QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the
“Company”), a leading lifestyle solution provider empowering adults
to live better and longer, today announced its unaudited financial
results for the first quarter of the fiscal year ending June 30,
2025 (the “first quarter of FY 2025”, which refers to the quarter
from July 1, 2024 to September 30, 2024).
Highlights for the First Quarter of FY
2025
- Revenues for the
first quarter of FY 2025 were RMB810.4 million (US$115.5 million),
representing a decrease of 19.0% from the fourth quarter of the
fiscal year ended June 30, 2024 (the “fourth quarter of FY 2024”)
and a decrease of 6.8% from the first quarter of the fiscal year
ended June 30, 2024 (the “first quarter of FY 2024”).
- Gross billings of
individual online learning services1 for
the first quarter of FY 2025 were RMB713.7 million (US$101.7
million), representing a decrease of 7.8% from the fourth quarter
of FY 2024 and a decrease of 6.3% from the first quarter of FY
2024.
- Net income for the
first quarter of FY 2025 was RMB80.7 million (US$11.5 million),
compared with RMB196.6 million in the fourth quarter of FY 2024,
and RMB66.7 million in the first quarter of FY 2024.
- Adjusted net
income2 for the first quarter of FY 2025
was RMB88.0 million (US$12.5 million), compared with RMB193.6
million in the fourth quarter of FY 2024, and RMB94.0 million in
the first quarter of FY 2024.
- Total registered
users increased by 30.2% to approximately 134.6 million as
of September 30, 2024, from 103.3 million as of September 30,
2023.
- Paying learners
increased by 16.8% year over year to approximately 0.4 million in
the first quarter of FY 2025.
Mr. Peng Li, Chairman and Chief Executive
Officer of QuantaSing, commented, “Our first quarter performance
underscores our strategic pivot towards the burgeoning silver
economy in China. This transition is a calculated move designed to
align our offerings with the evolving needs of our aging
population. While we anticipate some short-term revenue
fluctuations as we implement this strategy, we remain committed to
maintaining robust profitability and positive cash flow. Our
partnerships with community centers and the introduction of
integrated products, such as our 'Food as Medicine' line, are
pivotal in creating a holistic ecosystem that addresses the
lifestyle and wellness demands of older adults. As we advance
through fiscal year 2025, our focus will be on establishing
sustainable competitive advantages that contribute to long-term
value for our shareholders.”
Mr. Dong Xie, Chief Financial Officer of
QuantaSing, added, “The financial results for the first quarter
reflect our commitment to profitability during this strategic
transition. We have seen improvements in operational efficiency as
we shift from a traffic-driven to a product-driven business model,
while also scaling back investments in non-core areas. Our
disciplined cost management has resulted in a healthy net margin of
10.0%, and our cash position has strengthened to RMB1,193.7 million
as of September 30, 2024. This solid financial foundation provides
us with the flexibility to pursue growth opportunities within the
silver economy while ensuring we maintain profitability.”
Financial Results for the First Quarter
of FY 2025
Revenues
Revenues were RMB810.4 million (US$115.5
million) in the first quarter of FY 2025, compared to RMB869.1 in
the first quarter of FY 2024. The change was primarily due to a
shift in revenue streams as the Company strategically moved towards
the silver economy.
-
Revenues from individual online learning services decreased by 6.2%
year over year to RMB709.0 million (US$101.0million) in the first
quarter of FY 2025, from RMB755.9 million in the first quarter of
FY 2024. This decrease was primarily due to the decline of RMB82.8
million (US$11.8 million) in revenues from financial literacy
courses and the decline of RMB35.6 million (US$5.1 million) in
revenues from recreation and leisure courses3, partially offset by
the increase of RMB71.5 million (US$10.2 million) in revenues from
skills upgrading courses3.
-
Revenues from enterprise services were RMB47.8 million (US$6.8
million) in the first quarter of FY 2025, compared to RMB68.4
million in the first quarter of FY 2024, representing a year-over
year change of 30.2%, primarily due to a change in revenue streams
from transactions involving a related party and certain other third
parties.
-
Revenues from consumer business4 increased to RMB49.5 million
(US$7.1 million) in the first quarter of FY 2025, representing a
10.4% increase from RMB44.8 million in the first quarter of FY
2024, as a result of the Company’s expansion into wellness
products.
-
Revenues from others4 were RMB4.1 million (US$0.6 million) in the
first quarter of FY 2025, compared to nil in the first quarter of
FY 2024, primarily due to revenue generated from the Company’s
online language education services for children.
