一起教育科技2023年一季度报告

17Education&TechnologyGroupInc.AnnouncesFirstQuarter2023UnauditedFinancialResults June14,202317:00ET BEIJING,June15,2023(GLOBENEWSWIRE)--17Education&TechnologyGroupInc.(NASDAQ:YQ)(“17EdTech”orthe“Company”),aleadingeducationtechnologycompanyinChina,todayannounceditsunauditedfinancialresultsforthefirstquarterof2023. FirstQuarter2023Highlights1 NetrevenueswereRMB9.3million(US$1.4million),representingayear-over-yeardecreaseof96.0%fromRMB233.4millioninthefirstquarterof2022. Grossmarginwas24.4%,decreasingfrom60.7%inthefirstquarterof2022. NetlosswasRMB92.5million(US$13.5million),significantlyincreasingfromnetlossofRMB24.8millioninthefirstquarterof2022. Netlossasapercentageofnetrevenueswasnegative997.9%inthefirstquarterof2023, comparedwithnegative10.6%inthefirstquarterof2022. Adjustednetloss2 (non-GAAP),whichexcludedshare-basedcompensationexpensesof RMB28.5million(US$4.1million),wasRMB64.0million(US$9.3million),comparedwithadjustednetincome(non-GAAP)ofRMB9.9millioninthefirstquarterof2022. Adjustednetloss(non-GAAP)asapercentageofnetrevenueswasnegative690.6%inthefirstquarterof2023,comparedwith4.2%ofadjustednetincome(non-GAAP)asapercentageofnetrevenuesinthefirstquarterof2022. Mr.AndyLiu,Founder,ChairmanandChiefExecutiveOfficeroftheCompany,commented,“TheCOVIDoutbreakinChinainthefourthquarterof2022causeddelaysinthebiddinganddeliveryprocessesofourmajorprojectswhichadverselyaffectedourfinancialperformanceinthelasttwoquarters.However,ourin-schoolSaaSbusinesscontinuestoadvancebeyondthefinancialresultsmightindicate.” “Yeartodate,ourteachingandlearningSaaSbusinesshaswonmultiplelandmarkprojectsacrossChina,includingtheRMB116millionShanghaiMinhangDistrictsmart-penandintelligenthomeworkprojectandtheRMB20millionBeijingXichengDistrictcloudclassroomevaluationsystemproject.Thesewinningsdemonstrateourcompetitiveadvantagesinthespaceandthemarket’srecognitionofourofferings,allrootedinourdeepinsightsintoclassroomandhomeworkscenarios,accumulatedAIcapabilitytechnologyanddatainsights,andexceptionalabilitytoachievelarge-scaleregularusebyteachersandstudents.” Mr.MichaelDu,DirectorandChiefFinancialOfficeroftheCompany,commented,“Ourrevenueandgrossprofitinthefirstquarterof2023wereimpactedduetothedelaysinbiddinganddeliveryofseveralprojects.However,therecentwinningofmajorprojectshavemarkedanotherkeymilestoneintheCompany’snewbusinessstrategies.Theseprojectsareexpectedtobedeliveredgraduallyovertheupcomingquartersandreflecteditinourfinancialstatements.” 1Forareconciliationofnon-GAAPnumbers,pleaseseethetablecaptioned“Reconciliationsofnon-GAAPmeasurestothemostcomparableGAAPmeasures”attheendofthispressrelease. 2Adjustednetincome(loss)representsnetincome(loss)excludingshare-basedcompensationexpenses. FirstQuarter2023UnauditedFinancialResults NetRevenues Netrevenuesforthefirstquarterof2023wereRMB9.3million(US$1.4million),representingayear-over-yeardecreaseof96.0%fromRMB233.4millioninthefirstquarterof2022,mainlyduetothesignificantdelaysinthebiddinganddeliveryprocessesofmajorprojectswhichaffectedrevenuerecognitioninthequarter. CostofRevenues Costofrevenuesforthefirstquarterof2023wasRMB7.0million(US$1.0million),representingayear-over-yeardecreaseof92.4%fromRMB91.8millioninthefirstquarterof2022,whichwaslargelyinlinewiththedecreaseinnetrevenues. GrossProfitandGrossMargin Grossprofitforthefirstquarterof2023wasRMB2.3million(US$0.3million),representingayear-over-yeardecreaseof98.4%fromRMB141.7millioninthefirstquarterof2022. Grossmarginforthefirstquarterof2023was24.4%,comparedwith60.7%inthefirstquarterof2022. TotalOperatingExpenses Thefollowingtablesetsforthabreakdownofoperatingexpensesbyamountsandpercentagesofrevenueduringtheperiodsindicated(inthousands,exceptforpercentages): ForthethreemonthsendedMarch31, 20222023 RMB%RMBUSD% Salesandmarketing expenses21,9979.4%21,8283,1782 Researchanddevelopment expenses97,47641.8%44,2736,4474 Generalandadministrative expenses51,30122.0%40,1825,8514 Totaloperating expenses170,77473.2%106,28315,476 1,1 Totaloperatingexpensesforthefirstquarterof2023wereRMB106.3million(US$15.5million),includingRMB28.5million(US$4.1million)ofshare-basedcompensationexpenses,representingayear-over-yeardecreaseof37.8%fromRMB170.8millioninthefirstquarterof2022. Salesandmarketingexpensesforthefirstquarterof2023wereRMB21.8million(US$3.2million),includingRMB5.1million(US$0.7million)ofshare-basedcompensationexpenses,representingayear-over-yeardecreaseof0.8%fromRMB22.0millioninthefirstquarterof2022. Researchanddevelopmentexpensesforthefirstquarterof2023wereRMB44.3million(US$6.4million),includingRMB7.0million(US$1.0million)ofshare-basedcompensationexpenses,representingayear-over-yeardecreaseof54.6%fromRMB97.5millioninthefirstquarterof2022.Thedecreasewasprimarilyattributabletoworkforceoptimizationinlinewithbusinessadjustmentandcontinuousexpensesmanagement. Generalandadministrativeexpensesforthefirstquarterof2023wereRMB40.2million(US$5.9million),includingRMB16.5million(US$2.4million)ofshare-basedcompensationexpenses,representingayear-over-yeardecreaseof21.7%fromRMB51.3millioninthefirstq