QuantaSing Announces Unaudited Financial Results for the Fourth Quarter of Fiscal Year 2024 and Full Fiscal Year 2024
QuantaSing Group (NASDAQ: QSG) announced its unaudited financial results for Q4 and FY 2024, ending June 30, 2024. The company reported revenues of RMB1,000.1 million ($137.6 million) for Q4, up 20.7% YoY. Net income for Q4 was RMB196.6 million ($27.1 million), significantly higher than RMB52.7 million in Q4 FY 2023. For FY 2024, revenues were RMB3,795.3 million ($522.3 million), a 23.2% increase YoY. Net income for FY 2024 was RMB385.5 million ($53.1 million), compared to a net loss of RMB108.7 million in FY 2023.
Adjusted net income for Q4 was RMB193.6 million ($26.6 million), while for FY 2024, it was RMB423.3 million ($58.3 million). Total registered users reached 127.6 million, a 35.3% increase YoY, and paying learners increased by 22.5% YoY to 0.4 million. The company has a strong balance sheet with RMB1,026.3 million ($141.2 million) in cash and equivalents. The CEO emphasized the company’s strategic shift towards the silver economy and wellness products.
QuantaSing Group (NASDAQ: QSG) ha annunciato i suoi risultati finanziari non sottoposti a revisione per il Q4 e l'anno fiscale 2024, terminato il 30 giugno 2024. L'azienda ha riportato ricavi di 1.000,1 milioni di RMB (137,6 milioni di dollari) per il Q4, con un aumento del 20,7% rispetto all'anno precedente. Il reddito netto per il Q4 è stato di 196,6 milioni di RMB (27,1 milioni di dollari), significativamente superiore ai 52,7 milioni di RMB del Q4 dell'anno fiscale 2023. Per l'anno fiscale 2024, i ricavi sono stati di 3.795,3 milioni di RMB (522,3 milioni di dollari), con un incremento del 23,2% rispetto all'anno precedente. Il reddito netto per l'anno fiscale 2024 è stato di 385,5 milioni di RMB (53,1 milioni di dollari), in confronto a una perdita netta di 108,7 milioni di RMB nell'anno fiscale 2023.
Il reddito netto rettificato per il Q4 è stato di 193,6 milioni di RMB (26,6 milioni di dollari), mentre per l'anno fiscale 2024, è stato di 423,3 milioni di RMB (58,3 milioni di dollari). Il numero totale di utenti registrati ha raggiunto 127,6 milioni, con un incremento del 35,3% rispetto all'anno precedente, e il numero di studenti paganti è aumentato del 22,5% rispetto all'anno precedente, raggiungendo 0,4 milioni. L'azienda ha un solido bilancio con 1.026,3 milioni di RMB (141,2 milioni di dollari) in contante e equivalenti. Il CEO ha sottolineato il cambiamento strategico dell'azienda verso l'economia silver e i prodotti per il benessere.
QuantaSing Group (NASDAQ: QSG) anunció sus resultados financieros no auditados para el Q4 y el año fiscal 2024, finalizado el 30 de junio de 2024. La compañía reportó ingresos de 1,000.1 millones de RMB (137.6 millones de dólares) para el Q4, un aumento del 20.7% interanual. La utilidad neta para el Q4 fue de 196.6 millones de RMB (27.1 millones de dólares), significativamente más alta que los 52.7 millones de RMB en el Q4 del año fiscal 2023. Para el año fiscal 2024, los ingresos fueron de 3,795.3 millones de RMB (522.3 millones de dólares), un aumento del 23.2% interanual. La utilidad neta para el año fiscal 2024 fue de 385.5 millones de RMB (53.1 millones de dólares), en comparación con una pérdida neta de 108.7 millones de RMB en el año fiscal 2023.
La utilidad neta ajustada para el Q4 fue de 193.6 millones de RMB (26.6 millones de dólares), mientras que para el año fiscal 2024, fue de 423.3 millones de RMB (58.3 millones de dólares). El número total de usuarios registrados alcanzó los 127.6 millones, un incremento del 35.3% interanual, y el número de estudiantes que pagan aumentó un 22.5% interanual a 0.4 millones. La compañía tiene un fuerte balance con 1,026.3 millones de RMB (141.2 millones de dólares) en efectivo y equivalentes. El CEO enfatizó el cambio estratégico de la compañía hacia la economía plateada y los productos de bienestar.
