BEIJING, Sept. 22, 2021 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Firm”), a number one on-line large-class tutoring service supplier in China, right now introduced its unaudited monetary outcomes for the second quarter ended June 30, 2021.
Second Quarter 2021 Highlights[1]
- Web revenues was RMB2,232.Three million, a 35.3% year-over-year enhance.
- Web revenues of on-line Ok-12 programs elevated 51.0% year-over-year to RMB2,091.Four million.
- Gross billings[2]Â was RMB2,694.7 million, a 12.2% year-over-year enhance.
- Gross billings of on-line Ok-12 programs elevated 17.2% year-over-year to RMB2,574.5 million.
- Paid course enrollments[3] elevated 4.1% year-over-year to 1,631 thousand.
- Paid course enrollments of on-line Ok-12 elevated 4.5% year-over-year to 1,563 thousand.
- Web loss was RMB918.Eight million, in contrast with internet revenue of RMB18.6 million in the identical interval of 2020.
- Non-GAAP internet loss was RMB763.9 million, in contrast with non-GAAP internet revenue of RMB72.7 million in the identical interval of 2020.
- Deferred income was RMB1,976.Four million, in contrast with RMB2,733.7 million as of December 31, 2020.
|
Second Quarter 2021 Key Monetary and Working Knowledge |
|||||
|
(In 1000’s of RMB, aside from paid course enrollments and percentages) |
|||||
|
Three Months Ended June 30, |
|||||
|
2020 |
2021 |
Pct. Change |
|||
|
Web revenues |
1,650,314 |
2,232,254 |
35.3% |
||
|
Ok-12 programs |
1,384,968 |
2,091,355 |
51.0% |
||
|
Overseas language, skilled, admission and |
265,346 |
140,899 |
(46.9%) |
||
|
Gross billings |
2,400,996 |
2,694,732 |
12.2% |
||
|
Ok-12 programs |
2,196,077 |
2,574,536 |
17.2% |
||
|
Overseas language, skilled, admission and |
204,919 |
120,196 |
(41.3%) |
||
|
Paid course enrollments (In 1000’s) |
1,567 |
1,631 |
4.1% |
||
|
Ok-12 programs |
1,496 |
1,563 |
4.5% |
||
|
Overseas language, skilled, admission and |
71 |
68 |
(4.2)% |
||
|
Web revenue (loss) |
18,627 |
(918,791) |
NM |
||
|
Non-GAAP internet revenue (loss) |
72,712 |
(763,890) |
NM |
||
|
[1] For a reconciliation of non-GAAP numbers, please see the desk captioned “Reconciliations of non-GAAP measures to probably the most comparable GAAP measures” on the finish of this press launch. Non-GAAP revenue (loss) from operations, non-GAAP internet revenue (loss) exclude share-based compensation bills. |
|
[2]Â Gross billings is a non-GAAP monetary measure, which is outlined as the entire amount of money obtained for the sale after all choices in such interval, internet of the entire quantity of refunds in such interval. See “About Non-GAAP Monetary Measures” and “Reconciliations of non-GAAP measures to probably the most comparable GAAP measures” elsewhere on this press launch. |
|
[3]Â Paid course enrollments for a sure interval consult with the cumulative variety of paid programs enrolled in and paid for by our college students, together with a number of paid programs enrolled in and paid for by the identical pupil. Paid programs consult with our programs which might be charged not lower than RMB99.Zero per course in charges. |
Six Months Ended June 30, 2021 Highlights
- Web revenues was RMB4,172.6 million, a 41.5% year-over-year enhance.
- Web revenues of on-line Ok-12 programs elevated 56.0% year-over-year to RMB3,907.6 million.
- Gross billings was RMB3,876.1 million, a 2.7% year-over-year enhance.
- Gross billings of on-line Ok-12 programs elevated 8.8% year-over-year to RMB3,577.1 million.
- Paid course enrollments elevated 2.4% year-over-year to 2,398 thousand.
- Paid course enrollments of on-line Ok-12 elevated 2.4% year-over-year to 2,195 thousand.
- Web loss was RMB2,344.7 million, in contrast with internet revenue of RMB166.6 million in the identical interval of 2020.
