QuantaSing Announces Unaudited Financial Results for the Third Quarter of Fiscal Year 2024
QuantaSing Group (NASDAQ: QSG) released its unaudited financial results for Q3 FY 2024, showing a 17.1% year-over-year revenue increase to RMB945.6 million (US$131.0 million). Gross billings for individual online learning services grew by 22.1% to RMB981.5 million (US$135.9 million). The company reported a net income of RMB14.6 million (US$2.0 million) versus a net loss of RMB22.7 million in the same quarter last year. Adjusted net income was RMB31.9 million (US$4.4 million), reflecting a 47.0% increase year-over-year. Total registered users rose by 40.3% to 121 million, and paying learners increased by 48.4% to 0.5 million. Despite revenue growth, costs also escalated with sales and marketing expenses rising by 15.6% and cost of revenues by 44.3%. Looking forward, the company expects Q4 FY 2024 revenues to range between RMB900.0 million and RMB930.0 million, representing an 8.7% to 12.3% year-over-year increase. QuantaSing also highlighted its recent international expansion and further investment in e-commerce and AI technology partnerships.
- Revenues for Q3 FY 2024 increased by 17.1% year-over-year to RMB945.6 million (US$131.0 million).
- Gross billings for individual online learning services rose 22.1% year-over-year to RMB981.5 million (US$135.9 million).
- Net income for Q3 FY 2024 was RMB14.6 million (US$2.0 million), a significant improvement from a net loss of RMB22.7 million in Q3 FY 2023.
- Adjusted net income saw a 47.0% year-over-year increase to RMB31.9 million (US$4.4 million).
- Total registered users grew by 40.3% to 121 million.
- Paying learners increased by 48.4% year-over-year to 0.5 million.
- The company expects Q4 FY 2024 revenues to increase by 8.7% to 12.3% year-over-year, reaching RMB900.0 million to RMB930.0 million.
- Cash and cash equivalents, along with short-term investments, increased to RMB1,149.9 million (US$159.3 million) as of March 31, 2024.
- Net income dropped substantially from RMB107.6 million in Q2 FY 2024 to RMB14.6 million in Q3 FY 2024.
- Sales and marketing expenses increased by 15.6% year-over-year to RMB729.6 million (US$101.1 million).
- Cost of revenues rose by 44.3% to RMB145.8 million (US$20.2 million).
- Revenues from financial literacy courses declined by RMB218.2 million (US$30.2 million) year-over-year.
- Revenues from enterprise services fell by 19.8% year-over-year to RMB65.1 million (US$9.0 million).
- Net income margin decreased significantly compared to the previous quarter.
- General and administrative expenses, though reduced, are still substantial at RMB36.4 million (US$5.0 million).
QuantaSing Group Limited's financial results for the third quarter of fiscal year 2024 present a mixed picture. Revenue growth is notable, with a
Net income for the quarter was
The cost of revenues and Sales and marketing expenses have increased significantly, reflecting higher labor outsourcing and marketing costs. This could be a double-edged sword; while it may drive growth, it also pressures profit margins. The decreases in R&D and general administrative expenses are positive signs of cost control and efficiency.
In terms of liquidity, the company's cash and cash equivalents have increased to
The growth in user engagement and the increase in paying learners by
QuantaSing's initiatives in educational tours and mini-lectures highlight the diversified approach to user engagement, indicating a focus on creating value beyond conventional online courses. This aligns with trends in the e-learning industry, where experiential and holistic learning experiences are gaining traction.
However, the decline in revenues from financial literacy courses and the change in revenue streams from enterprise services could suggest shifts in market demand or competitive pressures. The company's ability to pivot and reallocate resources effectively will be important in maintaining growth momentum in these areas.
The opening of an offline school in Hong Kong under Kelly's Education signifies a strategic expansion into offline markets, potentially opening new revenue streams. This move, if executed well, could leverage QuantaSing's online presence and convert it into tangible growth in physical locations.