QuantaSing Group (NASDAQ: QSG)는 2024년 4분기 및 회계연도(이하 FY) 2024의 감사받지 않은 재무 결과를 발표했습니다. 이 회사는 2024년 6월 30일 기준으로 4분기에 1,000.1백만 RMB(1억 3,760만 달러)의 매출을 기록하며, 전년 동기 대비 20.7% 증가했다고 발표했습니다. 4분기 순이익은 196.6백만 RMB(2,710만 달러)로, 2023 회계연도 4분기의 52.7백만 RMB보다 크게 증가했습니다. FY 2024의 매출은 3,795.3백만 RMB(5억 2,230만 달러)로, 전년 대비 23.2% 증가했습니다. FY 2024의 순이익은 385.5백만 RMB(5,310만 달러)로, 2023 회계연도의 순손실 108.7백만 RMB와 비교되었습니다.
조정된 순이익은 4분기에 193.6백만 RMB(2,660만 달러)였으며, FY 2024에 대해서는 423.3백만 RMB(5,830만 달러)였습니다. 총 등록 사용자는 1억 2,760만 명에 이르렀고, 전년 대비 35.3% 증가했으며, 유료 학습자는 22.5% 증가하여 40만 명에 도달했습니다. 이 회사는 1,026.3백만 RMB(1억 4,120만 달러)의 현금 및 현금성 자산을 보유한 강력한 재무 구조를 가지고 있습니다. CEO는 이 회사가 은퇴 세대 및 웰빙 제품으로 전략적 방향을 전환하고 있다고 강조했습니다.
QuantaSing Group (NASDAQ: QSG) a annoncé ses résultats financiers non audités pour le 4e trimestre et l'exercice 2024, se terminant le 30 juin 2024. L'entreprise a déclaré des revenus de 1.000,1 millions de RMB (137,6 millions de dollars) pour le 4e trimestre, soit une augmentation de 20,7 % d'une année sur l'autre. Le revenu net pour le 4e trimestre était de 196,6 millions de RMB (27,1 millions de dollars), nettement supérieur aux 52,7 millions de RMB du 4e trimestre de l'exercice 2023. Pour l'exercice 2024, les revenus s'élevaient à 3.795,3 millions de RMB (522,3 millions de dollars), soit une augmentation de 23,2 % par rapport à l'année précédente. Le revenu net pour l'exercice 2024 était de 385,5 millions de RMB (53,1 millions de dollars), comparé à une perte nette de 108,7 millions de RMB en 2023.
Le revenu net ajusté pour le 4e trimestre était de 193,6 millions de RMB (26,6 millions de dollars), tandis que pour l'exercice 2024, il s'élevait à 423,3 millions de RMB (58,3 millions de dollars). Le nombre total d'utilisateurs inscrits a atteint 127,6 millions, soit une augmentation de 35,3 % par rapport à l'année précédente, et le nombre d'apprenants payants a augmenté de 22,5 % d'une année sur l'autre pour atteindre 0,4 million. L'entreprise dispose d'un solide bilan avec 1.026,3 millions de RMB (141,2 millions de dollars) en liquidités et équivalents. Le PDG a souligné le changement stratégique de l'entreprise vers l'économie argentée et les produits de bien-être.
Die QuantaSing Group (NASDAQ: QSG) hat ihre ungeprüften Finanzergebnisse für das 4. Quartal und das Geschäftsjahr 2024 bekannt gegeben, das am 30. Juni 2024 endete. Das Unternehmen meldete für das 4. Quartal Einnahmen von 1.000,1 Millionen RMB (137,6 Millionen USD), was einem Anstieg von 20,7 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn für das 4. Quartal betrug 196,6 Millionen RMB (27,1 Millionen USD), was deutlich höher ist als die 52,7 Millionen RMB im 4. Quartal des Geschäftsjahres 2023. Für das Geschäftsjahr 2024 lagen die Einnahmen bei 3.795,3 Millionen RMB (522,3 Millionen USD), was einem Anstieg von 23,2 % im Vergleich zum Vorjahr entspricht. Der Nettogewinn für das Geschäftsjahr 2024 betrug 385,5 Millionen RMB (53,1 Millionen USD) im Vergleich zu einem Nettoverlust von 108,7 Millionen RMB im Geschäftsjahr 2023.