- Non-GAAP internet loss was RMB2,093.Three million, in contrast with non-GAAP internet revenue of RMB263.5 million in the identical interval of 2020.
|
First Six Months of 2021 Key Monetary and Working Knowledge |
|||||
|
(In 1000’s of RMB, aside from paid course enrollments and percentages) |
|||||
|
Six Months Ended June 30, |
|||||
|
2020 |
2021 |
Pct. Change |
|||
|
Web revenues |
2,947,894 |
4,172,597 |
41.5% |
||
|
Ok-12 programs |
2,505,057 |
3,907,626 |
56.0% |
||
|
Overseas language, skilled, admission and |
442,837 |
264,971 |
(40.2)% |
||
|
Gross billings |
3,775,395 |
3,876,074 |
2.7% |
||
|
Ok-12 programs |
3,286,669 |
3,577,148 |
8.8% |
||
|
Overseas language, skilled, admission and |
488,726 |
298,926 |
(38.8)% |
||
|
Paid course enrollments (In 1000’s) |
2,341 |
2,398 |
2.4% |
||
|
Ok-12 programs |
2,143 |
2,195 |
2.4% |
||
|
Overseas language, skilled, admission and |
198 |
203 |
2.5% |
||
|
Web revenue (loss) |
166,615 |
(2,344,710) |
NM |
||
|
Non-GAAP internet revenue (loss) |
263,453 |
(2,093,310) |
NM |
||
Larry Xiangdong Chen, the Firm’s founder, Chairman and CEO, commented, “Within the second quarter of 2021, our income has reached a file excessive to 2.232 billion RMB. To be able to assist the equality of schooling, ever since Might, we have now successively collaborated with a number of non-profit organizations such because the China Charity’s Help Basis for Kids, the China Youth Improvement Basis, the China Subsequent Technology Training Basis, and the Henan Regular College by money donation or free course choices, to help the revitalization of rural space schooling and obtain the aim of equal entry of schooling for everyone. On the similar time, we have now lately and quickly adjusted the organizational construction of the group, to concentrate on skilled schooling and STEAM schooling, and additional exploring potentialities on digital merchandise and vocational schooling. We are saying that 2014 is Gaotu’s first try as a startup , and 2016 is our second begin, then we are able to additionally say that 2021 is our third begin. We should always preserve the aim of schooling in thoughts, at all times firmly consider that schooling is a noble career. It is simple that we have now boundless religion within the brilliant way forward for the Chinese language schooling business.”
“Moreover, we’re happy to welcome Ms. Jin Cui to hitch our Board because the AC Chairwoman. We stay up for drawing upon Ms. Cui’s intensive expertise as our enterprise continues to develop. We thank Mr. Xin Fan for his dedication for his tenure as Board Director for the previous two years. Regardless of of the change in board, our enterprise technique stays unchanged.”
Shannon Shen, CFO of the Firm, added, “Within the second quarter, we have now upgraded our organizational construction. We’ll proceed to develop within the space {of professional} schooling, STEAM schooling, vocational schooling and product digitalization. In exploring skilled schooling, the general public workplace examination sector has maintained its comparatively excessive degree; paid customers within the monetary certificates sector have elevated Four occasions 12 months over 12 months. Skilled schooling is quickly altering and upgrading. Sooner or later, we are going to concentrate on these areas which might be strongly supported by the federal government, making a multi-facet, interactive platform that encompassing all instructional classes for life-long studying.”
Monetary Outcomes for the Second Quarter of 2021
Web Revenues
Web revenues reached RMB2,232.Three million, a 35.3% enhance from RMB1,650.Three million within the second quarter of 2020. The rise was primarily pushed by the expansion in paid course enrollments for Ok-12 programs through the interval from the fourth quarter of 2020 to the second quarter of 2021, which was contributed by each first-time paid course enrollments and retention of current college students. The online revenues within the second quarter of 2021 was partially attributable to the paid course enrollments of the fourth quarter of 2020.
Value of Revenues
Value of revenues rose by 100.8% to RMB724.Three million from RMB360.7 million within the second quarter of 2020, primarily because of the elevated recruitment of instructors and tutors, the rise in compensation for attracting and retaining prime quality educating employees, in addition to the rise in studying materials price and rental bills.
Gross Revenue and Gross Margin
Gross revenue elevated 16.9% to RMB1,508.Zero million from RMB1,289.7 million within the second quarter of 2020. Gross revenue margin decreased to 67.6% from 78.1% in the identical interval of 2020. The lower was primarily because of the enhance in compensation for instructors and tutors, concurrently ensuing from the elevated variety of them and extra aggressive salaries supplied, to draw glorious skills to enhance educating high quality and college students’ studying expertise.
