51job, Inc. Reports Third Quarter 2019 Financial Results
SHANGHAI, Nov. 14, 2019 /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 of 2019 ended September 30, 2019.
Third Quarter 2019 Financial Highlights:
-- Net revenues increased 3.6% over Q3 2018 to RMB989.0 million (US$138.4
million)
-- Online recruitment services revenues decreased 2.4%
-- Other human resource related revenues increased 16.4%
-- Gross margin was 69.0% compared with 71.7% in Q3 2018
-- Income from operations was RMB256.7 million (US$35.9 million)
-- Fully diluted earnings per share was RMB4.44 (US$0.62)
-- Excluding share-based compensation expense and gain from foreign
currency translation, as well as the related tax effect of these items,
non-GAAP adjusted fully diluted earnings per share was RMB4.49 (US$0.63)
Commenting on the results, Rick Yan, President and Chief Executive Officer of 51job, said, "The diverse nature and strength of our proven, integrated HR solutions model enabled us to maintain solid profitability in the third quarter. Although near-term hiring sentiment remains weak and has negatively affected our online recruitment business, the resiliency of our other HR services area has seen consistent progress in employer engagement in these challenging market conditions of 2019. As we wrap up the year, we will continue to lay the groundwork for 51job's long-term successful development with a disciplined focus on executing our strategic plan: to deepen customer relationships across the entire talent management value chain, to improve user experience and effectiveness, and to expand our HR ecosystem with new innovative products, technology and partners."
Third Quarter 2019 Unaudited Financial Results
Net revenues for the third quarter ended September 30, 2019 were RMB989.0 million (US$138.4 million), an increase of 3.6% from RMB954.6 million for the same quarter in 2018.
Online recruitment services revenues for the third quarter of 2019 were RMB633.4 million (US$88.6 million), representing a 2.4% decrease from RMB649.3 million for the same quarter of the prior year. The decline was due to weak macroeconomic conditions and soft hiring demand by employers in China in 2019. The estimated number of unique employers utilizing the Company's online services decreased 14.1% to 313,687 in the third quarter of 2019 compared with 365,386 for the same quarter of the prior year, primarily due to reduced recruitment need or inactivity expressed by smaller-sized customer accounts. However, average revenue per unique employer increased 13.6% in the third quarter of 2019 as compared with the same quarter in 2018, driven by the Company's up-selling efforts and focus on sales opportunities with larger-sized customer accounts. The estimated number of unique employers in the third quarter of 2019 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 2019 increased 16.4% to RMB355.6 million (US$49.7 million) from RMB305.4 million for the same quarter in 2018. The increase was primarily due to greater usage and growth of training, assessment and business process outsourcing services.
Gross profit for the third quarter of 2019 was RMB682.3 million (US$95.5 million) compared with RMB684.7 million for the same quarter of the prior year. Gross margin, which is gross profit as a percentage of net revenues, was 69.0% in the third quarter of 2019 compared with 71.7% for the same quarter in 2018. The increase in cost of services was primarily due to higher employee compensation expenses as well as seasonal staff additions in preparation for the upcoming peak campus recruitment period in the fourth quarter.
Operating expenses for the third quarter of 2019 increased 2.7% to RMB425.5 million (US$59.5 million) from RMB414.1 million for the same quarter in 2018. Sales and marketing expenses for the third quarter of 2019 increased 0.7% to RMB325.8 million (US$45.6 million) from RMB323.4 million for the same quarter of the prior year. General and administrative expenses for the third quarter of 2019 increased 9.9% to RMB99.7 million (US$14.0 million) from RMB90.8 million for the same quarter of the prior year primarily due to higher employee compensation expenses, in particular share-based compensation, as well as a larger provision for doubtful accounts.
Income from operations for the third quarter of 2019 decreased 5.1% to RMB256.7 million (US$35.9 million) from RMB270.5 million for the third quarter of 2018. Operating margin, which is income from operations as a percentage of net revenues, was 26.0% in the third quarter of 2019 compared with 28.3% for the same quarter in 2018. Excluding share-based compensation expense, operating margin would have been 29.5% in the third quarter of 2019 compared with 31.4% for the same quarter in 2018.