BEIJING, June 06, 2024 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading online learning service provider in China, today announced its unaudited financial results for the third quarter of the fiscal year ending June 30, 2024 (the “third quarter of FY 2024”, which refers to the quarter from January 1, 2024 to March 31, 2024).
Highlights for the Third Quarter of FY 2024
- Revenues for the third quarter of FY 2024 were RMB945.6 million (US
$131.0 million ), representing a change of3.6% from the second quarter of the fiscal year ending June 30, 2024 (the “second quarter of FY 2024”) and an increase of17.1% from the third quarter of the fiscal year ended June 30, 2023 (the “third quarter of FY 2023”). - Gross billings of individual online learning services1 for the third quarter of FY 2024 were RMB981.5million (US
$135.9 million ), representing an increase of3.9% from the second quarter of FY 2024 and an increase of22.1% from the third quarter of FY 2023. - Net income for the third quarter of FY 2024 was RMB14.6 million (US
$2.0 million ), compared with RMB107.6 million in the second quarter of FY 2024, and a net loss of RMB22.7 million in the third quarter of FY 2023. - Adjusted net income2 for the third quarter of FY 2024 was RMB31.9 million (US
$4.4 million ), compared with RMB103.9 million in the second quarter of FY 2024, and RMB21.7 million in the third quarter of FY 2023. - Total registered users increased by
40.3% to approximately 121.0 million as of March 31, 2024, from 86.3 million as of March 31, 2023. - Paying learners increased by
48.4% year over year to approximately 0.5 million in the third quarter of FY 2024.
Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “We are pleased to see the positive reception that our expanded course offerings have received from our middle-aged and elderly users. By focusing on their unique interests and needs, such as Traditional Chinese Medicine and recreational exercises like Ba Duan Jin, we are enriching their lives and fostering a vibrant community of lifelong learners. Our recent initiatives, including the educational tour program and the launch of mini-lectures, have received enthusiastic feedback, highlighting robust demand for active aging and continuous learning. During May 2024, our overseas development initiatives made solid progress, as Kelly’s Education opened its first offline school in Hong Kong. Importantly, this quarter's growth in gross billings and user engagement has further solidified our business fundamentals. As we continue to develop and market consumer products tailored to our middle-aged and elderly users, we are excited about the opportunities ahead to enhance their well-being and extend our reach in the silver economy.”
Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “During the third quarter of fiscal year 2024, we achieved total revenues of RMB945.6 million, a
Financial Results for the Third Quarter of FY 2024
Revenues
Revenues increased by
- Revenues from individual online learning services increased by
14.3% year over year to RMB828.1 million (US$114.7 million ) in the third quarter of FY 2024, up from RMB724.7 million in the third quarter of FY 2023. This growth was primarily due to 1) revenues from skills upgrading courses3 increased to RMB464.4 million (US$64.3 million ) in the third quarter of FY 2024 from RMB205.9 million in the third quarter of FY 2023, and 2) revenues from recreation and leisure courses3 increased to RMB95.3 million (US$13.2 million ) in the third quarter of FY 2024 from RMB32.1 million in the third quarter of FY 2023, partially offset by the decline of RMB218.2 million (US$30.2 million ) in revenues from financial literacy courses. - Revenues from enterprise services were RMB65.1 million (US
$9.0 million ) in the third quarter of FY 2024, compared to RMB81.1 million in the third quarter of FY 2023, representing a year-over-year change of19.8% , 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 others increased to RMB52.4 million (US
$7.3 million ) in the third quarter of FY 2024 from RMB1.4 million in the third quarter of FY 2023, mainly driven by the increase in revenues from the Company's newest business endeavor, live e-commerce, which is aligned with its commitment to diversified revenue streams.