Non-GAAP gross revenue elevated by 18.2% to RMB1,543.5 million from RMB1,305.Four million in the identical interval of 2020. Non-GAAP gross revenue margin decreased to 69.1% from 79.1% in the identical interval of 2020.
Working Bills
Working bills have been RMB2,362.7 million, which elevated from RMB1,450.Four million within the second quarter of 2020.
Promoting bills elevated to RMB1,641.1 million from RMB1,204.Eight million within the second quarter of 2020. The rise was primarily a results of increased advertising and marketing bills to broaden person base and improve our manufacturers, and a rise in compensation to gross sales and advertising and marketing employees.
Analysis and improvement bills elevated by 204.9% to RMB426.5 million, from RMB139.9 million within the second quarter of 2020. The rise was primarily as a result of a rise within the variety of schooling content material improvement professionals and know-how improvement personnel, in addition to a rise in compensation for such employees.
Common and administrative bills elevated to RMB242.Zero million from RMB105.7 million within the second quarter of 2020. The rise usually and administrative bills was primarily as a result of a rise within the variety of common and administrative personnel, a rise in compensation paid to such employees.
Impairment loss on intangible property and goodwill was RMB53.1 million for the second quarter of 2021, in comparison with nil for a similar interval of 2020. The impairment loss was primarily because of the decline of truthful worth associated to the intangible property and goodwill in reference to the acquisition of Tianjin Puxin On-line Faculty Training Know-how Co., Ltd. that was accomplished in December 2020. Contemplating current regulatory insurance policies regarding after-school tutoring companies, the acquisition is not going to prone to obtain the goal targets the administration had estimated on the time of acquisition.
Loss from Operations
Loss from operations was RMB854.7 million, in contrast with the loss from operations of RMB160.Eight million within the second quarter of 2020. The lower was primarily as a result of increased spending in gross sales and advertising and marketing actions to increase quantity progress and strengthen model notion and a rise within the variety of personnel, in addition to a rise in compensation for our employees.
Non-GAAP loss from operations was RMB699.Eight million, in contrast with non-GAAP loss from operations of RMB106.7 million within the second quarter of 2020.
Curiosity Revenue and Realized Good points from Funding
Curiosity revenue and realized positive aspects from investments, on mixture, was RMB23.5 million, in contrast with RMB24.2 million within the second quarter of 2020. Curiosity revenue and realized positive aspects from investments was primarily the curiosity revenue of money, money equivalents and short-term wealth administration investments, in addition to the belief of positive aspects generated from short-term and long-term wealth administration investments.
Different Revenue (Expense)
Different expense was RMB36.5 million, in contrast with different revenue of RMB87.7 million within the second quarter of 2020. Different expense within the second quarter of 2021 primarily consisted of associated price of the value-added tax exemption supplied by the federal government through the COVID-19 outbreak, which amounted to RMB56.7 million, internet of different revenue of RMB20.2 million.
Web Income (Loss)
Web loss was RMB918.Eight million, in contrast with internet revenue of RMB18.6 million within the second quarter of 2020.
Non-GAAP internet loss was RMB763.9 million, in contrast with non-GAAP internet revenue of RMB72.7 million within the second quarter of 2020.
Money Circulate
Web working money outflow for the second quarter of 2021 was RMB318.6 million. The outflow of internet working money this quarter was primarily as a result of increased advertising and marketing bills paid to enhance our market share and model consciousness, and a rise in compensation. Money utilized in capital expenditures was RMB107.Zero million.
Fundamental and Diluted Web Loss per ADS
Fundamental and diluted internet loss per ADS have been RMB3.59, within the second quarter of 2021.
Non-GAAP fundamental and diluted internet loss per ADS, have been RMB2.99, within the second quarter of 2021.
Share Excellent
As of June 30, 2021, the Firm had 170,935,557 extraordinary shares excellent.
Money and Money Equivalents, Restricted Money, Quick-term Investments and Lengthy-term Investments
As of June 30, 2021, the Firm had money and money equivalents, restricted money, short-term investments and long-term investments of RMB5,486.9 million within the mixture, in contrast with a complete of RMB8,217.2 million of money and money equivalents, short-term investments and long-term investments as of December 31, 2020.
Deferred Income
As of June 30, 2021, the Firm’s deferred income stability was RMB1,976.Four million, in contrast with RMB2,733.7 million as of December 31, 2020. Deferred income primarily consisted of tuition collected upfront.
