一起教育科技2022年四季度报告

IRHome CorporateInformation oCompanyProfile oManagement oBoardofDirectors oCorporateGovernance StockInformation oStockQuote&Chart oAnalystCoverage News&Events oNewsReleases oEventCalendar oWebcasts&Presentations FinancialInformation oSECFilings oQuarterlyResults oAnnualReports oIPOProspectus InvestorResources oInvestorFAQs oInformationRequest oIRContacts   NewsRelease 17Education&TechnologyGroupInc.AnnouncesFourthQuarterandFiscalYear2022UnauditedFinancialResults PDFVersion March27,202317:00ET BEIJING,March28,2023(GLOBENEWSWIRE)--17Education&TechnologyGroupInc.(NASDAQ:YQ)(“17EdTech”orthe“Company”),aleadingeducationtechnologycompanyinChina,todayannounceditsunauditedfinancialresultsforthefourthquarterandtheyearendedDecember31,2022. FourthQuarter2022Highlights1 NetrevenueswereRMB39.6million(US$5.7million),comparedwithnetrevenuesofRMB542.5millioninthefourthquarterof2021. Grossmarginwas52.1%,comparedwith64.8%inthefourthquarterof2021. NetlosswasRMB103.1million(US$15.0million),comparedwithnetlossofRMB25.6millioninthefourthquarterof2021. Netlossasapercentageofnetrevenueswasnegative260.7%inthefourthquarterof2022,comparedwithnegative4.7%inthefourthquarterof2021. Adjustednetloss2(non-GAAP),whichexcludedshare-basedcompensationexpensesofRMB33.0million(US$4.8million),wasRMB70.1million(US$10.2million),comparedwithadjustednetincome(non-GAAP)ofRMB17.0millioninthefourthquarterof2021. Adjustednetloss(non-GAAP)asapercentageofnetrevenueswasnegative177.3%inthefourthquarterof2022,comparedwiththe3.1%ofadjustednetincomeasapercentageofnetrevenuesinthefourthquarterof2021. FiscalYear2022Highlights NetrevenueswereRMB531.1million(US$77.0million),comparedwithnetrevenuesofRMB2,184.5millionin2021. Grossmarginwas61.2%,comparedwith59.8%in2021. NetlosswasRMB177.9million(US$25.8million),representingayear-over-yeardecreaseof87.7%fromRMB1,441.9millionin2021. Netlossasapercentageofnetrevenueswasnegative33.5%in2022,narrowingfromnegative66.0%in2021. Adjustednetloss(non-GAAP),whichexcludedshare-basedcompensationexpensesofRMB129.6million(US$18.8million),wasRMB48.3million(US$7.0million),representingayear-over-yeardecreaseof96.1%fromadjustednetloss(non-GAAP)ofRMB1,246.7millionin2021. Adjustednetloss(non-GAAP)asapercentageofnetrevenueswasnegative9.1%in2022,comparedwithnegative57.1%in2021. 1Forareconciliationofnon-GAAPnumbers,pleaseseethetablecaptioned“Reconciliationsofnon-GAAPmeasurestothemostcomparableGAAPmeasures”attheendofthispressrelease. 2Adjustednetincome(loss)representsnetincome(loss)excludingshare-basedcompensationexpenses. Mr.AndyLiu,Founder,ChairmanandChiefExecutiveOfficeroftheCompanycommented,“TheCOVIDoutbreakinChinainthefourthquarter2022causedsignificantdelaysinthebiddinganddeliveryprocessesofourprojects,whichinturnaffectedourrevenueandfinancialresultsinthequarter.However,werespondedquicklybyadapting ourproductofferingsforalternativedistributionchannelsandpaymentstructuretoremainagileunderthenewenvironment.” “Despitetheenvironment,wearepleasedtoseesignificantprogresssincethelastquarter.OnMarch23,2023,theCompanywasofficiallyawardedaneweducationaldigitaltransformationprojectbasedonsmart-penandintelligenthomeworkinShanghaiMinhangDistrictwithacontractvalueofRMB116million.ThisprojectclearlyillustratestheindustryrecognitionforourteachingandlearningSaaSoffering,whichhasanoutstandingabilitytofacilitatedailyteacherandstudentuseonamassscale.Thisabilityisrootedinourdeepunderstandingofclassroomandhomeworkscenarios,accumulatedAItechnologyanddatainsights,aswellassmoothonline-offlineintegration.” Mr.MichaelDu,DirectorandChiefFinancialOfficeroftheCompanycommented,“Thedelayinthebiddinganddeliveryprocessofseveralofourprojectssignificantlyaffectedtherevenuerecognizedinthefourthquarterandthusouroverallfinancialperformance.However,suchfluctuationsinrevenueareinevitableduringtheearlystageofourbusinessdevelopment,especiallygiventheexternalenvironment.” “Nevertheless,wearepleasedtoreportthatourcontinuouscostandexpensereductionmeasureshaveallowedustosignificantlyreduceournetlossin2022,despitetheterminationofourlegacyK-12after-schoolonlinetutoringoperationwhichaccountedapproximately95%ofourrevenueinthepast.WithChina’seconomyrecoveringfromtheCOVID-19pandemic,weareconfidentthelatestawardedprojectisanotherimportantmilestoneintheCompany’scontinuoustransformationintonewbusinessstrategies.” FourthQuarter2022UnauditedFinancialResults NetRevenues Netrevenuesforthefourthquarterof2022wereRMB39.6million(US$5.7million),representingayear-over-yeardecreaseof92.7%fromRMB542.5millioninthefourthquarterof2021,mainlyduetothecessationoftheCompany'sonlineK-12tutoringservicesbytheendof2021.ExcludingnetrevenuefromonlineK-12tutoringservices,netrevenuesincreasedsignificantlyfromRMB16.6milliontoRMB39.6millionduringthesameperiod,representingayear-over-yearincreaseof137.7%.Netrevenuedecreasedby68.2%onaquarter-on-quarterbasisduetodelaysinprojectdeliveryandrevenuerecognitionresultingfromtheCOVID-19pandemicduringthereportingperiod. CostofRevenues Costofrevenuesforthefourthquart