BEIJING, March 8, 2022 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Firm”), a technology-driven training firm and on-line large-class tutoring service supplier in China, at the moment introduced its unaudited monetary outcomes for the fourth quarter and monetary 12 months ended December 31, 2021.
Fourth Quarter 2021 Highlights[1]
- Internet revenues have been RMB1,274.Three million, in contrast with internet income of RMB2,211.Zero million in the identical interval of 2020.
– Internet revenues of on-line Ok-12 tutorial topic tutoring providers have been RMB1,125.2 million, in contrast with internet income of on-line Ok-12 tutorial topic tutoring providers of RMB1,975.2 million in the identical interval of 2020. - Gross billings[2] have been RMB1,006.5 million, in contrast with gross billings of RMB3,146.5 million in the identical interval of 2020.
– Gross billings of on-line Ok-12 tutorial topic tutoring providers have been RMB771.7 million, in contrast with gross billings of on-line Ok-12 tutorial topic tutoring providers of RMB2,923.Zero million in the identical interval of 2020. - Internet earnings was RMB285.9 million, in contrast with internet lack of RMB627.Zero million in the identical interval of 2020.
- Non-GAAP internet earnings was RMB324.Four million, in contrast with non-GAAP internet lack of RMB554.Four million in the identical interval of 2020.
- Internet working money influx was RMB245.Eight million, in contrast with internet working money influx of RMB636.Four million in the identical interval of 2020.
Fourth Quarter 2021 Key Monetary and Working Knowledge
(In 1000’s of RMB, aside from percentages)
|
Three Months Ended December 31, |
||||||||||||
|
2020 |
2021 |
Pct. |
||||||||||
|
Internet revenues |
2,211,041 |
1,274,267 |
(42.4%) |
|||||||||
|
On-line Ok-12 tutorial topic tutoring providers |
1,975,162 |
1,125,200 |
(43.0%) |
|||||||||
|
Complete tutoring providers[3] |
235,879 |
149,067 |
(36.8%) |
|||||||||
|
Gross billings |
3,146,502 |
1,006,509 |
(68.0%) |
|||||||||
|
On-line Ok-12 tutorial topic tutoring providers |
2,922,984 |
771,682 |
(73.6%) |
|||||||||
|
Complete tutoring providers |
223,518 |
234,827 |
5.1% |
|||||||||
|
Internet (loss) earnings |
(627,033) |
285,858 |
NM |
|||||||||
|
Non-GAAP internet (loss) earnings |
(554,354) |
324,387 |
NM |
|||||||||
|
Internet working money influx |
636,367 |
245,833 |
(61.4%) |
|||||||||
|
[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 earnings (loss) from operations, non-GAAP internet earnings (loss) exclude share-based compensation bills. |
|
[2] Gross billings is a non-GAAP monetary measure, which is outlined as the overall amount of money acquired for the sale in fact choices in such interval, internet of the overall 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] In compliance with the New Rules beforehand disclosed, the Firm used the brand new presentation to raised present its efficiency after the enterprise restructuring. Complete tutoring providers primarily embrace skilled training, vocational training, digital merchandise and different tutoring providers. Retroactive changes to historic knowledge have additionally been made to supply a constant foundation of comparability for the monetary outcomes. |
Fiscal 12 months Ended December 31, 2021 Highlights
- Internet revenues have been RMB6,561.7 million, in contrast with internet revenues of RMB7,124.7 million in 2020.
– Internet revenues of on-line Ok-12 tutorial topic tutoring providers have been RMB6,000.6 million, in contrast with internet revenues of on-line Ok-12 tutorial topic tutoring providers of RMB6,237.Four million in 2020. - Gross billings have been RMB5,184.2 million, in contrast with gross billings of RMB9,008.1 million in 2020.
– Gross billings of on-line Ok-12 tutorial topic tutoring providers have been RMB4,514.5 million, in contrast with gross billings of on-line Ok-12 tutorial topic tutoring providers of RMB8,003.1 million in 2020. - Internet loss was RMB3,103.5 million, in contrast with internet lack of RMB1,392.9 million in 2020.
