Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Document Type | 'F-3/A |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Trading Symbol | 'DL |
Entity Registrant Name | 'CHINA DISTANCE EDUCATION HOLDINGS LTD |
Entity Central Index Key | '0001438644 |
UNAUDITED_CONDENSED_CONSOLIDAT
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $55,783 | $71,919 |
Term deposits | 9,085 | 817 |
Restricted cash | ' | 6 |
Accounts receivable, net of allowance for doubtful accounts of US$1,773 and US$1,801 as of September 30, 2013 and December 31, 2013, respectively | 2,826 | 3,518 |
Inventories | 619 | 698 |
Prepayment and other current assets | 4,637 | 4,087 |
Deferred tax assets, current portion | 1,553 | 1,751 |
Deferred cost | 1,613 | 1,889 |
Total current assets | 76,116 | 84,685 |
Non-current assets | ' | ' |
Restricted cash long-term | 16,519 | ' |
Property, plant and equipment, net | 10,666 | 10,202 |
Goodwill | 7,795 | 7,711 |
Other intangible assets, net | 1,422 | 1,476 |
Deposit for purchase of non-current assets | 105 | 374 |
Other non-current assets | 2,114 | 1,546 |
Total non-current assets | 38,621 | 21,309 |
Total assets | 114,737 | 105,994 |
Current liabilities | ' | ' |
Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$13,361 and US$15,428 as of September 30, 2013 and December 31, 2013, respectively) | 17,905 | 15,072 |
Income tax payable (including income tax payable of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$3,661 and US$2,367 as of September 30, 2013 and December 31, 2013, respectively) | 3,219 | 4,282 |
Deferred revenue (including deferred revenue of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$17,120 and US$19,062 as of September 30, 2013 and December 31, 2013, respectively) | 19,085 | 17,143 |
Refundable fees (including refundable fees of the consolidated VIE without recourse to China Distance Education Holdings Limited of US$4,300 and US$4,636 as of September 30, 2013 and December 31, 2013, respectively) | 4,636 | 4,300 |
Total current liabilities | 44,845 | 40,797 |
Non-current liabilities | ' | ' |
Deferred tax liabilities, non-current portion (including non-current portion of deferred tax liabilities of the consolidated VIE without recourse to China Distance Education Holdings Limited of nil and nil as of September 30, 2013 and December 31, 2013, respectively) | 775 | 677 |
Total non-current liabilities | 775 | 677 |
Total liabilities | 45,620 | 41,474 |
Equity | ' | ' |
Ordinary shares (par value of US$0.0001 per share; Authorized - 480,000,000 shares at September 30, 2013 and December 31, 2013; Issued and outstanding - 135,532,141 and 136,336,789 shares at September 30, 2013 and December 31, 2013, respectively) | 14 | 14 |
Additional paid-in capital | 47,196 | 46,742 |
Accumulated other comprehensive income | 7,015 | 6,295 |
Retained earnings | 14,892 | 11,469 |
Total equity | 69,117 | 64,520 |
Total liabilities and equity | $114,737 | $105,994 |
UNAUDITED_CONDENSED_CONSOLIDAT1
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $1,801 | $1,773 |
Accrued expenses and other liabilities | 17,905 | 15,072 |
Income tax payable | 3,219 | 4,282 |
Deferred revenue | 19,085 | 17,143 |
Refundable fees | 4,636 | 4,300 |
Deferred tax liabilities, non-current portion | 775 | 677 |
Ordinary shares, par value | $0.00 | $0.00 |
Ordinary shares, Authorized | 480,000,000 | 480,000,000 |
Ordinary shares, Issued | 136,336,789 | 135,532,141 |
Ordinary shares, outstanding | 136,336,789 | 135,532,141 |
Variable Interest Entity, Primary Beneficiary | ' | ' |
Accrued expenses and other liabilities | 15,428 | 13,361 |
Income tax payable | 2,367 | 3,661 |
Deferred revenue | 19,062 | 17,120 |
Refundable fees | $4,636 | $4,300 |
UNAUDITED_CONDENSED_CONSOLIDAT2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Sales, net of business tax, value-added tax and related surcharges: | ' | ' |
Online education services | $15,722 | $10,779 |
Books and reference materials | 1,111 | 761 |
Others | 1,858 | 1,463 |
Total net revenues | 18,691 | 13,003 |
Cost of sales | ' | ' |
Cost of services | -7,852 | -5,604 |
Cost of tangible goods sold | -578 | -509 |
Total cost of sales | -8,430 | -6,113 |
Gross profit | 10,261 | 6,890 |
Operating expenses | ' | ' |
Selling expenses | -3,822 | -2,779 |
General and administrative expenses | -2,678 | -2,454 |
Total operating expenses | -6,500 | -5,233 |
Other operating income | 49 | 3 |
Operating income (loss) | 3,810 | 1,660 |
Interest income | 507 | 253 |
Exchange loss | -38 | -21 |
Income before income taxes | 4,279 | 1,892 |
Income tax expense | -856 | -416 |
Net income | $3,423 | $1,476 |
Net income per share: | ' | ' |
Basic | $0.03 | $0.01 |
Diluted | $0.02 | $0.01 |
Weighted average shares used in calculating net income per share: | ' | ' |
Basic | 135,805,355 | 134,754,567 |
Diluted | 137,117,556 | 135,496,638 |
UNAUDITED_CONDENSED_CONSOLIDAT3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $3,423 | $1,476 |
Other comprehensive income, net of tax | ' | ' |
Change in cumulative foreign currency translation adjustments | 720 | 443 |
Total comprehensive income | $4,143 | $1,919 |
UNAUDITED_CONDENSED_CONSOLIDAT4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Ordinary shares | Additional Paid-In Capital | Accumulated other comprehensive income | Retained Earnings |
In Thousands, except Share data | |||||
Beginning Balance at Sep. 30, 2012 | $64,617 | $13 | $61,777 | $4,922 | ($2,095) |
Beginning Balance (in shares) at Sep. 30, 2012 | ' | 134,386,849 | ' | ' | ' |
Net income | 1,476 | ' | ' | ' | 1,476 |
Foreign currency translation adjustments | 443 | ' | ' | 443 | ' |
Options exercised (in shares) | ' | 820,672 | ' | ' | ' |
Options exercised | 520 | 1 | 519 | ' | ' |
Stock-based compensation expense | 200 | ' | 200 | ' | ' |
Grant of nonvested restricted shares | ' | 225,000 | ' | ' | ' |
Dividends | -16,056 | ' | -16,056 | ' | ' |
Loan to optionees in connection with exercise of options | -408 | ' | -408 | ' | ' |
Repayment of loan to optionees in connection with exercise of options | 35 | ' | 35 | ' | ' |
Ending Balance at Dec. 31, 2012 | 50,827 | 14 | 46,067 | 5,365 | -619 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 135,432,521 | ' | ' | ' |
Beginning Balance at Sep. 30, 2013 | 64,520 | 14 | 46,742 | 6,295 | 11,469 |
Beginning Balance (in shares) at Sep. 30, 2013 | ' | 135,532,141 | ' | ' | ' |
Net income | 3,423 | ' | ' | ' | 3,423 |
Foreign currency translation adjustments | 720 | ' | ' | 720 | ' |
Options exercised (in shares) | 679,648 | 679,648 | ' | ' | ' |
Options exercised | 336 | ' | 336 | ' | ' |
Stock-based compensation expense | 73 | ' | 73 | ' | ' |
Grant of nonvested restricted shares | ' | 125,000 | ' | ' | ' |
Loan to optionees in connection with exercise of options | -509 | ' | -509 | ' | ' |
Repayment of loan to optionees in connection with exercise of options | 554 | ' | 554 | ' | ' |
Ending Balance at Dec. 31, 2013 | $69,117 | $14 | $47,196 | $7,015 | $14,892 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 136,336,789 | ' | ' | ' |
UNAUDITED_CONDENSED_CONSOLIDAT5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $3,423 | $1,476 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 73 | 200 |
Depreciation of property, plant and equipment | 450 | 437 |
Amortization of other intangible assets | 180 | 200 |
Allowance for doubtful accounts | 8 | -5 |
Losses on disposition of property, plant and equipment | ' | 10 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 717 | 196 |
Decrease in inventories | 86 | 164 |
(Increase) in prepayments and other assets | -504 | -1,105 |
Decrease (increase) in deferred tax assets | 215 | -23 |
Decrease in deferred cost | 296 | 195 |
(Increase) in other non-current assets | -548 | -304 |
Increase in accrued expenses and other liabilities | 2,665 | 847 |
Increase in income tax payable | -1,102 | -301 |
Increase in deferred revenue | 1,744 | 3,455 |
Increase (decrease) in refundable fees | 287 | -284 |
Increase in deferred tax liabilities | 90 | 119 |
Net cash provided by operating activities | 8,080 | 5,277 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchase of term deposits | -8,210 | ' |
Deposit of restricted cash, net | -16,414 | ' |
Acquisition of property, plant and equipment | -601 | -887 |
