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, 2023 (the “third quarter
of FY 2023”, which refers to the quarter from January 1, 2023 to
March 31, 2023).
Highlights for the Third Quarter of FY
2023
- Revenues for the
third quarter of FY 2023 were RMB807.2 million (US$117.5 million),
representing an increase of 2.6% from the second quarter of the
fiscal year ending June 30, 2023 (the “second quarter of FY 2023”)
and an increase of 16.8% from the third quarter of the fiscal year
ended June 30, 2022 (the “third quarter of FY 2022”).
- Gross billings of
individual online learning services1 for
the third quarter of FY 2023 were RMB803.6 million (US$117.0
million), representing a decrease of 1.9% from the second quarter
of FY 2023 and an increase of 30.8% from the third quarter of FY
2022.
- Net loss for the
third quarter of FY 2023 was RMB22.7 million (US$3.3 million),
narrowing by 45.3% from RMB41.4 million in the second quarter of FY
2023, compared with a net income of RMB0.1 million in the third
quarter of FY 2022.
- Adjusted net
income2 for the third quarter of FY 2023
was RMB21.7 million (US$3.2 million), compared with RMB21.8 million
in the second quarter of FY 2023 and RMB24.6 million in the third
quarter of FY 2022.
- Total registered
users increased by 76.5% to approximately 86.3 million as
of March 31, 2023, from 48.9 million as of March 31, 2022.
- Paying learners
increased to approximately 0.4 million in the third quarter of FY
2023, from approximately 0.2 million in the same period of the
prior fiscal year.
Mr. Peng Li, Chairman and Chief Executive
Officer of QuantaSing, commented, “During the quarter, we continued
to grow our revenue and expand our customer base, generating
adjusted net income2 for two consecutive quarters. Our innovative
business model delivers three distinct advantages that underpin and
drive this success. First, our customizable courses and the
high-quality, engaging learning experience we provide foster
customer loyalty and repeat purchases, giving us strong pipeline
visibility that we leverage to effectively manage our budgets and
forecast our revenues. Second, by constantly evolving our course
offerings and ensuring that we can meet a broad range of learning
demands, we have tapped into a variety of markets and developed
diversified revenue streams. Finally, our unique QianChi and
JiangZhen platforms provide user-friendly, interest-based learning
resources that cater to our expanding addressable market. Bolstered
by these advantages, we are well-positioned to further grow our
business and deliver sustainable shareholder value.”
Mr. Dong Xie, Chief Financial Officer of
QuantaSing, added, “We maintained our growth momentum during the
third quarter of FY 2023, driven by robust demand for our
individual online learning services and enterprise services. In
addition to our solid top line growth, we continued to add new
registered users and increase our paying learners, and boosted our
repeat purchase rate. Looking ahead, we will continue to operate
more efficiently and effectively while delivering on our long-term
growth strategy.”
Financial Results for the Third Quarter
of FY 2023
Revenues
Revenues increased by 16.8% year over year to
RMB807.2 million (US$117.5 million) in the third quarter of FY
2023, primarily due to the increase in revenues from other personal
interest courses.
-
Revenues from individual online learning services increased by
21.2% year over year to RMB724.7 million (US$105.5 million) in the
third quarter of FY 2023 from RMB598.0 million in the third quarter
of FY 2022, primarily due to the increase of RMB180.7 million
(US$26.3 million) in revenues from other personal interest courses,
partially offset by the decrease of RMB54.0 million (US$7.9
million) in revenues from financial literacy courses.
-
Revenues from enterprise services increased by 90.6% year over year
to RMB81.1 million (US$11.8 million) in the third quarter of FY
2023 from RMB42.6 million in the third quarter of FY 2022,
primarily due to increased revenues from the Company’s marketing
service provided to a related party, as well as to new
customers.
-
Revenues from other services decreased to RMB1.4 million (US$0.2
million) in the third quarter of FY 2023 from RMB50.3 million in
the third quarter of FY 2022, 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.
Costs of revenues
Costs of revenues decreased by 11.5% year over
year to RMB101.1 million (US$14.7 million) in the third quarter of
FY 2023 from RMB114.2 million in the third quarter of FY 2022,
mainly due to a decrease in labor outsourcing costs of RMB9.8
million (US$1.4 million) and a decrease in staff costs of RMB8.8
million (US$1.3 million), due to the Company’s efforts to optimize
its operations and achieve better cost management.