- Non-GAAP internet loss was RMB2,758.2 million, in contrast with non-GAAP internet lack of RMB1,154.5 million in 2020.
Fiscal 12 months 2021 Key Monetary and Working Knowledge
(In 1000’s of RMB, aside from percentages)
|
Fiscal 12 months Ended December 31, |
||||||||||||
|
2020 |
2021 |
Pct. |
||||||||||
|
Internet revenues |
7,124,744 |
6,561,747 |
(7.9%) |
|||||||||
|
On-line Ok-12 tutorial topic tutoring providers |
6,237,399 |
6,000,639 |
(3.8%) |
|||||||||
|
Complete tutoring providers[3] |
887,345 |
561,108 |
(36.8%) |
|||||||||
|
Gross billings |
9,008,090 |
5,184,215 |
(42.4%) |
|||||||||
|
On-line Ok-12 tutorial topic tutoring providers |
8,003,115 |
4,514,549 |
(43.6%) |
|||||||||
|
Complete tutoring providers |
1,004,975 |
669,666 |
(33.4%) |
|||||||||
|
Internet loss |
(1,392,930) |
(3,103,465) |
122.8% |
|||||||||
|
Non-GAAP internet loss |
(1,154,484) |
(2,758,206) |
138.9% |
|||||||||
Larry Xiangdong Chen, the Firm’s founder, Chairman and CEO, commented, “Within the fourth quarter, we achieved appreciable profitability in each GAAP and non-GAAP phrases, in addition to optimistic internet working money movement, after we restructured our enterprise within the third quarter. Our internet revenue was RMB285.9 million and our non-GAAP internet revenue was RMB324.Four million, which gave us a record-high non-GAAP internet revenue margin of 25.5%. All of those point out that the enterprise restructuring and organizational changes we carried out within the third quarter of 2021 delivered important outcomes, confirming that we selected the correct strategic course. Within the meantime, we maintained a powerful money place. As of December 31, 2021, our money and money equivalents, restricted money, and short-term wealth administration investments totaled roughly RMB3.7 billion.”
“Wanting again, 2021 was undeniably an eventful 12 months. Nonetheless, inside a brief time frame, we accomplished our restructuring and ended the 12 months with a powerful quarterly revenue. Wanting forward into 2022, we are going to proceed to adjust to authorities insurance policies, proceed to deal with vocational {and professional} training, and digital merchandise, proceed to deal with the efficient development of our enterprise, and proceed to deal with bringing a greater studying expertise to extra prospects.”
Shannon Shen, CFO of the Firm, added, “Following the restructuring which was accomplished within the third quarter, our new strategic focus achieved fast and wholesome development. Each internet revenues and gross billings generated from our complete tutoring providers elevated quarter-over-quarter. Their gross billings secured a 72.8% development. The rise displays our immediate and decisive restructuring, sturdy group, stable expertise pool, and deep business expertise. Sooner or later, we are going to proceed to discover new companies and stay devoted to refining our services and products, with the objective of providing superior-quality programs and providers that exceed our college students’ expectations.”
Monetary Outcomes for the Fourth Quarter of 2021
Internet Revenues
Internet revenues have been RMB1,274.Three million, in contrast with internet revenues of RMB2,211.Zero million within the fourth quarter of 2020. The lower was primarily as a result of cessation of Ok-9 tutorial topic tutoring providers because of the influence of presidency insurance policies as beforehand disclosed.
Value of Revenues
Value of revenues decreased by 37.3% to RMB386.7 million from RMB616.Four million within the fourth quarter of 2020, primarily because of a lower in compensation for instructors and tutors because of the restructuring within the third quarter of 2021, in addition to decreases in studying materials value and rental bills.
