BEIJING, Aug. 27,
2024 /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, 2024.
Second Quarter 2024 Highlights[1]
- Net revenues were RMB1,009.8
million, increased by 43.6% from RMB703.1 million in the same period of 2023.
- Gross billings[2] were RMB1,653.7 million, increased by 87.4% from
RMB882.3 million in the same period
of 2023.
- Loss from operations was RMB464.8 million, compared with income from
operations of RMB43.3 million in the
same period of 2023.
- Net loss was RMB429.6
million, compared with net income of RMB56.2 million in the same period of 2023.
- Non-GAAP net loss was RMB418.0 million, compared with non-GAAP net
income of RMB63.2 million in the same
period of 2023.
- Net operating cash inflow was RMB386.2 million, increased by 33.8% from
RMB288.5 million in the same period
of 2023.
|
Second Quarter 2024
Key Financial and Operating Data
|
|
(In thousands
of RMB, except for percentages)
|
|
|
For the three months
ended June 30,
|
|
2023
|
|
|
2024
|
|
|
Pct. Change
|
|
Net revenues
|
|
703,094
|
|
|
|
1,009,797
|
|
|
43.6 %
|
|
Gross
billings
|
|
882,325
|
|
|
|
1,653,692
|
|
|
87.4 %
|
|
Income/(loss) from
operations
|
|
43,311
|
|
|
|
(464,750)
|
|
|
(1,173.1) %
|
|
Net
income/(loss)
|
|
56,161
|
|
|
|
(429,550)
|
|
|
(864.9) %
|
|
Non-GAAP net
income/(loss)
|
|
63,159
|
|
|
|
(418,040)
|
|
|
(761.9) %
|
|
Net operating cash
inflow
|
|
288,542
|
|
|
|
386,184
|
|
|
33.8 %
|
|
|
[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, 2024
Highlights
- Net revenues were RMB1,956.7
million, increased by 38.7% from RMB1,410.4 million in the same period of
2023.
- Gross billings were RMB2,383.1
million, increased by 67.7% from RMB1,421.3 million in the same period of
2023.
- Loss from operations was RMB542.5
million, compared with income from operations of
RMB138.5 million in the same period
of 2023.
- Net loss was RMB441.8 million, compared with net income of
RMB170.0 million in the same period
of 2023.
- Non-GAAP net loss was RMB415.0
million, compared with non-GAAP net income of RMB196.8 million in the same period of 2023.
- Net operating cash inflow was RMB188.7 million, increased by 161.7% from
RMB72.1 million in the same period of
2023.
|
First Six Months
2024 Key Financial and Operating Data
|
|
(In thousands
of RMB, except for percentages)
|
|
|
For the six months
ended June 30,
|
|
2023
|
|
|
2024
|
|
|
Pct. Change
|
|
Net revenues
|
|
1,410,386
|
|
|
|
1,956,682
|
|
|
38.7 %
|
|
Gross
billings
|
|
1,421,276
|
|
|
|
2,383,052
|
|
|
67.7 %
|
|
Income/(loss) from
operations
|
|
138,450
|
|
|
|
(542,452)
|
|
|
(491.8) %
|
|
Net
income/(loss)
|
|
170,014
|
|
|
|
(441,847)
|
|
|
(359.9) %
|
|
Non-GAAP net
income/(loss)
|
|
196,754
|
|
|
|
(415,001)
|
|
|
(310.9) %
|
|
Net operating cash
inflow
|
|
72,134
|
|
|
|
188,748
|
|
|
161.7 %
|
Larry Xiangdong Chen, the Company's founder, Chairman
and CEO, commented, "We achieved encouraging results in the
second quarter, with net revenues increasing 43.6% year-over-year
to RMB1.0 billion, reflecting strong
accelerating growth momentum. As of June 30,
2024, our deferred revenue reached RMB1.6 billion, representing a 71.5% increase
from the same point in time last year, ensuring robust support for
our continued growth in the second half of the year.
June 16th marked the tenth
anniversary of Gaotu's founding. Over the past decade, we've
consistently regarded learning services and teaching quality as the
cornerstones of our core competencies, continuously attracting and
retaining top-tier talents to drive long-term growth. While
expanding rapidly, we have maintained an unwavering focus on
operational efficiency. Moving forward, we remain committed to
prioritizing customer needs and advancing our mission to 'make
learning better', thereby creating lasting value for our
shareholders."