Der bereinigte Nettogewinn für das 4. Quartal belief sich auf 193,6 Millionen RMB (26,6 Millionen USD), während er im Geschäftsjahr 2024 bei 423,3 Millionen RMB (58,3 Millionen USD) lag. Die Gesamtzahl der registrierten Nutzer erreichte 127,6 Millionen, was einem Anstieg von 35,3 % im Vergleich zum Vorjahr entspricht, und die zahlenden Lernenden stiegen um 22,5 % im Vergleich zum Vorjahr auf 0,4 Millionen. Das Unternehmen hat eine starke Bilanz mit 1.026,3 Millionen RMB (141,2 Millionen USD) in bar und liquiden Mitteln. Der CEO betonte den strategischen Wandel des Unternehmens hin zur Silver Economy und Wellness-Produkten.
- Q4 revenues up 20.7% YoY to RMB1,000.1 million ($137.6 million).
- Q4 net income significantly higher at RMB196.6 million ($27.1 million).
- FY 2024 revenues up 23.2% YoY to RMB3,795.3 million ($522.3 million).
- Net income for FY 2024 at RMB385.5 million ($53.1 million), from a net loss of RMB108.7 million in FY 2023.
- Adjusted net income for FY 2024 was RMB423.3 million ($58.3 million).
- Total registered users increased by 35.3% YoY to 127.6 million.
- Paying learners increased by 22.5% YoY to 0.4 million.
- Strong balance sheet with RMB1,026.3 million ($141.2 million) in cash and equivalents.
- R&D expenses decreased by 60.4% YoY to RMB21.2 million ($2.9 million) in Q4.
- Impairment loss on long-lived assets and goodwill was RMB2.7 million ($0.4 million) and RMB7.4 million ($1.0 million) respectively in Q4.
- Sales and marketing expenses slightly increased to RMB580.1 million ($79.8 million) in Q4.
- Revenues from enterprise services decreased by 45.5% YoY to RMB56.6 million ($7.8 million) in Q4.
- Revenues from financial literacy courses declined by RMB49.5 million ($6.8 million) in Q4.
Insights
QuantaSing's Q4 FY2024 results demonstrate strong growth and profitability. Revenue increased 20.7% YoY to
Key positives include:
- Gross billings up
3.4% YoY 35.3% increase in registered users to 127.6 million22.5% growth in paying learners- Strong cash position of
RMB1,026.3 million
The company's pivot towards the silver economy and expansion into wellness products shows promise. However, investors should monitor the sustainability of growth rates and margins as QuantaSing diversifies its offerings.
QuantaSing's strategic shift towards the silver economy is a savvy move given China's aging population trends. The
Key market insights:
- Skills upgrading courses saw significant traction, with revenues jumping to
RMB445.7 million fromRMB209.9 million YoY - Financial literacy course revenues declined, suggesting a potential market saturation
- The
22.5% increase in paying learners shows effective user monetization
The company's ability to rapidly grow its user base and convert free users to paying customers demonstrates strong product-market fit and effective marketing strategies. However, the sustainability of these growth rates in a competitive edtech landscape remains a key question for investors.
QuantaSing's transformation from a pure edtech player to a comprehensive lifestyle solution provider for adults is noteworthy. The company's ability to leverage its existing tech infrastructure and user base for new verticals like wellness products showcases its adaptability.
Tech highlights:
- Robust user growth to 127.6 million registered users
- Successful integration of Kelly's Education acquisition
- Expansion into e-commerce with consumer business revenue reaching
RMB33.3 million in Q4
The
BEIJING, Aug. 28, 2024 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider empowering adults to live better and longer, today announced its fourth quarter and full year unaudited financial results for the fiscal year ended June 30, 2024 (the “fourth quarter of FY 2024”, which refers to the quarter from April 1, 2024 to June 30, 2024, and “FY 2024”, which refers to the year from July 1, 2023 to June 30, 2024).
Highlights for the Fourth Quarter of FY 2024
- Revenues for the fourth quarter of FY 2024 were RMB1,000.1 million (US
$137.6 million ), representing an increase of5.8% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”) and an increase of20.7% from the fourth quarter of the fiscal year ended June 30, 2023 (the “fourth quarter of FY 2023”). - Gross billings of individual online learning services1 for the fourth quarter of FY 2024 were RMB774.4 million (US
$106.6 million ), representing a change of21.1% from the third quarter of FY 2024 and an increase of3.4% from the fourth quarter of FY 2023. - Net income for the fourth quarter of FY 2024 was RMB196.6 million (US
$27.1 million ), compared with RMB14.6 million in the third quarter of FY 2024, and RMB52.7 million in the fourth quarter of FY 2023. - Adjusted net income2 for the fourth quarter of FY 2024 was RMB193.6 million (US
$26.6 million ), compared with RMB31.9 million in the third quarter of FY 2024, and RMB90.4 million in the fourth quarter of FY 2023. - Total registered users increased by
35.3% to approximately 127.6 million as of June 30, 2024, from 94.3 million as of June 30, 2023. - Paying learners increased by
22.5% year over year to approximately 0.4 million in the fourth quarter of FY 2024.
