BEIJING, Aug. 30,
2023 /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU)
("Gaotu" or the "Company"), a technology-driven education company
and online large-class tutoring service provider in China, today announced its unaudited financial
results for the second quarter ended June
30, 2023.
Second Quarter 2023 Highlights[1]
- Net revenues were RMB703.1
million, increased by 30.7% from RMB537.8 million in the same period of 2022.
- Gross billings[2] were RMB882.3 million, increased by 44.2% from
RMB611.7 million in the same period
of 2022.
- Income from operations increased by 171.6%
year-over-year to RMB43.3 million for
the second quarter of 2023.
- Non-GAAP income from operations increased by 601.1%
year-over-year to RMB50.3 million for
the second quarter of 2023.
- Net income increased by 212.8% year-over-year to
RMB56.2 million for the second
quarter of 2023.
- Non-GAAP net income was RMB63.2
million, compared with non-GAAP net income of RMB0.6 million in the same period of 2022.
- Net operating cash inflow was RMB288.5 million, increased by 207.6% from
RMB93.8 million in the same period of
2022.
|
Second Quarter 2023
Key Financial and Operating Data
(In thousands
of RMB, except for percentages)
|
|
|
For the three months
ended June 30,
|
|
2022
|
|
|
2023
|
|
|
Pct. Change
|
|
Net revenues
|
|
537,799
|
|
|
|
703,094
|
|
|
30.7 %
|
|
Gross
billings
|
|
611,668
|
|
|
|
882,325
|
|
|
44.2 %
|
|
(Loss)/income from
operations
|
|
(60,493)
|
|
|
|
43,311
|
|
|
171.6 %
|
|
Non-GAAP (loss)/income
from operations
|
|
(10,039)
|
|
|
|
50,309
|
|
|
601.1 %
|
|
Net
(loss)/income
|
|
(49,809)
|
|
|
|
56,161
|
|
|
212.8 %
|
|
Non-GAAP net
income
|
|
645
|
|
|
|
63,159
|
|
|
9,692.1 %
|
|
Net operating cash
inflow
|
|
93,794
|
|
|
|
288,542
|
|
|
207.6 %
|
|
[1] For
a reconciliation of non-GAAP numbers, please see the table
captioned "Reconciliations of non-GAAP measures to the most
comparable GAAP measures" at the end of this press release.
Non-GAAP income (loss) from operations and non-GAAP net income
(loss) exclude share-based compensation expenses.
|
|
[2] Gross billings is a non-GAAP
financial measure, which is defined as the total amount of cash
received for the sale of course offerings in such period, net of
the total amount of refunds in such period. See "About Non-GAAP
Financial Measures" and "Reconciliations of non-GAAP measures to
the most comparable GAAP measures" elsewhere in this press
release.
|
Six Months Ended June 30, 2023
Highlights
- Net revenues were RMB1,410.4
million, increased by 11.7% from RMB1,262.4 million in the same period of
2022.
- Gross billings were RMB1,421.3
million, increased by 52.9% from RMB929.8 million in the same period of 2022.
- Income from operations increased by 492.9%
year-over-year to RMB138.5
million.
- Non-GAAP income from operations was RMB165.2 million, increased by 205.7% from
RMB54.0 million in the same period of
2022.
- Net income was RMB170.0
million, compared with net income of RMB3.9 million in the same period of 2022.
- Non-GAAP net income was RMB196.8
million, increased by 111.1% from RMB93.2 million in the same period of 2022.
- Net operating cash inflow increased by 118.6%
year-over-year to RMB72.1
million.
