net 26,568 25,964 3,700
Long-term
investments 1,029,632 964,363 137,421
Deferred tax assets 11,312 - -
Rental deposit 17,742 43,751 6,234
Other non-current
assets 18,155 17,920 2,553
--------------- ----------- --------
TOTAL ASSETS 5,413,309 5,208,360 742,186
=============== =========== ========
LIABILITIES
Current liabilities
Accrued expenses
and other current
liabilities
(including
accrued expenses
and other current
liabilities
of the
consolidated VIE
without
recourse to
the Group of
RMB484,222
and
RMB667,944 as of
December 31, 2023
and September
30, 2024,
respectively) 805,032 1,070,433 152,536
Deferred revenue,
current portion of
the
consolidated
VIE without
recourse to the
Group 1,113,480 1,223,614 174,364
Operating lease
liabilities,
current portion
(including
current portion of
operating lease
liabilities of
the consolidated
VIE without
recourse to
the Group of
RMB34,401 and
RMB123,783 as
of December 31,
2023 and
September 30,
2024,
respectively) 50,494 164,178 23,395
Income tax payable
(including income
tax payable of the
consolidated VIE
without recourse
to the Group of
RMB4,210 and
RMB102 as of
December 31, 2023
and September 30,
2024, respectively) 4,278 133 19
--------------- ----------- --------
Total current
liabilities 1,973,284 2,458,358 350,314
--------------- ----------- --------
Gaotu Techedu Inc. Unaudited condensed consolidated balance
sheets (In thousands of RMB and USD, except for share, per share
and per ADS data)
As of
December
31, As of September 30,
------------ ----------------------
2023 2024 2024
------------ ----------- ---------
RMB RMB USD
Non-current liabilities
Deferred revenue,
non-current portion of
the consolidated
VIE without recourse
to the Group 124,141 215,603 30,723
Operating lease
liabilities,
non-current
portion (including
non-current portion
of operating lease
liabilities of the
consolidated VIE
without recourse
to the Group of
RMB121,277 and
RMB382,747 as of
December 31, 2023
and September 30,
2024, respectively) 137,652 397,466 56,638
Deferred tax liabilities
(including deferred
tax liabilities of
the consolidated VIE
without recourse to
the Group of
RMB71,850 and
RMB70,524 as of
December 31, 2023
and September 30,
2024, respectively) 71,967 70,664 10,070
----------- ----------- ---------
TOTAL LIABILITIES 2,307,044 3,142,091 447,745
=========== =========== =========
SHAREHOLDERS' EQUITY
Ordinary shares 116 116 17
Treasury stock, at cost (85,178) (216,494) (30,850)
Additional paid-in
capital 7,987,957 7,994,101 1,139,150
Accumulated other
comprehensive loss (33,209) (34,913) (4,975)
Statutory reserve 50,225 50,225 7,157
Accumulated deficit (4,813,646) (5,726,766) (816,058)
----------- ----------- ---------
TOTAL SHAREHOLDERS' EQUITY 3,106,265 2,066,269 294,441
----------- ----------- ---------
TOTAL LIABILITIES AND TOTAL
SHAREHOLDERS' EQUITY 5,413,309 5,208,360 742,186
=========== =========== =========
Gaotu Techedu Inc.
Unaudited condensed consolidated statements of operations
(In thousands of RMB and USD, except for share, per share and per ADS data)
For the three months ended September 30, For the nine months ended September 30,
---------------------------------------- ---------------------------------------
2023 2024 2024 2023 2024 2024
------------ ----------- ------------- ----------- ----------- -------------
RMB RMB USD RMB RMB USD
Net revenues 789,413 1,208,253 172,175 2,199,799 3,164,935 451,000
Cost of revenues (218,126) (429,791) (61,245) (562,488) (1,014,638) (144,585)
----------- ----------- ------------- ----------- ----------- -------------
Gross profit 571,287 778,462 110,930 1,637,311 2,150,297 306,415
----------- ----------- ------------- ----------- ----------- -------------
Operating expenses:
Selling expenses (434,428) (885,769) (126,221) (1,035,514) (2,227,547) (317,423)
Research and
development
expenses (130,618) (189,305) (26,976) (325,997) (503,013) (71,679)
General and
administrative
expenses (105,782) (193,495) (27,573) (236,891) (452,296) (64,452)
----------- ----------- ------------- ----------- ----------- -------------
Total operating
expenses (670,828) (1,268,569) (180,770) (1,598,402) (3,182,856) (453,554)
----------- ----------- ------------- ----------- ----------- -------------
(Loss)/income from
operations (99,541) (490,107) (69,840) 38,909 (1,032,559) (147,139)
----------- ----------- ------------- ----------- ----------- -------------
Interest income 24,153 15,661 2,232 57,226 55,608 7,924
Realized gains from
investments 7,579 6,001 855 25,961 20,285 2,891
Other income, net 15,782 3,964 565 21,695 52,220 7,441
----------- ----------- ------------- ----------- ----------- -------------
(Loss)/income before
provision for income
tax and share of
results of equity
investees (52,027) (464,481) (66,188) 143,791 (904,446) (128,883)
----------- ----------- ------------- ----------- ----------- -------------
Income tax
(expenses)/benefits (656) (6,792) (968) (22,275) (8,674) (1,236)
Share of results of
equity investees (4,980) - - (9,165) - -
----------- ----------- ------------- ----------- ----------- -------------
Net (loss)/income (57,663) (471,273) (67,156) 112,351 (913,120) (130,119)
----------- ----------- ------------- ----------- ----------- -------------
Net (loss)/income
attributable to
Gaotu Techedu Inc.'s
ordinary
shareholders (57,663) (471,273) (67,156) 112,351 (913,120) (130,119)
----------- ----------- ------------- ----------- ----------- -------------
Net (loss)/income
per ordinary share
Basic (0.33) (2.75) (0.39) 0.65 (5.30) (0.76)
Diluted (0.33) (2.75) (0.39) 0.63 (5.30) (0.76)
----------- ----------- ------------- ----------- ----------- -------------
Net (loss)/income
per ADS
Basic (0.22) (1.83) (0.26) 0.43 (3.54) (0.50)
Diluted (0.22) (1.83) (0.26) 0.42 (3.54) (0.50)
----------- ----------- ------------- ----------- ----------- -------------
Weighted average
shares used in net
(loss)/income per
share
Basic 174,631,114 171,135,287 171,135,287 174,107,221 172,165,794 172,165,794
Diluted 174,631,114 171,135,287 171,135,287 179,488,050 172,165,794 172,165,794
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 For the nine months ended September
September 30, 30,
------------------------------- ------------------------------------
2023 2024 2024 2023 2024 2024
--------- --------- --------- --------- ----------- ------------
RMB RMB USD RMB RMB USD
Net revenues 789,413 1,208,253 172,175 2,199,799 3,164,935 451,000
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December 04, 2024 01:00 ET (06:00 GMT)
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