51job, Inc. Reports Third Quarter 2018 Financial Results
SHANGHAI, Nov. 8, 2018 /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 third quarter ended September 30, 2018.
Third Quarter 2018 Financial Highlights:
-- Total revenues increased 31.1% over Q3 2017 to RMB954.6 million
(US$139.0 million), exceeding the Company's guidance range
-- Online recruitment services revenues increased 33.0% over Q3 2017 to
RMB649.3 million (US$94.5 million)
-- Other human resource related revenues increased 27.2% over Q3 2017 to
RMB305.4 million (US$44.5 million)
-- Gross margin was 72.5% compared with 72.8% in Q3 2017
-- Income from operations increased 34.6% over Q3 2017 to RMB270.5 million
(US$39.4 million)
-- Fully diluted earnings per share was RMB5.16 (US$0.75)
-- Excluding share-based compensation expense, loss from foreign currency
translation and change in fair value of convertible senior notes, as
well as the related tax effect of these items, non-GAAP adjusted fully
diluted earnings per share were RMB5.09 (US$0.74), exceeding the
Company's guidance range
Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, "Deploying a high-quality growth strategy by delivering the best to employers and job seekers, we are pleased to report another quarter of solid financial results. In the third quarter, our online business again saw further improvement in average revenue per employer as we successfully drove greater spending by customers. In the other HR services area, demand and usage continued to see good growth as employers sought more assistance and solutions to address talent management challenges. With a broad portfolio of products and services, robust business fundamentals, and a long, proven track record of healthy, profitable operations, 51job remains confident and excited about the tremendous HR market opportunity in China."
Third Quarter 2018 Unaudited Financial Results
Total revenues for the third quarter ended September 30, 2018 were RMB954.6 million (US$139.0 million), an increase of 31.1% from RMB728.2 million for the same quarter in 2017.
Online recruitment services revenues for the third quarter of 2018 were RMB649.3 million (US$94.5 million), representing a 33.0% increase from RMB488.2 million for the same quarter of the prior year. This growth was driven by higher average revenue per unique employer, which was partially offset by a decrease in the number of unique employers. Average revenue per employer increased 38.6% in the third quarter of 2018 due to successful up-selling efforts that resulted in the purchase of multiple and/or higher value online products and services by customers, as well as price increases for select like-for-like products when compared with the same quarter in 2017. In line with the strategic priority to focus more attention on higher potential employers, the Company has chosen to moderate new user additions and to terminate coverage of certain customer accounts in 2018, and therefore, the estimated number of unique employers decreased 4.1% to 365,386 in the third quarter of 2018 compared with 380,866 in the same quarter of the prior year. The estimated number of unique employers in the third quarter of 2018 reflects those employers currently assigned a unique identification number in the Company's management information systems and does not include employers utilizing Lagou.com.
Other human resource related revenues for the third quarter of 2018 increased 27.2% to RMB305.4 million (US$44.5 million) from RMB240.0 million for the same quarter in 2017. This increase was mainly due to greater usage and growth of business process outsourcing, training, assessment and placement services.
Gross profit for the third quarter of 2018 increased 30.6% to RMB684.7 million (US$99.7 million) from RMB524.2 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, was 72.5% in the third quarter of 2018 compared with 72.8% for the same quarter in 2017.
Operating expenses for the third quarter of 2018 increased 28.1% to RMB414.1 million (US$60.3 million) from RMB323.3 million for the same quarter in 2017. Sales and marketing expenses for the third quarter of 2018 increased 32.0% to RMB323.4 million (US$47.1 million) from RMB245.0 million for the same quarter of the prior year primarily due to higher employee compensation expenses, headcount additions, and greater advertising and promotion expenses. General and administrative expenses for the third quarter of 2018 increased 16.0% to RMB90.8 million (US$13.2 million) from RMB78.2 million for the same quarter of the prior year primarily due to higher employee compensation, rent and office expenses.
Income from operations for the third quarter of 2018 increased 34.6% to RMB270.5 million (US$39.4 million) from RMB200.9 million for the third quarter of 2017. Operating margin, which is income from operations as a percentage of net revenues, was 28.7% in the third quarter of 2018 compared with 27.9% for the same quarter in 2017. Excluding share-based compensation expense, operating margin would have been 31.7% in the third quarter of 2018 compared with 31.1% for the same quarter in 2017.
