SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2018

 

Commission File Number: 001-33910

 

ATA Inc.

 

1/F East Gate, Building No.2, Jian Wai SoHo,

No.39, Dong San Huan Zhong Road,

Chao Yang District, Beijing 100022, 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):     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)(7):     o

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes    o No    x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 



 

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.

 

 

ATA Inc.

 

 

 

 

By:

/s/ Amy Tung

 

Name:

Amy Tung

 

Title:

Chief Financial Officer

 

Date: August 17, 2018

 

2



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release

 

3


Exhibit 99.1

 

 

ATA Reports 2018 Second Quarter Financial Results, Announces Completion of Final Closing of ATA Online Transaction

Company to Hold Conference Call on Thursday, August 16, 2018, at 9 p.m. ET

 

Beijing, China, August 16, 2018 (NY) / August 17, 2018 (China) — ATA Inc. (“ATA” or the “Company”, Nasdaq: ATAI), a company focused on providing students with quality educational experiences and services in China and abroad, today announced preliminary unaudited financial results for the three months ended June 30, 2018, and the completion of the final closing on the sale of ATA Online (Beijing) Education Technology Co., Ltd. (“ATA Online”), the Company’s subsidiary that operates the testing services and delivery business, and its direct shareholding companies, as well as other corporate developments.

 

Recent Operating Highlights

 

·                  Announces completion of the third and final closing of the ATA Online transaction (the “Transaction”)

·                  ATA’s Board of Directors declared a special cash dividend of US$3.00 per common share, or US$6.00 per ADS, in connection with the Transaction.

·                  Announces entry into definitive agreement for the acquisition of Beijing Biztour International Travel Service Co., Ltd. (“Beijing Biztour”), a provider of international educational study tour and travel services for students in China who are interested in overseas study tours primarily in the U.S., United Kingdom, and Australia (details provided in separate August 16, 2018, press release)

 

Management Commentary

 

Mr. Jack Huang, ATA’s President, stated, “Having completed the final closing of the ATA Online transaction ahead of schedule, we were pleased to announce last week our Board’s declaration of a special cash dividend to shareholders in connection with the Transaction. In the meanwhile, we have already begun making progress on our long-term goal of transforming ATA into a leading international education service provider by leveraging our expertise in competency-focused assessment/education service capabilities and reputation within the industry. Today ATA announced the entry into a definitive agreement for the acquisition of Beijing Biztour, one of China’s leading providers of B2B educational tour services. Completing this acquisition will be our first step forward on executing on our growth strategy, and we believe ATA’s expertise in learning technologies and testing delivery services will enable us to accelerate the growth of well-established education enterprises like Beijing Biztour, enabling us to expand our presence throughout China and beyond. We look forward to working closely with the Beijing Biztour team on growing the business and look forward to providing shareholders with regular updates as we continue exploring M&A opportunities within the education sector in the months ahead.”

 

GAAP Results

 

Impact of ATA Online Transaction on the Company’s Financial Statements

 

Because the Transaction represents a strategic shift and has a major effect on ATA’s results of operations, the disposed business lines have been reclassified as discontinued operations. For the periods presented in this press release, the assets and liabilities of the discontinued operations are presented separately on the consolidated balance sheets, and the results of the discontinued operations, less applicable income taxes, are reported as a separate component of income, discontinued operations, on the consolidated statements of comprehensive income (loss).

 

1



 

2018 Second Quarter

 

ATA’s total net revenues for the three months ended June 30, 2018, were RMB77,076 (US$11,648), compared to RMB1.2 million in the prior-year period. This decrease was primarily due to the reclassification of approximately RMB1.5 million in rental income from net revenues to other operating income, net, as a result of the adoption of new revenue guidance ASC 606, effective January 1, 2018. Related costs of approximately RMB0.6 million were also reclassified from cost of revenues to other operating income, net.

 

Net loss from continuing operations, net of income taxes, for the three months ended June 30, 2018, was RMB20.2 million (US$3.1 million), compared to net loss of RMB17.4 million in the prior-year period, primarily due to approximately RMB3.4 million in increased general and administrative expenses, which was caused by an additional RMB8.0 million contribution to the Research Institute of Future Education and Assessment at Tsinghua University (“THU”) (a similar RMB9.0 million contribution made during the quarter ended June 30, 2017, was recorded under discontinued operations), partially offset by a decrease in professional fee expenses related to the Company’s change in fiscal year-end from March 31 to December 31.