Cost of revenues
Cost of revenues was RMB134.4 million (US$19.2
million) in the first quarter of FY 2025, compared to RMB118.2
million in the first quarter of FY 2024, representing a change of
13.8%. This increase was primarily due to increased labor
outsourcing costs of RMB13.8 million (US$2.0 million) and higher
procurement costs of RMB4.3 million (US$0.6 million).
Sales and marketing
expenses
Sales and marketing expenses were RMB515.0
million (US$73.4 million) in the first quarter of FY2025, compared
to RMB620.2 million in the first quarter of FY 2024, representing a
decrease of 17.0%. The decrease was mainly due to declines in
marketing and promotion expenses of RMB81.6 million (US$11.6
million), labor outsourcing costs of RMB11.2 million (US$1.6
million), and staff costs of RMB9.5 million (US$1.4 million), which
includes a decrease in share-based compensation expenses of RMB4.5
million (US$0.6 million).
Research and development
expenses
Research and development expenses were RMB28.1
million (US$4.0 million) in the first quarter of FY 2025, compared
to RMB43.8 million in the first quarter of FY 2024, representing a
decrease of 35.9%. The decrease was primarily due to a decline in
staff costs of RMB13.6 million (US$1.9 million), which includes a
decrease in share-based compensation expenses of RMB3.7 million
(US$0.5 million).
General and administrative
expenses
General and administrative expenses were RMB30.6
million (US$4.4 million) in the first quarter of FY 2025, compared
to RMB42.8 million in the first quarter of FY 2024, representing a
decrease of 28.4%. The decrease was primarily due to a decline in
share-based compensation expenses of RMB10.4 million (US$1.5
million).
Net income and adjusted net
income
Net income was RMB80.7 million (US$11.5 million)
in the first quarter of FY 2025, compared with RMB66.7 million in
the first quarter of FY 2024. Adjusted net income was RMB88.0
million (US$12.5 million) in the first quarter of FY 2025, compared
with RMB94.0 million in the first quarter of FY 2024.
Earnings per share and adjusted earnings
per share5
Basic and diluted net income per share were
RMB0.52 (US$0.07) and RMB0.50 (US$0.07), respectively, in the first
quarter of FY 2025, compared with basic and diluted net income per
share of RMB0.39 and RMB0.38, respectively, in the first quarter of
FY 2024. Basic and diluted adjusted net income per share were
RMB0.56 (US$0.08) and RMB0.55 (US$0.08), respectively, in the first
quarter of FY 2025, compared with basic and diluted adjusted net
income per share of RMB0.56 and RMB0.54, respectively, in the first
quarter of FY 2024.
Balance Sheet
As of September 30, 2024, the Company had cash
and cash equivalents, restricted cash and short-term investments of
RMB1,193.7 million (US$170.1 million), compared with RMB1,026.3
million as of June 30, 2024.
Recent Developments
Payment of a special cash dividend
In October 2024, the Company’s board of
directors declared a special cash dividend in the amount of
US$0.067 per ordinary share, or US$0.201 per American depositary
share (“ADS”). The cash dividend was paid in November 2024 to
shareholders of record at the close of business on October 30,
2024. The aggregate amount of cash dividends paid was US$10.9
million.
Share repurchase program
On June 11, 2024, the Company announced that its
board of directors had approved a share repurchase program of up to
US$20.0 million of the Company’s Class A ordinary shares in the
form of ADSs for a 12-month period beginning on June 11, 2024 (the
“2024 Share Repurchase Program”). As of September 30, 2024, a total
of 1.7 million ADSs had been repurchased for an aggregate
consideration of US$3.5 million under the 2024 Share Repurchase
Program.
Conference Call Information
The Company's management team will hold an
earnings conference call at 07:00 A.M. Eastern Time on Wednesday,
November 27, 2024 (08:00 P.M. Beijing Time on the same day) to
discuss the financial results. Listeners may access the call by
dialing the following numbers:
|
International: |
1-412-902-4272 |
| United States Toll Free: |
1-888-346-8982 |
| Mainland China Toll Free: |
4001-201203 |
| Hong Kong Toll Free: |
800-905945 |
| Conference ID: |
QuantaSing Group Limited |
| |
|
The replay will be accessible through December
4, 2024 by dialing the following numbers:
|
International: |
1-412-317-0088 |
| United States Toll Free: |
1-877-344-7529 |
| Replay Access Code: |
9195244 |
| |
|
A live and archived webcast of the conference
call will be available at the Company's investor relations website
at https://ir.quantasing.com.