Sales and marketing
expenses
Sales and marketing expenses were RMB631.4
million (US$91.9 million) in the third quarter of FY 2023, compared
to RMB492.7 million in the third quarter of FY 2022, representing a
change of 28.2%, mainly due to an increase in marketing and
promotion expenses of RMB105.9 million (US$15.4 million).
Research and development
expenses
Research and development expenses were RMB49.6
million (US$7.2 million) in the third quarter of FY 2023, compared
to RMB47.3 million in the third quarter of FY 2022, representing a
change of 4.9%, mainly due to an increase in staff costs of RMB3.6
million (US$0.5 million), partially offset by a decrease in office
expenses of RMB1.6 million (US$0.2 million).
General and administrative
expenses
General and administrative expenses were RMB48.3
million (US$7.0 million) in the third quarter of FY 2023, compared
to RMB35.2 million in the third quarter of FY 2022, representing a
change of 37.4%, primarily due to an increase in share-based
compensation expenses of RMB9.1 million (US$1.3 million).
Net loss and adjusted net
income
Net loss was RMB22.7 million (US$3.3 million) in
the third quarter of FY 2023, compared with a net income of RMB0.1
million in the same period of the prior fiscal year. Adjusted net
income was RMB21.7 million (US$3.2 million) in the third quarter of
FY 2023, compared with RMB24.6 million in the same period of the
prior fiscal year.
Earnings per share and adjusted earnings
per share 3
Basic and diluted net loss per share were both
RMB0.19 (US$0.03) in the third quarter of FY 2023, compared with
basic and diluted net loss per share of RMB0.12 in the same period
of the prior fiscal year. Basic and diluted adjusted net income per
share were RMB0.14 (US$0.02) and RMB0.13 (US$0.02) in the third
quarter of FY 2023, compared with basic and diluted adjusted net
income per share of RMB0.12 and RMB0.10, respectively, in the same
period of the prior fiscal year.
Balance Sheet
As of March 31, 2023, the Company had cash and
cash equivalents and short-term investments of RMB850.4 million
(US$123.8 million), compared with RMB399.1 million as of June 30,
2022.
Financial Outlook
Based on currently available information, for
the fourth quarter of FY 2023, the Company expects its revenues to
be in the range of RMB760.0 million to RMB790.0 million,
representing a year-over-year increase of 20.8% to 25.6%. The
forecasts reflect the Company’s current and preliminary views on
the market and its operating conditions, which are subject to
change.
Conference Call Information
The Company's management team will hold a
conference call at 07:00 A.M. Eastern Time on Thursday, June 1,
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: |
4050781 |
The replay will be accessible through June 8,
2023 by dialing the following numbers:
International: |
|
1-412-317-0088 |
United States Toll Free: |
|
1-877-344-7529 |
Access Code: |
|
9694954 |
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/(loss) and
basic and diluted adjusted net income/(loss) 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/(loss) represents net income/(loss) excluding share-based
compensation expense. Basic and diluted adjusted net income/(loss)
per 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 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 loss 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 RMB6.8676 to US$1.00, the exchange rate on
March 31, 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 online learning service
provider in China’s adult personal interest learning market and
among the top five service providers in China’s total adult
learning market in terms of revenue in 2021. 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 them 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 RelationsLeah GuoQuantaSing Group LimitedEmail:
ir@quantasing.comTel: +86 (10) 6493-7857
Robin Yang, PartnerICR, LLCEmail: QuantaSing.IR@icrinc.comPhone:
