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RYB Education, Inc. Reports Third Quarter 2017 Financial Results

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BEIJING, Nov. 29, 2017 /PRNewswire/ — RYB Education, Inc. (“RYB” or the “Company”) (NYSE: RYB), a leading early childhood education service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2017.

Third Quarter 2017 Operational and Financial Highlights

Number of students enrolled at RYB directly operated kindergartens was 21,413 as of September 30, 2017. Number of franchise play-and-learn centers and kindergartens in operation were 910 and 209 as of September 30, 2017 respectively. Net revenues were $37.4 million compared with $26.9 million for the third quarter of 2016. Gross profit was $9.0 million compared with $4.5 million for the third quarter of 2016. Net income attributable to ordinary shareholders of RYB for the third quarter of 2017 was $1.6 million. Adjusted net income attributable to ordinary shareholders[1] of RYB for the third quarter of 2017 was $3.8 million, compared with $2.2 million for the third quarter of 2016. Cash generated from operating activities reached $19.3 million during the third quarter of 2017, compared with $11.8 million during the third quarter of 2016.

First Nine Months of 2017 Financial Highlights

Net revenues were $101.7 million, compared with $76.1 million for the first nine months of 2016. Gross profit was $22.0 million, compared with $14.5 million for the first nine months of 2016. Net income attributable to ordinary shareholders of RYB for the first nine months of 2017 was $6.9 million, compared with $6.4 million for the same period last year. Adjusted net income attributable to ordinary shareholders of RYB for the first nine months of 2017 was $9.3 million, compared with $6.4 million for the first nine months of 2016. Cash generated from operating activities was $40.1 million for the first nine months of 2017, compared with $30.2 million for the first nine months of 2016.

[1] Adjusted net income attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

Third Quarter 2017 Financial Results

Net Revenues

Net revenues for the third quarter of 2017 were $37.4 million, compared with $26.9 million for the same quarter last year.

Services revenues for the third quarter of 2017 were $31.9 million, compared with $23.6 million

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