HANGZHOU, China, Feb. 24, 2022 /PRNewswire/ — Youdao, Inc. (“Youdao” or the “Firm”) (NYSE: DAO), a number one clever studying firm in China, at present introduced its unaudited monetary outcomes for the fourth quarter and monetary yr ended December 31, 2021.
Fourth Quarter 2021 Monetary Highlights[1]
- Whole web revenues have been RMB1.Zero billion (US$164.6 million), representing a 22.6% enhance from the identical interval in 2020.
– Internet revenues from studying companies have been RMB579.Three million (US$90.9 million), representing a 20.6% enhance from the identical interval in 2020.
– Internet revenues from sensible gadgets (previously referred to as studying merchandise) have been RMB317.7 million (US$49.9 million), representing a 33.9% enhance from the identical interval in 2020.
– Internet revenues from on-line advertising companies have been RMB151.Eight million (US$23.Eight million), representing a 10.2% enhance from the identical interval in 2020. - Gross billings[2] elevated by 37.3% year-over-year to RMB854.5 million (US$134.1 million).
- Gross margin was 42.5%, in contrast with 46.7% for a similar interval in 2020.
|
[1] In compliance with the Beijing AST Measures as beforehand disclosed, the Firm had ceased providing the after-school tutoring companies on educational topics in China’s obligatory schooling system (the “Educational AST Enterprise”) on the finish of December 2021. The Educational AST Enterprise met the standards of discontinued operations. Retrospective changes to the historic assertion of operations have additionally been made to offer a constant foundation of comparability for the monetary outcomes of the persevering with operations. The monetary info and non-GAAP monetary info disclosed on this press launch is offered on a seamless operations foundation, until in any other case particularly acknowledged. |
|
[2] Gross billings is a non-GAAP monetary measure. Gross billings for a particular interval refers back to the complete quantity of consideration for Youdao’s tutoring companies offered primarily on Youdao Premium Programs, NetEase Cloud Classroom and China College MOOC, web of the whole quantity of refunds, in such interval. See “Non-GAAP Measures” and “Unaudited Reconciliation of GAAP and non-GAAP Outcomes” on the finish of this press launch. |
Fiscal 12 months 2021 Monetary Highlights
- Whole web revenues have been RMB4.Zero billion (US$630.2 million), representing a 58.9% enhance from 2020.
– Internet revenues from studying companies have been RMB2.4 billion (US$383.1 million), representing a 61.3% enhance from 2020.
– Internet revenues from sensible gadgets have been RMB980.Four million (US$153.9 million), representing an 81.6% enhance from 2020.
– Internet revenues from on-line advertising companies have been RMB593.9 million (US$93.2 million), representing a 25.6% enhance from 2020. - Gross billings elevated by 26.5% year-over-year to RMB2.5 billion (US$395.4 million).
- Gross margin was 49.5%, in contrast with 43.8% for 2020.
“We completed the fourth quarter and the entire fiscal yr 2021 with sturdy monetary outcomes. We embraced the adjustments and dedicated to totally adjust to the up to date legal guidelines and authorities insurance policies,” mentioned Dr. Feng Zhou, Chief Govt Officer and Director of Youdao. “Whole web revenues reached RMB1.0 billion in This autumn, up 22.6% year-over-year. In This autumn, we achieved constructive working money circulate. Working money influx from persevering with operations was RMB142.2 million, primarily attributable to sturdy income, and decrease gross sales and advertising bills incurred. Apart from, Youdao was added to the MSCI China All Shares Small Cap Index as of market shut on November 30, 2021.”
“Wanting forward, we’re dedicated to compliance and deal with our progress areas, together with sensible gadgets, STEAM programs, grownup and vocational programs, and schooling digitalization options. Training know-how is in its early days, and we firmly imagine it has a vivid future,” Dr. Zhou concluded.
Fourth Quarter 2021 Monetary Outcomes
Internet Revenues
Internet revenues for the fourth quarter of 2021 have been RMB1.Zero billion (US$164.6 million), representing a 22.6% enhance from RMB855.Three million for a similar interval of 2020.
Internet revenues from studying companies have been RMB579.Three million (US$90.9 million) for the fourth quarter of 2021, representing a 20.6% enhance from RMB480.2 million for a similar interval of 2020. The year-over-year progress from studying companies was pushed by the expansion in paid pupil enrollments in the course of the interval in 2021.