+1 (212) 537-0429
QUANTASING
GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(Amounts in thousands, except for
share and per share data) |
|
|
As of |
|
June 30,2022 |
|
March 31,2023 |
|
March 31,2023 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
266,427 |
|
474,015 |
|
69,022 |
Short-term investments |
132,632 |
|
376,374 |
|
54,804 |
Accounts receivable, net |
1,937 |
|
4,029 |
|
587 |
Amounts due from related parties |
47,394 |
|
31,371 |
|
4,568 |
Prepayments and other current assets |
115,560 |
|
122,782 |
|
17,877 |
Total current
assets |
563,950 |
|
1,008,571 |
|
146,858 |
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
Property and equipment, net |
5,169 |
|
7,529 |
|
1,096 |
Operating lease right-of-use assets |
23,917 |
|
93,817 |
|
13,661 |
Other non-current assets |
10,430 |
|
21,675 |
|
3,156 |
Total non-current
assets |
39,516 |
|
123,021 |
|
17,913 |
TOTAL
ASSETS |
603,466 |
|
1,131,592 |
|
164,771 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payables |
45,178 |
|
75,262 |
|
10,959 |
Accrued expenses and other current liabilities |
108,592 |
|
140,072 |
|
20,396 |
Income tax payable |
7,298 |
|
16,705 |
|
2,432 |
Contract liabilities, current portion |
384,729 |
|
513,282 |
|
74,740 |
Advance from customers |
151,089 |
|
169,660 |
|
24,704 |
Operating lease liabilities, current portion |
16,331 |
|
33,612 |
|
4,894 |
Total current
liabilities |
713,217 |
|
948,593 |
|
138,125 |
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
Contract liabilities, non-current portion |
8,869 |
|
142 |
|
21 |
Operating lease liabilities, non-current portion |
6,566 |
|
65,248 |
|
9,501 |
Total non-current
liabilities |
15,435 |
|
65,390 |
|
9,522 |
TOTAL
LIABILITIES |
728,652 |
|
1,013,983 |
|
147,647 |
|
As of |
|
June 30,2022 |
|
March 31,2023 |
|
March 31,2023 |
|
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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 2023, respectively) |
240,665 |
|
|
- |
|
|
- |
|
TOTAL MEZZANINE
EQUITY |
664,160 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
SHAREHOLDERS’
DEFICIT |
|
|
|
|
|
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 March 31, 2023,
respectively) |
3 |
|
|
78 |
|
|
11 |
|
Class B ordinary shares (US$0.0001 par value; 54,042,638 and
70,000,000 shares authorized, 49,859,049 shares issued and
outstanding as of June 30, 2022 and March 31, 2023,
respectively) |
29 |
|
|
34 |
|
|
5 |
|
Additional paid-in
capital |
69,934 |
|
|
1,133,353 |
|
|
165,029 |
|
Accumulated other
comprehensive income |
1,839 |
|
|
6,637 |
|
|
966 |
|
Accumulative deficit |
(861,151 |
) |
|
(1,022,493 |
) |
|
(148,887 |
) |
TOTAL SHAREHOLDERS’
(DEFICIT)/EQUITY |
(789,346 |
) |
|
117,609 |
|
|
17,124 |
|
TOTAL LIABILITIES,
MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY |
603,466 |
|
|
1,131,592 |
|
|
164,771 |
|
QUANTASING GROUP LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS)(Amounts in thousands, except for
shares and per share data) |
|
|
For the Three MonthsEnded March
31, |
|
For the Nine MonthsEnded March
31, |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
690,914 |
|
|
807,243 |
|
|
117,544 |
|
|
2,238,931 |
|
|
2,253,034 |
|
|
328,067 |
|
Cost of revenues |
(114,249 |
) |
|
(101,057 |
) |
|
(14,715 |
) |
|
(301,199 |
) |
|
(275,372 |
) |
|
(40,097 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
576,665 |
|
|
706,186 |
|
|
102,829 |
|
|
1,937,732 |
|
|
1,977,662 |
|
|
287,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
(492,665 |
) |
|
(631,380 |
) |
|
(91,936 |
) |
|
(1,723,012 |
) |
|
(1,835,439 |
) |
|
(267,261 |
) |
Research and development expenses |
(47,301 |
) |
|
(49,601 |
) |
|
(7,222 |
) |
|
(140,858 |
) |
|
(166,171 |
) |
|
(24,196 |
) |
General and administrative expenses |
(35,152 |
) |
|
(48,309 |
) |
|
(7,034 |
) |
|
(104,019 |
) |
|
(137,225 |
) |
|
(19,982 |
) |
Total operating expenses |
(575,118 |
) |
