51JOB, INC.

CIK:0001295484|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Revenues:
Net revenues	¥ 3,688,951	$ 565,356	¥ 4,000,025	¥ 3,781,946
Cost of services	(1,261,731)	(193,369)	(1,221,935)	(1,081,011)
Gross profit	2,427,220	371,987	2,778,090	2,700,935
Operating expenses
Sales and marketing	(1,182,677)	(181,253)	(1,188,233)	(1,197,178)
General and administrative	(377,438)	(57,845)	(384,072)	(353,557)
Total operating expenses	(1,560,115)	(239,098)	(1,572,305)	(1,550,735)
Income from operations	867,105	132,889	1,205,785	1,150,200
Gain (Loss) from foreign currency translation	(53,442)	(8,190)	67,881	(112,353)
Interest and investment income, net	228,500	35,019	175,584	113,673
Change in fair value of listed equity securities investment	10,760	1,649	(42,410)
Change in fair value of long-term investments	39,614	6,071
Change in fair value of convertible senior notes			(752,073)	99,079
Impairment of long-term investments			(98,277)
Gain from sale of long-term investments				61,070
Other income, net	167,308	25,641	205,602	175,206
Total	1,259,845	193,079	762,092	1,486,875
Income tax expense	(188,417)	(28,876)	(235,890)	(242,434)
Net income	1,071,428	164,203	526,202	1,244,441
Net loss attributable to non-controlling interests	25,848	3,961	6,116	7,878
Net income attributable to 51job, Inc.	1,097,276	168,164	532,318	1,252,319
Other comprehensive income:
Foreign currency translation adjustments	(931)	(142)	339	698
Unrealized gain on available-for-sale debt securities, net of tax effect of RMB38,847, nil and RMB7,794 in 2018, 2019 and 2020, respectively	23,382	3,583		116,540
Total comprehensive income	1,093,879	167,644	526,541	1,361,679
Comprehensive loss attributable to non-controlling interests	25,848	3,961	6,116	7,878
Comprehensive income attributable to 51job, Inc	¥ 1,119,727	$ 171,605	¥ 532,657	¥ 1,369,557
Earnings per share:
- Basic (in CNY and dollars per share) \| (per share)	¥ 16.35	$ 2.51	¥ 8.18	¥ 20.42
- Diluted (in CNY and dollars per share) \| (per share)	¥ 16.12	$ 2.47	¥ 7.98	¥ 19.82
Weighted average number of common shares outstanding:
- Basic (in shares) \| shares	67,101,601	67,101,601	65,049,597	61,318,292
- Diluted (in shares) \| shares	68,056,724	68,056,724	66,683,457	63,175,483
Online recruitment services
Revenues:
Net revenues	¥ 2,147,334	$ 329,093	¥ 2,471,179	¥ 2,431,898
Other human resource related revenues
Revenues:
Net revenues	¥ 1,541,617	$ 236,263	¥ 1,528,846	¥ 1,350,048