Different Payables
As of June 30, 2021, different payables in non-current liabilities totaled RMB26.6 million, all of which have been payables associated to the acquisition of the Zhengzhou properties.
Replace on PRC Regulatory Coverage
As beforehand disclosed, Gaotu’s enterprise, monetary situation and company construction are anticipated to be materially affected in future intervals by the altering regulatory setting primarily in China’s after faculty tutoring business, though the magnitude of the impression stays unsure at the moment.
Enterprise Outlook
Because of the uncertainty associated to the current regulatory and working setting, the Firm has determined to not situation steering within the close to time period with a view to give the administration extra flexibility to concentrate on the Firm’s operations.
Board Change
Mr. Xin Fan has resigned from the board of administrators of the Firm, for private causes, efficient on September 22, 2021. The Firm has appointed Ms. Jin Cui as an impartial director of the Firm, efficient on the identical day. Ms. Cui will even grow to be the chairwoman of the audit committee of the board of administrators, in addition to a member of the compensation committee and the nominating and company governance committee.
Convention Name
The Firm will maintain an earnings convention name on Wednesday, September 22, 2021, at 8:00 AM U.S. Jap Time (8:00 PM on the identical day, Beijing/Hong Kong Time). Dial-in particulars for the earnings convention name are as follows:
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Worldwide: |
1-412-317-6061 |
|
US: |
1-888-317-6003 |
|
Hong Kong: |
800-963976 |
|
Mainland China: |
4001-206115 |
|
Passcode: |
4155009 |
A phone replay will probably be accessible two hours after the conclusion of the convention name by September 29, 2021. The dial-in particulars are:
|
Worldwide: |
1-412-317-0088 |
|
US: |
1-877-344-7529 |
|
Passcode: |
10160189 |
Moreover, a dwell and archived webcast of this convention name will probably be accessible at http://ir.gaotu.cn/dwelling.
Secure Harbor Assertion
This announcement comprises forward-looking statements. These statements are made below the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology similar to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the Firm’s strategic and operational plans, comprise forward-looking statements. The Firm might also make written or oral forward-looking statements in its experiences filed with, or furnished to, the U.S. Securities and Change Fee, in its annual experiences to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to 3rd events. Statements that aren’t historic details, together with statements concerning the Firm’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Plenty of components may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the Firm’s potential to proceed to draw college students to enroll in its programs; the Firm’s potential to proceed to recruit, prepare and retain certified lecturers; the Firm’s potential to enhance the content material of its current course choices and to develop new programs; the Firm’s potential to take care of and improve its model; the Firm’s potential to take care of and proceed to enhance its educating outcomes; and the Firm’s potential to compete successfully in opposition to its rivals. Additional info relating to these and different dangers is included within the Firm’s experiences filed with, or furnished to the U.S. Securities and Change Fee. All info supplied on this press launch and within the attachments is as of the date of this press launch, and the Firm undertakes no responsibility to replace such info or any forward-looking assertion, besides as required below relevant legislation.
About Gaotu Techedu Inc.
Gaotu is a technology-driven schooling firm and on-line large-class tutoring service supplier in China. The Firm affords international language, vocational, skilled and admission programs, STEAM programs, in addition to Ok-12 programs. Gaotu adopts a web-based dwell large-class format to ship its programs, which the Firm believes is the best and scalable mannequin to disseminate scarce, high-quality educating assets to aspiring college students in China. The Firm leverages massive information analytics and the most recent applied sciences in a number of points of its enterprise to enhance educating supply, pupil studying expertise, and operational effectivity.
About Non-GAAP Monetary Measures
The Firm makes use of gross billings, non-GAAP gross revenue, non-GAAP revenue (loss) from operations and non-GAAP internet revenue (loss), every a non-GAAP monetary measure, in evaluating its working outcomes and for monetary and operational decision-making functions.
The Firm defines gross billings for a particular interval as the entire amount of money obtained for the sale after all choices in such interval, internet of the entire quantity of refunds in such interval. The Firm’s administration makes use of gross billings as a efficiency measurement as a result of the Firm usually payments its college students for the complete course payment on the time of sale of its course choices and acknowledges income proportionally because the courses are delivered over often not more than 60 courses for Ok-12 programs. For some programs, the Firm continues to offer college students with 12 months to 36 months entry to the pre-recorded audio-video programs after the net dwell programs are delivered. The Firm believes that gross billings gives invaluable perception into the gross sales of its course packages and the efficiency of its enterprise. As gross billings have materials limitations as an analytical metrics and is probably not calculated in the identical method by all firms, it is probably not similar to different equally titled measures utilized by different firms.