Acquisition of other intangible assets | -37 | -52 |
Payment of deposit for the acquisition of non-current assets | ' | -315 |
Net cash used in investing activities | -25,262 | -1,254 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from share options exercised by employees | 336 | 519 |
Loan to optionees in connection with exercise of options | -509 | -408 |
Repayment of loan to optionees in connection with exercise of options | 554 | 35 |
Dividends paid to shareholders | ' | -16,056 |
Net cash provided by (used in) financing activities | 381 | -15,910 |
Exchange rate effect on cash and cash equivalents | 665 | 324 |
Net decrease in cash and cash equivalents | -16,136 | -11,563 |
Cash and cash equivalents at beginning of the period | 71,919 | 49,723 |
Cash and cash equivalents at end of the period | 55,783 | 38,160 |
Supplemental schedule of cash flows information | ' | ' |
Income tax paid | -1,652 | -621 |
Supplemental schedule of non-cash activities | ' | ' |
Acquisition of property, plant and equipment and other intangible assets through utilization of deposits | $272 | $145 |
ORGANIZATION
ORGANIZATION | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ORGANIZATION | ' | ||||||||
1 | ORGANIZATION | ||||||||
China Distance Education Holdings Limited (the “Company”) was incorporated under the law of the Cayman Islands on January 11, 2008. The Company, its subsidiaries, its consolidated variable interest entity (“VIE”) and VIE’s subsidiaries (collectively the “Group”) are primarily engaged in providing online and offline education services, and selling related products in the People’s Republic of China (“PRC”). | |||||||||
As of December 31, 2013, details of the Company’s subsidiaries, its VIE and VIE’s subsidiaries were as follows: | |||||||||
Company | Date of | Place of | Percentage of | Principal activities | |||||
establishment | establishment | legal ownership | |||||||
by the Company | |||||||||
Subsidiaries: | |||||||||
China Distance Education Limited (“CDEL Hong Kong”) | 13-Mar-03 | Hong Kong | 100% | Investment holding | |||||
Practice Enterprises Network | 23-Feb-10 | Hong Kong | 100% | Inactive | |||||
China International Links Limited (“Pencil”) | |||||||||
DL Education Service , LLC (“DL Education”) | September 27,2012 | US | 100% | Inactive | |||||
Beijing Champion Distance Education | 5-Jan-04 | PRC | 100% | Provision of technical support and consultancy | |||||
Technology Co., Ltd. (“Champion Technology”) | services and course production | ||||||||
Beijing Champion Education Technology Co., Ltd. (“Champion Education Technology”) | 23-Apr-07 | PRC | 100% | Software licensing and course production | |||||
Variable interest entity: | |||||||||
Beijing Champion Hi-Tech Co., Ltd. (“Beijing Champion”) | 12-Jul-00 | PRC | Nil | Provision of online education services and sales of books and reference materials | |||||
Subsidiaries of variable interest entity: | |||||||||
Beijing Caikaowang Company Ltd. (“Caikaowang”) | November 28, 2007 | PRC | Nil | Provision of online education services | |||||
Beijing Champion Wangge Education Technology Co., Ltd. (“Champion Wangge”) | 24-Jun-08 | PRC | Nil | Provision of online education services | |||||
Beijing Zhengbao Yucai Education Technology Co., Ltd. (“Zhengbao Yucai”) | 19-Feb-09 | PRC | Nil | Provision of start-up training services | |||||
Beijing Haidian District Champion Training School (“Champion Training School”) | 19-Feb-09 | PRC | Nil | Provision of online and offline education services | |||||
The VIE arrangements | |||||||||
The following financial information of the Company’s VIE and VIE’s subsidiaries as of September 30, 2013 and December 31, 2013 and for the three months ended December 31, 2013 and 2012 was included in the accompanying unaudited condensed consolidated financial statements after elimination of intercompany transactions and balances within the VIE and VIE’s subsidiaries: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Cash and cash equivalents | 39,706 | 37,027 | |||||||
Prepayment and other current assets | 3,839 | 4,356 | |||||||
Total current assets | 54,575 | 60,036 | |||||||
Total assets | 72,515 | 78,134 | |||||||
Deferred revenue | 17,120 | 19,062 | |||||||
Total current liabilities | 38,442 | 41,493 | |||||||
Total liabilities | 38,442 | 41,493 | |||||||
Total equity | 34,073 | 36,641 | |||||||
Three months | |||||||||
ended December 31 | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Revenues | 12,984 | 18,570 | |||||||
Net income (1) | 3,206 | 6,397 | |||||||
Net cash provided by operating activities | 3,003 | 5,449 | |||||||
Net cash used in investing activities | (1,208 | ) | (8,594 | ) | |||||
Effects of exchange rate changes | 139 | 416 | |||||||
-1 | This is net income before service fees charged by Champion Technology and Champion Education Technology. | ||||||||
There are no consolidated VIE’s assets that are collateral for the VIE’s obligations and which can only be used to settle the VIE’s obligations. No creditor (or beneficial interest holders) of the VIE have recourse to the general credit of the Company or any of its consolidated subsidiaries. No terms in any arrangements, considering both explicit arrangements and implicit variable interests, require the Company or its subsidiaries to provide financial support to the VIE. However, if the VIE ever needs financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the VIE through loans to the shareholders of the VIE or entrustment loans to the VIE. |
BASIS_OF_PRESENTATION_AND_USE_
BASIS OF PRESENTATION AND USE OF ESTIMATES | 3 Months Ended | |
Dec. 31, 2013 | ||
BASIS OF PRESENTATION AND USE OF ESTIMATES | ' | |
2 | BASIS OF PRESENTATION AND USE OF ESTIMATES | |
Basis of Presentation | ||
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. However, management believes that the disclosure are adequate to ensure the information presented is not misleading. These financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended September 30, 2013, included in our 2013 Annual Report on Form 20-F filed with the SEC on December 27, 2013, referred to as our 2013 Annual Report. | ||
The condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly its results of operations and financial position for the interim periods. The results of operations for the three months ended December 31, 2013 and 2012 are not necessarily indicative of the results to be expected for future quarters or the full year. | ||
For a complete summary of the Company’s significant accounting policies, please refer to Note 2, “Significant Accounting Policies” to consolidated financial statements for the years ended September 30, 2011, 2012 and 2013 in the Company’s 2013 Annual Report. There have been no material changes to the Company’s significant accounting policies during the three months ended December 31, 2013. | ||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s financial statements include, but are not limited to, revenue recognition, consolidation of VIE and its subsidiaries, income tax, allowance for doubtful accounts and share-based compensation expenses. Actual results could materially differ from those estimates. |
ACCOUNTS_RECEIVABLE_NET
ACCOUNTS RECEIVABLE, NET | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACCOUNTS RECEIVABLE, NET | ' | ||||||||
3 | ACCOUNTS RECEIVABLE, NET | ||||||||
Accounts receivable, net consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Accounts receivable | 5,291 | 4,627 | |||||||
Less: allowance for doubtful accounts | (1,773 | ) | (1,801 | ) | |||||
Accounts receivable, net | 3,518 | 2,826 | |||||||
INVENTORIES_NET
INVENTORIES, NET | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
INVENTORIES, NET | ' | ||||||||
4 | INVENTORIES, NET | ||||||||
Inventories consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Books and other goods | 708 | 604 | |||||||
Paper and other raw materials | 102 | 129 | |||||||
Less: inventory provisions for | (112 | ) | (114 | ) | |||||
slow-moving and obsolescence | |||||||||
698 | 619 | ||||||||
PREPAYMENT_AND_OTHER_CURRENT_A
PREPAYMENT AND OTHER CURRENT ASSETS | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
PREPAYMENT AND OTHER CURRENT ASSETS | ' | ||||||||||||
5 | PREPAYMENT AND OTHER CURRENT ASSETS | ||||||||||||