|
First Six Months
2023 Key Financial and Operating Data
(In thousands
of RMB, except for percentages)
|
|
|
For the six months
ended June 30,
|
|
2022
|
|
|
2023
|
|
|
Pct. Change
|
|
Net revenues
|
|
1,262,414
|
|
|
|
1,410,386
|
|
|
11.7 %
|
|
Gross
billings
|
|
929,763
|
|
|
|
1,421,276
|
|
|
52.9 %
|
|
(Loss)/income from
operations
|
|
(35,240)
|
|
|
|
138,450
|
|
|
492.9 %
|
|
Non-GAAP income from
operations
|
|
54,039
|
|
|
|
165,190
|
|
|
205.7 %
|
|
Net income
|
|
3,909
|
|
|
|
170,014
|
|
|
4,249.3 %
|
|
Non-GAAP net
income
|
|
93,188
|
|
|
|
196,754
|
|
|
111.1 %
|
|
Net operating cash
(outflow)/inflow
|
|
(387,472)
|
|
|
|
72,134
|
|
|
118.6 %
|
Larry Xiangdong Chen, the
Company's founder, Chairman and CEO, commented, "Guided by
our "effective growth" strategy, we grew gross billings
substantially on both an annual and sequential basis, while also
recording our third consecutive quarter of profitability and
generating a sizable positive net operating cashflow of
RMB288.5 million. Thanks to ongoing
improvements in our organizational and operational efficiency, we
delivered a triple-digit year-over-year increase in both income
from operations and net income. Backed by ample cash reserves, we
have been steadily ramping up our investments in talents,
continuously refining our educational content and services, and
persistently improving teaching quality and learning efficiency
through Artificial Intelligence technological innovation and
organizational upgrades. These efforts have strengthened our
competitive edge in terms of content-driven customer acquisition
and teaching quality, creating a flywheel effect.
I would like to emphasize that making learning better will
always be Gaotu's unwavering mission, and we are willing to embrace
all opportunities and challenges that lie ahead. Our dedication to
addressing customer needs, prioritizing teaching quality and
enhancing learning outcomes will remain unchanged. Our continued
investment in technological innovation and organizational
capability will remain unchanged. Our commitment to our original
aspiration to educate will remain unchanged."
Shannon Shen, CFO of the
Company, added, "Our business achieved profitability while
maintaining robust top-line growth momentum, with operating
leverage from the economies of scale becoming more evident. Our net
revenues increased by 30.7% year-over-year to more than
RMB703.1 million, and our gross
billings increased considerably by 44.2% year-over-year to
RMB882.3 million. In addition,
operating expenses as percentage of revenue decreased by roughly 14
percentage points compared to the same period last year. In terms
of bottom-line, net income margin improved by approximately 17
percentage points to 8.0%, marking our third consecutive quarter of
positive outcomes. On the operational front, we accomplished a
synchronized growth trajectory, expanding both in scale and
profitability. By continuously exploring more proprietary channels
to gain new customers with competitive moats, we have enhanced our
autonomy over customer acquisition and improved course delivery
quality and efficiency.
Our solid financial performance stands as the ultimate testament
to our resilient business model, strong organizational cohesion and
continuous endeavors in customer acquisition and operational
efficiency. Going forward, we will continue to drive effective
growth and create long-term value for our stakeholders."
Financial Results for the Second Quarter of 2023
Net Revenues
Net revenues increased by 30.7% to RMB703.1 million from RMB537.8 million in the second quarter of 2022,
which was mainly due to the large year-over-year growth of gross
billings as a result of the improvement of customer acquisition
efficiency.
Cost of Revenues
Cost of revenues increased by 15.3% to RMB184.4 million from RMB160.0 million in the second quarter of 2022.
The increase was mainly due to the growth of labor cost of
instructors and tutors to cope with the growing business volume, as
well as the increase of learning materials cost, which was
partially offset by the decline of share-based compensation
cost.
Gross Profit and Gross Margin
Gross profit increased by 37.3% to RMB518.7 million from RMB377.8 million in the second quarter of 2022.
Gross profit margin increased to 73.8% from 70.2% in the same
period of 2022.
Non-GAAP gross profit increased by 31.8% to RMB522.3 million from RMB396.4 million in the same period of 2022.
Non-GAAP gross profit margin increased to 74.3% from 73.7% in the
same period of 2022.
Operating Expenses
Operating expenses increased by 8.5% to RMB475.4 million from RMB438.3 million in the second quarter of 2022.
The increase was primarily due to the growth of labor expenses, as
well as a higher expenditure on marketing and branding activities,
which was partially offset by the decline of share-based
compensation expenses.
- Selling expenses increased to RMB324.1
million from RMB269.0 million
in the second quarter of 2022.
- Research and development expenses decreased to RMB98.4 million from RMB103.9 million in the second quarter of
2022.
- General and administrative expenses decreased to RMB52.9 million from RMB65.4 million in the second quarter of
2022.