Highlights for FY 2024
- Revenues for FY 2024 were RMB3,795.3 million (US
$522.3 million ), representing an increase of23.2% from the prior fiscal year. - Gross billings of individual online learning services1 for FY 2024 were RMB3,462.7 million (US
$476.5 million ), representing an increase of14.1% from the prior fiscal year. - Net income for FY 2024 was RMB385.5 million (US
$53.1 million ), compared with a net loss of RMB108.7 million in the prior fiscal year. - Adjusted net income2 for FY 2024 was RMB423.3 million (US
$58.3 million ), compared with RMB83.0 million in the prior fiscal year.
Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “This quarter marks a transformative moment for our company as we align our strategy with the burgeoning silver economy. Our strong financial performance and a 127.6 million registered user base underscores the strength of our foundation as we embark on this new chapter. By leveraging our expertise in adult learning and expanding into wellness products and experiential learning, we're creating a comprehensive ecosystem that addresses the holistic needs of China's growing silver demographic. Our wellness products business has demonstrated significant quarter-over-quarter growth, reflecting strong early traction and validating our approach. We're committed to innovating and creating long-term value in this promising market, empowering individuals to live better, live longer.”
Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our fourth quarter results demonstrate our solid financial position as we navigate our strategic transition. We achieved revenues of RMB1,000.1 million, with adjusted net income reaching a historical high of RMB193.6 million. Importantly, our balance sheet remains strong, with RMB1,026.3 million in cash and cash equivalents, restricted cash and short-term investments as of June 30, 2024. This robust financial foundation provides us with the flexibility to support our strategic initiatives while maintaining operational stability. As we move forward, our focus is on long-term value creation for our shareholders.”
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1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income/(loss) to adjusted net income, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
Financial Results for the Fourth Quarter of FY 2024
Revenues
Revenues increased by
- Revenues from individual online learning services increased by
25.7% year over year to RMB906.7 million (US$124.8 million ) in the fourth quarter of FY 2024, up from RMB721.1 million in the fourth quarter of FY 2023. This growth was primarily due to revenues from skills upgrading courses3 increasing to RMB445.7 million (US$61.3 million ) in the fourth quarter of FY 2024 from RMB209.9 million in the fourth quarter of FY 2023, partially offset by the decline of RMB49.5 million (US$6.8 million ) in revenues from financial literacy courses. - Revenues from enterprise services were RMB56.6 million (US
$7.8 million ) in the fourth quarter of FY 2024, compared to RMB103.8 million in the fourth quarter of FY 2023, representing a year-over-year change of45.5% , primarily due to a change in revenue streams from transactions involving related party and external entities, partially offset by an increase in revenue due to higher demand from existing and new customers for marketing services. - Revenues from consumer business4 increased to RMB33.3 million (US
$4.6 million ) in the fourth quarter of FY 2024 from RMB3.4 million in the fourth quarter of FY 2023, mainly driven by the increase in revenues from the Company's newest business endeavor, consumer business. In early 2023, the Company began to engage in the consumer business through e-commerce and recognize relevant revenues. - Revenues from others4 was RMB3.5 million (US
$0.4 million ) in the fourth quarter of FY 2024, primarily due to increased revenue from online language education for children provided by Kelly’s Education, which was acquired by the Company in September 2023.
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3 The Company has adopted a new presentation of its revenues since the second quarter of FY 2024, which split other personal interest courses into skills upgrading courses and recreation and leisure courses, to better align with its business strategies and provide useful and updated information to investors. Skills upgrading courses mainly include short-video production courses and memory training courses. Recreation and leisure courses mainly include personal well-being courses, electronic keyboard courses and standing meditation courses. The historical revenues presentation has been conformed to the current presentation.
4 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.
