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December 13, 2021

RYB Education, Inc. Reports Third Quarter 2021 Financial Results

BEIJING, Dec. 12, 2021 /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 of 2021.

Third Quarter 2021 Operational and Financial Summary

Number of students enrolled at directly operated facilities was 36,513 as of September 30, 2021, compared with 33,760 as of September 30, 2020.
Net revenues were $42.8 million, compared with $32.6 million for the third quarter of 2020.
Gross profit was $3.1 million, compared with $2.0 million for the third quarter of 2020.
Net loss attributable to ordinary shareholders of RYB for the third quarter of 2021 was $2.2 million, compared with $7.1 million for the third quarter of 2020. Adjusted net loss attributable to ordinary shareholders^[1] of RYB for the third quarter of 2021 was $1.8 million, compared with $6.5 million for the third quarter of 2020.
Cash generated from operating activities was $7.3 million in the third quarter of 2021, compared to $14.6 million for the third quarter of 2020.

“As China continues to carry out its reform in the education sector, private education will enter a new phase of development. RYB has long adhered to its original mission for preschool education and endeavored to contribute to the development of private education through providing high-quality products and services,” said Ms. Yanlai Shi, Co-founder, Director and Chief Executive Officer of RYB. “Over the years, we have committed to the healthy, sustainable and compliant development of preschool education, and have steadily followed the policy to expand access to inclusive preschool education in China. For example, we not only managed to provide more inclusive kindergartens to society, but also have been constantly improving the quality of our education services with curriculum upgrades, teacher training as well as security and safety measures enhancement.

With respect to our strategic transformation, in the third quarter we continued to reinforce and explore the potential of our existing business while innovating and extending the scope of our business lines in several areas, including quality-oriented education (including art education), early-years childcare, teacher training (vocational training for preschool education), among other things, all aiming to capture market opportunities and foster new growth engines. As we leverage our competitive edge in existing distribution channels and gradually diversify our business lines, we are confident to strengthen our presence in all preschool education segments, thereby enabling the RYB’s long-term healthy growth.” concluded Ms. Shi.

Third Quarter 2021 Financial Results

Net Revenues

Net revenues for the third quarter of 2021 were $42.8 million, a 31.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase compared with $32.6 million for the same quarter of 2020.

Service revenues for the third quarter of 2021 were $40.0 million, a 34.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase compared with $29.8 million for the same quarter of 2020. The increase was mainly due to a significant increase in tuition fees revenue, thanks to a shorter facility closure period at the Company’s directly operated kindergartens in China during this quarter compared to the same quarter of 2020. The increase in the number of students enrolled at facilities in both China and Singapore also contributed to a higher tuition fees revenue.

Product revenues for the third quarter of 2021 were $2.8 million, compared with $2.8 million for the same quarter of 2020.

Cost of Revenues

Cost of revenues for the third quarter of 2021 was $39.7 million, a 30.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} increase from $30.5 million for the same quarter of 2020. Cost of revenues for services for the third quarter of 2021 was $38.4 million, compared with $29.2 million for the same quarter of 2020. The increase was primarily due to the increase in staff compensation and direct cost at the Company’s directly operated facilities. Cost of products revenues for the third quarter of 2021 was $1.3 million, compared with $1.4 million for the same quarter of 2020.

Gross Profit and Gross Margin

Gross profit for the third quarter of 2021 were $3.1 million, compared with $2.0 million for the same quarter of 2020.

Gross margin for the third quarter of 2021 was 7.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, compared with 6.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the same quarter of 2020.

Operating Expenses

Total operating expenses for the third quarter of 2021 were $5.7 million, compared with $5.5 million for the same quarter of 2020. Excluding share-based compensation expenses, operating expenses were $5.3 million, compared with $4.9 million for the third quarter of 2020.

Selling expenses for the third quarter of 2021 were $0.7 million, compared with $0.5 million for the same quarter of 2020.

General and administrative (“G&A”) expenses for the third quarter of 2021 were $5.0 million, compared with $5.0 million for the same quarter of 2020. Excluding share-based compensation expenses, G&A expenses were $4.6 million for the third quarter of 2021, compared with $4.4 million for the same quarter of 2020. G&A expenses excluding share-based compensation expenses and effect of exchange rate fluctuation were lower compared with the same quarter of 2020. The share-based compensation expenses included in G&A expenses were $0.5 million for the quarter.

