BEIJING, Nov. 22, 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, immediately introduced its unaudited monetary outcomes for the third quarter ended September 30, 2022.
Third Quarter 2022 Highlights[1]
- Internet revenues had been RMB606.2 million, in contrast with internet revenues of RMB1,114.9 million in the identical interval of 2021.
- Gross billings[2] had been RMB607.Zero million, in contrast with gross billings of RMB301.6 million in the identical interval of 2021.
- Internet loss was RMB61.Four million, in contrast with internet lack of RMB1,044.6 million in the identical interval of 2021.
- Non-GAAP internet loss was RMB44.Eight million, in contrast with non-GAAP internet lack of RMB989.Three million in the identical interval of 2021.
Third Quarter 2022 Key Monetary and Working Information
(In hundreds of RMB, apart from percentages)
|
For the three months ended September 30, |
|||||||||
|
2021 |
2022 |
Pct. Change |
|||||||
|
Internet revenues |
1,114,883 |
606,169 |
(45.6) % |
||||||
|
Gross billings |
301,632 |
607,042 |
101.3 % |
||||||
|
Internet loss |
(1,044,613) |
(61,350) |
(94.1) % |
||||||
|
Non-GAAP internet loss |
(989,283) |
(44,754) |
(95.5) % |
||||||
9 Months Ended September 30, 2022 Highlights
- Internet revenues had been RMB1,868.6 million, in contrast with internet revenues of RMB5,287.5 million in the identical interval of 2021.
- Gross billings had been RMB1,536.Eight million, in contrast with gross billings of RMB4,177.7 million in the identical interval of 2021.
- Internet loss was RMB57.Four million, in contrast with internet lack of RMB3,389.Three million in the identical interval of 2021.
- Non-GAAP internet revenue was RMB48.Four million, in contrast with non-GAAP internet lack of RMB3,082.6 million in the identical interval of 2021.
|
[1] For a reconciliation of non-GAAP numbers, please see the desk captioned “Reconciliations of non-GAAP measures to essentially 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. |
|
[2] Gross billings is a non-GAAP monetary measure, which is outlined as the full amount of money acquired for the sale after all choices in such interval, internet of the full quantity of refunds in such interval. See “About Non-GAAP Monetary Measures” and “Reconciliations of non-GAAP measures to essentially the most comparable GAAP measures” elsewhere on this press launch. |
First 9 Months 2022 Key Monetary and Working Information
(In hundreds of RMB, apart from percentages)
|
For the 9 months ended September 30, |
|||||||||
|
2021 |
2022 |
Pct. Change |
|||||||
|
Internet revenues |
5,287,480 |
1,868,583 |
(64.7) % |
||||||
|
Gross billings |
4,177,706 |
1,536,805 |
(63.2) % |
||||||
|
Internet loss |
(3,389,323) |
(57,441) |
(98.3) % |
||||||
|
Non-GAAP internet (loss) revenue |
(3,082,593) |
48,434 |
NM |
||||||
Larry Xiangdong Chen, the Firm’s founder, Chairman and CEO, commented, “The gradual and steady improve of our internet revenues is strong proof that our new companies are rising constantly and sustainably, which boosts our confidence in our future, and signifies that our group is resilient and our operations are environment friendly. Guided by the technique of worthwhile development, we anticipate the expansion momentum of our companies to proceed, and to see a large optimistic internet working cashflow subsequent quarter.
Additional, to display our administration’s unwavering confidence in our firm’s future improvement, our board of administrators immediately licensed an as much as US$30 million share repurchase program. I additionally intend to personally buy as much as US$20 million of our shares. Going ahead, we are going to proceed to remain true to our authentic aspiration to teach, proceed to create worth for our shareholders, proceed to nurture skills for our society and proceed to contribute to the tutorial improvement of China.”
Shannon Shen, CFO of the Firm, added, “As we continued to discover new companies put up restructuring towards the backdrop of exterior challenges and uncertainties, we’re happy to report that our enterprise sustained its steady and wholesome development as we anticipated, pushed by our deepening understanding of the vertical markets, relentless efforts to enhance our operational effectivity and fixed funding in educating high quality. Our internet revenues within the third quarter recorded a 12.7% quarter-over-quarter improve to RMB606.2 million, and our gross billings elevated 101.3% year-over-year to RMB607.Zero million. Our companies exhibit sure seasonality, with the third quarter’s improve in gross billings largely contributed by new prospects.