Internet revenues from sensible gadgets have been RMB317.7 million (US$49.9 million) for the fourth quarter of 2021, representing a 33.9% enhance from RMB237.Three million for a similar interval of 2020, primarily pushed by the substantial enhance in gross sales quantity of Youdao Dictionary Pen within the fourth quarter of 2021.
Internet revenues from on-line advertising companies have been RMB151.Eight million (US$23.Eight million) for the fourth quarter of 2021, representing a 10.2% enhance from RMB137.Eight million for a similar interval of 2020.
Gross Revenue and Gross Margin
Gross revenue for the fourth quarter of 2021 was RMB445.Three million (US$69.9 million), representing an 11.5% enhance from RMB399.Four million for a similar interval of 2020. Gross margin decreased to 42.5% for the fourth quarter of 2021 from 46.7% for a similar interval of 2020.
Gross margin for studying companies decreased to 51.4% for the fourth quarter of 2021 from 55.9% for a similar interval of 2020. The lower was primarily because of the enhance in worker headcount and associated bills within the fourth quarter of 2021.
Gross margin for sensible gadgets decreased to 30.8% for the fourth quarter of 2021 from 39.5% for a similar interval of 2020. The lower was because of the promotion on an earlier era, which had decrease gross margin.
Gross margin for on-line advertising companies was 32.6% for the fourth quarter of 2021, in contrast with 26.9% for a similar interval of 2020. The rise was primarily attributable to larger gross sales of name adverting companies.
Working Bills
Whole working bills for the fourth quarter of 2021 have been RMB693.6 million (US$108.Eight million), in contrast with RMB655.7 million for a similar interval of final yr.
Gross sales and advertising bills for the fourth quarter of 2021 have been RMB420.Four million (US$66.Zero million), representing a lower of 17.7% from RMB511.1 million for a similar interval of 2020. This lower was because of the discount in advertising expenditures in tutoring companies within the fourth quarter of 2021 because of the altering regulatory surroundings as beforehand disclosed.
Analysis and growth bills for the fourth quarter of 2021 have been RMB170.2 million (US$26.7 million), representing a rise of 56.3% from RMB109.Zero million for a similar interval of 2020. The rise was primarily attributable to larger payroll-related bills related to a bigger variety of course growth and know-how professionals.
Normal and administrative bills for the fourth quarter of 2021 have been RMB46.1 million (US$7.2 million), representing a rise of 29.4% from RMB35.6 million for a similar interval of 2020. The rise was primarily attributable to a rise in worker headcount and associated bills within the fourth quarter of 2021.
Impairment of intangible belongings from enterprise mixture primarily displays the impairment of the intangible belongings associated to a subsidiary acquired attributable to hostile growth of its enterprise and alter of the regulation surroundings.
Loss from Operations
Loss from operations for the fourth quarter of 2021 was RMB248.Three million (US$39.Zero million), in contrast with RMB256.2 million for a similar interval in 2020. The margin of loss from operations was 23.7%, in contrast with 30.0% for a similar interval of final yr.
Internet Loss from Persevering with Operations Attributable to Youdao’s Atypical Shareholders
Internet loss from persevering with operations attributable to Youdao’s bizarre shareholders for the fourth quarter of 2021 was RMB215.9 million (US$33.9 million), in contrast with RMB251.2 million for a similar interval of final yr. Non-GAAP web loss from persevering with operations attributable to Youdao’s bizarre shareholders for the fourth quarter of 2021 was RMB168.2 million (US$26.Four million), in contrast with RMB238.1 million for a similar interval of final yr.
Fundamental and diluted web loss per American Depositary Share (“ADS”) from persevering with operations attributable to bizarre shareholders for the fourth quarter of 2021 was RMB1.75 (US$0.27), in contrast with RMB2.21 for a similar interval of 2020. Non-GAAP primary and diluted web loss from persevering with operations per ADS attributable to bizarre shareholders was RMB1.37 (US$0.21), in contrast with RMB2.09 for a similar interval of 2020.
