Technology
Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
Published
7 months agoon
By
BEIJING, Feb. 27, 2024 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter 2023 Highlights[1]
Net revenues were RMB761.0 million, increased by 20.9% from RMB629.6 million in the same period of 2022.Gross billings[2] were RMB1,278.1 million, increased by 28.1% from RMB997.4 million in the same period of 2022.Loss from operations was RMB187.9 million, compared with RMB13.2 million in the same period of 2022.Net loss was RMB119.6 million, compared with net income of RMB70.6 million in the same period of 2022.Non-GAAP net loss was RMB104.0 million, compared with non-GAAP net income of RMB87.4 million in the same period of 2022.Net operating cash inflow was RMB491.5 million, increased by 3.1% from RMB476.7 million in the same period of 2022.
Fourth Quarter 2023 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
For the three months ended December 31,
2022
2023
Pct. Change
Net revenues
629,631
761,014
20.9 %
Gross billings
997,439
1,278,132
28.1 %
Loss from operations
(13,248)
(187,915)
1,318.4 %
Net income/(loss)
70,613
(119,649)
(269.4) %
Non-GAAP net income/(loss)
87,392
(103,970)
(219.0) %
Net operating cash inflow
476,698
491,493
3.1 %
[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.
Fiscal Year Ended December 31, 2023 Highlights
Net revenues were RMB2,960.8 million, increased by 18.5% from RMB2,498.2 million in the same period of 2022.Gross billings were RMB3,338.8 million, increased by 31.7% from RMB2,534.2 million in the same period of 2022.Loss from operations was RMB149.0 million, compared with RMB118.1 million in the same period of 2022.Net loss was RMB7.3 million, compared with net income of RMB13.2 million in the same period of 2022.Non-GAAP net income was RMB51.1 million, compared with RMB135.8 million in the same period of 2022.Net operating cash inflow was RMB353.7 million, increased by 548.4% from RMB54.5 million in the same period of 2022.
Fiscal Year 2023 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
Fiscal Year ended December 31,
2022
2023
Pct. Change
Net revenues
2,498,214
2,960,813
18.5 %
Gross billings
2,534,244
3,338,750
31.7 %
Loss from operations
(118,052)
(149,006)
26.2 %
Net income/(loss)
13,172
(7,298)
(155.4) %
Non-GAAP net income
135,826
51,055
(62.4) %
Net operating cash inflow
54,545
353,697
548.4 %
Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, ” During the past quarter, we continued to bolster our core business strengths while simultaneously pushing the boundaries of new initiatives. We observed a notable uptick in demand for high-quality educational products and learning services and our deep industry insights, exceptional organizational capabilities and well-established teacher recruitment and training systems have provided a robust foundation for the sustainable development of our business. Our net revenues increased 20.9% year-over-year to RMB761.0 million, exceeding our expectations. Our gross billings grew 28.1% year-over-year to approximately RMB1.3 billion, indicating an accelerating growth trend compared to prior quarters. We expect this accelerating momentum of our business to continue.
We have full confidence in Gaotu’s prospects for 2024 and for the further future. Moving forward, we believe that we can achieve promising topline growth while enhancing profitability by consistently delivering top-notch educational products and learning services, thus generating long-term value for both our shareholders and society.”
Shannon Shen, CFO of the Company, added, ” During the quarter, our business entered a healthy phase of rapid and sustainable expansion. Our traditional learning services continue to maintain a leading edge in the online space while our new initiatives focused on non-academic tutoring services have shown excellent growth momentum. For the full year of 2023, the gross billings for traditional services combined with new initiatives achieved nearly 50% year-over-year growth. This outcome was underpinned by a combination of top-notch educational products and high-caliber learning services. Benefiting from ongoing improvements in operational efficiency, our net operating cash inflow reached RMB491.5 million, while our cash, cash equivalents, restricted cash, withdrawable cash balance on third-party payment as well as short and long-term investments exceeded RMB4.0 billion, laying solid groundwork for the long-term growth of our business.
By strengthening our core competencies, we were able to swiftly deploy resources based on changes in the market environment and user demand. We will continue to execute stock buybacks in accordance with the guidance of the board of directors, and create long-term value for our shareholders.”
Financial Results for the Fourth Quarter of 2023
Net Revenues
Net revenues increased by 20.9% to RMB761.0 million from RMB629.6 million in the fourth quarter of 2022, which was mainly due to the continuous year-over-year growth of gross billings in 2023 as a result of our sufficient and effective response to the strong market demand.