Prepayment and other current assets consisted of the following: | |||||||||||||
Notes | As of | As of | |||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Advance to the suppliers | (1 | ) | 1,873 | 2,262 | |||||||||
Prepaid expenses | 1,034 | 1,418 | |||||||||||
Current portion of receivables related to | (2 | ) | 285 | — | |||||||||
ITAT program | |||||||||||||
Funds receivable | (3 | ) | 285 | 339 | |||||||||
Deposits | 11 | 15 | |||||||||||
Others | 599 | 603 | |||||||||||
Prepayment and other current assets, net | 4,087 | 4,637 | |||||||||||
-1 | Advance to the suppliers represents interest-free cash deposits paid to suppliers for future purchase of raw materials and finished goods. The risk of loss arising from non-performance by or bankruptcy of the suppliers is assessed prior to making the deposits and is monitored on a regular basis by management. A charge to cost of sales will be recorded in the period in which a loss is incurred. To date, the Group has not experienced any loss of advances to suppliers. | ||||||||||||
-2 | Current portion of receivables represent the current portion of prepaid service fee for obtaining government authorization to provide the ITAT program, an information technique application training program, for ten years, starting from 2010. The group amortized such prepayment on a straight-line basis. In 2013, the Group ceased a series of cooperation on ITAT program. Based on the termination agreement signed in July 2013, the remaining unamortized prepaid service fee will be repaid within next 48 months. Accordingly, as of September 30, 2013, US$285 and US$171 were recorded as current portion and non-current portion of receivables, respectively, due from the government agency. During three months ended December 31, 2013, both the current and non-current portion of receivables due from the government agency were received by the Group. | ||||||||||||
-3 | Funds receivable arise due to the time taken to clear customers’ payment transactions through external payment networks. When customers remit fees to the Group via external payment networks using their bank account or credit card, there is a clearing period before the cash is received by the Group which usually takes one to three business days. These fees are recorded as a receivable until the cash is received. |
RESTRICTED_CASH_LONGTERM
RESTRICTED CASH LONG-TERM | 3 Months Ended | |
Dec. 31, 2013 | ||
RESTRICTED CASH LONG-TERM | ' | |
6 | RESTRICTED CASH LONG-TERM | |
On December 6, 2013, CDEL Hong Kong entered into a loan agreement with Deutsche Bank, AG, Singapore Branch, for a Renminbi 100 million, approximately US$16,519, of term loan facility. The loan facility will be matured in 18 months upon the draw-down of the loan. As a security for the loan, in December 2013, Champion Technology is required to place cash of Renminbi 100 million into an escrow account with Deutsche Bank, AG, Beijing Branch, which is recorded as restricted cash long-term on the balance sheet as of December 31, 2013. |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ' | ||||||||
7 | PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
Property, plant and equipment consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Buildings | 6,051 | 6,117 | |||||||
Electronic and office equipment | 9,523 | 10,410 | |||||||
Leasehold improvement and building improvement | 681 | 711 | |||||||
Motor vehicles | 1,164 | 1,177 | |||||||
Total | 17,419 | 18,415 | |||||||
Less: Accumulated depreciation | (7,217 | ) | (7,749 | ) | |||||
10,202 | 10,666 | ||||||||
OTHER_INTANGIBLE_ASSETS_NET
OTHER INTANGIBLE ASSETS, NET | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
OTHER INTANGIBLE ASSETS, NET | ' | ||||||||
8 | OTHER INTANGIBLE ASSETS, NET | ||||||||
Other intangible assets consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Computer software | 2,978 | 3,122 | |||||||
Trademarks and domain names | 1,456 | 1,472 | |||||||
Website | 106 | 107 | |||||||
Courseware | 488 | 493 | |||||||
Business contracts | 531 | 537 | |||||||
Copyrights | 664 | 671 | |||||||
Platform | 217 | 220 | |||||||
Total intangible assets | 6,440 | 6,622 | |||||||
Less: Accumulated amortization | |||||||||
Computer software | (2,275 | ) | (2,389 | ) | |||||
Trademarks and domain names | (840 | ) | (873 | ) | |||||
Website | (106 | ) | (107 | ) | |||||
Courseware | (462 | ) | (481 | ) | |||||
Business contracts | (494 | ) | (520 | ) | |||||
Copyrights | (600 | ) | (640 | ) | |||||
Platform | (187 | ) | (190 | ) | |||||
Accumulated amortization | (4,964 | ) | (5,200 | ) | |||||
Intangible assets, net | 1,476 | 1,422 | |||||||
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 3 Months Ended | |
Dec. 31, 2013 | ||
FAIR VALUE MEASUREMENT | ' | |
9 | FAIR VALUE MEASUREMENT | |
The Group’s financial instruments consist of cash equivalents, term deposits, restricted cash, accounts receivable, other current assets, and other current liabilities. The carrying amounts of these instruments approximate their fair values due to their short-term maturity. | ||
The Group reviews goodwill for impairment annually or more frequently if events or changes in circumstances indicate the possibility of impairment. Other intangible assets, and other long-lived assets are measured at fair value on a nonrecurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. The fair value of these assets were determined using models with significant unobservable inputs which were classified as Level 3 inputs, primarily the discounted future cash flow. |
ACCRUED_EXPENSES_AND_OTHER_LIA
ACCRUED EXPENSES AND OTHER LIABILITIES | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
ACCRUED EXPENSES AND OTHER LIABILITIES | ' | ||||||||
10 | ACCRUED EXPENSES AND OTHER LIABILITIES | ||||||||
The components of accrued expenses and other liabilities are as follows: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Accrued expenses | 2,795 | 3,090 | |||||||
Salary and welfare payable | 2,775 | 3,175 | |||||||
Tuition fee payables to government agencies | 5,132 | 8,050 | |||||||
Remuneration payable to lecturers | 2,314 | 620 | |||||||
Uncertain income tax liabilities | 177 | 187 | |||||||
Other payable | 1,879 | 2,783 | |||||||
15,072 | 17,905 | ||||||||
Tuition fee payable to government agencies mainly represents the portion of tuition fee collected by the Group on behalf of the government agencies which provide accounting continuing education courses and the Group is only responsible for the student recruiting and provision of online platform and shares certain percentage of fee tuition as service fees. |
TAXATION
TAXATION | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
TAXATION | ' | ||||||||
11 | TAXATION | ||||||||
The following table presents details of the provision for income taxes and the effective tax rates: | |||||||||
Three months | |||||||||
ended December 31, | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Provision for income taxes | 416 | 856 | |||||||
Effective tax rates | 22 | % | 20 | % | |||||
Consistent with prior periods, the effective tax rate differs from the PRC statutory tax rate of 25% mainly as a result of a preferential tax rate applicable to Champion Technology and Beijing Champion. | |||||||||
The current and deferred components of the income tax expense appearing in the unaudited condensed consolidated statements of operations are as follows: | |||||||||
Three months | |||||||||
ended December 31, | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Current tax expense | 320 | 550 | |||||||
Deferred tax expense | 96 | 306 | |||||||
416 | 856 | ||||||||
Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred taxes are as follows: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Current deferred tax assets | |||||||||
Payroll payable | 409 | 493 | |||||||
Accrued expenses | 585 | 369 | |||||||
Allowance for doubtful accounts | 518 | 506 | |||||||
Net operating loss carry-forwards | 289 | 236 | |||||||
Total current deferred tax assets | 1,801 | 1,604 | |||||||
Less: valuation allowance | (50 | ) | (51 | ) | |||||
Current deferred tax assets, net | 1,751 | 1,553 | |||||||
Non-current deferred tax assets | |||||||||
Intangible assets | 48 | 39 | |||||||
Property, plant and equipment | 148 | 149 | |||||||
