPE demand.
“As developed markets are relatively mature for mining PPE, growth is expected to be driven by the emerging economies of China, India, CEE, Africa and Latin America,” said Frost & Sullivan Chemicals, Materials & Food Senior Research Analyst Aparna Balasubramanian. “China accounts for approximately 50 percent of global mining employment, which makes it a significant market for mining PPE.”
The market situation is expected to change with increasing safety awareness among employers. This translates to higher need for training and therefore, manufacturers will have to develop competence in this area.
Participants can gain an advantage by establishing broad distribution networks. They can set themselves apart and optimally tap market opportunities through price competitiveness, timely product delivery to remote mine sites, as well as by offering technical assistance and superior customer service.
“Cost optimization, product adaptation to regional market needs, and lean manufacturing are essential for global companies to gain penetration in fast-growing emerging markets,” noted Balasubramanian. “Multi-product offerings and close customer interactions are the other key competitive factors that could entrench them in the market.”
Analysis of the Global Mining Industry PPE Market is part of the Materials (http://www.chemicals.frost.com) Growth Partnership Service program. Frost & Sullivan’s related studies include: Strategic Analysis of the Western European Above-the-neck PPE Market, Strategic Analysis of the North American Above-the-neck Personal Protective Equipment Market, Analysis of the Western European Protective Footwear Market, among others. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
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BEIJING, August 6, 2014 /PRNewswire/ — Zhaopin Limited (NYSE: ZPIN) (“Zhaopin” or the “Company”), a leading career platform in China, today announced that it plans to release its unaudited financial results for the fourth quarter and fiscal…
BEIJING, August 5, 2014 /PRNewswire/ — Tarena International, Inc. (NASDAQ: TEDU) (“Tarena” or the “Company”), a leading provider of professional education services in China, today announced that it will release its unaudited financial resul…
