← Ambow Education Holding Ltd.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and Cash Equivalents, at Carrying Value | $28.4m | $30.0m | $30.8m | $22.6m | $18.2m | $24.7m | $3.3m | $4.8m | $1.1m | $831k | |
| Prepaid Expense and Other Assets, Current | $22.2m | $19.9m | $19.6m | $19.1m | $18.0m | $17.2m | $6.2m | $178k | $659k | $410k | |
| Cash, Cash Equivalents, and Short-term Investments | $28.7m | $197.7m | — | — | — | — | — | — | — | — | |
| Short-term Investments | $239.5m | — | — | — | — | $168.5m | $128.1m | $69.8m | — | $4.0m | |
| Cash and cash equivalents | $196.9m | $195.3m | $30.8m | $157.6m | $118.8m | $157.4m | $22.8m | $4.8m | $1.1m | $398.1m | |
| Accounts receivable, net | $13.6m | $24.5m | $18.1m | $17.9m | $21.0m | $25.6m | $13.7m | $2.3m | $2.5m | $41.6m | |
| Prepaid and other current assets | $153.9m | $129.5m | $134.8m | $133.3m | $117.6m | $109.9m | $42.6m | $178k | $659k | $50.9m | |
| Long‑term prepaid expenses and other | — | — | $1.5m | $2.0m | $4.9m | $4.2m | $7.7m | $6.3m | $7.1m | $7.7m | |
| Long-term prepaid expenses | $845k | $1.5m | $1.5m | — | — | — | — | — | — | — | |
| Inventories, net | — | — | — | — | $63.1m | $91.6m | $109.9m | $81.1m | $55.2m | $40.1m | |
| Receivable for issuance of ordinary shares | — | — | — | — | ($9k) | ($413.4m) | ($164.7m) | ($83.4m) | ($16.0m) | ($6.2m) | |
| Accounts receivable and other receivables, net of (amortized cost of $22,802,369 and $25,872,226 and allowance for credit losses of $594,869 and $407,182 at June 30, 2025 and 2024, respectively) | — | — | — | — | — | — | — | $17.4m | $25.5m | $22.2m | |
| Other current assets | — | — | — | — | — | — | — | $1.6m | $1.6m | $999k | |
| Prepaid expenses | — | — | — | — | — | — | — | $797k | $1.1m | $1.4m | |
| Loan receivables | — | — | — | — | — | — | — | $2.4m | $1.9m | $3.9m | |
| Restricted cash – non-current | — | — | — | — | — | — | — | — | $2.1m | $4.4m | |
| Inventory, Net | — | — | — | — | — | — | — | — | — | $80k | |
| Assets, Current | $88.8m | $88.0m | $80.8m | $57.4m | $65.0m | $70.3m | $15.8m | $12.5m | $11.6m | $10.9m | |
| Total current assets | $616.5m | $572.7m | $555.4m | $399.6m | $424.1m | $448.3m | $109.1m | $12.5m | $11.6m | $3.3b | |
| Total current assets before funds held for clients | $95.6m | $120.4m | $152.6m | $201.7m | $335.9m | $273.2m | $243.9m | $427.0m | $572.4m | $607.8m | |
| Long-term investments | — | — | — | — | $73.4m | $74.3m | $82.3m | $75.6m | $65.9m | $65.0m | |
| Capitalized internal-use software, net | $11.4m | $17.4m | $21.1m | $27.5m | $36.5m | $45.0m | $62.0m | $86.1m | $116.4m | $132.3m | |
| Property, Plant and Equipment, Net | $12.7m | $25.9m | $24.1m | $22.6m | $22.1m | $16.0m | $276k | $6k | $1.2m | $2.0m | |
| Goodwill | $9.8m | $11.2m | $10.6m | $8.7m | $3.9m | $3.4m | $101.9m | $102.1m | $108.9m | $343.1m | |
| Intangible Assets, Net (Excluding Goodwill) | $94.7m | — | — | $8.1m | $8.4m | $4.7m | $537k | $522k | $512k | $1.7m | |