Net operating loss carry-forwards | 372 | 376 | |||||||
Total non-current deferred tax assets | 568 | 564 | |||||||
Less: valuation allowance | (262 | ) | (276 | ) | |||||
Non-current deferred tax assets, net | 306 | 288 | |||||||
Non-current deferred tax liabilities | |||||||||
Intangible assets | 78 | 64 | |||||||
Withholding tax on undistributed earnings | 905 | 999 | |||||||
Total non-current deferred tax liabilities | 983 | 1,063 | |||||||
Under the EIT Law and its implementation rules, a withholding tax at 10%, unless reduced by a tax treaty or arrangement, is applied on dividends received by non-PRC-resident corporate investors from PRC-resident enterprises, such as the Company’s PRC subsidiaries. Undistributed earnings prior to January 1, 2008 are exempt from such withholding tax. Under the China-HK Tax Arrangement and the relevant regulations, a qualified Hong Kong tax resident which is the “beneficial owner” and holds 25% equity interests or more of a PRC enterprise is entitled to a reduced withholding rate of 5%. The Company believes that CDEL Hong Kong qualifies for the 5% withholding tax rate. CDEL Hong Kong’s deferred tax liabilities related to the withholding tax were US$905 and US$999 as of September 30, 2013 and December 31, 2013, respectively, on the undistributed earnings from its investment in the PRC entities generated after January 1, 2008. The related income tax expenses were US$94 for the three months ended December 31, 2013. |
NET_INCOME_PER_SHARE
NET INCOME PER SHARE | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
NET INCOME PER SHARE | ' | ||||||||
12 | NET INCOME PER SHARE | ||||||||
Basic and diluted net income per share for each of the periods presented were calculated as follows: | |||||||||
Three months ended December 31, | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Numerator: | |||||||||
Net income | 1,476 | 3,423 | |||||||
- allocated to ordinary share - basic | 1,475 | 3,420 | |||||||
- allocated to nonvested restricted share - basic | 1 | 3 | |||||||
Denominator: | |||||||||
Weighted average number of ordinary shares outstanding | 134,754,567 | 135,805,355 | |||||||
Weighted average number of nonvested restricted share | 9,589 | 125,000 | |||||||
Plus incremental weighted average ordinary shares from assumed exercise of share options using the treasury stock method | 732,482 | 1,187,201 | |||||||
Weighted average ordinary shares outstanding used in computing diluted net income per share | 135,496,638 | 137,117,556 | |||||||
Basic net income per share | 0.01 | 0.03 | |||||||
Basic net income per nonvested restricted share | 0.01 | 0.03 | |||||||
Diluted net income per share | 0.01 | 0.02 | |||||||
SHARE_INCENTIVE_PLAN
SHARE INCENTIVE PLAN | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SHARE INCENTIVE PLAN | ' | ||||||||||||||||
13 | SHARE INCENTIVE PLAN | ||||||||||||||||
Share options | |||||||||||||||||
A summary of the share option activity as of December 31, 2013, and changes during the three months ended December 31, 2013 are presented below: | |||||||||||||||||
Share option granted to employees and non-executive | Number of | Weighted- | Weighted- | Aggregated | |||||||||||||
directors | shares | average | average | intrinsic value | |||||||||||||
exercise price | remaining | ||||||||||||||||
contractual | |||||||||||||||||
term (years) | |||||||||||||||||
Outstanding, September 30, 2013 | 1,579,732 | US$ | 0.5 | ||||||||||||||
Exercised | 679,648 | US$ | 0.5 | ||||||||||||||
Outstanding, December 31, 2013 | 900,084 | US$ | 0.5 | 5.8 | 3,760 | ||||||||||||
Expected to vest, December 31, 2013 | — | — | — | — | |||||||||||||
Exercisable at December 31, 2013 | 900,084 | US$ | 0.5 | 5.8 | 3,760 | ||||||||||||
A summary of the share option granted to non-employees as of December 31, 2013, and changes during the three months ended December 31, 2013 are presented below: | |||||||||||||||||
Share option granted to non-employees | Number of | Weighted- | Weighted- | Aggregated | |||||||||||||
shares | average | average | intrinsic | ||||||||||||||
exercise price | remaining | value | |||||||||||||||
contractual | |||||||||||||||||
term (years) | |||||||||||||||||
Outstanding, September 30, 2013 | 128,200 | US$ | 0.495 | ||||||||||||||
Outstanding, December 31, 2013 | 128,200 | US$ | 0.495 | 4.3 | 536 | ||||||||||||
Expected to vest, December 31, 2013 | — | — | — | — | |||||||||||||
Exercisable at December 31, 2013 | 128,200 | US$ | 0.495 | 4.3 | 536 | ||||||||||||
The total intrinsic value of options exercised during the three months ended December 31, 2013 and 2012 were US$2,079 and US$227, respectively. | |||||||||||||||||
Nonvested restricted shares | |||||||||||||||||
On December 3, 2013, the Company granted 125,000 nonvested restricted shares of the Company to non-executive directors. These shares are restricted on transferability and will be forfeited if the directors cease to provide requisite service to the Company. The restriction will be removed upon the vesting of the nonvested restricted shares on the first anniversary of the issuance day. Before the removal of such restrictions, the holders of the nonvested shares shall be entitled to all rights and privileges of those of ordinary shareholders, and shall be entitled to voting rights and dividends. Therefore, these nonvested shares are considered participating securities for the purpose of net earnings per share calculation. The grant-date fair value of a nonvested restricted share was US$4.58, which was determined based on the closing price of the Company’s ADS on NYSE on December 3, 2013. Total share-based compensation associated to this grant amounted to US$573, which is recognized ratably over the requisite service period of one year. | |||||||||||||||||
A summary of the nonvested restricted shares activities is as follows: | |||||||||||||||||
Number of | Weight average | ||||||||||||||||
Nonvested restricted | grant-date | ||||||||||||||||
shares outstanding | fair value | ||||||||||||||||
US$ | |||||||||||||||||
Nonvested restricted shares outstanding at September 30, 2013 | 125,000 | 1.22 | |||||||||||||||
Granted | 125,000 | 4.58 | |||||||||||||||
Vested | 125,000 | 1.22 | |||||||||||||||
Nonvested restricted shares outstanding at December 31, 2013 | 125,000 | 4.58 | |||||||||||||||
Nonvested restricted shares expected to vest at December 31, 2013 | 125,000 | 4.58 | |||||||||||||||
The total fair value of shares vested during the three months ended December 31, 2013 and 2012 were US$153 and US$122, respectively. As of December 31, 2013, there was US$525 of share-based compensation related to nonvested shares that is expected to be recognized over a weighted average period of 0.9 year. | |||||||||||||||||
Total share-based compensation expense of share-based awards granted to employees, non-employees and non-executive directors recognized for the three months ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||
Three months | |||||||||||||||||
ended December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
US$ | US$ | ||||||||||||||||
Cost of services | 13 | — | |||||||||||||||
General and administrative expenses | 181 | 73 | |||||||||||||||
Selling expenses | 6 | — | |||||||||||||||
200 | 73 | ||||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | |
Dec. 31, 2013 | ||
SUBSEQUENT EVENTS | ' | |
14 | SUBSEQUENT EVENTS | |
As disclosed in note 6, CDEL Hong Kong entered into a loan agreement. The loan facility of Renminbi100 million, approximately US$16,519, was subsequently drawn down on January 2, 2014. |
ORGANIZATION_Tables
ORGANIZATION (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Details of Company's Subsidiaries and Variable Interest Entities | ' | ||||||||
As of December 31, 2013, details of the Company’s subsidiaries, its VIE and VIE’s subsidiaries were as follows: | |||||||||
Company | Date of | Place of | Percentage of | Principal activities | |||||
establishment | establishment | legal ownership | |||||||
by the Company | |||||||||
Subsidiaries: | |||||||||
China Distance Education Limited (“CDEL Hong Kong”) | 13-Mar-03 | Hong Kong | 100% | Investment holding | |||||
Practice Enterprises Network | 23-Feb-10 | Hong Kong | 100% | Inactive | |||||
China International Links Limited (“Pencil”) | |||||||||
