Sunlands Technology Group

NYSE:STGUnited States

Nov 22, 2024

Show headlines and story abstract

• Sunlands Technology Group Announces Unaudited Third Quarter 2024 Financial Results, from 3:39AM ET on Friday Nov 22, 2024 by Dow Jones

  3:39AM ET on Friday Nov 22, 2024 by Dow Jones
  Companies Mentioned: STG
  amortization 7,664 7,355 Add: interest expense 1,877 1,415 Less: interest income (7,625) (7,810) -------------------- ---------------- EBITDA (non-GAAP) 132,437 83,743 ==================== ================ SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) For the Nine Months Ended September 30, ----------------------------------------------- 2023 2024 2024 ---------------- ------------- -------------- RMB RMB US$ Net revenues 1,617,860 1,506,727 214,707 Cost of revenues (191,777) (235,883) (33,613) ------------ ------------ ----------- Gross profit 1,426,083 1,270,844 181,094 ------------ ------------ ----------- Operating expenses Sales and marketing expenses (836,352) (902,065) (128,543) Product development expenses (26,087) (20,516) (2,924) General and administrative expenses (107,817) (100,853) (14,371) ------------ ------------ ----------- Total operating expenses (970,256) (1,023,434) (145,838) ------------ ------------ ----------- Income from operations 455,827 247,410 35,256 ------------ ------------ ----------- Interest income 21,747 27,675 3,944 Interest expense (6,047) (4,535) (646) Other income, net 25,570 19,238 2,741 Impairment loss on long-term investments (61) - - Gain/(loss) on disposal of subsidiaries 247 (838) (119) ------------ ------------ ----------- Income before income tax (expenses)/benefit and loss from equity method investments 497,283 288,950 41,176 ------------ ------------ ----------- Income tax (expenses)/benefit (5,208) 6,975 994 Loss from equity method investments (6,445) (11,649) (1,660) ------------ ------------ ----------- Net income 485,630 284,276 40,510 ============ ============ =========== Less: net income attributable to non-controlling interest 1 - - ------------ ------------ ----------- Net income attributable to Sunlands Technology Group 485,629 284,276 40,510 ------------ ------------ ----------- Net income per share attributable to ordinary shareholders of Sunlands Technology Group: Basic and diluted 70.29 41.52 5.92 Weighted average shares used in calculating net income per ordinary share: Basic and diluted 6,909,141 6,846,146 6,846,146 ------------ ------------ ----------- SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) For the Nine Months Ended September 30, ----------------------------------------------- 2023 2024 2024 ------------- ----------------- ------------- RMB RMB US$ Net income 485,630 284,276 40,510 Other comprehensive income/(loss), net of tax effect of nil: Change in cumulative foreign currency translation adjustments 30,634 (7,275) (1,037) ------------- ------------- ---------- Total comprehensive income 516,264 277,001 39,473 ------------- ------------- ---------- Less: comprehensive income attributable to non-controlling interest 1 - - ------------- ------------- ---------- Comprehensive income attributable to Sunlands Technology Group 516,263 277,001 39,473 ------------- ------------- ---------- SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) For the Nine Months Ended September 30, --------------------------------------------- 2023 2024 ---------------------- --------------------- RMB RMB Net revenues 1,617,860 1,506,727 Less: other revenues (128,032) (205,806) Add: tax and surcharges 44,695 56,040 Add: ending deferred revenue 1,277,040 920,593 Add: deferred revenue in connection with disposal of subsidiaries - 3,423 Add: ending refund liability 101,591 119,618 Less: beginning deferred revenue (1,690,946) (1,113,923) Less: beginning refund liability (133,066) (143,744) ------------------ ------------------ Gross billings (non-GAAP) 1,089,142 1,142,928 ================== ================== Net income 485,630 284,276 ------------------ ------------------ Add: income tax expenses/(benefit) 5,208 (6,975) Add: depreciation and amortization 22,931 22,148 Add: interest expense 6,047 4,535 Less: interest income (21,747) (27,675) ------------------ ------------------ EBITDA (non-GAAP) 498,069 276,309 ================== ==================
  

• Press Release: Sunlands Technology Group Announces Unaudited Third Quarter 2024 Financial Results, from 3:39AM ET on Friday Nov 22, 2024 by Dow Jones

  3:39AM ET on Friday Nov 22, 2024 by Dow Jones
  Companies Mentioned: STG