Hollysys Automation Technologies Reports Unaudited Financial Results for the First Quarter Ended September 30, 2020
First Quarter of Fiscal Year 2021 Financial Highlights
-- Non-GAAP net income attributable to Hollysys was $20.8 million, a
decrease of 30.2% compared to the comparable prior year period.
-- Total revenues were $129.5 million, an increase of 5.1% compared to the
comparable prior year period.
-- Non-GAAP gross margin was at 33.7%, compared to 37.7% for the comparable
prior year period.
-- Non-GAAP diluted EPS was $0.34, a decrease of 30.6% compared to the
comparable prior year period.
-- Net cash provided by operating activities was $21.6 million for the
current quarter.
-- DSO of 185 days, compared to 204 days for the comparable prior year
period.
-- Inventory turnover days of 58 days, compared to 56 days for the
comparable prior year period.
BEIJING, Nov. 12, 2020 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the first quarter of fiscal year 2021 ended September 30, 2020 (see attached tables). The management of Hollysys, stated:
Industrial Automation ("IA") business finished the quarter with revenue and contract at $81.9 million and $107.8 million, representing 26.8% and 28.4% YOY growth, respectively.
-- In power sector, we continued our effort in strengthening our market
position in high-end coal fire market (600MW and plus power unit).
Meanwhile, with respect to our current client base in this sector, we
are actively responding to various regular and value-added service
demand covering old system replacement, system upgrade, part component
sales and annual maintenance, etc.
-- In chemical and petro-chemical sector, contract growth remains healthy.
We continued our effort in key projects winning, key client cooperation,
key marketing events and development and demonstration of solution
capability to penetrate the market and build our reputation. Sector
highlights of the past quarter include:
- Winning the bidding of DCS+ESD (emergency shutdown device) + AMS (asset management system) +F&G (fire and gas) integrated solution for two offshore oil platforms. It is the 8(th) oil platform solution that the Company has won since the beginning of the calendar year, marking a remarkable progress for our exploration in the oil and gas industry.
- Signing a CCS (Coordination Control System) contract with a client on its 400,000 tons/year tert-butyl alcohol and 200,000 tons/year MMA (methyl methacrylate) projects, marking a breakthrough as it is the Company's first contract in MMA.
- Signing a DCS + SIS + GDS + MES + OTS + AMS + information security integrated solution contract with a client on its 100,000 tons polycarbonate project. The DCS control points for the project amount to approximately 20,000, making it the largest project ever for the Company in similar craft.
-- In food & beverage and pharmaceutical sector, we continue to see healthy
growth in contract. With our core control solution capability and
inclusion of engineering design capability, we are building our EPC
(engineering design + procurement + construction) capability so as to
provide more comprehensive solution to our clients. Periodic progress
was made in such model as we signed our first workshop-level EPC
contract with a client for its 7-ACA (7-aminocephalosporanic acid)
refining project, which is expected to lay foundation for our further
pursuit of larger scale EPC project in the future.
-- In smart factory business, we continue to actively engage the potential
clients through various marketing events, to stay close for in-depth
grasp of market demand, and to develop and improve our solution for real
value creation in economic benefit and operation safety. Highlights of
the past quarter include:
- Signing a contract with a new client from the thermal-power sector to provide a total solution with control-level and management-level data integration that covers comprehensive function modules including control optimization, smart diagnosis, equipment management, decision making and operation management, etc. We expect such project to become a key demonstration of solution for the thermal-power sector.
- Signing a contract with a client from the coal-fire sector for its new 2*660MW power plant. Contract covers a similar total solution at control and management level, and marks a significant breakthrough in our smart factory solution for high-end coal-fire market.
- Signing a contract with an existing client from the petro-chemical sector to provide management-level solution based on our industrial internet platform.
-- Aftersales business of IA is keeping the healthy pace. We continued to
engage our valuable client base and respond with both regular and
value-adding initiatives covering old system upgrade and replacement,
part component sales, annual maintenance, control optimization, data
integration and energy management, etc.