Cost of Revenues
Cost of revenues increased by 42.9% to RMB227.7 million from RMB159.3 million in the fourth quarter of 2022. The increase was mainly due to the growth of labor cost of instructors and tutors, as well as the increase of learning materials cost.
Gross Profit and Gross Margin
Gross profit increased by 13.4% to RMB533.3 million from RMB470.3 million in the fourth quarter of 2022. Gross profit margin decreased to 70.1% from 74.7% in the same period of 2022.
Non-GAAP gross profit increased by 13.4% to RMB537.2 million from RMB473.9 million in the fourth quarter of 2022. Non-GAAP gross profit margin decreased to 70.6% from 75.3% in the same period of 2022.
Operating Expenses
Operating expenses increased by 49.1% to RMB721.2 million from RMB483.6 million in the fourth quarter of 2022. The increase was primarily due to the growth of labor expenses, as well as a higher expenditure on marketing and branding activities.
Selling expenses increased to RMB465.7 million from RMB289.8 million in the fourth quarter of 2022.Research and development expenses increased to RMB136.0 million from RMB111.4 million in the fourth quarter of 2022.General and administrative expenses increased to RMB119.5 million from RMB82.4 million in the fourth quarter of 2022.
(Loss)/income from Operations
Loss from operations was RMB187.9 million, compared with loss from operations of RMB13.2 million in the fourth quarter of 2022.
Non-GAAP loss from operations was RMB172.2 million, compared with non-GAAP income from operations of RMB3.5 million in the fourth quarter of 2022.
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were RMB23.9 million, compared with a total of RMB22.4 million in the fourth quarter of 2022.
Other Income
Other income was RMB32.8 million, compared with RMB26.9 million in the fourth quarter of 2022.
Net (Loss)/income
Net loss was RMB119.6 million, compared with net income of RMB70.6 million in the fourth quarter of 2022.
Non-GAAP net loss was RMB104.0 million, compared with non-GAAP net income of RMB87.4 million in the fourth quarter of 2022.
Cash Flow
Net operating cash inflow in the fourth quarter of 2023 was RMB491.5 million.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both RMB0.46 in the fourth quarter of 2023.
Non-GAAP basic and diluted net loss per ADS were both RMB0.40 in the fourth quarter of 2023.
Share Outstanding
As of December 31, 2023, the Company had 172,111,890 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments and Withdrawable Cash Balance on Third-party Payment Platforms
As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments and withdrawable cash balance on third-party payment platforms of RMB4,025.2 million in aggregate, compared with a total of RMB3,768.3 million as of December 31, 2022.
Withdrawable cash balance on third-party payment platforms consisted of cash payments received from students but held by third-party payment platforms such as WeChat Pay and Alipay, which are highly liquid and can be quickly converted into cash and cash equivalents.
Financial Results for the Fiscal Year of 2023
Net Revenues
Net revenues increased by 18.5% to RMB2,960.8 million from RMB2,498.2 million in 2022. The increase was mainly due to the growth of gross billings in 2023.
Cost of Revenues
Cost of revenues increased by 12.7% to RMB790.2 million from RMB701.1 million in 2022. The increase was mainly due to the growth of labor cost of instructors and tutors, as well as the increase of learning materials cost, which was partially offset by the decrease of share-based compensation cost.
Gross Profit and Gross Margin
Gross profit increased by 20.8% to RMB2,170.6 million from RMB1,797.2 million in 2022. Gross profit margin increased to 73.3% from 71.9% in 2022.
Non-GAAP gross profit increased by 18.7% to RMB2,183.6 million from RMB1,839.7 million in 2022. Non-GAAP gross profit margin increased to 73.7% from 73.6% in 2022.
Operating Expenses
Operating expenses increased by 21.1% to RMB2,319.6 million from RMB1,915.2 million in 2022. The increase was primarily due to the growth of labor expenses, as well as a higher expenditure on marketing and branding activities, which was partially offset by the decrease of share-based compensation expenses.
Selling expenses increased to RMB1,501.2 million from RMB1,179.8 million in 2022.Research and development expenses increased to RMB462.0 million from RMB445.1 million in 2022.General and administrative expenses increased to RMB356.4 million from RMB290.3 million in 2022.
(Loss)/income from Operations
Loss from operations was RMB149.0 million, compared with loss from operations of RMB118.1 million in 2022.