DL Education Service , LLC (“DL Education”) | September 27,2012 | US | 100% | Inactive | |||||
Beijing Champion Distance Education | 5-Jan-04 | PRC | 100% | Provision of technical support and consultancy | |||||
Technology Co., Ltd. (“Champion Technology”) | services and course production | ||||||||
Beijing Champion Education Technology Co., Ltd. (“Champion Education Technology”) | 23-Apr-07 | PRC | 100% | Software licensing and course production | |||||
Variable interest entity: | |||||||||
Beijing Champion Hi-Tech Co., Ltd. (“Beijing Champion”) | 12-Jul-00 | PRC | Nil | Provision of online education services and sales of books and reference materials | |||||
Subsidiaries of variable interest entity: | |||||||||
Beijing Caikaowang Company Ltd. (“Caikaowang”) | November 28, 2007 | PRC | Nil | Provision of online education services | |||||
Beijing Champion Wangge Education Technology Co., Ltd. (“Champion Wangge”) | 24-Jun-08 | PRC | Nil | Provision of online education services | |||||
Beijing Zhengbao Yucai Education Technology Co., Ltd. (“Zhengbao Yucai”) | 19-Feb-09 | PRC | Nil | Provision of start-up training services | |||||
Beijing Haidian District Champion Training School (“Champion Training School”) | 19-Feb-09 | PRC | Nil | Provision of online and offline education services | |||||
Financial Information of Company's VIE and VIE's Subsidiaries | ' | ||||||||
The following financial information of the Company’s VIE and VIE’s subsidiaries as of September 30, 2013 and December 31, 2013 and for the three months ended December 31, 2013 and 2012 was included in the accompanying unaudited condensed consolidated financial statements after elimination of intercompany transactions and balances within the VIE and VIE’s subsidiaries: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Cash and cash equivalents | 39,706 | 37,027 | |||||||
Prepayment and other current assets | 3,839 | 4,356 | |||||||
Total current assets | 54,575 | 60,036 | |||||||
Total assets | 72,515 | 78,134 | |||||||
Deferred revenue | 17,120 | 19,062 | |||||||
Total current liabilities | 38,442 | 41,493 | |||||||
Total liabilities | 38,442 | 41,493 | |||||||
Total equity | 34,073 | 36,641 | |||||||
Three months | |||||||||
ended December 31 | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Revenues | 12,984 | 18,570 | |||||||
Net income (1) | 3,206 | 6,397 | |||||||
Net cash provided by operating activities | 3,003 | 5,449 | |||||||
Net cash used in investing activities | (1,208 | ) | (8,594 | ) | |||||
Effects of exchange rate changes | 139 | 416 | |||||||
-1 | This is net income before service fees charged by Champion Technology and Champion Education Technology. |
ACCOUNTS_RECEIVABLE_NET_Tables
ACCOUNTS RECEIVABLE, NET (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Receivable, Net | ' | ||||||||
Accounts receivable, net consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Accounts receivable | 5,291 | 4,627 | |||||||
Less: allowance for doubtful accounts | (1,773 | ) | (1,801 | ) | |||||
Accounts receivable, net | 3,518 | 2,826 | |||||||
INVENTORIES_NET_Tables
INVENTORIES, NET (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
Inventories consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Books and other goods | 708 | 604 | |||||||
Paper and other raw materials | 102 | 129 | |||||||
Less: inventory provisions for | (112 | ) | (114 | ) | |||||
slow-moving and obsolescence | |||||||||
698 | 619 | ||||||||
PREPAYMENT_AND_OTHER_CURRENT_A1
PREPAYMENT AND OTHER CURRENT ASSETS (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Prepayment And Other Current Assets | ' | ||||||||||||
Prepayment and other current assets consisted of the following: | |||||||||||||
Notes | As of | As of | |||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Advance to the suppliers | (1 | ) | 1,873 | 2,262 | |||||||||
Prepaid expenses | 1,034 | 1,418 | |||||||||||
Current portion of receivables related to | (2 | ) | 285 | — | |||||||||
ITAT program | |||||||||||||
Funds receivable | (3 | ) | 285 | 339 | |||||||||
Deposits | 11 | 15 | |||||||||||
Others | 599 | 603 | |||||||||||
Prepayment and other current assets, net | 4,087 | 4,637 | |||||||||||
-1 | Advance to the suppliers represents interest-free cash deposits paid to suppliers for future purchase of raw materials and finished goods. The risk of loss arising from non-performance by or bankruptcy of the suppliers is assessed prior to making the deposits and is monitored on a regular basis by management. A charge to cost of sales will be recorded in the period in which a loss is incurred. To date, the Group has not experienced any loss of advances to suppliers. | ||||||||||||
-2 | Current portion of receivables represent the current portion of prepaid service fee for obtaining government authorization to provide the ITAT program, an information technique application training program, for ten years, starting from 2010. The group amortized such prepayment on a straight-line basis. In 2013, the Group ceased a series of cooperation on ITAT program. Based on the termination agreement signed in July 2013, the remaining unamortized prepaid service fee will be repaid within next 48 months. Accordingly, as of September 30, 2013, US$285 and US$171 were recorded as current portion and non-current portion of receivables, respectively, due from the government agency. During three months ended December 31, 2013, both the current and non-current portion of receivables due from the government agency were received by the Group. | ||||||||||||
-3 | Funds receivable arise due to the time taken to clear customers’ payment transactions through external payment networks. When customers remit fees to the Group via external payment networks using their bank account or credit card, there is a clearing period before the cash is received by the Group which usually takes one to three business days. These fees are recorded as a receivable until the cash is received. |
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant And Equipment | ' | ||||||||
Property, plant and equipment consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Buildings | 6,051 | 6,117 | |||||||
Electronic and office equipment | 9,523 | 10,410 | |||||||
Leasehold improvement and building improvement | 681 | 711 | |||||||
Motor vehicles | 1,164 | 1,177 | |||||||
Total | 17,419 | 18,415 | |||||||
Less: Accumulated depreciation | (7,217 | ) | (7,749 | ) | |||||
10,202 | 10,666 | ||||||||
OTHER_INTANGIBLE_ASSETS_NET_Ta
OTHER INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Composition Of Other Intangible Assets | ' | ||||||||
Other intangible assets consisted of the following: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Computer software | 2,978 | 3,122 | |||||||
Trademarks and domain names | 1,456 | 1,472 | |||||||
Website | 106 | 107 | |||||||
Courseware | 488 | 493 | |||||||
Business contracts | 531 | 537 | |||||||
Copyrights | 664 | 671 | |||||||
Platform | 217 | 220 | |||||||
Total intangible assets | 6,440 | 6,622 | |||||||
Less: Accumulated amortization | |||||||||
Computer software | (2,275 | ) | (2,389 | ) | |||||
Trademarks and domain names | (840 | ) | (873 | ) | |||||
Website | (106 | ) | (107 | ) | |||||
Courseware | (462 | ) | (481 | ) | |||||
Business contracts | (494 | ) | (520 | ) | |||||
Copyrights | (600 | ) | (640 | ) | |||||
Platform | (187 | ) | (190 | ) | |||||
Accumulated amortization | (4,964 | ) | (5,200 | ) | |||||
Intangible assets, net | 1,476 | 1,422 | |||||||
ACCRUED_EXPENSES_AND_OTHER_LIA1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accrued Expenses And Other Liabilities | ' | ||||||||
The components of accrued expenses and other liabilities are as follows: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Accrued expenses | 2,795 | 3,090 | |||||||
Salary and welfare payable | 2,775 | 3,175 | |||||||
Tuition fee payables to government agencies | 5,132 | 8,050 | |||||||
Remuneration payable to lecturers | 2,314 | 620 | |||||||
Uncertain income tax liabilities | 177 | 187 | |||||||
Other payable | 1,879 | 2,783 | |||||||
15,072 | 17,905 | ||||||||
TAXATION_Tables
TAXATION (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Provision for Income Taxes and Effective Tax Rates | ' | ||||||||