The Company recognized a gain from foreign currency translation of RMB31.4 million (US$4.4 million) in the third quarter of 2019 compared with a loss of RMB67.1 million in the third quarter of 2018 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.
Other income in the third quarter of 2019 included local government financial subsidies of RMB9.3 million (US$1.3 million) compared with RMB1.2 million in the third quarter of 2018.
Net income attributable to 51job for the third quarter of 2019 was RMB300.2 million (US$42.0 million) compared with RMB785.4 million for the same quarter in 2018. Fully diluted earnings per share for the third quarter of 2019 was RMB4.44 (US$0.62) compared with RMB5.16 for the same quarter in 2018.
In the third quarter of 2019, total share-based compensation expense was RMB34.8 million (US$4.9 million) compared with RMB29.2 million in the third quarter of 2018.
Excluding share-based compensation expense, gain/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 2019 was RMB303.7 million (US$42.5 million) compared with RMB333.1 million for the third quarter of 2018. Non-GAAP adjusted fully diluted earnings per share was RMB4.49 (US$0.63) in the third quarter of 2019 compared with RMB5.09 in the third quarter of 2018.
As of September 30, 2019, cash and short-term investments totaled RMB10,177.9 million (US$1,423.9 million) compared with RMB8,834.2 million as of December 31, 2018.
Business Outlook
Based on current market and operating conditions, the Company's net revenues target for the fourth quarter of 2019 is in the estimated range of RMB1,080 million to RMB1,120 million (US$151.1 million to US$156.7 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. 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. Excluding share-based compensation expense and any gain or loss from foreign currency translation, as well as the related tax effect of these items, the Company's non-GAAP fully diluted earnings target for the fourth quarter of 2019 is in the estimated range of RMB4.45 to RMB4.75 (US$0.62 to US$0.66) per share. The Company expects total share-based compensation expense in the fourth quarter of 2019 to be in the estimated range of RMB34 million to RMB35 million (US$4.8 million to US$4.9 million).
Recent Investments and Transactions
The Company has recently completed transactions to acquire minority equity interests in companies which will enhance and expand 51job's HR services ecosystem with new products and technology to employers and job seekers. These investments include approximately US$80 million for a 17.5% equity interest in CDP Holdings, Ltd., a leading provider of human capital management services delivered through a cloud-based technology platform in China, and approximately US$3 million in Fountain, a leading recruiting platform that focuses on gig and hourly service workers within the on-demand labor market in the United States.
The Company has also entered into an agreement to be a cornerstone investor in the initial public offering of Huali University Group Limited ("Huali"), a leading large-scale private higher education and vocational education group in South China. The Company will make a RMB200 million investment in Huali upon its completed listing on the Hong Kong Stock Exchange, which is expected to occur before the end of 2019.
These transactions have been or will be funded from the Company's existing cash resources.
Presentation and Reclassification of Government Surcharges
Beginning January 1, 2019, the Company's presentation of government surcharges has changed, and government surcharges have been included in cost of services. The prior year's amount of government surcharges has been reclassified to conform with the current year's presentation. This reclassification had no effect on the reported results in the consolidated statements of operations and comprehensive income.