Stability Sheet
As of December 31, 2021, Youdao’s money, money equivalents, restricted money, time deposits and short-term investments totaled RMB1.6 billion (US$247.Four million), in contrast with RMB1.2 billion as of December 31, 2020. For the fourth quarter of 2021, web money supplied by persevering with working actions was RMB142.2 million (US$22.Three million), capital expenditures totaled RMB14.1 million (US$2.2 million), and depreciation and amortization bills amounted to RMB11.2 million (US$1.Eight million). Youdao’s capability to proceed as a going concern relies on administration’s capability to implement an efficient marketing strategy in future durations in mild of the altering regulatory surroundings, generate working money flows and proceed to have the ability to get hold of outdoors sources of financing as vital for Youdao’s future growth. Since its formation, Youdao has acquired varied monetary assist from the NetEase Group, amongst others, presently together with RMB878.Zero million short-term loans, US$40.Zero million long-term loans with maturity dated March 31, 2024, drawn down below the US$300.Zero million revolving mortgage facility. In assist of Youdao’s future enterprise, NetEase Group has agreed that the short-term mortgage will probably be robotically prolonged for a interval of 11 months every time upon Youdao’s prior written request.
As of December 31, 2021, the Firm’s contract liabilities, which primarily consisted of deferred revenues generated from Youdao’s studying companies, have been RMB1.1 billion (US$167.2 million), in contrast with RMB894.2 million as of December 31, 2020.
Fiscal 12 months 2021 Monetary Outcomes
Internet Revenues
Internet revenues for 2021 have been RMB4.Zero billion (US$630.2 million), representing a 58.9% enhance from RMB2.5 billion for 2020.
Internet revenues from studying companies have been RMB2.Four billion (US$383.1 million) for 2021, representing a 61.3% enhance from RMB1.5 billion for 2020. The rise was primarily attributable to elevated revenues from tutoring companies, which have been additional pushed by the expansion in paid pupil enrollments in the course of the interval in 2021.
Internet revenues from sensible gadgets have been RMB980.Four million (US$153.9 million) for 2021, representing an 81.6% enhance from RMB540.Zero million for 2020. The rise was primarily pushed by the substantial enhance in gross sales quantity of Youdao Dictionary Pen in 2021.
Internet revenues from on-line advertising companies have been RMB593.9 million (US$93.2 million) for 2021, representing a 25.6% enhance from RMB472.9 million for 2020. The rise was attributable to the rise within the gross sales of performance-based ads by means of third events’ web properties.
Gross Revenue and Gross Margin
Gross revenue for 2021 was RMB2.Zero billion (US$312.1 million), in contrast with RMB1.1 billion for 2020. Gross margin for 2021 was 49.5%, in contrast with 43.8% for 2020.
Gross margin for studying companies elevated to 59.8% for 2021 from 52.7% for 2020, primarily attributable to improved economies of scale and ongoing optimization of Youdao’s school compensation construction.
Gross margin for sensible gadgets elevated to 36.9% for 2021 from 34.1% for 2020, primarily attributable to the substantial rise in gross sales quantity of Youdao Dictionary Pen 3.0, which carries a better gross margin than different sensible gadgets.
Gross margin for on-line advertising companies was 28.1% for 2021, in contrast with 26.6% for 2020.
Working Bills
Whole working bills for 2021 have been RMB2.9 billion (US$460.1 million), representing a rise of 49.7%, in contrast with RMB2.Zero billion for 2020.
Gross sales and advertising bills for 2021 have been RMB2.1 billion (US$326.Zero million), representing a rise of 41.0%, in contrast with RMB1.5 billion for 2020. The rise was primarily pushed by elevated advertising workers compensation, in addition to intensified gross sales and advertising efforts in 2021.
Analysis and growth bills for 2021 have been RMB607.Four million (US$95.Three million), representing a rise of 63.2%, in contrast with RMB372.2 million for 2020. The rise was primarily attributable to larger payroll-related bills related to a bigger variety of course growth and know-how professionals.
Normal and administrative bills for 2021 have been RMB190.Three million (US$29.9 million), representing a rise of 68.2%, in contrast with RMB113.1 million for 2020. The rise was primarily attributable to a rise in worker headcount and associated bills in 2021.
Impairment of intangible belongings from enterprise mixture primarily displays the impairment of the intangible belongings associated to a subsidiary acquired attributable to hostile growth of its enterprise and alter of the regulation surroundings.
Loss from Operations
Loss from operations for 2021 was RMB943.2 million (US$148.Zero million), in contrast with RMB851.5 million for 2020. The margin of loss from operations was 23.5%, in contrast with 33.7% for 2020.
Internet Loss from Persevering with Operations Attributable to Youdao’s Atypical Shareholders
Internet loss from persevering with operations attributable to Youdao’s bizarre shareholders for 2021 was RMB895.Four million (US$140.5 million), in contrast with RMB798.5 million for 2020. Non-GAAP web loss from persevering with operations attributable to Youdao’s bizarre shareholders for 2021 was RMB788.Three million (US$123.7 million), in contrast with RMB762.Zero million for 2020.