Gross Revenue and Gross Margin
Gross revenue was RMB887.6 million, in contrast with gross revenue of RMB1,594.7 million within the fourth quarter of 2020. Gross revenue margin decreased to 69.7% from 72.1% in the identical interval of 2020. The lower was primarily attributable to the lower of internet revenues, because of the influence of presidency insurance policies as beforehand disclosed.
Non-GAAP gross revenue was RMB908.2 million, in contrast with non-GAAP gross revenue of RMB1,613.6 million in the identical interval of 2020. Non-GAAP gross revenue margin decreased to 71.3% from 73.0% in the identical interval of 2020.
Working Bills
Working bills have been RMB629.Three million, which decreased from RMB2,290.Eight million within the fourth quarter of 2020.
Promoting bills decreased to RMB373.Zero million from RMB1,798.Four million within the fourth quarter of 2020, primarily because of a lower in advertising and marketing bills because of the influence of presidency insurance policies as beforehand disclosed, and a lower in compensation for gross sales and advertising and marketing workers because of the restructuring within the third quarter of 2021.
Analysis and improvement bills decreased to RMB125.Zero million from RMB274.7 million within the fourth quarter of 2020, primarily because of a lower in compensation for analysis and improvement personnel because of the restructuring within the third quarter of 2021.
Common and administrative bills decreased to RMB95.9 million from RMB217.7 million within the fourth quarter of 2020, primarily because of a lower in compensation for normal and administrative workers because of the restructuring within the third quarter of 2021.
Impairment loss on long-lived belongings and disposal loss on belongings was RMB14.1 million and RMB21.Three million respectively for the fourth quarter of 2021, in contrast with nil and nil for a similar interval of 2020, primarily because of destructive influence of presidency insurance policies as beforehand disclosed.
Earnings (Loss) from Operations
Earnings from operations was RMB258.Three million, in contrast with the loss from operations of RMB696.1 million within the fourth quarter of 2020. The rise was primarily because of a lower in compensation for workers because of the restructuring, in addition to lower in different working associated bills.
Non-GAAP earnings from operations was RMB296.Eight million, in contrast with non-GAAP loss from operations of RMB623.Four million within the fourth quarter of 2020.
Curiosity Earnings and Realized Good points from Funding
Curiosity earnings and realized positive factors from investments, on mixture, have been RMB15.9 million, in contrast with RMB18.6 million within the fourth quarter of 2020.
Different Earnings
Different earnings was RMB11.2 million, in contrast with different earnings of RMB54.1 million within the fourth quarter of 2020. The lower was primarily as a result of value-added tax exemption supplied by the federal government within the fourth quarter of 2020, which was not supplied after April 2021.
Internet Earnings (Loss)
Internet earnings was RMB285.9 million, in contrast with internet lack of RMB627.Zero million within the fourth quarter of 2020.
Non-GAAP internet earnings was RMB324.Four million, in contrast with non-GAAP internet lack of RMB554.Four million within the fourth quarter of 2020.
Money Stream
Internet working money influx for the fourth quarter of 2021 was RMB245.Eight million. The influx of internet working money this quarter was primarily because of a lower in worker compensation because of the restructuring within the third quarter of 2021, in addition to lower in different working associated bills.
Fundamental and Diluted Internet Earnings per ADS
Fundamental and diluted internet earnings per ADS have been RMB1.11 and RMB1.09, respectively, within the fourth quarter of 2021.
Non-GAAP fundamental and diluted internet earnings per ADS have been RMB1.26 and RMB1.23, respectively, within the fourth quarter of 2021.
Share Excellent
As of December 31, 2021, the Firm had 171,337,528 unusual shares excellent.
Money and Money Equivalents, Restricted Money, Quick-term Investments and Lengthy-term Investments
As of December 31, 2021, the Firm had money and money equivalents, restricted money and short-term investments of RMB3,671.1 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. Restricted money primarily represented the upfront tuition price within the authorities custodian account, and shall be launched because the programs are being delivered.