Cost of revenues
Cost of revenues was RMB145.8 million (US
Sales and marketing expenses
Sales and marketing expenses were RMB729.6 million (US
Research and development expenses
Research and development expenses were RMB38.8 million (US
General and administrative expenses
General and administrative expenses were RMB36.4 million (US
Net income and adjusted net income
Net income was RMB14.6 million (US
Earnings per share and adjusted earnings per share4
Basic and diluted net income per share were RMB0.09 (US
Balance Sheet
As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,149.9 million (US
Financial Outlook
Based on currently available information, for the fourth quarter of FY 2024 (which refers to the quarter from April 1, 2024 to June 30, 2024), the Company expects its revenues to be in the range of RMB900.0 million to RMB930.0 million, representing a year-over-year increase of
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 March 20, 2024, as part of its initiative to expand the e-commerce business and the AI and technology business, the Company, through one of its wholly-owned PRC subsidiaries, entered into a partnership agreement to form a PRC limited partnership enterprise for future equity investment (the “Partnership”), in which the Company served as a limited partner and committed to subscribing for
Conference Call Information
The Company's management team will hold a conference call at 7:00 A.M. Eastern Time on Thursday, June 6, 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 June 13, 2024 by dialing the following numbers:
| International: | 1-412-317-0088 |
| United States Toll Free: | 1-877-344-7529 |
| Access Code: | 7529094 |
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/(loss) and basic and diluted adjusted net income/(loss) 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/(loss) represents net (loss)/income excluding share-based compensation expense. Basic and diluted adjusted net income/(loss) per ordinary share represents adjusted net income/(loss) 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/(loss) 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 (loss)/income, net (loss)/income 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 RMB7.2203 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; trends and competition in China’s adult learning market; changes in its revenues and certain cost or expense items; the expected growth of China’s adult learning market; 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 online service provider in China dedicated to improving people’s quality of life and well-being by providing lifelong personal learning and development opportunities. The Company is the largest service provider in China’s online adult learning market and China’s adult personal interest learning market in terms of revenue, according to a report by Frost & Sullivan based on data from 2022. By leveraging its proprietary tools and technology, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners, empowering users to pursue personal development. Leveraging its extensive experience in individual online learning services and its robust technology infrastructure, the Company has expanded its services to corporate clients, and diversified its operations into its e-commerce business and its AI and technology business.
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
________________________________
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/(loss) is a non-GAAP financial measure. For a reconciliation of net (loss)/income to adjusted net income/(loss), see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
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 Basic and diluted adjusted net income/(loss) per ordinary share are non-GAAP financial measures. For a reconciliation of basic and diluted net (loss)/income per ordinary share to basic and diluted adjusted net income/(loss) 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.
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) | |||||
| As of | |||||
| June 30, 2023 | March 31, 2024 | March 31, 2024 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 764,281 | 971,575 | 134,562 | ||
| Short-term investments | 166,303 | 178,367 | 24,704 | ||
| Accounts receivable, net | 12,251 | 28,564 | 3,956 | ||
| Amounts due from related parties | 29,116 | 2,291 | 317 | ||
| Inventory, net | - | 7,185 | 995 | ||
| Prepayments and other current assets | 136,681 | 182,877 | 25,328 | ||