Operating loss

Operating loss for the third quarter of 2021 was $2.7 million, compared with $3.5 million for the same quarter of 2020. Adjusted operating loss^[2] was $2.2 million for the third quarter of 2021, compared with $2.9 million for the same quarter of 2020.

Net loss

Net loss attributable to ordinary shareholders of RYB for the third quarter of 2021 was $2.2 million, compared with $7.1 million for the same quarter of 2020. Adjusted net loss attributable to ordinary shareholders of RYB, which excluded the impact of $0.5 million of share-based compensation expense for the third quarter of 2021, was $1.8million, compared with $6.5 million for the same quarter of 2020.

Basic and diluted net loss per American depositary share (“ADS”) attributable to ordinary shareholders of RYB for the third quarter of 2021 were $0.08 and $0.08, compared with $0.26 and $0.26, respectively, for the same quarter of 2020. Each ADS represents one Class A ordinary share.

Adjusted basic and diluted net loss per ADS attributable to ordinary shareholders^[3] of RYB for the third quarter of 2021 were $0.06 and $0.06, compared with $0.23 and $0.23, respectively, for the same quarter of 2020.

EBITDA^[4] for the third quarter of 2021 was $0.6 million, compared with $0.5 million for the same period of 2020. Adjusted EBITDA^[5] for the third quarter of 2021 was $1.0 million, compared with $1.1 million for the same quarter of 2020.

Balance Sheet

As of September 30, 2021, the Company had total cash and cash equivalents of $77.7 million, compared with $53.5 million as of December 31, 2020. The increase in cash and cash equivalents balances was mainly due to the operating cash inflow of $30.2 million during the first nine months of 2021 as a result of tuition fee collection.

Operating Cash Flow

Cash generated from operating activities were $7.3 million during the third quarter of 2021, compared with $14.6 million from operating activities during the third quarter of 2020.

Business Outlook

For the fourth quarter of 2021, the Company’s management currently expects net revenues to be between $49.0 million and $50.0 million, representing a year-over-year increase of approximately 4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. The above outlook is based on the current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions, customer demand and foreign exchange environment, which are all subject to change.

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

[2] Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss 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.

[3] Adjusted basic and diluted net loss per ADS attributable to ordinary shareholders is a non-GAAP financial measure, which is defined as basic and diluted net loss per ADS 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.

[4] EBITDA is defined as net income excluding depreciation, amortization and income tax expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” included elsewhere in this earnings release.

[5] Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income excluding depreciation, amortization, income tax expenses, and share-based compensation expenses. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” included elsewhere in this earnings release.

About RYB Education, Inc.

Founded on the core values of ”Care” and ”Responsibility,” “Inspire” and “Innovate,” RYB Education, Inc. is a leading early childhood education service provider in China. Since opening its first play-and-learn center in 1998, the Company has grown and flourished with the mission to provide high-quality, individualized and age-appropriate care and education to nurture and inspire each child for his or her betterment in life. During its two decades of operating history, the Company has built “RYB” into a well-recognized education brand and helped bring about many new educational practices in China’s early childhood education industry. RYB’s comprehensive early childhood education solutions meet the needs of children from infancy to 6 years old through structured courses at kindergartens and play-and-learn centers, as well as at-home educational products and services.

For more information, please visit http://ir.rybbaby.com

Use of Non-GAAP Financial Measures

We use EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.

EBITDA is defined as net income excluding depreciation, amortization, and income tax expenses; adjusted EBITDA is defined as net income excluding depreciation, amortization, income tax expenses, and share-based compensation expenses; adjusted operating income is defined as operating income excluding share-based compensation expenses; adjusted net income attributable to ordinary shareholders is defined as net income attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests; and adjusted basic and diluted net income per ADS attributable to ordinary shareholders are defined as basic and diluted net income per ADS attributable to ordinary shareholders excluding share-based compensation expenses and changes of redeemable non-controlling interests.

