BEIJING, Feb. 22, 2022 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Firm”), a technology-driven schooling firm and on-line large-class tutoring service supplier in China, at present introduced its unaudited monetary outcomes for the third quarter ended September 30, 2021.
In July 2021, the Normal Workplace of the CPC Central Committee and the Normal Workplace of the State Council of the PRC revealed the “Opinions on Additional Assuaging the Burden of Homework and After-Faculty Tutoring for College students in Obligatory Schooling.” Later in August 2021, the Beijing Municipal Committee of the Communist Social gathering of China and the Beijing Municipality Authorities collectively issued the “Beijing Municipality’s Measures to Additional Cut back the Burden of Homework and After-Faculty Tutoring on College students in Obligatory Schooling in Beijing,” and promulgated the associated implementation guidelines, rules and measures (collectively, the “New Laws”).
In compliance with the New Laws, the Firm has stopped providing tutoring companies associated to educational topics to college students from kindergarten by means of grade 9 (“Okay-9 Providers”) by the top of 2021, which had a considerable antagonistic influence on the Firm’s enterprise and outcomes of operations for the fiscal 12 months ended December 31, 2021 and the following durations. The Firm will stop providing tutoring companies associated to educational topics to college students in senior excessive colleges earlier than the top of February 2022, which can have a considerable antagonistic influence on the Firm’s revenues for 2022 and subsequent durations.
The Firm will leverage the sources and knowhow collected by means of its previous Okay-12 educational topic tutoring companies, and switch its give attention to its skilled schooling service, vocational schooling service and digital merchandise.
Larry Xiangdong Chen, the Firm’s founder, Chairman and CEO, commented, “Through the third quarter of 2021, we proactively, decisively, and swiftly restructured our enterprise and group in accordance with the New Laws. Leaning on the insights and data we collected within the on-line non-Okay12 schooling sector over the previous 6 years, and leaning on our dedication to completely complying with authorities insurance policies and enterprise proactive reforms, we reconvened and united all staff by means of our sturdy company tradition of solidarity, to collaborate in the direction of the frequent purpose of enterprise transformation and shortly pivoted our focus to vocational schooling, skilled schooling, and digital schooling merchandise.”
“Within the third quarter, we maintained a wholesome money steadiness and have begun to see a contemporary and promising begin in our non-Okay12 enterprise. Going ahead, we’ll proceed to extend our investments in know-how and product innovation, proceed to supply dependable services and products to our college students, proceed to put money into company social duties, and stay absolutely devoted to the innovation and growth of China’s schooling. “
Shannon Shen, CFO of the Firm, added, “Following the introduction of the New Laws associated to the after-school tutoring sector, we promptly turned our focus to non-Okay12 enterprise. Adjustment has been applied to our organizational construction, which is extra conductive to our enterprise innovation technique. The improved construction is anticipated to function a strong basis for exploring new alternatives and for long-term growth. Moreover, funds in affiliation with the termination of after-school tutoring enterprise, together with bills for severance prices, summer season tuition refunds and lease cancellation, and many others., have largely been settled earlier than the top of the third quarter of 2021.”
“As of the top of the third quarter, our money, money equivalents, restricted money and short-term wealth administration investments totaled RMB3.5 billion, which is enough to assist each our present working scale and the exploration into new companies. We count on to realize profitability and optimistic working money circulation as early because the fourth quarter of 2021. Going ahead, we’ll stay dedicated to delivering wholesome and sustainable long-term progress.”
Third Quarter 2021 Highlights[1]
- Web revenues was RMB1,114.9 million, in contrast with internet income of RMB1,965.Eight million in the identical interval of 2020.
– Web revenues of on-line Okay-12 programs was RMB993.2 million, in contrast with internet income of on-line Okay-12 programs of RMB1,757.2 million in the identical interval of 2020. - Gross billings[2] was RMB301.6 million, in contrast with gross billings of RMB2,086.2 million in the identical interval of 2020.
– Gross billings of on-line Okay-12 programs was RMB198.Eight million, in contrast with gross billings of on-line Okay-12 programs of RMB1,793.5 million in the identical interval of 2020. - Paid course enrollments[3] was 86 thousand, in contrast with paid course enrollments of 1,256 thousand in the identical interval of 2020.
– Paid course enrollments of on-line Okay-12 programs was 46 thousand, in contrast with paid course enrollments of on-line Okay-12 programs of 1,147 thousand in the identical interval of 2020. - Web loss was RMB1,044.6 million, in contrast with internet lack of RMB932.5 million in the identical interval of 2020.
