UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission file number: 001-39087
Youdao, Inc.
(Exact Name of Registrant as Specified in Its Charter)
No. 399, Wangshang
Road, Binjiang District
Hangzhou 310051, People’s Republic of China
+86 0571-8985-2163
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form
40-F ☐
EXHIBIT INDEX
Signature
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Youdao, Inc. |
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| Date: |
February 29, 2024 |
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By: |
/s/ Feng Zhou |
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Name: |
Feng Zhou |
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Title: |
Chief Executive Officer, Director |
Exhibit 99.1
For investor and media inquiries, please contact:
In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: youdao@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com
Youdao Reports Fourth Quarter and Fiscal Year
2023 Unaudited Financial Results
Hangzhou, China – February 29, 2024 –
Youdao, Inc. (“Youdao” or the “Company”) (NYSE: DAO), an intelligent learning company with industry-leading technology
in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights
| l | Total net revenues were RMB1.5 billion
(US$208.5 million), representing a 1.8% increase from the same period in 2022. |
| o | Net revenues from learning services were RMB784.0 million (US$110.4 million), representing a 2.8%
decrease from the same period in 2022. |
| o | Net revenues from smart devices were RMB222.4 million (US$31.3 million), representing a 45.3% decrease
from the same period in 2022. |
| o | Net revenues from online marketing services were RMB474.1 million (US$66.8 million), representing
a 96.9% increase from the same period in 2022. |
| l | Gross margin was 49.9%, compared with
53.3% for the same period in 2022. |
Fiscal Year 2023 Financial Highlights
| l | Total net revenues were RMB5.4 billion
(US$759.1 million), representing a 7.5% increase from 2022. |
| o | Net revenues from learning services were RMB3.1 billion (US$443.4 million), representing a 2.1%
increase from 2022. |
| o | Net revenues from smart devices were RMB909.2 million (US$128.1 million), representing a 27.6%
decrease from 2022. |
| o | Net revenues from online marketing services were RMB1.3 billion (US$187.6 million), representing
a 98.1% increase from 2022. |
| l | Gross margin was 51.4%, keeping flat as
compared with 51.6% for 2022. |
“Our financial performance was solid in
the fourth quarter, producing all-time high income from operations and operating cash inflow. In terms of business operations, since
the introduction of AI writing refinement, we have efficiently and effectively provided over 25,000 tailored recommendations. The integration
of AI technology has further empowered our online marketing services, expanding the application of RTA (Real-Time API) technology and
broadening our customer base, resulting in record high net revenues of this segment and over 50% year-over-year growth for five consecutive
quarters. Additionally, the launch of the Mr. P AI Tutor, powered by our proprietary large language model Ziyue, has been well received
by our users. In 2023, Youdao’s fundamentals strengthened, with key financial indicators improving on a year-over-year basis,”
said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao.
“Looking ahead, I am confident in the further
improvement of our fundamentals and long-term development. We will continue to leverage our AI advantages and upgrade our large language
model Ziyue, further exploring applications in the areas of learning services, smart devices, and online marketing services. By accelerating
the implementation of our products and applications, we are committed to better assisting users in enhancing their learning and work efficiency
and effectiveness,” Dr. Zhou concluded.
Fourth Quarter 2023 Financial Results
Net Revenues
Net revenues for the fourth quarter of 2023 were
RMB1.5 billion (US$208.5 million), slightly increased compared with the same period of 2022.
Net revenues from learning services were RMB784.0
million (US$110.4 million) for the fourth quarter of 2023, representing a 2.8% decrease from RMB806.3 million for the same period of 2022.
Net revenues from smart devices were RMB222.4
million (US$31.3 million) for the fourth quarter of 2023, representing a 45.3% decrease from RMB407.0 million for the same period of 2022,
primarily due to our continuous efforts to streamline marketing channels with low return on investment for intelligent learning products
in the fourth quarter of 2023.
Net revenues from online marketing services were
RMB474.1 million (US$66.8 million) for the fourth quarter of 2023, representing a 96.9% increase from RMB240.8 million for the same period
of 2022. The year-over-year increase in revenues from online marketing services was mainly attributable to the increased demand for performance-based
advertisements through third parties’ internet properties.