Fundamental and diluted web loss per ADS from persevering with operations attributable to bizarre shareholders for 2021 was RMB7.36 (US$1.15), in contrast with RMB7.07 for 2020. Non-GAAP primary and diluted web loss per ADS from persevering with operations attributable to bizarre shareholders was RMB6.48 (US$1.02), in contrast with RMB6.75 for 2020.
Working Money Move from Persevering with Operations
For 2021, web money utilized in persevering with working actions was RMB623.6 million (US$97.Eight million), capital expenditures totaled RMB64.1 million (US$10.1 million), and depreciation and amortization bills amounted to RMB30.1 million (US$4.7 million).
Replace on Disposal of Educational AST Enterprise
Youdao has ceased providing the after-school tutoring companies on educational topics in China’s obligatory schooling system and accomplished the disposal of this enterprise.
Notes to Unaudited Monetary Info
The unaudited monetary info disclosed on this press launch is preliminary. The audit of the monetary statements and associated notes to be included within the Firm’s annual report on Type 20-F for the yr ended December 31, 2021 remains to be in progress. As well as, as a result of an audit of the Firm’s inner controls over monetary reporting in reference to part 404 of the Sarbanes-Oxley Act of 2002 has not but been accomplished, the Firm makes no illustration as to the effectiveness of these inner controls as of the top of fiscal yr 2021.
Changes to the monetary statements could also be recognized when the audit work is accomplished, which may end in variations between the Firm’s audited monetary statements and this preliminary unaudited monetary info.
Convention Name
Youdao’s administration group will host a teleconference name with simultaneous webcast at 6:00 a.m. Japanese Time on Thursday, February 24, 2022 (Beijing/Hong Kong Time: 7:00 p.m., Thursday, February 24, 2022). Youdao’s administration will probably be on the decision to debate the monetary outcomes and reply questions.
Dial-in particulars for the earnings convention name are as follows:
|
United States (toll free): |
+1-888-346-8982 |
|
Worldwide: |
+1-412-902-4272 |
|
Mainland China (toll free): |
400-120-1203 |
|
Hong Kong (toll free): |
800-905-945 |
|
Hong Kong: |
+852-3018-4992 |
|
Convention ID: |
8171296 |
A stay and archived webcast of the convention name will probably be out there on the Firm’s investor relations web site at http://ir.youdao.com.
A replay of the convention name will probably be accessible by telephone one hour after the conclusion of the stay name on the following numbers, till March 3, 2022:
|
United States: |
+1-877-344-7529 |
|
Worldwide: |
+1-412-317-0088 |
|
Replay Entry Code: |
8171296 |
About Youdao, Inc.
Youdao, Inc. (NYSE: DAO) is a number one clever studying firm in China devoted to growing and utilizing applied sciences to offer studying content material, purposes and options to customers of all ages. Constructing on the recognition of its on-line data instruments akin to Youdao Dictionary and Youdao Translation, Youdao now gives sensible gadgets, STEAM programs, grownup and vocational programs, and schooling digitalization options. As well as, Youdao has developed a wide range of interactive studying apps. Youdao was based in 2006 as a part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a number one web know-how firm in China.
For extra info, please go to: http://ir.youdao.com.
Non-GAAP Measures
Youdao considers and makes use of non-GAAP monetary measures, akin to gross billings and non-GAAP web earnings/(loss) from persevering with operations attributable to the Firm’s bizarre shareholders and non-GAAP primary and diluted earnings/(loss) from persevering with operations per ADS, as supplemental metrics in reviewing and assessing its working efficiency and formulating its marketing strategy. The presentation of non-GAAP monetary measures will not be supposed to be thought of in isolation or as an alternative choice to the monetary info ready and offered in accordance with accounting rules typically accepted in america of America (“U.S. GAAP”).