- Non-GAAP internet loss was RMB989.Three million, in contrast with non-GAAP internet lack of RMB863.6 million in the identical interval of 2020.
- Deferred income was RMB1,360.Three million, in contrast with RMB2,733.7 million as of December 31, 2020.
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[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 gross revenue, non-GAAP revenue (loss) from operations, non-GAAP internet revenue (loss) exclude share-based compensation bills. |
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[2] 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. |
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[3] Paid course enrollments for a sure interval discuss 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 discuss with our programs which might be charged not lower than RMB99.Zero per course in charges. |
Third Quarter 2021 Key Monetary and Working Information
(In 1000’s of RMB, aside from paid course enrollments and percentages)
|
Three Months Ended September 30, |
|||||
|
2020 |
2021 |
Pct. Change |
|||
|
Web revenues |
1,965,809 |
1,114,883 |
(43.3%) |
||
|
On-line Okay-12 programs |
1,757,180 |
993,249 |
(43.5%) |
||
|
Overseas language, skilled, admission and |
208,629 |
121,634 |
(41.7%) |
||
|
Gross billings |
2,086,193 |
301,632 |
(85.5%) |
||
|
On-line Okay-12 programs |
1,793,462 |
198,817 |
(88.9%) |
||
|
Overseas language, skilled, admission and |
292,731 |
102,815 |
(64.9%) |
||
|
Paid course enrollments (In 1000’s) |
1,256 |
86 |
(93.2%) |
||
|
On-line Okay-12 programs |
1,147 |
46 |
(96.0%) |
||
|
Overseas language, skilled, admission and |
109 |
40 |
(63.3%) |
||
|
Web loss |
(932,512) |
(1,044,613) |
12.0% |
||
|
Non-GAAP internet loss |
(863,583) |
(989,283) |
14.6% |
||
9 Months Ended September 30, 2021 Highlights
- Web revenues was RMB5,287.5 million, a 7.6% year-over-year enhance.
– Web revenues of on-line Okay-12 programs elevated 15.0% year-over-year to RMB4,900.9 million. - Gross billings was RMB4,177.7 million, in contrast with gross billings of RMB5,861.6 million in the identical interval of 2020.
– Gross billings of on-line Okay-12 programs was RMB3,776.Zero million, in contrast with gross billings of on-line Okay-12 programs of RMB5,080.1 million in the identical interval of 2020. - Paid course enrollments was 2,484 thousand, in contrast with paid course enrollments of three,596 thousand in the identical interval of 2020.
– Paid course enrollments of on-line Okay-12 programs was 2,241 thousand, in contrast with paid course enrollments of on-line Okay-12 programs of three,290 thousand in the identical interval of 2020. - Web loss was RMB3,389.Three million, in contrast with internet lack of RMB765.9 million in the identical interval of 2020.
- Non-GAAP internet loss was RMB3,082.6 million, in contrast with non-GAAP internet lack of RMB600.1 million in the identical interval of 2020.
First 9 Months of 2021 Key Monetary and Working Information
(In 1000’s of RMB, aside from paid course enrollments and percentages)
|
9 Months Ended September 30, |
|||||
|
2020 |
2021 |
Pct. Change |
|||
|
Web revenues |
4,913,703 |
5,287,480 |
7.6% |
||
|
On-line Okay-12 programs |
4,262,237 |
4,900,875 |
15.0% |
||
|
Overseas language, skilled, admission and |
651,466 |
386,605 |
(40.7%) |
||
|
Gross billings |
5,861,588 |
4,177,706 |
(28.7%) |
||
|
On-line Okay-12 programs |
5,080,131 |
3,775,965 |
(25.7%) |
||
|
Overseas language, skilled, admission and |
781,457 |
401,741 |
(48.6%) |
||
|
Paid course enrollments (In 1000’s) |
3,596 |
2,484 |
(30.9%) |
||
|
On-line Okay-12 programs |
3,290 |
2,241 |
(31.9%) |
||
|
Overseas language, skilled, admission and |
306 |
243 |
(20.6%) |
||
|
Web loss |
(765,897) |
(3,389,323) |
342.5% |
||
|
Non-GAAP internet loss |
(600,130) |
(3,082,593) |
413.7% |
||
Monetary Outcomes for the Third Quarter of 2021
Web Revenues
Web revenues was RMB1,114.9 million, in contrast with internet revenues of RMB1,965.Eight million within the third quarter of 2020. The lower was primarily as a result of cessation of Okay-9 service because of the influence of the New Laws.