|
(729,290 |
) |
|
(106,192 |
) |
|
(1,967,889 |
) |
|
(2,138,835 |
) |
|
(311,439 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from
operations |
1,547 |
|
|
(23,104 |
) |
|
(3,363 |
) |
|
(30,157 |
) |
|
(161,173 |
) |
|
(23,469 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
124 |
|
|
1,811 |
|
|
264 |
|
|
205 |
|
|
2,659 |
|
|
387 |
|
Others, net |
6,515 |
|
|
5,206 |
|
|
758 |
|
|
14,432 |
|
|
15,158 |
|
|
2,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) before income tax |
8,186 |
|
|
(16,087 |
) |
|
(2,341 |
) |
|
(15,520 |
) |
|
(143,356 |
) |
|
(20,875 |
) |
Income tax expense |
(8,072 |
) |
|
(6,576 |
) |
|
(958 |
) |
|
(16,216 |
) |
|
(17,986 |
) |
|
(2,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) |
114 |
|
|
(22,663 |
) |
|
(3,299 |
) |
|
(31,736 |
) |
|
(161,342 |
) |
|
(23,494 |
) |
Other comprehensive income / (loss) |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil tax |
- |
|
|
3,461 |
|
|
504 |
|
|
(563 |
) |
|
4,798 |
|
|
699 |
|
Total other
comprehensive income / (loss) |
- |
|
|
3,461 |
|
|
504 |
|
|
(563 |
) |
|
4,798 |
|
|
699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income/(loss) |
114 |
|
|
(19,202 |
) |
|
(2,795 |
) |
|
(32,299 |
) |
|
(156,544 |
) |
|
(22,795 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) |
114 |
|
|
(22,663 |
) |
|
(3,299 |
) |
|
(31,736 |
) |
|
(161,342 |
) |
|
(23,494 |
) |
Allocation of accretion of Predecessors’ preferred shares |
(6,072 |
) |
|
- |
|
|
- |
|
|
(18,341 |
) |
|
- |
|
|
- |
|
Accretion of the Company’s preferred shares |
- |
|
|
(2,867 |
) |
|
(417 |
) |
|
- |
|
|
(22,379 |
) |
|
(3,259 |
) |
Net income/(loss)
attributable to ordinary shareholders of QuantaSing Group
Limited |
(5,958 |
) |
|
(25,530 |
) |
|
(3,716 |
) |
|
(50,077 |
) |
|
(183,721 |
) |
|
(26,753 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share |
|
|
|
|
|
|
|
|
|
|
|
- Basic |
(0.12 |
) |
|
(0.19 |
) |
|
(0.03 |
) |
|
(1.02 |
) |
|
(2.23 |
) |
|
(0.33 |
) |
- Diluted |
(0.12 |
) |
|
(0.19 |
) |
|
(0.03 |
) |
|
(1.02 |
) |
|
(2.23 |
) |
|
(0.33 |
) |
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
- Basic |
50,083,278 |
|
|
135,768,739 |
|
|
135,768,739 |
|
|
48,993,224 |
|
|
82,295,042 |
|
|
82,295,042 |
|
- Diluted |
50,083,278 |
|
|
135,768,739 |
|
|
135,768,739 |
|
|
48,993,224 |
|
|
82,295,042 |
|
|
82,295,042 |
|
Share-based
compensation expenses included in |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(2,758 |
) |
|
(7,560 |
) |
|
(1,101 |
) |
|
(8,971 |
) |
|
(19,523 |
) |
|
(2,843 |
) |
Sales and marketing expenses |
(8,037 |
) |
|
(12,318 |
) |
|
(1,794 |
) |
|
(27,889 |
) |
|
(39,934 |
) |
|
(5,815 |
) |
Research and development expenses |
(7,164 |
) |
|
(8,762 |
) |
|
(1,276 |
) |
|
(25,560 |
) |
|
(41,269 |
) |
|
(6,009 |
) |
General and administrative expenses |
(6,572 |
) |
|
(15,719 |
) |
|
(2,289 |
) |
|
(22,730 |
) |
|
(53,167 |
) |
|
(7,742 |
) |
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 March
31, |
|
For the Nine MonthsEnded March
31, |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2023 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues of individual online learning
services: |
598,017 |
|
|
724,716 |
|
|
105,527 |
|
|
1,918,241 |
|
|
2,013,784 |
|
|
293,230 |
|
Add: value-added tax |
37,306 |
|
|
46,213 |
|
|
6,729 |
|
|
120,971 |
|
|
127,929 |
|
|
18,628 |
|
Add: cost deduction⑴ |
430 |
|
|
- |
|
|
- |
|
|
3,681 |
|
|
- |
|
|
- |
|
Add: ending deferred
revenues⑵ |
533,764 |
|
|
677,272 |
|
|
98,618 |
|
|
533,764 |
|
|
677,272 |
|
|
98,618 |
|
Less: beginning deferred
revenues⑵ |
(555,068 |
) |
|
(644,586 |
) |
|
(93,859 |
) |
|
(427,288 |
) |
|
(531,662 |
) |
|
(77,416 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gross billings of
individual online learning services |
614,449 |
|
|
803,615 |
|
|
117,015 |
|
|
2,149,369 |
|
|
2,287,323 |
|
|
333,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.”