| Intangible assets, net | $94.7m | $96.8m | $13.4m | $56.6m | $54.8m | $30.0m | $3.7m | $522k | $512k | $92.7m | |
| Operating Lease, Right-of-Use Asset | — | — | — | $37.0m | $37.9m | $34.6m | $6.9m | $4.9m | $2.7m | $5.3m | |
| Other Assets, Noncurrent | $916k | $2.1m | $1.6m | $10.2m | $21.3m | $22.3m | $2.0m | $2.6m | $1.3m | $969k | |
| Right-of-use assets – finance leases | — | — | — | — | — | — | — | $479k | $309k | $746k | |
| Additional Financial Items | |||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.0m | $3.8m | $2.6m | $2.6m | $3.2m | $4.0m | $2.0m | $2.3m | $2.5m | $2.3m | |
| Accrued Liabilities, Current | $53.7m | $64.4m | $37.3m | $27.7m | $32.1m | $34.0m | $3.7m | $1.5m | $1.0m | $1.5m | |
| Restricted cash | $2.4m | $2.4m | $4.4m | — | $824k | $1.8m | $30.1m | $5.2m | $7.3m | — | |
| Other non-current assets, net | $6.4m | $13.6m | $11.3m | $71.0m | $139.1m | $142.4m | $13.6m | $2.6m | $1.3m | $1.9m | |
| Short-term borrowings | $0 | $0 | $41.2m | $0 | $10.0m | $10.1m | $20.9m | $3.9m | $2.7m | $9.1m | |
| Income taxes payable, current | $321.3m | $202.3m | $207.1m | $180.7m | $184.6m | $116.3m | $3.6m | $510k | $12k | — | |
| Preferred shares ($0.003 par value; 1,666,667 shares authorized, nil issued and outstanding as of December 31, 2022 and 2023) | 0 | 0 | 0 | — | — | 0 | 0 | 0 | 0 | 0 | |
| Ordinary shares, value | $726k | $730k | $818k | $820k | $884k | $885k | $993k | $159k | $159k | $55k | |
| Deferred contract costs | — | — | — | $21.7m | $32.3m | $44.2m | $59.5m | $78.1m | $97.9m | $117.2m | |
| Funds held for clients | $1.2b | $942.5m | $1.2b | $1.4b | $1.3b | $1.8b | $4.0b | $2.6b | $3.0b | $2.7b | |
| Long-term deferred contract costs | — | — | — | $81.4m | $125.7m | $170.7m | $229.1m | $294.2m | $348.0m | $393.7m | |
| Deferred income tax assets | — | — | $22.1m | $6.5m | $5.0m | $11.6m | $19.1m | $15.8m | $17.8m | $17.8m | |
| Client fund obligations | $1.2b | $942.5m | $1.2b | $1.4b | $1.3b | $1.8b | $4.0b | $2.6b | $3.0b | $2.7b | |
| Corporate investments | — | — | $732k | $29.3m | $34.6m | $4.5m | $0 | — | — | — | |
| Deferred rent | $4.6m | $14.6m | $22.8m | $31.3m | — | — | — | — | — | — | |
| Taxes payable | — | — | — | — | — | — | — | $2.7m | $58k | — | |
| Amounts due from related parties | — | — | — | — | $6.0m | $11.5m | $11.7m | $9.4m | $5.7m | $19.8m | |
| Amounts due from related parties, non-current | — | — | — | — | — | — | — | $3.0m | $5.7m | $4.9m | |
| Salary and welfare payable (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB440 and RMB 57 as of March 31, 2024 and 2025, respectively) | — | — | — | — | $4.5m | $6.3m | $6.9m | $6.9m | $3.0m | $1.9m | |
| Accrued liabilities and other current liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB6,759 and RMB 3,563 as of March 31, 2024 and 2025, respectively) | — | — | — | — | — | — | — | $22.1m | $16.7m | $11.9m | |
| Contract liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB1,579 and RMB 1,768 as of March 31, 2024 and 2025, respectively) | — | — | — | — | $7.7m | $3.9m | $7.0m | $4.5m | $1.6m | $1.8m | |