Gross Profit and Gross Margin
Gross
profit for the fourth quarter of 2023 was RMB738.8 million (US$104.1 million), representing a 4.6% decrease from RMB774.7 million for
the same period of 2022. Gross margin decreased to 49.9% for the fourth quarter of 2023 from 53.3% for the same period of 2022.
Gross margin for learning services was 63.6% for
the fourth quarter of 2023, largely flat as compared with 64.1% for the same period of 2022.
Gross margin for smart devices decreased to 38.3%
for the fourth quarter of 2023 from 46.2% for the same period of 2022, which was mainly attributable to a lower revenue base of smart
devices.
Gross margin for online marketing services increased
to 32.7% for the fourth quarter of 2023, from 29.2% for the same period of 2022. The increase was mainly attributable to improved gross
margin profile of performance-based advertisements through third parties’ internet properties compared with the same period of last
year.
Operating Expenses
Total operating expenses for the fourth quarter
of 2023 were RMB662.5 million (US$93.3 million), compared with RMB750.0 million for the same period of last year.
Sales and marketing expenses for the fourth quarter
of 2023 were RMB441.4 million (US$62.2 million), representing a decrease of 14.4% from RMB515.9 million for the same period of 2022. This
decrease was attributable to the reduced marketing expenditures in learning services and smart devices in the fourth quarter of 2023.
Research and development expenses for the fourth
quarter of 2023 were RMB168.1 million (US$23.7 million), representing a decrease of 6.3% from RMB179.5 million for the same period of
2022. The decrease was primarily due to the decreased headcount for research and development employees, which led to payroll-related cost
savings in the fourth quarter of 2023.
General and administrative expenses for the fourth
quarter of 2023 were RMB53.0 million (US$7.5 million), representing a decrease of 2.9% from RMB54.6 million for the same period of 2022.
Income from Operations
As a result of the foregoing, income from operations
for the fourth quarter of 2023 was RMB76.3 million (US$10.7 million), compared with RMB24.7 million for the same period of 2022. The margin
of income from operations was 5.2%, compared with 1.7% for the same period of last year.
Others, Net
Others, net for the fourth quarter of 2023 were
RMB2.6 million (US$0.4 million) net loss, compared with RMB3.8 million net gain for the same period of 2022. Others, net for the fourth
quarter of 2023 mainly included an impairment loss of long-term investments of RMB10.0 million (US$1.4 million), partially offset by the
gains from government grants. The gain for the same period of last year was mainly from government grants.
Net Income from Continuing Operations Attributable
to Youdao’s Ordinary Shareholders
Net income from continuing operations attributable
to Youdao’s ordinary shareholders for the fourth quarter of 2023 was RMB56.5 million (US$8.0 million), compared with RMB12.3 million
for the same period of last year. Non-GAAP net income from continuing operations attributable to Youdao’s ordinary shareholders
for the fourth quarter of 2023 was RMB69.3 million (US$9.8 million), compared with RMB31.1 million for the same period of last year.
Basic and diluted net income from continuing operations
per American depositary share (“ADS”) attributable to ordinary shareholders for the fourth quarter of 2023 was RMB0.47 (US$0.07),
compared with RMB0.10 for the same period of 2022. Non-GAAP basic and diluted net income from continuing operations per ADS attributable
to ordinary shareholders was RMB0.58 (US$0.08), compared with RMB0.25 for the same period of 2022.
Other Information
As of December 31, 2023, Youdao’s cash,
cash equivalents, restricted cash, time deposits and short-term investments totaled RMB527.1 million (US$74.2 million), compared with
RMB1.0 billion as of December 31, 2022. For the fourth quarter of 2023, net cash provided by continuing operating activities was RMB160.6
million (US$22.6 million), capital expenditures totaled RMB5.9 million (US$0.8 million). Youdao’s ability to continue as a going
concern is dependent on management’s ability to implement an effective business plan in future periods in light of the changing
regulatory environment, generate operating cash flows and continue to be able to obtain outside sources of financing as necessary for
Youdao’s future development. In support of Youdao’s future business, NetEase Group has agreed to provide financial support
for Youdao’s continuing operations. As of the date of this release, Youdao has received various financial support from the NetEase
Group, including, among others, RMB878.0 million short-term loans, and US$94.0 million long-term loans with maturity dated March 31, 2027
drawn down under the US$300.0 million revolving loan facility.
