BEIJING, Sept. 8,
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 second quarter ended June
30, 2022.
Second Quarter 2022 Highlights[1]
- Net revenues were RMB537.8
million, compared with net revenues of RMB2,232.3 million in the same period of
2021.
- Gross billings[2] were RMB611.7 million, compared with gross billings of
RMB2,694.7 million in the same period
of 2021.
- Net loss was RMB49.8
million, compared with net loss of RMB918.8 million in the same period of 2021.
- Non-GAAP net income was RMB0.6
million, compared with non-GAAP net loss of RMB763.9 million in the same period of 2021.
- Net operating cash inflow was RMB93.8 million, compared with net operating cash
outflow of RMB318.6 million in the
same period of 2021.
[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.
Second Quarter 2022
Key Financial and Operating Data
|
(In thousands
of RMB, except for
percentages)
|
|
|
For the three months
ended June 30,
|
|
2021
|
|
|
2022
|
|
|
Pct. Change
|
Net revenues
|
|
2,232,254
|
|
|
|
537,799
|
|
|
(75.9) %
|
Gross
billings
|
|
2,694,732
|
|
|
|
611,668
|
|
|
(77.3) %
|
Net loss
|
|
(918,791)
|
|
|
|
(49,809)
|
|
|
(94.6) %
|
Non-GAAP net (loss)
income
|
|
(763,890)
|
|
|
|
645
|
|
|
NM
|
Net operating cash
(outflow) inflow
|
|
(318,554)
|
|
|
|
93,794
|
|
|
NM
|
Six Months Ended June 30, 2022
Highlights
- Net revenues were RMB1,262.4
million, compared with net revenues of RMB4,172.6 million in the same period of
2021.
- Gross billings were RMB929.8
million, compared with gross billings of RMB3,876.1 million in the same period of
2021.
- Net income was RMB3.9
million, compared with net loss of RMB2,344.7 million in the same period of
2021.
- Non-GAAP net income was RMB93.2
million, compared with non-GAAP net loss of RMB2,093.3 million in the same period of
2021.
- Net operating cash outflow was RMB387.5 million, compared with net operating
cash outflow of RMB2,413.9 million in
the same period of 2021.
First Six Months
2022 Key Financial and Operating Data
|
(In thousands
of RMB, except for
percentages)
|
|
|
For the six months
ended June 30,
|
|
2021
|
|
|
2022
|
|
|
Pct. Change
|
Net revenues
|
|
4,172,597
|
|
|
|
1,262,414
|
|
|
(69.7) %
|
Gross
billings
|
|
3,876,074
|
|
|
|
929,763
|
|
|
(76.0) %
|
Net (loss)
income
|
|
(2,344,710)
|
|
|
|
3,909
|
|
|
NM
|
Non-GAAP net (loss)
income
|
|
(2,093,310)
|
|
|
|
93,188
|
|
|
NM
|
Net operating cash
outflow
|
|
(2,413,882)
|
|
|
|
(387,472)
|
|
|
(83.9) %
|
Larry Xiangdong Chen, the
Company's founder, Chairman and CEO, commented, "During
the second quarter of 2022, our businesses sustained a healthy and
stable growth. Our gross billings nearly doubled compared to last
quarter, and we successfully generated positive net operating
cashflow. Our net loss was substantially narrowed year-over-year,
and this is the third consecutive quarter that we secured non-GAAP
profitability after our business restructuring. Going forward, we
will continue to focus on educational services for college students
and adults, non-academic tutoring services, and educational
contents & digitalized learning products, continue to uphold
the strategy of profitable growth, and continue to strive for
effective growth through improving operational efficiency and
optimizing cost structure."
Shannon Shen, CFO of the
Company, added, "During this quarter, we continued to achieve
effective growth under this challenging economic environment. Our
net revenues were RMB537.8 million,
and our gross billings were RMB611.7
million. Further, net revenues generated by comparable
businesses showed quarter-over-quarter growth for three consecutive
quarters, and their gross billings showed quarter-over-quarter
growth for four consecutive quarters. We expect this momentum to
continue in the next quarter. We also realized a positive net
operating cashflow of RMB93.8 million
in the second quarter. With that, our capital position remains
strong. As of June 30, 2022, we had a
total of approximately RMB3.4 billion
in terms of cash, cash equivalents, restricted cash, and short-term
investments on our balance sheet, providing ample resources for
continued business development."