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Cash flows from operating activities:
Net income for the year	¥ 1,071,428	$ 164,203	¥ 526,202	¥ 1,244,441
Adjustments for:
Share-based compensation	143,806	22,039	126,149	104,965
Depreciation	45,502	6,973	43,811	57,044
Amortization of intangible assets	40,000	6,130	42,467	38,525
Amortization of right-of-use assets	51,507	7,894	48,995
Allowance for credit losses	22,929	3,514	27,903	10,607
Loss due to disposal of fixed assets	984	151	231	225
Loss (Gain) from foreign currency translation	54,171	8,302	(67,881)	112,351
Change in fair value of listed equity securities investment	(10,760)	(1,649)	42,410
Change in fair value of long-term investments	(39,614)	(6,071)
Change in fair value of convertible senior notes			752,073	(99,079)
Impairment of long-term investments			98,277
Gain from sale of long-term investments				(61,070)
Income from accrued interest on time deposits	(19,189)	(2,941)
Income from equity method investments	(21,449)	(3,287)	(8,531)	(2,417)
Deferred tax expense (benefit)	(5,880)	(901)	(3,587)	18,531
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Increase in accounts receivable	(38,570)	(5,911)	(59,171)	(54,905)
Decrease (Increase) in prepayments and other current assets	167,826	25,720	(72,131)	(46,719)
Increase (Decrease) in accounts payable	34,589	5,301	(1,502)	14,958
Increase (Decrease) in salary and employee related accruals	19,790	3,033	(1,359)	29,168
Increase (Decrease) in taxes payable	(95,342)	(14,612)	82,381	(45,519)
Increase (Decrease) in advances from customers	50,086	7,676	(17,782)	188,319
Increase (Decrease) in other payables and accruals	(18,735)	(2,871)	246,289	275,883
Decrease (Increase) in other long-term assets	(3,526)	(539)	(684)	7,634
Decrease in lease liabilities	(44,246)	(6,781)	(42,787)
Net cash provided by operating activities	1,405,307	215,373	1,761,773	1,792,942
Cash flows from investing activities:
Cash received from (paid for) short-term investments	179,354	27,487	(766,992)	(2,005,226)
Cash paid for time deposits	(700,000)	(107,280)
Cash paid for long-term investments	(39,052)	(5,985)	(876,628)	(156,835)
Cash received from disposal of long-term investments	4,081	625
Cash paid for acquisitions, net of cash acquired				(27,923)
Cash paid for dividend distribution	(1,600)	(245)	(455)
Cash received from sale of available-for-sale debt securities				80,500
Purchase of property and equipment	(47,327)	(7,253)	(25,919)	(87,053)
Purchase of intangible assets	(341)	(52)	(8,538)	(83,660)
Net cash used in investing activities	(604,885)	(92,703)	(1,678,532)	(2,280,197)
Cash flows from financing activities:
Settlement of convertible senior notes			(5)
Settlement of zero-strike call options and retirement of common shares			(31)	(75)
Proceeds from the exercise of share options	161,133	24,695	281,412	145,196
Net cash provided by financing activities	161,133	24,695	281,376	145,121
Effect of foreign exchange rate changes on cash and restricted cash	(27,672)	(4,241)	22,335	23,530
Net increase (decrease) in cash and restricted cash	933,883	143,124	386,952	(318,604)
Cash and restricted cash, beginning of year	2,361,073	361,850	1,974,121	2,292,725
Cash and restricted cash, end of year	3,294,956	504,974	2,361,073	1,974,121
Supplemental disclosure of cash flow information:
Cash paid during the years for income taxes	254,871	39,061	188,735	228,158
Cash paid for interest, net of amounts capitalized			18,982	36,807
Supplemental disclosure of non-cash operating activities:
Recognition of right-of-use assets and lease liabilities	38,567	5,911	133,094
Supplemental disclosure of non-cash investing activities:
Accrual related to purchase of property, equipment and software	(553)	(85)	(6,409)	(7,789)
Accrual related to purchase of long-term investments			(13,952)
Supplemental disclosure of non-cash financing activities:
Restricted cash and payables related to the exercise of share options, end of year	¥ 2,258	$ 346	66,169	¥ 5,770
Settlement of convertible senior notes by common shares			¥ (2,439,198)

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Current assets:
Cash	¥ 3,292,698	$ 504,628	¥ 2,294,904
Restricted cash	2,258	346	66,169
Short-term investments	7,469,213	1,144,707	7,645,686
Accounts receivable (net of allowance for credit losses of RMB21,952 and RMB26,798 as of December 31, 2019 and 2020, respectively)	290,480	44,518	266,437
Prepayments and other current assets	492,980	75,552	669,208
Total current assets	11,547,629	1,769,751	10,942,404
Non-current assets:
Time deposits	719,189	110,221
Long-term investments	1,576,250	241,571	1,482,544
Property and equipment, net	273,157	41,863	271,932
Goodwill	1,036,124	158,793	1,036,124
Intangible assets, net	163,503	25,058	203,162
Right-of-use assets	307,869	47,183	320,809
Other long-term assets	13,946	2,137	10,420
Deferred tax assets	38,013	5,826	22,147
Total non-current assets	4,128,051	632,652	3,347,138
Total assets	15,675,680	2,402,403	14,289,542
Current liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB95,671 and RMB180,621 as of December 31, 2019 and 2020, respectively):
Accounts payable	83,087	12,733	48,114
Salary and employee related accruals	182,565	27,979	162,775
Taxes payable	172,254	26,399	267,596
Advances from customers	1,158,604	177,564	1,108,518
Lease liabilities, current	34,952	5,357	34,817
Other payables and accruals	1,178,955	180,683	1,211,642
Total current liabilities	2,810,417	430,715	2,833,462
Non-current liabilities (including amounts of the consolidated VIEs and VIEs' subsidiaries without recourse to the primary beneficiaries of RMB109,909 and RMB112,714 as of December 31, 2019 and 2020, respectively):
Lease liabilities, non-current	44,949	6,889	50,763
Deferred tax liabilities	232,087	35,569	214,307
Total non-current liabilities	277,036	42,458	265,070
Total liabilities	3,087,453	473,173	3,098,532
Commitments and contingencies
Mezzanine equity:
Redeemable non-controlling interests	189,811	29,090	216,974
Shareholders' equity:
Common shares (US$0.0001 par value per share; 500,000,000 shares authorized, 66,784,688 and 67,406,657 shares issued and outstanding as of December 31, 2019 and 2020, respectively)	54	8	53
Additional paid-in capital	5,206,154	797,878	4,901,466
Statutory reserves	18,474	2,831	17,930
Accumulated other comprehensive income	276,975	42,448	254,524
Retained earnings	6,871,090	1,053,041	5,774,358
Total 51job, Inc. shareholders' equity	12,372,747	1,896,206	10,948,331
Non-controlling interests	25,669	3,934	25,705
Total equity	12,398,416	1,900,140	10,974,036
Total liabilities, mezzanine equity and equity	¥ 15,675,680	$ 2,402,403	¥ 14,289,542