As of December 31, 2023, the Company’s contract
liabilities, which mainly consisted of deferred revenues generated from Youdao’s learning services, were RMB1.1 billion (US$148.3
million), keeping stable as compared with RMB1.1 billion as of December 31, 2022.
Fiscal Year 2023 Financial Results1
Net Revenues
Net revenues for 2023 were RMB5.4 billion (US$759.1
million), representing a 7.5% increase from RMB5.0 billion for 2022.
Net revenues from learning services were RMB3.1
billion (US$443.4 million) for 2023, keeping flat as compared with RMB3.1 billion for 2022.
Net revenues from smart devices were RMB909.2
million (US$128.1 million) for 2023, representing a 27.6% decrease from RMB1.3 billion for 2022. The decrease was primarily due to our
continuous efforts to streamline marketing channels with low return on investment for intelligent learning products starting from the
second half of 2023.
Net revenues from online marketing services were
RMB1.3 billion (US$187.6 million) for 2023, representing a 98.1% increase from RMB672.4 million for 2022. The increase was mainly attributable
to the increased demand for performance-based advertisements through third parties’ internet properties.
Gross Profit and Gross Margin
Gross profit for 2023 was RMB2.8 billion (US$389.8
million), compared with RMB2.6 billion for 2022. Gross margin for 2023 was 51.4%, compared with 51.6% for 2022.
Gross margin for learning services was 63.2% for
2023, compared with 62.0% for 2022.
Gross margin for smart devices was 39.2% for 2023,
compared with 39.1% for 2022.
Gross margin for online marketing services increased
to 31.7% for 2023 from 27.4% for 2022. The increase was mainly attributable to improved gross margin profile of performance-based advertisements
through third parties’ internet properties compared with last year.
Operating Expenses
Total operating expenses for 2023 were RMB3.2
billion (US$455.5 million), representing a decrease of 3.8%, compared with RMB3.4 billion for 2022.
Sales and marketing expenses for 2023 were RMB2.3
billion (US$319.5 million), keeping stable as compared with RMB2.3 billion for 2022.
Research and development expenses for 2023 were
RMB743.4 million (US$104.7 million), representing a decrease of 7.5%, compared with RMB803.8 million for 2022. The decrease was primarily
due to the decreased headcount for research and development employees, which led to payroll-related cost savings in 2023.
1 As previously disclosed, in compliance
with applicable regulatory requirements, the Company had ceased to offer the after-school tutoring services on academic subjects in China’s
compulsory education system (the “Academic AST Business”) at the end of December 2021. The Academic AST Business met the criteria
of discontinued operations. Retrospective adjustments to the historical statement of operations have also been made to provide a consistent
basis of comparison for the financial results of the continuing operations. The financial information and non-GAAP financial information
included in this press release are presented on a continuing operations basis, unless otherwise specifically stated.
General and administrative expenses for 2023 were
RMB222.0 million (US$31.3 million), representing a decrease of 3.1%, compared with RMB229.2 million for 2022.
Loss from Operations
Loss from operations for 2023 was RMB466.3 million
(US$65.7 million), compared with RMB774.7 million for 2022. The margin of loss from operations was 8.7%, compared with 15.5% for 2022.
Others, Net
Others, net for 2023 were RMB11.6 million (US$1.6
million) net loss, compared with RMB81.4 million net gain for 2022. Others, net for 2023 mainly included impairment losses of long-term
investments of RMB43.7 million (US$6.2 million), partially offset by the gains from government grants. The gain for last year was mainly
from government grants.
