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1、 Exhibit 99.1 Gaotu Techedu Announces First Quarter of 2023 Unaudited Financial Results Beijing,China,May 30,2023 Gaotu Techedu Inc.(NYSE:GOTU)(“Gaotu”or the“Company”),a technology-driven education company and online large-class tutoring service provider in China,today announced its unaudited financ
2、ial results for the first quarter ended March 31,2023.First Quarter 2023 Highlights1 Net revenues were RMB707.3 million,compared with net revenues of RMB724.6 million in the same period of 2022.Gross billings2 were RMB539.0 million,increased by 69.4%from RMB318.1 million in the same period of 2022.I
3、ncome from operations was RMB95.1 million,increased by 275.9%from RMB25.3 million in the same period of 2022.Non-GAAP income from operations was RMB114.9 million,increased by 79.3%from RMB64.1 million in the same period of 2022.Net income was RMB113.9 million,increased by 112.1%from RMB53.7 million
4、in the same period of 2022.Non-GAAP net income was RMB133.6 million,increased by 44.4%from RMB92.5 million in the same period of 2022.First Quarter 2023 Key Financial and Operating Data(In thousands of RMB,except for percentages)For the three months ended March 31,2022 2023 Pct.Change Net revenues 7
5、24,615 707,292 (2.4)%Gross billings 318,095 538,951 69.4%Income from operations 25,253 95,139 275.9%Non-GAAP income from operations 64,078 114,881 79.3%Net income 53,718 113,853 112.1%Non-GAAP net income 92,543 133,595 44.4%1 For a reconciliation of non-GAAP numbers,please see the table captioned Re
6、conciliations of non-GAAP measures to the most comparable GAAP measures at the end of this press release.Non-GAAP income(loss)from operations and non-GAAP net income(loss)exclude share-based compensation expenses.2 Gross billings is a non-GAAP financial measure,which is defined as the total amount o
7、f cash received for the sale of course offerings in such period,net of the total amount of refunds in such period.See About Non-GAAP Financial Measures and Reconciliations of non-GAAP measures to the most comparable GAAP measures elsewhere in this press release.Larry Xiangdong Chen,the Companys foun
8、der,Chairman and CEO,commented,“During the first quarter of 2023,we maintained the healthy and stable sequential growth in net revenues and drove a significant year-over-year increase in gross billings with lower selling expenses.The improvement in operational efficiency strengthened our profitabili
9、ty,which was demonstrated by the triple-digit year-over-year increases in both income from operations and net income,providing a strong start to 2023 that was in part positively affected by seasonality,but more importantly driven by our exceptional organizational capabilities and unwavering commitme
10、nt to our strategy of long-term sustainable growth.Accordingly,we expect to achieve annual effective growth and generate a meaningful positive net operating cashflow for the full year 2023.In the meantime,we are convinced that the rapid development of artificial intelligence will bring about paradig
11、m-shifting transformations across the education industry.We are actively embracing all the emerging possibilities as we continue developing and innovating,to create more efficient educational products and to deliver a more enjoyable learning experience to our students.”Shannon Shen,CFO of the Compan
12、y,added,“Guided by our profitable growth strategy,we materially improved our efficiency during the first quarter of 2023.In terms of operating metrics,customer acquisition efficiency rose by 73.8%year-over-year,driving a considerable 69.4%year-over-year increase in gross billings to RMB539.0 million
13、.Regarding financial metrics,we reported a third consecutive quarter of steady sequential growth in net revenues,which increased by 12.3%quarter-over-quarter to RMB707.3 million,and net income sharply grew 112.1%year-over-year to RMB113.9 million,leading to the highest quarterly net income margin si
14、nce our business restructuring in 2022.The substantial boost in profitability is a testament to the effectiveness of our continuous endeavors to refine operations and enhance customer acquisition efficiency.Going forward,we will leverage AI technology to further enhance efficiency and optimize costs
15、 to deliver long-term value for all our stakeholders.”Financial Results for the First Quarter of 2023 Net Revenues Net revenues decreased by 2.4%to RMB707.3 million from RMB724.6 million in the first quarter of 2022.The slight year-over-year decrease was mainly due to changes in regulatory environme
16、nt in the previous year,which partially and temporarily affected the scale of gross billings.Cost of Revenues Cost of revenues decreased by 24.8%to RMB160.0 million from RMB212.9 million in the first quarter of 2022.The decline was mainly due to the implementation of cost reduction and efficiency en
17、hancement measures.The Company optimized employee structure and improved operational efficiency,which resulted in decreases in operational costs such as staff-related cost,server and bandwidth cost,rental cost,as well as depreciation cost.Gross Profit and Gross Margin Gross profit increased by 7.0%t