Youdao defines gross billings for a particular interval as the whole quantity of consideration for tutoring programs offered primarily on Youdao Premium Programs, NetEase Cloud Classroom and China College MOOC, web of the whole quantity of refunds, in such interval. The administration makes use of gross billings as a efficiency measurement as a result of the Firm typically payments college students for your entire course tuition on the time of sale of the programs and acknowledges income proportionally over a mean of the training durations of various programs. Youdao defines non-GAAP web earnings/(loss) from persevering with operations attributable to the Firm’s bizarre shareholders as web earnings/(loss) from persevering with operations attributable to the Firm’s bizarre shareholders excluding share-based compensation bills, amortization of intangible belongings from enterprise mixture, impairment of long-term investments, impairment of intangible belongings from enterprise mixture, adjustment for GAAP to non-GAAP reconciling gadgets for the earnings/(loss) attributable to noncontrolling pursuits, and earnings tax results of above GAAP to non-GAAP reconciling gadgets. Non-GAAP web earnings/(loss) from persevering with operations attributable to the Firm’s shareholders permits Youdao’s administration to evaluate its working outcomes with out contemplating the influence of this stuff, that are non-cash prices. Youdao believes that these non-GAAP monetary measures present helpful info to traders in understanding and evaluating the Firm’s present working efficiency and prospects in the identical method as administration does, in the event that they so select.
Non-GAAP monetary measures are usually not outlined below U.S. GAAP and are usually not offered in accordance with U.S. GAAP. Non-GAAP monetary measures have limitations as analytical instruments, which probably doesn’t mirror all gadgets of expense that have an effect on our operations. As well as, the non-GAAP monetary measures Youdao makes use of could differ from the non-GAAP measures makes use of by different corporations, together with peer corporations, and due to this fact their comparability could also be restricted.
The presentation of those non-GAAP monetary measures will not be supposed to be thought of 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 “Unaudited Reconciliation of GAAP and non-GAAP Outcomes” set forth on the finish of this launch.
The accompanying tables have extra particulars on the reconciliations between our GAAP monetary measures which might be most straight similar to non-GAAP monetary measures. Youdao encourages you to evaluation its monetary info in its entirety and never depend on a single monetary measure.
Alternate Charge Info
This announcement comprises translations of sure RMB quantities into U.S. {dollars} (“US$”) at specified charges solely for the comfort of the reader. Except in any other case acknowledged, all translations from RMB to US$ have been made on the charge of RMB6.3726 to US$1.00, the trade charge on December 30, 2021 set forth within the H.10 statistical launch of the Federal Reserve Board. The Firm makes no illustration that the RMB or US$ quantities referred could possibly be transformed into US$ or RMB, because the case could also be, at any specific charge or in any respect.
Secure Harbor Assertion
This press launch comprises forward-looking statements. These statements are made below the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. 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, and various elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion. In some circumstances, forward-looking statements may be recognized by phrases or phrases akin to “could,” “will,” “count on,” “anticipate,” “goal,” “goal,” “estimate,” “intend,” “plan,” “imagine,” “potential,” “proceed,” “is/are more likely to” or different comparable expressions. The Firm may additionally make written or oral forward-looking statements in its stories filed with, or furnished to, the U.S. Securities and Alternate Fee, in its annual stories 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 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. Additional info concerning such dangers, uncertainties or elements is included within the Firm’s filings with the SEC. All info supplied on this press launch is as of the date of this press launch, and the Firm doesn’t undertake any responsibility to replace such info, besides as required below relevant legislation.