Non-GAAP gross revenue, non-GAAP revenue (loss) from operations and non-GAAP internet revenue (loss) exclude share-based compensation bills, and such adjustment excludes the impression on revenue tax. The Firm believes that these non-GAAP monetary measures present significant supplemental info relating to its efficiency and liquidity by excluding share-based bills that is probably not indicative of its working efficiency from a money perspective. The Firm believes that each administration and buyers profit from these non-GAAP monetary measures in assessing its efficiency and when planning and forecasting future intervals. These non-GAAP monetary measures additionally facilitate administration’s inside comparisons to the Firm’s historic efficiency. A limitation of utilizing non-GAAP measures is that these non-GAAP measures exclude share-based compensation expenses which were and can proceed to be for the foreseeable future a major recurring expense within the Firm’s enterprise.
The presentation of those non-GAAP monetary measures isn’t meant to be thought-about in isolation from or as an alternative choice to the monetary info ready and offered in accordance with GAAP. For extra info on these non-GAAP monetary measures, please see the desk captioned “Reconciliations of non-GAAP measures to probably the most comparable GAAP measures” set forth on the finish of this launch.
The accompanying tables have extra particulars on the reconciliations between GAAP monetary measures which might be most instantly similar to non-GAAP monetary measures.
Change Fee
The Firm’s enterprise is primarily performed in China and the numerous majority of revenues generated are denominated in Renminbi (“RMB”). This announcement comprises forex conversions of RMB quantities into U.S. {dollars} (“USD”) solely for the comfort of the reader. Until in any other case famous, all translations from RMB to USD are made at a charge of RMB6.4566 to USD1.0000, the efficient midday shopping for charge for June 30, 2021 as set forth within the H.10 statistical launch of the Federal Reserve Board. No illustration is made that the RMB quantities may have been, or may very well be, transformed, realized or settled into USD at that charge on June 30, 2021, or at another charge.
For additional info, please contact:
Gaotu Techedu Inc.
Ms. Sandy Qin, CFA
E-mail: [email protected]
Christensen
In China
Ms. Vivian Wang
Cellphone: +852 2232 3978
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Cellphone: +1-480-614-3004
E mail: [email protected]
|
Gaotu Techedu Inc. |
|||||
|
Unaudited condensed consolidated stability sheets |
|||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS information) |
|||||
|
As of |
As of June 30, |
||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
ASSETS |
|||||
|
Present property |
|||||
|
   Money and money equivalents |
355,224 |
1,005,328 |
155,705 |
||
|
   Restricted money |
– |
13,453 |
2,084 |
||
|
   Quick-term investments |
7,331,268 |
3,949,619 |
611,718 |
||
|
   Stock |
48,074 |
62,722 |
9,714 |
||
|
   Pay as you go bills and different present property |
722,682 |
690,698 |
106,976 |
||
|
Whole present property |
8,457,248 |
5,721,820 |
886,197 |
||
|
Non-current property |
|||||
|
   Working lease right-of-use property |
806,591 |
856,626 |
132,674 |
||
|
   Property, tools and software program, internet |
704,338 |
857,780 |
132,853 |
||
|
   Land use rights, internet |
28,983 |
28,580 |
4,426 |
||
|
   Lengthy-term investments |
530,729 |
518,549 |
80,313 |
||
|
   Deferred tax property |
48,324 |
– |
– |
||
|