 

Net loss from discontinued operations, net of income taxes, for the three months ended June 30, 2018, was RMB79.5 million (US$12.0 million), compared to net income of RMB8.6 million in the prior-year period, primarily due to RMB110.8 million in income taxes accrued for the Transaction, which was offset by approximately RMB28.6 million in net income generated from ATA Online operations during the 2018 second quarter.

 

Balance Sheet Highlights

 

As of June 30, 2018, ATA’s cash and cash equivalents were RMB287.2 million (US$43.4 million), working capital was RMB154.2 million (US$23.3 million), and total shareholders’ equity was RMB229.4 million (US$34.7 million); compared to RMB53.5 million, RMB225.1 million, and RMB365.1 million, respectively, as of December 31, 2017.

 

Conference Call and Webcast Information (With Accompanying Presentation)

 

ATA will host a conference call at 9 p.m. Eastern Time on Thursday, August 16, 2018, during which management will discuss the results of the quarter ended June 30, 2018. To participate in the conference call, please use the following dial-in numbers about 10 minutes prior to the scheduled conference call time:

 

U.S. & Canada (Toll-Free):

 

+1 (888) 339-2688

International (Toll):

 

+1 (617) 847-3007

 

 

 

Toll-Free

 

Local Access

 

 

 

 

 

China:

 

(800) 990 1344

 

(400) 881 1630

Hong Kong:

 

 

 

3002 1672

 

 

 

 

 

Participant Passcode:

 

95489316

 

 

 

A live webcast of the conference call can be accessed at the investor relations section of ATA’s website at www.atai.net.cn or by clicking the following link: https://www.webcaster4.com/Webcast/Page/274/26863.

 

An accompanying slide presentation in PDF format will also be made available 30 minutes prior to the conference call on the same investor relations section of ATA’s website. To listen to the webcast, please visit ATA’s website a few minutes prior to the start of the call to register, download, and install any necessary audio software.

 

A replay will be available shortly after the call on the investor relations section of ATA’s website and will remain available for 90 days.

 

2



 

About ATA Online

 

ATA Online is a leading provider of advanced testing technologies in China, offering comprehensive services for the creation and delivery of assessments based on its proprietary testing technologies and test delivery platform. ATA Online’s testing technologies are used for professional licensure and certification tests in various industries, including information technology services, banking, teaching, asset management, insurance, and accounting. As of June 30, 2018, ATA Online’s test center network comprised 3,436 authorized test centers located throughout China. The company believes that it has the largest test center network of any commercial testing service provider in China.

 

ATA Online has delivered approximately 104.9 million billable tests since it started operations in 1999.

 

About ATA Inc.

 

ATA is focused on providing quality educational experiences and services for students throughout China and abroad. ATA aims to offer both online and on-campus education programs through a network of global education partners. For more information, please visit ATA’s website at www.atai.net.cn.

 

Cautionary Note Regarding Forward-looking Statements

 

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995.

 

These forward-looking statements can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “look forward to,” “outlook,” “plan,” “should,” “will,” and similar terms and include, among other things, statements regarding the Transaction, ATA’s future growth and results of operations, ATA’s plans for mergers and acquisitions generally, the anticipated benefits to ATA’s expansion efforts into the international education studies market, the anticipated acquisition of Beijing Biztour, and the ability of ATA and Beijing Biztour to cooperate effectively and to introduce offerings and build partnerships.

 

The factors that could cause the Company’s actual financial and operating results to differ from what the Company currently anticipates may include its ability to leverage its existing competency-focused assessment and education service capabilities, its ability to identify and execute on M&A opportunities within the education sector, the economy of China, uncertainties with respect to China’s legal and regulatory environments, and other factors stated in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).

 

The financial information contained in this release should be read in conjunction with the consolidated financial statements and related notes included in the Company’s annual report on Form 20-F for its nine-month transition period ended December 31, 2017, and other filings that ATA has made with the SEC. The filings are available on the SEC’s website at www.sec.gov and at ATA’s website at www.atai.net.cn. For additional information on the risk factors that could adversely affect the Company’s business, financial conditions, results of operations, and prospects, please see the “Risk Factors” section of the Company’s Form 20-F for the nine-month transition period ended December 31, 2017.

 

The preliminary results for the quarter ended June 30, 2018, remain subject to the finalization of the Company’s year-end closing and reporting processes.

