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    Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

    2/26/25 1:00:00 AM ET
    $GOTU
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    BEIJING, Feb. 26, 2025 /PRNewswire/ -- 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 financial results for the fourth quarter and fiscal year ended December 31, 2024.

    Fourth Quarter 2024 Highlights[1]

    • Net revenues were RMB1,388.6 million, increased by 82.5% from RMB761.0 million in the same period of 2023.
    • Gross billings[2] were RMB2,160.2 million, increased by 69.0% from RMB1,278.1 million in the same period of 2023.
    • Loss from operations was RMB149.3 million, compared with loss from operations of RMB187.9 million in the same period of 2023.
    • Net loss was RMB135.8 million, compared with net loss of RMB119.6 million in the same period of 2023.
    • Non-GAAP net loss was RMB123.5 million, compared with non-GAAP net loss of RMB104.0 million in the same period of 2023.
    • Net operating cash inflow was RMB783.6 million, increased by 59.4% from RMB491.5 million in the same period of 2023.

    Fourth Quarter 2024 Key Financial and Operating Data

    (In thousands of RMB, except for percentages)





    For the three months ended December 31,



    2023





    2024





    Pct. Change

    Net revenues



    761,014







    1,388,621





    82.5 %

    Gross billings



    1,278,132







    2,160,179





    69.0 %

    Loss from operations



    (187,915)







    (149,274)





    (20.6) %

    Net loss



    (119,649)







    (135,834)





    13.5 %

    Non-GAAP net loss



    (103,970)







    (123,541)





    18.8 %

    Net operating cash inflow



    491,493







    783,643





    59.4 %



    [1] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations 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 of 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.

    Fiscal Year Ended December 31, 2024 Highlights

    • Net revenues were RMB4,553.6 million, increased by 53.8% from RMB2,960.8 million in the same period of 2023.
    • Gross billings were RMB5,612.4 million, increased by 68.1% from RMB3,338.8 million in the same period of 2023.
    • Loss from operations was RMB1,181.8 million, compared with loss from operations of RMB149.0 million in the same period of 2023.
    • Net loss was RMB1,049.0 million, compared with net loss of RMB7.3 million in the same period of 2023.
    • Non-GAAP net loss was RMB995.7 million, compared with non-GAAP net income of RMB51.1 million in the same period of 2023.
    • Net operating cash inflow was RMB258.0 million, compared with net operating cash inflow of RMB353.7 million in the same period of 2023.

     

    Fiscal Year 2024 Key Financial and Operating Data

    (In thousands of RMB, except for percentages)





    Fiscal Year ended December 31,



    2023





    2024





    Pct. Change

    Net revenues



    2,960,813







    4,553,556





    53.8 %

    Gross billings



    3,338,750







    5,612,390





    68.1 %

    Loss from operations



    (149,006)







    (1,181,833)





    693.1 %

    Net loss



    (7,298)







    (1,048,954)





    14,273.2 %

    Non-GAAP net income/(loss)



    51,055







    (995,737)





    (2,050.3) %

    Net operating cash inflow



    353,697







    258,007





    (27.1) %

    Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "Driven by our dual pillars of strategic focus and organizational capability enhancement, we have significantly elevated the value delivered to our customers. In the fourth quarter, net revenues increased by 82.5% year-over-year to nearly RMB1.4 billion, while gross billings surged 69.0% to over RMB2.1 billion. Loss from operations narrowed by 20.6%, with operating margin improving by 13.9 percentage points, demonstrating our continued progress in profitability and tangible impact of our efficiency-driven initiatives. Our ample cash reserves, with net operating cash inflow of RMB783.6 million this quarter, provide a solid foundation for future strategic plans and long-term sustainable growth.

    Notably, the evolution of AI technologies, represented by DeepSeek and other large-scale models, strongly aligns with our AI strategy and has significantly accelerated our advancements in learning effectiveness and organizational performance. We firmly believe that AI will have a profound and far-reaching impact on the education industry, reshaping the future learning experience. We will also spare no effort in actively promoting the deep integration of AI technologies with education, steadfastly advancing toward the essence of education—personalized, adaptive learning and tailored educational agent for every individual."

