QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the
“Company”), a leading online learning service provider in China,
today announced its fourth quarter and full year unaudited
financial results for the fiscal year ended June 30, 2023 (the
“fourth quarter of FY 2023”, which refers to the quarter from April
1, 2023 to June 30, 2023, and “FY 2023”, which refers to the year
from July 1, 2022 to June 30, 2023).
Highlights for the Fourth Quarter of FY
2023
- Revenues for the
fourth quarter of FY 2023 were RMB828.3 million (US$114.2 million),
representing an increase of 2.6% from the third quarter of the
fiscal year ended June 30, 2023 (the “third quarter of FY 2023”)
and an increase of 31.7% from the fourth quarter of the fiscal year
ended June 30, 2022 (the “fourth quarter of FY 2022”).
- Gross billings of
individual online learning services1 for
the fourth quarter of FY 2023 were RMB748.8 million (US$103.3
million), representing a decline of 6.8% from the third quarter of
FY 2023 and an increase of 23.0% from the fourth quarter of FY
2022.
- Net income for the
fourth quarter of FY 2023 was RMB52.7 million (US$7.3 million),
compared with a net loss of RMB22.7 million in the third quarter of
FY 2023 and a net loss of RMB201.7 million in the fourth quarter of
FY 2022.
- Adjusted net
income2 for the fourth quarter of FY 2023
was RMB90.4 million (US$12.5 million), compared with RMB21.7
million in the third quarter of FY 2023 and RMB4.6 million in the
fourth quarter of FY 2022.
- Total registered
users increased by 60.6% to approximately 94.3 million as
of June 30, 2023, from 58.8 million as of June 30, 2022.
- Paying learners
increased by 29.9% year over year to approximately 0.4 million in
the fourth quarter of FY 2023.
Highlights for FY 2023
- Revenues for FY
2023 were RMB3,081.4 million (US$424.9 million), representing an
increase of 7.4% from the prior fiscal year.
- Gross billings of
individual online learning services1 for
FY 2023 were RMB3,036.1 million (US$418.7 million), representing an
increase of 10.1% from the prior fiscal year.
- Net loss for FY
2023 was RMB108.7 million (US$15.0 million), narrowing by 53.5%
from RMB233.4 million in the prior fiscal year.
- Adjusted net
income2 for FY 2023 was RMB83.0 million
(US$11.4 million), compared with RMB58.0 million in the prior
fiscal year.
Mr. Peng Li, Chairman and Chief Executive
Officer of QuantaSing, commented, “Strong pipeline visibility,
diversified revenue channels, and an effective strategy fueled our
growth momentum in the quarter, as we increased our revenues on an
annual basis and generated adjusted net income2 for the third
consecutive quarter. At the same time, we have continued to
enhance, iterate, and expand our tailored array of courses while
also taking steps to elevate user engagement and boost online
course repurchase rates. During the quarter, we enlarged our future
growth horizons by building on our core business to strategically
enter the live e-commerce sector. Bolstered by these initiatives,
our proven business model, and a thriving addressable market, we
remain confident in our ability to generate sustainable, long-term
shareholder value.”
Mr. Dong Xie, Chief Financial Officer of
QuantaSing, added, “Our registered users and repurchase rate grew
robustly in the fourth quarter, helping to drive our topline
growth. During the quarter, we continued to successfully optimize
our efficiencies and cost structures. Looking ahead, we will
maintain our focus on more efficient and effective operations while
executing on our long-term growth strategy.”
Financial Results for the Fourth Quarter
of FY 2023
Revenues
Revenues increased by 31.7% year over year to
RMB828.3 million (US$114.2 million) in the fourth quarter of FY
2023, primarily due to the increase in revenues from other personal
interest courses.