For investor and media inquiries, please contact:
In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: [email protected]
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: [email protected]
In america:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]
|
YOUDAO, INC. |
|||||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(RMB and USD in hundreds) |
|||||||
|
As of December 31, |
As of December 31, |
As of December 31, |
|||||
|
2020 |
2021 |
2021 |
|||||
|
RMB |
RMB |
USD(1) |
|||||
|
Property |
|||||||
|
Present belongings: |
|||||||
|
Money and money equivalents |
609,199 |
322,777 |
50,651 |
||||
|
Time deposits |
263 |
268 |
42 |
||||
|
Restricted money |
– |
749,770 |
117,655 |
||||
|
Brief-term investments |
584,999 |
503,831 |
79,062 |
||||
|
Accounts receivable, web |
268,830 |
248,339 |
38,970 |
||||
|
Inventories, web |
118,963 |
255,411 |
40,080 |
||||
|
Quantities due from NetEase Group |
4,081 |
6,192 |
972 |
||||
|
Prepayment and different present belongings |
199,642 |
182,577 |
28,650 |
||||
|
Property held on the market |
65,589 |
497 |
78 |
||||
|
Whole present belongings |
1,851,566 |
2,269,662 |
356,160 |
||||
|
Non-current belongings: |
|||||||
|
Property and gear, web |
40,173 |
80,315 |
12,603 |
||||
|
Working lease right-of-use belongings, web |
105,865 |
118,104 |
18,533 |
||||
|
Different belongings, web |
67,181 |
164,898 |
25,876 |
||||
|
Property held on the market |
5,463 |
1,088 |
171 |
||||
|
Whole non-current belongings |
218,682 |
364,405 |
57,183 |
||||
|
Whole belongings |
2,070,248 |
2,634,067 |
413,343 |
||||
|
Liabilities, Mezzanine Fairness and Shareholders’ Deficits |
|||||||
|
Present liabilities: |
|||||||
|
Accounts payables |
141,304 |
161,006 |
25,265 |
||||
|
Payroll payable |
209,603 |
277,383 |
43,527 |
||||
|
Quantities attributable to NetEase Group |
67,230 |
83,041 |
13,031 |
||||
|
Contract liabilities |
894,218 |
1,065,639 |
167,222 |
||||
|
Taxes payable |
54,895 |
53,323 |
8,368 |
||||
|
Accrued liabilities and different payables |
602,044 |
515,567 |
80,904 |
||||
|
Brief-term loans from NetEase Group |
878,000 |
878,000 |
137,777 |
||||
|
Liabilities held on the market |
546,271 |
– |
– |
||||
|
Whole present liabilities |
3,393,565 |
3,033,959 |
476,094 |
||||
|
Non-current liabilities: |
|||||||
|
Lengthy-term lease liabilities |
79,748 |
73,070 |
11,466 |
||||
|
Different non-current liabilities |
4,043 |
2,411 |
378 |
||||
|
Lengthy-term loans from NetEase Group(2) |
– |
255,028 |
40,019 |
||||
|
Whole non-current liabilities |
83,791 |
330,509 |
51,863 |
||||
|
Whole liabilities |
3,477,356 |
3,364,468 |
527,957 |
||||
|
Mezzanine fairness(3) |
– |
78,592 |
12,333 |
||||
|
Shareholders’ deficit: |
|||||||
|
Youdao’s shareholders’ deficit |
(1,408,105) |
(807,067) |
(126,645) |
||||
|
Noncontrolling pursuits |
997 |
(1,926) |
(302) |
||||
|
Whole shareholders’ deficit |
(1,407,108) |
(808,993) |
(126,947) |
||||
|
Whole liabilities, mezzanine fairness and shareholders’ deficit |
2,070,248 |
2,634,067 |
413,343 |
||||
|
Observe 1: Observe 2: Observe 3: |
|||||||
|
YOUDAO, INC. |
||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
|
(RMB and USD in hundreds, besides share and per ADS knowledge) |
||||||||||||
|
Three Months Ended |
12 months Ended |
|||||||||||
|
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
|
2020 |
2021 |
2021 |
2021 |