 

The forward-looking statements in this release involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about ATA and the markets in which it operates. The Company undertakes no obligation to update forward-looking statements, which speak only as of the date of this release, to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that its expectations and assumptions expressed in these forward-looking statements are reasonable, the Company cannot assure you that its expectations and assumptions will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

 

3



 

Currency Convenience Translation

 

The Company’s financial information is stated in Renminbi (“RMB”), the currency of the People’s Republic of China. The translation of RMB amounts for the quarter ended June 30, 2018, into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB6.6171 to US$1.00, the noon buying rate as of June 30, 2018, in New York for cable transfers in RMB per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under U.S. GAAP.

 

About Non-GAAP Financial Measures

 

To supplement ATA’s consolidated financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), ATA uses the following non-GAAP financial measures: net income (loss) excluding share-based compensation expense and foreign currency exchange gain or loss, and basic and diluted earnings (losses) per common share and ADS excluding share-based compensation expense and foreign currency exchange gain or loss.

 

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. ATA believes these non-GAAP financial measures provide meaningful supplemental information about its performance by excluding share-based compensation expense and foreign currency exchange gain or loss, which may not be indicative of its operating performance.

 

ATA believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to ATA’s historical performance. ATA computes its non-GAAP financial measures using a consistent method from period to period. ATA believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using non-GAAP net income (loss) excluding share-based compensation expense and foreign currency exchange gain or loss and basic and diluted earnings (losses) per common share and per ADS excluding share-based compensation expense and foreign currency exchange gain or loss is that share-based compensation charges and foreign currency exchange gain or loss have been, and are expected to continue to be for the foreseeable future, a significant recurring expense in ATA’s business.

 

Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The table captioned “Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures” shown at the end of this news release has more details on the reconciliations between GAAP financial measures that are most directly comparable to the non-GAAP financial measures used by ATA.

 

4



 

For more information on our company, please contact the following individuals:

 

At the Company

 

Investor Relations

ATA Inc.

 

The Equity Group Inc.

Amy Tung, CFO

 

Carolyne Y. Sohn, Senior Associate

+86 10 6518 1122 x 5518

 

415-568-2255

amytung@atai.net.cn

 

csohn@equityny.com

 

 

 

 

 

Katherine Yao, Senior Associate

 

 

+86 10 6587 6435

 

 

kyao@equityny.com

 

 

 

 

 

Adam Prior, Senior Vice President

 

 

212-836-9606

 

 

aprior@equityny.com

 

5



 

ATA INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

December 31,

 

June 30,

 

June 30,

 

 

 

2017

 

2018

 

2018

 

 

 

RMB

 

RMB

 

USD

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

53,478,494

 

287,201,925

 

43,402,990

 

Accounts receivable, net

 

52,907

 

13,577

 

2,052

 

Prepaid expenses and other current assets

 

3,270,988

 

9,607,962

 

1,451,990

 

Convertible bond

 

 

13,476,836

 

2,036,668

 

Assets classified as held for sale

 

310,014,014

 

848,572,444

 

128,239,326

 

Total current assets

 

366,816,403

 

1,158,872,744

 

175,133,026

 

 

 

 

 

 

 

 

 

Long-term investments

 

70,021,699

 

72,771,699

 

10,997,521

 

Property and equipment, net

 

42,302,632

 

41,181,396

 

6,223,481

 

Intangible assets, net

 

6,088,483

 

5,363,561

 

810,561

 

Deferred income tax assets

 

 

14,089,362

 

2,129,235

 

Other assets

 

4,004,039

 

3,678,891

 

555,967

 

Assets classified as held for sale

 

79,208,251

 

 

 

Total assets

 

568,441,507

 

1,295,957,653

 

195,849,791

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term loan

 

 

15,000,000

 

2,266,854

 

Purchase deposit

 

 

132,332,000

 

19,998,489

 

Proceeds received for sale of discontinued operations

 

 

132,332,000

 

19,998,489

 

Accrued expenses and other payables

 

28,018,521

 

26,741,540

 

4,041,277

 

Deferred revenues

 

2,443,302

 

2,554,740

 

386,082

 

Liabilities classified as held for sale

 

111,304,107

 

695,737,422

 

105,142,347

 

Total current liabilities

 

141,765,930

 

1,004,697,702

 

151,833,538

 

 

 

 

 

 

 

 

 

Deferred revenues

 

799,145

 

753,669

 

113,897

 

Deferred income tax liabilities

 

22,797,747

 

23,381,321

 

3,533,469

 

Liabilities classified as held for sale

 

1,701,675

 

 

 

Total liabilities

 

167,064,497

 

1,028,832,692

 

155,480,904

 

 

 

 

 

 

 

 

 

Mezzanine equity-redeemable non-controlling interests

 

36,304,276

 

37,716,580

 

5,699,865

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Common shares

 

3,534,871

 

3,534,871

 

534,202

 

Treasury shares

 

(27,737,073

)

(27,737,073

)

(4,191,726

)

Additional paid-in capital

 

389,897,690

 

393,742,169

 

59,503,736

 

Accumulated other comprehensive loss

 

(26,850,955

)

(27,092,466

)

(4,094,311

)

Retained earnings (Accumulated deficit)

 

25,884,905

 

(113,687,695

)

(17,180,894

)

Total shareholders’ equity attributable to ATA Inc.