-- Under our big automation initiatives, we continued to improve our
capability for wider range of solution covering entire life cycle. By
end of September, we have put into operation our in-house instrument
production line, with which we will be capable of manufacturing certain
types of instruments contained in our total control solution. Such is
expected to be a valuable addition to our project delivery, market
opportunities and operation.
Rail business finished the quarter with revenue and contract at $28.7 million and $24.2 million, recording 35.6% YOY decrease and 15.0% YOY growth, respectively.
-- In high-speed rail ("HSR") sector, we continued our delivery of
on-ground solution along with the rail-road construction progress.
Periodic progress was achieved for the smart solution initiatives for
the sector, and we have completed our top-level design of the smart
maintenance solution. Meanwhile, bidding from the client was seeing its
gradual recovery in the post-pandemic period, both for on-ground and
on-board equipment. Highlights of the quarter include:
- Winning the bidding of 140 sets (out of the total package of 274 sets) of ATP for C2 (250km) China Standard High-speed train in August.
-- In subway sector, our cloud-based SCADA project for Shenzhen Subway Line
6 was fully delivered, which was the second cloud-based SCADA project of
the Company and represents our constant effort in innovation for
continued value creation for our clients. In delivery, our enhancement
in supply chain management and engineering standardization has
contributed to improved quality and efficiency of project execution.
-- In aftersales business, we continued to strengthen local service
network, to expand service solution and to develop
technology-and-service-centered service for better differentiation. In
HSR sector, we continued to respond to regular services including
advanced maintenance, system and software upgrade and part component
sales, as well as total replacement. We continued to act as the service
provider to Hong Kong-Shenzhen high-speed rail, with our service quality
being highly recognized. In subway sector, we continued to explore
potentials from the current client base and signed contracts covering
system upgrade, maintenance and product sales.
-- Under our big transportation initiatives, the Company has established
the smart highway solution and was actively involved in marketing events
for new contracts breakthrough in new business. Highlight for the
quarter includes:
- Signing a breakthrough contract of smart traffic meteorology solution for a section of the highway connecting Sichuan and Yunnan province. The data-driven solution targets highway administration as the intended clients and through collection and processing of meteorological, geographical and traffic data, advices the highway administration on more effective decision making in highway management, in particular under extreme weather condition.
Mechanical and Electrical Solutions ("M&E") business finished the quarter with revenue and contract at $18.8 million and $12.3 million, recording 34.4% increase and 63.4% YOY decrease respectively.
COVID-19 remains a challenge to M&E and overseas business. We will keep monitoring the impact on this sector and risk control remains to be the key focus.
Fiscal
Quarter
Ended September 30, 2020 Unaudited
Financial Results
Summary
---
(In USD thousands, except for number of shares and per share data)
---
Three months ended
Sep 30, 2020
Sep 30, 2019
%
Change
Revenues $
129,468 123,230 5.1%
Integrated solutions contracts revenue $
105,706 104,466 1.2%
Products sales $
6,569 6,123 7.3%
Service rendered $
17,193 12,641 36.0%
Cost of revenues $
85,891 76,771 11.9%
Gross profit $
43,577 46,459 (6.2)%
Total operating expenses $
22,558 23,291 (3.1)%
Selling $
8,176 7,277 12.4%
General and administrative $
10,179 10,592 (3.9)%
Research and development $
9,981 8,942 11.6%
VAT refunds and government subsidies $
(5,778) (3,520) 64.1%
Income from operations $
21,019 23,168 (9.3)%
Other income, net $
1,229 2,025 (39.3)%
Foreign exchange (loss) gain $
(2,323) 604 (484.6)%
Gains on disposal of an investment in an equity investee
$ 5,763 (100.0)%
Share of net income of equity investees $
1,891 1,541 22.7%
Interest income $
3,798 3,029 25.4%
Interest expenses $
(137) (113) 21.2%
Income tax expenses $
4,760 6,209 (23.3)%
Net (losses) income attributable to non-controlling interests $
(80) 26 (407.7)%
Non-GAAP net income attributable to Hollysys Automation $
20,797 29,782 (30.2)%
Technologies Ltd.