Currency Convenience Translation
For the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB7.1477 to US$1.00, the noon buying rate on September 30, 2019 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 14, 2019 (9:00 a.m. Beijing / Hong Kong time zone on November 15, 2019) to discuss its third quarter 2019 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: +852-3018-4992
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, gain/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 gain/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 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, gain/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, http://www.lagou.com, and http://www.51mdd.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, campus recruitment, executive search and compensation analysis. 51job has a call center in Wuhan and a nationwide network of sales and service locations spanning 37 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,
2018 2019 2019
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services 649,275 633,393 88,615
Other human resource related revenues 305,370 355,560 49,745
Net revenues (Note 2) 954,645 988,953 138,360
Cost of services (Note 3) (269,969) (306,690) (42,908)
Gross profit 684,676 682,263 95,452
Operating expenses:
Sales and marketing (Note 4) (323,373) (325,779) (45,578)
General and administrative (Note 5) (90,758) (99,738) (13,954)
Total operating expenses (414,131) (425,517) (59,532)
Income from operations 270,545 256,746 35,920
Gain (Loss) from foreign currency translation (67,089) 31,366 4,388
Interest and investment income, net 29,654 48,390 6,770
Change in fair value of convertible senior notes 548,626 -
Gain from sale of long-term investments 61,070 -
Other income, net 3,330 12,729 1,781
Income before income tax expense 846,136 349,231 48,859
Income tax expense (61,228) (50,784) (7,105)
Net income 784,908 298,447 41,754
Net loss attributable to non-controlling interests 515 1,714 240
Net income attributable to 51job, Inc. 785,423 300,161 41,994
Net income 784,908 298,447 41,754
Other comprehensive income (loss) (20,795) 386 54
Total comprehensive income 764,113 298,833 41,808
Earnings per share:
Basic 12.78 4.52 0.63
Diluted (Note 6) 5.16 4.44 0.62
Weighted average number of common shares outstanding:
Basic 61,465,682 66,369,912 66,369,912
Diluted 67,304,326 67,622,677 67,622,677
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.1477
to US$1.00 on September 30, 2019 in New York for cable transfers of Renminbi as set forth in the H.10 weekly
statistical release of the Federal Reserve Board.
(2) Beginning January 1, 2019, government surcharges have been included in cost of services. The prior year's amount
of government surcharges has been reclassified to conform with the current year's presentation. This reclassification
had no effect on the reported results in the consolidated statements of operations and comprehensive income.
(3) Includes share-based compensation expense of RMB4,654 and RMB5,558 (US$778) for the three months ended
September 30, 2018 and 2019, respectively.
(4) Includes share-based compensation expense of RMB4,001 and RMB4,778 (US$668) for the three months ended
September 30, 2018 and 2019, respectively.
(5) Includes share-based compensation expense of RMB20,518 and RMB24,498 (US$3,427) for the three months ended
September 30, 2018 and 2019, respectively.
(6) Diluted earnings per share for the three months ended September 30, 2018 was calculated in accordance with the
"if converted" method. This included the add-back of interest expense of RMB9,587, subtraction of change in fair value
of convertible senior notes of RMB548,626, and add-back of foreign currency translation loss of RMB100,966
related to the convertible senior notes to the numerator of net income attributable to 51job, and the addition of the
maximum number of 4,035,672 potentially converted shares related to the convertible senior notes to the denominator
of diluted common shares for the three months ended September 30, 2018.
51job, Inc.
Consolidated Statements of Operations and Comprehensive Income
For the Nine Months Ended
September 30,
September 30,
September 30,
2018 2019 2019
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
Revenues:
Online recruitment services 1,785,946 1,857,794 259,915
Other human resource related revenues 875,498 1,006,612 140,830
Net revenues (Note 2) 2,661,444 2,864,406 400,745
Cost of services (Note 3) (739,376) (843,787) (118,050)
Gross profit 1,922,068 2,020,619 282,695
Operating expenses:
Sales and marketing (Note 4) (932,403) (928,194) (129,859)
General and administrative (Note 5) (264,943) (281,937) (39,444)
Total operating expenses (1,197,346) (1,210,131) (169,303)
Income from operations 724,722 810,488 113,392
Gain (Loss) from foreign currency translation (111,577) 73,717 10,313
Interest and investment income, net 79,088 126,370 17,680
Change in fair value of convertible senior notes (349,789) (752,073) (105,219)
Gain from sale of long-term investments 61,070 -
Other income, net 157,514 198,116 27,717
Income before income tax expense 561,028 456,618 63,883
Income tax expense (171,065) (178,260) (24,939)
Net income 389,963 278,358 38,944
Net loss attributable to non-controlling interests 6,020 4,411 617
Net income attributable to 51job, Inc. 395,983 282,769 39,561
Net income 389,963 278,358 38,944
Other comprehensive income (loss) (20,639) 446 62
Total comprehensive income 369,324 278,804 39,006
Earnings per share:
Basic 6.46 4.38 0.61
Diluted (Note 6) 6.26 4.27 0.60
Weighted average number of common shares outstanding:
Basic 61,251,995 64,561,839 64,561,839
Diluted 63,288,619 66,245,961 66,245,961
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.1477
to US$1.00 on September 30, 2019 in New York for cable transfers of Renminbi as set forth in the H.10 weekly
statistical release of the Federal Reserve Board.