Value of Revenues
Value of revenues rose by 42.4% to RMB715.2 million from RMB502.Three million within the third quarter of 2020, which included severance prices for the discount of instructors and tutors as a result of influence of the New Laws.
Gross Revenue and Gross Margin
Gross revenue was RMB399.7 million, in contrast with gross revenue of RMB1,463.5 million within the third quarter of 2020. Gross revenue margin decreased to 35.9% from 74.4% in the identical interval of 2020. The lower was attributable to the lower of internet revenues and the severance prices for the discount in staffing acknowledged within the third quarter of 2021, because of the influence of the New Laws.
Non-GAAP gross revenue was RMB436.9 million, in contrast with non-GAAP gross revenue of RMB1,481.Four million in the identical interval of 2020. Non-GAAP gross revenue margin decreased to 39.2% from 75.4% in the identical interval of 2020.
Working Bills
Working bills had been RMB1,481.1 million, which had been decreased from RMB2,453.7 million within the third quarter of 2020.
Promoting bills decreased to RMB826.Four million from RMB2,055.Eight million within the third quarter of 2020. The lower was primarily because of decreases in model commercial and promotional course bills, which had been partially offset by a rise in salaries and welfare for gross sales and advertising and marketing personnel, which was primarily resulted from severance prices for the discount of gross sales and advertising and marketing personnel within the third quarter of 2021 as a result of influence of the New Laws.
Analysis and growth bills elevated by 52.6% to RMB336.Three million, from RMB220.Four million within the third quarter of 2020. The rise was primarily because of a rise in salaries and welfare for analysis and growth personnel, which was primarily resulted from severance prices for the discount of analysis and growth personnel within the third quarter of 2021 as a result of influence of the New Laws.
Normal and administrative bills decreased to RMB164.7 million from RMB177.Four million within the third quarter of 2020. The bills included severance prices for the discount of basic and administrative personnel within the third quarter of 2021 as a result of influence of the New Laws.
Impairment loss on long-lived belongings and disposal loss on belongings was RMB28.6 million and RMB125.Zero million respectively for the third quarter of 2021, in contrast with nil and nil for a similar interval of 2020. On account of the adjustments within the regulatory setting of the web schooling business and the restructuring of our enterprise and group, the Firm disposed some belongings and carried out an impairment evaluation on long-lived belongings, and acknowledged the disposal loss and impairment loss within the third quarter of 2021.
Loss from Operations
Loss from operations was RMB1,081.Three million, in contrast with the loss from operations of RMB990.1 million within the third quarter of 2020. The rise was primarily as a result of lower of internet income and the severance prices for the discount of our personnel within the third quarter of 2021 as a result of influence of the New Laws.
Non-GAAP loss from operations was RMB1,026.Zero million, in contrast with non-GAAP loss from operations of RMB921.2 million within the third quarter of 2020.
Curiosity Earnings and Realized Positive factors from Funding
Curiosity revenue and realized positive factors from investments, on combination, was RMB35.Zero million, in contrast with RMB18.Four million within the third quarter of 2020. Curiosity revenue and realized positive factors from investments was primarily the curiosity revenue and realization of positive factors generated from money, money equivalents and short-term wealth administration investments.
Different Earnings
Different revenue was RMB1.Three million, in contrast with different revenue of RMB49.9 million within the third quarter of 2020.
Web Loss
Web loss was RMB1,044.6 million, in contrast with internet lack of RMB932.5 million within the third quarter of 2020.
Non-GAAP internet loss was RMB989.Three million, in contrast with non-GAAP internet lack of RMB863.6 million within the third quarter of 2020.
Money Stream
Web working money outflow for the third quarter of 2021 was RMB2,017.Eight million. The outflow of internet working money this quarter was primarily as a result of tuition price refunds and the severance prices for discount of our personnel within the third quarter of 2021 as a result of influence of the New Laws.
Fundamental and Diluted Web Loss per ADS
Fundamental and diluted internet loss per ADS had been RMB4.07, within the third quarter of 2021.
Non-GAAP fundamental and diluted internet loss per ADS had been RMB3.86, within the third quarter of 2021.
Share Excellent
As of September 30, 2021, the Firm had 171,171,098 abnormal shares excellent.