 

364,729,438

 

228,759,806

 

34,571,007

 

Non-redeemable non-controlling interests

 

343,296

 

648,575

 

98,015

 

Total shareholders’ equity

 

365,072,734

 

229,408,381

 

34,669,022

 

Commitments and contingencies

 

 

 

 

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

 

568,441,507

 

1,295,957,653

 

195,849,791

 

 

6



 

ATA INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Three-month Period Ended

 

 

 

June 30,

 

June 30,

 

June 30,

 

 

 

2017

 

2018

 

2018

 

 

 

RMB

 

RMB

 

USD

 

Net revenues

 

1,175,620

 

77,076

 

11,648

 

Cost of revenues

 

1,201,482

 

2,009,770

 

303,724

 

Gross loss

 

(25,862

)

(1,932,694

)

(292,076

)

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

4,772,710

 

4,618,882

 

698,022

 

Sales and marketing

 

1,338,087

 

1,342,373

 

202,864

 

General and administrative

 

10,829,405

 

14,222,402

 

2,149,341

 

Total operating expenses

 

16,940,202

 

20,183,657

 

3,050,227

 

Other operating income, net

 

 

912,790

 

137,944

 

Loss from continuing operations

 

(16,966,064

)

(21,203,561

)

(3,204,359

)

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Share of net loss of equity method investments

 

(470,020

)

 

 

Change in fair value of long-term investment

 

 

2,750,000

 

415,590

 

Interest income, net of interest expenses

 

454,201

 

303,644

 

45,888

 

Foreign currency exchange gain (loss), net

 

(645,297

)

451,939

 

68,299

 

Loss from continuing operations before income taxes

 

(17,627,180

)

(17,697,978

)

(2,674,582

)

Income tax expense (benefit)

 

(229,085

)

2,545,294

 

384,654

 

Net loss from continuing operations, net of income taxes

 

(17,398,095

)

(20,243,272

)

(3,059,236

)

Net income (loss) from discontinued operations, net of income taxes

 

8,636,978

 

(79,532,319

)

(12,019,211

)

Net loss

 

(8,761,117

)

(99,775,591

)

(15,078,447

)

Net loss attributable to redeemable non-controlling interests from continuing operations

 

(119,854

)

(1,013,778

)

(153,206

)

Net loss attributable to non-redeemable non-controlling interests from discontinued operations

 

(181,700

)

(184,915

)

(27,945

)

Net loss attributable to ATA Inc.

 

(8,459,563

)

(98,576,898

)

(14,897,296

)

Net loss from continuing operations attributable to ATA Inc.

 

(17,278,241

)

(19,229,494

)

(2,906,030

)

Net income (loss) from discontinued operations attributable to ATA Inc.

 

8,818,678

 

(79,347,404

)

(11,991,266

)

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of nil income taxes

 

(1,121,086

)

(24,927

)

(3,767

)

Comprehensive loss attributable to ATA Inc.

 

(9,580,649

)

(98,601,825

)

(14,901,063

)

 

 

 

 

 

 

 

 

Basic and diluted losses per common share attributable to ATA Inc.

 

(0.33

)

(2.19

)

(0.33

)

Basic and diluted losses per ADS attributable to ATA Inc.

 

(0.66

)

(4.38

)

(0.66

)

Basic and diluted losses from continuing operations per common share attributable to ATA Inc.

 

(0.52

)

(0.46

)

(0.07

)

Basic and diluted earnings (losses) from discontinued operations per common share attributable to ATA Inc.

 

0.19

 

(1.73

)

(0.26

)

Basic and diluted losses from continuing operations per ADS attributable to ATA Inc.

 

(1.04

)

(0.92

)

(0.14

)

Basic and diluted earnings (losses) from discontinued operations per ADS attributable to ATA Inc.