-
Revenues from individual online learning services increased by
25.2% year over year to RMB721.1 million (US$99.4 million) in the
fourth quarter of FY 2023 from RMB576.1 million in the fourth
quarter of FY 2022, primarily due to the increase of RMB205.0
million (US$28.3 million) in revenues from other personal interest
courses, partially offset by the decrease of RMB60.0 million
(US$8.3 million) in revenues from financial literacy courses.
-
Revenues from enterprise services increased by 102.0% year over
year to RMB103.8 million (US$14.3 million) in the fourth quarter of
FY 2023 from RMB51.4 million in the fourth quarter of FY 2022,
primarily due to the increased demand from existing customers and
the gain of new customers.
-
Revenues from other services increased to RMB3.4 million (US$0.5
million) in the fourth quarter of FY 2023 from RMB1.5 million in
the fourth quarter of FY 2022, primarily due to the Company’s
expansion of new business, which was consistent with its commitment
to diversified revenue streams.
Cost of revenues
Cost of revenues were RMB116.1 million (US$16.0
million) in the fourth quarter of FY 2023, compared to RMB107.6
million in the fourth quarter of FY 2022, representing a change of
8.0%. This increase was consistent with the corresponding increase
in revenues from other personal interest courses, and was partially
offset by a decrease in share-based compensation expenses of
RMB11.6 million (US$1.6 million).
Sales and marketing
expenses
Sales and marketing expenses were RMB573.0
million (US$79.0 million) in the fourth quarter of FY 2023,
compared to RMB531.4 million in the fourth quarter of FY 2022,
representing a change of 7.8%, mainly due to an increase in
marketing and promotion expenses of RMB55.4 million (US$7.6
million) and an increase in labor outsourcing costs of RMB87.1
million (US$12.0 million), partially offset by a decrease in staff
costs of RMB104.4 million (US$14.4 million), which includes a
decrease in share-based compensation expenses of RMB47.0 million
(US$6.5 million).
Research and development
expenses
Research and development expenses were RMB53.6
million (US$7.4 million) in the fourth quarter of FY 2023, compared
to RMB132.6 million in the fourth quarter of FY 2022, representing
a decrease of 59.6%, mainly due to a decrease in share-based
compensation expenses of RMB87.2 million (US$12.0 million).
General and administrative
expenses
General and administrative expenses were RMB38.0
million (US$5.2 million) in the fourth quarter of FY 2023, compared
to RMB62.6 million in the fourth quarter of FY 2022, representing a
decrease of 39.3%, primarily due to a decrease in share-based
compensation expenses of RMB22.7 million (US$3.1 million).
Net income and adjusted net
income
Net income was RMB52.7 million (US$7.3 million)
in the fourth quarter of FY 2023, compared with a net loss of
RMB201.7 million in the same period of the prior fiscal year.
Adjusted net income was RMB90.4 million (US$12.5 million) in the
fourth quarter of FY 2023, compared with RMB4.6 million in the same
period of the prior fiscal year.
Earnings per share and adjusted earnings
per share3
Basic and diluted net income per share were
RMB0.31 (US$0.04) and RMB0.30 (US$0.04) in the fourth quarter of FY
2023, compared with basic and diluted net loss per share of RMB4.17
in the same period of the prior fiscal year. Basic and diluted
adjusted net income per share were RMB0.54 (US$0.07) and RMB0.52
(US$0.07) in the fourth quarter of FY 2023, compared with basic and
diluted adjusted net loss per share of RMB0.05 in the same period
of the prior fiscal year.
Financial Results for FY
2023
Revenues
Revenues increased by 7.4% year over year to
RMB3,081.4 million (US$424.9 million) in FY 2023.
-
Revenues from individual online learning services increased by 9.6%
year over year to RMB2,734.9 million (US$377.2 million) in FY 2023,
primarily due to the increase of RMB666.4 million (US$91.9 million)
in revenues from other personal interest courses, partially offset
by the decrease of RMB425.8 million (US$58.7 million) in revenues
from financial literacy courses.