We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income from operations and net income. We believe that EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical adjusted financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted basic and diluted net income per ADS, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s brand recognition and market reputation; student enrollment in the Company’s teaching facilities; the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in China’s early childhood education market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese early childhood education market; Chinese governmental policies relating to the Company’s industry and general economic conditions in China. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
RYB Education, Inc.
Investor Relations
E-mail: [email protected]

The Piacente Group, Inc.
Yang Song
Tel: +86 (10) 5730-6200
E-mail: [email protected]

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

*UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS*
(in thousands of U.S. dollars)

	As of
	September 30, 2021	December 31, 2020
Current assets:
Cash and cash equivalents	77,746	53,454
Accounts receivable, net	2,271	1,844
Inventories	6,501	5,773
Prepaid expenses and other current assets	8,927	8,927
Loan receivables	160	107

Total current assets	95,605	70,105

Non-current assets:
Restricted cash	1,318	1,127
Property, plant and equipment, net	42,667	47,638
Goodwill	46,458	46,147
Intangible assets, net	13,038	14,179
Long-term investment	212	217
Deferred tax assets	22,855	21,168
Other non-current assets	12,102	14,438
Operating lease right-of-use assets	74,058	87,472
Total assets	308,313	302,491

Liabilities
Current liabilities:
Prepayments from customers, current portion	5,761	4,145
Accrued expenses and other current liabilities	58,847	54,406
Income tax payable	20,340	18,592
Operating lease liabilities, current portion	14,971	16,856
Deferred revenue, current portion	45,881	34,351
Long-term debt, current portion	–	7
Total current liabilities	145,800	128,357

Non-current liabilities:
Prepayments from customers, non-current portion	3,247	4,024
Deferred revenue, non-current portion	813	1,726
Other non-current liabilities	11,904	12,519
Deferred income tax liabilities	1,919	1,890
Operating lease liabilities, non-current portion	63,309	76,308
Total liabilities	226,992	224,824

Mezzanine equity
Redeemable non-controlling interests	9,366	9,988

Equity
Ordinary shares	29	29
Treasury stock	(9,042)	(10,321)
Additional paid-in capital	141,611	141,094
Statutory reserve	4,652	4,652
Accumulated other comprehensive loss	(1,541)	(1,468)
Accumulated deficit	(69,700)	(71,837)
Total RYB Education, Inc. shareholders’ equity	66,009	62,149
Non-controlling interest	5,946	5,530
Total equity	71,955	67,679
Total liabilities, mezzanine equity and total equity	308,313	302,491

*UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS*
(in thousands of U.S. dollars, except share, ADS, per share and per ADS data)

	Three Months Ended September 30,
	2021	2020
Net revenues:
Services	40,016	29,755
Products	2,794	2,797
Total net revenues	42,810	32,552
Cost of revenues:
Services	38,409	29,150
Products	1,331	1,383
Total cost of revenues	39,740	30,533
Gross profit	3,070	2,019

Operating expenses
Selling expenses	692	513
General and administrative expenses	5,040	5,027
Total operating expenses	5,732	5,540

Operating loss	(2,662)	(3,521)
Interest income	47	102
Government subsidy income	268	1,103
Loss on disposal of subsidiaries	(28)	(168)

Loss before income taxes	(2,375)	(2,484)
Less: Income tax expenses	(257)	3,725

Loss before loss in equity method investments	(2,118)	(6,209)
Loss from equity method investments	(12)	(128)

Net loss	(2,130)	(6,337)
Less: Net income attributable to non-controlling interest	98	794
Net loss attributable to ordinary shareholders of RYB Education, Inc.	(2,228)	(7,131)

Net loss per share attributable to ordinary shareholders of RYB Education, Inc.
Basic	(0.08)	(0.26)
Diluted	(0.08)	(0.26)

Net loss per ADS attributable to ordinary shareholders of RYB Education, Inc. (Note 1)
Basic	(0.08)	(0.26)
Diluted	(0.08)	(0.26)

Weighted average shares used in calculating net loss per ordinary share
Basic	28,467,242	27,736,777
Diluted	28,467,242	27,736,777

Net loss	(2,130)	(6,337)
Other comprehensive loss, net of tax of nil:
Change in cumulative foreign currency translation adjustments	(168)	(360)
Total comprehensive loss	(2,298)	(6,697)

Less: Comprehensive loss attributable to non- controlling interest	47	1,122
Comprehensive loss attributable to RYB Education, Inc.	(2,345)	(7,819)

Note 1：Each ADS represents one Class A ordinary share.