Additional, our capital place stays robust. As of September 30, 2022, we had a complete of roughly RMB3.Three billion when it comes to money, money equivalents, restricted money, and short-term investments on our stability sheet, offering ample assets for continued enterprise improvement.”
Monetary Outcomes for the Third Quarter of 2022
Internet Revenues
Internet revenues decreased by 45.6% to RMB606.2 million from RMB1,114.9 million within the third quarter of 2021. The lower was primarily as a result of organizational changes and enterprise restructuring the Firm carried out to adjust to authorities laws, together with the cessation of obligatory training tutorial topic tutoring companies to college students (“Enterprise Restructuring”).
Value of Revenues
Value of revenues decreased by 76.4% to RMB168.Eight million from RMB715.2 million within the third quarter of 2021. The decline was primarily as a result of discount of staff and workplaces because of the Enterprise Restructuring, which resulted in decreases in workers associated value, rental bills, in addition to educating supplies and bandwidth value.
Gross Revenue and Gross Margin
Gross revenue was RMB437.Four million, in contrast with RMB399.7 million within the third quarter of 2021. Gross revenue margin elevated to 72.2% from 35.9% in the identical interval of 2021.
Non-GAAP gross revenue was RMB439.Three million, in contrast with RMB436.9 million in the identical interval of 2021. Non-GAAP gross revenue margin elevated to 72.5% from 39.2% in the identical interval of 2021.
Working Bills
Working bills decreased by 65.8% to RMB506.9 million from RMB1,481.1 million within the third quarter of 2021. The decline was primarily as a result of discount of staff because of the Enterprise Restructuring, in addition to the losses incurred in the course of the impairment evaluation of long-lived belongings and disposal of belongings the Firm carried out within the third quarter of 2021. Furthermore, the expenditure on branding and advertising actions on tutorial topic tutoring companies additionally confirmed a big decline because of the adjustments of regulatory setting.
- Promoting bills decreased to RMB336.Eight million from RMB826.Four million within the third quarter of 2021.
- Analysis and improvement bills decreased to RMB106.5 million from RMB336.Three million within the third quarter of 2021.
- Basic and administrative bills decreased to RMB63.6 million from RMB164.7 million within the third quarter of 2021.
- Impairment loss on long-lived belongings decreased to nil from RMB28.6 million within the third quarter of 2021.
- Disposal loss on belongings decreased to nil from RMB125.Zero million within the third quarter of 2021.
Loss from Operations
Loss from operations was RMB69.6 million, in contrast with loss from operations of RMB1,081.Three million within the third quarter of 2021, which was primarily resulting from a big lower in operation associated value and bills because of the Enterprise Restructuring, in addition to no impairment loss or disposal loss on belongings associated to Enterprise Restructuring incurred within the third quarter.
Non-GAAP loss from operations was RMB53.Zero million, in contrast with non-GAAP loss from operations of RMB1,026.Zero million within the third quarter of 2021.
Curiosity Revenue and Realized Positive aspects from Investments
Curiosity revenue and realized good points from investments, on mixture, was RMB12.1 million, in contrast with a complete of RMB35.Zero million within the third quarter of 2021.
Different Revenue (Bills)
Different bills had been RMB3.Four million, in contrast with different revenue of RMB1.Three million within the third quarter of 2021.
Internet Loss
Internet loss was RMB61.Four million, in contrast with internet lack of RMB1,044.6 million within the third quarter of 2021.
Non-GAAP internet loss was RMB44.Eight million, in contrast with non-GAAP internet lack of RMB989.Three million within the third quarter of 2021.
Money Movement
Internet working money outflow for the third quarter of 2022 was RMB34.7 million. The working money outflow within the third quarter was primarily resulting from workers compensation and advertising expenditure paid to boost our market share.
Primary and Diluted Internet Loss per ADS
Primary and diluted internet loss per ADS had been each RMB0.24 within the third quarter of 2022.
Non-GAAP primary and diluted internet loss per ADS had been each RMB0.17 within the third quarter of 2022.
Share Excellent
As of September 30, 2022, the Firm had 172,679,700 abnormal shares excellent.
Money, Money Equivalents, Restricted Money and Quick-term Investments
As of September 30, 2022, the Firm had money and money equivalents, restricted money and short-term investments of RMB3,342.9 million in mixture, in contrast with a complete of RMB3,671.1 million as of December 31, 2021.
Different Payables
As of September 30, 2022, different payables in non-current liabilities totaled RMB26.6 million, which had been payables associated to the acquisition of the Zhengzhou properties.
