Gaotu Techedu Announces Second Quarter 2024 Unaudited Financial Results
Gaotu Techedu (NYSE: GOTU) reported its unaudited financial results for Q2 2024, ending June 30, 2024. Net revenues rose 43.6% YoY to RMB1,009.8 million, while gross billings surged 87.4% YoY to RMB1,653.7 million. Despite revenue growth, the company faced a significant net loss of RMB429.6 million, contrasting with a net income of RMB56.2 million in Q2 2023. Operating expenses increased 144.2% YoY to RMB1,161.1 million due to workforce expansion and higher marketing costs. Net operating cash inflow improved by 33.8% YoY to RMB386.2 million. For H1 2024, net revenues increased 38.7% YoY to RMB1,956.7 million, with gross billings up 67.7% YoY to RMB2,383.1 million.
The company held RMB4,103.4 million in cash and investments as of June 30, 2024. Looking ahead, Gaotu expects Q3 2024 net revenues between RMB1,188 million and RMB1,208 million, reflecting a 50.5% to 53.0% YoY rise.
Gaotu Techedu (NYSE: GOTU) ha riportato i risultati finanziari non auditi per il Q2 2024, chiuso il 30 giugno 2024. Le entrate nette sono aumentate del 43,6% su base annua, raggiungendo 1.009,8 milioni di RMB, mentre le fatturazioni lorde sono balzate dell'87,4% su base annua a 1.653,7 milioni di RMB. Nonostante la crescita dei ricavi, l'azienda ha registrato una significativa perdita netta di 429,6 milioni di RMB, in contrasto con un utile netto di 56,2 milioni di RMB nel Q2 2023. Le spese operative sono aumentate del 144,2% su base annua, raggiungendo 1.161,1 milioni di RMB a causa dell'espansione della forza lavoro e dei costi di marketing più elevati. Il flusso di cassa operativo netto è migliorato del 33,8% su base annua, raggiungendo 386,2 milioni di RMB. Per il primo semestre del 2024, le entrate nette sono aumentate del 38,7% su base annua a 1.956,7 milioni di RMB, con le fatturazioni lorde in crescita del 67,7% su base annua a 2.383,1 milioni di RMB.
L'azienda deteneva 4.103,4 milioni di RMB in contanti e investimenti al 30 giugno 2024. Guardando al futuro, Gaotu prevede che il Q3 2024 avrà entrate nette comprese tra 1.188 milioni e 1.208 milioni di RMB, riflettendo un aumento del 50,5% al 53,0% su base annua.
Gaotu Techedu (NYSE: GOTU) informó sobre sus resultados financieros no auditados para el Q2 2024, finalizado el 30 de junio de 2024. Los ingresos netos aumentaron un 43,6% interanual, alcanzando 1.009,8 millones de RMB, mientras que las facturaciones brutas se dispararon un 87,4% interanual, llegando a 1.653,7 millones de RMB. A pesar del crecimiento en los ingresos, la empresa enfrentó una significativa pérdida neta de 429,6 millones de RMB, en contraste con una ganancia neta de 56,2 millones de RMB en el Q2 2023. Los gastos operativos aumentaron un 144,2% interanual, alcanzando 1.161,1 millones de RMB, debido a la expansión de la fuerza laboral y los costos de marketing más altos. El flujo de caja operativo neto mejoró un 33,8% interanual, alcanzando 386,2 millones de RMB. Para el H1 2024, los ingresos netos aumentaron un 38,7% interanual a 1.956,7 millones de RMB, con las facturaciones brutas aumentando un 67,7% interanual a 2.383,1 millones de RMB.
La empresa tenía 4.103,4 millones de RMB en efectivo e inversiones al 30 de junio de 2024. De cara al futuro, Gaotu espera que los ingresos netos del Q3 2024 se sitúen entre 1.188 millones y 1.208 millones de RMB, lo que refleja un aumento del 50,5% al 53,0% interanual.
가오투 테크에듀 (NYSE: GOTU)는 2024년 2분기(6월 30일 종료)의 감사되지 않은 재무 결과를 보고했습니다. 순수익은 전년 대비 43.6% 증가하여 1,009.8 백만 RMB에 이르렀고, 총 청구액은 전년 대비 87.4% 증가하여 1,653.7 백만 RMB에 달했습니다. 수익이 성장했음에도 불구하고, 회사는 2023년 2분기 56.2 백만 RMB의 순익과는 대조적으로 429.6 백만 RMB의 상당한 순손실을 겪었습니다. 운영비는 인력 확장과 높은 마케팅 비용으로 인해 전년 대비 144.2% 증가하여 1,161.1 백만 RMB에 이르렀습니다. 순 운영 현금 유입은 전년 대비 33.8% 증가하여 386.2 백만 RMB에 안정되었습니다. 2024년 상반기에는 순수익이 전년 대비 38.7% 증가하여 1,956.7 백만 RMB에 달했으며, 총 청구액은 전년 대비 67.7% 증가하여 2,383.1 백만 RMB를 기록했습니다.
