BEIJING, June 6, 2022
/PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the
"Company"), a technology-driven education company and online
large-class tutoring service provider in China, today announced its unaudited financial
results for the first quarter ended March
31, 2022.
First Quarter 2022 Highlights[1]
- Net revenues were RMB724.6
million, compared with net revenues of RMB1,940.3 million in the same period of
2021.
- Gross billings[2] were RMB318.1 million, compared with gross billings of
RMB1,181.3 million in the same period
of 2021.
- Net income was RMB53.7
million, compared with net loss of RMB1,425.9 million in the same period of
2021.
- Non-GAAP net income was RMB92.5
million, compared with non-GAAP net loss of RMB1,329.4 million in the same period of
2021.
- Net operating cash outflow was RMB481.3 million, compared with net operating
cash outflow of RMB2,095.3 million in
the same period of 2021.
First Quarter 2022
Key Financial and Operating Data
|
(In thousands of RMB,
except for percentages)
|
|
|
For the three months
ended March 31,
|
|
2021
|
|
|
2022
|
|
|
Pct. Change
|
Net revenues
|
|
1,940,343
|
|
|
|
724,615
|
|
|
(62.7)%
|
Gross
billings
|
|
1,181,342
|
|
|
|
318,095
|
|
|
(73.1)%
|
Net (loss)
income
|
|
(1,425,919)
|
|
|
|
53,718
|
|
|
NM
|
Non-GAAP net (loss)
income
|
|
(1,329,420)
|
|
|
|
92,543
|
|
|
NM
|
Net operating cash
outflow
|
|
(2,095,328)
|
|
|
|
(481,266)
|
|
|
(77.0)%
|
|
|
|
|
|
|
|
|
|
|
[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 gross profit, 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.
|
Larry Xiangdong Chen,
the Company's founder, Chairman and CEO, commented, "In
the first quarter of 2022, our businesses continued to maintain a
healthy and sustainable development, and we have remained
profitable for two consecutive quarters since we began our business
restructuring. Going forward, we will continue to develop and
invest in our four core businesses, which are professional
education for college students and adults, vocational education,
STEAM education, and digital educational products. During this
quarter, the scale of our professional and vocational education
service further increased, compared with that of the last quarter.
Our STEAM education service has also made solid progress,
especially in its programming tutoring business. Through the
gradual development of our new businesses, we will continue to
expand our product portfolio across various categories to fulfil
diverse and multi-dimensional learning demands of students, and to
build a true learner-centric lifelong learning and service
platform."
Shannon Shen, CFO of the
Company, added, "In this quarter, our net revenues were
RMB724.6 million and gross billings
were RMB318.1 million. Further, we
are pleased to be able to continue to be profitable in this
challenging environment, with a net income margin of 7.4% and a
non-GAAP net income margin of 12.8%, indicating that we have
achieved effective growth. Furthermore, our capital position
remains strong. As of March 31, 2022,
we had a total of approximately RMB3.2
billion in terms of cash, cash equivalents, restricted cash,
and short-term investments on our balance sheet.
We believe that under the strong support of government policy,
vocational education will have a better future with higher market
demand. We sincerely hope that by providing the best service and
the best education quality, we will be able to establish Gaotu as a
reputable brand in the vocational and professional education
market."
Financial Results for the First Quarter of 2022
Net Revenues
Net revenues decreased by 62.7% to RMB724.6 million from RMB1,940.3 million in the first quarter of 2021.
The decrease was mainly due to the organizational adjustments and
business restructuring the Company performed in 2021, including the
cessation of academic subject tutoring services to students, as a
result of the impact of government regulations ("Business
Restructuring").
Cost of Revenues
Cost of revenues decreased by 62.7% to RMB212.9 million from RMB571.5 million in the first quarter of 2021,
mainly due to decreases in staff related cost, learning material
cost and rental expenses as a result of the Business Restructuring
in 2021.
Gross Profit and Gross Margin
Gross profit was RMB511.7 million,
compared with RMB1,368.8 million in
the first quarter of 2021. Gross profit margin increased to 70.6%
from 70.5% in the same period of 2021.
Non-GAAP gross profit was RMB530.0
million, compared with RMB1,393.6
million in the same period of 2021. Non-GAAP gross profit
margin increased to 73.1% from 71.8% in the same period of
2021.
Operating Expenses
Operating expenses decreased 83.1% to RMB486.4 million from RMB2,871.4 million in the first quarter of
2021.
Selling expenses decreased to RMB284.2
million from RMB2,288.7
million in the first quarter of 2021, primarily due to the
decreased spending on branding and marketing activities on academic
subject tutoring services as a result of the restrictions of
advertising activities according to government regulations.