Non-GAAP basic EPS $
0.34 0.49 (30.6)%
Non-GAAP diluted EPS $
0.34 0.49 (30.6)%
$
Share-based compensation expenses 175 26 573.1%
Amortization of acquired intangible assets $
76 75 1.3%
GAAP Net income attributable to Hollysys Automation Technologies $
20,546 29,681 (30.8)%
Ltd.
GAAP basic EPS $
0.34 0.49 (30.6)%
GAAP diluted EPS $
0.34 0.49 (30.6)%
Basic weighted average common shares outstanding 60,552,099 60,470,611 0.1%
Diluted weighted average common shares outstanding 60,552,099 60,483,884 0.1%
Operational Results Analysis for the First Quarter Ended September 30, 2020
Comparing to the first quarter of the prior fiscal year, the total revenues for the three months ended September 30, 2020 increased from $123.2 million to $129.5 million, representing an increase of 5.1%. Broken down by the revenue types, integrated contracts revenue increased by 1.2% to $105.7 million, products sales revenue increased by 7.3% to $6.6 million, and services revenue increased by 36.0% to $17.2 million.
The Company's total revenues can also be presented in segments as shown in the following chart:
(In USD thousands)
Three months ended Sep 30,
2020 2019
$ % to Total
$ % to Total
Revenue Revenue
Industrial Automation 81,931 63.2% 64,637 52.4%
Rail Transportation Automation 28,696 22.2% 44,576 36.2%
Mechanical and Electrical Solution 18,841 14.6% 14,017 11.4%
Total 129,468 100.0% 123,230 100.0%
Overall gross margin excluding non-cash amortization of acquired intangibles (non-GAAP gross margin) was 33.7% for the three months ended September 30, 2020, as compared to 37.7% for the same period of the prior year. The non-GAAP gross margin for integrated contracts, product sales, and services rendered were 25.3%, 73.7% and 70.0% for the three months ended September 30, 2020, as compared to 32.6%, 79.9% and 59.5% for the same period of the prior year, respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margins. The GAAP overall gross margin which includes non-cash amortization of acquired intangibles was 33.6% for the three months ended September 30, 2020, as compared to 37.6% for the same period of the prior year. The GAAP gross margin for integrated contracts, product sales, and service rendered was 25.2%, 73.7% and 70.0% for the three months ended September 30, 2020, as compared to 32.5%, 79.9% and 59.5% for the same period of the prior year, respectively.
Selling expenses were $8.2 million for the three months ended September 30, 2020, representing an increase of $0.9 million or 12.4% compared to $7.3 million for the same quarter of the prior year. Presented as a percentage of total revenues, selling expenses were 6.3% and 5.9% for the three months ended September 30, 2020, and 2019, respectively.
General and administrative expenses, excluding non-cash share-based compensation expenses (non-GAAP G&A expenses), were $10.2 million for the quarter ended September 30, 2020, representing a decrease of $0.4 million or 3.9% compared to $10.6 million for the same quarter of the prior year. Presented as a percentage of total revenues, non-GAAP G&A expenses were 7.9% and 8.6% for quarters ended September 30, 2020 and 2019, respectively. The GAAP G&A expenses which include the non-cash share-based compensation expenses were $10.4 million and $10.6 million for the three months ended September 30, 2020 and 2019, respectively.
Research and development expenses were $10.0 million for the three months ended September 30, 2020, representing an increase of $1.0 million or 11.6% compared to $8.9 million for the same quarter of the prior year. Presented as a percentage of total revenues, R&D expenses were 7.7% and 7.3% for the quarter ended September 30, 2020 and 2019, respectively.