Income/(Loss) from Operations
Income from operations was RMB43.3
million, compared with loss from operations of RMB60.5 million in the second quarter of
2022.
Non-GAAP income from operations was RMB50.3 million, compared with non-GAAP loss from
operations of RMB10.0 million in the
second quarter of 2022.
Interest Income and Realized Gains from
Investments
Interest income and realized gains from investments, on
aggregate, were RMB27.4 million,
compared with a total of RMB9.8
million in the second quarter of 2022.
Other (Expense)/Income
Other expense was RMB6.2 million,
compared with other income of RMB0.4
million in the second quarter of 2022.
Net Income/(Loss)
Net income was RMB56.2 million,
compared with net loss of RMB49.8
million in the second quarter of 2022.
Non-GAAP net income was RMB63.2
million, compared with non-GAAP net income of RMB0.6 million in the second quarter of 2022.
Cash Flow
Net operating cash inflow in the second quarter of 2023 was
RMB288.5 million, which was primarily
due to the increase of gross billings.
Basic and Diluted Net Income per ADS
Basic and diluted net income per ADS were both RMB0.21 in the second quarter of 2023.
Non-GAAP basic and diluted net income per ADS were RMB0.24 and RMB0.23, respectively, in the second quarter of
2023.
Share Outstanding
As of June 30, 2023, the Company
had 174,705,405 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash, Short-term and
Long-term Investments
As of June 30, 2023, the Company
had cash and cash equivalents, restricted cash, short-term and
long-term investments of RMB3,742.1
million in aggregate, compared with a total of RMB3,743.8 million as of December 31, 2022.
Business Outlook
Based on the Company's current estimates, total net revenues for
the third quarter of 2023 are expected to be between RMB728 million and RMB748
million, representing an increase of 20.1% to 23.4% on a
year-over-year basis. These estimates reflect the Company's current
expectations, which are subject to change.
Conference Call
The Company will hold an earnings conference call at
8:00 AM U.S. Eastern Time on
Wednesday, August 30, 2023 (8:00 PM
on Wednesday, August 30, 2023,
Beijing/Hong Kong Time). Dial-in
details for the earnings conference call are as follows:
International: 1-412-317-6061
United States:
1-888-317-6003
Hong Kong: 800-963-976
Mainland China:
400-120-6115
Passcode: 3614057
A telephone replay will be available two hours after the
conclusion of the conference call through September 6, 2023. The dial-in details are:
International: 1-412-317-0088
United States:
1-877-344-7529
Passcode: 9732498
Additionally, a live and archived webcast of this conference
call will be available at http://ir.gaotu.cn/home.
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" and similar statements. Among other things,
the business outlook, as well as the Company's strategic and
operational plans, contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its
reports filed with, or furnished to, the U.S. Securities and
Exchange Commission, in its annual reports to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
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 ability to continue to attract students to enroll in its
courses; the Company's ability to continue to recruit, train and
retain qualified teachers; the Company's ability to improve the
content of its existing course offerings and to develop new
courses; the Company's ability to maintain and enhance its brand;
the Company's ability to maintain and continue to improve its
teaching results; and the Company's ability to compete effectively
against its competitors. Further information regarding these and
other risks is included in the Company's reports filed with, or
furnished to the U.S. Securities and Exchange Commission. 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 duty to update such information or any forward-looking
statement, except as required under applicable law.
About Gaotu Techedu Inc.
Gaotu is a technology-driven education company and online
large-class tutoring service provider in China. The Company offers learning services
and educational content & digitalized learning products. Gaotu
adopts an online live large-class format to deliver its courses,
which the Company believes is the most effective and scalable model
to disseminate scarce high-quality teaching resources to aspiring
students in China. Big data
analytics permeates every aspect of the Company's business and
facilitates the application of the latest technology to improve
teaching delivery, student learning experience, and operational
efficiency.
About Non-GAAP Financial Measures
The Company uses gross billings, non-GAAP gross profit, non-GAAP
income (loss) from operations and non-GAAP net income (loss), each
a non-GAAP financial measure, in evaluating its operating results
and for financial and operational decision-making purposes.