Financial Results for the Second Quarter of 2022
Net Revenues
Net revenues decreased by 75.9% to RMB537.8 million from RMB2,232.3 million in the second quarter of 2021.
The decrease was mainly due to the organizational adjustments and
business restructuring to comply with the government regulations,
including the cessation of academic subject tutoring services to
students ("Business Restructuring").
Cost of Revenues
Cost of revenues decreased by 77.9% to RMB160.0 million from RMB724.3 million in the second quarter of 2021.
The decline was mainly due to the reduction of employees and
offices as a result of the Business Restructuring, which resulted
in the decrease in staff related cost, learning material cost and
rental expenses.
Gross Profit and Gross Margin
Gross profit was RMB377.8 million,
compared with RMB1,508.0 million in
the second quarter of 2021. Gross profit margin increased to 70.2%
from 67.6% in the same period of 2021.
Non-GAAP gross profit was RMB396.4
million, compared with RMB1,543.5
million in the same period of 2021. Non-GAAP gross profit
margin increased to 73.7% from 69.1% in the same period of
2021.
Operating Expenses
Operating expenses decreased 81.4% to RMB438.3 million from RMB2,362.7 million in the second quarter of 2021.
The decline was primarily due to the decreased expenditure on
branding and marketing activities on academic subject tutoring
services as a result of the changes of regulatory environment.
Moreover, staff related expenses and other operating related
expenses also decreased, which was due to the reduction of
employees and offices as a result of the Business
Restructuring.
- Selling expenses decreased to RMB269.0
million from RMB1,641.1
million in the second quarter of 2021.
- Research and development expenses decreased to RMB103.9 million from RMB426.5 million in the second quarter of
2021.
- General and administrative expenses decreased to RMB65.4 million from RMB242.0 million in the second quarter of
2021.
Loss from Operations
Loss from operations was RMB60.5
million, compared with the loss from operations of
RMB854.7 million in the second
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 loss from operations was RMB10.0
million, compared with non-GAAP loss from operations of
RMB699.8 million in the second
quarter of 2021.
Interest Income and Realized Gains from
Investments
Interest income and realized gains from investments, on
aggregate, was RMB9.8 million,
compared with RMB23.5 million of
interest income and realized gains from investments in the second
quarter of 2021.
Other Income (Expense)
Other income was RMB0.4 million,
compared with other expense of RMB36.5
million in the second quarter of 2021.
Net (Loss) Income
Net loss was RMB49.8 million,
compared with net loss of RMB918.8
million in the second quarter of 2021.
Non-GAAP net income was RMB0.6
million, compared with non-GAAP net loss of RMB763.9 million in the second quarter of
2021.
Cash Flow
Net operating cash inflow for the second quarter of 2022 was
RMB93.8 million, which was primarily
due to the increased cash inflow of gross billings.
Basic and Diluted Net (Loss) Income per ADS
Basic and diluted net loss per ADS were both RMB0.19 in the second quarter of 2022.
Non-GAAP basic and diluted net income per ADS were both
approximately nil in the second quarter of 2022.
Share Outstanding
As of June 30, 2022, the Company
had 172,397,205 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash and Short-term
Investments
As of June 30, 2022, the Company
had cash and cash equivalents, restricted cash and short-term
investments of RMB3,353.2 million in
aggregate, compared with a total of RMB3,671.1 million as of December 31, 2021.