Moreover, the sales and marketing staff related expenses and other
operating related expenses also decreased, which was due to the
reduction of employees as a result of the Business Restructuring in
2021.
Research and development expenses decreased to RMB123.3 million from RMB365.1 million in the first quarter of 2021,
primarily due to a decrease in compensation for research and
development personnel as a result of the Business Restructuring in
2021.
General and administrative expenses decreased to RMB78.9 million from RMB217.6 million in the first quarter of 2021,
primarily due to a decrease in compensation for general and
administrative personnel as a result of the Business Restructuring
in 2021.
Income (Loss) from Operations
Income from operations was RMB25.3
million, compared with the loss from operations of
RMB1,502.6 million in the first
quarter of 2021, which was primarily due to a large decrease in
operating related cost and expenses as a result of the Business
Restructuring.
Non-GAAP income from operations was RMB64.1 million, compared with non-GAAP loss from
operations of RMB1,406.1 million in
the first quarter of 2021.
Interest Income and Realized Gains from
Investments
Interest income and realized gains from investments, on
aggregate, were RMB19.3 million,
compared with RMB22.9 million in the
first quarter of 2021.
Other Income
Other income was RMB28.0 million,
compared with RMB44.9 million in the
first quarter of 2021. The decrease was mainly due to the
value-added tax exemption offered by the government in the first
quarter of 2021, which was no longer offered after April 2021.
Net Income (Loss)
Net income was RMB53.7 million,
compared with net loss of RMB1,425.9
million in the first quarter of 2021.
Non-GAAP net income was RMB92.5
million, compared with non-GAAP net loss of RMB1,329.4 million in the first quarter of
2021.
Cash Flow
Net operating cash outflow for the first quarter of 2022 was
RMB481.3 million. The outflow of net
operating cash this quarter was primarily due to employee
compensation and marketing expenses paid to improve our market
share and brand awareness in the professional and vocational
education market.
Basic and Diluted Net Income per ADS
Basic and diluted net income per ADS were both RMB0.21 in the first quarter of 2022.
Non-GAAP basic and diluted net income per ADS, were RMB0.36 and RMB0.35, respectively, in the first quarter of
2022.
Share Outstanding
As of March 31, 2022, the Company
had 172,096,742 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash and Short-term
Investments
As of March 31, 2022, the Company
had cash, cash equivalents, restricted cash and short-term
investments of RMB3,206.7 million in
aggregate, compared with a total of RMB3,671.1 million as of December 31, 2021.
Other Payables
As of March 31, 2022, other
payables in non-current liabilities totaled RMB26.6 million, 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 2022 are expected to be between RMB438 million and RMB458
million, representing a decrease of 79% to 80% 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 at
8:00 AM U.S. Eastern Time on
Monday, June 6, 2022 (8:00 PM on
Monday, June 6, 2022, Beijing/Hong Kong Time). Dial-in details for
the earnings conference call are as follows:
International:
|
+1-412-317-6061
|
United
States:
|
+1-888-317-6003
|
Hong Kong:
|
800-963-976
|
Mainland
China:
|
400-120-6115
|
Passcode:
|
7635501
|
A telephone replay will be available two hours after the
conclusion of the conference call through June 13, 2022. The dial-in details are as
follows:
International:
|
+1-412-317-0088
|
United
States:
|
+1-877-344-7529
|
Passcode:
|
7141257
|
Additionally, a live and archived webcast of this
conference call will be available at https://ir.gaotu.cn/home.
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 business outlook, as well as 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 Gaotu Techedu Inc.
Gaotu is a technology-driven education company and online
large-class tutoring service provider in China. The Company offers professional
education for college students and adults, vocational education,
STEAM education and digital educational products. Gaotu 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 every 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.
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
RMB6.3393 to USD1.0000, the effective noon buying rate for
March 31, 2022 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, 2022, or at any other
rate.
