BEIJING, Nov. 26, 2025 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 2025 Highlights[1]
- Net revenues were RMB1,579.0 million, increased by 30.7% from RMB1,208.3 million in the same period of 2024.
- Gross billings[2] were RMB1,188.9 million, increased by 11.2% from RMB1,069.2 million in the same period of 2024.
- Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the same period of 2024.
- Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the same period of 2024.
- Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the same period of 2024.
- Net operating cash outflow was RMB660.2 million, compared with net operating cash outflow of RMB714.4 million in the same period of 2024.
Third Quarter 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
|
For the three months ended September 30,
|
|
|
2024
|
|
|
|
2025
|
|
|
Pct. Change
|
|
Net revenues
|
|
1,208,253
|
|
|
|
1,579,026
|
|
|
30.7 %
|
|
Gross billings
|
|
1,069,159
|
|
|
|
1,188,909
|
|
|
11.2 %
|
|
Loss from operations
|
|
(490,107)
|
|
|
|
(178,025)
|
|
|
(63.7) %
|
|
Net loss
|
|
(471,273)
|
|
|
|
(147,121)
|
|
|
(68.8) %
|
|
Non-GAAP net loss
|
|
(457,195)
|
|
|
|
(137,745)
|
|
|
(69.9) %
|
|
Net operating cash outflow
|
|
(714,385)
|
|
|
|
(660,230)
|
|
|
(7.6) %
|
|
[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.
|
Nine Months Ended September 30, 2025 Highlights
- Net revenues were RMB4,461.5 million, increased by 41.0% from RMB3,164.9 million in the same period of 2024.
- Gross billings were RMB4,330.0 million, increased by 25.4% from RMB3,452.2 million in the same period of 2024.
- Loss from operations was RMB385.1 million, compared with loss from operations of RMB1,032.6 million in the same period of 2024.
- Net loss was RMB239.1 million, compared with net loss of RMB913.1 million in the same period of 2024.
- Non-GAAP net loss was RMB207.3 million, compared with non-GAAP net loss of RMB872.2 million in the same period of 2024.
- Net operating cash outflow was RMB548.7 million, compared with net operating outflow of RMB525.6 million in the same period of 2024.
First Nine Months 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
|
For the nine months ended September 30,
|
|
|
2024
|
|
|
|
2025
|
|
|
Pct. Change
|
|
Net revenues
|
|
3,164,935
|
|
|
|
4,461,457
|
|
|
41.0 %
|
|
Gross billings
|
|
3,452,211
|
|
|
|
4,330,021
|
|
|
25.4 %
|
|
Loss from operations
|
|
(1,032,559)
|
|
|
|
(385,117)
|
|
|
(62.7) %
|
|
Net loss
|
|
(913,120)
|
|
|
|
(239,124)
|
|
|
(73.8) %
|
|
Non-GAAP net loss
|
|
(872,196)
|
|
|
|
(207,255)
|
|
|
(76.2) %
|
|
Net operating cash outflow
|
|
(525,636)
|
|
|
|
(548,670)
|
|
|
4.4 %
|
Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “With a profound focus on user needs, Gaotu continues to provide end-to-end educational products and solutions across the full learning lifecycle. We have deeply integrated online and offline formats and accelerated full-stack AI integration across our teaching, services, and operations to provide users with increasingly differentiated and personalized services. In the third quarter, we achieved sustained growth momentum and enhanced profitability. Our revenue grew by 30.7% year over year to nearly RMB1.6 billion, while on a non-GAAP basis, both loss from operations and net loss narrowed significantly by 64.6% and 69.9%, respectively. Excluding the impact of share repurchases, our cash position improved year over year, strengthening our balance sheet and demonstrating our disciplined financial management. We also remained committed to delivering shareholder returns, completing our US$80 million share repurchase program initially launched in November 2022 this quarter and initiating the new US$100 million program approved in May. “
“Going forward, Gaotu will continue to pursue sustainable growth by strengthening our pipeline of high-quality teachers, enhancing execution and leveraging data-driven operations, delivering enduring, long-term value to all our stakeholders.”
Shannon Shen, CFO of the Company, added, “In the third quarter, we sustained solid revenue growth while elevating our overall operational quality and efficiency. Operating expenses as a percentage of net revenues decreased significantly, improving by 27.6 percentage points year-over-year. Additionally, our user acquisition efficiency improved 12.8% year over year, and net operating cash outflow narrowed by approximately RMB54.2 million year over year, reflecting the early benefits of structured efficiency gains across our operations. Deferred revenue grew robustly to nearly RMB1.8 billion, up 23.2% year-over-year, providing greater visibility of revenue for the upcoming quarters. We will remain focused on driving high-quality, sustainable growth by optimizing unit economics, while enhancing our operational quality and resilience through continued product refinement, systematic teacher development and brand building.”