*RECONCILIATION OF GAAP AND NON-GAAP RESULTS*
(in thousands of U.S. dollars, except share, ADS, per share and per ADS data)

	Three Months Ended September 30,
	2021	2020
Operating loss	(2,662)	(3,521)
Share-based compensation expenses	471	617
Adjusted operating loss	(2,191)	(2,904)

Net loss attributable to ordinary shareholders of RYB Education, Inc.	(2,228)	(7,131)
Share-based compensation expenses	471	617
Adjusted net loss attributable to ordinary shareholders of RYB Education, Inc.	(1,757)	(6,514)

Net loss	(2,130)	(6,337)
Add: Income tax expense	(257)	3,725
Depreciation of property, plant and equipment, and amortization of intangible assets	2,939	3,076
EBITDA	552	464
Share-based compensation expenses	471	617
Adjusted EBITDA	1,023	1,081

Net loss per ADS attributable to ordinary shareholders of RYB Education, Inc.- Basic (Note1)	(0.08)	(0.26)
Net loss per ADS attributable to ordinary shareholders of RYB Education, Inc.- Diluted (Note1)	(0.08)	(0.26)

Adjusted net loss per ADS attributable to ordinary shareholders of RYB Education Inc.- Basic (Note1)	(0.06)	(0.23)
Adjusted net loss per ADS attributable to ordinary shareholders of RYB Education Inc.- Diluted (Note1)	(0.06)	(0.23)

Weighted average shares used in calculating basic net loss per ADS (Note1)	28,467,242	27,736,777
Weighted average shares used in calculating diluted net loss per ADS (Note1)	28,467,242	27,736,777

Adjusted net loss per share- Basic	(0.06)	(0.23)
Adjusted net loss per share- Diluted	(0.06)	(0.23)

Note 1：Each ADS represents one Class A ordinary share.

SOURCE RYB Education, Inc.

How Can We Improve Through Financial Education

Viewpoints expressed by Entrepreneur contributors are their possess.

The economic state of quite a few Us citizens is not where by it should really be. According to a Mind above Cash study, a lot more than three in four Individuals experience the pressure, with 77{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} reporting they are nervous about their cash condition. The greater part of people are so preoccupied with money that they can not command it or even take it easy when making decisions all-around the matter. The existing financial local weather has only made the predicament even worse.

Two-thirds of the nation is battling with income issues: Not having adequate for retirement or trying to keep up with value-of-residing expenses are day-to-day worries amongst a ton of males and women. Although there are a lot of good reasons for this, 1 key contributing aspect is lack of recognition.

Why monetary education and literacy is essential for absolutely everyone?

Fiscal education and learning is a wide expression that can be defined as any learning that assists persons make educated selections about controlling their funds. It can be essential for numerous causes, but just one, in particular, stands out: Financial training presents a alternative to the money hole.

Money education and learning and literacy are the very first measures to economic properly-being. It is a continuous and crucial method that should include things like:

Everybody with subprime credit rating
Disadvantaged communities
Younger grown ups who have never experienced any audio practical experience handling their funds

But here is the catch: The finance field is entire of misinformation. It can be demanding to navigate the mainstream process devoid of understanding that there’s much more than what fulfills the eye about your finances.

Similar: Fiscal Literacy: The Crucial to The Development of the Economy

How can companies assistance increase monetary recognition with education and learning?

Economical organizations can enjoy an important purpose in increasing consciousness and increasing the financial scenario for all Individuals by educating men and women on how they can get regulate more than their funds as a result of instruments like budgeting and conserving.

They also require to perform with other corporations to aid those people who will need enable to not experience ashamed or ashamed about their scenario.

Economic literacy is an crucial difficulty that corporations are starting to consider on, as more than 50 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} of grown ups in the U.S. feel they really don’t have adequate expertise about controlling their funds. Money schooling usually takes diverse sorts, but it ordinarily consists of:

Instructing children how credit score cards and bank accounts work.
Giving informational seminars about retirement financial savings options for deprived communities.
On-line discussion boards wherever folks can get respectable information and facts about money units, and how they can use them to their benefit.
Instilling know-how about finances at early ages

Monetary training wants to start off early since children understand about shelling out money at an previously age. We have to give them the understanding of how to preserve and commit early on as nicely. The economical solutions local community, non-profit organizations and faculties must be proactive in partaking all communities. Breaking down the info into relatable, effortless-to-fully grasp curricula could create a complete new era of money geniuses.