The VAT refunds and government subsidies were $5.8 million for three months ended September 30, 2020, as compared to $3.5 million for the same period in the prior year, representing a $2.3 million or 64.1% increase, which was primarily due to increase of the VAT refunds.
The income tax expenses and the effective tax rate were $4.8 million and 18.9% for the three months ended September 30, 2020, as compared to $6.2 million and 17.3% for comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates, as the Company's subsidiaries are subject to different tax rates in various jurisdictions.
The non-GAAP net income attributable to Hollysys, which excludes the non-cash share-based compensation expenses calculated based on the grant-date fair value of shares or options granted, amortization of acquired intangible assets, and fair value adjustments of a bifurcated derivative, was $20.8 million or $0.34 per diluted share based on 60.6 million diluted weighted average ordinary shares outstanding for the three months ended September 30, 2020. This represents a 30.2% decrease over $29.8 million or $0.49 per share based on 60.5 million diluted weighted average ordinary shares outstanding reported in the comparable prior year period. On a GAAP basis, net income attributable to Hollysys was $20.5 million or $0.34 per diluted share representing a decrease of 30.8% over $29.7 million or $0.49 per diluted share reported in the comparable prior year period.
Contracts and Backlog Highlights
Hollysys achieved $144.3 million of new contracts for the three months ended September 30, 2020. The backlog as of September 30, 2020 was $596.1 million. The detailed breakdown of new contracts and backlog by segments is shown below:
(In USD thousands) New contracts achieved Backlog
for the three months as of Sep 30, 2020
ended Sep 30, 2020
$ % to Total
$ % to Total
Contract Backlog
Industrial Automation 107,806 74.7% 252,299 42.3%
Rail Transportation 24,167 16.8% 254,833 42.7%
Mechanical and Electrical Solutions 12,304 8.5% 89,005 14.9%
Total 144,277 100.0% 596,137 100.0%
Cash Flow Highlights
For the three months ended September 30, 2020, the total net cash inflow was $34.9 million. The net cash provided by operating activities was $21.6 million. The net cash provided by investing activities was $2.6 million and mainly consisted of $114.6 million of matured time deposits, which were partially offset by $108.8 million of time deposits placed with banks. The net cash used in financing activities was $0.2 million.
Balance Sheet Highlights
The total amount of cash and cash equivalents were $321.6 million, $288.8 million, and $340.0 million as of September 30, 2020, June 30, 2020 and September 30, 2019, respectively.
For the three months ended September 30, 2020, DSO was 185 days, as compared to 204 days for the comparable prior year period and 167 days for the last quarter; and inventory turnover was 58 days, as compared to 56 days for the comparable prior year period and 66 days for the last quarter.
Conference Call
The Company will host a conference call at 8:00 pm November 12, 2020 U.S. Eastern Time / 9:00 am November 13, 2020 Beijing Time, to discuss the financial results for fiscal year 2021 first quarter ended September 30, 2020 and business outlook.
Joining the Conference Call:
1. Please register in advance of the conference using the link provided
below. Upon registering, you will be provided with participant dial-in
numbers, Direct Event passcode and unique registrant ID.
2. In the 10 minutes prior to the call start time, you will need to use the
conference access information provided in the email received at the point
of registering.
Note: Due to regional restrictions some participants may receive operator assistance when joining this conference call and will not be automatically connected.
Helpful keypad commands:
*0 - Operator assistance
*6 - Self mute/unmute
Direct Event online registration: http://apac.directeventreg.com/registration/event/3446698. Please use Conference ID 3446698 for entry if the link fails to lead directly to the registration page.