Net Loss from Continuing Operations Attributable
to Youdao’s Ordinary Shareholders
Net loss from continuing operations attributable
to Youdao’s ordinary shareholders for 2023 was RMB549.9 million (US$77.5 million), compared with RMB720.9 million for 2022. Non-GAAP
net loss from continuing operations attributable to Youdao’s ordinary shareholders for 2023 was RMB475.4 million (US$67.0 million),
compared with RMB639.9 million for 2022.
Basic and diluted net loss from continuing operations
per American depositary share (“ADS”) attributable to ordinary shareholders for 2023 was RMB4.53 (US$0.64), compared with
RMB5.83 for 2022. Non-GAAP basic and diluted net loss from continuing operations per ADS attributable to ordinary shareholders was RMB3.92
(US$0.55), compared with RMB5.18 for 2022.
Operating Cash Flow from Continuing Operations
For 2023, net cash used in continuing operating
activities was RMB438.1 million (US$61.7 million) and capital expenditures totaled RMB17.9 million (US$2.5 million).
Share Repurchase Program
On November 17, 2022, the Company announced that
its board of directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations
for up to US$20.0 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months. This amount
was subsequently increased to US$40.0 million in August 2023. As of December 31, 2023, the Company has accumulatively repurchased an aggregate
of approximately 5.2 million ADSs for approximately US$24.8 million in the open market under the share repurchase program.
Conference Call
Youdao’s management team will host a teleconference
call with simultaneous webcast at 5:00 a.m. Eastern Time on Thursday, February 29, 2024 (Beijing/Hong Kong Time: 6:00 p.m., Thursday,
February 29, 2024). Youdao’s management will be on the call to discuss the financial results and answer questions.
Dial-in details for the earnings conference call
are as follows:
| United States (toll free): |
+1-888-346-8982 |
| International: |
+1-412-902-4272 |
| Mainland China (toll free): |
400-120-1203 |
| Hong Kong (toll free): |
800-905-945 |
| Hong Kong: |
+852-3018-4992 |
| Conference ID: |
1578305 |
A live and archived webcast of the conference
call will be available on the Company’s investor relations website at http://ir.youdao.com.
A replay of the conference call will be accessible
by phone one hour after the conclusion of the live call at the following numbers, until March 7, 2024:
| United States: |
+1-877-344-7529 |
| International: |
+1-412-317-0088 |
| Replay Access Code: |
1578305 |
About Youdao, Inc.
Youdao, Inc. (NYSE: DAO) is an intelligent learning
company with industry-leading technology in China dedicated to developing and using technologies to provide learning content, applications
and solutions to users of all ages. Building on the popularity of its online knowledge tools such as Youdao Dictionary and Youdao Translation,
Youdao now offers smart devices, STEAM courses, adult and vocational courses, and education digitalization solutions. In addition, Youdao
has developed a variety of interactive learning apps. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999),
a leading internet technology company in China.
For
more information, please visit: http://ir.youdao.com.
Non-GAAP Measures
Youdao considers and uses non-GAAP financial measures,
such as non-GAAP net income/(loss) from continuing operations attributable to the Company’s ordinary shareholders and non-GAAP basic
and diluted net income/(loss) from continuing operations per ADS, as supplemental metrics in reviewing and assessing its operating performance
and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as
a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”).
Youdao defines non-GAAP net income/(loss) from
continuing operations attributable to the Company’s ordinary shareholders as net income/(loss) from continuing operations attributable
to the Company’s ordinary shareholders excluding share-based compensation expenses and impairment of long-term investments. Non-GAAP
net income/(loss) from continuing operations attributable to the Company’s ordinary shareholders enables Youdao’s management
to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that
these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company’s current
operating performance and prospects in the same manner as management does, if they so choose.
Non-GAAP financial measures are not defined under
U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which
possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may
differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited.
For more information on these non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the end of this
release.
The accompanying table has more details on the
reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages
you to review its financial information in its entirety and not rely on a single financial measure.
Exchange Rate Information
This announcement contains translations of certain
RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to US$ were made at the rate of RMB7.0999 to US$1.00, the exchange rate on December 29, 2023 set forth in the
H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could
be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This press release contains forward-looking statements.