Non-GAAP loss from operations was RMB90.7 million, compared with non-GAAP income from operations of RMB4.6 million in 2022.
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were RMB107.1 million, compared with a total of RMB63.6 million in 2022.
Other Income
Other income was RMB54.5 million, compared with RMB51.9 million in 2022.
Net (Loss)/income
Net loss was RMB7.3 million, compared with net income of RMB13.2 million in 2022.
Non-GAAP net income was RMB51.1 million, compared with non-GAAP net income of RMB135.8 million in 2022.
Cash Flow
Net operating cash inflow in 2023 was RMB353.7 million.
Basic and Diluted Net (Loss)/income per ADS
Basic and diluted net loss per ADS were both RMB0.03 in 2023.
Non-GAAP basic and diluted net income per ADS were both RMB0.19 in 2023.
Share Repurchase
In November 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million worth of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to its existing 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 December 31, 2023, the Company had cumulatively repurchased approximately 4.9 million ADSs for approximately US$12.4 million under its existing share repurchase program.
In November 2022, Mr. Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, announced his plan to personally purchase up to US$20 million of the Company’s shares. In 2023, Mr. Larry Xiangdong Chen, had cumulatively purchased approximately 0.88 million ADSs under the existing purchase plan.
Business Outlook
Based on the Company’s current estimates, total net revenues for the first quarter of 2024 are expected to be between RMB908 million and RMB928 million, representing an increase of 28.4% to 31.2% 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 Tuesday, February 27, 2024 (9:00 PM on the same day, Beijing/Hong Kong Time). 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: 4247479
A telephone replay will be available two hours after the conclusion of the conference call through March 5, 2024. The dial-in details are:
International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 8489727
Additionally, a live and archived webcast of this conference call will be available at http://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 technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.
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 RMB7.0999 to USD1.0000, the effective noon buying rate for December 29, 2023 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 December 29, 2023, or at any other rate.
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Christensen
In China
Ms. Vivian Wang
Phone: +852-2232-3978
E-mail: gotu@christensencomms.com
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.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 December 31,
2022
2023
2023
RMB
RMB
USD
ASSETS
Current assets
Cash and cash equivalents
819,911
636,052
89,586
Restricted cash
22
33,901
4,775
Short-term investments
2,923,864
2,253,910
317,457
Inventory, net
22,783
24,596
3,464
Prepaid expenses and other current assets
399,897
638,248
89,895
Total current assets
4,166,477
3,586,707
505,177
Non-current assets
Operating lease right-of-use assets
83,663
189,662
26,713
Property, equipment and software, net
552,032
533,531
75,146
Land use rights, net
27,373
26,568
3,742
Long-term investments
–
1,029,632
145,021
Deferred tax assets
15,679
11,312
1,593
Rental deposit
9,502
17,742
2,499
Other non-current assets
21,449
18,155
2,557
TOTAL ASSETS
4,876,175
5,413,309
762,448
LIABILITIES
Current liabilities
Accrued expenses and other current liabilities
(including accrued expenses and other current
liabilities of the consolidated VIE without
recourse to the Group of RMB367,477
and RMB484,222 as of December 31, 2022
and December 31, 2023, respectively)
662,189
805,032
113,386
Deferred revenue, current portion of the
consolidated VIE without recourse to the Group
906,914
1,113,480
156,830
Operating lease liabilities, current portion
(including current portion of operating lease
liabilities of the consolidated VIE without
recourse to the Group of RMB21,281 and
RMB34,401 as of December 31, 2022 and
December 31, 2023, respectively)
38,326
50,494
7,112