Shannon Shen, CFO of the
Company, added, "We kicked off the year with robust growth and
successfully carried this momentum into the second quarter, further
scaling our operations while delivering results that exceeded our
expectations in both revenues and gross billings. Gross billings
for the first half of the year increased 67.7% to RMB2.4 billion, laying a solid foundation for
further revenues growth in the second half of the year. These
results reflect our ongoing efforts to boost operational
efficiency, address market demand, and enhance teaching quality.
Moving forward, we will maintain our focus on core education
businesses, expand our product offerings, attract top talents, and
refine operations to capitalize on market opportunities and drive
long-term, sustainable growth."
Financial Results for the Second Quarter of 2024
Net Revenues
Net revenues increased by 43.6% to RMB1,009.8 million from RMB703.1 million in the second quarter of 2023,
which was mainly due to the continuous year-over-year growth of
gross billings as a result of our sufficient and effective response
to the strong market demand. Furthermore, our high-quality educational products and
learning services resulted in improved recognition of our
products.
Cost of Revenues
Cost of revenues increased by 70.0% to RMB313.4 million from RMB184.4 million in the second quarter of 2023.
The increase was mainly due to the expansion of instructors and
tutors workforce and the increased cost of learning materials.
Gross Profit and Gross Margin
Gross profit increased by 34.3% to RMB696.4 million from RMB518.7 million in the second quarter of 2023.
Gross profit margin decreased to 69.0% from 73.8% in the same
period of 2023.
Non-GAAP gross profit increased by 33.3% to RMB696.3 million from RMB522.3 million in the second quarter of 2023.
Non-GAAP gross profit margin decreased to 69.0% from 74.3% in the
same period of 2023.
Operating Expenses
Operating expenses increased by 144.2% to RMB1,161.1 million from RMB475.4 million in the second quarter of 2023.
The increase was primarily due to the expansion of employees
workforce and a higher expenditure on marketing and branding
activities.
- Selling expenses increased to RMB835.4
million from RMB324.1 million
in the second quarter of 2023.
- Research and development expenses increased to RMB162.1 million from RMB98.4 million in the second quarter of
2023.
- General and administrative expenses increased to RMB163.6 million from RMB52.9 million in the second quarter of
2023.
(Loss)/Income from Operations
Loss from operations was RMB464.8
million, compared with income from operations of
RMB43.3 million in the second quarter
of 2023.
Non-GAAP loss from operations was RMB453.2 million, compared with non-GAAP income
from operations of RMB50.3 million in
the second quarter of 2023.
Interest Income and Realized Gains from
Investments
Interest income and realized gains from investments, on
aggregate, were RMB29.0 million,
compared with a total of RMB27.4
million in the second quarter of 2023.
Other Income/(Expenses), net
Other income, net was RMB4.6
million, compared with other expenses, net of RMB6.2 million in the second quarter of 2023.
Net (Loss)/Income
Net loss was RMB429.6 million,
compared with net income of RMB56.2
million in the second quarter of 2023.
Non-GAAP net loss was RMB418.0
million, compared with non-GAAP net income of RMB63.2 million in the second quarter of
2023.
Cash Flow
Net operating cash inflow in the second quarter of 2024 was
RMB386.2 million.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both RMB1.65 in the second quarter of 2024.
Non-GAAP basic and diluted net loss per ADS were both
RMB1.61 in the second quarter of
2024.
Share Outstanding
As of June 30, 2024, the Company
had 172,491,283 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash, Short-term and
Long-term Investments
As of June 30, 2024, the Company
had cash and cash equivalents, restricted cash, short-term and
long-term investments of RMB4,103.4
million in aggregate, compared with a total of RMB3,953.5 million as of December 31, 2023.
Share Repurchase
In November 2022, the Company's
board of directors authorized a share repurchase program under
which the Company may repurchase up to US$30
million of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors
authorized modifications to the share repurchase program,
increasing the aggregate value of shares that may be repurchased
from US$30 million to US$80 million, effective until November 22, 2025.
As of August 26, 2024, the Company
had cumulatively repurchased approximately 7.9 million ADSs for
approximately US$27.0 million under
the share repurchase program.
Business Outlook
Based on the Company's current estimates, total net revenues for
the third quarter of 2024 are expected to be between RMB1,188 million and RMB1,208 million, representing an increase of
50.5% to 53.0% 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
Tuesday, August 27, 2024
(8:00 PM Beijing/Hong Kong Time on
Tuesday, August 27, 2024). 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: 5380431
A telephone replay will be available two hours after the
conclusion of the conference call through September 2, 2024. The dial-in details are:
International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 6770960
Additionally, a live and archived webcast of this conference
call will be available at http://ir.gaotu.cn/.