-
Revenues from enterprise services increased by 83.8% year over year
to RMB340.9 million (US$47.0 million) in FY 2023, primarily due to
increased revenue from the Company's marketing services provided to
a related party, as well as to new customers.
-
Revenue from other services decreased to RMB5.6 million (US$0.8
million) in FY 2023, primarily due to the decrease in revenues from
insurance brokerage services. In early 2022, the Company ceased
such business and disposed of it to an affiliate.
Cost of revenues
Cost of revenues decreased by 4.2% year over
year to RMB391.5 million (US$54.0 million) in FY 2023, mainly due
to the decrease in labor outsourcing costs and staff costs
resulting from improved operating efficiency, partially offset by
the increase in third-party service costs, which were in line with
the Company’s business expansion.
Sales and marketing
expenses
Sales and marketing expenses were RMB2,408.5
million (US$332.1 million) in FY 2023, compared to RMB2,254.5
million in the fiscal year ended June 30, 2022 (“FY 2022”, which
refers to the year from July 1, 2021 to June 30, 2022),
representing a change of 6.8%, mainly due to an increase in the
Company’s marketing and promotional activities.
Research and development
expenses
Research and development expenses were RMB219.8
million (US$30.3 million) in FY 2023, compared to RMB273.5 million
in FY 2022, representing a decrease of 19.6%, mainly due to a
decrease in share-based compensation expenses of RMB71.5 million
(US$9.9 million).
General and administrative
expenses
General and administrative expenses were
RMB175.2 million (US$24.2 million) in FY 2023, compared to RMB166.7
million in FY 2022, representing a change of 5.2%, primarily due to
an increase in share-based compensation expenses of RMB7.8 million
(US$1.1 million).
Net loss and adjusted net
income
Net loss was RMB108.7 million (US$15.0 million)
in FY 2023, compared with RMB233.4 million in FY 2022. Adjusted net
income was RMB83.0 million (US$11.4 million) in FY 2023, compared
with RMB58.0 million in FY 2022.
Earnings per share and adjusted earnings
per share3
Basic and diluted net loss per share were both
RMB1.26 (US$0.17) in FY 2023, compared with basic and diluted net
loss per share of RMB5.26 in FY 2022. Basic and diluted adjusted
net income per share were RMB0.37 (US$0.05) and RMB0.35 (US$0.05)
in FY 2023, compared with basic and diluted net income per share of
RMB0.22 and RMB0.17, respectively, in FY 2022.
Balance Sheet
As of June 30, 2023, the Company had cash and
cash equivalents and short-term investments of RMB930.6 million
(US$128.3 million), compared with RMB399.1 million as of June 30,
2022.
Financial Outlook
Based on currently available information, for
the first quarter of FY 2024 (which refers to the quarter from July
1, 2023 to September 30, 2023, and “FY 2024”, which refers to the
year from July 1, 2023 to June 30, 2024), the Company expects its
revenues to be in the range of RMB780.0 million to RMB810.0
million, representing a year-over-year increase of 18.3% to 22.8%.
The forecasts reflect the Company’s current and preliminary views
on the market and its operating conditions, which are subject to
change.
Recent Developments
On June 9, 2023, the Company announced that its
board of directors had approved a new share repurchase program of
up to US$20.0 million of the Company’s Class A ordinary shares in
the form of American Depositary Shares (“ADSs”) for a 12-month
period beginning on June 9, 2023. As of June 30, 2023, zero ADSs
had been repurchased under this program.
On September 6, 2023, the Company announced that
it had been acknowledged as the largest online individual adult
learning service provider in China, in terms of revenue for 2022,
in Frost & Sullivan’s Industry Report on the Adult Learning
Market in China (the “Report”). The Report also acknowledges
QuantaSing as holding first place in China’s adult personal
interest learning market, in terms of revenue, for the second
consecutive year in 2022. Furthermore, the Report acknowledges
QuantaSing as the largest service provider in China’s online
financial learning market in terms of revenue. Based on data from
2022, these acknowledgements affirm QuantaSing’s position as a
pioneering force in China’s adult learning market, and reflect the
Company’s financial achievements and operational success. The
Report was commissioned by QuantaSing and issued in September 2023
by Frost & Sullivan, an independent research firm.
