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Mittwoch, 26.05.2021 09:00 von PR Newswire | Aufrufe: 139

GSX Techedu Announces First Quarter of 2021 Unaudited Financial Results

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PR Newswire

BEIJING, May 26, 2021

BEIJING, May 26, 2021 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GOTU) (the "Company"), a leading online large-class after-school tutoring service provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights^[1]

Net revenues was RMB1,940.3 million, a 49.5% year-over-year increase.

- Net revenues of online K-12 courses increased 62.2% year-over-year to RMB1,816.3 million.

Gross billings^[2] was RMB1,181.3 million, compared with gross billings of RMB1,374.4 million in the same period of 2020, decreasing 14.0%.

- Gross billings of online K-12 courses was RMB 1,002.6 million, compared with gross billings of RMB1,090.6 million in the same period of 2020, decreasing 8.1%.

Paid course enrollments^[3] was 767 thousand, compared with 774 thousand in the same period of 2020, decreasing 0.9%.

- Paid course enrollments of online K-12 was 632 thousand, compared with 647 thousand in the same period of 2020, decreasing 2.3%.

Net loss was RMB1,425.9 million, compared with net income of RMB148.0 million in the same period of 2020.
Non-GAAP net loss was RMB1,329.4 million, compared with non-GAAP net income of RMB190.7 million in the same period of 2020.
Deferred revenue was RMB1,896.5 million, compared with RMB2,733.7 million as of December 31, 2020.

First Quarter 2021 Key Financial and Operating Data

(In thousands of RMB, except for paid course enrollments and percentages)

ARIVA.DE Börsen-Geflüster

Kurse

Gaotu Techedu Inc.

6,25 €

-1,96%

	Three Months Ended March 31,
	2020	2021	Pct. Change
Net revenues	1,297,580	1,940,343	49.5%
K-12 courses	1,120,089	1,816,271	62.2%
Foreign language, professional, admission and other services	177,491	124,072	(30.1%)
Gross billings	1,374,399	1,181,342	(14.0%)
K-12 courses	1,090,592	1,002,612	(8.1%)
Foreign language, professional, admission and other services	283,807	178,730	(37.0%)
Paid course enrollments (In thousands)	774	767	(0.9%)
K-12 courses	647	632	(2.3%)
Foreign language, professional, admission and other services	127	135	6.3%
Net income (loss)	147,988	(1,425,919)	NM
Non-GAAP net income (loss)	190,741	(1,329,420)	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.

Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "Since the end of last year, we have been reinforcing our efforts to control our selling expenses, while expanding our investments on teaching content, technology, and teaching talent. We have always believed that the core of 'online education' is 'education', rather than 'online'. Extensive traffic growth no longer works for this industry, while every player has to compete by refining operations. As a company that prioritizes efficiency, we have decided to return to the core of education, return to quality-driven growth, and return to profitability over the longer-term. We will adhere to our long-term philosophy, adhere to our focus on continually improving efficiency and quality, adhere to our highest priority of satisfying each student and parent we serve, and adhere to expansive investments in our technology and education quality. The social impact of online education is significant, profound, and essential to society. We will uphold our original aspiration and beliefs about education, shoulder our responsibility in advancing social progress and promoting equal access to education, and dedicate ourselves to bringing quality education resources to more and more families."

Shannon Shen, CFO of the Company, added, "Following the successful integration of our K-12 businesses under the Gaotu K12 brand last September, recently we further integrated our foreign language, professional, admission and other services businesses under the Gaotu Professional brand. Going forward, we will return to a focus on healthy and profitable growth. We firmly believe that the education industry can achieve sustainable growth only when students are given a chance to grow healthily both in mind and body. We will continue to invest heavily on localized and stratified courses, teaching content, instructors and tutors, as well as research and development, to establish a long-term moat and adhere to a long-term philosophy."

Financial Results for the First Quarter of 2021

Net Revenues

Net revenues reached RMB1,940.3 million, a 49.5% increase from RMB1,297.6 million in the first quarter of 2020. The increase was mainly driven by the growth in paid course enrollments for K-12 courses in the fourth quarter of 2020, which was contributed by both first-time paid course enrollments and retention of existing students. The net revenues in the first quarter of 2021 was partially attributable to the paid course enrollments of the fourth quarter of 2020.