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
RMB7.2672 to USD1.0000, the effective noon buying rate for
June 28, 2024 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 28, 2024, 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,
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
636,052
|
|
|
|
1,414,853
|
|
|
|
194,690
|
|
|
Restricted cash
|
|
33,901
|
|
|
|
2,397
|
|
|
|
330
|
|
|
Short-term investments
|
|
2,253,910
|
|
|
|
1,780,283
|
|
|
|
244,975
|
|
|
Inventory, net
|
|
24,596
|
|
|
|
38,394
|
|
|
|
5,283
|
|
|
Prepaid expenses and other current assets, net
|
|
638,248
|
|
|
|
594,605
|
|
|
|
81,821
|
|
|
Total current
assets
|
|
3,586,707
|
|
|
|
3,830,532
|
|
|
|
527,099
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
189,662
|
|
|
|
424,144
|
|
|
|
58,364
|
|
|
Property, equipment and software, net
|
|
533,531
|
|
|
|
599,986
|
|
|
|
82,561
|
|
|
Land
use rights, net
|
|
26,568
|
|
|
|
26,165
|
|
|
|
3,600
|
|
|
Long-term investments
|
|
1,029,632
|
|
|
|
905,829
|
|
|
|
124,646
|
|
|
Deferred tax assets
|
|
11,312
|
|
|
|
7,332
|
|
|
|
1,009
|
|
|
Rental deposit
|
|
17,742
|
|
|
|
33,925
|
|
|
|
4,668
|
|
|
Other non-current assets
|
|
18,155
|
|
|
|
17,941
|
|
|
|
2,469
|
|
|
TOTAL
ASSETS
|
|
5,413,309
|
|
|
|
5,845,854
|
|
|
|
804,416
|
|
|
|
|
|
|
|
|
|
|
|
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
RMB484,222
and RMB759,764 as of December 31,
2023
and June 30, 2024,
respectively)
|
|
805,032
|
|
|
|
1,104,567
|
|
|
|
151,992
|
|
|
Deferred revenue, current portion of the
consolidated VIE without recourse to
the Group
|
|
1,113,480
|
|
|
|
1,391,924
|
|
|
|
191,535
|
|
|
Operating
lease liabilities, current portion
(including current portion of
operating lease
liabilities of the consolidated VIE
without
recourse to the Group of RMB34,401
and
RMB90,046 as of December 31, 2023
and
June 30, 2024,
respectively)
|
|
50,494
|
|
|
|
107,521
|
|
|
|
14,795
|
|
|
Income tax payable
(including income tax
payable of the consolidated VIE without
recourse to the Group of RMB4,210 and
nil as of December 31, 2023 and June 30,
2024, respectively)
|
|
4,278
|
|
|
|
62
|
|
|
|
9
|
|
|
Total current
liabilities
|
|
1,973,284
|
|
|
|
2,604,074
|
|
|
|
358,331
|
|
|
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,
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
Deferred revenue, non-current portion of
the consolidated VIE without
recourse
to the Group
|
|
124,141
|
|
|
|
190,211
|
|
|
|
26,174
|
|
|
Operating lease liabilities, non-current
portion (including non-current
portion
of operating lease liabilities of
the
consolidated VIE without
recourse
to the Group of RMB121,277 and
RMB294,494 as of December 31,
2023
and June 30, 2024,
respectively)
|
|
137,652
|
|
|
|
308,760
|
|
|
|
42,487
|
|
|
Deferred
tax liabilities(including deferred
tax liabilities of the consolidated
VIE
without recourse to the Group of
RMB71,850 and RMB71,079 as of
December 31, 2023 and June 30, 2024,
respectively)
|
|
71,967
|
|
|
|
71,123
|
|
|
|
9,787
|
|
|
TOTAL
LIABILITIES
|
|
2,307,044
|
|
|
|
3,174,168
|
|
|
|
436,779