On September 12, 2023, the Company announced
that its newest business endeavor, live e-commerce, had yielded
solid results. For August 2023, the Company’s live e-commerce
business generated RMB13.3 million in gross merchandise value.
Conference Call Information
The Company's management team will hold a
conference call at 07:00 A.M. Eastern Time on Friday, September 15,
2023 (07:00 P.M. Beijing Time on the same day) to discuss the
financial results. Listeners may access the call by dialing the
following numbers:
|
International: |
1-412-317-6061 |
| United States Toll Free: |
1-888-317-6003 |
| Mainland China Toll Free: |
4001-206115 |
| Hong Kong Toll Free: |
800-963976 |
| Access Code: |
9250897 |
The replay will be accessible through September
22, 2023 by dialing the following numbers:
|
International: |
1-412-317-0088 |
| United States Toll Free: |
1-877-344-7529 |
| Access Code: |
6877110 |
A live and archived webcast of the conference
call will be available at the Company's investor relations website
at 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 (loss)/income per 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 and
certain cost deduction in such period. Adjusted net income
represents net (loss)/income excluding share-based compensation
expense. Basic and diluted adjusted net (loss)/income per share
represents adjusted net (loss)/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 (loss)/income per 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 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 RMB7.2513 to US$1.00, the exchange rate on
June 30, 2023, set forth in the H.10 statistical release of the
Federal Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred to could be converted
into U.S. dollars or Renminbi, as the case may be, at any
particular rate or at all.
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 under a variety of brands, including QiNiu,
JiangZhen and QianChi, empowering users to pursue personal
development. Leveraging its extensive experience in individual
online learning services, the Company has also expanded its
services to corporate clients including, among others, marketing
services and enterprise talent management services.
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 is a non-GAAP financial measure. For a
reconciliation of net (loss)/income 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.3 Basic and diluted adjusted net
(loss)/income per share are non-GAAP financial measures. For a
reconciliation of basic and diluted net (loss)/income per share to
basic and diluted adjusted net (loss)/income per 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 LIMITEDUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in
thousands, except for share and per share data) |
| |
| |
As of |
|
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2023 |
| |
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
266,427 |
|
764,281 |
|
105,399 |
|
Short-term investments |
132,632 |
|
166,303 |
|
22,934 |
|
Accounts receivable, net |
1,937 |
|
12,251 |
|
1,689 |
|
Amounts due from related parties |
47,394 |
|
29,116 |
|
4,015 |
|
Prepayments and other current assets |
115,560 |
|
136,681 |
|
18,851 |
| Total current