Share Repurchase Program
The Firm’s board of administrators immediately licensed a share repurchase program below which the Firm could repurchase as much as US$30 million of its widespread shares, together with shares represented by American depositary shares, efficient till November 22, 2025. Moreover, Mr. Larry Xiangdong Chen, the Firm’s founder, Chairman and CEO, intends to personally buy as much as US$20 million of the Firm’s shares.
The Firm’s proposed repurchases could also be made occasionally on the open market at prevailing market costs, in privately negotiated transactions, in block trades and/or via different legally permissible means, relying on market situations and in accordance with relevant guidelines and laws. The Firm’s board of administrators will evaluation the share repurchase program periodically, and should authorize adjustment of its phrases and measurement. The Firm plans to fund repurchases from its money stability.
Concluded SEC Investigation
Relating to the SEC investigation that adopted the publication of assorted quick sellers’ reviews in regards to the Firm in early- to mid- 2020, and which the Firm beforehand disclosed in its 2021 Type 20-F, the SEC notified the Firm, by releasing a closing letter dated October 19, 2022, that the SEC had concluded its investigation into the Firm and that, primarily based on the data that the SEC had as of the date of its letter, the SEC didn’t intend to suggest an enforcement motion towards the Firm.
Enterprise Outlook
Based mostly on the Firm’s present estimates, complete internet revenues for the fourth quarter of 2022 are anticipated to be between RMB608 million and RMB628 million, representing a lower of 50.7% to 52.3% on a year-over-year foundation. These estimates mirror the Firm’s present expectations, that are topic to vary.
Convention Name
The Firm will maintain an earnings convention name at 8:00 AM U.S. Jap Time on Tuesday, November 22, 2022 (9:00 PM on Tuesday, November 22, 2022, Beijing/Hong Kong Time). Dial-in particulars for the earnings convention name are as follows:
|
Worldwide: |
1-412-317-6061 |
|
United States: |
1-888-317-6003 |
|
Hong Kong: |
800-963-976 |
|
Mainland China: |
400-120-6115 |
|
Passcode: |
7874828 |
A phone replay will probably be out there two hours after the conclusion of the convention name via November 29, 2022. The dial-in particulars are:
|
Worldwide: |
1-412-317-0088 |
|
United States: |
1-877-344-7529 |
|
Passcode: |
1333222 |
Moreover, a dwell and archived webcast of this convention name will probably be out there at http://ir.gaotu.cn/dwelling.
Secure Harbor Assertion
This announcement comprises forward-looking statements. These statements are made below the “protected harbor” provisions of the U.S. Personal Securities Litigation Reform Act of 1995. These forward-looking statements may be recognized by terminology akin to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the enterprise outlook, in addition to the Firm’s strategic and operational plans, include forward-looking statements. The Firm may additionally make written or oral forward-looking statements in its reviews filed with, or furnished to, the U.S. Securities and Change Fee, in its annual reviews 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 info, together with statements in regards to the Firm’s beliefs and expectations, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. A lot 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 means to proceed to draw college students to enroll in its programs; the Firm’s means to proceed to recruit, practice and retain certified academics; the Firm’s means to enhance the content material of its current course choices and to develop new programs; the Firm’s means to keep up and improve its model; the Firm’s means to keep up and proceed to enhance its educating outcomes; and the Firm’s means to compete successfully towards its rivals. Additional info relating to these and different dangers is included within the Firm’s reviews filed with, or furnished to the U.S. Securities and Change Fee. All info 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 info or any forward-looking assertion, besides as required below relevant regulation.
About Gaotu Techedu Inc.
Gaotu is a technology-driven training firm and on-line large-class tutoring service supplier in China. The Firm provides studying companies and academic contents & digitalized studying merchandise. Gaotu adopts a web based dwell large-class format to ship its programs, which the Firm believes is the best and scalable mannequin to disseminate scarce high-quality educating assets to aspiring college students in China. Massive information analytics permeates each side of the Firm’s enterprise and facilitates the applying of the most recent know-how to enhance educating supply, scholar studying expertise, and operational effectivity.
About Non-GAAP Monetary Measures
The Firm makes use of gross billings, non-GAAP gross revenue, non-GAAP revenue (loss) from operations and non-GAAP internet revenue (loss), every a non-GAAP monetary measure, in evaluating its working outcomes and for monetary and operational decision-making functions.
The Firm defines gross billings for a particular interval as the full amount of money acquired for the sale after all choices in such interval, internet of the full 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 charge 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 offer college students with 12 months to 36 months entry to the pre-recorded audio-video programs after the net dwell programs are delivered. The Firm believes that gross billings gives helpful 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 will not be calculated in the identical method by all firms, it will not be akin to different equally titled measures utilized by different firms.