Money and Money Equivalents, Restricted Money, Brief-term Investments and Lengthy-term Investments
As of September 30, 2021, the Firm had money and money equivalents, restricted money and short-term investments of RMB3,454.Four million within the combination, 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. Restricted money primarily represented the upfront tuition price within the authorities custodian account, and might be launched because the programs are being delivered.
Deferred Income
As of September 30, 2021, the Firm’s deferred income steadiness was RMB1,360.Three million, in contrast with RMB2,733.7 million as of December 31, 2020. Deferred income primarily consisted of tuition collected prematurely. The lower was primarily attributable to the lower in paid course enrollments within the third quarter of 2021 as a result of cessation of Okay-9 service because of the influence of the New Laws.
Different Payables
As of September 30, 2021, different payables in non-current liabilities totaled RMB26.6 million, all of which had been payables associated to the acquisition of the Zhengzhou properties.
Secure Harbor Assertion
This announcement accommodates forward-looking statements. These statements are made beneath the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology resembling “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 Alternate Fee, in its annual experiences to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic information, together with statements in regards to the Firm’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Plenty of elements 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, practice and retain certified academics; 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 towards its opponents. Additional data relating to these and different dangers is included within the Firm’s experiences filed with, or furnished to the U.S. Securities and Alternate Fee. All data offered 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 data or any forward-looking assertion, besides as required beneath 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 provides vocational schooling, skilled schooling and digital merchandise. Gaotu adopts a web-based reside large-class format to ship its programs, which the Firm believes is the best and scalable mannequin to disseminate scarce high-quality educating sources to aspiring college students in China. Large information analytics permeates each side of the Firm’s enterprise and facilitates the appliance of the most recent know-how 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 selected 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 price on the time of sale of its course choices and acknowledges income proportionally because the courses are delivered over normally not more than 60 courses for Okay-12 programs. For some programs, the Firm continues to supply college students with 12 months to 36 months entry to the pre-recorded audio-video programs after the web reside programs are delivered. The Firm believes that gross billings supplies beneficial 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 corporations, it is probably not corresponding to different equally titled measures utilized by different corporations.
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 influence on revenue tax. The Firm believes that these non-GAAP monetary measures present significant supplemental data 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 durations. 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 prices which have been 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 shouldn’t be supposed to be thought-about in isolation from or as an alternative to the monetary data ready and introduced in accordance with GAAP. For extra data 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 corresponding to non-GAAP monetary measures.
Alternate Price
The Firm’s enterprise is primarily carried out in China and the numerous majority of revenues generated are denominated in Renminbi (“RMB”). This announcement accommodates foreign money 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 RMB6.4434 to USD1.0000, the efficient midday shopping for charge for September 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 September 30, 2021, or at some other charge.