SAFE HARBOUR:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In USD thousands except for number of shares and per share data)
Three months ended
Sep 30,
2020 2019
(Unaudited) (Unaudited)
Net revenues
Integrated solutions contracts revenue $
105,706 $
104,466
Products sales 6,569 6,123
Revenue from services 17,193 12,641
Total net revenues 129,468 123,230
Costs of integrated solutions contracts 79,081 70,500
Cost of products sold 1,729 1,231
Costs of services rendered 5,157 5,115
Gross profit 43,501 46,384
Operating expenses
Selling 8,176 7,277
General and administrative 10,354 10,618
Research and development 9,981 8,942
VAT refunds and government subsidies (5,778) (3,520)
Total operating expenses 22,733 23,317
Income from operations 20,768 23,067
Other income, net 1,229 2,025
Foreign exchange (loss) gain (2,323) 604
Gains on disposal of investments in an equity investee 5,763
Share of net income of equity investees 1,891 1,541
Interest income 3,798 3,029
Interest expenses (137) (113)
Income before income taxes 25,226 35,916
Income taxes expenses 4,760 6,209
Net income 20,466 29,707
Less: Net (losses) income attributable to non-controlling interests (80) 26
Net income attributable to Hollysys Automation Technologies Ltd. $
20,546 $
29,681
Other comprehensive income, net of tax of nil
Translation adjustments 38,950 (34,174)
Comprehensive income (loss) 59,416 (4,467)
Less: Comprehensive income (loss) attributable to non-controlling interests 80 (25)
Comprehensive income (loss) attributable to Hollysys Automation $
59,336 $
(4,442)
Technologies Ltd.
Net income per share:
Basic 0.34 0.49
Diluted 0.34 0.49
Shares used in income per share computation:
Basic 60,552,099 60,470,611
Diluted 60,552,099 60,483,884
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS
(In USD thousands except for number of shares and per share data)
Sep 30, Jun 30,
2020 2020
(Unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents $
321,641 $
288,782
Time deposits with maturities over three months 330,432 324,949
Restricted cash 11,827 8,663
Accounts receivable, net of allowance for doubtful accounts of $54,069 and 268,270 242,449
$41,618 as of September 30, 2020 and June 30, 2020, respectively
Costs and estimated earnings in excess of billings, net of allowance for doubtful 189,834 186,879
accounts of $8,185 and $6,150 as of September 30, 2020 and June 30, 2020,
respectively
Accounts receivable retention 5,227 6,088
Other receivables, net of allowance for doubtful accounts of $6,382 and $6,224 as 28,408 28,257
of September 30, 2020 and June 30, 2020, respectively
Advances to suppliers 18,614 17,255
Amounts due from related parties 22,222 21,444
Inventories 56,805 48,210
Prepaid expenses 654 648
Income tax recoverable 87 870
Total current assets 1,254,021 1,174,494
Non-current assets
Restricted cash 20,558 21,652
Costs and estimated earnings in excess of billings 1,771 2,309
Accounts receivable retention 5,559 4,717
Prepaid expenses 8 6
Property, plant and equipment, net 84,261 78,050
Prepaid land leases 16,168 15,742
Intangible assets, net 1,665 1,713
Investments in equity investees 45,814 41,133
Investments securities 4,816 4,640
Goodwill 1,516 1,460
Deferred tax assets 10,738 8,909
Operating lease right-of-use assets 6,496 6,010
Total non-current assets 199,370 186,341
Total assets 1,453,391 1,360,835
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term loans 334 320
Accounts payable 129,336 117,460
Construction cost payable 1,762 2,350.00
Deferred revenue 161,692 139,242
Accrued payroll and related expenses 21,766 17,245
Income tax payable 7,021 3,142
Warranty liabilities 6,074 6,604
Other tax payables 4,129 3,279
Accrued liabilities 36,738 31,595
Amounts due to related parties 3,394 3,576
Operating lease liabilities 2,211 2,489
Total current liabilities 374,457 327,302
Non-current liabilities
Accrued liabilities 3,000 5,635
Long-term loans 15,885 15,780
Accounts payable 3,221 2,530
Deferred tax liabilities 14,307 13,940
Warranty liabilities 1,847 3,460
Operating lease liabilities 3,901 3,302
Total non-current liabilities 42,161 44,647
Total liabilities 416,618 371,949
Commitments and contingencies -
Stockholders' equity:
Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized; 61 61
60,537,099 shares issued and outstanding as of September 30, 2020 and June
30, 2020
Additional paid-in capital 224,218 224,043
Statutory reserves 49,423 49,423
Retained earnings* 783,315 774,473
Accumulated other comprehensive income (24,728) (63,517)
Total Hollysys Automation Technologies Ltd. stockholder's equity 1,032,289 984,483
Non-controlling interests 4,484 4,403
Total equity 1,036,773 988,886
Total liabilities and equity $
1,453,391 $
1,360,835
* The adoption of ASC 326 started in July 1st had a one-off effect on the beginning of balance sheet
accounts.