Non-GAAP Financial Measures
To supplement the Company’s consolidated
financial statements, which are prepared and presented in
accordance with U.S. GAAP, the Company uses gross billings of
individual online learning services, adjusted net income and basic
and diluted adjusted net income per share as its non-GAAP financial
measures. Gross billings of individual online learning services for
a specific period represents revenues of the Company’s individual
online learning services net of the changes in deferred revenues in
such period, further adjusted by value-added tax in such period.
Adjusted net income represents net income excluding share-based
compensation expense. Basic and diluted adjusted net income per
share represents adjusted net income attributable to ordinary
shareholders of QuantaSing Group Limited divided by weighted
average number of ordinary shares outstanding during the periods
used in computing adjusted net income per 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, net 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 RMB7.0176 to US$1.00, the exchange rate on
September 30, 2024, 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; the expected
growth, trends and competition in the markets that the Company
operates in; changes in its revenues and certain cost or expense
items; PRC governmental policies and regulations relating to the
Company’s business and industry, general economic and political
conditions in China and globally, and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks, uncertainties, or factors is included in the
Company’s filings with the SEC, including, without limitation, the
final prospectus related to the IPO filed with the SEC dated
January 24, 2023. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
this press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and the Company
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date
hereof.
About QuantaSing Group Limited
QuantaSing is a leading lifestyle solution
provider empowering adults to live better and longer. Leveraging
its profound understanding of adult users and robust
infrastructure, QuantaSing offers easy-to-understand, affordable,
and accessible online courses to adult learners as well as consumer
products and service in selected areas to address the senior users’
aspirations for wellness.
For more information, please visit:
https://ir.quantasing.com.
Contact
Investor Relations Leah Guo QuantaSing Group Limited Email:
ir@quantasing.com Tel: +86 (10) 6493-7857
Robin Yang, Partner ICR, LLC Email:
QuantaSing.IR@icrinc.com Phone: +1 (212) 537-0429
_________________________________
1 Gross billings of individual online learning
services is a non-GAAP financial measure. For a reconciliation of
revenues of individual online learning services to gross billings
of individual online learning services, see the “Non-GAAP Financial
Measures” section and the table captioned “QuantaSing Group Limited
Unaudited Reconciliation of GAAP and Non-GAAP Results” below.2
Adjusted net income is a non-GAAP financial measure. For a
reconciliation of net income 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 The Company has adopted a new
presentation of its revenues since the second quarter of FY 2024,
which split other personal interest courses into skills upgrading
courses and recreation and leisure courses, to better align with
its business strategies and provide useful and updated information
to investors. Skills upgrading courses mainly include short-video
production courses and memory training courses. Recreation and
leisure courses mainly include personal well-being courses,
electronic keyboard courses and standing meditation courses. The
historical revenues presentation has been conformed to the current
presentation. 4 Effective from the fourth quarter of FY 2024, the
Company has introduced “Revenues from Consumer Business” as a
separate line item. This revenue was previously included in
“Revenues from Others”. The historical revenues presentation has
been conformed to the current presentation.5 Basic and diluted
adjusted net income per share are non-GAAP financial measures. For
