Tom Werner I last wrote about Gauto Techedu in August after Chinese government issued a guideline aimed at boosting consumption and services including tutoring services. What’s interesting is that GOTU’s Q2 earnings results, which were released on Tuesday, August 27th before the bell, actually validated my thesis. However, the stock nosedived almost 19% after the earnings release for two days in a row, most likely due to the much wider-than-expected adjusted net losses. I think the price action could als ...

交银国际研究 公司更新 | --- | --- | --- | |-----------|------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 美元 3.31 | 美元 6.50↓ | +96.4% | 高途 (GOTU US) 2 季度收入超预期，行业需求仍将继续拉动收入增长 2024 年 2 季度业绩：收入同比增 44%至 10 亿元（人民币，下同），高于 我们/彭博市场预期2%/3%。因收入结构变化，毛利率同比下降5个百分点 至 69%。调整后运营亏损 4.5 亿元，亏损率 45%，与我们预期基本一致。 调整后营销费用跟随强劲的收款增长和暑期获客投入同比增 158%，占收 比提升至 37%，行政费用同比增 209%，因低基数以及加速开设校区和拓 展业务导致相关人员薪酬上升，均符合我们此前预期。调整后净亏损 4.2 亿元，对比我们/彭博市场预期的 3.8 亿元亏损。 2 季度业绩要点：1）现金收款同比增 87%，高于我们预期的增速 82%， K12 占比 85%+，实现翻倍增长；2）K12 收入同比增 55%+，其中非学科三 位数增长，贡献总收入 20%+，同比提 ...

Gaotu Techedu Inc. (NYSE:GOTU) Q2 2024 Earnings Conference Call August 27, 2024 8:00 AM ET Company Participants Catherine Chen - Head, Investor Relations Larry Chen - Founder, Chairman & Chief Executive Officer Shannon Shen - Chief Financial Officer Conference Call Participants Alice Cai - Citibank Timothy Zhao - Goldman Sachs Crystal Li - CMS Operator Ladies and gentlemen, thank you for standing by, and welcome to the Gaotu Techedu Second Quarter 2024 Earnings Conference Call. All participants will be in a ...

Revenue 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]

BEIJING, Aug. 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 second quarter ended June 30, 2024.Second Quarter 2024 Highlights[1]Net revenues were RMB1,009.8 million, increased by 43.6% from RMB703.1 million in the same period of 2023.Gross billings[2] were RMB1,653.7 million, increased by 87.4% from RMB882.3 million in ...

交银国际研究 公司更新 教育 2024 年 8 月 8 日 收盘价 目标价 潜在涨幅 美元 4.56 美元 7.50↓ +64.5% 高途 (GOTU US) 2 季度收入或超预期，线下投入或有加速 2024年2季度收款/收入增速或超预期。我们预计收款16.1亿元（人民币， 下同），同比增 82%，超过我们此前预期的 15.4 亿元，与 Visible Alpha 16 亿元的一致预期基本一致，得益于：1）预计 K12 业务受暑期续报拉动增 速翻番，占比整体收款超 80%，较去年同期大幅提升；2）预计成人业务 收款增约 10%，超过我们此前预期的个位数增长，主要因考研和留学培训 表现超预期，部分抵消财经和心理相关业务收缩的负面影响。我们预计收 入 9.85 亿元，同比增 40%，较此前预期上调 6%，对比彭博预期 39%及公 司 1 季报时指引 29-32%，其中 K12/成人收入分别增 50%/10% 亏损因拉新及线下投入超此前预期。我们预计 2 季度市场营销费用跟随强 劲的收款增长及暑期获客投入上升至 8.3 亿元，占收比达 84%，对比此前 预期上调 3.5 个百分点，但拉新 ROI 仍维持在 1.4， ...

10'000 Hours I published my initial investment thesis on Gaotu Techedu (NYSE:GOTU) in September 2023. Due to extreme good luck, the stock quickly doubled in less than 6 months after my “strong buy” rating. In Feb of 2024, I wrote another article downgrading GOTU to hold as the stock rose too far. Since then, GOTU has dropped almost 50%. I believe the recent development in China’s after-school tutoring market, especially the change in government attitude, is very positive for GOTU. However, the stock pri ...

BEIJING, Aug. 5, 2024 /PRNewswire/ -- Gaotu Techedu Inc. ("Gaotu" or the "Company") (NYSE: GOTU), a technology-driven education company and online large-class tutoring service provider in China, today announced that it will report its financial results for the second quarter ended June 30, 2024, before U.S. markets open on Tuesday, August 27, 2024.Gaotu's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 27, 2024 (8:00 PM on the same day, Beijing/Hong Kong Time ...

高途（GOTU.US） 更新报告 买入 2024年6月3日 营收利润超公司指引，长期增长动力强劲 但玉翠  FY24Q1 业绩概览：截止 24 年 3 月 31 日，公司 FY24Q1 同比 +852-25321539 + 33.9%至 9.47 亿人民币（下同），高于此前公司业绩指引（9.08- 9.28亿元）。Non-GAAP经营利润-0.62亿元，去年同期为盈利1.1 亿 Tracy.dan@firstshanghai.com.hk 元；Non-GAAP 净利润为 0.03 亿元，去年同期 1.3 亿元。截至至 主要资料 F Y2024Q1，公司在现金储备为38亿元，无有息负债。  K12 业务实现高增长，现金收入增速超 70%：分业务看， 行业 教育 FY23Q1 公司非学科培训及高中业务占比超 70%，占据主要地位，现金 股价 5.7美元 收 入同比超过 35%，其中非学科培训业务现金收入同比超过 100%，传 目标价 9.5美元 统业务维持高两位数增长。成人及大学生业务收入占比接近 20%，现 (+67%) 金收入增速恢复至同比+30%。排除续班错期等一次性影响后，可比口 径下现金收款同比超7 ...

教培行业研究系列（六）：高途（GOTU.N）深度研究 在线业务趋势强劲，线下布局重回管理层擅长领域 2024年05月26日 ➢ 高途：K12在线教育领军者，“双减”后快速调整。公司成立于2014年，通过聚焦 在线直播大班课，成为国内首家实现规模化盈利的K12在线教育公司，2019年6月在美 国纽交所上市。2020年营收一度超过70亿元。“双减”后，公司组织和业务迅速调整， 剥离义务教育阶段学科培训业务（已登记为非营利机构，与上市公司完全独立），保留合 [Table_Author] 规高中业务，重点发展K9素养、成人及大学生业务。2021Q4公司净利率转正，重组成 本基本出清，账面类现金总额37亿元，为业务转型提供坚实基础。 ➢ 经营近况：营收恢复较快增长，现金收入增速加快，趋势强劲。2023年公司营收30 亿元/yoy+19%，恢复增长，在线培训收入占比仍在95%+，其中K12业务收入超20亿 元，预计增速较快，成人及大学生业务战略调整，优化盈利能力较弱的品类，已初显成效。 趋势来看，2023Q4公司现金收入创“双减”调整后新高，同增28%，2024Q1现金收入 分析师 易永坚 同增 35%，环比加快。202 ...