The Company recognized a loss from foreign currency translation of RMB67.1 million (US$9.8 million) in the third quarter of 2018 compared with RMB2.2 million in the third quarter of 2017 primarily due to the impact of the change in exchange rate between the Renminbi and the U.S. dollar on the Company's U.S. dollar cash deposits and U.S. dollar-denominated convertible senior notes issued in 2014.
In the third quarter of 2018, the Company recognized a mark-to-market, non-cash gain of RMB548.6 million (US$79.9 million) associated with a change in fair value of convertible senior notes compared with a loss of RMB351.5 million in the third quarter of 2017. The large non-cash gain was a result of the significant change in the price of the Company's American Depositary Shares traded on the Nasdaq Global Select Market during the third quarter of 2018 and its corresponding effect on the fair value of the convertible senior notes.
During the third quarter of 2018, the Company recognized a gain of RMB61.1 million (US$8.9 million) from the sale of shares in Shanghai Gaodun Education & Training Co., Ltd. ("Golden Finance"). The Company reduced its stake in Golden Finance from 15.0% to 12.7% as of September 30, 2018.
Net income attributable to 51job for the third quarter of 2018 was RMB785.4 million (US$114.4 million) compared with net loss of RMB(167.0) million for the same quarter in 2017. Fully diluted earnings per share for the third quarter of 2018 was RMB5.16 (US$0.75) compared with loss per share of RMB(2.76) for the same quarter in 2017.
In the third quarter of 2018, total share-based compensation expense was RMB29.2 million (US$4.2 million) compared with RMB22.9 million in the third quarter of 2017.
Excluding share-based compensation expense, loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect of these items, non-GAAP adjusted net income attributable to 51job for the third quarter of 2018 increased 58.8% to RMB333.1 million (US$48.5 million) compared with RMB209.8 million for the third quarter of 2017. Non-GAAP adjusted fully diluted earnings per share were RMB5.09 (US$0.74) in the third quarter of 2018 compared with RMB3.32 in the third quarter of 2017.
As of September 30, 2018, cash and short-term investments totaled RMB8,695.3 million (US$1,266.1 million) compared with RMB7,132.0 million as of December 31, 2017.
Business Outlook
Based on current market and operating conditions, the Company's total revenues target for the fourth quarter of 2018 is in the estimated range of RMB1,090 million to RMB1,120 million (US$158.7 million to US$163.1 million). Guidance for earnings per share is provided on a non-GAAP basis due to the inherent difficulty in forecasting the future impact of certain items, such as gain/loss from foreign currency translation and change in fair value of convertible senior notes. The Company is not able to provide a reconciliation of these non-GAAP items to expected reported GAAP earnings per share, without unreasonable efforts, due to the unknown effect and potential significance of such future impact and changes. 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 senior notes, as well as the related tax effect of these items, the Company's non-GAAP fully diluted earnings target for the fourth quarter of 2018 is in the estimated range of RMB4.45 to RMB4.75 (US$0.65 to US$0.69) per share. The Company expects total share-based compensation expense in the fourth quarter of 2018 to be in the estimated range of RMB30 million to RMB31 million (US$4.4 million to US$4.5 million).
Currency Convenience Translation
For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollars at the rate of RMB6.8680 to US$1.00, the noon buying rate on September 28, 2018 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
The Company's management will hold a conference call at 8:00 p.m. Eastern Time on November 8, 2018 (9:00 a.m. Beijing / Hong Kong time zone on November 9, 2018) to discuss its third quarter 2018 financial results, operating performance and business outlook. To dial in to the call, please use the following telephone numbers:
US: +1-888-346-8982
International: +1-412-902-4272
Hong Kong: +852-800-905-945
China: +86-400-120-1203
Conference ID:
51job
The call will also be available live and on replay through 51job's investor relations website, http://ir.51job.com.