These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
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, and a number of factors could cause actual results to
differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by
words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,”
“aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“is/are likely to” or other similar expressions. 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. Further information regarding such risks, uncertainties or factors is included in
the Company’s filings with the SEC. The announced results of the fourth quarter and full year of 2023 are preliminary and subject
to adjustments. All information provided in this press release is as of the date of this press release, and the Company does not undertake
any duty to update such information, except as required under applicable law.
| YOUDAO, INC. |
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| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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As of December 31, | |
As of December 31, | |
As of December 31, |
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2022 | |
2023 | |
2023 |
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RMB | |
RMB | |
USD (1) |
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| Assets | |
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| Current assets: | |
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| Cash and cash equivalents | |
| 783,611 | | |
| 454,536 | | |
| 64,020 | |
| Time deposits | |
| 273 | | |
| 277 | | |
| 39 | |
| Restricted cash | |
| 873 | | |
| 395 | | |
| 56 | |
| Short-term investments | |
| 232,152 | | |
| 71,848 | | |
| 10,120 | |
| Accounts receivable, net | |
| 405,139 | | |
| 354,006 | | |
| 49,861 | |
| Inventories | |
| 232,260 | | |
| 217,067 | | |
| 30,573 | |
| Amounts due from NetEase Group | |
| 7,888 | | |
| 26,117 | | |
| 3,679 | |
| Prepayment and other current
assets | |
| 207,777 | | |
| 175,705 | | |
| 24,747 | |
| Total current assets | |
| 1,869,973 | | |
| 1,299,951 | | |
| 183,095 | |
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| Non-current assets: | |
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| Property, equipment and software, net | |
| 92,116 | | |
| 70,906 | | |
| 9,987 | |
| Operating lease right-of-use assets, net | |
| 78,405 | | |
| 89,022 | | |
| 12,538 | |
| Long-term investments | |
| 90,703 | | |
| 51,396 | | |
| 7,239 | |
| Goodwill | |
| 109,944 | | |
| 109,944 | | |
| 15,485 | |
| Other assets, net | |
| 35,015 | | |
| 44,976 | | |
| 6,335 | |
| Total non-current assets | |
| 406,183 | | |
| 366,244 | | |
| 51,584 | |
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| Total assets | |
| 2,276,156 | | |
| 1,666,195 | | |
| 234,679 | |
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| Liabilities, Mezzanine Equity and Shareholders' Deficit | |
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| Current liabilities: | |
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| Accounts payables | |
| 282,354 | | |
| 159,005 | | |
| 22,395 | |
| Payroll payable | |
| 266,340 | | |
| 282,679 | | |
| 39,815 | |
| Amounts due to NetEase Group | |
| 68,809 | | |
| 82,430 | | |
| 11,610 | |
| Contract liabilities | |
| 1,067,285 | | |
| 1,052,622 | | |
| 148,259 | |
| Taxes payable | |
| 50,908 | | |
| 52,781 | | |
| 7,434 | |
| Accrued liabilities and other payables | |
| 564,922 | | |
| 591,770 | | |
| 83,349 | |
| Short-term loans from NetEase
Group | |
| 878,000 | | |
| 878,000 | | |
| 123,664 | |
| Total current liabilities | |
| 3,178,618 | | |
| 3,099,287 | | |
| 436,526 | |