The Company defines gross billings for a specific period as the
total amount of cash received for the sale of course offerings in
such period, net of the total amount of refunds in such period. The
Company's management uses gross billings as a performance
measurement because the Company generally bills its students for
the entire course fee at the time of sale of its course offerings
and recognizes revenue proportionally as the classes are delivered.
For some courses, the Company continues to provide students with 12
months to 36 months access to the pre-recorded audio-video courses
after the online live courses are delivered. The Company believes
that gross billings provides valuable insight into the sales of its
course packages and the performance of its business. As gross
billings have material limitations as an analytical metrics and may
not be calculated in the same manner by all companies, it may not
be comparable to other similarly titled measures used by other
companies.
Non-GAAP gross profit, non-GAAP income (loss) from operations
and non-GAAP net income (loss) exclude share-based compensation
expenses. The Company believes that these non-GAAP financial
measures provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based expenses that
may not be indicative of its operating performance from a cash
perspective. The Company believes that both management and
investors benefit from these non-GAAP financial measures in
assessing its performance and when planning and forecasting future
periods. These non-GAAP financial measures also facilitate
management's internal comparisons to the Company's historical
performance. A limitation of using non-GAAP measures is that these
non-GAAP measures exclude share-based compensation charges that
have been and will continue to be for the foreseeable future a
significant recurring expense in the Company's business.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from or as a substitute for
the financial information prepared and presented in accordance with
GAAP. For more information on these non-GAAP financial measures,
please see the table captioned "Reconciliations of non-GAAP
measures to the most comparable GAAP measures" set forth at the end
of this release.
The accompanying tables have more details on the reconciliations
between GAAP financial measures that are most directly comparable
to non-GAAP financial measures.
Exchange Rate
The Company's business is primarily conducted in China and a significant majority of revenues
generated are denominated in Renminbi ("RMB"). This announcement
contains currency conversions of RMB amounts into U.S. dollars
("USD") solely for the convenience of the reader. Unless otherwise
noted, all translations from RMB to USD are made at a rate of
RMB7.2513 to USD1.0000, the effective noon buying rate for
June 30, 2023 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the RMB amounts could have been, or
could be, converted, realized or settled into USD at that rate on
June 30, 2023, or at any other
rate.
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Christensen
In China
Ms. Vivian Wang
Phone: +852-2232-3978
E-mail: gotu@christensencomms.com
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
|
Gaotu Techedu Inc.
Unaudited
condensed consolidated balance sheets
(In thousands
of RMB and USD, except for share, per share and per ADS
data)
|
|
|
|
|
As of December
31,
|
|
|
As of June
30,
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
819,911
|
|
|
|
767,702
|
|
|
|
105,871
|
|
|
Restricted cash
|
|
22
|
|
|
|
534
|
|
|
|
74
|
|
|
Short-term investments
|
|
2,923,864
|
|
|
|
2,859,384
|
|
|
|
394,327
|
|
|
Inventory, net
|
|
22,783
|
|
|
|
23,906
|
|
|
|
3,297
|
|
|
Prepaid expenses and other current assets
|
|
399,897
|
|
|
|
575,588
|
|
|
|
79,377
|
|
|
Amounts due from related party
|
|
-
|
|
|
|
10,660
|
|
|
|
1,470
|
|
|
Total current
assets
|
|
4,166,477
|
|
|
|
4,237,774
|
|
|
|
584,416
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
83,663
|
|
|
|
86,095
|
|
|
|
11,873
|
|
|
Property, equipment and software, net
|
|
552,032
|
|
|
|
525,756
|
|
|
|
72,505
|
|
|
Land
use rights, net
|
|
27,373
|
|
|
|
26,970
|
|
|
|
3,719
|
|
|
Long-term investments
|
|
-
|
|
|
|
114,474
|
|
|
|
15,787
|
|
|
Deferred tax assets
|
|
15,679
|
|
|
|
11,863
|
|
|
|
1,636
|
|
|
Rental deposit
|
|
9,502
|
|
|
|
9,309
|
|
|
|
1,284
|
|
|
Other non-current assets
|
|
21,449
|
|
|
|
19,803
|
|
|
|
2,731
|
|
|
TOTAL
ASSETS
|
|
4,876,175
|
|
|
|
5,032,044
|
|
|
|
693,951
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Accrued expenses and other current liabilities
(including accrued expenses and
other current
liabilities of the consolidated VIE
without
recourse to the Group of
RMB367,477
and RMB328,749 as of December 31,
2022
and June 30, 2023,
respectively)
|
|
662,189
|
|
|
|
583,694
|
|
|
|
80,496
|
|
|
Deferred revenue, current portion of the
consolidated VIE without recourse to
the Group
|
|
906,914
|
|
|
|
796,743
|
|
|
|
109,876
|
|
|
Operating
lease liabilities, current portion
(including current portion of
operating lease
liabilities of the consolidated VIE
without
recourse to the Group of RMB21,281
and
RMB13,785 as of December 31, 2022
and
June 30, 2023,
respectively)
|
|
38,326
|
|
|
|
29,433
|
|
|
|
4,059
|
|
|
Income tax payable
(including income tax
payable of the consolidated VIE without
recourse to the Group of RMB260 and nil
as of December 31, 2022 and June 30,
2023, respectively)
|
|
1,793
|
|
|
|
6,330
|
|
|
|
873
|
|
|
Total current
liabilities
|
|
1,609,222
|
|
|
|
1,416,200
|
|
|
|
195,304
|
|
|
Gaotu Techedu Inc.
