BEIJING, May 26, 2021 /PRNewswire/ -- GSX Techedu Inc.
(NYSE: GOTU) (the "Company"), a leading online large-class after-school tutoring
service provider in China, today
announced its unaudited financial results for the first quarter
ended March 31, 2021.
First Quarter 2021 Highlights[1]
- Net revenues was RMB1,940.3
million, a 49.5% year-over-year increase.
- Net revenues of online
K-12 courses increased 62.2% year-over-year to RMB1,816.3 million.
- Gross billings[2] was RMB1,181.3 million, compared with gross billings
of RMB1,374.4 million in the same
period of 2020, decreasing
14.0%.
- Gross billings of online
K-12 courses was RMB 1,002.6
million, compared with gross billings of RMB1,090.6 million in the same period of 2020,
decreasing 8.1%.
- Paid course enrollments[3] was 767 thousand,
compared with 774 thousand in the same period of 2020, decreasing 0.9%.
- Paid course enrollments
of online K-12 was 632 thousand, compared with 647 thousand in the
same period of 2020, decreasing
2.3%.
- Net loss was RMB1,425.9
million, compared with net income of RMB148.0 million in the same period of 2020.
- Non-GAAP net loss was RMB1,329.4
million, compared with non-GAAP net income of RMB190.7 million in the same period of 2020.
- Deferred revenue was RMB1,896.5
million, compared with RMB2,733.7
million as of December 31,
2020.
First Quarter 2021 Key Financial and Operating Data
(In thousands of RMB, except for paid course enrollments and
percentages)
|
Three Months Ended
March 31,
|
|
2020
|
|
2021
|
|
Pct.
Change
|
Net
revenues
|
1,297,580
|
|
1,940,343
|
|
49.5%
|
K-12
courses
|
1,120,089
|
|
1,816,271
|
|
62.2%
|
Foreign language,
professional, admission and
other services
|
177,491
|
|
124,072
|
|
(30.1%)
|
Gross
billings
|
1,374,399
|
|
1,181,342
|
|
(14.0%)
|
K-12
courses
|
1,090,592
|
|
1,002,612
|
|
(8.1%)
|
Foreign language,
professional, admission and
other services
|
283,807
|
|
178,730
|
|
(37.0%)
|
Paid course
enrollments (In thousands)
|
774
|
|
767
|
|
(0.9%)
|
K-12
courses
|
647
|
|
632
|
|
(2.3%)
|
Foreign language,
professional, admission and
other services
|
127
|
|
135
|
|
6.3%
|
Net income
(loss)
|
147,988
|
|
(1,425,919)
|
|
NM
|
Non-GAAP net income
(loss)
|
190,741
|
|
(1,329,420)
|
|
NM
|
[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, 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.
|
[3] Paid course enrollments for a
certain period refer to the cumulative number of paid courses
enrolled in and paid for by our students, including multiple paid
courses enrolled in and paid for by the same student. Paid courses
refer to our courses that are charged not less than RMB99.0 per
course in fees.
|
Larry Xiangdong Chen,
the Company's founder, Chairman and CEO, commented, "Since the
end of last year, we have been reinforcing our efforts to control
our selling expenses, while expanding our investments on teaching
content, technology, and teaching talent. We have always believed
that the core of 'online education' is
'education', rather than 'online'. Extensive traffic growth
no longer works for this industry, while every player has to
compete by refining operations. As a company that prioritizes
efficiency, we have decided to return to the core of education,
return to quality-driven growth, and return to profitability over
the longer-term. We will adhere to our long-term philosophy, adhere
to our focus on continually improving efficiency and quality,
adhere to our highest priority of satisfying each student and
parent we serve, and adhere to expansive investments in our
technology and education quality. The social impact of online
education is significant, profound, and essential to society. We
will uphold our original aspiration and beliefs about education,
shoulder our responsibility in advancing social progress and
promoting equal access to education, and dedicate ourselves to
bringing quality education resources to more and more
families."
Shannon Shen, CFO of the
Company, added, "Following the successful integration of our
K-12 businesses under the Gaotu K12 brand last September, recently
we further integrated our foreign language, professional, admission
and other services businesses under the Gaotu Professional brand.
Going forward, we will return to a focus on healthy and profitable
growth. We firmly believe that the education industry can achieve
sustainable growth only when students are given a chance to grow
healthily both in mind and body. We will continue to invest heavily
on localized and stratified courses, teaching content, instructors
and tutors, as well as research and development, to establish a
long-term moat and adhere to a long-term philosophy."