| Total current assets | 1,108,632 | 1,370,859 | 189,862 | ||
| Non-current assets: | |||||
| Property and equipment, net | 7,409 | 6,700 | 928 | ||
| Intangible assets, net | - | 2,807 | 389 | ||
| Operating lease right-of-use assets | 84,009 | 64,891 | 8,987 | ||
| Deferred tax assets | 2,084 | 13,721 | 1,900 | ||
| Goodwill | - | 7,389 | 1,023 | ||
| Other non-current assets | 21,296 | 21,365 | 2,959 | ||
| Total non-current assets | 114,798 | 116,873 | 16,186 | ||
| TOTAL ASSETS | 1,223,430 | 1,487,732 | 206,048 | ||
| LIABILITIES | |||||
| Current liabilities: | |||||
| Accounts payables | 62,094 | 87,001 | 12,049 | ||
| Accrued expenses and other current liabilities | 171,160 | 222,664 | 30,839 | ||
| Income tax payable | 8,794 | 5,103 | 707 | ||
| Contract liabilities, current portion | 517,213 | 527,948 | 73,120 | ||
| Advance from customers | 144,397 | 201,124 | 27,855 | ||
| Operating lease liabilities, current portion | 41,092 | 46,277 | 6,409 | ||
| Total current liabilities | 944,750 | 1,090,117 | 150,979 | ||
| Non-current liabilities: | |||||
| Contract liabilities, non-current portion | 7 | - | - | ||
| Operating lease liabilities, non-current portion | 52,840 | 29,359 | 4,066 | ||
| Total non-current liabilities | 52,847 | 29,359 | 4,066 | ||
| TOTAL LIABILITIES | 997,597 | 1,119,476 | 155,045 | ||
| QUANTASING GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued (Amounts in thousands, except for share and per share data) | ||||||||
| As of | ||||||||
| June 30, 2023 | March 31, 2024 | March 31, 2024 | ||||||
| RMB | RMB | US$ | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Class A ordinary shares | 78 | 81 | 11 | |||||
| Class B ordinary shares | 34 | 34 | 5 | |||||
| Treasury stock | - | (75,189 | ) | (10,414 | ) | |||
| Additional paid-in capital | 1,171,092 | 1,206,870 | 167,150 | |||||
| Accumulated other comprehensive income | 22,182 | 17,228 | 2,386 | |||||
| Accumulative deficit | (969,688 | ) | (780,768 | ) | (108,135 | ) | ||
| TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY | 223,698 | 368,256 | 51,003 | |||||
| Non-controlling interests | 2,135 | - | - | |||||
| TOTAL SHAREHOLDERS’ EQUITY | 225,833 | 368,256 | 51,003 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,223,430 | 1,487,732 | 206,048 | |||||
| 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 March 31, | For the Nine Months Ended March 31, | ||||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 |
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FAQ
What were QuantaSing's revenues for Q3 FY 2024?
QuantaSing reported revenues of RMB945.6 million (US$131.0 million) for Q3 FY 2024.
How did QSG's net income for Q3 FY 2024 compare to Q3 FY 2023?
QSG reported a net income of RMB14.6 million (US$2.0 million) for Q3 FY 2024, compared to a net loss of RMB22.7 million in Q3 FY 2023.
What was the year-over-year growth in gross billings for QuantaSing's individual online learning services?
Gross billings for individual online learning services grew by 22.1% year-over-year in Q3 FY 2024.
How many total registered users did QuantaSing have as of March 31, 2024?
As of March 31, 2024, QuantaSing had 121 million total registered users.
What are QuantaSing's revenue expectations for Q4 FY 2024?
QuantaSing expects Q4 FY 2024 revenues to be between RMB900.0 million and RMB930.0 million, representing an 8.7% to 12.3% year-over-year increase.
How did the number of paying learners change year-over-year in Q3 FY 2024?
The number of paying learners increased by 48.4% year-over-year in Q3 FY 2024.
What were QuantaSing's cost of revenues for Q3 FY 2024?
The cost of revenues for Q3 FY 2024 was RMB145.8 million (US$20.2 million).
How much did QuantaSing's sales and marketing expenses increase in Q3 FY 2024?
Sales and marketing expenses rose by 15.6% year-over-year to RMB729.6 million (US$101.1 million) in Q3 FY 2024.
What was QuantaSing's adjusted net income for Q3 FY 2024?
The adjusted net income for Q3 FY 2024 was RMB31.9 million (US$4.4 million).
How much did QuantaSing's cash and cash equivalents increase as of March 31, 2024?
QuantaSing's cash and cash equivalents increased to RMB1,149.9 million (US$159.3 million) as of March 31, 2024.
QuantaSing Group Limited
NASDAQ:QSGQSG RankingsQSG Latest NewsQSG Stock Data
93.20M
119.60M
19.07%
2.4%
1.01%
Elementary and Secondary Schools
Educational Services
United States of America
Beijing
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