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| Non-current liabilities: | |
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| Long-term lease liabilities | |
| 43,635 | | |
| 49,337 | | |
| 6,949 | |
| Long-term loans from NetEase Group | |
| 522,345 | | |
| 630,360 | | |
| 88,784 | |
| Other non-current liabilities | |
| 8,832 | | |
| 16,314 | | |
| 2,298 | |
| Total non-current liabilities | |
| 574,812 | | |
| 696,011 | | |
| 98,031 | |
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| Total liabilities | |
| 3,753,430 | | |
| 3,795,298 | | |
| 534,557 | |
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| Mezzanine equity | |
| 64,571 | | |
| 37,961 | | |
| 5,347 | |
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| Shareholders' deficit: | |
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| Youdao's shareholders' deficit | |
| (1,535,089 | ) | |
| (2,186,736 | ) | |
| (307,996 | ) |
| Noncontrolling interests | |
| (6,756 | ) | |
| 19,672 | | |
| 2,771 | |
| Total shareholders' deficit | |
| (1,541,845 | ) | |
| (2,167,064 | ) | |
| (305,225 | ) |
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| Total liabilities, mezzanine
equity and shareholders’ deficit | |
| 2,276,156 | | |
| 1,666,195 | | |
| 234,679 | |
Note 1:
The conversion of Renminbi (RMB) into United
States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.0999 on the last trading day of December (December 29,
2023) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
| YOUDAO, INC. |
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| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (RMB and USD in thousands, except share and per ADS data) |
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Three Months Ended | |
Year Ended |
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December 31, | |
September 30, | |
December 31, | |
December 31, | |
December 31, | |
December 31, |
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2022 | |
2023 | |
2023 | |
2023 | |
2022 | |
2023 |
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RMB | |
RMB | |
RMB | |
USD (1) | |
RMB | |
RMB |
| Net revenues: | |
| |
| |
| |
| |
| |
|
| Learning services | |
| 806,270 | | |
| 950,761 | | |
| 784,012 | | |
| 110,426 | | |
| 3,084,375 | | |
| 3,148,114 | |
| Smart devices | |
| 406,956 | | |
| 251,879 | | |
| 222,407 | | |
| 31,325 | | |
| 1,256,446 | | |
| 909,192 | |
| Online marketing services | |
| 240,756 | | |
| 336,143 | | |
| 474,102 | | |
| 66,776 | | |
| 672,361 | | |
| 1,331,902 | |
| Total net revenues | |
| 1,453,982 | | |
| 1,538,783 | | |
| 1,480,521 | | |
| 208,527 | | |
| 5,013,182 | | |
| 5,389,208 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues (2) | |
| (679,295 | ) | |
| (679,147 | ) | |
| (741,720 | ) | |
| (104,469 | ) | |
| (2,426,766 | ) | |
| (2,621,746 | ) |
| Gross profit | |
| 774,687 | | |
| 859,636 | | |
| 738,801 | | |
| 104,058 | | |
| 2,586,416 | | |
| 2,767,462 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses (2) | |
| (515,944 | ) | |
| (674,173 | ) | |
| (441,399 | ) | |
| (62,170 | ) | |
| (2,328,095 | ) | |
| (2,268,428 | ) |
| Research and development expenses (2) | |
| (179,474 | ) | |
| (187,328 | ) | |
| (168,130 | ) | |
| (23,681 | ) | |
| (803,791 | ) | |
| (743,364 | ) |
| General and administrative expenses (2) | |
| (54,597 | ) | |
| (55,822 | ) | |
| (52,989 | ) | |
| (7,463 | ) | |
| (229,210 | ) | |
| (221,996 | ) |
| Total operating expenses | |
| (750,015 | ) | |
| (917,323 | ) | |
| (662,518 | ) | |
| (93,314 | ) | |
| (3,361,096 | ) | |
| (3,233,788 | ) |
| Income/(Loss) from operations | |
| 24,672 | | |
| (57,687 | ) | |
| 76,283 | | |
| 10,744 | | |
| (774,680 | ) | |