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 net income attributable to 51job and adjusted earnings per share, which are adjusted from results based on GAAP to exclude share-based compensation expense, loss from foreign currency translation and change in fair value of convertible senior notes, 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 loss from foreign currency translation and change in fair value of convertible senior notes, as well as the related tax effect, from its non-GAAP financial measures is useful for its management and investors as such translation or mark-to-market gain/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. 51job also believes these non-GAAP financial measures excluding share-based compensation expense, loss from foreign currency translation and change in fair value of convertible senior notes, 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
Founded in 1998, 51job is a leading provider of integrated human resource services in China. With a comprehensive suite of HR solutions, 51job meets the needs of enterprises and job seekers through the entire talent management cycle, from initial recruitment to employee retention and career development. The Company's main online recruitment platforms (http://www.51job.com, http://www.yingjiesheng.com, http://www.51jingying.com, and http://www.lagou.com), as well as mobile applications, connect millions of people with employment opportunities every day. 51job also provides a number of other value-added HR services, including business process outsourcing, training, professional assessment, placement, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide sales office network spanning 25 cities across China.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "targets, "confident" and similar statements. Among other things, statements that are not historical facts, including statements about 51job's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as 51job's strategic and operational plans, are or contain forward-looking statements. 51job may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. All forward-looking statements are based upon management's expectations at the time of the statements and involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: execution of 51job's strategies and business plans; behavioral and operational changes of enterprises in meeting their human resource needs as they respond to evolving social, political, regulatory and financial conditions in China; introduction by competitors of new or enhanced products or services; price competition in the market for the various human resource services that 51job provides in China; acceptance of new products and services developed or introduced by 51job outside of the human resources industry; risks related to acquisitions or investments 51job has made or will make in the future; accounting adjustments that may occur during the quarterly or annual close or auditing process; fluctuations in the value of the Renminbi against the U.S. dollar and other currencies; and fluctuations in general economic and business conditions in China. Further information regarding these and other risks are included in 51job's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release and based on assumptions that 51job believes to be reasonable as of this date, and 51job undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Contact:
Linda Chien
Investor Relations
51job, Inc.
+86-21-6879-6250
ir@51job.com
51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
For the Three Months Ended
September 30,
September 30,
September 30,
2017 2018 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services 488,224 649,275 94,536
Other human resource related revenues 240,005 305,370 44,463
Total revenues 728,229 954,645 138,999
Less: Government surcharges (7,891) (10,642) (1,550)
Net revenues 720,338 944,003 137,449
Cost of services (Note 2) (196,155) (259,327) (37,759)
Gross profit 524,183 684,676 99,690
Operating expenses:
Sales and marketing (Note 3) (245,033) (323,373) (47,084)
General and administrative (Note 4) (78,218) (90,758) (13,215)
Total operating expenses (323,251) (414,131) (60,299)
Income from operations 200,932 270,545 39,391
Loss from foreign currency translation (2,183) (67,089) (9,768)
Interest and investment income, net 21,230 29,654 4,318
Change in fair value of convertible senior notes (351,500) 548,626 79,881
Gain from sale of long-term investments - 61,070 8,892
Other income, net 6,043 3,330 485
Income (Loss) before income tax expense (125,478) 846,136 123,199
Income tax expense (41,010) (61,228) (8,915)
Net income (loss) (166,488) 784,908 114,284
Net (income) loss attributable to non-controlling interests (494) 515 75
Net income (loss) attributable to 51job, Inc. (166,982) 785,423 114,359
Net income (loss) (166,488) 784,908 114,284
Other comprehensive loss (316) (20,795) (3,028)
Total comprehensive income (loss) (166,804) 764,113 111,256
Earnings (Loss) per share:
Basic (2.76) 12.78 1.86
Diluted (Note 5) (2.76) 5.16 0.75
Weighted average number of common shares outstanding:
Basic 60,566,713 61,465,682 61,465,682
Diluted 60,566,713 67,304,326 67,304,326
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.8680
to US$1.00 on September 28, 2018 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 RMB3,674 and RMB4,654 (US$678) for the three months ended
September 30, 2017 and 2018, respectively.
(3) Includes share-based compensation expense of RMB3,159 and RMB4,001 (US$583) for the three months ended
September 30, 2017 and 2018, respectively.
(4) Includes share-based compensation expense of RMB16,103 and RMB20,518 (US$2,987) for the three months ended
September 30, 2017 and 2018, respectively.
(5) Diluted earnings (loss) per share is calculated in accordance with the "if converted" method. This includes the
add-back of interest expense of RMB9,587 (US$1,396), subtraction of change in fair value of convertible senior notes
of RMB548,626 (US$79,881), and add-back of foreign currency translation loss of RMB100,966 (US$14,701)
related to the convertible senior notes to the numerator of net income attributable to 51job, and the addition of the
maximum number of 4,035,672 potentially converted shares related to the convertible senior notes to the denominator
of diluted common shares for the three months ended September 30, 2018. The potential conversion of the
convertible senior notes and the impact of shares options was excluded in the computation of diluted loss per share
for the three months ended September 30, 2017 because the effect would be anti-dilutive.
