RYB Education Q2 Revenue Rises Four-Fold; Gang Chen Named As Chairman

  • RYB Education Inc RYB reported second-quarter FY21 revenue growth of 318.1% year-on-year, to $53.4 million.
  • Service revenues jumped 342.2% Y/Y, and the product revenue rose 80%.
  • The number of students enrolled at directly operated facilities was 37,166 as of June 30, 2021.
  • Gross profit was $14.5 million, compared with a gross loss of $(9.5) million last year. The gross margin was 27.2%.
  • The operating margin was 16%, and operating income for the quarter was $8.6 million.
  • Adjusted net income per ADS was $0.23 versus $(0.43) last year. Adjusted EBITDA for the quarter was $13.2 million.
  • RYB Education held $72.8 million in cash and equivalents as of June 30, 2021. Cash generated from operating activities totaled for the quarter $0.2 million.
  • "The recurrences of some COVID-19 cases in some regions during the first half of this year, however, cast some impact on the play-and-learn center operations," said CEO Yanlai Shi.
  • RYB Education said Chimin Cao has resigned as the chairman of the Board of directors. Cao will remain as a director of the Board and be re-designated as the honorary chairman.
  • Cen Shi resigned as a director and got re-designated as an observer of the Board. The company has appointed Gang Chen as the chairman of the Board, effective September 17, 2021. 
  • Outlook: RYB sees Q3 revenue of $41 million - $42 million, representing a Y/Y increase of 26% - 29%.
  • Price action: RYB shares are trading higher by 3.09% at $3.00 on the last check Friday.
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