assets |
563,950 |
|
1,108,632 |
|
152,888 |
| |
|
|
|
|
|
| Non-current
assets: |
|
|
|
|
|
|
Property and equipment, net |
5,169 |
|
7,409 |
|
1,022 |
|
Operating lease right-of-use assets |
23,917 |
|
84,009 |
|
11,585 |
|
Deferred tax assets |
- |
|
2,084 |
|
287 |
|
Other non-current assets |
10,430 |
|
21,296 |
|
2,937 |
| Total non-current
assets |
39,516 |
|
114,798 |
|
15,831 |
| TOTAL
ASSETS |
603,466 |
|
1,223,430 |
|
168,719 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
Accounts payables |
45,178 |
|
62,094 |
|
8,563 |
|
Accrued expenses and other current liabilities |
108,592 |
|
171,160 |
|
23,604 |
|
Income tax payable |
7,298 |
|
8,794 |
|
1,213 |
|
Contract liabilities, current portion |
384,729 |
|
517,213 |
|
71,327 |
|
Advance from customers |
151,089 |
|
144,397 |
|
19,913 |
|
Operating lease liabilities, current portion |
16,331 |
|
41,092 |
|
5,667 |
| Total current
liabilities |
713,217 |
|
944,750 |
|
130,287 |
|
|
|
|
|
|
|
| Non-current
liabilities: |
|
|
|
|
|
|
Contract liabilities, non-current portion |
8,869 |
|
7 |
|
1 |
|
Operating lease liabilities, non-current portion |
6,566 |
|
52,840 |
|
7,287 |
| Total non-current
liabilities |
15,435 |
|
52,847 |
|
7,288 |
| TOTAL
LIABILITIES |
728,652 |
|
997,597 |
|
137,575 |
|
QUANTASING GROUP LIMITEDUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS-
continued(Amounts in thousands, except for share
and per share data) |
| |
As of |
| |
June 30,2022 |
|
June 30,2023 |
|
June 30,2023 |
| |
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
| MEZZANINE
EQUITY |
|
|
|
|
|
|
Series A convertible redeemable preferred shares (US$0.0001 par
value, 22,000,000 and nil shares authorized, issued and outstanding
as of June 30, 2022 and 2023, respectively) |
82,002 |
|
|
- |
|
|
- |
|
|
Series B convertible redeemable preferred shares (US$0.0001 par
value, 23,983,789 and nil shares authorized, issued and outstanding
as of June 30, 2022 and 2023, respectively) |
94,833 |
|
|
- |
|
|
- |
|
|
Series B-1 convertible redeemable preferred shares (US$0.0001 par
value, 7,913,872 and nil shares authorized, issued and outstanding
as of June 30, 2022 and 2023, respectively) |
33,612 |
|
|
- |
|
|
- |
|
|
Series C convertible redeemable preferred shares (US$0.0001 par
value, 20,327,789 and nil shares authorized, issued and outstanding
as of June 30, 2022 and 2023, respectively) |
108,892 |
|
|
- |
|
|
- |
|
|
Series D convertible redeemable preferred shares (US$0.0001 par
value, 11,818,754 and nil shares authorized, issued and outstanding
as of June 30, 2022 and 2023, respectively) |
104,156 |
|
|
- |
|
|
- |
|
|
Series E convertible redeemable preferred shares (US$0.0001 par
value, 14,799,427 and nil shares authorized, issued and outstanding
as of June 30, 2022 and 2023, respectively) |
240,665 |
|
|
- |
|
|
- |
|
| TOTAL MEZZANINE
EQUITY |
664,160 |
|
|
- |
|
|
- |
|
| |
|
|
|
|
|
| SHAREHOLDERS’
(DEFICIT)/EQUITY |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 345,113,731 and
430,000,000 shares authorized, 4,783,589 and 115,759,408 shares
issued and outstanding as of June 30, 2022 and 2023,
respectively) |
3 |
|
|
78 |
|
|
11 |
|
|
Class B ordinary shares (US$0.0001 par value; 54,042,638 and