51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
For the Nine Months Ended
September 30,
September 30,
September 30,
2017 2018 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services 1,352,257 1,785,946 260,039
Other human resource related revenues 656,852 875,498 127,475
Total revenues 2,009,109 2,661,444 387,514
Less: Government surcharges (23,569) (30,293) (4,411)
Net revenues 1,985,540 2,631,151 383,103
Cost of services (Note 2) (533,364) (709,083) (103,244)
Gross profit 1,452,176 1,922,068 279,859
Operating expenses:
Sales and marketing (Note 3) (678,163) (932,403) (135,760)
General and administrative (Note 4) (220,515) (264,943) (38,576)
Total operating expenses (898,678) (1,197,346) (174,336)
Income from operations 553,498 724,722 105,523
Loss from foreign currency translation (4,045) (111,577) (16,246)
Interest and investment income, net 56,104 79,088 11,515
Change in fair value of convertible senior notes (491,410) (349,789) (50,930)
Gain from sale of long-term investments - 61,070 8,892
Other income, net 75,767 157,514 22,934
Income before income tax expense 189,914 561,028 81,688
Income tax expense (122,616) (171,065) (24,908)
Net income 67,298 389,963 56,780
Net (income) loss attributable to non-controlling interests (766) 6,020 877
Net income attributable to 51job, Inc. 66,532 395,983 57,657
Net income 67,298 389,963 56,780
Other comprehensive loss (777) (20,639) (3,005)
Total comprehensive income 66,521 369,324 53,775
Earnings per share:
Basic 1.11 6.46 0.94
Diluted (Note 5) 1.09 6.26 0.91
Weighted average number of common shares outstanding:
Basic 59,855,656 61,251,995 61,251,995
Diluted 60,763,317 63,288,619 63,288,619
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.8680
to US$1.00 on September 28, 2018 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 RMB10,390 and RMB11,607 (US$1,690) for the nine months ended
September 30, 2017 and 2018, respectively.
(3) Includes share-based compensation expense of RMB8,932 and RMB9,978 (US$1,453) for the nine months ended
September 30, 2017 and 2018, respectively.
(4) Includes share-based compensation expense of RMB45,530 and RMB55,481 (US$8,078) for the nine months ended
September 30, 2017 and 2018, respectively.
(5) Diluted earnings per share is calculated in accordance with the "if converted" method. The potential
conversion of the convertible senior notes was excluded in the computation of diluted earnings per share for the
nine months ended September 30, 2017 and 2018 because the effect would be anti-dilutive.
51job, Inc.
Reconciliation of GAAP and Non-GAAP Results
For the Three Months Ended
September 30,
September 30,
September 30,
2017 2018 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
GAAP income (loss) before income tax expense (125,478) 846,136 123,199
Add back: Share-based compensation 22,936 29,173 4,248
Add back: Loss from foreign currency translation 2,183 67,089 9,768
Add back: Change in fair value of convertible senior notes 351,500 (548,626) (79,881)
Non-GAAP income before income tax expense 251,141 393,772 57,334
GAAP income tax expense (41,010) (61,228) (8,915)
Tax effect of non-GAAP line items 124 (5) (1)
Non-GAAP income tax expense (40,886) (61,233) (8,916)
Non-GAAP adjusted net income 210,255 332,539 48,418
Non-GAAP adjusted net income attributable to 51job, Inc. 209,761 333,054 48,493
Non-GAAP adjusted earnings per share:
Basic 3.46 5.42 0.79
Diluted (Note 2) 3.32 5.09 0.74
Weighted average number of common shares outstanding:
Basic 60,566,713 61,465,682 61,465,682
Diluted 65,962,406 67,304,326 67,304,326
For the Nine Months Ended
September 30,
September 30,
September 30,
2017 2018 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
GAAP income before income tax expense 189,914 561,028 81,688
Add back: Share-based compensation 64,852 77,066 11,221
Add back: Loss from foreign currency translation 4,045 111,577 16,246
Add back: Change in fair value of convertible senior notes 491,410 349,789 50,930
Non-GAAP income before income tax expense 750,221 1,099,460 160,085
GAAP income tax expense (122,616) (171,065) (24,908)
Tax effect of non-GAAP line items 68 46 7
Non-GAAP income tax expense (122,548) (171,019) (24,901)
Non-GAAP adjusted net income 627,673 928,441 135,184
Non-GAAP adjusted net income attributable to 51job, Inc. 626,907 934,461 136,061
Non-GAAP adjusted earnings per share:
Basic 10.47 15.26 2.22
Diluted (Note 3) 10.12 14.29 2.08
Weighted average number of common shares outstanding:
Basic 59,855,656 61,251,995 61,251,995
Diluted 64,799,349 67,324,291 67,324,291
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB6.8680
to US$1.00 on September 28, 2018 in New York for cable transfers of Renminbi as set forth in the H.10 weekly
statistical release of the Federal Reserve Board.