The following table below sets forth a reconciliation of net
income/(loss) to adjusted net income/(loss) and basic and diluted
net loss per share to basic and diluted adjusted net income/(loss)
per share for the periods indicated:
|
For the Three MonthsEnded March
31, |
|
For the Nine MonthsEnded March
31, |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
2023 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) |
114 |
|
|
(22,663 |
) |
|
(3,299 |
) |
|
(31,736 |
) |
|
(161,342 |
) |
|
(23,494 |
) |
Add: Share-based
compensation |
24,531 |
|
|
44,359 |
|
|
6,460 |
|
|
85,150 |
|
|
153,893 |
|
|
22,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income/(loss) |
24,645 |
|
|
21,696 |
|
|
3,161 |
|
|
53,414 |
|
|
(7,449 |
) |
|
(1,085 |
) |
Allocation of accretion of Predecessors’ preferred shares |
(6,072 |
) |
|
- |
|
|
- |
|
|
(18,341 |
) |
|
- |
|
|
- |
|
Accretion of the Company’s preferred shares |
- |
|
|
(2,867 |
) |
|
(417 |
) |
|
- |
|
|
(22,379 |
) |
|
(3,259 |
) |
Income allocation to participating preferred shares |
(12,410 |
) |
|
- |
|
|
- |
|
|
(23,605 |
) |
|
- |
|
|
- |
|
Adjusted net
income/(loss) attributable to ordinary shareholders of QuantaSing
Group Limited |
6,163 |
|
|
18,829 |
|
|
2,744 |
|
|
11,468 |
|
|
(29,828 |
) |
|
(4,344 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net income/(loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
50,083,278 |
|
|
135,768,739 |
|
|
135,768,739 |
|
|
48,993,224 |
|
|
82,295,042 |
|
|
82,295,042 |
|
- Diluted |
50,083,278 |
|
|
135,768,739 |
|
|
135,768,739 |
|
|
48,993,224 |
|
|
82,295,042 |
|
|
82,295,042 |
|
Weighted average
number of ordinary shares used in computing adjusted
net income/(loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
50,083,278 |
|
|
135,768,739 |
|
|
135,768,739 |
|
|
48,993,224 |
|
|
82,295,042 |
|
|
82,295,042 |
|
- Diluted |
64,390,159 |
|
|
142,354,949 |
|
|
142,354,949 |
|
|
63,328,891 |
|
|
82,295,042 |
|
|
82,295,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
(0.12 |
) |
|
(0.19 |
) |
|
(0.03 |
) |
|
(1.02 |
) |
|
(2.23 |
) |
|
(0.33 |
) |
- Diluted |
(0.12 |
) |
|
(0.19 |
) |
|
(0.03 |
) |
|
(1.02 |
) |
|
(2.23 |
) |
|
(0.33 |
) |
Non-GAAP adjustments
to net loss per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
0.24 |
|
|
0.33 |
|
|
0.05 |
|
|
1.25 |
|
|
1.87 |
|
|
0.28 |
|
- Diluted |
0.22 |
|
|
0.32 |
|
|
0.05 |
|
|
1.20 |
|
|
1.87 |
|
|
0.28 |
|
Adjusted
net income/(loss) per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
0.12 |
|
|
0.14 |
|
|
0.02 |
|
|
0.23 |
|
|
(0.36 |
) |
|
(0.05 |
) |
- Diluted |
0.10 |
|
|
0.13 |
|
|
0.02 |
|
|
0.18 |
|
|
(0.36 |
) |
|
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
____________________
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 income/(loss) 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 Basic and diluted adjusted net
income/(loss) per share are non-GAAP financial measures. For a
reconciliation of basic and diluted net loss per share to basic and
diluted adjusted net income/(loss) 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.
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