Connected: 5 Ways to Construct Your Kid’s Monetary Literacy

When should really people be engaged in fiscal literacy and consciousness?

Fiscal training commences in the classroom, but it desires to lengthen through adulthood. 1 dimension does not in shape all when it comes to this vital subject matter. We have to generate custom-made systems for each individual age team based on their stage in everyday living or desires.

Every purchaser has a distinct baseline comprehending of the money system and engages in it at various points through their lifecycle.

Permit me give you a couple examples of how and when individuals get associated in economic selections:

College students who are hunting for facts on securing or spending off student loans
Car or truck prospective buyers who are seeking for the best auto lease possibilities
Family members might also technique selected monetary areas in different ways since there can frequently only just one parent is performing outdoors the residence though elevating children
Older grown ups who are heading to retire shortly

These are excellent possibilities for fiscal businesses to access out with insightful information to help individuals far better comprehend in which they need to boost.

How do we contain far more consumers in the mainstream fiscal procedure?

The mainstream financial technique has been inherently designed to exclude people devoid of accessibility or implies. These types of shoppers who do not have excellent funds are not welcomed warmly in the economical technique. As a final result, they absence trust in the field and come across it difficult to navigate.

If we want these people back again into our economy, we need to have associates who understand how really hard every day everyday living can be when you you should not have any cash. Constructing rely on begins with partnering for the bigger good. Partnering begins at household and moves outward to setting up coalitions that include things like individuals who have been historically excluded from mainstream finance.

Related: Each Enterprise Operator Wants a Economical Education and learning

The monetary world is shifting, and the way we interact with money is evolving. The world economic landscape poses new challenges and opportunities for folks all-around the earth. Financial inclusion and fiscal status may well look like a consumer trouble, but the actuality of enhancing in general economical effectively-currently being falls on far more than just an personal.

Economical literacy is the crucial to strengthening monetary inclusion. If buyers are not very well knowledgeable about their funds, they will never ever be able to make knowledgeable choices or take part in society’s mainstream economic system with self esteem. For this reason, it is all about financial training.

December 12, 2021

Georgia to expand personal finance education for high school students

ATLANTA – Georgia large university college students soon will be obtaining a lot more instruction in how to tackle their personalized funds.

The point out Board of Instruction Thursday authorized revisions to the higher college economics course that significantly expand the personal funds part of the curriculum.

Students will study far more about running budgets, creating credit rating, safeguarding from identity theft and understanding tax sorts, university student bank loan purposes and pay out stubs.

Condition School Superintendent Richard Woods

“I strongly imagine that education is about getting ready college students for everyday living,” reported Condition University Superintendent Richard Woods, who proposed the variations.

This tale also appeared in Capitol Beat Information Company

“This revised study course will make certain that every single Ga large university pupil will find out important everyday living skills like managing a funds, filing taxes, and employing credit rating responsibly, although also getting an understanding and appreciation of no cost current market rules.”

The revisions to the economics course were produced by a committee that included material-area teachers and finance field authorities. They were being place as a result of 30 days of public comment to get input from academics, mom and dad and learners.

The curriculum changes will choose effect through the 2022-23 college calendar year.

This tale is readily available as a result of a information partnership with Capitol Beat Information Services, a job of the Georgia Push Educational Basis.

Dave Williams/Capitol Defeat

Dave Williams is bureau main for Capitol Conquer News Assistance, a assistance of the Ga Push Schooling Foundation.
A lot more by Dave Williams/Capitol Beat

December 11, 2021

Georgia expands personal finance education for all students

Release:

December 9, 2021 – Georgia is making variations to guarantee all learners get much more own finance instruction they can apply to their daily life soon after high school.

The Condition Board of Education today approved Point out School Superintendent Richard Woods’ proposed revisions to the recent superior faculty Economics class, which substantially develop the quantity of individual finance instruction just about every Ga significant school college student receives.