For additional data, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: [email protected]
Christensen
In China
Ms. Vivian Wang
Telephone: +852 2232 3978
E-mail: [email protected]
Within the US
Ms. Linda Bergkamp
Telephone: +1-480-614-3004
E mail: [email protected]
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Gaotu Techedu Inc. |
|||||
|
Unaudited condensed consolidated steadiness sheets |
|||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS information) |
|||||
|
As of |
As of September 30, |
||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
ASSETS |
|||||
|
Present belongings |
|||||
|
Money and money equivalents |
355,224 |
770,484 |
119,577 |
||
|
Restricted money |
– |
699,969 |
108,633 |
||
|
Brief-term investments |
7,331,268 |
1,983,925 |
307,900 |
||
|
Stock |
48,074 |
24,291 |
3,770 |
||
|
Pay as you go bills and different present belongings |
722,682 |
522,698 |
81,121 |
||
|
Whole present belongings |
8,457,248 |
4,001,367 |
621,001 |
||
|
Non-current belongings |
|||||
|
Working lease right-of-use belongings |
806,591 |
451,911 |
70,135 |
||
|
Property, gear and software program, internet |
704,338 |
699,652 |
108,584 |
||
|
Land use rights, internet |
28,983 |
28,379 |
4,404 |
||
|
Lengthy-term investments |
530,729 |
– |
– |
||
|
Deferred tax belongings |
48,324 |
– |
– |
||
|
Rental deposit |
51,499 |
44,638 |
6,928 |
||
|
Different non-current belongings |
58,080 |
1,710 |
266 |
||
|
TOTAL ASSETS |
10,685,792 |
5,227,657 |
811,318 |
||
|
LIABILITIES |
|||||
|
Present liabilities |
|||||
|
Accrued bills and different present liabilities |
1,315,502 |
743,708 |
115,421 |
||
|
Deferred income, present portion of the |
2,724,614 |
1,349,640 |
209,461 |
||
|
Present portion of working lease liabilities |
152,622 |
110,484 |
17,147 |
||
|
Earnings tax payable of the consolidated VIE |
4,654 |
– |
– |
||
|
Whole Present liabilities |
4,197,392 |
2,203,832 |
342,029 |
||
|
Gaotu Techedu Inc. |
|||||
|
Unaudited condensed consolidated steadiness sheets |
|||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS information) |
|||||
|
As of |
As of September 30, |
||||
|
2020 |
2021 |
2021 |
|||
|
RMB |
RMB |
USD |
|||
|
Non-current liabilities |
|||||
|
Deferred income, non-current portion of the |
9,125 |
10,689 |
1,659 |
||
|
Non-current portion of working lease liabilities |
644,143 |
346,568 |
53,787 |
||
|
Deferred tax liabilities of the consolidated VIE |
78,697 |
72,137 |
11,195 |
||
|
Different payables of the consolidated VIE with out |
26,580 |
26,580 |
4,124 |
||
|
TOTAL LIABILITIES |
4,955,937 |
2,659,806 |
412,794 |
||
|
SHAREHOLDERS’ EQUITY |
|||||
|
Extraordinary shares |
113 |
113 |
18 |
||
|
Treasury inventory, at price |
(139,572) |
– |
– |
||
|
Further paid-in capital |
7,595,049 |
7,755,765 |
1,203,676 |
||
|
Collected different complete loss |
(59,905) |
(132,874) |
(20,622) |
||
|
Statutory reserve |
40,380 |
40,380 |
6,267 |
||
|
Collected deficit |
(1,706,210) |
(5,095,533) |
(790,815) |
||
|
TOTAL SHAREHOLDERS’ EQUITY |
5,729,855 |
2,567,851 |
398,524 |
||
|
TOTAL LIABILITIES AND TOTAL |
10,685,792 |
5,227,657 |
811,318 |
||
|
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 September 30, |
For the 9 months ended September 30, |
|||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||
|
Web Revenues: |
1,965,809 |
1,114,883 |
173,027 |
4,913,703 |
5,287,480 |
820,604 |
||||||
|
On-line Okay-12 Programs |
1,757,180 |
993,249 |
154,150 |
4,262,237 |
4,900,875 |
760,604 |
||||||
|
Overseas language, skilled and admission |
203,469 |
120,738 |
18,738 |
638,026 |
383,886 |
59,578 |
||||||
|
Different companies |
5,160 |
896 |
139 |
13,440 |
2,719 |
422 |
||||||
|
Value of revenues |
(502,274) |
(715,172) |
(110,993) |
(1,146,185) |
(2,010,952) |
(312,095) |
||||||
|
Gross revenue |
1,463,535 |
399,711 |
62,034 |
3,767,518 |
3,276,528 |
508,509 |
||||||
|
Working bills |
||||||||||||
|
Promoting bills |
(2,055,820) |
(826,439) |
(128,261) |
(4,017,857) |
(4,756,232) |
(738,156) |
||||||
|
Analysis and growth bills |
(220,436) |
(336,288) |
(52,191) |