Non-GAAP gross revenue, non-GAAP revenue (loss) from operations and non-GAAP internet revenue (loss) exclude share-based compensation bills, and such adjustment excludes the influence on revenue tax. The Firm believes that these non-GAAP monetary measures present significant supplemental info relating to its efficiency and liquidity by excluding share-based bills that will 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 inner comparisons to the Firm’s historic efficiency. A limitation of utilizing non-GAAP measures is that these non-GAAP measures exclude share-based compensation fees 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 shouldn’t be supposed to be thought-about in isolation from or as an alternative to the monetary info ready and introduced in accordance with GAAP. For extra info on these non-GAAP monetary measures, please see the desk captioned “Reconciliations of non-GAAP measures to essentially 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 straight akin to non-GAAP monetary measures.
Change Fee
The Firm’s enterprise is primarily performed in China and a big majority of revenues generated are denominated in Renminbi (“RMB”). This announcement comprises forex conversions of RMB quantities into U.S. {dollars} (“USD”) solely for the comfort of the reader. Until in any other case famous, all translations from RMB to USD are made at a fee of RMB7.1135 to USD1.0000, the efficient midday shopping for fee for September 30, 2022 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 might be, transformed, realized or settled into USD at that fee on September 30, 2022, or at another fee.
For additional info, 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
Electronic mail: [email protected]
|
Gaotu Techedu Inc. |
|||||||||||
|
Unaudited condensed consolidated stability sheets |
|||||||||||
|
(In hundreds of RMB and USD, apart from share, per share and per ADS information) |
|||||||||||
|
As of December |
As of September 30, |
||||||||||
|
2021 |
2022 |
2022 |
|||||||||
|
RMB |
RMB |
USD |
|||||||||
|
ASSETS |
|||||||||||
|
Present belongings |
|||||||||||
|
Money and money equivalents |
728,934 |
908,736 |
127,748 |
||||||||
|
Restricted money |
168,189 |
717 |
101 |
||||||||
|
Quick-term investments |
2,774,000 |
2,433,428 |
342,086 |
||||||||
|
Stock |
15,595 |
19,010 |
2,672 |
||||||||
|
Pay as you go bills and different present belongings |
250,068 |
339,930 |
47,787 |
||||||||
|
Whole present belongings |
3,936,786 |
3,701,821 |
520,394 |
||||||||
|
Non-current belongings |
|||||||||||
|
Working lease right-of-use belongings |
353,877 |
105,367 |
14,812 |
||||||||
|
Property, tools and software program, internet |
680,009 |
567,019 |
79,710 |
||||||||
|
Land use rights, internet |
28,178 |
27,574 |
3,876 |
||||||||
|
Rental deposit |
22,544 |
9,290 |
1,306 |
||||||||
|
Different non-current belongings |
3,272 |
17,395 |
2,446 |
||||||||
|
TOTAL ASSETS |
5,024,666 |
4,428,466 |
622,544 |
||||||||
|
LIABILITIES |
|||||||||||
|
Present liabilities |
|||||||||||
|
Accrued bills and different present liabilities |
693,265 |
546,741 |
76,860 |
||||||||
|
Deferred income, present portion of the |
986,993 |
604,600 |
84,993 |
||||||||
|
Working lease liabilities, present portion |
80,010 |
29,446 |
4,139 |
||||||||
|
Revenue tax payable (together with revenue tax |
– |
876 |
123 |
||||||||
|
Whole present liabilities |
1,760,268 |
1,181,663 |
166,115 |
||||||||
|
Gaotu Techedu Inc. |
|||||||||||
|
Unaudited condensed consolidated stability sheets |
|||||||||||