Financial Results for the Third Quarter of 2025
Net Revenues
Net revenues increased by 30.7% to RMB1,579.0 million from RMB1,208.3 million in the third quarter of 2024, which was mainly due to the continued year-over-year growth in 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 24.6% to RMB535.5 million from RMB429.8 million in the third quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, and increased depreciation and amortization cost.
Gross Profit and Gross Margin
Gross profit increased by 34.0% to RMB1,043.5 million from RMB778.5 million in the third quarter of 2024. Gross profit margin increased to 66.1% from 64.4% in the same period of 2024.
Non-GAAP gross profit increased by 33.8% to RMB1,044.5 million from RMB780.7 million in the third quarter of 2024. Non-GAAP gross profit margin increased to 66.1% from 64.6% in the same period of 2024.
Operating Expenses
Operating expenses decreased by 3.7% to RMB1,221.5 million from RMB1,268.6 million in the third quarter of 2024. The decrease was primarily due to our precise efficiency management and implementation of cost reduction, which resulted in year-over-year decreases in personnel expenses of selling, general and administrative, as well as research and development function.
- Selling expenses decreased to RMB873.4 million from RMB885.8 million in the third quarter of 2024.
- Research and development expenses decreased to RMB162.9 million from RMB189.3 million in the third quarter of 2024.
- General and administrative expenses decreased to RMB185.2 million from RMB193.5 million in the third quarter of 2024.
Loss from Operations
Loss from operations was RMB178.0 million, compared with loss from operations of RMB490.1 million in the third quarter of 2024.
Non-GAAP loss from operations was RMB168.6 million, compared with non-GAAP loss from operations of RMB476.0 million in the third quarter of 2024.
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were RMB14.9 million, compared with a total of RMB21.7 million in the third quarter of 2024.
Other Income, net
Other income, net was RMB14.6 million, compared with other income, net of RMB4.0 million in the third quarter of 2024.
Net Loss
Net loss was RMB147.1 million, compared with net loss of RMB471.3 million in the third quarter of 2024.
Non-GAAP net loss was RMB137.7 million, compared with non-GAAP net loss of RMB457.2 million in the third quarter of 2024.
Cash Flow
Net operating cash outflow in the third quarter of 2025 was RMB660.2 million.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both RMB0.61 in the third quarter of 2025.
Non-GAAP basic and diluted net loss per ADS were both RMB0.57 in the third quarter of 2025.
Share Outstanding
As of September 30, 2025, the Company had 161,367,979 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments
As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,040.4 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.
Acquisition of Property
In November 2025, the Company entered into an agreement to acquire 100% of equity interest of Zhengzhou You’ai Culture Technology Co., Ltd. (“Zhengzhou You’ai”) for a consideration of RMB206.6 million. The underlying assets of Zhengzhou You’ai are four buildings currently under construction, which have been topped out in November 2025. The Company intends to utilize the buildings as a campus premise upon completion. The transaction is a related party transaction and has been approved by both the Company’s board of directors and the audit committee of the board.
Share Repurchase
In November 2022, the Company’s board of directors authorized a share repurchase program (“2022 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 September 22, 2025, the Company’s repurchase amount had reached US$80 million and the 2022 Share Repurchase Program was completed.
In May 2025, the Company’s board of directors authorized a new share repurchase program (“2025 Share Repurchase Program”), under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company’s 2022 Share Repurchase Program.
As of November 25, 2025, the Company had cumulatively repurchased approximately 27.5 million ADSs for approximately US$85.6 million under aforesaid two share repurchase programs.
Business Outlook
Based on the Company’s current estimates, total net revenues for the fourth quarter of 2025 are expected to be between RMB1,628 million and RMB1,648 million, representing an increase of 17.2% to 18.7% 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, November 26, 2025 (9:00 PM Beijing/Hong Kong Time on Wednesday, November 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: 5199067
A telephone replay will be available two hours after the conclusion of the conference call through December 3, 2025. The dial-in details are:
International: 1-412-317-0088
United States: 1-855-669-9658
Passcode: 2149536
Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.
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 leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company’s operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.
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 RMB7.1190 to USD1.0000, the effective noon buying rate for September 30, 2025 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 September 30, 2025, or at any other rate.
