Gaotu(GOTU)2024-08-27 14:00Revenue Growth - Net revenues increased by 43.6% to RMB1,009.8 million in Q2 2024 compared to RMB703.1 million in Q2 2023[2][7] - Total net revenues for Q3 2024 are expected to be between RMB1,188 million and RMB1,208 million, representing a 50.5% to 53.0% year-over-year increase[16] - Net revenues for the six months ended June 30, 2024, were RMB1,956,682 thousand, compared to RMB1,410,386 thousand for the same period in 2023[30] - Net revenues for Q2 2024 increased to RMB 1,009,797 (USD 138,953), up 43.7% from RMB 703,094 in Q2 2023[31] Gross Billings - Gross billings surged by 87.4% to RMB1,653.7 million in Q2 2024 from RMB882.3 million in Q2 2023[2][3] - Gross billings for Q2 2024 reached RMB 1,653,692 (USD 227,555), an 87.4% increase from RMB 882,325 in Q2 2023[31] - Gross billings for H1 2024 increased to RMB 2,383,052 (USD 327,919), up 67.7% from RMB 1,421,276 in H1 2023[32] Profit and Loss - Net loss was RMB429.6 million in Q2 2024, compared to a net income of RMB56.2 million in Q2 2023[2][13] - Net loss for the six months ended June 30, 2024, was RMB441,847 thousand, compared to a net income of RMB170,014 thousand for the same period in 2023[30] - Net loss for Q2 2024 was RMB 429,550 (USD 59,108), compared to a net income of RMB 56,161 in Q2 2023[34] - Net loss for H1 2024 was RMB 441,847 (USD 60,801), compared to a net income of RMB 170,014 in H1 2023[34] Gross Profit - Gross profit margin decreased to 69.0% in Q2 2024 from 73.8% in Q2 2023[9] - Gross profit for the six months ended June 30, 2024, was RMB1,371,835 thousand, compared to RMB1,066,024 thousand for the same period in 2023[30] - Gross profit for Q2 2024 was RMB 696,364 (USD 95,823), a 34.2% increase from RMB 518,714 in Q2 2023[34] - Gross profit for H1 2024 was RMB 1,371,835 (USD 188,770), a 28.7% increase from RMB 1,066,024 in H1 2023[34] Non-GAAP Metrics - Non-GAAP gross profit, non-GAAP income (loss) from operations, and non-GAAP net income (loss) exclude share-based compensation expenses, which the company believes provides meaningful supplemental information regarding its performance and liquidity[22] - Non-GAAP gross profit for Q2 2024 was RMB 696,321 (USD 95,817), up 33.3% from RMB 522,299 in Q2 2023[34] - Non-GAAP net loss for Q2 2024 was RMB 418,040 (USD 57,524), compared to a non-GAAP net income of RMB 63,159 in Q2 2023[34] - Non-GAAP gross profit for H1 2024 was RMB 1,374,113 (USD 189,083), up 28.0% from RMB 1,073,599 in H1 2023[34] Operating Expenses - Operating expenses increased by 144.2% to RMB1,161.1 million in Q2 2024 from RMB475.4 million in Q2 2023[10] Cash Flow and Liquidity - Net operating cash inflow increased by 33.8% to RMB386.2 million in Q2 2024 from RMB288.5 million in Q2 2023[2][14] - Cash and cash equivalents increased from RMB636,052 thousand as of December 31, 2023, to RMB1,414,853 thousand as of June 30, 2024[25] Deferred Revenue - Deferred revenue reached RMB1.6 billion as of June 30, 2024, a 71.5% increase from the same period last year[5] Share Repurchase - The company repurchased approximately 7.9 million ADSs for approximately US$27.0 million under its share repurchase program as of August 26, 2024[15] Currency and Geographic Focus - The company primarily conducts its business in China, with revenues predominantly denominated in RMB, and uses an exchange rate of RMB7.2672 to USD1.0000 for currency conversions[24] Assets and Liabilities - Total current assets increased from RMB3,586,707 thousand as of December 31, 2023, to RMB3,830,532 thousand as of June 30, 2024[25] - Total liabilities increased from RMB1,973,284 thousand as of December 31, 2023, to RMB2,604,074 thousand as of June 30, 2024[25] Earnings Per Share - Basic net loss per ADS for the six months ended June 30, 2024, was RMB1.71, compared to a net income per ADS of RMB0.65 for the same period in 2023[30]