Unaudited condensed
consolidated balance sheets
(In thousands
of RMB and USD, except for share, per share and per ADS
data)
|
|
|
|
|
As of December
31,
|
|
|
As of June
30,
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
Deferred revenue, non-current portion of
the consolidated VIE without
recourse
to the Group
|
|
52,419
|
|
|
|
125,833
|
|
|
|
17,353
|
|
|
Operating lease liabilities, non-current
portion (including non-current
portion
of operating lease liabilities of
the
consolidated VIE without
recourse
to the Group of RMB17,457 and
RMB31,711 as of December 31,
2022
and June 30, 2023,
respectively)
|
|
44,198
|
|
|
|
56,034
|
|
|
|
7,727
|
|
|
Deferred
tax liabilities(including deferred
tax liabilities of the consolidated VIE
without
recourse to the Group of RMB74,341 and
RMB73,152 as of December 31, 2022
and June 30, 2023,
respectively)
|
|
74,507
|
|
|
|
73,444
|
|
|
|
10,128
|
|
|
TOTAL
LIABILITIES
|
|
1,780,346
|
|
|
|
1,671,511
|
|
|
|
230,512
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
115
|
|
|
|
116
|
|
|
|
16
|
|
|
Additional paid-in capital
|
|
7,915,899
|
|
|
|
7,961,658
|
|
|
|
1,097,963
|
|
|
Accumulated other comprehensive loss
|
|
(64,062)
|
|
|
|
(15,132)
|
|
|
|
(2,087)
|
|
|
Statutory reserve
|
|
40,380
|
|
|
|
40,380
|
|
|
|
5,569
|
|
|
Accumulated deficit
|
|
(4,796,503)
|
|
|
|
(4,626,489)
|
|
|
|
(638,022)
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
3,095,829
|
|
|
|
3,360,533
|
|
|
|
463,439
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND TOTAL
SHAREHOLDERS' EQUITY
|
|
4,876,175
|
|
|
|
5,032,044
|
|
|
|
693,951
|
|
|
Gaotu Techedu Inc.