2020 |
2021 |
|||||||
|
RMB |
RMB |
RMB |
USD(1) |
RMB |
RMB |
|||||||
|
Internet revenues: |
||||||||||||
|
Studying companies |
480,191 |
647,522 |
579,259 |
90,898 |
1,513,960 |
2,441,421 |
||||||
|
Good gadgets |
237,315 |
254,513 |
317,702 |
49,854 |
539,962 |
980,424 |
||||||
|
On-line advertising companies |
137,837 |
137,040 |
151,836 |
23,826 |
472,884 |
593,949 |
||||||
|
Whole web revenues |
855,343 |
1,039,075 |
1,048,797 |
164,578 |
2,526,806 |
4,015,794 |
||||||
|
Price of revenues (2) |
(455,894) |
(492,176) |
(603,504) |
(94,703) |
(1,419,369) |
(2,026,956) |
||||||
|
Gross revenue |
399,449 |
546,899 |
445,293 |
69,875 |
1,107,437 |
1,988,838 |
||||||
|
Working bills: |
||||||||||||
|
Gross sales and advertising bills (2) |
(511,100) |
(553,407) |
(420,437) |
(65,973) |
(1,473,604) |
(2,077,638) |
||||||
|
Analysis and growth bills (2) |
(108,950) |
(163,627) |
(170,245) |
(26,715) |
(372,184) |
(607,373) |
||||||
|
Normal and administrative bills (2) |
(35,631) |
(55,612) |
(46,112) |
(7,236) |
(113,106) |
(190,297) |
||||||
|
Impairment of intangible belongings from enterprise mixture |
– |
– |
(56,778) |
(8,911) |
– |
(56,778) |
||||||
|
Whole working bills |
(655,681) |
(772,646) |
(693,572) |
(108,835) |
(1,958,894) |
(2,932,086) |
||||||
|
Loss from operations |
(256,232) |
(225,747) |
(248,279) |
(38,960) |
(851,457) |
(943,248) |
||||||
|
Curiosity earnings |
3,673 |
5,959 |
3,012 |
473 |
25,524 |
18,780 |
||||||
|
Curiosity expense |
(7,846) |
(7,835) |
(8,428) |
(1,323) |
(31,215) |
(31,644) |
||||||
|
Others, web |
9,505 |
614 |
12,339 |
1,936 |
61,052 |
36,673 |
||||||
|
Loss earlier than tax |
(250,900) |
(227,009) |
(241,356) |
(37,874) |
(796,096) |
(919,439) |
||||||
|
Revenue tax (expense)/profit |
(495) |
(2,590) |
556 |
87 |
(2,929) |
(6,648) |
||||||
|
Internet loss from persevering with operations |
(251,395) |
(229,599) |
(240,800) |
(37,787) |
(799,025) |
(926,087) |
||||||
|
Internet (loss)/earnings from discontinued operations |
(196,539) |
96,447 |
199,290 |
31,273 |
(954,327) |
(100,267) |
||||||
|
Internet loss |
(447,934) |
(133,152) |
(41,510) |
(6,514) |
(1,753,352) |
(1,026,354) |
||||||
|
Internet loss attributable to noncontrolling pursuits |
180 |
4,254 |
24,897 |
3,907 |
563 |
30,699 |
||||||
|
Internet loss attributable to bizarre shareholders of the Firm |
(447,754) |
(128,898) |
(16,613) |
(2,607) |
(1,752,789) |
(995,655) |
||||||
|
Together with: |
||||||||||||
|
Internet loss from persevering with operations attributable to bizarre shareholders of the |
(251,215) |
(225,345) |
(215,903) |
(33,880) |
(798,462) |
(895,388) |
||||||
|
Internet (loss)/earnings from discontinued operations attributable to bizarre |
(196,539) |
96,447 |
199,290 |
31,273 |
(954,327) |
(100,267) |
||||||
|
Fundamental web (loss)/earnings per ADS |
(3.93) |
(1.05) |
(0.13) |
(0.02) |
(15.53) |
(8.18) |
||||||
|
-Persevering with operations |
(2.21) |
(1.84) |
(1.75) |
(0.27) |
(7.07) |
(7.36) |
||||||
|
-Discontinued operations |
(1.72) |
0.79 |
1.62 |
0.25 |
(8.46) |
(0.82) |
||||||
|
Diluted web (loss)/earnings per ADS |
(3.93) |
(1.05) |
(0.13) |
(0.02) |
(15.53) |
(8.18) |
||||||
|
-Persevering with operations |
(2.21) |
(1.84) |
(1.75) |
(0.27) |
(7.07) |
(7.36) |
||||||
|
-Discontinued operations |
(1.72) |
0.79 |
1.62 |
0.25 |
(8.46) |
(0.82) |
||||||
|
Shares utilized in computing primary web (loss)/earnings per ADS |
113,898,308 |
122,715,264 |
123,193,273 |
123,193,273 |
112,864,452 |
121,650,907 |
||||||
|
Shares utilized in computing diluted web (loss)/earnings per ADS |
113,898,308 |
122,715,264 |
123,193,273 |
123,193,273 |
112,864,452 |
121,650,907 |
||||||
|
Observe 1: |
||||||||||||
|
Observe 2: Share-based compensation in every class: |
||||||||||||
|
Price of revenues |
1,559 |
1,356 |
3,249 |
510 |
4,641 |
7,862 |
||||||
|
Gross sales and advertising bills |
1,674 |
2,678 |
2,800 |
439 |
4,821 |
10,521 |
||||||
|
Analysis and growth bills |