a reconciliation of basic and diluted net income per share to basic
and diluted adjusted net 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 30,2024 |
|
September 30,2024 |
|
September 30,2024 |
| |
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
| Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
779,931 |
|
1,027,165 |
|
146,370 |
|
Restricted cash |
160 |
|
250 |
|
36 |
|
Short-term investments |
246,195 |
|
166,299 |
|
23,697 |
|
Accounts receivable, net |
16,676 |
|
17,192 |
|
2,450 |
|
Amounts due from related parties |
4,488 |
|
- |
|
- |
|
Inventory, net |
6,345 |
|
7,584 |
|
1,081 |
|
Prepayments and other current assets |
275,549 |
|
209,870 |
|
29,906 |
| Total current
assets |
1,329,344 |
|
1,428,360 |
|
203,540 |
| |
|
|
|
|
|
| Non-current
assets: |
|
|
|
|
|
|
Property and equipment, net |
6,569 |
|
5,794 |
|
826 |
|
Long-term investments |
9,010 |
|
10,623 |
|
1,514 |
|
Intangible assets, net |
- |
|
59 |
|
8 |
|
Operating lease right-of-use assets |
58,889 |
|
47,816 |
|
6,814 |
|
Deferred tax assets |
847 |
|
2,193 |
|
313 |
|
Other non-current assets |
21,360 |
|
22,009 |
|
3,136 |
| Total non-current
assets |
96,675 |
|
88,494 |
|
12,611 |
| TOTAL
ASSETS |
1,426,019 |
|
1,516,854 |
|
216,151 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
Accounts payables |
62,066 |
|
61,051 |
|
8,700 |
|
Accrued expenses and other current liabilities |
190,508 |
|
201,159 |
|
28,665 |
|
Income tax payable |
20,399 |
|
45,382 |
|
6,467 |
|
Contract liabilities, current portion |
385,227 |
|
347,744 |
|
49,553 |
|
Advance from customers |
162,257 |
|
163,004 |
|
23,228 |
|
Operating lease liabilities, current portion |
49,099 |
|
56,156 |
|
8,002 |
| Total current
liabilities |
869,556 |
|
874,496 |
|
124,615 |
|
|
|
|
|
|
|
| Non-current
liabilities: |
|
|
|
|
|
|
Contract liabilities, non-current portion |
11,365 |
|
20,221 |
|
2,881 |
|
Operating lease liabilities, non-current portion |
16,989 |
|
2,887 |
|
411 |
|
Deferred tax liabilities |
11,625 |
|
16,528 |
|
2,355 |
| Total non-current
liabilities |
39,979 |
|
39,636 |
|
5,647 |
| TOTAL
LIABILITIES |
909,535 |
|
914,132 |
|
130,262 |
|
QUANTASING GROUP LIMITEDUNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS -
continued(Amounts in thousands, except for share
and per share data) |
| |
| |
As of |
| |
June 30,2024 |
|
September 30,2024 |
|
September 30,2024 |
| |
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
Class A ordinary shares |
81 |
|
|
81 |
|
|
12 |
|
|
Class B ordinary shares |
34 |
|
|
34 |
|
|
5 |
|
|
Treasury stock |
(109,257 |
) |
|
(80,430 |
) |
|
(11,461 |
) |
|
Additional paid-in capital |
1,192,474 |
|
|
1,172,743 |
|
|
167,115 |
|
|
Accumulated other comprehensive income |
17,313 |
|
|
13,767 |
|
|
1,962 |
|
|
Accumulative deficit |
(584,161 |
) |
|
(503,473 |
) |
|
(71,744 |
) |
| TOTAL SHAREHOLDERS’
EQUITY |
516,484 |
|
|
602,722 |
|
|
85,889 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
1,426,019 |
|
|
1,516,854 |
|
|
216,151 |
|
|
QUANTASING GROUP LIMITEDUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME(Amounts in thousands, except for share and
per share data) |
|
|
|
|
For the Three Months Ended September
30, |
|
|
2023 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
Revenues |
869,136 |
|
|
810,404 |
|
|
115,482 |
|
| Cost of revenues |
(118,192 |
) |
|
(134,448 |
) |
|
(19,159 |
) |
|
|
|
|
|
|
|
|
Gross Profit |
750,944 |
|
|
675,956 |
|
|
96,323 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
Sales and marketing expenses |
(620,152 |
) |
|
(515,009 |
) |
|
(73,388 |
) |
|
Research and development expenses |
(43,800 |
) |
|
(28,080 |
) |
|
(4,001 |
) |
|
General and administrative expenses |
(42,762 |
) |
|
(30,621 |
) |
|
(4,363 |
) |
|
Total operating expenses |
(706,714 |
) |
|
(573,710 |
) |
|
(81,752 |
) |
|
|
|
|
|
|
|
| Income from
operations |
44,230 |
|
|
102,246 |
|
|
14,571 |
|
| |
|
|
|
|
|
| Other
income: |
|
|
|
|
|
|
Interest income |
3,447 |
|
|
1,939 |
|
|
276 |
|
|
Others, net |
12,257 |
|
|
9,735 |
|
|
1,387 |
|
| |
|
|
|
|
|
|
Income before income tax |
59,934 |
|
|