    Shannon Shen, CFO of the Company, added, "In 2024, our company achieved key strategic milestones. For the full year, net revenues increased by 53.8% year-over-year to approximately RMB4.6 billion, while gross billings grew by 68.1% year-over-year to over RMB5.6 billion. As of December 31st, 2024, our total cash position—including cash and cash equivalents, restricted cash, and short and long-term investments—stood at RMB4.1 billion. Excluding the impact of share repurchases, our cash reserves increased by RMB183.9 million compared to the end of 2023. As our business scales rapidly, we have implemented flexible and dynamic resource allocation mechanisms to steer the Company towards sustainable growth, and further strengthening the competitive edge of our core operations.

    Looking ahead, leveraging cutting-edge AI technologies alongside a diverse product portfolio, rich learning scenarios and comprehensive learning solutions, we are committed to becoming the most trusted partner on every learner's journey, driving high-quality development across the board."

    Financial Results for the Fourth Quarter of 2024

    Net Revenues

    Net revenues increased by 82.5% to RMB1,388.6 million from RMB761.0 million in the fourth quarter of 2023, which was mainly due to the continuous year-over-year growth of gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.

    Cost of Revenues

    Cost of revenues increased by 93.4% to RMB440.3 million from RMB227.7 million in the fourth quarter of 2023. The increase was mainly due to expansion of instructors and tutors workforce, growing rental cost, as well as an increased cost of learning materials.

    Gross Profit and Gross Margin

    Gross profit increased by 77.8% to RMB948.3 million from RMB533.3 million in the fourth quarter of 2023. Gross profit margin decreased to 68.3% from 70.1% in the same period of 2023.

    Non-GAAP gross profit increased by 77.0% to RMB950.8 million from RMB537.2 million in the fourth quarter of 2023. Non-GAAP gross profit margin decreased to 68.5% from 70.6% in the same period of 2023.

    Operating Expenses

    Operating expenses increased by 52.2% to RMB1,097.6 million from RMB721.2 million in the fourth quarter of 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

    • Selling expenses increased to RMB736.2 million from RMB465.7 million in the fourth quarter of 2023.
    • Research and development expenses increased to RMB145.1 million from RMB136.0 million in the fourth quarter of 2023.
    • General and administrative expenses increased to RMB216.4 million from RMB119.5 million in the fourth quarter of 2023.

    Loss from Operations

    Loss from operations was RMB149.3 million, compared with loss from operations of RMB187.9 million in the fourth quarter of 2023.

    Non-GAAP loss from operations was RMB137.0 million, compared with non-GAAP loss from operations of RMB172.2 million in the fourth quarter of 2023.

    Interest Income and Realized Gains from Investments

    Interest income and realized gains from investments, on aggregate, were RMB19.8 million, compared with a total of RMB23.9 million in the fourth quarter of 2023.

    Other (Expenses)/Income, net

    Other expenses, net was RMB6.4 million, compared with other income, net of RMB32.8 million in the fourth quarter of 2023.

    Net Loss

    Net loss was RMB135.8 million, compared with net loss of RMB119.6 million in the fourth quarter of 2023.

    Non-GAAP net loss was RMB123.5 million, compared with non-GAAP net loss of RMB104.0 million in the fourth quarter of 2023.

    Cash Flow

    Net operating cash inflow in the fourth quarter of 2024 was RMB783.6 million.

    Basic and Diluted Net Loss per ADS

    Basic and diluted net loss per ADS were both RMB0.53 in the fourth quarter of 2024.

    Non-GAAP basic and diluted net loss per ADS were both RMB0.49 in the fourth quarter of 2024.

    Share Outstanding

    As of December 31, 2024, the Company had 168,623,225 ordinary shares outstanding.

    Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

    As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB4,094.3 million in aggregate, compared with a total of RMB3,953.5 million as of December 31, 2023.

    Financial Results for the Fiscal Year of 2024

    Net Revenues

    Net revenues increased by 53.8% to RMB4,553.6 million from RMB2,960.8 million in 2023. The increase was mainly due to the growth of gross billings in 2024.

    Cost of Revenues

    Cost of revenues increased by 84.1% to RMB1,454.9 million from RMB790.2 million in 2023. The increase was mainly due to expansion of instructors and tutors workforce, growing rental cost, as well as an increased cost of learning materials.