Cost of revenues
Cost of revenues was RMB141.3 million (US
Sales and marketing expenses
Sales and marketing expenses were RMB580.1million (US
Research and development expenses
Research and development expenses were RMB21.2 million (US
General and administrative expenses
General and administrative expenses were RMB11.6 million (US
Impairment loss on long-lived assets and goodwill
Impairment loss on long-lived assets and goodwill were RMB2.7 million (US
Net income and adjusted net income
Net income was RMB196.6 million (US
Earnings per share and adjusted earnings per share5
Basic and diluted net income per share were RMB1.22 (US
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5 Basic and diluted adjusted net income per ordinary share are non-GAAP financial measures. For a reconciliation of basic and diluted net income/(loss) per ordinary share to basic and diluted adjusted net income per ordinary share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
Financial Results for FY 2024
Revenues
Revenues increased by
- Revenues from individual online learning services increased by
23.0% year over year to RMB3,364.3 million (US$ 462.9 million ) in FY 2024, primarily due to 1) revenues from skills upgrading courses3 increasing to RMB1,661.8 million (US$228.7 million ) in FY 2024 from RMB721.3 million in the fiscal year ended June 30, 2023 (“FY 2023”, which refers to the year from July 1, 2022 to June 30, 2023), and 2) revenues from recreation and leisure courses3 increasing to RMB395.1 million (US$54.4 million ) in FY 2024 from RMB139.0 million in FY 2023, partially offset by the decline of RMB567.3 million (US$78.1 million ) in revenues from financial literacy courses. - Revenues from enterprise services decreased by
27.3% year over year to RMB247.7 million (US$34.1 million ) in FY 2024, primarily due to decreased revenue from the Company's marketing services provided to a related party. - Revenue from consumer business4 increased to RMB174.0 million (US
$23.9 million ) in FY 2024, mainly driven by the increase in revenues from the Company's newest business endeavor, consumer business. In early 2023, the Company began to engage in the consumer business through e-commerce and recognize relevant revenues. - Revenue from other services4 increased to RMB9.3 million (US
$1.4million ) in FY 2024, primarily due to increased revenue from online language education for children provided by Kelly’s Education, which was acquired by the Company in September 2023.
Cost of revenues
Cost of revenues increased by
Sales and marketing expenses
Sales and marketing expenses were RMB2,587.0 million (US
Research and development expenses
Research and development expenses were RMB144.9 million (US
General and administrative expenses
General and administrative expenses were RMB125.8 million (US
Impairment loss on long-lived assets and goodwill
Impairment loss on long-lived assets and goodwill were RMB2.7 million (US
Net (loss)/income and adjusted net income
Net income was RMB385.5 million (US
Earnings per share and adjusted earnings per share5
Basic and diluted net income per share were RMB2.34 (US
Balance Sheet
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,026.3 million (US
Recent Developments
On June 9, 2023, the Company announced that its board of directors had approved a share repurchase program of up to US
On June 11, 2024, the Company announced that its board of directors had approved a share repurchase program of up to US
Conference Call Information
The Company's management team will hold a conference call at 7:00 A.M. Eastern Time on Wednesday, August 28, 2024 (7:00 P.M. Beijing Time on the same day) to discuss the financial results.
Listeners may access the call by dialing the following numbers:
| International: | 1-412-902-4272 | |
| United States Toll Free: | 1-888-346-8982 | |
| Mainland China Toll Free: | 4001-201203 | |
| Hong Kong Toll Free: | 800-905945 | |
| Conference ID: | QuantaSing Group Limited | |
The replay will be accessible through September 4, 2024 by dialing the following numbers:
| International: | 1-412-317-0088 | |
| United States Toll Free: | 1-877-344-7529 | |
| Replay Access Code: | 3993091 | |
A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.quantasing.com.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per ordinary share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income/(loss) excluding share-based compensation expense and impairment loss on long-lived assets and goodwill. Basic and diluted adjusted net income per ordinary share represents adjusted net income attributable to ordinary shareholders of QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per ordinary share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income/(loss), net income/(loss) per ordinary share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.
Exchange Rate Information
This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2672 to US
Safe Harbor Statements
This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, the Financial Outlook in this announcement contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. 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 growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; expected growth, future trends and competition in the markets that we operate in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
About QuantaSing Group Limited
QuantaSing is a leading lifestyle solution provider empowering adults to live better and longer. Leveraging its profound understanding of adult users and robust infrastructure, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners as well as consumer products and service in selected areas to address the senior users’ aspirations for wellness.
For more information, please visit: https://ir.quantasing.com.