70,000,000 shares authorized, 49,859,049 shares issued and
outstanding as of June 30, 2022 and 2023, respectively) |
29 |
|
|
34 |
|
|
5 |
|
|
Additional paid-in capital |
69,934 |
|
|
1,171,092 |
|
|
161,501 |
|
|
Accumulated other comprehensive income |
1,839 |
|
|
22,182 |
|
|
3,059 |
|
|
Accumulative deficit |
(861,151 |
) |
|
(969,688 |
) |
|
(133,726 |
) |
| TOTAL QUANTASING GROUP
LIMITED SHAREHOLDERS’ (DEFICIT)/EQUITY |
(789,346 |
) |
|
223,698 |
|
|
30,850 |
|
|
Non-controlling interests |
- |
|
|
2,135 |
|
|
294 |
|
| TOTAL SHAREHOLDERS’
(DEFICIT)/EQUITY |
(789,346 |
) |
|
225,833 |
|
|
31,144 |
|
| TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY |
603,466 |
|
|
1,223,430 |
|
|
168,719 |
|
|
QUANTASING GROUP LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS)(Amounts in thousands, except for
shares and per share data) |
|
|
|
|
For the Three Months Ended June
30, |
|
For the years Ended June 30, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
629,043 |
|
|
828,347 |
|
|
114,234 |
|
|
2,867,974 |
|
|
3,081,381 |
|
|
424,942 |
|
| Cost of revenues |
(107,558 |
) |
|
(116,126 |
) |
|
(16,015 |
) |
|
(408,757 |
) |
|
(391,498 |
) |
|
(53,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
521,485 |
|
|
712,221 |
|
|
98,219 |
|
|
2,459,217 |
|
|
2,689,883 |
|
|
370,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(531,447 |
) |
|
(573,025 |
) |
|
(79,024 |
) |
|
(2,254,459 |
) |
|
(2,408,464 |
) |
|
(332,142 |
) |
|
Research and development expenses |
(132,626 |
) |
|
(53,610 |
) |
|
(7,393 |
) |
|
(273,484 |
) |
|
(219,781 |
) |
|
(30,309 |
) |
|
General and administrative expenses |
(62,631 |
) |
|
(38,021 |
) |
|
(5,243 |
) |
|
(166,650 |
) |
|
(175,246 |
) |
|
(24,168 |
) |
|
Total operating expenses |
(726,704 |
) |
|
(664,656 |
) |
|
(91,660 |
) |
|
(2,694,593 |
) |
|
(2,803,491 |
) |
|
(386,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Loss)/Income from
operations |
(205,219 |
) |
|
47,565 |
|
|
6,559 |
|
|
(235,376 |
) |
|
(113,608 |
) |
|
(15,667 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
182 |
|
|
2,669 |
|
|
368 |
|
|
387 |
|
|
5,328 |
|
|
735 |
|
|
Others, net |
5,481 |
|
|
6,155 |
|
|
849 |
|
|
19,913 |
|
|
21,313 |
|
|
2,939 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income before income tax |
(199,556 |
) |
|
56,389 |
|
|
7,776 |
|
|
(215,076 |
) |
|
(86,967 |
) |
|
(11,993 |
) |
|
Income tax expense |
(2,134 |
) |
|
(3,699 |
) |
|
(510 |
) |
|
(18,350 |
) |
|
(21,685 |
) |
|
(2,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income |
(201,690 |
) |
|
52,690 |
|
|
7,266 |
|
|
(233,426 |
) |
|
(108,652 |
) |
|
(14,983 |
) |
|
Net loss attributable to noncontrolling interests |
- |
|
|
115 |
|
|
16 |
|
|
- |
|
|
115 |
|
|
16 |
|
|
Net (loss)/Income attributable to QuantaSing Group
Limited |
(201,690 |
) |
|
52,805 |
|
|
7,282 |
|
|
(233,426 |
) |
|
(108,537 |
) |
|
(14,967 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil tax |
2,402 |
|
|
15,545 |
|
|
2,144 |
|
|
1,839 |
|
|
20,343 |
|
|
2,805 |
|
|
Total other comprehensive income |
2,402 |
|
|
15,545 |
|
|
2,144 |
|
|
1,839 |
|
|
20,343 |
|
|
2,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income |
(199,288 |
) |
|
68,235 |
|
|
9,410 |
|
|
(231,587 |
) |