    Gross Profit and Gross Margin

    Gross profit increased by 42.8% to RMB3,098.6 million from RMB2,170.6 million in 2023. Gross profit margin decreased to 68.0% from 73.3% in 2023.

    Non-GAAP gross profit increased by 42.2% to RMB3,105.6 million from RMB2,183.6 million in 2023. Non-GAAP gross profit margin decreased to 68.2% from 73.7% in 2023.

    Operating Expenses

    Operating expenses increased by 84.5% to RMB4,280.5 million from RMB2,319.6 million in 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

    • Selling expenses increased to RMB2,963.7 million from RMB1,501.2 million in 2023.
    • Research and development expenses increased to RMB648.1 million from RMB462.0 million in 2023.
    • General and administrative expenses increased to RMB668.7 million from RMB356.4 million in 2023.

    Loss from Operations

    Loss from operations was RMB1,181.8 million, compared with loss from operations of RMB149.0 million in 2023.

    Non-GAAP loss from operations was RMB1,128.6 million, compared with non-GAAP loss from operations of RMB90.7 million in 2023.

    Interest Income and Realized Gains from Investments

    Interest income and realized gains from investments, on aggregate, were RMB95.7 million, compared with a total of RMB107.1 million in 2023.

    Other Income, net

    Other income, net was RMB45.8 million, compared with RMB54.5 million in 2023.

    Net (Loss)/income 

    Net loss was RMB1,049.0 million, compared with net loss of RMB7.3 million in 2023.

    Non-GAAP net loss was RMB995.7 million, compared with non-GAAP net income of RMB51.1 million in 2023.

    Cash Flow

    Net operating cash inflow in 2024 was RMB258.0 million.

    Basic and Diluted Net Loss per ADS

    Basic and diluted net loss per ADS were both RMB4.08 in 2024.

    Non-GAAP basic and diluted net loss per ADS were both RMB3.87 in 2024.

    Share Repurchase

    In November 2022, the Company's board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

    As of February 21, 2025, the Company had cumulatively repurchased approximately 16.0 million ADSs for approximately US$47.5 million under the share repurchase program.

    Business Outlook

    Based on the Company's current estimates, total net revenues for the first quarter of 2025 are expected to be between RMB1,408 million and RMB1,428 million, representing an increase of 48.7% to 50.8% on a year-over-year basis. These estimates reflect the Company's 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 Wednesday, February 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, February 26, 2025). Dial-in details for the earnings conference call are as follows:

    International: 1-412-317-6061

    United States: 1-888-317-6003

    Hong Kong: 800-963-976

    Mainland China: 400-120-6115

    Passcode: 2778362

    A telephone replay will be available two hours after the conclusion of the conference call through March 5, 2025. The dial-in details are:

    International: 1-412-317-0088

    United States: 1-877-344-7529

    Passcode: 4036127

    Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/. 

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of 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 Company's strategic 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 materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number 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 Company's ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's 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 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 educational 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 every aspect of the Company's 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 operations 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 period, net of the total amount of refunds in such period. The Company's 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 are 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 the 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 operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses 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 measures also facilitate management's internal comparisons to the Company's 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 expense in the Company's 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 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 Rate

    The Company's 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 translations from RMB to USD are made at a rate of RMB7.2993 to USD1.0000, the effective noon buying rate for December 31, 2024 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 USD at that rate on December 31, 2024, or at any other rate.

    For further information, please contact:

    Gaotu Techedu Inc.

    Investor Relations

    E-mail: [email protected] 

    Christensen

    In China

    Ms. Alice Li

    Phone: +86-10-5900-1548

    E-mail: [email protected] 

    In the US

    Ms. Linda Bergkamp

    Phone: +1-480-614-3004

    Email: [email protected]

     

     

     