18、o RMB547.3 million from RMB511.7 million in the first quarter of 2022.Gross profit margin increased to 77.4%from 70.6%in the same period of 2022.Non-GAAP gross profit increased by 4.0%to RMB551.3 million from RMB530.0 million in the same period of 2022.Non-GAAP gross profit margin increased to 77.9%
19、from 73.1%in the same period of 2022.Operating Expenses Operating expenses decreased by 7.0%to RMB452.2 million from RMB486.4 million in the first quarter of 2022.The decline was primarily due to the implementation of cost reduction and efficiency enhancement measures.The Company optimized employee
20、structure and improved operational efficiency,which resulted in year-over-year decreases in operational expenses such as staff-related expense,rental expense,as well as depreciation expense.Selling expenses decreased to RMB277.0 million from RMB284.2 million in the first quarter of 2022.Research and
21、 development expenses decreased to RMB97.0 million from RMB123.3 million in the first quarter of 2022.General and administrative expenses decreased to RMB78.2 million from RMB78.9 million in the first quarter of 2022.Income from Operations Income from operations increased by 275.9%to RMB95.1 million
22、 from RMB25.3 million in the first quarter of 2022.Operating margin increased to 13.5%from 3.5%in the same period of 2022.Non-GAAP income from operations increased by 79.3%to RMB114.9 million from RMB64.1 million in the first quarter of 2022.Non-GAAP operating margin increased to 16.2%from 8.8%in th
23、e same period of 2022.Interest Income and Realized Gains from Investments Interest income and realized gains from investments,on aggregate,were RMB24.0 million,compared with a total of RMB19.3 million in the first quarter of 2022.Other Income Other income was RMB12.1 million,compared with other inco
24、me of RMB28.0 million in the first quarter of 2022.Net Income Net income increased by 112.1%to RMB113.9 million from RMB53.7 million in the first quarter of 2022.Net income margin increased to 16.1%from 7.4%in the same period of 2022.Non-GAAP net income increased by 44.4%to RMB133.6 million from RMB
25、92.5 million in the first quarter of 2022.Non-GAAP net income margin increased to 18.9%from 12.8%in the same period of 2022.Cash Flow Net operating cash outflow in the first quarter of 2023 was RMB216.4 million.The operating cash outflow in the first quarter was mainly due to the quarter-over-quarte
26、r decrease in gross billings during non-peak retention periods,as a result of the seasonality of our operations.Moreover,the payment of last years year-end bonuses and other factors also contributed to the operational cash outflow.Basic and Diluted Net Income per ADS Basic and diluted net income per
27、 ADS were RMB0.44 and RMB0.42,respectively,in the first quarter of 2023.Non-GAAP basic and diluted net income per ADS were RMB0.51 and RMB0.49,respectively,in the first quarter of 2023.Share Outstanding As of March 31,2023,the Company had 173,648,934 ordinary shares outstanding.Cash,Cash Equivalents
28、,Restricted Cash,Short-term Investments and Receivables from Third-Party Payment Platforms As of March 31,2023,the Company had cash and cash equivalents,restricted cash and short-term investments of RMB3,423.0 million in aggregate,compared with a total of RMB3,743.8 million as of December 31,2022.As
29、 of March 31,2023,the Company had receivables from third-party payment platforms of RMB86.6 million,which consisted of cash payments received from students but held by third-party payment platforms such as WeChat Pay and Alipay.As of the date of this earnings release,the vast majority of the balance
30、 from third-party payment platforms has been collected and converted into cash and cash equivalents.Business Outlook Based on the Companys current estimates,total net revenues for the second quarter of 2023 are expected to be between RMB648 million and RMB668 million,representing an increase of 20.5
31、%to 24.2%on a year-over-year basis.These estimates reflect the Companys current expectations,which are subject to change.Conference Call The Company will hold an earnings conference call at 8:00 AM U.S.Eastern Time on Tuesday,May 30,2023(8:00 PM on Tuesday,May 30,2023,Beijing/Hong Kong Time).Dial-in
32、 details for the earnings conference call are as follows:International:1-412-902-4272 United States:1-888-346-8982 Hong Kong:800-905-945 Mainland China:400-120-1203 A telephone replay will be available two hours after the conclusion of the conference call through June 6,2023.The dial-in details are:
33、International:1-412-317-0088 United States:1-877-344-7529 Passcode:5551166 Additionally,a live and archived webcast of this conference call will be available at http:/ Harbor Statement This announcement contains forward-looking statements.These statements are made under the“safe harbor”provisions of
34、 the U.S.Private Securities Litigation Reform Act of 1995.These forward-looking statements can be identified by terminology such as“will,”“expects,”“anticipates,”“future,”“intends,”“plans,”“believes,”“estimates”and similar statements.Among other things,the business outlook,as well as the Companys st