HOLLYSYS AUTOMATION TECHNOLOGIES LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In USD thousands).
Three months ended
Sep 30, 2020
(Unaudited)
---
Cash flows from operating activities:
Net income $
20,466
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment 2,548
Amortization of prepaid land leases 101
Amortization of intangible assets 76
Allowance for doubtful accounts 952
Gains on disposal of long-lived assets (11)
Share of net income of equity investees (1,891)
Share-based compensation expenses 175
Deferred income tax benefit (1,363)
Changes in operating assets and liabilities:
Accounts receivable and retention (25,949)
Costs and estimated earnings in excess of billings 4,397
Inventories (6,640)
Advances to suppliers (702)
Other receivables 621
Due from related parties (1,148)
Accounts payable 7,901
Deferred revenue 16,963
Accruals and other payables 154
Due to related parties (182)
Income tax payable 4,499
Other tax payables 713
Operating lease right-of-use assets (305)
Operating lease liabilities 222
Net cash provided by operating activities 21,597
Cash flows from investing activities:
Time deposits placed with banks (108,757)
Purchases of property, plant and equipment (3,354)
Proceeds from disposal of property, plant and equipment 65
Maturity of time deposits 114,597
Net cash provided by investing activities 2,551
Cash flows from financing activities:
Proceeds from long-term bank loans 37
Repayments of long-term bank loans (194)
Net cash used in financing activities (157)
Effect of foreign exchange rate changes 10,938
Net increase in cash, cash equivalents and restricted cash $
34,929
Cash, cash equivalents and restricted cash, beginning of period $
319,097
Cash, cash equivalents and restricted cash, end of period 354,026
Non-GAAP Measures
In evaluating our results, the non-GAAP measures of "Non-GAAP cost of integrated contracts", "Non-GAAP general and administrative expenses", "Non-GAAP other income (expenses), net", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. stockholders", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of the Company, it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.
The following table provides a reconciliation of the non-GAAP measures with the most directly comparable U.S. GAAP measures for the periods indicated:
(In USD thousands, except for number of shares and per share data)
---
Three months ended
Sep 30,
2020 2019
(Unaudited) (Unaudited)
Cost of integrated solutions contracts $
79,081 $
70,500
Less: Amortization of intangible assets 76 75
Non-GAAP cost of integrated solutions contracts $
79,005 $
70,425
General and administrative expenses $
10,354 $
10,618
Less: Share-based compensation expenses 175 26
Non-GAAP general and administrative expenses $
10,179 $
10,592
Net income attributable to Hollysys Automation Technologies Ltd. $
20,546 $
29,681
Add:
Share-based compensation expenses 175 26
Amortization of intangible assets 76 75
Non-GAAP net income attributable to Hollysys Automation $
20,797 $
29,782
Technologies Ltd.
Weighted average number of basic ordinary shares 60,552,099 60,470,611
Weighted average number of diluted ordinary shares 60,552,099 60,483,884
Non-GAAP basic earnings per share $
0.34 $
0.49
Non-GAAP diluted earnings per share $
0.34 $
0.49
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SOURCE Hollysys Automation Technologies Ltd.