Different Payables
As of December 31, 2021, different payables in non-current liabilities totaled RMB35.Eight million, amongst which RMB26.6 million have been payables associated to the acquisition of the Zhengzhou properties.
Monetary Outcomes for the Fiscal 12 months of 2021
Internet Revenues
Internet revenues have been RMB6,561.7 million, in contrast with internet revenues of RMB7,124.7 million in 2020. The lower was primarily as a result of cessation of Ok-9 tutorial topic tutoring providers because of the influence of presidency insurance policies as beforehand disclosed.
Value of revenues
Value of revenues was RMB2,397.6 million, in contrast with value of revenues of RMB1,762.5 million in 2020. The rise was primarily because of severance prices for the discount of instructors and tutors within the third quarter of 2021.
Gross Revenue and Gross Margin
Gross revenue was RMB4,164.1 million, in contrast with gross revenue of RMB5,362.2 million in 2020. Gross revenue margin decreased to 63.5%, from 75.3% in 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 presidency insurance policies as beforehand disclosed.
Non-GAAP gross revenue was RMB4,282.Three million, in contrast with non-GAAP gross revenue of RMB5,428.6 million in 2020. Non-GAAP gross revenue margin decreased to 65.3%, from 76.2% in 2020.
Working Bills
Working bills have been RMB7,344.5 million, in contrast with working bills of RMB7,117.2 million in 2020.
Promoting bills decreased to RMB5,129.Three million from RMB5,816.2 million in 2020, primarily because of a lower in advertising and marketing bills as a result of influence of presidency insurance policies as beforehand disclosed, which have been partially offset by a rise in compensation, which incorporates severance prices to gross sales and advertising and marketing workers because of the personnel discount within the third quarter of 2021.
Analysis and improvement elevated by 70.6% to RMB1,252.9 million from RMB734.5 million in 2020, primarily because of a rise in compensation, which incorporates severance prices within the third quarter of 2021, for training content material improvement professionals and expertise improvement personnel.
Common and administrative bills elevated to RMB720.Three million from RMB566.6 million in 2020, primarily because of a rise in compensation to normal and administrative workers, which incorporates severance prices within the third quarter of 2021.
Impairment loss on long-lived belongings and disposal loss on belongings was RMB95.Eight million and RMB146.2 million respectively for 2021, in contrast with nil and nil for 2020, primarily because of destructive influence of presidency insurance policies as beforehand disclosed.
Loss from Operations
Loss from operations was RMB3,180.Three million, in contrast with loss from operations of RMB1,755.Zero million in 2020.
Non-GAAP loss from operations was RMB2,835.1 million, in contrast with non-GAAP loss from operations of RMB1,516.6 million in 2020.
Curiosity Earnings and Realized Good points from Funding
Curiosity earnings and realized positive factors from investments, on mixture, was RMB97.2 million, in contrast with RMB73.Eight million in 2020.
Different Earnings
Different earnings was RMB20.9 million, in contrast with different earnings of RMB253.6 million in 2020. The lower was primarily as a result of value-added tax exemption supplied by the federal government in 2020, which was not supplied after April 2021.
Internet Loss
Internet loss was RMB3,103.5 million, in contrast with internet lack of RMB1,392.9 million in 2020.
Non-GAAP internet loss was RMB2,758.2 million, in contrast with non-GAAP internet lack of RMB1,154.5 million in 2020
Money Stream
Internet working money outflow was RMB4,185.Eight million, in contrast with working money influx of RMB603.Three million in 2020. The lower was primarily as a result of lower of paid course enrollments, the rise in tuition price refunds and the severance prices for the discount in staffing paid within the third quarter of 2021, because of the influence of presidency insurance policies as beforehand disclosed.
Fundamental and Diluted Internet Loss per ADS
Fundamental and diluted internet loss per ADS have been RMB12.11 in 2021.
Non-GAAP fundamental and diluted internet loss per ADS have been RMB10.77 in 2021.