| (466,326 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 3,072 | | |
| 2,167 | | |
| 1,733 | | |
| 244 | | |
| 12,908 | | |
| 8,348 | |
| Interest expense | |
| (14,643 | ) | |
| (17,753 | ) | |
| (18,869 | ) | |
| (2,658 | ) | |
| (45,607 | ) | |
| (69,472 | ) |
| Others, net | |
| 3,767 | | |
| (21,097 | ) | |
| (2,589 | ) | |
| (364 | ) | |
| 81,445 | | |
| (11,578 | ) |
| Income/(Loss) before tax | |
| 16,868 | | |
| (94,370 | ) | |
| 56,558 | | |
| 7,966 | | |
| (725,934 | ) | |
| (539,028 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expenses | |
| (13,833 | ) | |
| (2,557 | ) | |
| (441 | ) | |
| (62 | ) | |
| (13,844 | ) | |
| (11,089 | ) |
| Net income/(loss) from continuing operations | |
| 3,035 | | |
| (96,927 | ) | |
| 56,117 | | |
| 7,904 | | |
| (739,778 | ) | |
| (550,117 | ) |
| Net loss from discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,105 | ) | |
| - | |
| Net income/(loss) | |
| 3,035 | | |
| (96,927 | ) | |
| 56,117 | | |
| 7,904 | | |
| (745,883 | ) | |
| (550,117 | ) |
| Net loss/(income) attributable to noncontrolling interests | |
| 9,263 | | |
| (5,978 | ) | |
| 365 | | |
| 51 | | |
| 18,851 | | |
| 182 | |
| Net income/(loss) attributable to ordinary shareholders of the Company | |
| 12,298 | | |
| (102,905 | ) | |
| 56,482 | | |
| 7,955 | | |
| (727,032 | ) | |
| (549,935 | ) |
| Including: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income/(loss) from continuing operations attributable to ordinary shareholders of the Company | |
| 12,298 | | |
| (102,905 | ) | |
| 56,482 | | |
| 7,955 | | |
| (720,927 | ) | |
| (549,935 | ) |
| Net loss from discontinued operations attributable to ordinary shareholders of the Company | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,105 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic net income/(loss) per ADS | |
| 0.10 | | |
| (0.85 | ) | |
| 0.47 | | |
| 0.07 | | |
| (5.88 | ) | |
| (4.53 | ) |
| -Continuing operations | |
| 0.10 | | |
| (0.85 | ) | |
| 0.47 | | |
| 0.07 | | |
| (5.83 | ) | |
| (4.53 | ) |
| -Discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (0.05 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted net income/(loss) per ADS | |
| 0.10 | | |
| (0.85 | ) | |
| 0.47 | | |
| 0.07 | | |
| (5.88 | ) | |
| (4.53 | ) |
| -Continuing operations | |
| 0.10 | | |
| (0.85 | ) | |
| 0.47 | | |
| 0.07 | | |
| (5.83 | ) | |
| (4.53 | ) |
| -Discontinued operations | |
| - | | |
| - | | |
| - | | |
| - | | |
| (0.05 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Shares used in computing basic net income/(loss) per ADS | |
| 123,584,460 | | |
| 121,275,391 | | |
| 119,764,891 | | |
| 119,764,891 | | |
| 123,597,604 | | |
| 121,381,857 | |
| Shares used in computing diluted net income/(loss) per ADS | |
| 124,345,717 | | |
| 121,275,391 | | |
| 120,426,624 | | |
| 120,426,624 | | |
| 123,597,604 | | |
| 121,381,857 | |
Note 1:
The conversion of Renminbi (RMB) into United
States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.0999 on the last trading day of December (December 29,
2023) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
| Note 2: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation in each category: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues | |
| 1,231 | | |
| 2,312 | | |
| (2,975 | ) | |
| (419 | ) | |
| 5,984 | | |
| 1,645 | |
| Sales and marketing expenses | |
| 3,249 | | |
| 1,659 | | |
| 865 | | |
| 122 | | |
| 12,669 | | |
| 6,071 | |
| Research and development expenses | |
| 5,702 | | |
| (2,071 | ) | |
| (312 | ) | |
| (44 | ) | |
| 30,578 | | |
| 8,020 | |
| General and administrative expenses | |
| 6,845 | | |
| 3,255 | | |
| 5,224 | | |