   Rental deposit |
51,499 |
53,530 |
8,291 |
||
|
   Different non-current property |
58,080 |
2,507 |
388 |
||
|
TOTAL ASSETS |
10,685,792 |
8,039,392 |
1,245,142 |
||
|
LIABILITIES |
|||||
|
Present liabilities |
|||||
|
Accrued bills and different present liabilities |
1,315,502 |
1,513,739 |
234,447 |
||
|
Deferred income, present portion of the |
2,724,614 |
1,968,608 |
304,899 |
||
|
Present portion of working lease liabilities |
152,622 |
241,515 |
37,406 |
||
|
Revenue tax payable of the consolidated VIE |
4,654 |
– |
– |
||
|
Whole Present liabilities |
4,197,392 |
3,723,862 |
576,752 |
||
|
Gaotu Techedu Inc. |
|||||
|
Unaudited condensed consolidated stability sheets |
|||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS information) |
|||||
|
As of |
As of June 30, |
||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Non-current liabilities |
|||||
|
Deferred income, non-current portion of the |
9,125 |
7,761 |
1,202 |
||
|
Non-current portion of working lease liabilities |
644,143 |
615,227 |
95,287 |
||
|
Deferred tax liabilities |
78,697 |
72,921 |
11,294 |
||
|
Different payables of the consolidated VIE with out |
26,580 |
26,580 |
4,116 |
||
|
TOTAL LIABILITIES |
4,955,937 |
4,446,351 |
688,651 |
||
|
SHAREHOLDERS’ EQUITY |
|||||
|
Odd shares |
113 |
113 |
18 |
||
|
Treasury inventory, at price |
(139,572) |
– |
– |
||
|
Further paid-in capital |
7,595,049 |
7,723,745 |
1,196,256 |
||
|
Accrued different complete loss |
(59,905) |
(120,277) |
(18,629) |
||
|
Statutory reserve |
40,380 |
40,380 |
6,254 |
||
|
Accrued deficit |
(1,706,210) |
(4,050,920) |
(627,408) |
||
|
TOTAL SHAREHOLDERS’ EQUITY |
5,729,855 |
3,593,041 |
556,491 |
||
|
TOTAL LIABILITIES AND TOTAL |
10,685,792 |
8,039,392 |
1,245,142 |
||
|
Gaotu Techedu Inc. |
|||||||||||
|
Unaudited condensed consolidated statements of operations |
|||||||||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS information) |
|||||||||||
|
For the three months ended June 30, |
For the six months ended June 30, |
||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||
|
Web Revenues: |
1,650,314 |
2,232,254 |
345,732 |
2,947,894 |
4,172,597 |
646,253 |
|||||
|
 On-line Ok-12 Programs |
1,384,968 |
2,091,355 |
323,910 |
2,505,057 |
3,907,626 |
605,214 |
|||||
|
 Overseas language, skilled and admission |
260,371 |
140,062 |
21,693 |
434,557 |
263,148 |
40,756 |
|||||
|
Different companies |
4,975 |
837 |
129 |
8,280 |
1,823 |
283 |
|||||
|
Value of revenues |
(360,661) |
(724,278) |
(112,176) |
(643,911) |
(1,295,780) |
(200,691) |
|||||
|
Gross revenue |
1,289,653 |
1,507,976 |
233,556 |
2,303,983 |
2,876,817 |
445,562 |
|||||
|
Working bills |
|||||||||||
|
Promoting bills |
(1,204,803) |
(1,641,083) |
(254,171) |
(1,962,037) |
(3,929,793) |
(608,647) |
|||||
|
Analysis and improvement bills |
(139,878) |
(426,502) |
(66,057) |
(239,288) |
(791,612) |
(122,605) |
|||||
|
Common and administrative bills |
(105,744) |
(241,982) |
(37,478) |
(171,500) |
(459,597) |
(71,183) |
|||||
|
Impairment loss on intangible property and |
– |
(53,131) |
(8,229) |
– |
(53,131) |
(8,229) |
|||||
|
Whole working bills |
(1,450,425) |
(2,362,698) |
(365,935) |
(2,372,825) |
(5,234,133) |
(810,664) |
|||||
|
Loss from operations |
(160,772) |
(854,722) |
(132,379) |
(68,842) |
(2,357,316) |
(365,102) |
|||||
|
Curiosity revenue |
274 |
7,667 |
1,187 |
519 |
21,752 |
3,369 |
|||||
|
Realized positive aspects from investments |
23,885 |
15,826 |
2,451 |
36,238 |
24,636 |
3,816 |
|||||
|
Different revenue(expense) |
87,722 |
(36,519) |
(5,656) |
149,653 |
8,368 |