 

0.38

 

(3.46

)

(0.52

)

 

7



 

ATA INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

 

 

Six-month Period Ended

 

 

 

June 30,

 

June 30,

 

June 30,

 

 

 

2017

 

2018

 

2018

 

 

 

RMB

 

RMB

 

USD

 

Net revenues

 

3,483,415

 

295,575

 

44,668

 

Cost of revenues

 

2,400,347

 

2,668,343

 

403,249

 

Gross profit (loss)

 

1,083,068

 

(2,372,768

)

(358,581

)

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

9,069,924

 

8,853,799

 

1,338,018

 

Sales and marketing

 

2,431,222

 

2,301,929

 

347,876

 

General and administrative

 

19,455,175

 

24,890,806

 

3,761,588

 

Total operating expenses

 

30,956,321

 

36,046,534

 

5,447,482

 

Other operating income, net

 

 

1,852,931

 

280,021

 

Loss from continuing operations

 

(29,873,253

)

(36,566,371

)

(5,526,042

)

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Share of net loss of equity method investments

 

(1,033,661

)

 

 

Change in fair value of long-term investment

 

 

2,750,000

 

415,590

 

Interest income, net of interest expenses

 

816,061

 

452,681

 

68,411

 

Foreign currency exchange gain (loss), net

 

(645,575

)

418,440

 

63,236

 

Loss from continuing operations before income taxes

 

(30,736,428

)

(32,945,250

)

(4,978,805

)

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

21,800,497

 

(1,617,620

)

(244,461

)

Net loss from continuing operations, net of income taxes

 

(52,536,925

)

(31,327,630

)

(4,734,344

)

Net loss from discontinued operations, net of income taxes

 

(10,137,497

)

(107,017,387

)

(16,172,854

)

Net loss

 

(62,674,422

)

(138,345,017

)

(20,907,198

)

Net loss attributable to redeemable non-controlling interests from continuing operations

 

(119,854

)

(1,476,736

)

(223,170

)

Net loss attributable to non-redeemable non-controlling interests from discontinued operations

 

(401,104

)

(184,721

)

(27,916

)

Net loss attributable to ATA Inc.

 

(62,153,464

)

(136,683,560

)

(20,656,112

)

Net loss from continuing operations attributable to ATA Inc.

 

(52,417,071

)

(29,850,894

)

(4,511,174

)

Net loss from discontinued operations attributable to ATA Inc.

 

(9,736,393

)

(106,832,666

)

(16,144,938

)

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of nil income taxes

 

(1,191,644

)

(241,511

)

(36,498

)

Comprehensive loss attributable to ATA Inc.

 

(63,345,108

)

(136,925,071

)

(20,692,610

)

 

 

 

 

 

 

 

 

Basic and diluted losses per common share attributable to ATA Inc.

 

(1.50

)

(3.05

)

(0.46

)

Basic and diluted losses per ADS attributable to ATA Inc.

 

(3.00

)

(6.10

)

(0.92

)

Basic and diluted losses from continuing operations per common share attributable to ATA Inc.

 

(1.29

)

(0.72

)

(0.11

)

Basic and diluted losses from discontinued operations per common share attributable to ATA Inc.

 

(0.21

)

(2.33

)

(0.35

)

Basic and diluted losses from continuing operations per ADS attributable to ATA Inc.

 

(2.58

)

(1.44

)

(0.22

)

Basic and diluted losses from discontinued operations per ADS attributable to ATA Inc.

 

(0.42

)

(4.66

)

(0.70

)

 

8



 

RECONCILIATIONS OF NON-GAAP MEASURES

TO THE MOST COMPARABLE GAAP MEASURES

 

 

 

Three-month Period Ended

 

Six-month Period Ended

 

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

 

2017

 

2018

 

2017

 

2018

 

 

 

RMB

 

RMB

 

RMB

 

RMB

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss attributable to ATA Inc.

 

(8,459,563

)

(98,576,898

)

(62,153,464

)

(136,683,560

)

Share-based compensation expenses

 

5,212,108

 

2,359,000

 

9,090,169

 

5,303,854

 

Foreign currency exchange loss (gain), net

 

641,107

 

(4,791,001

)

638,158

 

(4,757,502

)

Non-GAAP net loss attributable to ATA Inc.

 

(2,606,348

)

(101,008,899

)

(52,425,137

)

(136,137,208

)

 

 

 

 

 

 

 

 

 

 

GAAP losses per common share attributable to ATA Inc.

 

 

 

 

 

 

 

 

 

Basic and diluted

 

(0.33

)

(2.19

)

(1.50

)

(3.05

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP losses per common share attributable to ATA Inc.

 

 

 

 

 

 

 

 

 

Basic and diluted

 

(0.20

)

(2.24

)

(1.29

)

(3.04

)

 

9