Contact
Investor Relations
Leah Guo
QuantaSing Group Limited
Email: ir@quantasing.com
Tel: +86 (10) 6493-7857
Robin Yang, Partner
ICR, LLC
Email: QuantaSing.IR@icrinc.com
Phone: +1 (212) 537-0429
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) | |||||
| As of | |||||
| June 30, 2023 | June 30, 2024 | June 30, 2024 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 764,281 | 779,931 | 107,322 | ||
| Restricted cash | - | 160 | 22 | ||
| Short-term investments | 166,303 | 246,195 | 33,878 | ||
| Accounts receivable, net | 12,251 | 16,676 | 2,295 | ||
| Amounts due from related parties | 29,116 | 4,488 | 618 | ||
| Inventory, net | - | 6,345 | 873 | ||
| Prepayments and other current assets | 136,681 | 275,549 | 37,917 | ||
| Total current assets | 1,108,632 | 1,329,344 | 182,925 | ||
| Non-current assets: | |||||
| Property and equipment, net | 7,409 | 6,569 | 904 | ||
| Long-term investments | - | 9,010 | 1,240 | ||
| Operating lease right-of-use assets | 84,009 | 58,889 | 8,103 | ||
| Deferred tax assets | 2,084 | 847 | 117 | ||
| Other non-current assets | 21,296 | 21,360 | 2,939 | ||
| Total non-current assets | 114,798 | 96,675 | 13,303 | ||
| TOTAL ASSETS | 1,223,430 | 1,426,019 | 196,228 | ||
| LIABILITIES | |||||
| Current liabilities: | |||||
| Accounts payables | 62,094 | 62,066 | 8,541 | ||
| Accrued expenses and other current liabilities | 171,160 | 190,508 | 26,215 | ||
| Income tax payable | 8,794 | 20,399 | 2,807 | ||
| Contract liabilities, current portion | 517,213 | 385,227 | 53,009 | ||
| Advance from customers | 144,397 | 162,257 | 22,327 | ||
| Operating lease liabilities, current portion | 41,092 | 49,099 | 6,756 | ||
| Total current liabilities | 944,750 | 869,556 | 119,655 | ||
| Non-current liabilities: | |||||
| Contract liabilities, non-current portion | 7 | 11,365 | 1,564 | ||
| Operating lease liabilities, non-current portion | 52,840 | 16,989 | 2,338 | ||
| Deferred tax liabilities | - | 11,625 | 1,600 | ||
| Total non-current liabilities | 52,847 | 39,979 | 5,502 | ||
| TOTAL LIABILITIES | 997,597 | 909,535 | 125,157 | ||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued (Amounts in thousands, except for share and per share data) | ||||||||
| As of | ||||||||
| June 30, 2023 | June 30, 2024 | June 30, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A ordinary shares | 78 | 81 | 11 | |||||
| Class B ordinary shares | 34 | 34 | 5 | |||||
| Treasury stock | - | (109,257 | ) | (15,034 | ) | |||
| Additional paid-in capital | 1,171,092 | 1,192,474 | 164,090 | |||||
| Accumulated other comprehensive income | 22,182 | 17,313 | 2,382 | |||||
| Accumulative deficit | (969,688 | ) | (584,161 | ) | (80,383 | ) | ||
| TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY | 223,698 | 516,484 | 71,071 | |||||
| Non-controlling interests | 2,135 | - | - | |||||
| TOTAL SHAREHOLDERS’ EQUITY | 225,833 | 516,484 | 71,071 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,223,430 | 1,426,019 | 196,228 | |||||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (Amounts in thousands, except for shares and per share data) | |||||||||||||||||
| For the Three Months Ended June 30, | For the Years Ended June 30, | ||||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
| Revenues | 828,347 | 1,000,083 | 137,616 | 3,081,381 | 3,795,331 | 522,255 | |||||||||||
| Cost of revenues | (116,126 | ) | (141,252 | ) | (19,437 | ) | (391,498 | ) | (550,310 | ) | (75,725 | ) | |||||
| Gross Profit | 712,221 | 858,831 | 118,179 | 2,689,883 | 3,245,021 | 446,530 | |||||||||||
| Operating expenses: | |||||||||||||||||
| Sales and marketing expenses | (573,025 | ) | (580,093 | ) | (79,823 | ) | (2,408,464 | ) | (2,586,977 | ) | (355,980 | ) | |||||
| Research and development expenses | (53,610 | ) | (21,213 | ) | (2,919 | ) | (219,781 | ) | (144,868 | ) | (19,935 | ) | |||||
| General and administrative expenses | (38,021 | ) | (11,554 | ) | (1,590 | ) | (175,246 | ) | (125,765 | ) | (17,306 | ) | |||||
| Impairment loss on long-lived assets | - | (2,652 | ) | (365 | ) | - | (2,652 | ) | (365 | ) | |||||||