Income tax payable (including income tax
payable of the consolidated VIE without
recourse to the Group of RMB260 and
RMB4,210 as of December 31, 2022 and
December 31, 2023, respectively)
1,793
4,278
603
Total current liabilities
1,609,222
1,973,284
277,931
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 December 31,
2022
2023
2023
RMB
RMB
USD
Non-current liabilities
Deferred revenue, non-current portion of
the consolidated VIE without recourse
to the Group
52,419
124,141
17,485
Operating lease liabilities, non-current
portion (including non-current portion
of operating lease liabilities of the
consolidated VIE without recourse
to the Group of RMB17,457 and
RMB121,277 as of December 31, 2022
and December 31, 2023, respectively)
44,198
137,652
19,388
Deferred tax liabilities(including deferred
tax liabilities of the consolidated VIE
without recourse to the Group of
RMB74,341 and RMB71,850 as of
December 31, 2022 and December
31, 2023, respectively)
74,507
71,967
10,136
TOTAL LIABILITIES
1,780,346
2,307,044
324,940
SHAREHOLDERS’ EQUITY
Ordinary shares
115
116
16
Treasury stock, at cost
–
(85,178)
(11,997)
Additional paid-in capital
7,915,899
7,987,957
1,125,080
Accumulated other comprehensive loss
(64,062)
(33,209)
(4,677)
Statutory reserve
40,380
50,225
7,074
Accumulated deficit
(4,796,503)
(4,813,646)
(677,988)
TOTAL SHAREHOLDERS’ EQUITY
3,095,829
3,106,265
437,508
TOTAL LIABILITIES AND TOTAL
SHAREHOLDERS’ EQUITY
4,876,175
5,413,309
762,448
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 December 31,
For the year ended December 31,
2022
2023
2023
2022
2023
2023
RMB
RMB
USD
RMB
RMB
USD
Net revenues
629,631
761,014
107,187
2,498,214
2,960,813
417,022
Cost of revenues
(159,302)
(227,719)
(32,074)
(701,050)
(790,207)
(111,298)
Gross profit
470,329
533,295
75,113
1,797,164
2,170,606
305,724
Operating expenses:
Selling expenses
(289,812)
(465,686)
(65,591)
(1,179,760)
(1,501,200)
(211,440)
Research and development
expenses
(111,401)
(136,046)
(19,162)
(445,117)
(462,043)
(65,077)
General and administrative
expenses
(82,364)
(119,478)
(16,828)
(290,339)
(356,369)
(50,194)
Total operating expenses
(483,577)
(721,210)
(101,581)
(1,915,216)
(2,319,612)
(326,711)
Loss from operations
(13,248)
(187,915)
(26,468)
(118,052)
(149,006)
(20,987)
Interest income
7,600
18,603
2,620
21,370
75,829
10,680
Realized gains from
investments
14,778
5,269
742
42,264
31,230
4,399
Other income
26,922
32,776
4,616
51,885
54,471
7,672
Income/(loss) before
provision for income tax
and share of results of
equity investees
36,052
(131,267)
(18,490)
(2,533)
12,524
1,764
Income tax
benefits/(expenses)
34,561
11,618
1,636
15,705
(10,657)
(1,501)
Share of results of equity
investees
–
–
–
–
(9,165)
(1,291)
Net income/(loss)
70,613
(119,649)
(16,854)
13,172
(7,298)
(1,028)
Net income/(loss)
attributable to Gaotu
Techedu Inc.’s ordinary
shareholders
70,613
(119,649)
(16,854)
13,172
(7,298)
(1,028)
Net income/(loss) per
ordinary share
Basic
0.41
(0.69)
(0.10)
0.08
(0.04)
(0.01)
Diluted
0.40
(0.69)
(0.10)
0.07
(0.04)
(0.01)
Net income/(loss) per
ADS
Basic
0.27
(0.46)
(0.07)
0.05
(0.03)
(0.00)
Diluted
0.27
(0.46)
(0.07)
0.05
(0.03)
(0.00)
Weighted average shares
used in net income/(loss)
per share
Basic
172,754,938
172,545,719
172,545,719
172,254,080
173,725,790
173,725,790
Diluted
176,653,111
172,545,719
172,545,719
175,991,484
173,725,790
173,725,790
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 December 31,
For the year ended December 31,
2022
2023
2023
2022
2023
2023
RMB
RMB
USD
RMB
RMB
USD
Net revenues
629,631
761,014
107,187
2,498,214
2,960,813
417,022
Less: other revenues(1)
11,600
25,237
3,555
62,104
87,912
12,382
Add: VAT and surcharges
38,716
46,509
6,551
153,052
181,001
25,493
Add: ending deferred revenue
959,333
1,237,621
174,315
959,333
1,237,621
174,315
Add: ending refund liability
60,597
67,157
9,459
60,597
67,157
9,459
Less: beginning deferred revenue
638,426
761,301
107,227
996,218
959,333
135,119
Less: beginning refund liability
40,812
47,631
6,709
78,630
60,597
8,535
Gross billings
997,439
1,278,132
180,021
2,534,244
3,338,750
470,253
Note (1): Include miscellaneous revenues generated from services other than courses.