All through the revised study course, which is required for all Ga substantial faculty students, students will learn about managing and balancing budgets understanding and creating credit score safeguarding from identity theft and consumer protections and knowing tax types, university student mortgage programs, and shell out stubs. Pupils will also get a foundation in the fundamentals of economic conclusion-creating, microeconomics, macroeconomics, and worldwide economics, with a particular target on how they can utilize that understanding to their very own own funds.

“The Very first Lady and I listen to all the time from students and mothers and fathers about the need to have for a lot more instruction on personalized finance competencies that pupils can implement to their day-to-day lives after high school,” mentioned Governor Brian P. Kemp. “Sending our shortly-to-be older people into the ‘real-world’ far better prepared to make superior conclusions about their funds will serve them, their parents, and our communities. It is a much-needed, typical-perception transform that I fully guidance.”

“I strongly feel that education and learning is about making ready college students for life,” Superintendent Woods explained. “I have consistently heard from mother and father, learners, and field associates that far more instruction in individual finance is desired. This revised program will be certain that every single Georgia higher college scholar will discover essential daily life capabilities like running a spending budget, submitting taxes, and employing credit history responsibly, although also gaining an being familiar with and appreciation of no cost sector principles.”

The revisions to the Economics program were being produced by an Economics Overview Committee composed of policymakers, information-place academics, and industry experts in the places of finance and economics. The assessment committee, facilitated by the Ga Council on Financial Instruction, met and proposed adjustments to the present system requirements that would raise personalized finance requirements within the training course without affecting the integrity of the Economics requirements. The specifications had been then posted for a 30-working day general public comment period, offering all academics, mother and father, learners, and community members a probability to offer responses.

The up to date program criteria will be applied all through the 2022-2023 faculty 12 months.

December 10, 2021

Capture Higher Ed Names Education Technology Veteran Rajeev Arora as Chief Product Officer

Arora brings a few many years of training engineering management knowledge from Nearpod, Parchment and Blackboard to oversee product tactic, innovation and scaling at Seize.

LOUISVILLE, Ky., Dec. 9, 2021 /PRNewswire-PRWeb/ — Capture Greater Ed introduced the appointment of ed tech and organization software program veteran Rajeev Arora as its new chief product or service officer. With additional than 30 years of practical experience escalating world-wide software firms from idea to marketplace-leading companies, Arora will oversee item tactic and enhancement at Capture, a major enrollment management and marketing and advertising agency that has served hundreds of institutions across the region.

From 2012 to 2018, Arora was the senior vice president of products at Parchment, a company of tutorial credential answers for educational facilities and universities, the place he created system and led delivery of products and solutions within just the firm’s on the web platform. Just before that, Arora served in important leadership roles at Blackboard, a main service provider of education and learning-related application and products and services, and Elluminate, a undertaking-backed digital classroom computer software provider.

Arora arrives to Seize immediately after serving as main running officer for Lingk, a larger instruction information integration system, and chief advertising and marketing officer for Nearpod, which supplies K-12 academics an interactive classroom instrument to engage pupils with online functions.

“I am so psyched to be element of Seize,” Arora claimed. “I think wholeheartedly in the mission of helping our associate establishments endure and thrive by providing the promoting providers and application intelligence layer that push their enrollment and retention successes.”

Seize CEO Leonard Napolitano stated, “Rajeev’s intensive expertise in producing and scaling solutions that support a firm’s immediate growth designed him the ideal preference for Seize at this juncture.”

“All through his extraordinary vocation, Rajeev has been a leader in new products development … from architecture, style and implementation to effective launch to gross sales channels and partners,” Napolitano stated. “He has a demonstrated observe file for contributing to the speedy progress in the education place. Rajeev’s enthusiasm for what we are trying to accomplish at Capture and his capacity to reimagine how we establish, scale and supply our products and solutions are just some of the motives he was chosen for this vital role.”

Arora has a bachelor’s degree in electrical engineering from Rensselaer Polytechnic Institute in Troy, N.Y. He gained his master’s in engineering management from Santa Clara University in California.