Other Payables
As of June 30, 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 third quarter of 2022 are expected to be between RMB576 million and RMB596
million, representing a decrease of 46.5% to 48.3% 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
Thursday, September 8, 2022 (8:00 PM
on Thursday, September 8, 2022,
Beijing/Hong Kong Time). Dial-in
details for the earnings conference call are as follows:
International:
|
1-412-317-6061
|
US:
|
1-888-317-6003
|
Hong Kong:
|
800-963-976
|
Mainland
China:
|
400-120-6115
|
Passcode:
|
9006495
|
A telephone replay will be available two hours after the
conclusion of the conference call through September 15, 2022. The dial-in details are:
International:
|
1-412-317-0088
|
US:
|
1-877-344-7529
|
Passcode:
|
7374750
|
Additionally, a live and archived webcast of this conference
call will be available at http://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 educational services
for college students and adults, non-academic tutoring services,
and educational contents & digitalized learning 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 a 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
RMB6.6981 to USD1.0000, the effective noon buying rate for
June 30, 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
June 30, 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 June
30,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
728,934
|
|
|
|
590,689
|
|
|
|
88,188
|
|
Restricted cash
|
|
168,189
|
|
|
|
764
|
|
|
|
114
|
|
Short-term investments
|
|
2,774,000
|
|
|
|
2,761,758
|
|
|
|
412,320
|
|
Inventory
|
|
15,595
|
|
|
|
24,759
|
|
|
|
3,696
|
|
Prepaid expenses and other current assets
|
|
250,068
|
|
|
|
312,887
|
|
|
|
46,713
|
|
Total current
assets
|
|
3,936,786
|
|
|
|
3,690,857
|
|
|
|
551,031
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
353,877
|
|
|
|
148,935
|
|
|
|
22,235
|
|
Property, equipment and software, net
|
|
680,009
|
|
|
|
583,133
|
|
|
|
87,059
|
|
Land
use rights, net
|
|
28,178
|
|
|
|
27,775
|
|
|
|
4,147
|
|
Rental deposit
|
|
22,544
|
|
|
|
10,920
|
|
|
|
1,630
|
|
Other non-current assets
|
|
3,272
|
|
|
|
2,895
|
|
|
|
432
|
|
TOTAL
ASSETS
|
|
5,024,666
|
|
|
|
4,464,515
|
|
|
|
666,534
|
|
|
|
|
|
|
|
|
|
|
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 RMB300,991 as
of December 31, 2021 and June
30,
2022, respectively)
|
|
693,265
|
|
|
|
545,101
|
|
|
|
81,380
|
|
Deferred revenue, current portion of the
consolidated VIE without recourse to
the
Group
|
|
986,993
|
|
|
|
622,478
|
|
|
|
92,934
|
|
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
RMB23,022 as of December 31, 2021
and
June 30, 2022,
respectively)
|
|
80,010
|
|
|
|
39,046
|
|
|
|
5,829
|
|
Total current
liabilities
|
|
1,760,268
|
|
|
|
1,206,625
|
|
|
|
180,143
|
|
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 June
30,
|
|
|
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
|
|
|
|
25,389
|
|
|
|
3,790
|
|
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
RMB79,335 as of December 31,
2021
and June 30, 2022,
respectively)
|
|
276,035
|
|
|
|
113,994
|
|
|
|
17,019
|
|
Deferred tax liabilities (including deferred tax
liabilities of the consolidated VIE
without
recourse to the Group of RMB71,616
and
RMB70,272 as of December 31, 2021
and
June 30,
2022,respectively)
|
|
71,616
|
|
|
|
71,459
|
|
|
|
10,669
|
|
Other payables of the consolidated VIE