|
(88,309 |
) |
|
(12,178 |
) |
|
Net loss attributable to noncontrolling interests |
- |
|
|
115 |
|
|
16 |
|
|
- |
|
|
115 |
|
|
16 |
|
|
Comprehensive (loss)/income attributable to QuantaSing
Group Limited |
(199,288 |
) |
|
68,350 |
|
|
9,426 |
|
|
(231,587 |
) |
|
(88,194 |
) |
|
(12,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/Income attributable to QuantaSing Group
Limited |
(201,690 |
) |
|
52,805 |
|
|
7,282 |
|
|
(233,426 |
) |
|
(108,537 |
) |
|
(14,967 |
) |
|
Allocation of accretion of Predecessors’ preferred shares |
(4,314 |
) |
|
- |
|
|
- |
|
|
(22,655 |
) |
|
- |
|
|
- |
|
|
Accretion of the Company’s preferred shares |
(2,987 |
) |
|
- |
|
|
- |
|
|
(2,987 |
) |
|
(22,379 |
) |
|
(3,086 |
) |
| Net (loss)/income
attributable to ordinary shareholders of QuantaSing Group
Limited |
(208,991 |
) |
|
52,805 |
|
|
7,282 |
|
|
(259,068 |
) |
|
(130,916 |
) |
|
(18,053 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss)/income per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
(4.17 |
) |
|
0.31 |
|
|
0.04 |
|
|
(5.26 |
) |
|
(1.26 |
) |
|
(0.17 |
) |
|
- Diluted |
(4.17 |
) |
|
0.30 |
|
|
0.04 |
|
|
(5.26 |
) |
|
(1.26 |
) |
|
(0.17 |
) |
| Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
50,107,178 |
|
|
169,146,415 |
|
|
169,146,415 |
|
|
49,270,950 |
|
|
103,948,398 |
|
|
103,948,398 |
|
|
- Diluted |
50,107,178 |
|
|
175,755,415 |
|
|
175,755,415 |
|
|
49,270,950 |
|
|
103,948,398 |
|
|
103,948,398 |
|
| Share-based
compensation expenses included in |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(18,612 |
) |
|
(6,963 |
) |
|
(960 |
) |
|
(27,583 |
) |
|
(26,486 |
) |
|
(3,653 |
) |
|
Sales and marketing expenses |
(58,793 |
) |
|
(11,808 |
) |
|
(1,628 |
) |
|
(86,682 |
) |
|
(51,742 |
) |
|
(7,136 |
) |
|
Research and development expenses |
(94,998 |
) |
|
(7,777 |
) |
|
(1,072 |
) |
|
(120,558 |
) |
|
(49,046 |
) |
|
(6,764 |
) |
|
General and administrative expenses |
(33,876 |
) |
|
(11,191 |
) |
|
(1,543 |
) |
|
(56,606 |
) |
|
(64,358 |
) |
|
(8,875 |
) |
|
QUANTASING GROUP LIMITEDUNAUDITED
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 MonthsEnded June
30, |
|
For the yearsEnded June 30, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues of individual online learning
services: |
576,089 |
|
|
721,093 |
|
|
99,443 |
|
|
2,494,330 |
|
|
2,734,877 |
|
|
377,157 |
|
| Add: value-added tax |
34,880 |
|
|
43,580 |
|
|
6,010 |
|
|
155,851 |
|
|
171,509 |
|
|
23,652 |
|
| Add: cost deduction(1) |
- |
|
|
- |
|
|
- |
|
|
3,681 |
|
|
- |
|
|
- |
|
| Add: ending deferred
revenues(2) |
531,662 |
|
|
661,360 |
|
|
91,206 |
|
|
531,662 |
|
|
661,360 |
|
|
91,206 |
|
| Less: beginning deferred
revenues(2) |
(533,764 |
) |
|
(677,272 |
) |
|
(93,400 |
) |
|
(427,288 |
) |
|
(531,662 |
) |
|
(73,320 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Gross billings of
individual online learning services |
608,867 |
|
|
748,761 |
|
|
103,259 |
|
|
2,758,236 |
|
|
3,036,084 |
|
|
418,695 |
|
(1) Cost deduction
represents the costs paid to third-party content providers of
certain cooperative personal interest courses, for which the
Company collected tuition fees from learners on behalf of the
content providers and recognized revenue on a net
