Gaotu(GOTU)2024-12-04 11:46Revenue Growth - Net revenues increased by 53.1% to RMB1,208.3 million in Q3 2024 compared to RMB789.4 million in Q3 2023[3] - Net revenues for the three months ended September 30, 2024, were RMB1,208,253 thousand, a 53.1% increase compared to RMB789,413 thousand in the same period of 2023[41] - Net revenues for the nine months ended September 30, 2024, were RMB3,164,935 thousand, a 43.9% increase compared to RMB2,199,799 thousand in the same period of 2023[41] - Net revenues for the three months ended September 30, 2024, increased to RMB 1,208,253 (USD 172,175), up from RMB 789,413 in 2023[43] - Total net revenues for Q4 2024 are expected to be between RMB1,288 million and RMB1,308 million, representing a year-over-year increase of 69.2% to 71.9%[26] Gross Billings - Gross billings increased by 67.2% to RMB1,069.2 million in Q3 2024 compared to RMB639.3 million in Q3 2023[3] - Gross billings for the nine months ended September 30, 2024, reached RMB 3,452,211 (USD 491,936), compared to RMB 2,060,618 in 2023[43] Profit and Loss - Net loss widened to RMB471.3 million in Q3 2024 from RMB57.7 million in Q3 2023[3] - Non-GAAP net loss increased to RMB457.2 million in Q3 2024 from RMB41.7 million in Q3 2023[4] - Net loss for the three months ended September 30, 2024, was RMB471,273 thousand, compared to a net loss of RMB57,663 thousand in the same period of 2023[41] - Net loss for the nine months ended September 30, 2024, was RMB913,120 thousand, compared to a net income of RMB112,351 thousand in the same period of 2023[41] - Non-GAAP net loss for the three months ended September 30, 2024, was RMB 457,195 (USD 65,150), compared to a loss of RMB 41,729 in 2023[44] - Non-GAAP income from operations for the nine months ended September 30, 2024, showed a loss of RMB 991,635 (USD 141,307), compared to a profit of RMB 81,583 in 2023[44] Gross Profit - Gross profit margin decreased to 64.4% in Q3 2024 from 72.4% in Q3 2023[11] - Gross profit for the three months ended September 30, 2024, was RMB778,462 thousand, a 36.3% increase from RMB571,287 thousand in the same period of 2023[41] - Gross profit for the nine months ended September 30, 2024, increased to RMB 2,150,297 (USD 306,415), up from RMB 1,637,311 in 2023[44] - Non-GAAP gross profit for the three months ended September 30, 2024, was RMB 780,727 (USD 111,253), up from RMB 572,809 in 2023[44] Operating Expenses - Operating expenses increased by 89.1% to RMB1,268.6 million in Q3 2024 from RMB670.8 million in Q3 2023[12] - Total operating expenses for the three months ended September 30, 2024, were RMB1,268,569 thousand, an 89.1% increase compared to RMB670,828 thousand in the same period of 2023[41] Cash Flow and Liquidity - Net operating cash outflow increased to RMB714.4 million in Q3 2024 from RMB209.9 million in Q3 2023[4] - Cash and cash equivalents increased from RMB636,052 thousand in December 2023 to RMB855,815 thousand in September 2024, representing a 34.5% increase[37] - Total current assets decreased from RMB3,586,707 thousand in December 2023 to RMB2,954,739 thousand in September 2024, a 17.6% decline[37] Deferred Revenue - Deferred revenue balance increased by 89.0% year-over-year to over RMB1.4 billion as of September 30, 2024[8] - Ending deferred revenue for the three months ended September 30, 2024, increased to RMB 1,439,217 (USD 205,087), up from RMB 761,301 in 2023[43] Cost of Revenues - Cost of revenues increased by 97.1% to RMB429.8 million in Q3 2024 from RMB218.1 million in Q3 2023[10] Non-GAAP Metrics - Non-GAAP gross profit, non-GAAP income (loss) from operations, and non-GAAP net income (loss) exclude share-based compensation expenses, providing meaningful supplemental information for assessing performance and liquidity[32] - Share-based compensation expenses for the nine months ended September 30, 2024, were RMB 40,924 (USD 5,832), up from RMB 42,674 in 2023[44] Exchange Rate - The exchange rate used for RMB to USD conversion is RMB7.0176 to USD1.0000, based on the effective noon buying rate for September 30, 2024[35] Other Revenues and Taxes - Other revenues for the nine months ended September 30, 2024, were RMB 117,081 (USD 16,684), compared to RMB 62,675 in 2023[43] - VAT and surcharges for the nine months ended September 30, 2024, increased to RMB 192,049 (USD 27,367), up from RMB 134,492 in 2023[43]