Convention Name
The Firm will maintain an earnings convention name on Tuesday, March 8, 2022, at 8:00 AM U.S. Japanese Time (9:00 PM on the identical day, Beijing/Hong Kong Time). Dial-in particulars for the earnings convention name are as follows:
|
Worldwide: |
1-412-317-6061 |
|
US: |
1-888-317-6003 |
|
Hong Kong: |
800-963976 |
|
Mainland China: |
4001-206115 |
|
Passcode: |
9435187 |
A phone replay shall be obtainable two hours after the conclusion of the convention name by way of March 15, 2022. The dial-in particulars are:
|
Worldwide: |
1-412-317-0088 |
|
US: |
1-877-344-7529 |
|
Passcode: |
7384980 |
Moreover, a dwell and archived webcast of this convention name shall be obtainable at http://ir.gaotu.cn/residence.
Secure Harbor Assertion
This announcement incorporates forward-looking statements. These statements are made beneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology equivalent to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the Firm’s strategic and operational plans, include 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 Trade 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 details, together with statements in regards to the Firm’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Various 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 skill to proceed to draw college students to enroll in its programs; the Firm’s skill to proceed to recruit, practice and retain certified academics; the Firm’s skill to enhance the content material of its current course choices and to develop new programs; the Firm’s skill to take care of and improve its model; the Firm’s skill to take care of and proceed to enhance its instructing outcomes; and the Firm’s skill to compete successfully in opposition to its opponents. Additional data concerning these and different dangers is included within the Firm’s experiences filed with, or furnished to the U.S. Securities and Trade 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 obligation to replace such data or any forward-looking assertion, besides as required beneath relevant legislation.
About Gaotu Techedu Inc.
Gaotu is a technology-driven training firm and on-line large-class tutoring service supplier in China. The Firm gives vocational training, skilled training and digital merchandise. Gaotu adopts a web based dwell large-class format to ship its programs, which the Firm believes is the simplest and scalable mannequin to disseminate scarce high-quality instructing assets to aspiring college students in China. Huge knowledge analytics permeates each side of the Firm’s enterprise and facilitates the applying of the most recent expertise to enhance instructing 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 earnings (loss) from operations and non-GAAP internet earnings (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 overall amount of money acquired for the sale in fact choices in such interval, internet of the overall 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 typically payments its college students for your complete course price on the time of sale of its course choices and acknowledges income proportionally because the courses are delivered. 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 net dwell programs are delivered. The Firm believes that gross billings offers 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 might not be calculated in the identical method by all firms, it might not be similar to different equally titled measures utilized by different firms.
Non-GAAP gross revenue, non-GAAP earnings (loss) from operations and non-GAAP internet earnings (loss) exclude share-based compensation bills, and such adjustment excludes the influence on earnings tax. The Firm believes that these non-GAAP monetary measures present significant supplemental data concerning its efficiency and liquidity by excluding share-based bills that might not be indicative of its working efficiency from a money perspective. The Firm believes that each administration and traders 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 big recurring expense within the Firm’s enterprise.
The presentation of those non-GAAP monetary measures will not be supposed to be thought-about in isolation from or as an alternative to the monetary data ready and offered 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 can be most immediately similar to non-GAAP monetary measures.
Trade Charge
The Firm’s enterprise is primarily performed in China and the numerous majority of revenues generated are denominated in Renminbi (“RMB”). This announcement incorporates 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 RMB6.3726 to USD1.0000, the efficient midday shopping for charge for December 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 December 30, 2021, or at another charge.