35、rategic and operational plans,contain forward-looking statements.The Company may also make written or oral forward-looking statements in its reports filed with,or furnished to,the U.S.Securities and Exchange Commission,in its annual reports to shareholders,in press releases and other written materia
36、ls and in oral statements made by its officers,directors or employees to third parties.Statements that are not historical facts,including statements about the Companys beliefs and expectations,are forward-looking statements.Forward-looking statements involve inherent risks and uncertainties.A number
37、 of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following:the Companys ability to continue to attract students to enroll in its courses;the Companys ability to continue to recruit,train and retain qual
38、ified teachers;the Companys ability to improve the content of its existing course offerings and to develop new courses;the Companys ability to maintain and enhance its brand;the Companys ability to maintain and continue to improve its teaching results;and the Companys ability to compete effectively
39、against its competitors.Further information regarding these and other risks is included in the Companys reports filed with,or furnished to the U.S.Securities and Exchange Commission.All information provided in this press release and in the attachments is as of the date of this press release,and the
40、Company undertakes no duty to update such information or any forward-looking statement,except as required under applicable law.About Gaotu Techedu Inc.Gaotu is a technology-driven education company and online large-class tutoring service provider in China.The Company offers learning services and edu
41、cational content&digitalized learning products.Gaotu adopts an online live large-class format to deliver its courses,which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China.Big data analytics permeates ev
42、ery aspect of the Companys business and facilitates the application of the latest technology to improve teaching delivery,student learning experience,and operational efficiency.About Non-GAAP Financial Measures The Company uses gross billings,non-GAAP gross profit,non-GAAP income(loss)from operation
43、s and non-GAAP net income(loss),each a non-GAAP financial measure,in evaluating its operating results and for financial and operational decision-making purposes.The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such peri
44、od,net of the total amount of refunds in such period.The Companys management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes ar
45、e delivered.For some courses,the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered.The Company believes that gross billings provides valuable insight into the sales of its course packages and t
46、he performance of its business.As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies,it may not be comparable to other similarly titled measures used by other companies.Non-GAAP gross profit,non-GAAP income(loss)from operat
47、ions and non-GAAP net income(loss)exclude share-based compensation expenses,and such adjustment excludes the impact on income tax.The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based e
48、xpenses that may not be indicative of its operating performance from a cash perspective.The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods.These non-GAAP financial measur
49、es also facilitate managements internal comparisons to the Companys historical performance.A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expens
50、e in the Companys business.The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP.For more information on these non-GAAP financial measures,please see the
51、 table captioned“Reconciliations of non-GAAP measures to the most comparable GAAP measures”set forth at the end of this release.The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.Exchange R
52、ate The Companys business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi(RMB).This announcement contains currency conversions of RMB amounts into U.S.dollars(USD)solely for the convenience of the reader.Unless otherwise noted,all translat
53、ions from RMB to USD are made at a rate of RMB6.8676 to USD1.0000,the effective noon buying rate for March 31,2023 as set forth in the H.10 statistical release of the Federal Reserve Board.No representation is made that the RMB amounts could have been,or could be,converted,realized or settled into U
54、SD at that rate on March 31,2023,or at any other rate.For further information,please contact:Gaotu Techedu Inc.Investor Relations E-mail: Christensen In China Ms.Vivian Wang Phone:+852-2232-3978 E-mail: In the US Ms.Linda Bergkamp Phone:+1-480-614-3004 Email: Gaotu Techedu Inc.Unaudited condensed co
55、nsolidated balance sheets(In thousands of RMB and USD,except for share,per share and per ADS data)As of December 31,As of March 31,2022 2023 2023 RMB RMB USD ASSETS Current assets Cash and cash equivalents 819,911 1,216,834 177,185 Restricted cash 22 -Short-term investments 2,923,864 2,206,153 321,2