| Derivative liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of Nil as of March 31, 2024 and 2025, respectively) | — | — | — | — | $14.4m | $10.0m | $9.1m | $10.7m | $5.7m | $5k | |
| Other debts, non-current (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB11,500 and RMB 200 as of March 31, 2024 and 2025, respectively) | — | — | — | — | $165.8m | $433.3m | $181.1m | $102.8m | $43.9m | $38.6m | |
| Redeemable non-controlling interests | — | — | — | — | $2.0b | $5.9m | $6.5m | $7.2m | $8.0m | $8.8m | |
| Statutory reserves | — | — | — | — | $2.6m | $3.0m | $3.4m | $3.9m | $3.9m | $3.9m | |
| Non-controlling interests | — | — | — | — | $43.7m | $45.0m | $42.6m | $39.5m | $34.2m | $29.8m | |
| Amounts due to related parties, current (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of RMB21 and Nil as of March 31, 2023 and 2024, respectively) | — | — | — | — | $45k | $910k | $219k | $471k | $700k | — | |
| Finance lease liabilities – current | — | — | — | — | — | — | — | $198k | $156k | $386k | |
| Finance lease liabilities – non-current | — | — | — | — | — | — | — | $291k | $170k | $398k | |
| Cash | — | — | — | — | — | — | — | $6.6m | $7.9m | — | |
| Total non-current assets | $359.7m | $404.7m | $354.8m | $621.2m | $625.6m | $521.9m | $66.8m | $8.1m | $5.7m | $93.8m | |
| Total non-current liabilities | $0 | $48.9m | $2.3m | $248.2m | $265.0m | $220.3m | $39.6m | $4.3m | $3.8m | $41.9m | |
| Total equity | $115.0m | $166.0m | $262.8m | $163.6m | $141.2m | $146.7m | $54.3m | $6.4m | $6.7m | $219.6m | |
| Total mezzanine equity | — | — | — | — | $1.9b | $5.9m | $6.5m | $7.2m | $8.0m | $8.8m | |
| Assets | $140.6m | $150.2m | $132.4m | $146.6m | $160.9m | $152.2m | $25.5m | $20.6m | $17.4m | $20.8m | |
| Total assets | $976.2m | $977.4m | $910.2m | $1.0b | $1.0b | $970.2m | $176.0m | $20.6m | $17.4m | $4.4b | |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Operating Lease, Liability, Current | — | — | $0 | $7.7m | $8.2m | $7.7m | $2.2m | $2.5m | $2.4m | $1.3m | |
| Accounts Payable, Current | $3.9m | $3.6m | $2.0m | $2.1m | $3.0m | $4.6m | $2.4m | $1.4m | $749k | $1.6m | |
| Operating Lease, Liability, Noncurrent | — | — | $0 | $31.0m | $33.8m | $31.2m | $5.7m | $4.3m | $3.8m | $4.7m | |
| Deferred Revenue, Current | $15.8m | $17.6m | $18.1m | — | — | — | — | — | — | — | |
| Long-term Debt, Excluding Current Maturities | — | — | — | — | $1.5m | — | — | — | $0 | $2.7m | |
| Accrued and other liabilities | $372.8m | $419.0m | $37.3m | $193.0m | $209.6m | $216.4m | $25.8m | $1.5m | $1.0m | — | |
| Long-term debt, net of current portion | — | — | — | — | $53.1m | $68.1m | — | — | — | — | |
| Accounts payable and accrued liabilities | — | — | — | — | — | — | — | $8.5m | $7.5m | $9.6m | |
| Accrued payroll liabilities | — | — | — | — | — | — | — | $263k | $405k | $283k | |
| Liabilities, Current | $120.7m | $117.2m | $93.8m | $87.5m | $98.6m | $94.7m | $11.9m | $9.8m | $6.8m | $4.9m | |