(2) Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back
of interest expense of RMB9,328 and RMB9,587 (US$1,396) related to the convertible senior notes to the numerator
of non-GAAP adjusted net income attributable to 51job for the three months ended September 30, 2017 and 2018,
respectively. The maximum number of 4,035,672 potentially converted shares related to the convertible senior notes
was added to the denominator of diluted common shares for the three months ended September 30, 2017 and 2018.
(3) Diluted earnings per share is calculated in accordance with the "if converted" method. This includes the add-back
of interest expense of RMB28,559 and RMB27,490 (US$4,003) related to the convertible senior notes to the numerator
of non-GAAP adjusted net income attributable to 51job for the nine months ended September 30, 2017 and 2018,
respectively. The maximum number of 4,035,672 potentially converted shares related to the convertible senior notes
was added to the denominator of diluted common shares for the nine months ended September 30, 2017 and 2018.
51job, Inc.
Consolidated Balance Sheets
As of
December 31,
September 30,
September 30,
2017 2018 2018
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
RMB
RMB
US$ (Note 1)
ASSETS
Current assets:
Cash 2,292,476 1,943,100 282,921
Restricted cash 249 -
Short-term investments 4,839,550 6,752,240 983,145
Accounts receivable (net of allowance of RMB5,384
and RMB9,447 as of December 31, 2017 and
September 30, 2018, respectively) 186,861 207,546 30,219
Prepayments and other current assets 559,105 518,521 75,498
Total current assets 7,878,241 9,421,407 1,371,783
---
Non-current assets:
Long-term investments 433,886 517,656 75,372
Property and equipment, net 497,845 535,356 77,949
Goodwill 1,021,454 1,021,454 148,727
Intangible assets, net 162,024 227,832 33,173
Other long-term assets 17,370 11,020 1,605
Deferred tax assets 12,912 15,347 2,235
Total non-current assets 2,145,491 2,328,665 339,061
---
Total assets 10,023,732 11,750,072 1,710,844
===
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities:
Accounts payable 35,532 46,809 6,816
Salary and employee related accrual 134,966 192,446 28,021
Taxes payable 230,734 196,359 28,590
Advance from customers 937,981 1,219,264 177,529
Convertible senior notes, current 2,175,341 316,736
Other payables and accruals 703,441 1,023,780 149,065
Total current liabilities 2,042,654 4,853,999 706,757
---
Non-current liabilities:
Deferred tax liabilities 121,348 135,582 19,741
Convertible senior notes, non-current 1,667,967 -
Total non-current liabilities 1,789,315 135,582 19,741
---
Total liabilities 3,831,969 4,989,581 726,498
---
Mezzanine equity:
Redeemable non-controlling interests 228,230 221,111 32,194
Shareholders' equity:
Common shares (US$0.0001 par value: 500,000,000
shares authorized, 61,853,004 and 61,780,344
shares issued and outstanding as of December 31,
2017 and September 30, 2018, respectively) 50 50 7
Additional paid-in capital 1,809,732 2,004,515 291,863
Statutory reserves 13,874 13,874 2,020
Accumulated other comprehensive income 136,947 116,308 16,935
Retained earnings 3,993,777 4,389,760 639,161
Total 51job, Inc. shareholders' equity 5,954,380 6,524,507 949,986
Non-controlling interests 9,153 14,873 2,166
---
Total equity 5,963,533 6,539,380 952,152
---
Total liabilities, mezzanine equity and equity 10,023,732 11,750,072 1,710,844
===
Note (1): The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of
RMB6.8680 to US$1.00 on September 28, 2018 in New York for cable transfers of Renminbi as set forth in the H.10
weekly statistical release of the Federal Reserve Board.
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SOURCE 51job, Inc.
