RYB Education Q1 Revenue Jumps 111% As COVID-19 Restrictions Ease

RYB Education Inc RYB reported first-quarter FY21 revenue growth of 111.8% year-on-year at $36.7 million.
The jump in the revenue was mainly driven by an increase in tuition fees revenue as the company's directly operated facilities in China returned to normalcy.
Product revenues rose 208.9% Y/Y to $1.6 million, led by a rebound in the amount of merchandise sold through the franchise network.
Gross profit for the quarter was $3.4 million.
Adjusted operating loss narrowed by 93.7% to $1.6 million.
Adjusted EBITDA of $3.8 million was reported for Q1.
The company posted a loss of $0.06 per share, narrowing 93.7% Y/Y.
Cash generated from operating activities saw a 62.8% hike Y/Y to $22.8 million.
RYB’s cash and equivalents totaled $74.2 million as of March 31, 2021.
Outlook: The company now expects second quarter 2021 net revenues of $51.0 million to $52.0 million, year-over-year increase of 299% to 307% from $12.8 million.
Price action: RYB shares traded higher by 0.47% at $4.25 on the last check Wednesday.