For the three months ended December
31,
For the year ended December 31,
2022
2023
2023
2022
2023
2023
RMB
RMB
USD
RMB
RMB
USD
Gross profit
470,329
533,295
75,113
1,797,164
2,170,606
305,724
Share-based compensation expenses(1) in
cost of revenues
3,572
3,862
544
42,490
12,959
1,825
Non-GAAP gross profit
473,901
537,157
75,657
1,839,654
2,183,565
307,549
Loss from operations
(13,248)
(187,915)
(26,468)
(118,052)
(149,006)
(20,987)
Share-based compensation expenses(1)
16,779
15,679
2,208
122,654
58,353
8,219
Non-GAAP income/(loss) from
operations
3,531
(172,236)
(24,260)
4,602
(90,653)
(12,768)
Net income/(loss)
70,613
(119,649)
(16,854)
13,172
(7,298)
(1,028)
Share-based compensation expenses(1)
16,779
15,679
2,208
122,654
58,353
8,219
Non-GAAP net income/(loss)
87,392
(103,970)
(14,646)
135,826
51,055
7,191
Note (1): The tax effects of share-based compensation expenses adjustments were nil.
View original content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-302072129.html
SOURCE Gaotu Techedu Inc.
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Technology
Molex Unveils Versatile VaporConnect Optical Feedthrough Modules Enabling Thermal Management Innovations to Address AI-Driven Data Center Growth
Published
2 mins agoon
September 23, 2024By
First-to-market, cassette-based solution for two-phase immersion cooling slashes time and cost associated with installing and upgrading hyperscale data centersPlug-and-play deployment easily connects immersion-tank optical transceivers to cabling infrastructure via fully upgradeable sealed modulesFuture-proof capabilities include flexibility to change connector types and shuffle circuit configurations without impacting mechanical interfaces or tank design
LISLE, Ill., Sept. 23, 2024 /PRNewswire/ — Molex, a global electronics leader and connectivity innovator, today introduced a thermal management solution that reduces the time and cost of deploying and upgrading high-performance data centers to meet unrelenting demand for generative AI and machine learning workflows. Molex VaporConnect™ Optical Feedthrough Modules for two-phase immersion cooling address constant increases in data center speed and capacity by leveraging a unique, cassette-based design that bolts directly onto immersion tanks and enables optical transceivers and network cabling infrastructure to be swapped out without changing mechanical interfaces or impacting immersion tank architecture. Reference designs for the new modules will be available commercially in Q1 of 2025.
“Molex continually embraces innovative optical solutions to ease data center deployments and upgrades while alleviating critical thermal management challenges,” said Trevor Smith, general manager, Optical Connectivity, Molex. “VaporConnect gives customers the flexibility to upgrade connectivity and scale cooling system designs to keep pace with data center growth by simply deploying a different module, which will accelerate upgrades while reducing overall energy, cooling and technology costs.”
Streamlining Two-Phase Immersion Cooling
Molex VaporConnect Optical Feedthrough Modules simplify the connections between optical transceivers contained within immersion tanks and cabling infrastructure that exists outside the tank using fully upgradeable sealed modules. With VaporConnect, sealing and cabling is accomplished inside the module, giving customers the opportunity to upgrade connectors without impacting immersion tank design or architecture. Additionally, customers have the flexibility to re-use standard cabling infrastructure for multiple product generations, which further reduces deployment time, cost and complexity.
A full range of industry-standard and Molex optical connector form factors are available for single- and multi-mode fiber solutions. They also feature mix-and-match functionality to facilitate system upgrades to newer or denser connectors. Customizable module footprints are available to fit specific space and application requirements. Also, Molex VaporConnect Optical Feedthrough Modules are designed to minimize external patching and shuffle requirements by leveraging Molex FlexPlane™ optical circuitry technology. As a result, complex optical shuffles and high-density fiber routing are integrated seamlessly within the module for simpler installation and plug-and-play operation.
Reliable, Versatile, Upgradeable Optical Interconnects
A sealing gasket comes with every VaporConnect module, which is thoroughly tested using industry-standard, helium-leak testing to ensure a reliable seal with the tank wall. This also assures a seamless transition from the server line cards inside the tank to outside cabling infrastructure. Testing is underway for compliance with industry-standard GR-1435-CORE.