Financial Results for the First Quarter of 2021
Net Revenues
Net revenues reached RMB1,940.3
million, a 49.5% increase from RMB1,297.6 million in the first quarter of 2020.
The increase was mainly driven by the growth in paid course
enrollments for K-12 courses in the fourth quarter of 2020, which
was contributed by both first-time paid course enrollments and
retention of existing students. The net revenues in the first
quarter of 2021 was partially attributable to the paid course
enrollments of the fourth quarter of 2020.
Cost of Revenues
Cost of revenues rose by 101.7% to RMB571.5 million from RMB283.3 million in the first quarter of 2020,
mainly due to the increased recruitment of instructors and tutors,
the increase in compensation for attracting and retaining high
quality teaching staff, as well as the increase in learning
material cost and rental expenses.
Gross Profit and Gross Margin
Gross profit increased 35.0% to RMB1,368.8 million from RMB1,014.3 million in the first quarter of
2020. Gross profit margin decreased to 70.5% from 78.2% in the
same period of 2020. The decrease was primarily due to the increase
in compensation for instructors and tutors, simultaneously
resulting from the increased number of them and more competitive
salaries provided, to attract excellent talents to improve teaching
quality and students' learning experience, which would lay a solid
foundation for the company's long-term development.
Non-GAAP gross profit increased by 35.5% to RMB1,393.6 million from RMB1,028.2 million in the same period of 2020.
Non-GAAP gross profit margin decreased to 71.8% from 79.2% in the
same period of 2020.
Operating Expenses
Operating expenses were RMB2,871.4
million, which increased from RMB922.4 million in the first quarter of
2020.
Selling expenses increased to RMB2,288.7
million from RMB757.2 million
in the first quarter of 2020. The increase was primarily a result
of higher marketing expenses to expand user base and enhance our
brands, and an increase in compensation to sales and marketing
staff.
Research and development expenses increased by 267.3% to
RMB365.1 million, from RMB99.4 million in the first quarter of 2020. The
increase was primarily due to an increase in the number of
education content development professionals and technology
development personnel, as well as an increase in compensation for
such staff.
General and administrative expenses increased to RMB217.6 million from RMB65.8 million in the first quarter of 2020. The
increase in general and administrative expenses was mainly due to
an increase in the number of general and administrative personnel,
an increase in compensation paid to such staff, and an increase in
internal independent review fees.
Income (Loss) from Operations
Loss from operations was RMB1,502.6
million, compared with the income from operations of
RMB91.9 million in the first quarter
of 2020. The decrease was primarily due to higher spending in sales
and marketing activities to extend volume growth and strengthen
brand perception.
Non-GAAP[4] loss from operations was RMB1,406.1 million, compared with non-GAAP income
from operations of RMB134.7 million
in the first quarter of 2020.
[4] 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,
exclude share-based compensation expenses.
|
Interest Income and Realized Gains from
Investment
Interest income and realized gains from investments, on
aggregate, increased by 81.7% to RMB22.9
million, from RMB12.6 million
in the first quarter of 2020. This increase was primarily due to an
increase of cash, cash equivalents and short-term wealth management
investments, as well as the realization of gains generated from
short-term and long-term wealth management investments during this
quarter.
Other Income
Other income was RMB44.9 million,
compared with other income of RMB61.9
million in the first quarter of 2020. Other income in the
first quarter of 2021 primarily consisted of the value-added tax
exemption offered by the government, partially offset by the
related cost, during the COVID-19 outbreak, which amounted to
RMB44.6 million.
Net Income (Loss)
Net loss was RMB1,425.9 million,
compared with net income of RMB148.0
million in the first quarter of 2020.
Non-GAAP net loss was RMB1,329.4
million, compared with non-GAAP net income of RMB190.7 million in the first quarter of
2020.
Cash Flow
Net operating cash outflow for the first quarter of 2021 was
RMB2,095.3 million. The outflow of
net operating cash this quarter was primarily due to higher
marketing expenses paid to improve our market share and brand
awareness, and an increase in compensation. Cash used in capital
expenditures was RMB196.5 million,
primarily due to an installment payment of RMB100.6 million for the Zhengzhou properties purchases.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were RMB5.58 and RMB5.58, respectively, in the first quarter of
2021.
Non-GAAP basic and diluted net loss per ADS, were RMB5.20 and RMB5.20, respectively, in the first quarter of
2021.
Share Outstanding
As of March 31, 2021, the Company
had 170,392,812 ordinary shares outstanding.