The following table presents details of the provision for income taxes and the effective tax rates: | |||||||||
Three months | |||||||||
ended December 31, | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Provision for income taxes | 416 | 856 | |||||||
Effective tax rates | 22 | % | 20 | % | |||||
Current and Deferred Components of Income Tax Benefit/ (Expense) from Continuing Operations | ' | ||||||||
The current and deferred components of the income tax expense appearing in the unaudited condensed consolidated statements of operations are as follows: | |||||||||
Three months | |||||||||
ended December 31, | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Current tax expense | 320 | 550 | |||||||
Deferred tax expense | 96 | 306 | |||||||
416 | 856 | ||||||||
Components of Deferred Taxes from Continuing Operations | ' | ||||||||
The components of deferred taxes are as follows: | |||||||||
As of | As of | ||||||||
September 30, | December 31, | ||||||||
2013 | 2013 | ||||||||
US$ | US$ | ||||||||
Current deferred tax assets | |||||||||
Payroll payable | 409 | 493 | |||||||
Accrued expenses | 585 | 369 | |||||||
Allowance for doubtful accounts | 518 | 506 | |||||||
Net operating loss carry-forwards | 289 | 236 | |||||||
Total current deferred tax assets | 1,801 | 1,604 | |||||||
Less: valuation allowance | (50 | ) | (51 | ) | |||||
Current deferred tax assets, net | 1,751 | 1,553 | |||||||
Non-current deferred tax assets | |||||||||
Intangible assets | 48 | 39 | |||||||
Property, plant and equipment | 148 | 149 | |||||||
Net operating loss carry-forwards | 372 | 376 | |||||||
Total non-current deferred tax assets | 568 | 564 | |||||||
Less: valuation allowance | (262 | ) | (276 | ) | |||||
Non-current deferred tax assets, net | 306 | 288 | |||||||
Non-current deferred tax liabilities | |||||||||
Intangible assets | 78 | 64 | |||||||
Withholding tax on undistributed earnings | 905 | 999 | |||||||
Total non-current deferred tax liabilities | 983 | 1,063 | |||||||
NET_INCOME_PER_SHARE_Tables
NET INCOME PER SHARE (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Basic and Diluted Net Income Per Share | ' | ||||||||
Basic and diluted net income per share for each of the periods presented were calculated as follows: | |||||||||
Three months ended December 31, | |||||||||
2012 | 2013 | ||||||||
US$ | US$ | ||||||||
Numerator: | |||||||||
Net income | 1,476 | 3,423 | |||||||
- allocated to ordinary share - basic | 1,475 | 3,420 | |||||||
- allocated to nonvested restricted share - basic | 1 | 3 | |||||||
Denominator: | |||||||||
Weighted average number of ordinary shares outstanding | 134,754,567 | 135,805,355 | |||||||
Weighted average number of nonvested restricted share | 9,589 | 125,000 | |||||||
Plus incremental weighted average ordinary shares from assumed exercise of share options using the treasury stock method | 732,482 | 1,187,201 | |||||||
Weighted average ordinary shares outstanding used in computing diluted net income per share | 135,496,638 | 137,117,556 | |||||||
Basic net income per share | 0.01 | 0.03 | |||||||
Basic net income per nonvested restricted share | 0.01 | 0.03 | |||||||
Diluted net income per share | 0.01 | 0.02 | |||||||
SHARE_INCENTIVE_PLAN_Tables
SHARE INCENTIVE PLAN (Tables) | 3 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||
A summary of the share option activity as of December 31, 2013, and changes during the three months ended December 31, 2013 are presented below: | |||||||||||||||||
Share option granted to employees and non-executive | Number of | Weighted- | Weighted- | Aggregated | |||||||||||||
directors | shares | average | average | intrinsic value | |||||||||||||
exercise price | remaining | ||||||||||||||||
contractual | |||||||||||||||||
term (years) | |||||||||||||||||
Outstanding, September 30, 2013 | 1,579,732 | US$ | 0.5 | ||||||||||||||
Exercised | 679,648 | US$ | 0.5 | ||||||||||||||
Outstanding, December 31, 2013 | 900,084 | US$ | 0.5 | 5.8 | 3,760 | ||||||||||||
Expected to vest, December 31, 2013 | — | — | — | — | |||||||||||||
Exercisable at December 31, 2013 | 900,084 | US$ | 0.5 | 5.8 | 3,760 | ||||||||||||
Share Options, NonEmployees | ' | ||||||||||||||||
A summary of the share option granted to non-employees as of December 31, 2013, and changes during the three months ended December 31, 2013 are presented below: | |||||||||||||||||
Share option granted to non-employees | Number of | Weighted- | Weighted- | Aggregated | |||||||||||||
shares | average | average | intrinsic | ||||||||||||||
exercise price | remaining | value | |||||||||||||||
contractual | |||||||||||||||||
term (years) | |||||||||||||||||
Outstanding, September 30, 2013 | 128,200 | US$ | 0.495 | ||||||||||||||
Outstanding, December 31, 2013 | 128,200 | US$ | 0.495 | 4.3 | 536 | ||||||||||||
Expected to vest, December 31, 2013 | — | — | — | — | |||||||||||||
Exercisable at December 31, 2013 | 128,200 | US$ | 0.495 | 4.3 | 536 | ||||||||||||
Summary of The Nonvested Restricted Shares Activity | ' | ||||||||||||||||
A summary of the nonvested restricted shares activities is as follows: | |||||||||||||||||
Number of | Weight average | ||||||||||||||||
Nonvested restricted | grant-date | ||||||||||||||||
shares outstanding | fair value | ||||||||||||||||
US$ | |||||||||||||||||
Nonvested restricted shares outstanding at September 30, 2013 | 125,000 | 1.22 | |||||||||||||||
Granted | 125,000 | 4.58 | |||||||||||||||
Vested | 125,000 | 1.22 | |||||||||||||||
Nonvested restricted shares outstanding at December 31, 2013 | 125,000 | 4.58 | |||||||||||||||
Nonvested restricted shares expected to vest at December 31, 2013 | 125,000 | 4.58 | |||||||||||||||
Share-Based Compensation Expense Of Share-Based Awards Granted | ' | ||||||||||||||||
Total share-based compensation expense of share-based awards granted to employees, non-employees and non-executive directors recognized for the three months ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||
Three months | |||||||||||||||||
ended December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
US$ | US$ | ||||||||||||||||
Cost of services | 13 | — | |||||||||||||||
General and administrative expenses | 181 | 73 | |||||||||||||||
Selling expenses | 6 | — | |||||||||||||||
200 | 73 | ||||||||||||||||
Details_of_Subsidiaries_and_Va
Details of Subsidiaries and Variable Interest Entities (Detail) | 3 Months Ended |
Dec. 31, 2013 | |
China Distance Education Limited (CDEL Hong Kong) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 13-Mar-03 |
Percentage of legal ownership by the Company | 100.00% |
Principal activities | 'Investment holding |
Practice Enterprises Network China International Links Limited (Pencil) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 23-Feb-10 |
Percentage of legal ownership by the Company | 100.00% |
Principal activities | 'Inactive |
DL Education Service , LLC ("DL Education") | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 27-Sep-12 |
Percentage of legal ownership by the Company | 100.00% |
Principal activities | 'Inactive |
Beijing Champion Distance Education Technology Co., Ltd. ("Champion Technology") | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 5-Jan-04 |
Percentage of legal ownership by the Company | 100.00% |
Principal activities | 'Provision of technical support and consultancy services and course production |
Beijing Champion Education Technology Co Ltd (Champion Education Technology) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 23-Apr-07 |
Percentage of legal ownership by the Company | 100.00% |
Principal activities | 'Software licensing and course production |
Beijing Champion Hi-Tech Co Ltd (Beijing Champion) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 12-Jul-00 |
Percentage of legal ownership by the Company | ' |
Principal activities | 'Provision of online education services and sales of books and reference materials |
Beijing Caikaowang Company Ltd (Caikaowang) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 28-Nov-07 |
Percentage of legal ownership by the Company | ' |
Principal activities | 'Provision of online education services |
Beijing Champion Wangge Education Technology Co Ltd (Champion Wangge) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 24-Jun-08 |