| Impairment loss on goodwill | - | (7,389 | ) | (1,017 | ) | - | (7,389 | ) | (1,017 | ) | |||||||
| Total operating expenses | (664,656 | ) | (622,901 | ) | (85,714 | ) | (2,803,491 | ) | (2,867,651 | ) | (394,603 | ) | |||||
| Income/(Loss) from operations | 47,565 | 235,930 | 32,465 | (113,608 | ) | 377,370 | 51,927 | ||||||||||
| Other income: | |||||||||||||||||
| Interest income | 2,669 | 2,151 | 296 | 5,328 | 10,520 | 1,448 | |||||||||||
| Others, net | 6,155 | 6,802 | 936 | 21,313 | 28,965 | 3,986 | |||||||||||
| Income/(Loss) before income tax | 56,389 | 244,883 | 33,697 | (86,967 | ) | 416,855 | 57,361 | ||||||||||
| Income tax expense | (3,699 | ) | (48,276 | ) | (6,643 | ) | (21,685 | ) | (31,328 | ) | (4,311 | ) | |||||
| Net income/(loss) | 52,690 | 196,607 | 27,054 | (108,652 | ) | 385,527 | 53,050 | ||||||||||
| Net loss attributable to noncontrolling interests | 115 | - | - | 115 | - | - | |||||||||||
| Net income/(loss) attributable to QuantaSing Group Limited | 52,805 | 196,607 | 27,054 | (108,537 | ) | 385,527 | 53,050 | ||||||||||
| Other comprehensive income/(loss) | |||||||||||||||||
| Foreign currency translation adjustments, net of nil tax | 15,545 | 85 | 12 | 20,343 | (4,869 | ) | (670 | ) | |||||||||
| Total other comprehensive income/(loss) | 15,545 | 85 | 12 | 20,343 | (4,869 | ) | (670 | ) | |||||||||
| Total comprehensive income/(loss) | 68,235 | 196,692 | 27,066 | (88,309 | ) | 380,658 | 52,380 | ||||||||||
| Net loss attributable to noncontrolling interests | 115 | - | - | 115 | - | - | |||||||||||
| Comprehensive income/(loss) attributable to QuantaSing Group Limited | 68,350 | 196,692 | 27,066 | (88,194 | ) | 380,658 | 52,380 | ||||||||||
| Net income/(loss) attributable to QuantaSing Group Limited | 52,805 | 196,607 | 27,054 | (108,537 | ) | 385,527 | 53,050 | ||||||||||
| Accretion of the Company’s preferred shares | - | - | - | (22,379 | ) | - | - | ||||||||||
| Net income/(loss) attributable to ordinary shareholders of QuantaSing Group Limited | 52,805 | 196,607 | 27,054 | (130,916 | ) | 385,527 | 53,050 | ||||||||||
| Net income/(loss) per ordinary share | |||||||||||||||||
| - Basic | 0.31 | 1.22 | 0.17 | (1.26 | ) | 2.34 | 0.32 | ||||||||||
| - Diluted | 0.30 | 1.18 | 0.16 | (1.26 | ) | 2.27 | 0.31 | ||||||||||
| Weighted average number of ordinary shares used in computing net income/(loss) per ordinary share | |||||||||||||||||
| - Basic | 169,146,415 | 160,765,764 | 160,765,764 | 103,948,398 | 164,998,649 | 164,998,649 | |||||||||||
| - Diluted | 175,755,415 | 166,883,228 | 166,883,228 | 103,948,398 | 170,045,651 | 170,045,651 | |||||||||||
| Share-based compensation expenses included in | |||||||||||||||||
| Cost of revenues | (6,963 | ) | (3,706 | ) | (510 | ) | (26,486 | ) | (13,651 | ) | (1,878 | ) | |||||
| Sales and marketing expenses | (11,808 | ) | (5,776 | ) | (795 | ) | (51,742 | ) | 2,902 | 399 | |||||||
| Research and development expenses | (7,777 | ) | 8,724 | 1,200 | (49,046 | ) | (1,887 | ) | (260 | ) | |||||||
| General and administrative expenses | (11,191 | ) | 13,840 | 1,904 | (64,358 | ) | (15,121 | ) | (2,081 | ) | |||||||
QUANTASING GROUP LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands, except for shares and per share data)
The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated:
| For the Three Months Ended June 30, | For the Years Ended June 30, | ||||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
| Revenues of individual online learning services: | 721,093 | 906,686 | 124,764 | 2,734,877 | 3,364,274 | 462,939 | |||||||||||
| Add: value-added tax | 43,580 | 47,050 | 6,474 | 171,509 | 194,715 | 26,794 | |||||||||||
| Add: ending deferred revenues | 661,360 | 565,030 | 77,751 | 661,360 | 565,030 | 77,751 | |||||||||||
| Less: beginning deferred revenues(1) | (677,272 | ) | (744,320 | ) | (102,422 | ) | (531,662 | ) | (661,360 | ) | (91,006 | ) | |||||
| Gross billings of individual online learning services | 748,761 | 774,446 | 106,567 | 3,036,084 | 3,462,659 | 476,478 | |||||||||||
(1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in “accrued expenses and other current liabilities.”