VaporConnect modules are designed to accommodate customer specifications, with the number of fiber channels dependent on the number and type of connectors used. As many as 576 fibers can be integrated into a single module. A range of form factor options are available, including MPO, LC and very small form factor (VSFF) options, such as MMC, MDC, SN and SN-MT. This ensures conformance to existing infrastructure and streamlines system upgrades. As part of Molex’s continued investment in this area, an EBO connector option is currently in development, with availability slated for the first half of 2025.
Molex’s Commitment to Optical Network Innovations on Display at ECOC 2024
As the largest manufacturer of Optical Feedthrough Modules for two-phase immersion cooling, Molex has shipped more than 350,000 optical channels to date. At this year’s ECOC’24, Molex will reinforce its commitment to optical network infrastructure innovations with on-site product displays, including the new VaporConnect Optical Feedthrough Modules. The company’s extensive line of optical connectivity products, optoelectronics solutions and wavelength management systems also are being featured at Stand C75. As a participating member in OIF, Molex is part of an interoperability demonstration, which takes place at Booth B83, to spotlight optical networking innovations and solutions for data centers, AI/ML technologies and disaggregated systems.
About Molex
Molex is a global electronics leader committed to making the world a better, more-connected place. With a presence in more than 40 countries, Molex enables transformative technology innovation in the automotive, data center, industrial automation, healthcare, 5G, cloud and consumer device industries. Through trusted customer and industry relationships, unrivaled engineering expertise, and product quality and reliability, Molex realizes the infinite potential of Creating Connections for Life. For more information, visit www.molex.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/molex-unveils-versatile-vaporconnect-optical-feedthrough-modules-enabling-thermal-management-innovations-to-address-ai-driven-data-center-growth-302254979.html
SOURCE Molex Incorporated
Technology
CASIO Aims to Capture the Capital’s Fashion-Centric Urban Youth with its New Exclusive Store at Kamla Nagar
Published
2 mins agoon
September 23, 2024By
NEW DELHI, Sept. 23, 2024 /PRNewswire/ — Casio Computer Co. Ltd, headquartered in Japan and the parent company of Casio India, launches its exclusive store in Kamla Nagar. With this endeavour, the brand has strengthened its retail footprint to 64 stores across India with the fifth exclusive Casio store in New Delhi.
Located in the heart of Kamla Nagar market, a vibrant hub for Delhi University students, the new Casio Exclusive store is poised to become an emblem of trendsetting timepieces, blending Japanese quality and craftsmanship with sophisticated style. The store features G-SHOCK’s Limited-Edition drops, all iconic styles of 5000, 5600, 6900, 110 & 2100 Series and the latest launches from the G-STEEL range. Customers will find timepieces that showcase precision and design—from the rugged durability of G-SHOCK to the timeless elegance of Casio watches to the sophisticated chronographs of Edifice, and the nostalgic appeal of Vintage—catering to a wide array of tastes and preferences.
Speaking about the launch, Mr. Hideki Imai, Managing Director of Casio India, said, “We are thrilled to announce the opening of our newest CASIO store in Kamla Nagar, marking our fifth milestone in Delhi and our 64th across India. This launch represents a significant step in our nationwide expansion and our commitment to engaging with the students and watch enthusiasts who frequently visit and reside in the North campus of Delhi University.
“Kamla Nagar, with its vibrant community of young, creative minds, is the ideal location for our newest store. This launch reinforces our dedication to delivering unique and immersive experiences to our consumers in Delhi NCR, aligning with their evolving lifestyles and preferences. We look forward to welcoming our customers to the new store, where they can experience a fine blend of Japanese craftsmanship, unmatched durability and trendsetting style.”
Set to open its doors to Delhi University’s fashion and watch enthusiasts who value individuality and a unique sense of style, this store promises an enthralling experience unlike any other. Located at Shop No. 33/34, Kamla Nehru Marg, Bungalow Road, the brand invites visitors to explore its newly curated space, where every corner embodies the spirit of innovation and creativity. The store is operational from 10:30 AM to 09:30 PM on all days of the week.
About Casio India Co. Pvt. Ltd.:
Casio India Co. Pvt. Ltd.(CIC) is the Indian subsidiary of Casio Computer Co., Ltd., Tokyo, Japan, one of the world’s leading manufacturers of consumer electronics and business equipment solutions. Casio India has established a dynamic presence in the Indian market since 1996, emerging as a leading and cherished consumer goods manufacturer. Casio India’s range of products includes the sales and marketing of Timepieces, Electronic Musical Instruments, Desktop Calculators, Scientific Calculators, Label Printers, and Clocks.