Percentage of legal ownership by the Company | ' |
Principal activities | 'Provision of online education services |
Beijing Zhengbao Yucai Education Technology Co Ltd (Zhengbao Yucai) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 19-Feb-09 |
Percentage of legal ownership by the Company | ' |
Principal activities | 'Provision of start-up training services |
Beijing Haidian District Champion Training School (Champion Training School) | ' |
Variable Interest Entity [Line Items] | ' |
Date of establishment | 19-Feb-09 |
Percentage of legal ownership by the Company | ' |
Principal activities | 'Provision of online and offline education services |
Financial_Information_of_VIE_a
Financial Information of VIE and VIE's Subsidiaries (Detail) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||
Variable Interest Entity [Line Items] | ' | ' | ' | ||
Cash and cash equivalents | $55,783 | ' | $71,919 | ||
Prepayment and other current assets | 4,637 | ' | 4,087 | ||
Total current assets | 76,116 | ' | 84,685 | ||
Total assets | 114,737 | ' | 105,994 | ||
Total current liabilities | 44,845 | ' | 40,797 | ||
Total liabilities | 45,620 | ' | 41,474 | ||
Total equity | 69,117 | 50,827 | 64,520 | ||
Revenues | 18,691 | 13,003 | ' | ||
Net income | 3,423 | 1,476 | ' | ||
Net cash provided by operating activities | 8,080 | 5,277 | ' | ||
Net cash used in investing activities | -25,262 | -1,254 | ' | ||
Effects of exchange rate changes | 665 | 324 | ' | ||
Consolidated VIE | ' | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ' | ||
Cash and cash equivalents | 37,027 | ' | 39,706 | ||
Prepayment and other current assets | 4,356 | ' | 3,839 | ||
Total current assets | 60,036 | ' | 54,575 | ||
Total assets | 78,134 | ' | 72,515 | ||
Deferred revenue | 19,062 | ' | 17,120 | ||
Total current liabilities | 41,493 | ' | 38,442 | ||
Total liabilities | 41,493 | ' | 38,442 | ||
Total equity | 36,641 | ' | 34,073 | ||
Revenues | 18,570 | 12,984 | ' | ||
Net income | 6,397 | [1] | 3,206 | [1] | ' |
Net cash provided by operating activities | 5,449 | 3,003 | ' | ||
Net cash used in investing activities | -8,594 | -1,208 | ' | ||
Effects of exchange rate changes | $416 | $139 | ' | ||
[1] | This is net income before service fees charged by Champion Technology and Champion Education Technology. |
Accounts_Receivable_Net_Detail
Accounts Receivable Net (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Accounts receivable | $4,627 | $5,291 |
Less: allowance for doubtful accounts | -1,801 | -1,773 |
Accounts receivable, net | $2,826 | $3,518 |
Inventories_Net_Detail
Inventories Net (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Books and other goods | $604 | $708 |
Paper and other raw materials | 129 | 102 |
Less: inventory provisions for slow-moving and obsolescence | -114 | -112 |
Inventories, total | $619 | $698 |
Recovered_Sheet1
Prepayment and Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' | ||
Advance to the suppliers | $2,262 | [1] | $1,873 | [1] |
Prepaid expenses | 1,418 | 1,034 | ||
Current portion of receivables related to ITAT program | ' | 285 | [2] | |
Funds receivable | 339 | [3] | 285 | [3] |
Deposits | 15 | 11 | ||
Others | 603 | 599 | ||
Prepayment and other current assets, net | $4,637 | $4,087 | ||
[1] | Advance to the suppliers represents interest-free cash deposits paid to suppliers for future purchase of raw materials and finished goods. The risk of loss arising from non-performance by or bankruptcy of the suppliers is assessed prior to making the deposits and is monitored on a regular basis by management. A charge to cost of sales will be recorded in the period in which a loss is incurred. To date, the Group has not experienced any loss of advances to suppliers. | |||
[2] | Current portion of receivables represent the current portion of prepaid service fee for obtaining government authorization to provide the ITAT program, an information technique application training program, for ten years, starting from 2010. The group amortized such prepayment on a straight-line basis. In 2013, the Group ceased a series of cooperation on ITAT program. Based on the termination agreement signed in July 2013, the remaining unamortized prepaid service fee will be repaid within next 48 months. Accordingly, as of September 30, 2013, US$285 and US$171 were recorded as current portion and non-current portion of receivables, respectively, due from the government agency. During three months ended December 31, 2013, both the current and non-current portion of receivables due from the government agency were received by the Group. | |||
[3] | Funds receivable arise due to the time taken to clear customers' payment transactions through external payment networks. When customers remit fees to the Group via external payment networks using their bank account or credit card, there is a clearing period before the cash is received by the Group which usually takes one to three business days. These fees are recorded as a receivable until the cash is received. |
Recovered_Sheet2
Prepayment and Other Current Assets (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Abstract] | ' | |
Current portion of receivable | $285 | [1] |
Non-current portion of receivable | $171 | |
Prepaid service fee repayment period | '48 months | |
[1] | Current portion of receivables represent the current portion of prepaid service fee for obtaining government authorization to provide the ITAT program, an information technique application training program, for ten years, starting from 2010. The group amortized such prepayment on a straight-line basis. In 2013, the Group ceased a series of cooperation on ITAT program. Based on the termination agreement signed in July 2013, the remaining unamortized prepaid service fee will be repaid within next 48 months. Accordingly, as of September 30, 2013, US$285 and US$171 were recorded as current portion and non-current portion of receivables, respectively, due from the government agency. During three months ended December 31, 2013, both the current and non-current portion of receivables due from the government agency were received by the Group. |
Restricted_Cash_Long_Term_Deta
Restricted Cash Long Term (Detail) | Dec. 31, 2013 | Dec. 06, 2013 | Dec. 06, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | China Distance Education Limited (CDEL Hong Kong) | China Distance Education Limited (CDEL Hong Kong) | Beijing Champion Distance Education Technology Co., Ltd. ("Champion Technology") |
Term Loan | Term Loan | CNY | ||
USD ($) | CNY | |||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' |
Term loan agreement value | ' | $16,519 | 100,000 | ' |
Term loan maturity period | ' | '18 months | '18 months | ' |
Cash deposited in the escrow account | $16,519 | ' | ' | 100,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $18,415 | $17,419 |
Less: Accumulated depreciation | -7,749 | -7,217 |
Property, Plant and Equipment, Net | 10,666 | 10,202 |
Building | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 6,117 | 6,051 |
Electronic And Office Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 10,410 | 9,523 |
Leasehold Improvement And Building Improvement | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 711 | 681 |
Motor vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $1,177 | $1,164 |
Composition_of_Other_Intangibl
Composition of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | $6,622 | $6,440 |
Less: Accumulated amortization | -5,200 | -4,964 |
Other intangible assets, Net | 1,422 | 1,476 |
Computer Software | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 3,122 | 2,978 |
Less: Accumulated amortization | -2,389 | -2,275 |
Domain names and trademarks | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 1,472 | 1,456 |
Less: Accumulated amortization | -873 | -840 |
Website | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 107 | 106 |
Less: Accumulated amortization | -107 | -106 |
Courseware | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 493 | 488 |
Less: Accumulated amortization | -481 | -462 |
Business Contracts | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 537 | 531 |
Less: Accumulated amortization | -520 | -494 |
Copyrights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 671 | 664 |