1,296 |
|||||
|
Loss earlier than provision for revenue tax and |
(48,891) |
(867,748) |
(134,397) |
117,568 |
(2,302,560) |
(356,621) |
|||||
|
Revenue tax advantages(bills) |
68,520 |
(51,658) |
(8,001) |
50,528 |
(41,848) |
(6,481) |
|||||
|
Share of outcomes of fairness investees |
(1,002) |
615 |
95 |
(1,481) |
(302) |
(47) |
|||||
|
Web revenue(loss) |
18,627 |
(918,791) |
(142,303) |
166,615 |
(2,344,710) |
(363,149) |
|||||
|
Web revenue(loss) attributable to Gaotu |
18,627 |
(918,791) |
(142,303) |
166,615 |
(2,344,710) |
(363,149) |
|||||
|
Web revenue(loss) per extraordinary share |
|||||||||||
|
Fundamental |
0.12 |
(5.38) |
(0.83) |
1.05 |
(13.75) |
(2.13) |
|||||
|
Diluted |
0.11 |
(5.38) |
(0.83) |
0.99 |
(13.75) |
(2.13) |
|||||
|
Web revenue(loss) per ADS |
|||||||||||
|
Fundamental |
0.08 |
(3.59) |
(0.55) |
0.70 |
(9.17) |
(1.42) |
|||||
|
Diluted |
0.07 |
(3.59) |
(0.55) |
0.66 |
(9.17) |
(1.42) |
|||||
|
Weighted common shares utilized in internet revenue |
|||||||||||
|
Fundamental |
159,135,290 |
170,634,264 |
170,634,264 |
159,124,542 |
170,482,819 |
170,482,819 |
|||||
|
Diluted |
167,718,073 |
170,634,264 |
170,634,264 |
167,759,386 |
170,482,819 |
170,482,819 |
|||||
|
Word: Three ADS represents two extraordinary shares. |
|||||||||||
|
Gaotu Techedu Inc. |
|||||||||||
|
Reconciliations of non-GAAP measures to probably the most comparable GAAP measures |
|||||||||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS information) |
|||||||||||
|
For the three months ended June 30, |
For the six months ended June 30, |
||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||
|
Web revenues |
1,650,314 |
2,232,254 |
345,732 |
2,947,894 |
4,172,597 |
646,253 |
|||||
|
Much less: different revenues(1) |
999 |
78 |
12 |
999 |
471 |
73 |
|||||
|
Add: VAT and surcharges |
99,332 |
142,600 |
22,086 |
176,904 |
257,523 |
39,885 |
|||||
|
Add: ending deferred income |
1,961,103 |
1,976,369 |
306,101 |
1,961,103 |
1,976,369 |
306,101 |
|||||
|
Add: ending refund legal responsibility |
82,696 |
324,504 |
50,259 |
82,696 |
324,504 |
50,259 |
|||||
|
Much less: starting deferred income |
1,338,791 |
1,896,528 |
293,735 |
1,337,636 |
2,733,739 |
423,402 |
|||||
|
Much less: starting refund legal responsibility |
52,659 |
84,389 |
13,070 |
54,567 |
120,709 |
18,695 |
|||||
|
Gross billings (non-GAAP) |
2,400,996 |
2,694,732 |
417,361 |
3,775,395 |
3,876,074 |
600,328 |
|||||
|
Word (1): Embrace miscellaneous revenues generated from companies apart from programs. |
|||||||||||
|
For the three months ended June 30, |
For the six months ended June 30, |
||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||
|
Gross revenue |
1,289,653 |
1,507,976 |
233,556 |
2,303,983 |
2,876,817 |
445,562 |
|||||
|
Share-based compensation |
15,744 |
35,561 |
5,508 |
29,588 |
60,342 |
9,346 |
|||||
|
Non-GAAP gross revenue |
1,305,397 |
1,543,537 |
239,064 |
2,333,571 |
2,937,159 |
454,908 |
|||||
|
Loss from operations |
(160,772) |
(854,722) |
(132,379) |
(68,842) |
(2,357,316) |
(365,102) |
|||||
|
Share-based compensation |
54,085 |
154,901 |
23,991 |
96,838 |
251,400 |
38,937 |
|||||
|
Non-GAAP (loss)revenue |
(106,687) |
(699,821) |
(108,388) |
27,996 |
(2,105,916) |
(326,165) |
|||||
|
Web revenue(loss) |
18,627 |
(918,791) |
(142,303) |
166,615 |
(2,344,710) |
(363,149) |
|||||
|
Share-based compensation |
54,085 |
154,901 |
23,991 |
96,838 |
251,400 |
38,937 |
|||||
|
Non-GAAP internet |
72,712 |
(763,890) |
(118,312) |
263,453 |
(2,093,310) |
(324,212) |
|||||
SOURCE Gaotu Techedu Inc.
Associated Hyperlinks
ir.gaotu.cn