Setting the benchmark for excellence, Casio India is dedicated to embodying the spirit of innovation and quality that defines the Casio legacy. With a strong commitment to its corporate creed of ‘creativity and contribution,’ Casio has consistently translated this ethos into the creation of innovative products making a positive impact on society.
For more information, visit https://www.casio.com/in/
Photo: https://mma.prnewswire.com/media/2512416/Kamla_Nagar_store.jpg
View original content to download multimedia:https://www.prnewswire.com/in/news-releases/casio-aims-to-capture-the-capitals-fashion-centric-urban-youth-with-its-new-exclusive-store-at-kamla-nagar-302255299.html
Technology
Hospital in Greenland chooses Sectra’s radiology solution–enhanced cross-country collaboration for improved patient care
Published
2 mins agoon
September 23, 2024By
LINKÖPING, Sweden, Sept. 23, 2024 /PRNewswire/ — International medical imaging IT and cybersecurity company Sectra (STO: SECT B) will provide its enterprise imaging solution to Dronning Ingrids hospital (DIH) in Greenland. The solution will enhance DIH’s ongoing collaboration with hospitals in Denmark, addressing resource and subspecialty challenges, and ultimately improving patient care in the region.
“The partnerships we have with hospitals in Denmark are highly important to us as we, being sparsely populated, struggle to recruit staff and cover medical specialties locally. To deliver care at the speed and quality we want, we need to both increase the efficiency of our internal radiology workflows and facilitate the cooperation with healthcare providers in Denmark. Sectra’s unified platform enables this by providing easy access to images, data, patient portfolio and necessary tools, along with the ability to efficiently share information,” says Cosmus Pyndt, Manager of the diagnostic and therapeutic department in the region.
DIH is Greenland’s central hospital. It is located in the city of Nuuk, also supporting 15 clinics spread around the country. The contract for Sectra’s enterprise imaging solution was signed in the second quarter of Sectra’s 2024/2025 fiscal year following a donation to the hospital from Kirsten og Freddy Johansens Fond. DIH will initially utilize the solution’s module for radiology.
“Sharing resources, expertise and workload between hospitals within a region or, as in this case, even across borders, is crucial in handling the increasing workloads in healthcare and resource shortages. Therefore, the sharing of information and images between hospitals should be efficient and easy. It is encouraging to witness the collaboration between DIH and hospitals in Denmark. The involvement of Rigshospitalet in Denmark, which went live with Sectra this summer, and particularly the expertise of Chief Radiologist Martin Lundsgaard Hansen, has been helpful in shaping this project,” says Sune Henriksen, Managing Director, Sectra Denmark.
He continues: “I am honored to support Dronning Ingrids hospital in delivering high-quality patient care, and we are excited about this new chapter for Sectra as we extend to support healthcare in Greenland.”
Sectra’s enterprise imaging solution provides a unified strategy for all imaging needs while lowering operational costs. The scalable and modular solution, with a VNA at its core, allows healthcare providers to grow from ology to ology and from enterprise to enterprise. Visit Sectra’s website to read more about Sectra and why it’s top-ranked in ‘Best in KLAS‘.
About Sectra
Sectra contributes to a healthier and safer society by assisting health systems throughout the world to enhance the efficiency of care, and authorities and defense forces in Europe to protect society’s most sensitive information. The company, founded in 1978, is headquartered in Linköping, Sweden, with direct sales in 19 countries, and distribution partners worldwide. Sales in the 2023/2024 fiscal year totaled SEK 2,964 million. The Sectra share is quoted on the Nasdaq Stockholm exchange. For more information, visit Sectra’s website.
For further information, please contact:
Dr. Torbjörn Kronander, CEO and President Sectra AB, +46 (0)705 23 52 27
Marie Ekström Trägårdh, Executive Vice President Sectra AB and President Sectra Imaging IT Solutions, +46 (0)708 23 56 10
This information was brought to you by Cision http://news.cision.com
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Sectra’s enterprise imaging solution
View original content:https://www.prnewswire.co.uk/news-releases/hospital-in-greenland-chooses-sectras-radiology-solutionenhanced-cross-country-collaboration-for-improved-patient-care-302255306.html
Molex Unveils Versatile VaporConnect Optical Feedthrough Modules Enabling Thermal Management Innovations to Address AI-Driven Data Center Growth
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Hospital in Greenland chooses Sectra’s radiology solution–enhanced cross-country collaboration for improved patient care
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