without recourse to the
Group
|
|
26,580
|
|
|
|
26,580
|
|
|
|
3,968
|
|
TOTAL
LIABILITIES
|
|
2,143,724
|
|
|
|
1,444,047
|
|
|
|
215,589
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
114
|
|
|
|
114
|
|
|
|
17
|
|
Additional paid-in capital
|
|
7,793,234
|
|
|
|
7,882,256
|
|
|
|
1,176,790
|
|
Accumulated other comprehensive loss
|
|
(143,111)
|
|
|
|
(96,516)
|
|
|
|
(14,409)
|
|
Statutory reserve
|
|
40,380
|
|
|
|
40,380
|
|
|
|
6,029
|
|
Accumulated deficit
|
|
(4,809,675)
|
|
|
|
(4,805,766)
|
|
|
|
(717,482)
|
|
TOTAL SHAREHOLDERS'
EQUITY
|
|
2,880,942
|
|
|
|
3,020,468
|
|
|
|
450,945
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND TOTAL
SHAREHOLDERS' EQUITY
|
|
5,024,666
|
|
|
|
4,464,515
|
|
|
|
666,534
|
|
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 June 30,
|
|
|
For the six months
ended June 30,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Net
revenues
|
|
2,232,254
|
|
|
|
537,799
|
|
|
|
80,291
|
|
|
|
4,172,597
|
|
|
|
1,262,414
|
|
|
|
188,473
|
|
Cost of
revenues
|
|
(724,278)
|
|
|
|
(160,004)
|
|
|
|
(23,888)
|
|
|
|
(1,295,780)
|
|
|
|
(372,949)
|
|
|
|
(55,680)
|
|
Gross
profit
|
|
1,507,976
|
|
|
|
377,795
|
|
|
|
56,403
|
|
|
|
2,876,817
|
|
|
|
889,465
|
|
|
|
132,793
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
(1,641,083)
|
|
|
|
(268,975)
|
|
|
|
(40,157)
|
|
|
|
(3,929,793)
|
|
|
|
(553,149)
|
|
|
|
(82,583)
|
|
Research and
development expenses
|
|
(426,502)
|
|
|
|
(103,872)
|
|
|
|
(15,508)
|
|
|
|
(791,612)
|
|
|
|
(227,179)
|
|
|
|
(33,917)
|
|
General and
administrative expenses
|
|
(241,982)
|
|
|
|
(65,441)
|
|
|
|
(9,770)
|
|
|
|
(459,597)
|
|
|
|
(144,377)
|
|
|
|
(21,555)
|
|
Impairment loss on
intangible assets
and goodwill
|
|
(53,131)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(53,131)
|
|
|
|
-
|
|
|
|
-
|
|
Total operating
expenses
|
|
(2,362,698)
|
|
|
|
(438,288)
|
|
|
|
(65,435)
|
|
|
|
(5,234,133)
|
|
|
|
(924,705)
|
|
|
|
(138,055)
|
|
Loss from
operations
|
|
(854,722)
|
|
|
|
(60,493)
|
|
|
|
(9,032)
|
|
|
|
(2,357,316)
|
|
|
|
(35,240)
|
|
|
|
(5,262)
|
|
Interest
income
|
|
7,667
|
|
|
|
1,763
|
|
|
|
263
|
|
|
|
21,752
|
|
|
|
9,445
|
|
|
|
1,410
|
|
Realized gains from
investments
|
|
15,826
|
|
|
|
8,074
|
|
|
|
1,205
|
|
|
|
24,636
|
|
|
|
19,733
|
|
|
|
2,946
|
|
Other (expense)
income
|
|
(36,519)
|
|
|
|
397
|
|
|
|
59
|
|
|
|
8,368
|
|
|
|
28,401
|
|
|
|
4,240
|
|
(Loss) income before
provision for
income tax and share of results of
equity investees
|
|
(867,748)
|
|
|
|
(50,259)
|
|
|
|
(7,505)
|
|
|
|
(2,302,560)
|
|
|
|
22,339
|
|
|
|
3,334
|
|
Income tax (expenses)
benefits
|
|
(51,658)
|
|
|
|
450
|
|
|
|
67
|
|
|
|
(41,848)
|
|
|
|
(18,430)
|
|
|
|
(2,752)
|
|
Share of results of
equity investees
|
|
615
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(302)
|
|
|
|
-
|
|
|
|
-
|
|
Net (loss)
income
|
|
(918,791)
|
|
|
|
(49,809)
|
|
|
|
(7,438)
|
|
|
|
(2,344,710)
|
|
|
|
3,909
|
|
|
|
582
|
|
Net (loss) income
attributable to
Gaotu Techedu Inc.'s ordinary
shareholders
|
|
(918,791)
|
|
|
|
(49,809)
|
|
|
|
(7,438)
|
|
|
|
(2,344,710)
|
|
|
|
3,909
|
|
|
|
582
|
|
Net (loss) income
per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(5.38)
|
|
|
|
(0.29)
|
|
|
|
(0.04)
|
|
|
|
(13.75)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
Diluted
|
|
(5.38)
|
|
|
|
(0.29)
|
|
|
|
(0.04)
|
|
|
|