basis.(2) 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 LIMITEDUNAUDITED
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
(loss)/income to adjusted net income and basic and diluted net
(loss)/income per share to basic and diluted adjusted net
(loss)/income per share for the periods indicated: |
|
|
|
|
For the Three MonthsEnded June
30, |
|
For the yearsEnded June 30, |
|
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
(201,690 |
) |
|
52,690 |
|
7,266 |
|
(233,426 |
) |
|
(108,652 |
) |
|
(14,983 |
) |
| Add: Share-based
compensation |
206,279 |
|
|
37,739 |
|
5,203 |
|
291,429 |
|
|
191,632 |
|
|
26,428 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net
income |
4,589 |
|
|
90,429 |
|
12,469 |
|
58,003 |
|
|
82,980 |
|
|
11,445 |
|
| Attributable to noncontrolling
interests |
- |
|
|
115 |
|
16 |
|
- |
|
|
115 |
|
|
16 |
|
| Adjusted net income
attributable to QuantaSing Group Limited |
4,589 |
|
|
90,544 |
|
12,485 |
|
58,003 |
|
|
83,095 |
|
|
11,461 |
|
|
Allocation of accretion of Predecessors’ preferred shares |
(4,314 |
) |
|
- |
|
- |
|
(22,655 |
) |
|
- |
|
|
- |
|
|
Accretion of the Company’s preferred shares |
(2,987 |
) |
|
- |
|
- |
|
(2,987 |
) |
|
(22,379 |
) |
|
(3,086 |
) |
|
Income allocation to participating preferred shares |
- |
|
|
- |
|
- |
|
(21,739 |
) |
|
(21,816 |
) |
|
(3,009 |
) |
| Adjusted net
(loss)/income attributable to ordinary shareholders of QuantaSing
Group Limited |
(2,712 |
) |
|
90,544 |
|
12,485 |
|
10,622 |
|
|
38,900 |
|
|
5,366 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of ordinary shares used in computing net (loss)/income per
share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
50,107,178 |
|
|
169,146,415 |
|
169,146,415 |
|
49,270,950 |
|
|
103,948,398 |
|
|
103,948,398 |
|
|
- Diluted |
50,107,178 |
|
|
175,755,415 |
|
175,755,415 |
|
49,270,950 |
|
|
103,948,398 |
|
|
103,948,398 |
|
| Weighted average
number of ordinary shares used in computing adjusted net
(loss)/income per
share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
50,107,178 |
|
|
169,146,415 |
|
169,146,415 |
|
49,270,950 |
|
|
103,948,398 |
|
|
103,948,398 |
|
|
- Diluted |
50,107,178 |
|
|
175,755,415 |
|
175,755,415 |
|
63,007,294 |
|
|
110,489,970 |
|
|
110,489,970 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net (loss)/income per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
(4.17 |
) |
|
0.31 |
|
0.04 |
|
(5.26 |
) |
|
(1.26 |
) |
|
(0.17 |
) |
|
- Diluted |
(4.17 |
) |
|
0.30 |
|
0.04 |
|
(5.26 |
) |
|
(1.26 |
) |
|
(0.17 |
) |
| Non-GAAP adjustments
to net (loss)/income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
4.12 |
|
|
0.23 |
|
0.03 |
|
5.48 |
|
|
1.63 |
|
|
0.22 |
|
|
- Diluted |
4.12 |
|
|
0.22 |
|
0.03 |
|
5.43 |
|
|
1.61 |
|
|
0.22 |
|
| Adjusted net
(loss)/income per ordinary
share |
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
(0.05 |
) |
|
0.54 |
|
0.07 |
|
0.22 |
|
|
0.37 |
|
|
0.05 |
|
|
- Diluted |
(0.05 |
) |
|
0.52 |
|
0.07 |
|
0.17 |
|
|
0.35 |
|
|
0.05 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
QuantaSing (NASDAQ:QSG)
Historical Stock Chart
From Apr 2024 to May 2024
QuantaSing (NASDAQ:QSG)
Historical Stock Chart
From May 2023 to May 2024