Cash and Cash Equivalents, Restricted Cash, Short-term
Investments and Long-term Investments
As of March 31, 2021, the Company
had cash and cash equivalents, restricted cash, short-term
investments and long-term investments of RMB5,909.2 million in the aggregate, compared
with a total of RMB8,217.2 million of
cash and cash equivalents, short-term investments and long-term
investments as of December 31,
2020.
Deferred Revenue
As of March 31, 2021, the
Company's deferred revenue balance was RMB1,896.5 million, compared with RMB2,733.7 million as of December 31, 2020. Deferred revenue primarily
consisted of tuition collected in advance.
Other Payables
As of March 31, 2021, other
payables in non-current liabilities totaled RMB26.6 million, all of which were payables
related to the purchase of the Zhengzhou properties.
Business Outlook
Based on the Company's current estimates, total net revenues for
the second quarter of 2021 are expected to be between RMB2,140 million and RMB2,158 million, representing an increase of 30%
to 31% on a year-over-year basis. These estimates reflect the
Company's current expectations, which are subject to change.
Conference Call
The Company will hold an earnings conference call on
Wednesday, May 26, 2021, at
8:00 AM U.S. Eastern Time
(8:00 PM on the same day,
Beijing/Hong Kong Time). Dial-in
details for the earnings conference call are as follows:
International:
|
1-412-317-6061
|
US:
|
1-888-317-6003
|
Hong Kong:
|
800-963976
|
Mainland
China:
|
4001-206115
|
Passcode:
|
6273380
|
A telephone replay will be available two hours after the
conclusion of the conference call through June 2, 2021. The dial-in details are:
International:
|
1-412-317-0088
|
US:
|
1-877-344-7529
|
Passcode:
|
10156381
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.gaotu.cn/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the outlook for the second quarter of 2021 and the Company's
strategic and operational plans, contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its reports filed with, or furnished
to, the U.S. Securities and Exchange Commission, in its annual
reports to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the Company's ability to continue to
attract students to enroll in its courses; the Company's ability to
continue to recruit, train and retain qualified teachers; the
Company's ability to improve the content of its existing course
offerings and to develop new courses; the Company's ability to
maintain and enhance its brand; the Company's ability to maintain
and continue to improve its teaching results; and the Company's
ability to compete effectively against its competitors. Further
information regarding these and other risks is included in the
Company's reports filed with, or furnished to the U.S. Securities
and Exchange Commission. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
About GSX Techedu Inc.
GSX Techedu is a technology-driven education company and leading
online K-12 large-class after-school tutoring service provider in
China. The Company offers K-12
courses covering all primary and secondary grades through the brand
Gaotu K12 as well as foreign language, professional and admission
courses through the brand Gaotu Professional. The Company adopts an
online live large-class format to deliver its courses, which the
Company believes is the most effective and scalable model to
disseminate scarce high-quality teaching resources to aspiring
students in China. Big data
analytics permeates each aspect of the Company's business and
facilitates the application of the latest technology to improve
teaching delivery, student learning experience, and operational
efficiency.
About Non-GAAP Financial Measures
The Company uses gross billings, non-GAAP gross profit, non-GAAP
income (loss) from operations and non-GAAP net income (loss), each
a non-GAAP financial measure, in evaluating its operating results
and for financial and operational decision-making purposes.
The Company defines gross billings for a specific period as the
total amount of cash received for the sale of course offerings in
such period, net of the total amount of refunds in such period. The
Company's management uses gross billings as a performance
measurement because the Company generally bills its students for
the entire course fee at the time of sale of its course offerings
and recognizes revenue proportionally as the classes are delivered
over usually no more than 60 classes for K-12 courses. 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, and such adjustment excludes the impact on income tax.
The Company believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding share-based expenses that may not be
indicative of its operating performance from a cash perspective.
The Company believes that both management and investors benefit
from these non-GAAP financial measures in assessing its performance
and when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to the Company's historical performance. A limitation
of using non-GAAP measures is that these non-GAAP measures exclude
share-based compensation charges that have been and will continue
to be for the foreseeable future a significant recurring expense in
the Company's business.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from or as a substitute for
the financial information prepared and presented in accordance with
GAAP. For more information on these non-GAAP financial measures,
please see the table captioned "Reconciliations of non-GAAP
measures to the most comparable GAAP measures" set forth at the end
of this release.
The accompanying tables have more details on the reconciliations
between GAAP financial measures that are most directly comparable
to non-GAAP financial measures.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues
generated are denominated in Renminbi ("RMB"). This announcement
contains currency conversions of RMB amounts into U.S. dollars
("USD") solely for the convenience of the reader. Unless otherwise
noted, all translations from RMB to USD are made at a rate of
RMB6.5518 to USD1.0000, the effective noon buying rate for
March 31, 2021 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the RMB amounts could have been, or
could be, converted, realized or settled into USD at that rate on
March 31, 2021, or at any other
rate.