| Total current liabilities | $838.0m | $762.6m | $645.1m | $609.0m | $643.6m | $603.2m | $82.1m | $9.8m | $6.8m | $2.9b | |
| Total current liabilities before client fund obligations | $26.6m | $32.3m | $45.2m | $61.6m | $81.6m | $107.3m | $132.8m | $149.4m | $166.9m | $210.4m | |
| Deferred Income Tax Liabilities, Net | $249k | $401k | — | $22.3m | $24.1m | — | — | — | — | — | |
| Other Liabilities, Noncurrent | — | $452k | $142k | — | $45k | $15k | — | — | — | $167k | |
| Other long-term liabilities | — | — | $1.1m | $1.7m | $1.7m | $2.0m | $3.7m | $3.7m | $6.4m | $8.6m | |
| Deferred income tax liabilities | — | — | — | $6.9m | $8.8m | $1.8m | $2.2m | $11.8m | $41.8m | $32.6m | |
| Deferred tax liabilities (including amounts of the consolidated VIEs and VIEs’ subsidiaries without recourse to the Company of Nil as of March 31, 2024 and 2025, respectively) | — | — | — | — | — | — | — | $4.1m | $3.2m | $2.4m | |
| Deferred Tax Liabilities, Net | — | — | — | — | — | — | — | — | $181k | $1.6m | |
| Liabilities | $124.0m | $124.7m | $94.2m | $123.1m | $139.2m | $129.2m | $17.6m | $14.1m | $10.6m | $12.5m | |
| Total liabilities | $861.2m | $811.5m | $647.4m | $857.2m | $908.6m | $823.5m | $121.7m | $14.1m | $10.6m | $3.2b | |
| Stockholders’ equity: | |||||||||||
| Preferred Stock, Value, Issued | $0 | $0 | $0 | — | — | — | — | — | — | — | |
| Common Stock, Value, Issued | $105k | — | — | — | — | — | — | — | — | — | |
| Additional Paid in Capital | $3.5b | $3.5b | $3.5b | $3.5b | $3.5b | $3.5b | $3.6b | $517.0m | $517.0m | $517.2m | |
| Retained Earnings (Accumulated Deficit) | ($493.2m) | ($509.8m) | ($475.9m) | ($484.3m) | ($524.0m) | ($536.0m) | ($508.8m) | ($510.6m) | ($510.3m) | ($509.0m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $822k | $1.1m | $1.2m | $911k | $1.9m | $1.8m | $1.3m | ($128k) | ($128k) | ($128k) | |
| Additional Paid in Capital, Common Stock | $497.4m | $531.2m | $510.1m | $504.0m | $543.3m | $556.4m | $515.2m | $517.0m | — | — | |
| Accumulated deficit | ($3.4b) | ($3.3b) | ($3.3b) | ($3.4b) | ($3.4b) | ($3.4b) | ($3.5b) | ($510.6m) | ($510.3m) | $900.6m | |
| Accumulated other comprehensive income | $5.7m | $6.9m | $8.3m | $6.3m | $12.1m | $11.3m | $9.0m | ($128k) | ($128k) | $5.6m | |
| Stockholders' Equity Attributable to Parent | $16.8m | $25.7m | $38.5m | $23.6m | $21.9m | $22.9m | $7.9m | — | — | $8.2m | |
| Stockholders' Equity Attributable to Noncontrolling Interest | ($215k) | ($195k) | ($260k) | ($98k) | ($302k) | $76k | — | — | — | — | |
| Total stockholders' equity | $119.6m | $147.6m | $212.8m | $308.0m | $392.9m | $476.9m | $613.5m | $842.9m | $1.0b | $1.2b | |
| Liabilities and Equity | $140.6m | $150.2m | $132.4m | $146.6m | $160.9m | $152.2m | $25.5m | $20.6m | $17.4m | $20.8m | |
| Total liabilities and equity | $976.2m | $977.4m | $910.2m | $1.0b | $1.0b | $970.2m | $176.0m | $20.6m | $17.4m | $4.4b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.