17 Education & Technology Group Inc

NASDAQ:YQUnited States

Mar 20, 2024

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• 17 Education & Technology Group Inc. Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 5:00PM ET on Wednesday Mar 20, 2024 by Dow Jones

  5:00PM ET on Wednesday Mar 20, 2024 by Dow Jones
  Companies Mentioned: YQ
  expenses (79,129) (101,260) (14,262) Research and development expenses (235,846) (167,932) (23,653) General and administrative expenses (221,029) (154,261) (21,727) ----------- ----------- ----------- Total operating expenses (536,004) (423,453) (59,642) ----------- ----------- ----------- Loss from operations (211,148) (342,750) (48,276) ----------- ----------- ----------- Interest income 11,352 27,811 3,917 Foreign currency exchange gain 159 (801) (113) Other income, net 21,765 3,958 557 ----------- ----------- ----------- Loss before provision for income tax (177,872) (311,782) (43,915) ----------- ----------- ----------- Income tax expenses -- -- -- ----------- ----------- ----------- Net loss (177,872) (311,782) (43,915) ----------- ----------- ----------- Net loss available to ordinary shareholders of 17 (177,872) (311,782) (43,915) ----------- ----------- ----------- Education & Technology Group Inc. Net loss per ordinary share Basic and diluted (0.35) (0.68) (0.10) ----------- ----------- ----------- Net loss per ADS (Note 2) Basic and diluted (17.50) (34.00) (5.00) ----------- ----------- ----------- Weighted average shares used in calculating net loss per ordinary share Basic and diluted 502,801,926 458,636,327 458,636,327 =========== =========== =========== Note 1: Share-based compensation expenses were included in the operating expenses as follows: For the year ended December 31, ---------------------------------------- 2022 2023 2023 ------------ ----------- ----------- RMB RMB USD Share-based compensation expenses: Sales and marketing expenses 17,305 17,243 2,429 Research and development expenses 28,624 26,954 3,796 General and administrative expenses 83,629 39,498 5,563 ----------- ----------- ----------- Total 129,558 83,695 11,788 =========== =========== =========== Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change. 17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data) For the year ended December 31, -------------------------------------- 2022 2023 2023 ------------ --------- -------- RMB RMB USD Net Loss (177,872) (311,782) (43,915) Share-based compensation 129,558 83,695 11,788 Income tax effect -- -- -- ----------- --------- -------- Adjusted net loss (48,314) (228,087) (32,127) =========== ========= ========
  

• Press Release: 17 Education & Technology Group Inc. Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results, from 5:00PM ET on Wednesday Mar 20, 2024 by Dow Jones

  5:00PM ET on Wednesday Mar 20, 2024 by Dow Jones
  Companies Mentioned: YQ