(2) Beginning January 1, 2019, government surcharges have been included in cost of services. The prior year's amount
of government surcharges has been reclassified to conform with the current year's presentation. This reclassification
had no effect on the reported results in the consolidated statements of operations and comprehensive income.
(3) Includes share-based compensation expense of RMB11,607 and RMB14,678 (US$2,054) for the nine months ended
September 30, 2018 and 2019, respectively.
(4) Includes share-based compensation expense of RMB9,978 and RMB12,618 (US$1,765) for the nine months ended
September 30, 2018 and 2019, respectively.
(5) Includes share-based compensation expense of RMB55,481 and RMB64,800 (US$9,066) for the nine months ended
September 30, 2018 and 2019, respectively.
(6) Diluted earnings per share for the nine months ended September 30, 2018 was calculated in accordance with the
"if converted" method. The potential conversion of the convertible senior notes was excluded in the computation of
diluted earnings per share for the nine months ended September 30, 2018 because the effect would be anti-dilutive.
On April 15, 2019, the convertible senior notes matured, and the note holders requested the conversion of the
senior notes into 4,035,664 shares.
51job, Inc.
Reconciliation of GAAP and Non-GAAP Results
For the Three Months Ended
September 30,
September 30,
September 30,
2018 2019 2019
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
GAAP income before income tax expense 846,136 349,231 48,859
Add back: Share-based compensation 29,173 34,834 4,873
Add back: (Gain) Loss from foreign currency translation 67,089 (31,366) (4,388)
Add back: Change in fair value of convertible senior notes (548,626) -
Non-GAAP income before income tax expense 393,772 352,699 49,344
GAAP income tax expense (61,228) (50,784) (7,105)
Tax effect of non-GAAP line items (5) 76 11
Non-GAAP income tax expense (61,233) (50,708) (7,094)
Non-GAAP adjusted net income 332,539 301,991 42,250
Non-GAAP adjusted net income attributable to 51job, Inc. 333,054 303,705 42,490
Non-GAAP adjusted earnings per share:
Basic 5.42 4.58 0.64
Diluted (Note 2) 5.09 4.49 0.63
Weighted average number of common shares outstanding:
Basic 61,465,682 66,369,912 66,369,912
Diluted 67,304,326 67,622,677 67,622,677
For the Nine Months Ended
September 30,
September 30,
September 30,
2018 2019 2019
(In thousands, except share and per share data)
(unaudited)
(unaudited)
(unaudited)
---
RMB
RMB
US$ (Note 1)
GAAP income before income tax expense 561,028 456,618 63,883
Add back: Share-based compensation 77,066 92,096 12,885
Add back: (Gain) Loss from foreign currency translation 111,577 (73,717) (10,313)
Add back: Change in fair value of convertible senior notes 349,789 752,073 105,219
Non-GAAP income before income tax expense 1,099,460 1,227,070 171,674
GAAP income tax expense (171,065) (178,260) (24,939)
Tax effect of non-GAAP line items 46 20 3
Non-GAAP income tax expense (171,019) (178,240) (24,936)
Non-GAAP adjusted net income 928,441 1,048,830 146,738
Non-GAAP adjusted net income attributable to 51job, Inc. 934,461 1,053,241 147,355
Non-GAAP adjusted earnings per share:
Basic 15.26 16.31 2.28
Diluted (Note 2) 14.29 15.90 2.22
Weighted average number of common shares outstanding:
Basic 61,251,995 64,561,839 64,561,839
Diluted 67,324,291 66,245,961 66,245,961
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.1477
to US$1.00 on September 30, 2019 in New York for cable transfers of Renminbi as set forth in the H.10 weekly
statistical release of the Federal Reserve Board.