56、41 Inventory 22,783 20,932 3,048 Prepaid expenses and other current assets 399,897 629,139 91,610 Total current assets 4,166,477 4,073,058 593,084 Non-current assets Operating lease right-of-use assets 83,663 119,437 17,391 Property,equipment and software,net 552,032 537,563 78,275 Land use rights,n
57、et 27,373 27,171 3,956 Deferred tax assets 15,679 14,145 2,060 Rental deposit 9,502 11,432 1,665 Other non-current assets 21,449 20,626 3,003 TOTAL ASSETS 4,876,175 4,803,432 699,434 LIABILITIES Current liabilities Accrued expenses and other current liabilities (including accrued expenses and other
58、current liabilities of the consolidated VIE without recourse to the Group of RMB367,477 and RMB325,588 as of December 31,2022 and March 31,2023,respectively)662,189 600,347 87,418 Deferred revenue,current portion of the consolidated VIE without recourse to the Group 906,914 682,510 99,381 Operating
59、lease liabilities,current portion (including current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB21,281 and RMB12,519 as of December 31,2022 and March 31,2023,respectively)38,326 31,638 4,607 Income tax payable(including income tax payable of th
60、e consolidated VIE without recourse to the Group of RMB260 and RMB1,861 as of December 31,2022 and March 31,2023,respectively)1,793 16,242 2,365 Total current liabilities 1,609,222 1,330,737 193,771 Gaotu Techedu Inc.Unaudited condensed consolidated balance sheets(In thousands of RMB and USD,except
61、for share,per share and per ADS data)As of December 31,As of March 31,2022 2023 2023 RMB RMB USD Non-current liabilities Deferred revenue,non-current portion of the consolidated VIE without recourse to the Group 52,419 88,067 12,824 Operating lease liabilities,non-current portion(including non-curre
62、nt portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB17,457 and RMB62,333 as of December 31,2022 and March 31,2023,respectively)44,198 85,662 12,473 Deferred tax liabilities(including deferred tax liabilities of the consolidated VIE without recourse t
63、o the Group of RMB74,341 and RMB73,786 as of December 31,2022 and March 31,2023,respectively)74,507 74,235 10,809 TOTAL LIABILITIES 1,780,346 1,578,701 229,877 SHAREHOLDERS EQUITY Ordinary shares 115 115 17 Additional paid-in capital 7,915,899 7,935,650 1,155,520 Accumulated other comprehensive loss
64、 (64,062)(68,764)(10,013)Statutory reserve 40,380 40,380 5,880 Accumulated deficit (4,796,503)(4,682,650)(681,847)TOTAL SHAREHOLDERS EQUITY 3,095,829 3,224,731 469,557 TOTAL LIABILITIES AND TOTAL SHAREHOLDERS EQUITY 4,876,175 4,803,432 699,434 Gaotu Techedu Inc.Unaudited condensed consolidated state
65、ments of operations (In thousands of RMB and USD,except for share,per share and per ADS data)For the three months ended March 31,2022 2023 2023 RMB RMB USD Net revenues 724,615 707,292 102,990 Cost of revenues (212,945)(159,982)(23,295)Gross profit 511,670 547,310 79,695 Operating expenses:Selling e
66、xpenses (284,174)(277,021)(40,337)Research and development expenses (123,307)(96,977)(14,121)General and administrative expenses (78,936)(78,173)(11,383)Total operating expenses (486,417)(452,171)(65,841)Income from operations 25,253 95,139 13,854 Interest income 7,682 13,293 1,936 Realized gains fr
67、om investments 11,659 10,724 1,562 Other income 28,004 12,066 1,757 Income before provision for income tax and share of results of equity investees 72,598 131,222 19,109 Income tax expenses (18,880)(17,369)(2,529)Net income 53,718 113,853 16,580 Net income attributable to Gaotu Techedu Inc.s ordinar
68、y shareholders 53,718 113,853 16,580 Net income per ordinary share Basic 0.31 0.66 0.10 Diluted 0.31 0.63 0.09 Net income per ADS Basic 0.21 0.44 0.07 Diluted 0.21 0.42 0.06 Weighted average shares used in net income per share Basic 171,540,658 173,057,873 173,057,873 Diluted 175,328,961 179,607,924
69、 179,607,924 Note:Three ADSs represent two ordinary shares.Gaotu Techedu Inc.Reconciliations of non-GAAP measures to the most comparable GAAP measures(In thousands of RMB and USD,except for share,per share and per ADS data)For the three months ended March 31,2022 2023 2023 RMB RMB USD Net revenues 7
70、24,615 707,292 102,990 Less:other revenues(1)14,587 15,722 2,289 Add:VAT and surcharges 44,450 44,544 6,486 Add:ending deferred revenue 599,719 770,577 112,205 Add:ending refund liability 38,746 52,190 7,599 Less:beginning deferred revenue 996,218 959,333 139,690 Less:beginning refund liability 78,6
71、30 60,597 8,824 Gross billings 318,095 538,951 78,477 Note(1):Include miscellaneous revenues generated from services other than courses.For the three months ended March 31,2022 2023 2023 RMB RMB USD Gross profit 511,670 547,310 79,695 Share-based compensation expenses in cost of revenues 18,349 3,99
72、0 581 Non-GAAP gross profit 530,019 551,300 80,276 Income from operations 25,253 95,139 13,854 Share-based compensation expenses 38,825 19,742 2,875 Non-GAAP income from operations 64,078 114,881 16,729 Net income 53,718 113,853 16,580 Share-based compensation expenses 38,825 19,742 2,875 Non-GAAP net income 92,543 133,595 19,455