(13.75)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
Net (loss) income
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(3.59)
|
|
|
|
(0.19)
|
|
|
|
(0.03)
|
|
|
|
(9.17)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
Diluted
|
|
(3.59)
|
|
|
|
(0.19)
|
|
|
|
(0.03)
|
|
|
|
(9.17)
|
|
|
|
0.01
|
|
|
|
0.00
|
|
Weighted average
shares used in
net (loss) income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
170,634,264
|
|
|
|
172,188,243
|
|
|
|
172,188,243
|
|
|
|
170,482,819
|
|
|
|
171,866,239
|
|
|
|
171,866,239
|
|
Diluted
|
|
170,634,264
|
|
|
|
172,188,243
|
|
|
|
172,188,243
|
|
|
|
170,482,819
|
|
|
|
175,382,752
|
|
|
|
175,382,752
|
|
|
|
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 June 30,
|
|
|
For the six months
ended June 30,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Net
revenues
|
|
2,232,254
|
|
|
|
537,799
|
|
|
|
80,291
|
|
|
|
4,172,597
|
|
|
|
1,262,414
|
|
|
|
188,473
|
|
Less: other
revenues(1)
|
|
78
|
|
|
|
11,829
|
|
|
|
1,766
|
|
|
|
471
|
|
|
|
26,416
|
|
|
|
3,944
|
|
Add: VAT and
surcharges
|
|
142,600
|
|
|
|
33,857
|
|
|
|
5,055
|
|
|
|
257,523
|
|
|
|
78,307
|
|
|
|
11,691
|
|
Add: ending deferred
revenue
|
|
1,976,369
|
|
|
|
647,867
|
|
|
|
96,724
|
|
|
|
1,976,369
|
|
|
|
647,867
|
|
|
|
96,724
|
|
Add: ending refund
liability
|
|
324,504
|
|
|
|
42,439
|
|
|
|
6,336
|
|
|
|
324,504
|
|
|
|
42,439
|
|
|
|
6,336
|
|
Less: beginning
deferred
revenue
|
|
1,896,528
|
|
|
|
599,719
|
|
|
|
89,536
|
|
|
|
2,733,739
|
|
|
|
996,218
|
|
|
|
148,731
|
|
Less: beginning
refund
liability
|
|
84,389
|
|
|
|
38,746
|
|
|
|
5,785
|
|
|
|
120,709
|
|
|
|
78,630
|
|
|
|
11,739
|
|
Gross
billings
|
|
2,694,732
|
|
|
|
611,668
|
|
|
|
91,319
|
|
|
|
3,876,074
|
|
|
|
929,763
|
|
|
|
138,810
|
|
|
|
Note (1): Include
miscellaneous revenues generated from services other than
courses.
|
|
|
|
|
For the three months
ended June 30,
|
|
|
For the six months
ended June 30,
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2022
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
Gross
profit
|
|
1,507,976
|
|
|
|
377,795
|
|
|
|
56,403
|
|
|
|
2,876,817
|
|
|
|
889,465
|
|
|
|
132,793
|
|
Share-based
compensation expense
in cost of revenues
|
|
35,561
|
|
|
|
18,630
|
|
|
|
2,781
|
|
|
|
60,342
|
|
|
|
36,979
|
|
|
|
5,521
|
|
Non-GAAP gross
profit
|
|
1,543,537
|
|
|
|
396,425
|
|
|
|
59,184
|
|
|
|
2,937,159
|
|
|
|
926,444
|
|
|
|
138,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(854,722)
|
|
|
|
(60,493)
|
|
|
|
(9,032)
|
|
|
|
(2,357,316)
|
|
|
|
(35,240)
|
|
|
|
(5,262)
|
|
Share-based
compensation expenses
|
|
154,901
|
|
|
|
50,454
|
|
|
|
7,533
|
|
|
|
251,400
|
|
|
|
89,279
|
|
|
|
13,329
|
|
Non-GAAP (loss)
income from
operations
|
|
(699,821)
|
|
|
|
(10,039)
|
|
|
|
(1,499)
|
|
|
|
(2,105,916)
|
|
|
|
54,039
|
|
|
|
8,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(918,791)
|
|
|
|
(49,809)
|
|
|
|
(7,438)
|
|
|
|
(2,344,710)
|
|
|
|
3,909
|
|
|
|
582
|
|
Share-based
compensation expenses
|
|
154,901
|
|
|
|
50,454
|
|
|
|
7,533
|
|
|
|
251,400
|
|
|
|
89,279
|
|
|
|
13,329
|
|
Non-GAAP net (loss)
income
|
|
(763,890)
|
|
|
|
645
|
|
|
|
95
|
|
|
|
(2,093,310)
|
|
|
|
93,188
|
|
|
|
13,911
|
|
View original
content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-second-quarter-of-2022-unaudited-financial-results-301620019.html
SOURCE Gaotu Techedu Inc.