(2) Diluted earnings per share for the three and nine months ended September 30, 2018 were calculated in accordance
with the "if converted" method. This includes the add-back of interest expense of RMB9,587 and RMB27,490 related to
the convertible senior notes to the numerator of non-GAAP adjusted net income attributable to 51job for the three and
nine months ended September 30, 2018, respectively. The maximum number of 4,035,672 potentially converted
shares related to the convertible senior notes was added to the denominator of diluted common shares for the three
and nine months ended September 30, 2018. On April 15, 2019, the convertible senior notes matured, and the note
holders requested the conversion of the senior notes into 4,035,664 shares.
51job, Inc.
Consolidated Balance Sheets
As of
December 31,
September 30,
September 30,
2018 2019 2019
(In thousands, except share and per share data)
(audited)
(unaudited)
(unaudited)
RMB
RMB
US$ (Note 1)
ASSETS
Current assets:
Cash 1,968,351 2,222,881 310,992
Restricted cash 5,770 5,470 765
Short-term investments 6,865,886 7,955,020 1,112,948
Accounts receivable (net of allowance of RMB11,014 and
RMB10,855 as of December 31, 2018 and September 30,
2019, respectively) 230,065 257,745 36,060
Prepayments and other current assets 606,918 675,326 94,482
Total current assets 9,676,990 11,116,442 1,555,247
---
Non-current assets:
Long-term investments 729,095 832,195 116,428
Property and equipment, net 527,020 275,371 38,526
Goodwill 1,036,124 1,036,124 144,959
Intangible assets, net 244,446 213,096 29,813
Right-of-use assets (Note 2) 332,436 46,510
Other long-term assets 9,736 10,449 1,462
Deferred tax assets 15,005 17,878 2,501
Total non-current assets 2,561,426 2,717,549 380,199
---
Total assets 12,238,416 13,833,991 1,935,446
===
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities:
Accounts payable 49,881 58,980 8,252
Salary and employee related accrual 164,134 198,153 27,723
Taxes payable 191,793 149,379 20,899
Advance from customers 1,126,300 1,156,914 161,858
Convertible senior notes 1,725,182 -
Lease liabilities, current (Note 2) 37,731 5,279
Other payables and accruals 952,178 1,138,982 159,349
Total current liabilities 4,209,468 2,740,139 383,360
---
Non-current liabilities:
Lease liabilities, non-current (Note 2) 58,134 8,133
Deferred tax liabilities 210,752 229,242 32,072
Total non-current liabilities 210,752 287,376 40,205
---
Total liabilities 4,420,220 3,027,515 423,565
---
Mezzanine equity:
Redeemable non-controlling interests 225,645 219,035 30,644
Shareholders' equity:
Common shares (US$0.0001 par value: 500,000,000 shares
authorized, 61,874,716 and 66,415,613 shares issued and
outstanding as of December 31, 2018 and September 30,
2019,respectively) 50 53 7
Additional paid-in capital 2,055,036 4,764,484 666,576
Statutory reserves 17,279 17,279 2,418
Accumulated other comprehensive income 254,185 254,631 35,624
Retained earnings 5,242,691 5,525,460 773,040
Total 51job, Inc. shareholders' equity 7,569,241 10,561,907 1,477,665
Non-controlling interests 23,310 25,534 3,572
---
Total equity 7,592,551 10,587,441 1,481,237
---
Total liabilities, mezzanine equity and equity 12,238,416 13,833,991 1,935,446
===
Notes:
(1) The conversion of Renminbi amounts into U.S. dollar amounts is based on the noon buying rate of RMB7.1477 to US$1.00 on
September 30, 2019 in New York for cable transfers of Renminbi as set forth in the H.10 weekly statistical release of the Federal
Reserve Board.
(2) The Company has adopted ASU No. 2016-02, "Leases," beginning January 1, 2019. Under the new provisions, the Company has
recognized right-of-use assets and lease liabilities for all operating leases related to office buildings with terms more than 12 months.
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SOURCE 51job, Inc.