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: Gaotu@tpg-ir.com
|
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 September 30,
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
1,321,118
|
|
|
|
318,731
|
|
|
|
44,772
|
|
|
Restricted cash
|
|
5,222
|
|
|
|
125,272
|
|
|
|
17,597
|
|
|
Short-term investments
|
|
1,845,242
|
|
|
|
2,095,986
|
|
|
|
294,421
|
|
|
Inventory, net
|
|
36,401
|
|
|
|
53,401
|
|
|
|
7,501
|
|
|
Prepaid expenses and other current assets, net
|
|
431,829
|
|
|
|
526,989
|
|
|
|
74,026
|
|
|
Total current assets
|
|
3,639,812
|
|
|
|
3,120,379
|
|
|
|
438,317
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets
|
|
503,601
|
|
|
|
506,882
|
|
|
|
71,201
|
|
|
Property, equipment and software, net
|
|
670,237
|
|
|
|
834,745
|
|
|
|
117,256
|
|
|
Land use rights, net
|
|
25,762
|
|
|
|
45,424
|
|
|
|
6,381
|
|
|
Long-term investments
|
|
922,740
|
|
|
|
500,401
|
|
|
|
70,291
|
|
|
Rental deposit
|
|
45,834
|
|
|
|
49,271
|
|
|
|
6,921
|
|
|
Other non-current assets
|
|
20,091
|
|
|
|
57,636
|
|
|
|
8,096
|
|
|
TOTAL ASSETS
|
|
5,828,077
|
|
|
|
5,114,738
|
|
|
|
718,463
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Short-term borrowings of the consolidated VIE
without recourse to the Group
|
|
–
|
|
|
|
48,544
|
|
|
|
6,819
|
|
|
Accrued expenses and other current liabilities
(including accrued expenses and other current
liabilities of the consolidated VIE without
recourse to the Group of RMB811,879
and RMB944,484 as of December 31, 2024
and September 30, 2025, respectively)
|
|
1,245,207
|
|
|
|
1,320,853
|
|
|
|
185,539
|
|
|
Deferred revenue, current portion (including
current portion of deferred revenue of the
consolidated VIE without recourse to the Group
of RMB1,867,096 and RMB1,534,148
as of December 31, 2024 and
September 30, 2025, respectively)
|
|
1,867,096
|
|
|
|
1,534,246
|
|
|
|
215,515
|
|
|
Operating lease liabilities, current portion
(including current portion of operating lease
liabilities of the consolidated VIE without
recourse to the Group of RMB114,471 and
RMB132,281 as of December 31, 2024 and
September 30, 2025, respectively)
|
|
147,635
|
|
|
|
140,337
|
|
|
|
19,713
|
|
|
Income tax payable (including income tax
payable of the consolidated VIE without
recourse to the Group of RMB606 and
RMB39 as of December 31, 2024 and
September 30, 2025, respectively)
|
|
665
|
|
|
|
88
|
|
|
|
12
|
|
|
Total current liabilities
|
|
3,260,603
|
|
|
|
3,044,068
|
|
|
|
427,598
|
|
|
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 September 30,
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Deferred revenue, non-current portion of
the consolidated VIE without recourse
to the Group
|
|
218,797
|
|
|
|
238,924
|
|
|
|
33,561
|
|
|
Operating lease liabilities, non-current
portion (including non-current portion
of operating lease liabilities of the
consolidated VIE without recourse
to the Group of RMB337,258 and
RMB332,307 as of December 31, 2024
and September 30, 2025, respectively)
|
|
344,609
|
|
|
|
343,158
|
|
|
|
48,203
|
|
|
Deferred tax liabilities (including deferred
tax liabilities of the consolidated VIE
without recourse to the Group of
RMB70,316 and RMB76,056 as of
December 31, 2024 and September 30,
2025, respectively)
|
|
70,604
|
|
|
|
76,073
|
|
|
|