|
(In hundreds of RMB and USD, apart from share, per share and per ADS information) |
|||||||||||
|
As of December 31, |
As of September 30, |
||||||||||
|
2021 |
2022 |
2022 |
|||||||||
|
RMB |
RMB |
USD |
|||||||||
|
Non-current liabilities |
|||||||||||
|
Deferred income, non-current portion of |
9,225 |
33,826 |
4,755 |
||||||||
|
Working lease liabilities, non-current |
276,035 |
75,824 |
10,659 |
||||||||
|
Deferred tax liabilities of the consolidated |
71,616 |
70,912 |
9,969 |
||||||||
|
Different payables of the consolidated VIE |
26,580 |
26,580 |
3,737 |
||||||||
|
TOTAL LIABILITIES |
2,143,724 |
1,388,805 |
195,235 |
||||||||
|
SHAREHOLDERS’ EQUITY |
|||||||||||
|
Atypical shares |
114 |
115 |
16 |
||||||||
|
Extra paid-in capital |
7,793,234 |
7,898,852 |
1,110,403 |
||||||||
|
Accrued different complete loss |
(143,111) |
(32,570) |
(4,579) |
||||||||
|
Statutory reserve |
40,380 |
40,380 |
5,677 |
||||||||
|
Accrued deficit |
(4,809,675) |
(4,867,116) |
(684,208) |
||||||||
|
TOTAL SHAREHOLDERS’ EQUITY |
2,880,942 |
3,039,661 |
427,309 |
||||||||
|
TOTAL LIABILITIES AND TOTAL |
5,024,666 |
4,428,466 |
622,544 |
||||||||
|
Gaotu Techedu Inc. |
|||||||||||||||||||||||
|
Unaudited condensed consolidated statements of operations |
|||||||||||||||||||||||
|
(In hundreds of RMB and USD, apart from share, per share and per ADS information) |
|||||||||||||||||||||||
|
For the three months ended September 30, |
For the 9 months ended September 30, |
||||||||||||||||||||||
|
2021 |
2022 |
2022 |
2021 |
2022 |
2022 |
||||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||||||||||||
|
Internet revenues |
1,114,883 |
606,169 |
85,214 |
5,287,480 |
1,868,583 |
262,681 |
|||||||||||||||||
|
Value of revenues |
(715,172) |
(168,799) |
(23,729) |
(2,010,952) |
(541,748) |
(76,158) |
|||||||||||||||||
|
Gross revenue |
399,711 |
437,370 |
61,485 |
3,276,528 |
1,326,835 |
186,523 |
|||||||||||||||||
|
Working bills: |
|||||||||||||||||||||||
|
Promoting bills |
(826,439) |
(336,799) |
(47,346) |
(4,756,232) |
(889,948) |
(125,107) |
|||||||||||||||||
|
Analysis and improvement |
(336,288) |
(106,537) |
(14,977) |
(1,127,900) |
(333,716) |
(46,913) |
|||||||||||||||||
|
Basic and administrative |
(164,743) |
(63,598) |
(8,940) |
(624,340) |
(207,975) |
(29,237) |
|||||||||||||||||
|
Impairment loss on long- |
(28,609) |
– |
– |
(81,740) |
– |
– |
|||||||||||||||||
|
Disposal loss on belongings |
(124,975) |
– |
– |
(124,975) |
– |
– |
|||||||||||||||||
|
Whole working bills |
(1,481,054) |
(506,934) |
(71,263) |
(6,715,187) |
(1,431,639) |
(201,257) |
|||||||||||||||||
|
Loss from operations |
(1,081,343) |
(69,564) |
(9,778) |
(3,438,659) |
(104,804) |
(14,734) |
|||||||||||||||||
|
Curiosity revenue |
5,412 |
4,325 |
608 |
27,164 |
13,770 |
1,936 |
|||||||||||||||||
|
Realized good points from |
29,545 |
7,753 |
1,090 |
54,181 |
27,486 |
3,864 |
|||||||||||||||||
|
Different revenue (bills) |
1,323 |
(3,438) |
(483) |
9,691 |
24,963 |
3,509 |
|||||||||||||||||
|
Loss earlier than provision for |
(1,045,063) |
(60,924) |
(8,563) |
(3,347,623) |
(38,585) |
(5,425) |
|||||||||||||||||
|
Revenue tax advantages |
450 |
(426) |
(60) |
(41,398) |
(18,856) |
(2,651) |
|||||||||||||||||
|
Share of outcomes of fairness |
– |
– |
– |
(302) |
– |
– |
|||||||||||||||||
|
Internet loss |
(1,044,613) |
(61,350) |
(8,623) |
(3,389,323) |
(57,441) |
(8,076) |
|||||||||||||||||
|
Internet loss attributable to |
(1,044,613) |
(61,350) |
(8,623) |
(3,389,323) |
(57,441) |
(8,076) |
|||||||||||||||||