| 736 | | |
| 21,478 | | |
| 15,061 | |
| YOUDAO, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
| UNAUDITED ADDITIONAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
| (RMB and USD in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| | |
Three Months Ended | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, | |
December 31, | |
December 31, |
| | |
2022 | |
2023 | |
2023 | |
2023 | |
2022 | |
2023 |
| | |
RMB | |
RMB | |
RMB | |
USD | |
RMB | |
RMB |
| | |
| |
| |
| |
| |
| |
|
| Net revenues | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Learning services | |
| 806,270 | | |
| 950,761 | | |
| 784,012 | | |
| 110,426 | | |
| 3,084,375 | | |
| 3,148,114 | |
| Smart devices | |
| 406,956 | | |
| 251,879 | | |
| 222,407 | | |
| 31,325 | | |
| 1,256,446 | | |
| 909,192 | |
| Online marketing services | |
| 240,756 | | |
| 336,143 | | |
| 474,102 | | |
| 66,776 | | |
| 672,361 | | |
| 1,331,902 | |
| Total net revenues | |
| 1,453,982 | | |
| 1,538,783 | | |
| 1,480,521 | | |
| 208,527 | | |
| 5,013,182 | | |
| 5,389,208 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Learning services | |
| 289,829 | | |
| 305,694 | | |
| 285,383 | | |
| 40,195 | | |
| 1,172,703 | | |
| 1,159,357 | |
| Smart devices | |
| 218,969 | | |
| 144,528 | | |
| 137,150 | | |
| 19,317 | | |
| 765,641 | | |
| 552,810 | |
| Online marketing services | |
| 170,497 | | |
| 228,925 | | |
| 319,187 | | |
| 44,957 | | |
| 488,422 | | |
| 909,579 | |
| Total cost of revenues | |
| 679,295 | | |
| 679,147 | | |
| 741,720 | | |
| 104,469 | | |
| 2,426,766 | | |
| 2,621,746 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross margin | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Learning services | |
| 64.1 | % | |
| 67.8 | % | |
| 63.6 | % | |
| 63.6 | % | |
| 62.0 | % | |
| 63.2 | % |
| Smart devices | |
| 46.2 | % | |
| 42.6 | % | |
| 38.3 | % | |
| 38.3 | % | |
| 39.1 | % | |
| 39.2 | % |
| Online marketing services | |
| 29.2 | % | |
| 31.9 | % | |
| 32.7 | % | |
| 32.7 | % | |
| 27.4 | % | |
| 31.7 | % |
| Total gross margin | |
| 53.3 | % | |
| 55.9 | % | |
| 49.9 | % | |
| 49.9 | % | |
| 51.6 | % | |
| 51.4 | % |
| YOUDAO, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
|
| (RMB and USD in thousands, except per ADS data) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| | |
Three Months Ended | |
Year Ended |
| | |
December 31, | |
September 30, | |
December 31, | |
December 31, | |
December 31, | |
December 31, |
| | |
2022 | |
2023 | |
2023 | |
2023 | |
2022 | |
2023 |
| | |
RMB | |
RMB | |
RMB | |
USD | |
RMB | |
RMB |
| | |
| |
| |
| |
| |
| |
|
| Net income/(loss) from continuing operations attributable to ordinary shareholders of the Company | |
| 12,298 | | |
| (102,905 | ) | |
| 56,482 | | |
| 7,955 | | |
| (720,927 | ) | |
| (549,935 | ) |
| Add: share-based compensation | |
| 17,027 | | |
| 5,155 | | |
| 2,802 | | |
| 395 | | |
| 70,709 | | |
| 30,797 | |
| impairment of long-term investments | |
| 1,800 | | |
| 30,500 | | |
| 10,000 | | |
| 1,408 | | |
| 10,300 | | |
| 43,740 | |
| Non-GAAP net income/(loss) from continuing operations attributable to ordinary shareholders of the Company | |
| 31,125 | | |
| (67,250 | ) | |
| 69,284 | | |
| 9,758 | | |
| (639,918 | ) | |
| (475,398 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP basic net income/(loss) from continuing operations per ADS | |
| 0.25 | | |
| (0.55 | ) | |
| 0.58 | | |
| 0.08 | | |
| (5.18 | ) | |
| (3.92 | ) |
| Non-GAAP diluted net income/(loss) from continuing operations per ADS | |
| 0.25 | | |
| (0.55 | ) | |
| 0.58 | | |
| 0.08 | | |
| (5.18 | ) | |
| (3.92 | ) |
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