10,686
|
|
|
TOTAL LIABILITIES
|
|
3,894,613
|
|
|
|
3,702,223
|
|
|
|
520,048
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
Ordinary shares
|
|
116
|
|
|
|
116
|
|
|
|
16
|
|
|
Treasury stock, at cost
|
|
(242,866)
|
|
|
|
(461,340)
|
|
|
|
(64,804)
|
|
|
Additional paid-in capital
|
|
7,991,421
|
|
|
|
7,950,976
|
|
|
|
1,116,867
|
|
|
Accumulated other comprehensive loss
|
|
(2,832)
|
|
|
|
(25,738)
|
|
|
|
(3,615)
|
|
|
Statutory reserve
|
|
66,042
|
|
|
|
66,042
|
|
|
|
9,277
|
|
|
Accumulated deficit
|
|
(5,878,417)
|
|
|
|
(6,117,541)
|
|
|
|
(859,326)
|
|
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
1,933,464
|
|
|
|
1,412,515
|
|
|
|
198,415
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND TOTAL
SHAREHOLDERS’ EQUITY
|
|
5,828,077
|
|
|
|
5,114,738
|
|
|
|
718,463
|
|
|
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 September 30,
|
|
|
For the nine months ended September 30,
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Net revenues
|
|
1,208,253
|
|
|
|
1,579,026
|
|
|
|
221,804
|
|
|
|
3,164,935
|
|
|
|
4,461,457
|
|
|
|
626,697
|
|
|
Cost of revenues
|
|
(429,791)
|
|
|
|
(535,528)
|
|
|
|
(75,225)
|
|
|
|
(1,014,638)
|
|
|
|
(1,460,829)
|
|
|
|
(205,201)
|
|
|
Gross profit
|
|
778,462
|
|
|
|
1,043,498
|
|
|
|
146,579
|
|
|
|
2,150,297
|
|
|
|
3,000,628
|
|
|
|
421,496
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
(885,769)
|
|
|
|
(873,399)
|
|
|
|
(122,686)
|
|
|
|
(2,227,547)
|
|
|
|
(2,403,766)
|
|
|
|
(337,655)
|
|
|
Research and development expenses
|
|
(189,305)
|
|
|
|
(162,912)
|
|
|
|
(22,884)
|
|
|
|
(503,013)
|
|
|
|
(461,562)
|
|
|
|
(64,835)
|
|
|
General and administrative expenses
|
|
(193,495)
|
|
|
|
(185,212)
|
|
|
|
(26,017)
|
|
|
|
(452,296)
|
|
|
|
(520,417)
|
|
|
|
(73,103)
|
|
|
Total operating expenses
|
|
(1,268,569)
|
|
|
|
(1,221,523)
|
|
|
|
(171,587)
|
|
|
|
(3,182,856)
|
|
|
|
(3,385,745)
|
|
|
|
(475,593)
|
|
|
Loss from operations
|
|
(490,107)
|
|
|
|
(178,025)
|
|
|
|
(25,008)
|
|
|
|
(1,032,559)
|
|
|
|
(385,117)
|
|
|
|
(54,097)
|
|
|
Interest income
|
|
15,661
|
|
|
|
8,577
|
|
|
|
1,205
|
|
|
|
55,608
|
|
|
|
31,553
|
|
|
|
4,432
|
|
|
Realized gains from investments
|
|
6,001
|
|
|
|
6,346
|
|
|
|
891
|
|
|
|
20,285
|
|
|
|
19,566
|
|
|
|
2,748
|
|
|
Other income, net
|
|
3,964
|
|
|
|
14,621
|
|
|
|
2,054
|
|
|
|
52,220
|
|
|
|
91,822
|
|
|
|
12,898
|
|
|
Loss before provision for income
tax and share of results of equity
investees
|
|
(464,481)
|
|
|
|
(148,481)
|
|
|
|
(20,858)
|
|
|
|
(904,446)
|
|
|
|
(242,176)
|
|
|
|
(34,019)
|
|
|
Income tax (expenses)/benefits
|
|
(6,792)
|
|
|
|
1,360
|
|
|
|
191
|
|
|
|
(8,674)
|
|
|
|
3,052
|
|
|
|
429
|
|
|
Net loss
|
|
(471,273)
|
|
|
|
(147,121)
|
|
|
|
(20,667)
|
|
|
|
(913,120)
|
|
|
|
(239,124)
|
|
|
|
(33,590)
|
|
|
Net loss attributable to Gaotu
Techedu Inc.’s ordinary
shareholders
|
|
(471,273)
|
|
|
|
(147,121)
|
|
|
|
(20,667)
|
|
|
|
(913,120)
|
|
|
|
(239,124)
|
|
|
|
(33,590)
|
|
|
Net loss per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(2.75)
|
|
|
|
(0.91)
|
|
|
|
(0.13)
|
|
|
|
(5.30)
|
|
|
|
(1.46)
|
|
|
|
(0.20)
|
|
|
Diluted
|
|
(2.75)
|
|
|
|
(0.91)
|
|
|
|
(0.13)
|
|
|
|
(5.30)
|
|
|
|
(1.46)
|
|
|
|
(0.20)
|
|
|
Net loss per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(1.83)