Accessible for Comment

Leonard Napolitano, Seize CEO
Rajeev Arora, CPO

About Seize

Capture Greater Ed is a top enrollment administration and marketing and advertising company that aids increased education institutions’ enrollment and development corporations make personalised, knowledge-driven, timely and calculated connections with potential pupils and donors. Driven by the industry’s only Behavioral Intelligence System — combining marketing automation, predictive modeling and a managed assistance technique — Capture’s advertising and marketing methods and qualified services are created to detect, transform and enroll the appropriate college students and bring in the ideal donors for faculties and universities. Founded in 2011, Seize has served hundreds of institutions across the state though getting regarded by Inc. 5000 as a fastest-increasing U.S. firm.

Media Requests and Inquiries

Farzad Novin, VP of Promoting, Capture Larger Ed
Fnovin@capturehighered.com

Media Speak to

Farzad Novin, Seize Increased Ed, 917-539-1556, fnovin@capturehighered.com

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December 10, 2021

Cakap Secures US$10m in Series B Funding Co-lead by MDI-KB’s Centauri and Heritas Capital to Expand More Access for High Quality Education

MDI Ventures’ Centauri Fund, Heritas Cash, and KB Financial commitment commit into Cakap in advancing their technological know-how and expanding marketplaces

JAKARTA, Indonesia, Dec. 10, 2021 /PRNewswire/ — Cakap, one of the most significant Edtech platforms in Indonesia, has lifted US$10m in an oversubscribed series B spherical to develop their licensed class giving, as perfectly as to gasoline its marketplace growth in giving greater access to substantial top quality schooling in Indonesia. The round was jointly led by MDI Ventures’ Centauri Fund and Heritas Capital, with participation from KB Investment and other undisclosed investors. The series B round wraps up the achievement of the firm for the strong calendar year by attaining its impressive progress as a result of the profitability and job in supporting distant learning as a answer to limit the damaging effect of the pandemic in the state.

Cakap Secures US$10m in Series B Funding Co-lead by MDI-KB's Centauri and Heritas Capital to Expand More Access for High Quality Education — Cakap Secures US$10m in Sequence B Funding Co-direct by MDI-KB’s Centauri and Heritas Capital to Broaden Far more Obtain for Large Good quality Education and learning

The respective buyers will develop included benefit to the organization with the synergy from the largest Telco supplier, Telkom, to speed up sector growth nationwide. Accompanied by Heritas Money, this will develop the firm’s social influence tactics. In addition, KB Expenditure, component of KB Fiscal Group as a main money expert services service provider from Korea, with its 20 decades of financial commitment encounter will also aid Cakap’s expansion technique.

Cakap as a profitable Edtech business for the very last 2 a long time has properly crafted a strong believability and secured impressive progress by attaining 1.5 Million college students, with 500{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} YoY progress in Energetic College students and far more than 1 Million Applications obtain. Rated 4.9 out of 5 on Google Participate in Retail outlet, Cakap is the greatest rated instructional app in the nation.

Tomy Yunus, Co-Founder & CEO of Cakap, stated, “We are very pleased and enthusiastic to be aspect of the huge education transformation in Indonesia, wherever we combine higher high quality finding out information, sophisticated technological innovation, and specialist academics in our ecosystem to produce the finest studying experience to our learners. Therefore, to guidance our mission in elevating people’s life, we are continually learning our students’ distinctive actions and enhancing our remedy by creating our engine around AI and Equipment Discovering to offer localized and personalised discovering in accelerating students’ studying development.”

Cakap has been foremost the on the web language programs for Older people and Young children segments in Indonesia. Running a tech system enables Cakap to offer their support membership at a a lot far more very affordable selling price than a common brick and mortar tutoring services although offering their older people and little ones college students a broad assortment of qualified instructors both equally regionally and internationally. Cakap also expanded their presenting into self-paced understanding and certification programs that blend sequential multimedia studying, assessments, and Reside Course ad discussions, providing their college students much adaptability to finish a certification for new task-certain capabilities.

The proceeds will further propel the incredible momentum that the firm has been experiencing and that has been empowering far more than 1,000 teachers across the areas. With this new funding, Cakap aims to make improvements to their learning technological know-how by exploring the implementation of machine studying and artificial intelligence which enable the understanding progress to be more personalized to every single pupil as a result of adaptive discovering.

“Seeking at the enormous option for educational entry and growth, we are self-confident to deliver Cakap to stage ahead to its next progress journey. The tech progression will make Cakap give much more wide range of discovering alternatives for Indonesian society. It will be valuable to give broader impacts for untapped opportunity marketplaces,” stated Kenneth Li, Lover at MDI-KB’s Centauri.