For additional data, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: [email protected]
Christensen
In China
Ms. Vivian Wang
Cellphone: +852 2232 3978
E-mail: [email protected]
Within the US
Ms. Linda Bergkamp
Cellphone: +1-480-614-3004
Electronic 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 knowledge) |
||||||||||||
|
As of |
As of December 31, |
|||||||||||
|
2020 |
2021 |
2021 |
||||||||||
|
RMB |
RMB |
USD |
||||||||||
|
ASSETS |
||||||||||||
|
Present belongings |
||||||||||||
|
Money and money equivalents |
355,224 |
728,934 |
114,386 |
|||||||||
|
Restricted money |
— |
168,189 |
26,393 |
|||||||||
|
Quick-term investments |
7,331,268 |
2,774,000 |
435,301 |
|||||||||
|
Stock |
48,074 |
15,595 |
2,447 |
|||||||||
|
Pay as you go bills and different present belongings |
722,682 |
250,068 |
39,241 |
|||||||||
|
Complete present belongings |
8,457,248 |
3,936,786 |
617,768 |
|||||||||
|
Non-current belongings |
||||||||||||
|
Working lease right-of-use belongings |
806,591 |
353,877 |
55,531 |
|||||||||
|
Property, gear and software program, internet |
704,338 |
680,009 |
106,708 |
|||||||||
|
Land use rights, internet |
28,983 |
28,178 |
4,422 |
|||||||||
|
Lengthy-term investments |
530,729 |
— |
— |
|||||||||
|
Deferred tax belongings |
48,324 |
— |
— |
|||||||||
|
Rental deposit |
51,499 |
22,544 |
3,538 |
|||||||||
|
Different non-current belongings |
58,080 |
3,272 |
514 |
|||||||||
|
TOTAL ASSETS |
10,685,792 |
5,024,666 |
788,481 |
|||||||||
|
LIABILITIES |
||||||||||||
|
Present liabilities |
||||||||||||
|
Accrued bills, deferred income and different present |
4,040,116 |
1,680,258 |
263,670 |
|||||||||
|
Present portion of working lease liabilities (together with |
152,622 |
80,010 |
12,555 |
|||||||||
|
Earnings tax payable of the consolidated VIE with out |
4,654 |
— |
— |
|||||||||
|
Complete Present liabilities |
4,197,392 |
1,760,268 |
276,225 |
|||||||||
|
Gaotu Techedu Inc. |
||||||||||||
|
Unaudited condensed consolidated stability sheets |
||||||||||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS knowledge) |
||||||||||||
|
As of |
As of December 31, |
|||||||||||
|
2020 |
2021 |
2021 |
||||||||||
|
RMB |
RMB |
USD |
||||||||||
|
Non-current liabilities |
||||||||||||
|
Non-current portion of working lease liabilities (together with |
644,143 |
276,035 |
43,316 |
|||||||||
|
Deferred tax liabilities of the consolidated VIE with out |
78,697 |
71,616 |
11,238 |
|||||||||
|
Deferred income and different payables of the consolidated VIE |
35,705 |
35,805 |
5,619 |
|||||||||
|
TOTAL LIABILITIES |
4,955,937 |
2,143,724 |
336,398 |
|||||||||
|
SHAREHOLDERS’ EQUITY |
||||||||||||
|
Bizarre shares |
113 |
114 |
18 |
|||||||||
|
Treasury inventory, at value |
(139,572) |
— |
— |
|||||||||
|
Extra paid-in capital |
7,595,049 |
7,793,234 |
1,222,928 |
|||||||||
|
Accrued different complete loss |
(59,905) |
(143,111) |
(22,457) |
|||||||||
|
Statutory reserve |
40,380 |
40,380 |
6,337 |
|||||||||
|
Accrued deficit |
(1,706,210) |
(4,809,675) |
(754,743) |
|||||||||
|
TOTAL SHAREHOLDERS’ EQUITY |