Unaudited
condensed consolidated statements of operations
(In thousands
of RMB and USD, except for share, per share and per ADS
data)
|
|
|
|
|
For the three months
ended June 30,
|
|
|
For the six months
ended June 30,
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Net
revenues
|
|
537,799
|
|
|
|
703,094
|
|
|
|
96,961
|
|
|
|
1,262,414
|
|
|
|
1,410,386
|
|
|
|
194,501
|
|
|
Cost of
revenues
|
|
(160,004)
|
|
|
|
(184,380)
|
|
|
|
(25,427)
|
|
|
|
(372,949)
|
|
|
|
(344,362)
|
|
|
|
(47,490)
|
|
|
Gross
profit
|
|
377,795
|
|
|
|
518,714
|
|
|
|
71,534
|
|
|
|
889,465
|
|
|
|
1,066,024
|
|
|
|
147,011
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(268,975)
|
|
|
|
(324,065)
|
|
|
|
(44,691)
|
|
|
|
(553,149)
|
|
|
|
(601,086)
|
|
|
|
(82,894)
|
|
|
Research and
development
expenses
|
|
(103,872)
|
|
|
|
(98,402)
|
|
|
|
(13,570)
|
|
|
|
(227,179)
|
|
|
|
(195,379)
|
|
|
|
(26,944)
|
|
|
General and
administrative
expenses
|
|
(65,441)
|
|
|
|
(52,936)
|
|
|
|
(7,300)
|
|
|
|
(144,377)
|
|
|
|
(131,109)
|
|
|
|
(18,081)
|
|
|
Total operating
expenses
|
|
(438,288)
|
|
|
|
(475,403)
|
|
|
|
(65,561)
|
|
|
|
(924,705)
|
|
|
|
(927,574)
|
|
|
|
(127,919)
|
|
|
(Loss)/income
from
operations
|
|
(60,493)
|
|
|
|
43,311
|
|
|
|
5,973
|
|
|
|
(35,240)
|
|
|
|
138,450
|
|
|
|
19,092
|
|
|
Interest
income
|
|
1,763
|
|
|
|
19,780
|
|
|
|
2,728
|
|
|
|
9,445
|
|
|
|
33,073
|
|
|
|
4,561
|
|
|
Realized gains from
investments
|
|
8,074
|
|
|
|
7,658
|
|
|
|
1,056
|
|
|
|
19,733
|
|
|
|
18,382
|
|
|
|
2,535
|
|
|
Other
income/(expense)
|
|
397
|
|
|
|
(6,153)
|
|
|
|
(849)
|
|
|
|
28,401
|
|
|
|
5,913
|
|
|
|
815
|
|
|
(Loss)/income
before
provision for income tax
and share of results of
equity investees
|
|
(50,259)
|
|
|
|
64,596
|
|
|
|
8,908
|
|
|
|
22,339
|
|
|
|
195,818
|
|
|
|
27,003
|
|
|
Income tax
benefits/(expenses)
|
|
450
|
|
|
|
(4,250)
|
|
|
|
(586)
|
|
|
|
(18,430)
|
|
|
|
(21,619)
|
|
|
|
(2,981)
|
|
|
Share of results of
equity
investees
|
|
-
|
|
|
|
(4,185)
|
|
|
|
(577)
|
|
|
|
-
|
|
|
|
(4,185)
|
|
|
|
(577)
|
|
|
Net
(loss)/income
|
|
(49,809)
|
|
|
|
56,161
|
|
|
|
7,745
|
|
|
|
3,909
|
|
|
|
170,014
|
|
|
|
23,445
|
|
|
Net
(loss)/income
attributable to Gaotu
Techedu Inc.'s ordinary
shareholders
|
|
(49,809)
|
|
|
|
56,161
|
|
|
|
7,745
|
|
|
|
3,909
|
|
|
|
170,014
|
|
|
|
23,445
|
|
|
Net (loss)/income
per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.29)
|
|
|
|
0.32
|
|
|
|
0.04
|
|
|
|
0.02
|
|
|
|
0.98
|
|
|
|
0.13
|
|
|
Diluted
|
|
(0.29)
|
|
|
|
0.31
|
|
|
|
0.04
|
|
|
|
0.02
|
|
|
|
0.95
|
|
|
|
0.13
|
|
|
Net (loss)/income
per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.19)
|
|
|
|
0.21
|
|
|
|
0.03
|
|
|
|
0.02
|
|
|
|
0.65
|
|
|
|
0.09
|
|
|
Diluted
|
|
(0.19)
|
|
|
|
0.21
|
|
|
|
0.03
|
|
|
|
0.01
|
|
|
|
0.63
|
|
|
|
0.09
|
|
|
Weighted average
shares
used in net (loss)/income
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
172,188,243
|
|
|
|
174,603,256
|
|
|
|
174,603,256
|
|
|
|
171,866,239
|
|
|
|
173,839,911
|
|
|
|
173,839,911
|
|
|
Diluted
|
|
172,188,243
|
|
|
|
179,933,329
|
|
|
|
179,933,329
|
|
|
|
175,382,752
|
|
|
|
179,520,278
|
|
|
|
179,520,278
|
|
|
|
Note: Three ADSs
represent two ordinary shares.
|
|
Gaotu Techedu Inc.