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
116
|
|
|
|
116
|
|
|
|
16
|
|
|
Treasury stock, at cost
|
|
(85,178)
|
|
|
|
(98,307)
|
|
|
|
(13,527)
|
|
|
Additional paid-in capital
|
|
7,987,957
|
|
|
|
7,986,214
|
|
|
|
1,098,940
|
|
|
Accumulated other comprehensive loss
|
|
(33,209)
|
|
|
|
(11,069)
|
|
|
|
(1,523)
|
|
|
Statutory reserve
|
|
50,225
|
|
|
|
50,225
|
|
|
|
6,911
|
|
|
Accumulated deficit
|
|
(4,813,646)
|
|
|
|
(5,255,493)
|
|
|
|
(723,180)
|
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
3,106,265
|
|
|
|
2,671,686
|
|
|
|
367,637
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND TOTAL
SHAREHOLDERS' EQUITY
|
|
5,413,309
|
|
|
|
5,845,854
|
|
|
|
804,416
|
|
|
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,
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Net
revenues
|
|
703,094
|
|
|
|
1,009,797
|
|
|
|
138,953
|
|
|
|
1,410,386
|
|
|
|
1,956,682
|
|
|
|
269,248
|
|
|
Cost of
revenues
|
|
(184,380)
|
|
|
|
(313,433)
|
|
|
|
(43,130)
|
|
|
|
(344,362)
|
|
|
|
(584,847)
|
|
|
|
(80,478)
|
|
|
Gross
profit
|
|
518,714
|
|
|
|
696,364
|
|
|
|
95,823
|
|
|
|
1,066,024
|
|
|
|
1,371,835
|
|
|
|
188,770
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(324,065)
|
|
|
|
(835,397)
|
|
|
|
(114,954)
|
|
|
|
(601,086)
|
|
|
|
(1,341,778)
|
|
|
|
(184,635)
|
|
|
Research and
development expenses
|
|
(98,402)
|
|
|
|
(162,101)
|
|
|
|
(22,306)
|
|
|
|
(195,379)
|
|
|
|
(313,708)
|
|
|
|
(43,168)
|
|
|
General and
administrative expenses
|
|
(52,936)
|
|
|
|
(163,616)
|
|
|
|
(22,514)
|
|
|
|
(131,109)
|
|
|
|
(258,801)
|
|
|
|
(35,612)
|
|
|
Total operating
expenses
|
|
(475,403)
|
|
|
|
(1,161,114)
|
|
|
|
(159,774)
|
|
|
|
(927,574)
|
|
|
|
(1,914,287)
|
|
|
|
(263,415)
|
|
|
Income/(loss) from
operations
|
|
43,311
|
|
|
|
(464,750)
|
|
|
|
(63,951)
|
|
|
|
138,450
|
|
|
|
(542,452)
|
|
|
|
(74,645)
|
|
|
Interest
income
|
|
19,780
|
|
|
|
21,274
|
|
|
|
2,927
|
|
|
|
33,073
|
|
|
|
39,947
|
|
|
|
5,497
|
|
|
Realized gains from
investments
|
|
7,658
|
|
|
|
7,732
|
|
|
|
1,064
|
|
|
|
18,382
|
|
|
|
14,284
|
|
|
|
1,966
|
|
|
Other
(expenses)/income, net
|
|
(6,153)
|
|
|
|
4,559
|
|
|
|
627
|
|
|
|
5,913
|
|
|
|
48,256
|
|
|
|
6,640
|
|
|
Income/(loss) before
provision for
income tax and share of results of
equity investees
|
|
64,596
|
|
|
|
(431,185)
|
|
|
|
(59,333)
|
|
|
|
195,818
|
|
|
|
(439,965)
|
|
|
|
(60,542)
|
|
|
Income tax
(expenses)/benefits
|
|
(4,250)
|
|
|
|
1,635
|
|
|
|
225
|
|
|
|
(21,619)
|
|
|
|
(1,882)
|
|
|
|
(259)
|
|
|
Share of results of
equity investees
|
|
(4,185)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,185)
|
|
|
|
-
|
|
|
|
-
|
|
|
Net
income/(loss)
|
|
56,161
|
|
|
|
(429,550)
|
|
|
|
(59,108)
|
|
|
|
170,014
|
|
|
|
(441,847)
|
|
|
|
(60,801)
|
|
|
Net income/(loss)
attributable to
Gaotu Techedu Inc.'s ordinary
shareholders
|
|
56,161
|
|
|
|
(429,550)
|
|
|
|
(59,108)
|
|
|
|
170,014
|
|
|
|
(441,847)
|
|
|
|
(60,801)
|
|
|
Net income/(loss)
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.32
|
|
|
|
(2.48)
|
|
|
|
(0.34)
|
|
|
|
0.98
|
|
|
|
(2.56)
|
|
|
|
(0.35)
|
|
|
Diluted
|
|
0.31
|
|