    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 December 31,





    2023





    2024





    2024





    RMB





    RMB





    USD



    ASSETS

















    Current assets

















        Cash and cash equivalents



    636,052







    1,321,118







    180,992



        Restricted cash



    33,901







    5,222







    715



        Short-term investments



    2,253,910







    1,845,242







    252,797



        Inventory, net



    24,596







    36,401







    4,987



        Prepaid expenses and other current assets, net



    638,248







    431,829







    59,160



    Total current assets



    3,586,707







    3,639,812







    498,651





















    Non-current assets

















        Operating lease right-of-use assets



    189,662







    503,601







    68,993



        Property, equipment and software, net



    533,531







    670,237







    91,822



        Land use rights, net



    26,568







    25,762







    3,529



        Long-term investments



    1,029,632







    922,740







    126,415



        Deferred tax assets



    11,312







    -







    -



        Rental deposit



    17,742







    45,834







    6,279



        Other non-current assets



    18,155







    20,091







    2,752



    TOTAL ASSETS



    5,413,309







    5,828,077







    798,441





















    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 RMB811,879 as of December 31, 2023

          and December 31, 2024, respectively)



    805,032







    1,245,207







    170,592



        Deferred revenue, current portion of the

          consolidated VIE without recourse to the Group



    1,113,480







    1,867,096







    255,791



       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

          RMB114,471 as of December 31, 2023 and

          December 31, 2024, respectively)



    50,494







    147,635







    20,226



    Income tax payable (including income tax

       payable of the consolidated VIE without

       recourse to the Group of RMB4,210 and

       RMB606 as of December 31, 2023 and

        December 31, 2024, respectively)



    4,278







    665







    91



    Total current liabilities



    1,973,284







    3,260,603







    446,700



     

     

     

    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 December 31,





    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







    218,797







    29,975



        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

          RMB337,258 as of December 31, 2023

          and December 31, 2024, respectively)



    137,652







    344,609







    47,211



       Deferred tax liabilities (including deferred

         tax liabilities of the consolidated VIE

         without recourse to the Group of

         RMB71,850 and RMB70,316 as of

         December 31, 2023 and December 31,

         2024, respectively)



    71,967







    70,604







    9,673



    TOTAL LIABILITIES



    2,307,044







    3,894,613







    533,559





















    SHAREHOLDERS' EQUITY

















        Ordinary shares



    116







    116







    16



        Treasury stock, at cost



    (85,178)







    (242,866)







    (33,273)



        Additional paid-in capital



    7,987,957







    7,991,421







    1,094,820



        Accumulated other comprehensive loss



    (33,209)







    (2,832)







    (388)



        Statutory reserve



    50,225







    66,042







    9,048



        Accumulated deficit



    (4,813,646)







    (5,878,417)







    (805,341)



    TOTAL SHAREHOLDERS' EQUITY



    3,106,265







    1,933,464







    264,882





















    TOTAL LIABILITIES AND TOTAL

      SHAREHOLDERS' EQUITY



    5,413,309







    5,828,077







    798,441



     

     

     

    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 December 31,





    For the year ended December 31,





    2023





    2024





    2024





    2023





    2024





    2024





    RMB





    RMB





    USD





    RMB





    RMB





    USD



    Net revenues



    761,014







    1,388,621







    190,240







    2,960,813







    4,553,556







    623,835



    Cost of revenues



    (227,719)







    (440,279)







    (60,318)







    (790,207)







    (1,454,917)







    (199,323)



    Gross profit



    533,295







    948,342







    129,922







    2,170,606







    3,098,639







    424,512



    Operating expenses:



































    Selling expenses



    (465,686)







    (736,189)







    (100,857)







    (1,501,200)







    (2,963,736)







    (406,030)



    Research and development expenses



    (136,046)







    (145,050)







    (19,872)







    (462,043)







    (648,063)







    (88,784)



    General and administrative expenses



    (119,478)







    (216,377)







    (29,644)







    (356,369)







    (668,673)







    (91,608)



    Total operating expenses



    (721,210)







    (1,097,616)







    (150,373)







    (2,319,612)







    (4,280,472)







    (586,422)



    Loss from operations



    (187,915)







    (149,274)







    (20,451)







    (149,006)







    (1,181,833)







    (161,910)



    Interest income



    18,603







    14,776







    2,024







    75,829







    70,384







    9,643



    Realized gains from investments



    5,269







    5,017







    687







    31,230







    25,302







    3,466



    Other income/(expenses), net



    32,776







    (6,395)







    (876)