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Christensen
In China
Ms. Vivian Wang
Phone: +852 2232 3978
E-mail: gotu@christensenir.com
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
Gaotu 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,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
728,934
|
|
|
|
968,153
|
|
|
|
152,722
|
|
Restricted cash
|
|
168,189
|
|
|
|
11,658
|
|
|
|
1,839
|
|
Short-term investments
|
|
2,774,000
|
|
|
|
2,226,853
|
|
|
|
351,277
|
|
Inventory
|
|
15,595
|
|
|
|
18,728
|
|
|
|
2,954
|
|
Prepaid expenses and other current assets
|
|
250,068
|
|
|
|
309,306
|
|
|
|
48,792
|
|
Total current
assets
|
|
3,936,786
|
|
|
|
3,534,698
|
|
|
|
557,584
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
353,877
|
|
|
|
228,311
|
|
|
|
36,015
|
|
Property, equipment and software, net
|
|
680,009
|
|
|
|
617,003
|
|
|
|
97,330
|
|
Land
use rights, net
|
|
28,178
|
|
|
|
27,976
|
|
|
|
4,413
|
|
Rental deposit
|
|
22,544
|
|
|
|
22,471
|
|
|
|
3,545
|
|
Other non-current assets
|
|
3,272
|
|
|
|
3,078
|
|
|
|
486
|
|
TOTAL
ASSETS
|
|
5,024,666
|
|
|
|
4,433,537
|
|
|
|
699,373
|
|
|
|
|
|
|
|
|
|
|
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
RMB417,032 and RMB263,851 as
of December 31, 2021 and March
31,
2022, respectively)
|
|
693,265
|
|
|
|
516,577
|
|
|
|
81,487
|
|
Deferred revenue, current portion of the
consolidated VIE without recourse to
the
Group
|
|
986,993
|
|
|
|
586,744
|
|
|
|
92,557
|
|
Operating
lease liabilities, current portion
(including current portion of
operating lease
liabilities of the consolidated VIE
without
recourse to the Group of RMB41,479
and
RMB40,212 as of December 31, 2021
and
March 31, 2022,
respectively)
|
|
80,010
|
|
|
|
53,418
|
|
|
|
8,426
|
|
Income tax payable (including income tax
payable of the consolidated VIE
without
recourse to the Group of nil and
RMB10,947
as of December 31, 2021 and March
31,
2022, respectively)
|
|
-
|
|
|
|
19,323
|
|
|
|
3,048
|
|
Total current
liabilities
|
|
1,760,268
|
|
|
|
1,176,062
|
|
|
|
185,518
|
|
Gaotu 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,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Deferred revenue, non-current portion of
the consolidated VIE without
recourse
to the Group
|
|
9,225
|
|
|
|
12,975
|
|
|
|
2,047
|
|
Operating lease liabilities, non-current
portion (including non-current
portion
of operating lease liabilities of
the
consolidated VIE without
recourse
to the Group of RMB158,824 and
RMB141,850 as of December 31,
2021
and March 31, 2022,
respectively)
|
|
276,035
|
|
|
|
180,269
|
|
|
|
28,437
|
|
Deferred tax liabilities of the consolidated
VIE without recourse to the
Group
|
|
71,616
|
|
|
|
71,031
|
|
|
|
11,205
|
|
Other payables of the consolidated VIE
without recourse to the
Group
|
|
26,580
|
|
|
|
26,580
|
|
|
|
4,193
|
|
TOTAL
LIABILITIES
|
|
2,143,724
|
|
|
|
1,466,917
|
|
|
|
231,400
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
114
|
|
|
|
114
|
|
|
|
18
|
|
Additional paid-in capital
|
|
7,793,234
|
|
|
|
7,831,799
|
|
|
|
1,235,436
|
|
Accumulated other comprehensive loss
|
|
(143,111)
|
|
|
|
(149,716)
|
|
|
|
(23,617)
|
|
Statutory reserve
|
|
40,380
|
|
|
|
40,380
|
|
|
|
6,370
|
|
Accumulated deficit
|
|
(4,809,675)
|
|
|
|
(4,755,957)
|
|
|
|
(750,234)
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
2,880,942
|
|
|
|
2,966,620
|
|
|
|
467,973
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND TOTAL
SHAREHOLDERS' EQUITY
|
|
5,024,666
|
|
|
|
4,433,537
|
|
|
|
699,373
|
|
Gaotu 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,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Net