|
|
(2.48)
|
|
|
|
(0.34)
|
|
|
|
0.95
|
|
|
|
(2.56)
|
|
|
|
(0.35)
|
|
|
Net income/(loss)
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.21
|
|
|
|
(1.65)
|
|
|
|
(0.23)
|
|
|
|
0.65
|
|
|
|
(1.71)
|
|
|
|
(0.23)
|
|
|
Diluted
|
|
0.21
|
|
|
|
(1.65)
|
|
|
|
(0.23)
|
|
|
|
0.63
|
|
|
|
(1.71)
|
|
|
|
(0.23)
|
|
|
Weighted average
shares used in net
income/(loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
174,603,256
|
|
|
|
173,044,221
|
|
|
|
173,044,221
|
|
|
|
173,839,911
|
|
|
|
172,686,709
|
|
|
|
172,686,709
|
|
|
Diluted
|
|
179,933,329
|
|
|
|
173,044,221
|
|
|
|
173,044,221
|
|
|
|
179,520,278
|
|
|
|
172,686,709
|
|
|
|
172,686,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Net
revenues
|
|
703,094
|
|
|
|
1,009,797
|
|
|
|
138,953
|
|
|
|
1,410,386
|
|
|
|
1,956,682
|
|
|
|
269,248
|
|
|
Less: other
revenues(1)
|
|
20,634
|
|
|
|
29,233
|
|
|
|
4,023
|
|
|
|
36,356
|
|
|
|
56,500
|
|
|
|
7,775
|
|
|
Add: VAT and
surcharges
|
|
42,406
|
|
|
|
62,586
|
|
|
|
8,612
|
|
|
|
86,950
|
|
|
|
119,993
|
|
|
|
16,512
|
|
|
Add: ending deferred
revenue
|
|
922,576
|
|
|
|
1,582,135
|
|
|
|
217,709
|
|
|
|
922,576
|
|
|
|
1,582,135
|
|
|
|
217,709
|
|
|
Add: ending refund
liability
|
|
57,650
|
|
|
|
85,520
|
|
|
|
11,768
|
|
|
|
57,650
|
|
|
|
85,520
|
|
|
|
11,768
|
|
|
Less: beginning
deferred revenue
|
|
770,577
|
|
|
|
1,003,314
|
|
|
|
138,061
|
|
|
|
959,333
|
|
|
|
1,237,621
|
|
|
|
170,302
|
|
|
Less: beginning refund
liability
|
|
52,190
|
|
|
|
53,799
|
|
|
|
7,403
|
|
|
|
60,597
|
|
|
|
67,157
|
|
|
|
9,241
|
|
|
Gross
billings
|
|
882,325
|
|
|
|
1,653,692
|
|
|
|
227,555
|
|
|
|
1,421,276
|
|
|
|
2,383,052
|
|
|
|
327,919
|
|
|
|
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,
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Gross
profit
|
|
518,714
|
|
|
|
696,364
|
|
|
|
95,823
|
|
|
|
1,066,024
|
|
|
|
1,371,835
|
|
|
|
188,770
|
|
|
Share-based
compensation expenses(1) in cost of revenues
|
|
3,585
|
|
|
|
(43)
|
|
|
|
(6)
|
|
|
|
7,575
|
|
|
|
2,278
|
|
|
|
313
|
|
|
Non-GAAP gross
profit
|
|
522,299
|
|
|
|
696,321
|
|
|
|
95,817
|
|
|
|
1,073,599
|
|
|
|
1,374,113
|
|
|
|
189,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
|
43,311
|
|
|
|
(464,750)
|
|
|
|
(63,951)
|
|
|
|
138,450
|
|
|
|
(542,452)
|
|
|
|
(74,645)
|
|
|
Share-based
compensation expenses(1)
|
|
6,998
|
|
|
|
11,510
|
|
|
|
1,584
|
|
|
|
26,740
|
|
|
|
26,846
|
|
|
|
3,694
|
|
|
Non-GAAP
income/(loss) from operations
|
|
50,309
|
|
|
|
(453,240)
|
|
|
|
(62,367)
|
|
|
|
165,190
|
|
|
|
(515,606)
|
|
|
|
(70,951)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
56,161
|
|
|
|
(429,550)
|
|
|
|
(59,108)
|
|
|
|
170,014
|
|
|
|
(441,847)
|
|
|
|
(60,801)
|
|
|
Share-based
compensation expenses(1)
|
|
6,998
|
|
|
|
11,510
|
|
|
|
1,584
|
|
|
|
26,740
|
|
|
|
26,846
|
|
|
|
3,694
|
|
|
Non-GAAP net
income/(loss)
|
|
63,159
|
|
|
|
(418,040)
|
|
|
|
(57,524)
|
|
|
|
196,754
|
|
|
|
(415,001)
|
|
|
|
(57,107)
|
|
|
|
|
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-2024-unaudited-financial-results-302231221.html
SOURCE Gaotu Techedu Inc.