|
Internet loss per abnormal |
|||||||||||||||||||||||
|
Primary |
(6.11) |
(0.36) |
(0.05) |
(19.86) |
(0.33) |
(0.05) |
|||||||||||||||||
|
Diluted |
(6.11) |
(0.36) |
(0.05) |
(19.86) |
(0.33) |
(0.05) |
|||||||||||||||||
|
Internet loss per ADS |
|||||||||||||||||||||||
|
Primary |
(4.07) |
(0.24) |
(0.03) |
(13.24) |
(0.22) |
(0.03) |
|||||||||||||||||
|
Diluted |
(4.07) |
(0.24) |
(0.03) |
(13.24) |
(0.22) |
(0.03) |
|||||||||||||||||
|
Weighted common shares |
|||||||||||||||||||||||
|
Primary |
170,964,073 |
172,515,359 |
172,515,359 |
170,645,019 |
172,085,108 |
172,085,108 |
|||||||||||||||||
|
Diluted |
170,964,073 |
172,515,359 |
172,515,359 |
170,645,019 |
172,085,108 |
172,085,108 |
|||||||||||||||||
|
Notice: Three ADSs symbolize two abnormal shares. |
|||||||||||||||||||||||
|
Gaotu Techedu Inc. |
|||||||||||||||||||||||
|
Reconciliations of non-GAAP measures to essentially the most comparable GAAP measures |
|||||||||||||||||||||||
|
(In hundreds of RMB and USD, apart from share, per share and per ADS information) |
|||||||||||||||||||||||
|
For the three months ended September 30, |
For the 9 months ended September 30, |
||||||||||||||||||||||
|
2021 |
2022 |
2022 |
2021 |
2022 |
2022 |
||||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||||||||||||
|
Internet revenues |
1,114,883 |
606,169 |
85,214 |
5,287,480 |
1,868,583 |
262,681 |
|||||||||||||||||
|
Much less: different revenues(1) |
134 |
24,088 |
3,386 |
605 |
50,504 |
7,100 |
|||||||||||||||||
|
Add: VAT and surcharges |
68,772 |
36,029 |
5,065 |
326,295 |
114,336 |
16,073 |
|||||||||||||||||
|
Add: ending deferred income |
1,360,329 |
638,426 |
89,748 |
1,360,329 |
638,426 |
89,748 |
|||||||||||||||||
|
Add: ending refund legal responsibility |
58,655 |
40,812 |
5,737 |
58,655 |
40,812 |
5,737 |
|||||||||||||||||
|
Much less: starting deferred income |
1,976,369 |
647,867 |
91,076 |
2,733,739 |
996,218 |
140,046 |
|||||||||||||||||
|
Much less: starting refund legal responsibility |
324,504 |
42,439 |
5,966 |
120,709 |
78,630 |
11,054 |
|||||||||||||||||
|
Gross billings |
301,632 |
607,042 |
85,336 |
4,177,706 |
1,536,805 |
216,039 |
|||||||||||||||||
|
Notice (1): Embrace miscellaneous revenues generated from companies aside from programs. |
|||||||||||||||||||||||
|
For the three months ended September 30, |
For the 9 months ended September 30, |
||||||||||||||||||||||
|
2021 |
2022 |
2022 |
2021 |
2022 |
2022 |
||||||||||||||||||
|
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||||||||||||
|
Gross revenue |
399,711 |
437,370 |
61,485 |
3,276,528 |
1,326,835 |
186,523 |
|||||||||||||||||
|
Share-based compensation bills in |
37,212 |
1,939 |
273 |
97,554 |
38,918 |
5,471 |
|||||||||||||||||
|
Non-GAAP gross revenue |
436,923 |
439,309 |
61,758 |
3,374,082 |
1,365,753 |
191,994 |
|||||||||||||||||
|
Loss from operations |
(1,081,343) |
(69,564) |
(9,778) |
(3,438,659) |
(104,804) |
(14,734) |
|||||||||||||||||
|
Share-based compensation bills |
55,330 |
16,596 |
2,333 |
306,730 |
105,875 |
14,884 |
|||||||||||||||||
|
Non-GAAP (loss) revenue from |
(1,026,013) |
(52,968) |
(7,445) |
(3,131,929) |
1,071 |
150 |
|||||||||||||||||
|
Internet loss |
(1,044,613) |
(61,350) |
(8,623) |
(3,389,323) |
(57,441) |
(8,076) |
|||||||||||||||||
|
Share-based compensation bills |
55,330 |
16,596 |
2,333 |
306,730 |
105,875 |
14,884 |
|||||||||||||||||
|
Non-GAAP internet (loss) revenue |
(989,283) |
(44,754) |
(6,290) |
(3,082,593) |
48,434 |
6,808 |
|||||||||||||||||
SOURCE Gaotu Techedu Inc.