revenues
|
|
1,940,343
|
|
|
|
724,615
|
|
|
|
114,305
|
|
Cost of
revenues
|
|
(571,502)
|
|
|
|
(212,945)
|
|
|
|
(33,591)
|
|
Gross
profit
|
|
1,368,841
|
|
|
|
511,670
|
|
|
|
80,714
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(2,288,710)
|
|
|
|
(284,174)
|
|
|
|
(44,827)
|
|
Research and
development expenses
|
|
(365,110)
|
|
|
|
(123,307)
|
|
|
|
(19,451)
|
|
General and
administrative expenses
|
|
(217,615)
|
|
|
|
(78,936)
|
|
|
|
(12,452)
|
|
Total operating
expenses
|
|
(2,871,435)
|
|
|
|
(486,417)
|
|
|
|
(76,730)
|
|
(Loss) income from
operations
|
|
(1,502,594)
|
|
|
|
25,253
|
|
|
|
3,984
|
|
Interest
income
|
|
14,085
|
|
|
|
7,682
|
|
|
|
1,212
|
|
Realized gains from
investments
|
|
8,810
|
|
|
|
11,659
|
|
|
|
1,839
|
|
Other income
|
|
44,887
|
|
|
|
28,004
|
|
|
|
4,418
|
|
(Loss) income before
provision for income tax
and share of results of equity investees
|
|
(1,434,812)
|
|
|
|
72,598
|
|
|
|
11,453
|
|
Income tax benefits
(expenses)
|
|
9,810
|
|
|
|
(18,880)
|
|
|
|
(2,978)
|
|
Share of results of
equity investees
|
|
(917)
|
|
|
|
-
|
|
|
|
-
|
|
Net (loss)
income
|
|
(1,425,919)
|
|
|
|
53,718
|
|
|
|
8,475
|
|
Net (loss) income
attributable to Gaotu
Techedu Inc.'s ordinary shareholders
|
|
(1,425,919)
|
|
|
|
53,718
|
|
|
|
8,475
|
|
Net (loss) income
per ordinary share
|
|
|
|
|
|
|
|
|
Basic
|
|
(8.37)
|
|
|
|
0.31
|
|
|
|
0.05
|
|
Diluted
|
|
(8.37)
|
|
|
|
0.31
|
|
|
|
0.05
|
|
Net (loss) income
per ADS
|
|
|
|
|
|
|
|
|
Basic
|
|
(5.58)
|
|
|
|
0.21
|
|
|
|
0.03
|
|
Diluted
|
|
(5.58)
|
|
|
|
0.21
|
|
|
|
0.03
|
|
Weighted average
shares used in net (loss)
income per share
|
|
|
|
|
|
|
|
|
Basic
|
|
170,329,724
|
|
|
|
171,540,658
|
|
|
|
171,540,658
|
|
Diluted
|
|
170,329,724
|
|
|
|
175,328,961
|
|
|
|
175,328,961
|
|
|
|
Note: Three ADSs
represent two ordinary shares.
|
|
Gaotu 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,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Net
revenues
|
|
1,940,343
|
|
|
|
724,615
|
|
|
|
114,305
|
|
Less: other
revenues(1)
|
|
393
|
|
|
|
14,587
|
|
|
|
2,301
|
|
Add: VAT and
surcharges
|
|
114,923
|
|
|
|
44,450
|
|
|
|
7,012
|
|
Add: ending deferred
revenue
|
|
1,896,528
|
|
|
|
599,719
|
|
|
|
94,604
|
|
Add: ending refund
liability
|
|
84,389
|
|
|
|
38,746
|
|
|
|
6,112
|
|
Less: beginning
deferred revenue
|
|
2,733,739
|
|
|
|
996,218
|
|
|
|
157,150
|
|
Less: beginning refund
liability
|
|
120,709
|
|
|
|
78,630
|
|
|
|
12,404
|
|
Gross
billings
|
|
1,181,342
|
|
|
|
318,095
|
|
|
|
50,178
|
|
|
|
Note (1): Include
miscellaneous revenues generated from services other than
courses.
|
|
|
For the three months
ended March 31,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Gross
profit
|
|
1,368,841
|
|
|
|
511,670
|
|
|
|
80,714
|
|
Share-based
compensation expense in cost of revenues
|
|
24,781
|
|
|
|
18,349
|
|
|
|
2,894
|
|
Non-GAAP gross
profit
|
|
1,393,622
|
|
|
|
530,019
|
|
|
|
83,608
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations
|
|
(1,502,594)
|
|
|
|
25,253
|
|
|
|
3,984
|
|
Share-based
compensation expenses
|
|
96,499
|
|
|
|
38,825
|
|
|
|
6,124
|
|
Non-GAAP (loss)
income from operations
|
|
(1,406,095)
|
|
|
|
64,078
|
|
|
|
10,108
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(1,425,919)
|
|
|
|
53,718
|
|
|
|
8,475
|
|
Share-based
compensation expenses
|
|
96,499
|
|
|
|
38,825
|
|
|
|
6,124
|
|
Non-GAAP net (loss)
income
|
|
(1,329,420)
|
|
|
|
92,543
|
|
|
|
14,599
|
|
View original
content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-first-quarter-of-2022-unaudited-financial-results-301561588.html
SOURCE Gaotu Techedu Inc.