회사는 2024년 6월 30일 기준으로 4,103.4 백만 RMB의 현금 및 투자를 보유하고 있었습니다. 향후 가오투는 2024년 3분기 순수익을 1,188 백만 RMB에서 1,208 백만 RMB 사이로 예상하며, 이는 전년 대비 50.5%에서 53.0%의 상승을 반영합니다.
Gaotu Techedu (NYSE: GOTU) a rapporté ses résultats financiers non audités pour le 2e trimestre 2024, se terminant le 30 juin 2024. Les revenus nets ont augmenté de 43,6 % par rapport à l'année précédente, atteignant 1.009,8 millions de RMB, tandis que les facturations brutes ont connu une hausse de 87,4 % par rapport à l'année précédente, atteignant 1.653,7 millions de RMB. Malgré la croissance des revenus, l'entreprise a enregistré une perte nette significative de 429,6 millions de RMB, par rapport à un bénéfice net de 56,2 millions de RMB au 2e trimestre 2023. Les dépenses d'exploitation ont augmenté de 144,2 % par rapport à l'année précédente, atteignant 1.161,1 millions de RMB en raison de l'expansion de la main-d'œuvre et de coûts de marketing plus élevés. Le flux de trésorerie opérationnel net a augmenté de 33,8 % par rapport à l'année précédente, atteignant 386,2 millions de RMB. Pour le premier semestre 2024, les revenus nets ont augmenté de 38,7 % par rapport à l'année précédente pour atteindre 1.956,7 millions de RMB, avec des facturations brutes en hausse de 67,7 % par rapport à l'année précédente, atteignant 2.383,1 millions de RMB.
L'entreprise détenait 4.103,4 millions de RMB en espèces et investissements au 30 juin 2024. En regardant vers l'avenir, Gaotu prévoit des revenus nets pour le 3e trimestre 2024 compris entre 1.188 millions et 1.208 millions de RMB, ce qui reflète une augmentation de 50,5 % à 53,0 % par rapport à l'année précédente.
Gaotu Techedu (NYSE: GOTU) berichtete über seine ungeprüften finanziellen Ergebnisse für das 2. Quartal 2024, das am 30. Juni 2024 endete. Netto-Einnahmen stiegen um 43,6 % im Vergleich zum Vorjahr auf 1.009,8 Millionen RMB, während die Bruttobuchungen um 87,4 % im Vergleich zum Vorjahr auf 1.653,7 Millionen RMB anstiegen. Trotz des Umsatzwachstums verzeichnete das Unternehmen einen erheblichen Nettoverlust von 429,6 Millionen RMB, im Gegensatz zu einem Nettogewinn von 56,2 Millionen RMB im 2. Quartal 2023. Betriebskosten stiegen um 144,2 % im Vergleich zum Vorjahr auf 1.161,1 Millionen RMB aufgrund der Expansion der Belegschaft und höherer Marketingkosten. Der netto-operative Cashflow verbesserte sich um 33,8 % im Vergleich zum Vorjahr auf 386,2 Millionen RMB. Für das erste Halbjahr 2024 stiegen die Netto-Einnahmen um 38,7 % im Vergleich zum Vorjahr auf 1.956,7 Millionen RMB, wobei die Bruttobuchungen um 67,7 % im Vergleich zum Vorjahr auf 2.383,1 Millionen RMB zunahmen.
Das Unternehmen hielt zum 30. Juni 2024 4.103,4 Millionen RMB an Bargeld und Investments. Ausblickend erwartet Gaotu für das 3. Quartal 2024 Netto-Einnahmen zwischen 1.188 Millionen und 1.208 Millionen RMB, was einem Anstieg von 50,5 % bis 53,0 % im Vergleich zum Vorjahr entspricht.
- Net revenues increased by 43.6% YoY to RMB1,009.8 million.
- Gross billings surged by 87.4% YoY to RMB1,653.7 million.
- Net operating cash inflow improved by 33.8% YoY to RMB386.2 million.
- Cash and investments totaled RMB4,103.4 million as of June 30, 2024.
- Q3 2024 revenue guidance predicts a 50.5% to 53.0% YoY increase.
- Net loss of RMB429.6 million, contrasting with net income of RMB56.2 million in Q2 2023.
- Operating expenses increased by 144.2% YoY to RMB1,161.1 million.
- Gross profit margin decreased to 69.0% from 73.8% in Q2 2023.
- Loss from operations was RMB464.8 million, compared to income from operations of RMB43.3 million in Q2 2023.