For further information, please contact:
GSX Techedu Inc.
Ms. Sandy Qin, CFA
E-mail: ir@gaotu.cn
Christensen
In China
Ms. Vivian Wang
Phone: +852 2232 3978
E-mail: gsx@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
GSX 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 March
31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash equivalents
|
355,224
|
|
2,910,583
|
|
444,242
|
Restricted cash
|
-
|
|
23,506
|
|
3,587
|
Short-term investments
|
7,331,268
|
|
2,448,543
|
|
373,721
|
Inventory
|
48,074
|
|
51,352
|
|
7,838
|
Prepaid expenses and other current assets
|
722,682
|
|
831,319
|
|
126,884
|
Total current
assets
|
8,457,248
|
|
6,265,303
|
|
956,272
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Operating lease right-of-use assets
|
806,591
|
|
878,285
|
|
134,052
|
Property, equipment and software, net
|
704,338
|
|
766,455
|
|
116,984
|
Land use rights, net
|
28,983
|
|
28,781
|
|
4,393
|
Long-term investments
|
530,729
|
|
526,578
|
|
80,372
|
Deferred tax assets
|
48,324
|
|
55,796
|
|
8,516
|
Rental deposit
|
51,499
|
|
52,440
|
|
8,004
|
Other non-current assets
|
58,080
|
|
56,899
|
|
8,684
|
Total
ASSETS
|
10,685,792
|
|
8,630,537
|
|
1,317,277
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accrued expenses and
other current liabilities
(including accrued expenses and other current
liabilities of the consolidated VIE without
recourse to the Group of RMB623,002 and
RMB533,004 as of December 31, 2020 and
March 31, 2021, respectively)
|
1,315,502
|
|
1,382,872
|
|
211,067
|
Deferred revenue,
current portion of the
consolidated VIE without recourse to the
Group
|
2,724,614
|
|
1,887,423
|
|
288,077
|
Current portion of
operating lease liabilities
(including current portion of operating lease
liabilities of the consolidated VIE without
recourse to the Group of RMB125,986 and
RMB171,558 as of December 31, 2020 and
March 31, 2021, respectively)
|
152,622
|
|
200,225
|
|
30,560
|
Income tax payable of
the consolidated VIE
without recourse to the Group
|
4,654
|
|
4,654
|
|
710
|
Total Current
liabilities
|
4,197,392
|
|
3,475,174
|
|
530,414
|
GSX 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 March
31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
Non-current
liabilities
|
|
|
|
|
|
Deferred revenue,
non-current portion of the
consolidated VIE without recourse to the
Group
|
9,125
|
|
9,105
|
|
1,390
|
Non-current portion of
operating lease liabilities
(including non-current portion of operating
lease liabilities of the consolidated VIE without
recourse to the Group of RMB527,692 and
RMB580,005 as of December 31, 2020 and
March 31, 2021, respectively)
|
644,143
|
|
670,604
|
|
102,354
|
Deferred tax
liabilities of the consolidated VIE
without recourse to the Group
|
78,697
|
|
76,248
|
|
11,638
|
Other payables of the
consolidated VIE without
recourse to the Group
|
26,580
|
|
26,580
|
|
4,057
|
TOTAL
LIABILITIES
|
4,955,937
|
|
4,257,711
|
|
649,853
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary
shares
|
113
|
|
113
|
|
17
|
Treasury stock, at
cost
|
(139,572)
|
|
-
|
|
-
|
Additional paid-in
capital
|
7,595,049
|
|
7,568,841
|
|
1,155,231
|
Accumulated other
comprehensive loss
|
(59,905)
|
|
(104,379)
|
|
(15,931)
|
Statutory
reserve
|
40,380
|
|
40,380
|
|
6,163
|
Accumulated
deficit
|
(1,706,210)
|
|
(3,132,129)
|
|
(478,056)
|
TOTAL
SHAREHOLDERS' EQUITY
|
5,729,855
|
|
4,372,826
|
|
667,424
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND TOTAL
SHAREHOLDERS' EQUITY
|
10,685,792
|
|
8,630,537
|
|
1,317,277
|