Reconciliations of non-GAAP measures to the
most comparable GAAP measures
(In thousands
of RMB and USD, except for share, per share and per ADS
data)
|
|
|
|
|
For the three months
ended June 30,
|
|
|
For the six months
ended June 30,
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Net
revenues
|
|
537,799
|
|
|
|
703,094
|
|
|
|
96,961
|
|
|
|
1,262,414
|
|
|
|
1,410,386
|
|
|
|
194,501
|
|
|
Less: other
revenues(1)
|
|
11,829
|
|
|
|
20,634
|
|
|
|
2,846
|
|
|
|
26,416
|
|
|
|
36,356
|
|
|
|
5,014
|
|
|
Add: VAT and
surcharges
|
|
33,857
|
|
|
|
42,406
|
|
|
|
5,848
|
|
|
|
78,307
|
|
|
|
86,950
|
|
|
|
11,991
|
|
|
Add: ending deferred
revenue
|
|
647,867
|
|
|
|
922,576
|
|
|
|
127,229
|
|
|
|
647,867
|
|
|
|
922,576
|
|
|
|
127,229
|
|
|
Add: ending refund
liability
|
|
42,439
|
|
|
|
57,650
|
|
|
|
7,950
|
|
|
|
42,439
|
|
|
|
57,650
|
|
|
|
7,950
|
|
|
Less: beginning
deferred revenue
|
|
599,719
|
|
|
|
770,577
|
|
|
|
106,267
|
|
|
|
996,218
|
|
|
|
959,333
|
|
|
|
132,298
|
|
|
Less: beginning refund
liability
|
|
38,746
|
|
|
|
52,190
|
|
|
|
7,197
|
|
|
|
78,630
|
|
|
|
60,597
|
|
|
|
8,357
|
|
|
Gross
billings
|
|
611,668
|
|
|
|
882,325
|
|
|
|
121,678
|
|
|
|
929,763
|
|
|
|
1,421,276
|
|
|
|
196,002
|
|
|
|
Note (1): Include
miscellaneous revenues generated from services other than
courses.
|
|
For the three months
ended June 30,
|
|
|
For the six months
ended June 30,
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Gross
profit
|
|
377,795
|
|
|
|
518,714
|
|
|
|
71,534
|
|
|
|
889,465
|
|
|
|
1,066,024
|
|
|
|
147,011
|
|
|
Share-based
compensation expenses(1) in
cost of revenues
|
|
18,630
|
|
|
|
3,585
|
|
|
|
494
|
|
|
|
36,979
|
|
|
|
7,575
|
|
|
|
1,045
|
|
|
Non-GAAP gross
profit
|
|
396,425
|
|
|
|
522,299
|
|
|
|
72,028
|
|
|
|
926,444
|
|
|
|
1,073,599
|
|
|
|
148,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
(60,493)
|
|
|
|
43,311
|
|
|
|
5,973
|
|
|
|
(35,240)
|
|
|
|
138,450
|
|
|
|
19,092
|
|
|
Share-based
compensation expenses(1)
|
|
50,454
|
|
|
|
6,998
|
|
|
|
965
|
|
|
|
89,279
|
|
|
|
26,740
|
|
|
|
3,688
|
|
|
Non-GAAP
(loss)/income from operations
|
|
(10,039)
|
|
|
|
50,309
|
|
|
|
6,938
|
|
|
|
54,039
|
|
|
|
165,190
|
|
|
|
22,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
(49,809)
|
|
|
|
56,161
|
|
|
|
7,745
|
|
|
|
3,909
|
|
|
|
170,014
|
|
|
|
23,445
|
|
|
Share-based
compensation expenses(1)
|
|
50,454
|
|
|
|
6,998
|
|
|
|
965
|
|
|
|
89,279
|
|
|
|
26,740
|
|
|
|
3,688
|
|
|
Non-GAAP net
income
|
|
645
|
|
|
|
63,159
|
|
|
|
8,710
|
|
|
|
93,188
|
|
|
|
196,754
|
|
|
|
27,133
|
|
|
|
Note (1): The tax
effects of share-based compensation expenses adjustments were
nil.
|
View original
content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-second-quarter-of-2023-unaudited-financial-results-301913274.html
SOURCE Gaotu Techedu Inc.