Cost of Revenues

Cost of revenues rose by 101.7% to RMB571.5 million from RMB283.3 million in the first quarter of 2020, mainly due to the increased recruitment of instructors and tutors, the increase in compensation for attracting and retaining high quality teaching staff, as well as the increase in learning material cost and rental expenses.

Gross Profit and Gross Margin

Gross profit increased 35.0% to RMB1,368.8 million from RMB1,014.3 million in the first quarter of 2020. Gross profit margin decreased to 70.5% from 78.2% in the same period of 2020. The decrease was primarily due to the increase in compensation for instructors and tutors, simultaneously resulting from the increased number of them and more competitive salaries provided, to attract excellent talents to improve teaching quality and students' learning experience, which would lay a solid foundation for the company's long-term development.

Non-GAAP gross profit increased by 35.5% to RMB1,393.6 million from RMB1,028.2 million in the same period of 2020. Non-GAAP gross profit margin decreased to 71.8% from 79.2% in the same period of 2020.

Operating Expenses

Operating expenses were RMB2,871.4 million, which increased from RMB922.4 million in the first quarter of 2020.

Selling expenses increased to RMB2,288.7 million from RMB757.2 million in the first quarter of 2020. The increase was primarily a result of higher marketing expenses to expand user base and enhance our brands, and an increase in compensation to sales and marketing staff.

Research and development expenses increased by 267.3% to RMB365.1 million, from RMB99.4 million in the first quarter of 2020. The increase was primarily due to an increase in the number of education content development professionals and technology development personnel, as well as an increase in compensation for such staff.

General and administrative expenses increased to RMB217.6 million from RMB65.8 million in the first quarter of 2020. The increase in general and administrative expenses was mainly due to an increase in the number of general and administrative personnel, an increase in compensation paid to such staff, and an increase in internal independent review fees.

Income (Loss) from Operations

Loss from operations was RMB1,502.6 million, compared with the income from operations of RMB91.9 million in the first quarter of 2020. The decrease was primarily due to higher spending in sales and marketing activities to extend volume growth and strengthen brand perception.

Non-GAAP^[4] loss from operations was RMB1,406.1 million, compared with non-GAAP income from operations of RMB134.7 million in the first quarter of 2020.

^[4] 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, exclude share-based compensation expenses.

Interest Income and Realized Gains from Investment

Interest income and realized gains from investments, on aggregate, increased by 81.7% to RMB22.9 million, from RMB12.6 million in the first quarter of 2020. This increase was primarily due to an increase of cash, cash equivalents and short-term wealth management investments, as well as the realization of gains generated from short-term and long-term wealth management investments during this quarter.

Other Income

Other income was RMB44.9 million, compared with other income of RMB61.9 million in the first quarter of 2020. Other income in the first quarter of 2021 primarily consisted of the value-added tax exemption offered by the government, partially offset by the related cost, during the COVID-19 outbreak, which amounted to RMB44.6 million.

Net Income (Loss)

Net loss was RMB1,425.9 million, compared with net income of RMB148.0 million in the first quarter of 2020.

Non-GAAP net loss was RMB1,329.4 million, compared with non-GAAP net income of RMB190.7 million in the first quarter of 2020.

Cash Flow

Net operating cash outflow for the first quarter of 2021 was RMB2,095.3 million. The outflow of net operating cash this quarter was primarily due to higher marketing expenses paid to improve our market share and brand awareness, and an increase in compensation. Cash used in capital expenditures was RMB196.5 million, primarily due to an installment payment of RMB100.6 million for the Zhengzhou properties purchases.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were RMB5.58 and RMB5.58, respectively, in the first quarter of 2021.

Non-GAAP basic and diluted net loss per ADS, were RMB5.20 and RMB5.20, respectively, in the first quarter of 2021.

Share Outstanding

As of March 31, 2021, the Company had 170,392,812 ordinary shares outstanding.

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

As of March 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term investments of RMB5,909.2 million in the aggregate, compared with a total of RMB8,217.2 million of cash and cash equivalents, short-term investments and long-term investments as of December 31, 2020.

Deferred Revenue

As of March 31, 2021, the Company's deferred revenue balance was RMB1,896.5 million, compared with RMB2,733.7 million as of December 31, 2020. Deferred revenue primarily consisted of tuition collected in advance.

Other Payables

As of March 31, 2021, other payables in non-current liabilities totaled RMB26.6 million, all of which were payables related to the purchase of the Zhengzhou properties.

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