|
|
|
|
(0.61)
|
|
|
|
(0.09)
|
|
|
|
(3.54)
|
|
|
|
(0.97)
|
|
|
|
(0.14)
|
|
|
Diluted
|
|
(1.83)
|
|
|
|
(0.61)
|
|
|
|
(0.09)
|
|
|
|
(3.54)
|
|
|
|
(0.97)
|
|
|
|
(0.14)
|
|
|
Weighted average shares used in
net loss per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
171,135,287
|
|
|
|
161,927,833
|
|
|
|
161,927,833
|
|
|
|
172,165,794
|
|
|
|
163,986,613
|
|
|
|
163,986,613
|
|
|
Diluted
|
|
171,135,287
|
|
|
|
161,927,833
|
|
|
|
161,927,833
|
|
|
|
172,165,794
|
|
|
|
163,986,613
|
|
|
|
163,986,613
|
|
|
|
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 September 30,
|
|
|
For the nine months ended September 30,
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Net revenues
|
|
1,208,253
|
|
|
|
1,579,026
|
|
|
|
221,804
|
|
|
|
3,164,935
|
|
|
|
4,461,457
|
|
|
|
626,697
|
|
|
Less: other revenues(1)
|
|
60,581
|
|
|
|
41,708
|
|
|
|
5,859
|
|
|
|
117,081
|
|
|
|
78,624
|
|
|
|
11,044
|
|
|
Add: VAT and surcharges
|
|
72,056
|
|
|
|
98,101
|
|
|
|
13,780
|
|
|
|
192,049
|
|
|
|
277,259
|
|
|
|
38,946
|
|
|
Add: ending deferred revenue
|
|
1,439,217
|
|
|
|
1,773,170
|
|
|
|
249,076
|
|
|
|
1,439,217
|
|
|
|
1,773,170
|
|
|
|
249,076
|
|
|
Add: ending refund liability
|
|
77,869
|
|
|
|
110,621
|
|
|
|
15,539
|
|
|
|
77,869
|
|
|
|
110,621
|
|
|
|
15,539
|
|
|
Less: beginning deferred revenue
|
|
1,582,135
|
|
|
|
2,196,993
|
|
|
|
308,610
|
|
|
|
1,237,621
|
|
|
|
2,085,893
|
|
|
|
293,004
|
|
|
Less: beginning refund liability
|
|
85,520
|
|
|
|
133,308
|
|
|
|
18,726
|
|
|
|
67,157
|
|
|
|
127,969
|
|
|
|
17,976
|
|
|
Gross billings
|
|
1,069,159
|
|
|
|
1,188,909
|
|
|
|
167,004
|
|
|
|
3,452,211
|
|
|
|
4,330,021
|
|
|
|
608,234
|
|
|
|
Note (1): Include miscellaneous revenues generated from services other than courses.
|
|
|
|
For the three months ended September 30,
|
|
|
For the nine months ended September 30,
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2025
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
Gross profit
|
|
778,462
|
|
|
|
1,043,498
|
|
|
|
146,579
|
|
|
|
2,150,297
|
|
|
|
3,000,628
|
|
|
|
421,496
|
|
|
Share-based compensation expenses(1) in
cost of revenues
|
|
2,265
|
|
|
|
1,017
|
|
|
|
143
|
|
|
|
4,543
|
|
|
|
4,480
|
|
|
|
629
|
|
|
Non-GAAP gross profit
|
|
780,727
|
|
|
|
1,044,515
|
|
|
|
146,722
|
|
|
|
2,154,840
|
|
|
|
3,005,108
|
|
|
|
422,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
(490,107)
|
|
|
|
(178,025)
|
|
|
|
(25,008)
|
|
|
|
(1,032,559)
|
|
|
|
(385,117)
|
|
|
|
(54,097)
|
|
|
Share-based compensation expenses(1)
|
|
14,078
|
|
|
|
9,376
|
|
|
|
1,317
|
|
|
|
40,924
|
|
|
|
31,869
|
|
|
|
4,477
|
|
|
Non-GAAP loss from operations
|
|
(476,029)
|
|
|
|
(168,649)
|
|
|
|
(23,691)
|
|
|
|
(991,635)
|
|
|
|
(353,248)
|
|
|
|
(49,620)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(471,273)
|
|
|
|
(147,121)
|
|
|
|
(20,667)
|
|
|
|
(913,120)
|
|
|
|
(239,124)
|
|
|
|
(33,590)
|
|
|
Share-based compensation expenses(1)
|
|
14,078
|
|
|
|
9,376
|
|
|
|
1,317
|
|
|
|
40,924
|
|
|
|
31,869
|
|
|
|
4,477
|
|
|
Non-GAAP net loss
|
|
(457,195)
|
|
|
|
(137,745)
|
|
|
|
(19,350)
|
|
|
|
(872,196)
|
|
|
|
(207,255)
|
|
|
|
(29,113)
|
|
|
|
Note (1): The tax effects of share-based compensation expenses adjustments were nil.
|