113,920 |
|
|
16,234 |
|
|
Income tax expense |
6,746 |
|
|
(33,232 |
) |
|
(4,736 |
) |
|
|
|
|
|
|
|
| Net
income |
66,680 |
|
|
80,688 |
|
|
11,498 |
|
| Net income
attributable to ordinary shareholders |
66,680 |
|
|
80,688 |
|
|
11,498 |
|
| |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
Foreign currency translation adjustments, net of nil tax |
(2,005 |
) |
|
(3,546 |
) |
|
(505 |
) |
| Total other
comprehensive income |
(2,005 |
) |
|
(3,546 |
) |
|
(505 |
) |
|
|
|
|
|
|
|
| Total comprehensive
income |
64,675 |
|
|
77,142 |
|
|
10,993 |
|
|
|
|
|
|
|
|
| Net income per
ordinary share |
|
|
|
|
|
|
- Basic |
0.39 |
|
|
0.52 |
|
|
0.07 |
|
|
- Diluted |
0.38 |
|
|
0.50 |
|
|
0.07 |
|
| Weighted average
number of ordinary shares used in computing net income per
share |
|
|
|
|
|
|
- Basic |
169,056,984 |
|
|
156,445,053 |
|
|
156,445,053 |
|
|
- Diluted |
175,003,606 |
|
|
161,309,229 |
|
|
161,309,229 |
|
| Share-based
compensation expenses included in |
|
|
|
|
|
|
Cost of revenues |
(3,778 |
) |
|
(2,303 |
) |
|
(328 |
) |
|
Sales and marketing expenses |
(4,489 |
) |
|
(39 |
) |
|
(6 |
) |
|
Research and development expenses |
(5,610 |
) |
|
(1,898 |
) |
|
(270 |
) |
|
General and administrative expenses |
(13,409 |
) |
|
(3,032 |
) |
|
(432 |
) |
|
QUANTASING GROUP LIMITEDUNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS(Amounts in thousands, except for share and
per share data) |
|
|
| The following
table below sets forth a reconciliation of revenues to gross
billings for the periods indicated: |
|
|
|
|
For the Three Months Ended September
30, |
|
|
2023 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
Revenues of individual online learning
services: |
755,910 |
|
|
709,012 |
|
|
101,033 |
|
| Add: value-added tax |
47,579 |
|
|
40,691 |
|
|
5,798 |
|
| Add: ending deferred revenues
(1) |
619,954 |
|
|
529,054 |
|
|
75,390 |
|
| Less: beginning deferred
revenues (1) |
(661,360 |
) |
|
(565,030 |
) |
|
(80,516 |
) |
| |
|
|
|
|
|
| Gross billings of
individual online learning services |
762,083 |
|
|
713,727 |
|
|
101,705 |
|
| |
| (1) Deferred
revenues include contract liabilities, advance from customers, and
refund liability of individual online learning services included in
“accrued expenses and other current liabilities.” |
|
QUANTASING GROUP LIMITEDUNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS -
continued(Amounts in thousands, except for share
and per share data) |
|
|
| The following
table below sets forth a reconciliation of net income to adjusted
net income and basic and diluted net income per share to basic and
diluted adjusted net income per share for the periods
indicated: |
|
|
|
|
For the Three Months Ended September
30, |
|
|
2023 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
| Net
income |
66,680 |
|
80,688 |
|
11,498 |
|
Add: Share-based compensation expenses |
27,286 |
|
7,272 |
|
1,036 |
| Adjusted net
income |
93,966 |
|
87,960 |
|
12,534 |
| |
|
|
|
|
|
| Net income
attributable to ordinary shareholders |
66,680 |
|
80,688 |
|
11,498 |
|
Add: Share-based compensation expenses |
27,286 |
|
7,272 |
|
1,036 |
| Adjusted net income
attributable to ordinary shareholders |
93,966 |
|
87,960 |
|
12,534 |
| |
|
|
|
|
|
| Weighted average
number of ordinary shares used in computing net income per
share |
|
|
|
|
|
|
- Basic |
169,056,984 |
|
156,445,053 |
|
156,445,053 |
|
- Diluted |
175,003,606 |
|
161,309,229 |
|
161,309,229 |
| Weighted average
number of ordinary shares used in computing adjusted net
income per share |
|
|
|
|
|
|
- Basic |
169,056,984 |
|
156,445,053 |
|
156,445,053 |
|
- Diluted |
175,003,606 |
|
161,309,229 |
|
161,309,229 |
| |
|
|
|
|
|
| Net income per
ordinary share |
|
|
|
|
|
|
- Basic |
0.39 |
|
0.52 |
|
0.07 |
|
- Diluted |
0.38 |
|
0.50 |
|
0.07 |
| Non-GAAP adjustments
to net income per ordinary share |
|
|
|
|
|
|
- Basic |
0.17 |
|
0.04 |
|
0.01 |
|
- Diluted |
0.16 |
|
0.05 |
|
0.01 |
| Adjusted net
income per ordinary share |
|
|
|
|
|
|
- Basic |
0.56 |
|
0.56 |
|
0.08 |
|
- Diluted |
0.54 |
|
0.55 |
|
0.08 |
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