8,881 |
7,641 |
8,735 |
1,371 |
19,738 |
33,775 |
||||||
|
Normal and administrative bills |
975 |
5,984 |
5,449 |
855 |
7,225 |
20,043 |
||||||
|
YOUDAO, INC. |
||||||||||||
|
UNAUDITED ADDITIONAL INFORMATION |
||||||||||||
|
(RMB and USD in hundreds) |
||||||||||||
|
Three Months Ended |
12 months Ended |
|||||||||||
|
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
|
2020 |
2021 |
2021 |
2021 |
2020 |
2021 |
|||||||
|
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
|||||||
|
Internet revenues |
||||||||||||
|
Studying companies |
480,191 |
647,522 |
579,259 |
90,898 |
1,513,960 |
2,441,421 |
||||||
|
Good gadgets |
237,315 |
254,513 |
317,702 |
49,854 |
539,962 |
980,424 |
||||||
|
On-line advertising companies |
137,837 |
137,040 |
151,836 |
23,826 |
472,884 |
593,949 |
||||||
|
Whole web revenues |
855,343 |
1,039,075 |
1,048,797 |
164,578 |
2,526,806 |
4,015,794 |
||||||
|
Price of revenues |
||||||||||||
|
Studying companies |
211,600 |
226,543 |
281,433 |
44,163 |
716,504 |
980,700 |
||||||
|
Good gadgets |
143,545 |
168,637 |
219,703 |
34,476 |
355,970 |
618,925 |
||||||
|
On-line advertising companies |
100,749 |
96,996 |
102,368 |
16,064 |
346,895 |
427,331 |
||||||
|
Whole value of revenues |
455,894 |
492,176 |
603,504 |
94,703 |
1,419,369 |
2,026,956 |
||||||
|
Gross margin |
||||||||||||
|
Studying companies |
55.9% |
65.0% |
51.4% |
51.4% |
52.7% |
59.8% |
||||||
|
Good gadgets |
39.5% |
33.7% |
30.8% |
30.8% |
34.1% |
36.9% |
||||||
|
On-line advertising companies |
26.9% |
29.2% |
32.6% |
32.6% |
26.6% |
28.1% |
||||||
|
Whole gross margin |
46.7% |
52.6% |
42.5% |
42.5% |
43.8% |
49.5% |
||||||
|
YOUDAO, INC. |
||||||||||||
|
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
||||||||||||
|
(RMB and USD in hundreds, besides per ADS knowledge) |
||||||||||||
|
Three Months Ended |
12 months Ended |
|||||||||||
|
December 31, |
September 30, |
December 31, |
December 31, |
December 31, |
December 31, |
|||||||
|
2020 |
2021 |
2021 |
2021 |
2020 |
2021 |
|||||||
|
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
|||||||
|
Internet revenues of tutoring companies |
440,826 |
600,391 |
528,788 |
82,978 |
1,369,010 |
2,271,036 |
||||||
|
Add: value-added tax |
35,230 |
29,185 |
48,371 |
7,590 |
112,759 |
142,615 |
||||||
|
ending deferred income |
809,770 |
696,559 |
973,947 |
152,834 |
809,770 |
973,947 |
||||||
|
Much less: starting deferred income |
(663,422) |
(752,231) |
(696,559) |
(109,305) |
(299,460) |
(809,770) |
||||||
|
deferred income from acquired subsidiaries |
– |
(58,295) |
– |
– |
– |
(58,295) |
||||||
|
Non-GAAP gross billings |
622,404 |
515,609 |
854,547 |
134,097 |
1,992,079 |
2,519,533 |
||||||
|
Internet loss from persevering with operations attributable to bizarre shareholders of the Firm |
(251,215) |
(225,345) |
(215,903) |
(33,880) |
(798,462) |
(895,388) |
||||||
|
Add: share-based compensation |
13,089 |
17,659 |
20,233 |
3,175 |
36,425 |
72,201 |
||||||
|
amortization of intangible belongings from enterprise mixture |
– |
996 |
1,976 |
310 |
– |
2,972 |
||||||
|
impairment of long-term investments |
– |
7,000 |
– |
– |
– |
7,000 |
||||||
|
impairment of intangible belongings from enterprise mixture |
– |
56,778 |
8,911 |
– |
56,778 |
|||||||
|
Much less: tax results on non-GAAP changes |
– |
(149) |
(8,813) |
(1,383) |
– |
(8,962) |
||||||
|
GAAP to non-GAAP reconciling gadgets for the loss attributable to |
– |
(381) |
(22,473) |
(3,528) |
– |
(22,854) |
||||||
|
Non-GAAP web loss from persevering with operations attributable to bizarre shareholders of the Firm |
(238,126) |
(200,220) |
(168,202) |
(26,395) |
(762,037) |
(788,253) |
||||||
|
Non-GAAP primary web loss from persevering with operations per ADS |
(2.09) |
(1.63) |
(1.37) |
(0.21) |
(6.75) |
(6.48) |
||||||
|
Non-GAAP diluted web loss from persevering with operations per ADS |
(2.09) |
(1.63) |
(1.37) |
(0.21) |
(6.75) |
(6.48) |
||||||
SOURCE Youdao, Inc.
