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20.11.2020 06:05
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GSX Announces Third Quarter 2020 Unaudited Financial Results
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PR Newswire
BEIJING, Nov. 20, 2020
BEIJING, Nov. 20, 2020 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Highlights[1]
- Net revenues was RMB1,965.8 million, a 252.9% year-over-year increase.
- Net revenues of online K-12 courses increased 282.7% year-over-year to RMB1,757.2 million. - Gross billings[2] was RMB2,086.2 million, a 137.1% year-over-year increase.
- Gross billings of online K-12 courses increased 140.8% year-over-year to RMB1,793.5 million. - Paid course enrollments[3] increased 133.5% year-over-year to 1,256 thousand.
- Paid course enrollments of online K-12 increased 140.5% year-over-year to 1,147 thousand. - Net loss was RMB932.5 million, compared with the net income of RMB1.9 million in the same period of 2019.
- Non-GAAP net loss was RMB863.6 million, compared with the non-GAAP net income of RMB20.1 million in the same period of 2019.
- Deferred revenue was RMB1,964.8 million, compared with RMB1,337.6 million as of December 31, 2019.
Third Quarter 2020 Key Financial and Operating Data
(In thousands of RMB, except for paid course enrollments and percentages)
| | Three Months Ended September 30, | | | ||||
| | 2019 | | 2020 | | Pct. Change | | |
| Net revenues[4] | 556,994 | | 1,965,809 | | 252.9% | | |
| K-12 courses | 459,105 | | 1,757,180 | | 282.7% | | |
| Foreign language, professional and interest | 90,521 | | 203,469 | | 124.9% | | |
| Gross billings[5] | 880,042 | | 2,086,193 | | 137.1% | | |
| K-12 courses | 744,786 | | 1,793,462 | | 140.8% | | |
| Foreign language, professional and interest | 124,402 | | 292,554 | | 135.2% | | |
| Paid course enrollments (In thousands) | 538 | | 1,256 | | 133.5% | | |
| K-12 courses | 477 | | 1,147 | | 140.5% | | |
| Foreign language, professional and interest | 61 | | 109 | | 78.7% | | |
| Net income (loss) | 1,902 | | (932,512) | | NM | | |
| Non-GAAP net income (loss) | 20,141 | | (863,583) | | NM | | |
| | | | | | | | |
| [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, 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. |
| [3] Paid course enrollments for a certain period refer to the cumulative number of paid courses enrolled in and paid for by our students, including multiple paid courses enrolled in and paid for by the same student. Paid courses refer to our courses that are charged not less than RMB99.0 per course in fees. |
| [4] The breakdown does not include amount generated from other services because it is negligible. |
| [5] The breakdown does not include amount generated from other services because it is negligible. |
Nine Months Ended September 30, 2020 Highlights
- Net revenues was RMB4,913.7 million, a 316.5% year-over-year increase.
- Net revenues of online K-12 increased 356.5% year-over-year to RMB4,262.2 million. - Gross billings was RMB5,861.6 million, a 229.4% year-over-year increase.
- Gross billings of online K-12 increased 241.4% year-over-year to RMB5,080.1 million. - Paid course enrollments increased 229.6% year-over-year to 3,596 thousand.
- Paid course enrollments of online K-12 increased 245.2% year-over-year to 3,290 thousand. - Net loss was RMB765.9 million, compared with the net income of RMB52.2 million in the same period of 2019.
- Non-GAAP net loss was RMB600.1 million, compared with the non-GAAP net income of RMB89.1 million in the same period of 2019.
First Nine Months of 2020 Key Financial and Operating Data
(In thousands of RMB, except for paid course enrollments and percentages)
| | Nine Months Ended September 30, | | | ||||
| | 2019 | | 2020 | | Pct. Change | | |
| Net revenues | 1,179,828 | | 4,913,703 | | 316.5% | | |
| K-12 courses | 933,682 | | 4,262,237 | | 356.5% | | |
| Foreign language, professional and interest | 228,146 | | 638,026 | | 179.7% | | |
| Gross billings | 1,779,510 | | 5,861,588 | | 229.4% | | |
| K-12 courses | 1,488,133 | | 5,080,131 | | 241.4% | | |
| Foreign language, professional and interest | 264,184 | | 774,259 | | 193.1% | | |
| Paid course enrollments (In thousands) | 1,091 | | 3,596 | | 229.6% | | |
| K-12 courses | 953 | | 3,290 | | 245.2% | | |
| Foreign language, professional and interest | 138 | | 306 Werbung Mehr Nachrichten zur Gaotu Techedu Inc. Aktie kostenlos abonnieren
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