5,729,855 |
2,880,942 |
452,083 |
|||||||||
|
TOTAL LIABILITIES AND TOTAL SHAREHOLDERS’ |
10,685,792 |
5,024,666 |
788,481 |
|||||||||
|
Gaotu Techedu Inc. |
||||||||||||||||||||||||
|
Unaudited condensed consolidated statements of operations |
||||||||||||||||||||||||
|
(In 1000’s of RMB and USD, aside from share, per share and per ADS knowledge) |
||||||||||||||||||||||||
|
For the three months ended December 31, |
For the 12 months ended December 31, |
|||||||||||||||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||||||||||||||
|
Internet Revenues: |
2,211,041 |
1,274,267 |
199,960 |
7,124,744 |
6,561,747 |
1,029,681 |
||||||||||||||||||
|
On-line Ok-12 tutorial topic |
1,975,162 |
1,125,200 |
176,568 |
6,237,399 |
6,000,639 |
941,631 |
||||||||||||||||||
|
Complete tutoring providers[3] |
235,879 |
149,067 |
23,392 |
887,345 |
561,108 |
88,050 |
||||||||||||||||||
|
Value of revenues |
(616,363) |
(386,652) |
(60,674) |
(1,762,548) |
(2,397,604) |
(376,236) |
||||||||||||||||||
|
Gross revenue |
1,594,678 |
887,615 |
139,286 |
5,362,196 |
4,164,143 |
653,445 |
||||||||||||||||||
|
Working bills |
||||||||||||||||||||||||
|
Promoting bills |
(1,798,357) |
(373,035) |
(58,537) |
(5,816,214) |
(5,129,267) |
(804,894) |
||||||||||||||||||
|
Analysis and improvement bills |
(274,726) |
(124,977) |
(19,612) |
(734,450) |
(1,252,877) |
(196,604) |
||||||||||||||||||
|
Common and administrative bills |
(217,670) |
(95,913) |
(15,051) |
(566,565) |
(720,253) |
(113,023) |
||||||||||||||||||
|
Impairment loss on long-lived belongings |
— |
(14,104) |
(2,213) |
— |
(95,844) |
(15,040) |
||||||||||||||||||
|
Disposal loss on belongings |
— |
(21,270) |
(3,338) |
— |
(146,245) |
(22,949) |
||||||||||||||||||
|
Complete working bills |
(2,290,753) |
(629,299) |
(98,751) |
(7,117,229) |
(7,344,486) |
(1,152,510) |
||||||||||||||||||
|
(Loss) earnings from operations |
(696,075) |
258,316 |
40,535 |
(1,755,033) |
(3,180,343) |
(499,065) |
||||||||||||||||||
|
Curiosity earnings |
1,273 |
4,296 |
674 |
3,372 |
31,460 |
4,937 |
||||||||||||||||||
|
Realized positive factors from investments |
17,334 |
11,582 |
1,817 |
70,403 |
65,763 |
10,320 |
||||||||||||||||||
|
Different earnings |
54,109 |
11,215 |
1,760 |
253,646 |
20,906 |
3,281 |
||||||||||||||||||
|
(Loss) earnings earlier than provision for |
(623,359) |
285,409 |
44,786 |
(1,427,612) |
(3,062,214) |
(480,527) |
||||||||||||||||||
|
Earnings tax (bills) advantages |
(5,474) |
449 |
70 |
34,619 |
(40,949) |
(6,426) |
||||||||||||||||||
|
Share of outcomes of fairness investees |
1,800 |
— |
— |
63 |
(302) |
(47) |
||||||||||||||||||
|
Internet (loss) earnings |
(627,033) |
285,858 |
44,856 |
(1,392,930) |
(3,103,465) |
(487,000) |
||||||||||||||||||
|
Internet (loss) earnings attributable to |
(627,033) |
285,858 |
44,856 |
(1,392,930) |
(3,103,465) |
(487,000) |
||||||||||||||||||
|
Internet (loss) earnings per unusual share |
||||||||||||||||||||||||
|
Fundamental |
(3.88) |
1.67 |
0.26 |
(8.72) |
(18.17) |
(2.85) |
||||||||||||||||||
|
Diluted |
(3.88) |
1.63 |
0.26 |
(8.72) |