QUANTASING GROUP LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS - continued
(Amounts in thousands, except for shares and per share data)
The following table below sets forth a reconciliation of net income/(loss) to adjusted net income and basic and diluted net income/(loss) per ordinary share to basic and diluted adjusted net income per ordinary share for the periods indicated:
| For the Three Months Ended June 30, | For the Years Ended June 30, | |||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | |||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net income/(loss) | 52,690 | 196,607 | 27,054 | (108,652 | ) | 385,527 | 53,050 | |||||||
| Add: Share-based compensation | 37,739 | (13,082 | ) | (1,799 | ) | 191,632 | 27,757 | 3,820 | ||||||
| Add: Impairment loss on long-lived assets and goodwill | - | 10,041 | 1,382 | - | 10,041 | 1,382 | ||||||||
| | ||||||||||||||
| Adjusted net income | 90,429 | 193,566 | 26,637 | 82,980 | 423,325 | 58,252 | ||||||||
| Attributable to noncontrolling interests | 115 | - | - | 115 | - | - | ||||||||
| Adjusted net income attributable to QuantaSing Group Limited | 90,544 | 193,566 | 26,637 | 83,095 | 423,325 | 58,252 | ||||||||
| Accretion of the Company’s preferred shares | - | - | - | (22,379 | ) | - | - | |||||||
| Income allocation to participating preferred shares | - | - | - | (21,816 | ) | - | - | |||||||
| Adjusted net income attributable to ordinary shareholders of QuantaSing Group Limited | 90,544 | 193,566 | 26,637 | 38,900 | 423,325 | 58,252 | ||||||||
| Weighted average number of ordinary shares used in computing net income/(loss) per ordinary share | ||||||||||||||
| - Basic | 169,146,415 | 160,765,764 | 160,765,764 | 103,948,398 | 164,998,649 | 164,998,649 | ||||||||
| - Diluted | 175,755,415 | 166,883,228 | 166,883,228 | 103,948,398 | 170,045,651 | 170,045,651 | ||||||||
| Weighted average number of ordinary shares used in computing adjusted net income per ordinary share | ||||||||||||||
| - Basic | 169,146,415 | 160,765,764 | 160,765,764 | 103,948,398 | 164,998,649 | 164,998,649 | ||||||||
| - Diluted | 175,755,415 | 166,883,228 | 166,883,228 | 110,489,970 | 170,045,651 | 170,045,651 | ||||||||
| Net income/(loss) per ordinary share | ||||||||||||||
| - Basic | 0.31 | 1.22 | 0.17 | (1.26 | ) | 2.34 | 0.32 | |||||||
| - Diluted | 0.30 | 1.18 | 0.16 | (1.26 | ) | 2.27 | 0.31 | |||||||
| Non-GAAP adjustments to net income/(loss) per ordinary share | ||||||||||||||
| - Basic | 0.23 | (0.02 | ) | - | 1.63 | 0.23 | 0.03 | |||||||
| - Diluted | 0.22 | (0.02 | ) | - | 1.61 | 0.22 | 0.03 | |||||||
| Adjusted net income per ordinary share | ||||||||||||||
| - Basic | 0.54 | 1.20 | 0.17 | 0.37 | 2.57 | 0.35 | ||||||||
| - Diluted | 0.52 | 1.16 | 0.16 | 0.35 | 2.49 | 0.34 | ||||||||
FAQ
What were QuantaSing's Q4 revenues for FY 2024?
What is QuantaSing's net income for Q4 FY 2024?
How did QuantaSing's revenues perform in FY 2024?
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