Insights
Gaotu Techedu's Q2 2024 results present a mixed financial picture. While the company achieved significant revenue growth of
The
Investors should closely monitor Gaotu's ability to control costs and improve operational efficiency in the coming quarters, as the current trajectory of increasing losses may not be sustainable without significant improvements in monetization or cost management.
Gaotu's Q2 results reflect the intense competition and rapid evolution in China's online education sector. The company's substantial revenue growth and increased gross billings suggest a strong market demand for online tutoring services, likely driven by the ongoing digital transformation in education and changing consumer preferences post-pandemic.
However, the significant increase in operating expenses, particularly in selling and marketing (
The company's focus on expanding its workforce and investing in branding activities suggests a long-term growth strategy. However, investors should be cautious about the sustainability of this approach, given the regulatory uncertainties in China's education sector and the potential for market saturation in the future.
Gaotu's financial results highlight the growing importance of technology in education. The significant increase in research and development expenses (
The company's ability to scale its operations rapidly, as evidenced by the substantial revenue growth, demonstrates the scalability of their technology infrastructure. This scalability is important in the online education sector, where the ability to handle large numbers of concurrent users without compromising quality is essential.
However, the transition to net loss indicates that technological investments are outpacing monetization in the short term. The challenge for Gaotu will be to leverage these tech investments to create unique value propositions that can justify premium pricing and improve profitability. The company's future success will largely depend on how effectively they can use technology to differentiate their offerings in a crowded market.
Second Quarter 2024 Highlights[1]
- Net revenues were
RMB1,009.8 million , increased by43.6% fromRMB703.1 million in the same period of 2023. - Gross billings[2] were
RMB1,653.7 million , increased by87.4% fromRMB882.3 million in the same period of 2023. - Loss from operations was
RMB464.8 million , compared with income from operations ofRMB43.3 million in the same period of 2023. - Net loss was
RMB429.6 million , compared with net income ofRMB56.2 million in the same period of 2023. - Non-GAAP net loss was
RMB418.0 million , compared with non-GAAP net income ofRMB63.2 million in the same period of 2023. - Net operating cash inflow was
RMB386.2 million , increased by33.8% fromRMB288.5 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 by38.7% fromRMB1,410.4 million in the same period of 2023. - Gross billings were
RMB2,383.1 million , increased by67.7% fromRMB1,421.3 million in the same period of 2023. - Loss from operations was
RMB542.5 million , compared with income from operations ofRMB138.5 million in the same period of 2023. - Net loss was
RMB441.8 million , compared with net income ofRMB170.0 million in the same period of 2023. - Non-GAAP net loss was
RMB415.0 million , compared with non-GAAP net income ofRMB196.8 million in the same period of 2023. - Net operating cash inflow was
RMB188.7 million , increased by161.7% fromRMB72.1 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
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
Financial Results for the Second Quarter of 2024
Net Revenues
Net revenues increased by
Cost of Revenues
Cost of revenues increased by
Gross Profit and Gross Margin
Gross profit increased by
Non-GAAP gross profit increased by
Operating Expenses
Operating expenses increased by
- Selling expenses increased to
RMB835.4 million fromRMB324.1 million in the second quarter of 2023. - Research and development expenses increased to
RMB162.1 million fromRMB98.4 million in the second quarter of 2023. - General and administrative expenses increased to
RMB163.6 million fromRMB52.9 million in the second quarter of 2023.
(Loss)/Income from Operations
Loss from operations was
Non-GAAP loss from operations was
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were
Other Income/(Expenses), net
Other income, net was
Net (Loss)/Income
Net loss was
Non-GAAP net loss was
Cash Flow
Net operating cash inflow in the second quarter of 2024 was
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
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
Share Repurchase
In November 2022, the Company's board of directors authorized a share repurchase program under which the Company may repurchase up to
As of August 26, 2024, the Company had cumulatively repurchased approximately 7.9 million ADSs for approximately
Business Outlook
Based on the Company's current estimates, total net revenues for the third quarter of 2024 are expected to be between
Conference Call
The Company will hold an earnings conference call at 8:00 AM
International: 1-412-317-6061
Mainland
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
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
About Gaotu Techedu Inc.
Gaotu is a technology-driven education company and online large-class tutoring service provider in
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
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Christensen
In
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 | 805,032 | 1,104,567 | 151,992 | ||||||||
Deferred revenue, current portion of the | 1,113,480 | 1,391,924 | 191,535 | ||||||||
Operating lease liabilities, current portion | 50,494 | 107,521 | 14,795 | ||||||||
Income tax payable (including income tax | 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 | 124,141 | 190,211 | 26,174 | ||||||||
Operating lease liabilities, non-current | 137,652 | 308,760 | 42,487 | ||||||||
Deferred tax liabilities(including deferred | 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 | 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 | 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 | 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 | |||||||||||||||||||||||
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.
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