    54,471







    45,825







    6,278



    (Loss)/income before provision for

    income tax and share of results of

    equity investees



    (131,267)







    (135,876)







    (18,616)







    12,524







    (1,040,322)







    (142,523)



    Income tax benefits/(expenses)



    11,618







    42







    6







    (10,657)







    (8,632)







    (1,183)



    Share of results of equity investees



    -







    -







    -







    (9,165)







    -







    -



    Net loss



    (119,649)







    (135,834)







    (18,610)







    (7,298)







    (1,048,954)







    (143,706)



    Net loss attributable to Gaotu

    Techedu Inc.'s ordinary shareholders



    (119,649)







    (135,834)







    (18,610)







    (7,298)







    (1,048,954)







    (143,706)



    Net loss per ordinary share



































    Basic



    (0.69)







    (0.80)







    (0.11)







    (0.04)







    (6.12)







    (0.84)



    Diluted



    (0.69)







    (0.80)







    (0.11)







    (0.04)







    (6.12)







    (0.84)



    Net loss per ADS



































    Basic



    (0.46)







    (0.53)







    (0.07)







    (0.03)







    (4.08)







    (0.56)



    Diluted



    (0.46)







    (0.53)







    (0.07)







    (0.03)







    (4.08)







    (0.56)



    Weighted average shares used in net

    loss per share



































    Basic



    172,545,719







    169,167,503







    169,167,503







    173,725,790







    171,412,125







    171,412,125



    Diluted



    172,545,719







    169,167,503







    169,167,503







    173,725,790







    171,412,125







    171,412,125





    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 December 31,





    For the year ended December 31,





    2023





    2024





    2024





    2023





    2024





    2024





    RMB





    RMB





    USD





    RMB





    RMB





    USD



    Net revenues



    761,014







    1,388,621







    190,240







    2,960,813







    4,553,556







    623,835



    Less: other revenues(1)



    25,237







    16,510







    2,262







    87,912







    133,591







    18,302



    Add: VAT and surcharges



    46,509







    91,292







    12,507







    181,001







    283,341







    38,818



    Add: ending deferred revenue



    1,237,621







    2,085,893







    285,766







    1,237,621







    2,085,893







    285,766



    Add: ending refund liability



    67,157







    127,969







    17,532







    67,157







    127,969







    17,532



    Less: beginning deferred revenue



    761,301







    1,439,217







    197,172







    959,333







    1,237,621







    169,553



    Less: beginning refund liability



    47,631







    77,869







    10,668







    60,597







    67,157







    9,200



    Gross billings



    1,278,132







    2,160,179







    295,943







    3,338,750







    5,612,390







    768,896







    Note (1): Include miscellaneous revenues generated from services other than courses.









    For the three months ended December 31,





    For the year ended December 31,





    2023





    2024





    2024





    2023





    2024





    2024





    RMB





    RMB





    USD





    RMB





    RMB





    USD



    Gross profit



    533,295







    948,342







    129,922







    2,170,606







    3,098,639







    424,512



    Share-based compensation expenses(1)

    in cost of revenues



    3,862







    2,460







    337







    12,959







    7,003







    959



    Non-GAAP gross profit



    537,157







    950,802







    130,259







    2,183,565







    3,105,642







    425,471







































    Loss from operations



    (187,915)







    (149,274)







    (20,451)







    (149,006)







    (1,181,833)







    (161,910)



    Share-based compensation expenses(1)



    15,679







    12,293







    1,684







    58,353







    53,217







    7,291



    Non-GAAP loss from operations



    (172,236)







    (136,981)







    (18,767)







    (90,653)







    (1,128,616)







    (154,619)







































    Net loss



    (119,649)







    (135,834)







    (18,610)







    (7,298)







    (1,048,954)







    (143,706)



    Share-based compensation expenses(1)



    15,679







    12,293







    1,684







    58,353







    53,217







    7,291



    Non-GAAP net (loss)/income



    (103,970)







    (123,541)







    (16,926)







    51,055







    (995,737)







    (136,415)







    Note (1): The tax effects of share-based compensation expenses adjustments were nil.

     

    Cision View original content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302385683.html

    SOURCE Gaotu Techedu Inc.

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