Less: Accumulated amortization | -640 | -600 |
Platform | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total intangible assets | 220 | 217 |
Less: Accumulated amortization | ($190) | ($187) |
Components_of_Accrued_Expenses
Components of Accrued Expenses and Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' |
Accrued expenses | $3,090 | $2,795 |
Salary and welfare payable | 3,175 | 2,775 |
Tuition fee payables to government agencies | 8,050 | 5,132 |
Remuneration payable to lecturers | 620 | 2,314 |
Uncertain income tax liabilities | 187 | 177 |
Other payable | 2,783 | 1,879 |
Accrued expenses and other liabilities | $17,905 | $15,072 |
Provision_for_Income_Taxes_and
Provision for Income Taxes and Effective Tax Rates (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' |
Provision for income taxes | $856 | $416 |
Effective tax rates | 20.00% | 22.00% |
Taxation_Additional_Informatio
Taxation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Income tax rate | ' | ' | 25.00% |
Withholding tax on undistributed earnings | $999 | ' | $905 |
Income tax expenses | 856 | 416 | ' |
China Distance Education Limited (CDEL Hong Kong) | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Withholding tax rate | 5.00% | ' | ' |
Withholding tax on undistributed earnings | 999 | ' | 905 |
Income tax expenses | $94 | ' | ' |
Current_and_Deferred_Component
Current and Deferred Components of Income Tax Benefit/(Expense) from Continuing Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' |
Current tax expense | $550 | $320 |
Deferred tax expense | 306 | 96 |
Income Tax Expense (Benefit), Total | $856 | $416 |
Components_of_Deferred_Taxes_f
Components of Deferred Taxes from Continuing Operations (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Income Tax Assets And Liabilities [Line Items] | ' | ' |
Payroll payable | $493 | $409 |
Accrued expenses | 369 | 585 |
Allowance for doubtful accounts | 506 | 518 |
Net operating loss carry-forwards | 236 | 289 |
Total current deferred tax assets | 1,604 | 1,801 |
Less: valuation allowance | -51 | -50 |
Current deferred tax assets, net | 1,553 | 1,751 |
Intangible assets | 39 | 48 |
Property, plant and equipment | 149 | 148 |
Net operating loss carry-forwards | 376 | 372 |
Total non-current deferred tax assets | 564 | 568 |
Less: valuation allowance | -276 | -262 |
Non-current deferred tax assets, net | 288 | 306 |
Intangible assets | 64 | 78 |
Withholding tax on undistributed earnings | 999 | 905 |
Total non-current deferred tax liabilities | $1,063 | $983 |
Basic_and_Diluted_Net_Loss_Inc
Basic and Diluted Net (Loss) Income per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Net income | $3,423 | $1,476 |
- allocated to ordinary share - basic | 3,420 | 1,475 |
Allocated to nonvested restricted share - basic | $3 | $1 |
Weighted average number of ordinary shares outstanding | 135,805,355 | 134,754,567 |
Weighted average number of nonvested restricted share | 125,000 | 9,589 |
Plus incremental weighted average ordinary shares from assumed exercise of share options using the treasury stock method | 1,187,201 | 732,482 |
Weighted average ordinary shares outstanding used in computing diluted net income per share | 137,117,556 | 135,496,638 |
Basic net income per share | $0.03 | $0.01 |
Basic net income per nonvested restricted share | $0.03 | $0.01 |
Diluted net income per share | $0.02 | $0.01 |
Summary_of_Option_Activity_Det
Summary of Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares, Outstanding, Beginning | 1,579,732 |
Number of shares, Exercised | 679,648 |
Number of shares, Outstanding, Ending | 900,084 |
Number of shares, Expected to vest | ' |
Exercisable at end of period | 900,084 |
Weighted-average exercise price, Outstanding, Beginning | $0.50 |
Weighted-average exercise price, Exercised | $0.50 |
Weighted-average exercise price, Outstanding, Ending | $0.50 |
Weighted-average exercise price: Expected to vest | ' |
Weighted-average exercise price: Exercisable | $0.50 |
Weighted-average remaining contractual term (years), Outstanding | '5 years 9 months 18 days |
Weighted-average remaining contractual term (years), Exercisable | '5 years 9 months 18 days |
Aggregated intrinsic value, Outstanding, Ending | $3,760 |
Aggregated intrinsic value, Expected to vest | ' |
Aggregated intrinsic value, Exercisable | $3,760 |
Share_Options_Nonemployees_Det
Share Options, Nonemployees (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares, Outstanding, Beginning | 1,579,732 |
Number of shares, Outstanding, Ending | 900,084 |
Number of shares, Expected to vest | ' |
Number of shares, Exercisable | 900,084 |
Weighted-average exercise price, Outstanding, Beginning | $0.50 |
Weighted-average exercise price, Outstanding, Ending | $0.50 |
Weighted-average exercise price: Expected to vest | ' |
Weighted-average exercise price: Exercisable | $0.50 |
Weighted-average remaining contractual term (years), Outstanding | '5 years 9 months 18 days |
Weighted-average remaining contractual term (years), Exercisable | '5 years 9 months 18 days |
Aggregated intrinsic value, Outstanding, Ending | $3,760 |
Aggregated intrinsic value, Expected to vest | ' |
Aggregated intrinsic value, Exercisable | 3,760 |
Non Employee | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares, Outstanding, Beginning | 128,200 |
Number of shares, Outstanding, Ending | 128,200 |
Number of shares, Expected to vest | ' |
Number of shares, Exercisable | 128,200 |
Weighted-average exercise price, Outstanding, Beginning | $0.50 |
Weighted-average exercise price, Outstanding, Ending | $0.50 |
Weighted-average exercise price: Expected to vest | ' |
Weighted-average exercise price: Exercisable | $0.50 |
Weighted-average remaining contractual term (years), Outstanding | '4 years 3 months 18 days |
Weighted-average remaining contractual term (years), Exercisable | '4 years 3 months 18 days |
Aggregated intrinsic value, Outstanding, Ending | 536 |
Aggregated intrinsic value, Expected to vest | ' |
Aggregated intrinsic value, Exercisable | $536 |
Share_Incentive_Plan_Additiona
Share Incentive Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Non Vested Restricted Stock Awards | Nonvested Shares | Nonvested Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | $2,079 | $227 | ' | ' | ' |
Nonvested restricted shares granted | 125,000 | ' | 125,000 | ' | ' |
Grant date fair value non vested restricted share | $4.58 | ' | $4.58 | ' | ' |
Total share base compensation | ' | ' | 573 | ' | ' |
Share-based compensation requisite service period | ' | ' | '1 year | ' | ' |
Total fair value of shares vested | ' | ' | ' | 153 | 122 |
Share-based compensation expenses | $73 | $200 | ' | $525 | ' |
Share-based compensation related to nonvested shares that is expected to be recognized, weighted average period | ' | ' | ' | '10 months 24 days | ' |
Nonvested_Restricted_Shares_Ac
Nonvested Restricted Shares Activity (Detail) (USD $) | 3 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested restricted shares outstanding, Beginning balance | 125,000 |
Granted | 125,000 |
Vested | 125,000 |
Nonvested restricted shares outstanding, Ending balance | 125,000 |
Nonvested restricted shares, Expected to vest | 125,000 |
Weighted average grant-date fair value, outstanding Beginning balance | $1.22 |
Weighted average grant-date fair value, Granted | $4.58 |
Weighted average grant-date fair value, Vested | $1.22 |
Weighted average grant-date fair value, outstanding Ending balance | $4.58 |
Weighted average grant-date fair value, Expected to vest | $4.58 |
Total_ShareBased_Compensation_
Total Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | $73 | $200 |
Cost of Services | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | ' | 13 |
General and Administrative Expense | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | 73 | 181 |
Selling Expense | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total share-based compensation expense | ' | $6 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, China Distance Education Limited (CDEL Hong Kong), Term Loan) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 02, 2014 | Jan. 02, 2014 |
USD ($) | CNY | |
Subsequent Event [Line Items] | ' | ' |
Term loan agreement amount drawn down | $16,519 | 100,000 |