“In a calendar year considering the fact that Heritas Money led Cakap’s sequence A+ funding round, we are impressed by the large business traction and affect attained by the management group, benefitting numerous stakeholders these types of as schooling lecturers, reskilling workers and serving to children discover amidst the pandemic. We are happy to back Cakap after once again as it effectively transits from undertaking to advancement phase with good execution and large money efficiency, though even further catalyzing entry to excellent economical lifelong studying prospects for all in Indonesia and further than,“ mentioned Chik Wai Chiew, CEO and Government Director of Heritas Money.

Despite the offline universities beginning to come again little by little, the Indonesian govt thinks that the expansion of the Edtech sector will keep on being robust as hybrid discovering is demanded to enhance in-particular person studying. Rachmadi Widodo, Director of Key Education and learning Teachers, Ministry of Education, Culture, Analysis and Technological innovation of the Republic of Indonesia, in Cakap media collecting discussion (27/10) said, “Edtech will often be expected for college students as it is also our target in reworking instruction into a electronic platform. Besides having it from educational facilities, we believe that Edtech will equip learners with a broader landscape of awareness from worldwide horizon and critical thinking skills. We constantly guidance Edtech initiatives as we admit that their aims will usually align with our mission: to enhance the instructional enhancement in Indonesia.”

Cakap aims past new marketplace growth and technological innovation improvement. It is regularity in offering equivalent chances for Indonesians to entry superior high-quality expertise and consistently supporting human cash improvement as a result of their initiatives, Cakap For The Country (Cakap Untuk Bangsa) and Cakap Trainer Academy. Cakap focuses on acquiring local communities and drives for social financial empowerment to guidance Indonesia Maju 2045.

About Cakap

Cakap is a single of the major Edtech platforms in Indonesia that develops on the web studying applications with a two-way conversation among pupils and qualified academics by way of online video phone calls and text discussions. Our proprietary schooling system enables two-way studying interactions for existence competencies finding out throughout Asia Pacific. Offered on Google Engage in and App Retailer to reach distinctive segments of college students, due to the fact everyone deserves a good quality education. CAKAP supplies instructional methods with an global conventional studying curriculum to offer the ideal on the web mastering working experience. #MakinCakap

About MDI Ventures

MDI Ventures is an USD 840+ million multi-phase undertaking capital organization from Indonesia’s biggest telecommunications firm. It is the largest technologies expense organization in the country and has a person of the most effective carrying out cash in Asia. The company’s world wide portfolio spans a wide selection of sectors, together with health care, logistics, fintech, Deep Tech, consumer tech, and a lot more. The keeping corporation PT Telekomunikasi Indonesia Tbk (Telkom Group) is a state-owned enterprise of the Republic of Indonesia. The business is stated on the Indonesia Inventory Exchange (IDX: TLKM) and has a secondary listing on the New York Stock Exchange (NYSE: TLK).

About KB Financial commitment

KB Monetary Team is Korea’s primary economical products and services service provider supplying a broad vary of financial products and expert services. The Team was started in 2008 to superior serve customers, help progress and supply value in a speedily altering monetary surroundings. Our main strengths are knowledge, broad customer base, broad distribution community and potent model. Less than the Team, there are 13 subsidiaries which include: KB Kookmin Bank, KB Securities, KB Insurance policies, KB Kookmin Card, Prudential Lifetime Insurance plan, KB Asset Administration, KB Cash, KB Everyday living Insurance, KB Actual Estate Believe in, KB Savings Lender, KB Investment decision, KB Info Programs and KB Credit Information and facts. By our companies, we supply integrated economical solutions and expert services to our shoppers to enable them reach their monetary targets and thrive.

About Heritas Cash

Heritas Cash is a Singapore-dependent non-public fairness and enterprise cash financial commitment company that invests in quick-growing organizations and primary resources across the healthcare, training and technology sectors. Guided by our financial commitment philosophy, “Commit with Purpose, Effects Across Generations”, Heritas Money backs revolutionary providers to come to be rising champions and drive inclusive expansion that enhances the lives of regional communities even though providing sustainable returns to buyers.

Source Cakap

Tag: Education