(459,724) |
(1,127,900) |
(175,047) |
||||||
|
Normal and administrative bills |
(177,395) |
(164,743) |
(25,568) |
(348,895) |
(624,340) |
(96,896) |
||||||
|
Impairment loss on long-lived belongings |
– |
(28,609) |
(4,440) |
– |
(81,740) |
(12,686) |
||||||
|
Disposal loss on belongings |
– |
(124,975) |
(19,396) |
– |
(124,975) |
(19,396) |
||||||
|
Whole working bills |
(2,453,651) |
(1,481,054) |
(229,856) |
(4,826,476) |
(6,715,187) |
(1,042,181) |
||||||
|
Loss from operations |
(990,116) |
(1,081,343) |
(167,822) |
(1,058,958) |
(3,438,659) |
(533,672) |
||||||
|
Curiosity revenue |
1,580 |
5,412 |
840 |
2,099 |
27,164 |
4,216 |
||||||
|
Realized positive factors from investments |
16,831 |
29,545 |
4,585 |
53,069 |
54,181 |
8,409 |
||||||
|
Different revenue |
49,884 |
1,323 |
205 |
199,537 |
9,691 |
1,504 |
||||||
|
Loss earlier than provision for revenue tax and |
(921,821) |
(1,045,063) |
(162,192) |
(804,253) |
(3,347,623) |
(519,543) |
||||||
|
Earnings tax (bills)advantages |
(10,435) |
450 |
70 |
40,093 |
(41,398) |
(6,425) |
||||||
|
Share of outcomes of fairness investees |
(256) |
– |
– |
(1,737) |
(302) |
(47) |
||||||
|
Web loss |
(932,512) |
(1,044,613) |
(162,122) |
(765,897) |
(3,389,323) |
(526,015) |
||||||
|
Web loss attributable to Gaotu Techedu Inc.’s |
(932,512) |
(1,044,613) |
(162,122) |
(765,897) |
(3,389,323) |
(526,015) |
||||||
|
Web loss per abnormal share |
||||||||||||
|
Fundamental |
(5.87) |
(6.11) |
(0.95) |
(4.82) |
(19.86) |
(3.08) |
||||||
|
Diluted |
(5.87) |
(6.11) |
(0.95) |
(4.82) |
(19.86) |
(3.08) |
||||||
|
Web loss per ADS |
||||||||||||
|
Fundamental |
(3.91) |
(4.07) |
(0.63) |
(3.21) |
(13.24) |
(2.05) |
||||||
|
Diluted |
(3.91) |
(4.07) |
(0.63) |
(3.21) |
(13.24) |
(2.05) |
||||||
|
Weighted common shares utilized in internet revenue |
||||||||||||
|
Fundamental |
158,934,937 |
170,964,073 |
170,964,073 |
159,061,256 |
170,645,019 |
170,645,019 |
||||||
|
Diluted |
158,934,937 |
170,964,073 |
170,964,073 |
159,061,256 |
170,645,019 |
170,645,019 |
||||||
|
Notice: Three ADSs signify two abnormal 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 September 30, |
For the 9 months ended September 30, |
|||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||
|
Web revenues |
1,965,809 |
1,114,883 |
173,027 |
4,913,703 |
5,287,480 |
820,604 |
||||||
|
Much less: different revenues(1) |
216 |
134 |
21 |
1,215 |
605 |
94 |
||||||
|
Add: VAT and surcharges |
117,916 |
68,772 |
10,673 |
294,820 |
326,295 |
50,640 |
||||||
|
Add: ending deferred income |
1,964,785 |
1,360,329 |
211,120 |
1,964,785 |
1,360,329 |
211,120 |
||||||
|
Add: ending refund legal responsibility |
81,698 |
58,655 |
9,103 |
81,698 |
58,655 |
9,103 |
||||||
|
Much less: starting deferred income |
1,961,103 |
1,976,369 |
306,728 |
1,337,636 |
2,733,739 |
424,270 |
||||||
|
Much less: starting refund legal responsibility |
82,696 |
324,504 |
50,362 |
54,567 |
120,709 |
18,734 |
||||||
|
Gross billings (non-GAAP) |
2,086,193 |
301,632 |
46,812 |
5,861,588 |
4,177,706 |
648,369 |
||||||
|
Notice (1): Embody miscellaneous revenues generated from companies aside from programs. |
||||||||||||
|
For the three months ended September 30, |
For the 9 months ended September 30, |
||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||
|
Gross revenue |
1,463,535 |
399,711 |
62,034 |
3,767,518 |
3,276,528 |
508,509 |
|||||
|
Share-based compensation |
17,902 |
37,212 |
5,775 |
47,490 |
97,554 |
15,140 |
|||||
|
Non-GAAP gross revenue |
1,481,437 |
436,923 |
67,809 |
3,815,008 |
3,374,082 |
523,649 |
|||||
|
Loss from operations |
(990,116) |
(1,081,343) |
(167,822) |
(1,058,958) |
(3,438,659) |
(533,672) |
|||||
|
Share-based compensation |
68,929 |
55,330 |
8,587 |
165,767 |
306,730 |
47,604 |
|||||
|
Non-GAAP loss from |
(921,187) |
(1,026,013) |
(159,235) |
(893,191) |
(3,131,929) |
(486,068) |
|||||
|
Web loss |
(932,512) |
(1,044,613) |
(162,122) |
(765,897) |
(3,389,323) |
(526,015) |
|||||
|
Share-based compensation |
68,929 |
55,330 |
8,587 |
165,767 |
306,730 |
47,604 |
|||||
|
Non-GAAP internet loss |
(863,583) |
(989,283) |
(153,535) |
(600,130) |
(3,082,593) |
(478,411) |
|||||
SOURCE Gaotu Techedu Inc.