(18.17) |
(2.85) |
||||||||||||||||||
|
Internet (loss) earnings per ADS |
||||||||||||||||||||||||
|
Fundamental |
(2.59) |
1.11 |
0.17 |
(5.81) |
(12.11) |
(1.90) |
||||||||||||||||||
|
Diluted |
(2.59) |
1.09 |
0.17 |
(5.81) |
(12.11) |
(1.90) |
||||||||||||||||||
|
Weighted common shares utilized in internet |
||||||||||||||||||||||||
|
Fundamental |
161,704,940 |
171,204,907 |
171,204,907 |
159,725,779 |
170,790,979 |
170,790,979 |
||||||||||||||||||
|
Diluted |
161,704,940 |
175,669,582 |
175,669,582 |
159,725,779 |
170,790,979 |
170,790,979 |
||||||||||||||||||
Notice: Three ADSs symbolize two unusual 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 knowledge) |
||||||||||||||||||||||||
|
For the three months ended December |
For the 12 months ended December 31, |
|||||||||||||||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||||||||||||||
|
Internet revenues |
2,211,041 |
1,274,267 |
199,960 |
7,124,744 |
6,561,747 |
1,029,681 |
||||||||||||||||||
|
Much less: different revenues(1) |
74 |
306 |
48 |
1,289 |
911 |
143 |
||||||||||||||||||
|
Add: VAT and surcharges |
139,270 |
76,684 |
12,033 |
434,090 |
402,979 |
63,236 |
||||||||||||||||||
|
Add: ending deferred income and refund legal responsibility |
2,854,448 |
1,074,848 |
168,668 |
2,854,448 |
1,074,848 |
168,668 |
||||||||||||||||||
|
Much less: starting deferred income and refund legal responsibility |
2,046,483 |
1,418,984 |
222,669 |
1,392,203 |
2,854,448 |
447,925 |
||||||||||||||||||
|
Much less: deferred income from the Tianjin |
11,700 |
— |
— |
11,700 |
— |
— |
||||||||||||||||||
|
Gross billings (non-GAAP) |
3,146,502 |
1,006,509 |
157,944 |
9,008,090 |
5,184,215 |
813,517 |
||||||||||||||||||
Notice (1): Embrace miscellaneous revenues generated from providers apart from programs.
|
For the three months ended December 31, |
For the 12 months ended December 31, |
|||||||||||||||||||||||
|
2020 |
2021 |
2021 |
2020 |
2021 |
2021 |
|||||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|||||||||||||||||||
|
Gross revenue |
1,594,678 |
887,615 |
139,286 |
5,362,196 |
4,164,143 |
653,445 |
||||||||||||||||||
|
Share-based compensation expense in |
18,932 |
20,591 |
3,231 |
66,422 |
118,145 |
18,540 |
||||||||||||||||||
|
Non-GAAP gross revenue |
1,613,610 |
908,206 |
142,517 |
5,428,618 |
4,282,288 |
671,985 |
||||||||||||||||||
|
(Loss) earnings from operations |
(696,075) |
258,316 |
40,535 |
(1,755,033) |
(3,180,343) |
(499,065) |
||||||||||||||||||
|
Share-based compensation bills |
72,679 |
38,529 |
6,046 |
238,446 |
345,259 |
54,179 |
||||||||||||||||||
|
Non-GAAP (loss) earnings from |
(623,396) |
296,845 |
46,581 |
(1,516,587) |
(2,835,084) |
(444,886) |
||||||||||||||||||
|
Internet (loss) earnings |
(627,033) |
285,858 |
44,856 |
(1,392,930) |
(3,103,465) |
(487,000) |
||||||||||||||||||
|
Share-based compensation bills |
72,679 |
38,529 |
6,046 |
238,446 |
345,259 |
54,179 |
||||||||||||||||||
|
Non-GAAP internet (loss) earnings |
(554,354) |
324,387 |
50,902 |
(1,154,484) |
(2,758,206) |
(432,821) |
||||||||||||||||||
SOURCE Gaotu Techedu Inc.