GSX 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 March 31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
Net
Revenues:
|
1,297,580
|
|
1,940,343
|
|
296,154
|
Online K-12
Courses
|
1,120,089
|
|
1,816,271
|
|
277,217
|
Foreign
language, professional and admission
|
174,186
|
|
123,086
|
|
18,787
|
Other
services
|
3,305
|
|
986
|
|
150
|
Cost of
revenues
|
(283,250)
|
|
(571,502)
|
|
(87,228)
|
Gross
profit
|
1,014,330
|
|
1,368,841
|
|
208,926
|
Operating
expenses
|
|
|
|
|
|
Selling
expenses
|
(757,234)
|
|
(2,288,710)
|
|
(349,325)
|
Research and
development expenses
|
(99,410)
|
|
(365,110)
|
|
(55,727)
|
General and
administrative expenses
|
(65,756)
|
|
(217,615)
|
|
(33,215)
|
Total operating
expenses
|
(922,400)
|
|
(2,871,435)
|
|
(438,267)
|
Income (loss) from
operations
|
91,930
|
|
(1,502,594)
|
|
(229,341)
|
Interest
income
|
245
|
|
14,085
|
|
2,150
|
Realized gains from
investments
|
12,353
|
|
8,810
|
|
1,345
|
Other
income
|
61,931
|
|
44,887
|
|
6,851
|
Income (loss)
before provision for income tax and
share of results of equity investees
|
166,459
|
|
(1,434,812)
|
|
(218,995)
|
Income tax (expenses)
benefits
|
(17,992)
|
|
9,810
|
|
1,497
|
Share of results of
equity investees
|
(479)
|
|
(917)
|
|
(140)
|
Net income
(loss)
|
147,988
|
|
(1,425,919)
|
|
(217,638)
|
Net income (loss)
attributable to GSX Techedu
Inc.'s ordinary shareholders
|
147,988
|
|
(1,425,919)
|
|
(217,638)
|
Net income (loss)
per ordinary share
|
|
|
|
|
|
Basic
|
0.93
|
|
(8.37)
|
|
(1.28)
|
Diluted
|
0.88
|
|
(8.37)
|
|
(1.28)
|
Net income (loss)
per ADS
|
|
|
|
|
|
Basic
|
0.62
|
|
(5.58)
|
|
(0.85)
|
Diluted
|
0.59
|
|
(5.58)
|
|
(0.85)
|
Weighted average
shares used in net income per
share
|
|
|
|
|
|
Basic
|
159,113,826
|
|
170,329,724
|
|
170,329,724
|
Diluted
|
167,849,627
|
|
170,329,724
|
|
170,329,724
|
|
|
|
|
|
|
Note: Three ADS
represents two ordinary shares.
|
GSX 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 March 31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
Net
revenues
|
1,297,580
|
|
1,940,343
|
|
296,154
|
Less: other
revenues(1)
|
-
|
|
393
|
|
60
|
Add: VAT and
surcharges
|
77,572
|
|
114,923
|
|
17,541
|
Add: ending deferred
revenue
|
1,338,791
|
|
1,896,528
|
|
289,467
|
Add: ending refund
liability
|
52,659
|
|
84,389
|
|
12,880
|
Less: beginning
deferred revenue
|
1,337,636
|
|
2,733,739
|
|
417,250
|
Less: beginning
refund liability
|
54,567
|
|
120,709
|
|
18,424
|
Gross billings
(non-GAAP)
|
1,374,399
|
|
1,181,342
|
|
180,308
|
|
|
|
|
|
|
Note (1): Include
miscellaneous revenues generated from services other than
courses.
|
|
|
|
|
|
|
|
For the three
months ended March 31,
|
|
2020
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
USD
|
Gross
profit
|
1,014,330
|
|
1,368,841
|
|
208,926
|
Share-based
compensation expense in cost of revenues
|
13,844
|
|
24,781
|
|
3,782
|
Non-GAAP gross
profit
|
1,028,174
|
|
1,393,622
|
|
212,708
|
|
|
|
|
|
|
Income (loss) from
operations
|
91,930
|
|
(1,502,594)
|
|
(229,341)
|
Share-based
compensation expenses
|
42,753
|
|
96,499
|
|
14,729
|
Non-GAAP income
(loss) from operations
|
134,683
|
|
(1,406,095)
|
|
(214,612)
|
|
|
|
|
|
|
Net income
(loss)
|
147,988
|
|
(1,425,919)
|
|
(217,638)
|
Share-based
compensation expenses
|
42,753
|
|
96,499
|
|
14,729
|
Non-GAAP net
income (loss)
|
190,741
|
|
(1,329,420)
|
|
(202,909)
|
View original
content:http://www.prnewswire.com/news-releases/gsx-techedu-announces-first-quarter-of-2021-unaudited-financial-results-301299537.html
SOURCE GSX Techedu Inc.