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For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the "Non-GAAP Financial Measures” section and the table captioned "QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below. QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for share and per share data) As of June 30,2024 September 30,2024 September 30,2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents779,931 1,027,165 146,370Restricted cash160 250 36Short-term investments246,195 166,299 23,697Accounts receivable, net16,676 17,192 2,450Amounts due from related parties4,488 - -Inventory, net6,345 7,584 1,081Prepayments and other current assets275,549 209,870 29,906Total current assets 1,329,344 1,428,360 203,540 Non-current assets: Property and equipment, net6,569 5,794 826Long-term investments9,010 10,623 1,514Intangible assets, net- 59 8Operating lease right-of-use assets58,889 47,816 6,814Deferred tax assets847 2,193 313Other non-current assets21,360 22,009 3,136Total non-current assets96,675 88,494 12,611TOTAL ASSETS1,426,019 1,516,854 216,151 LIABILITIES Current liabilities: Accounts payables62,066 61,051 8,700Accrued expenses and other current liabilities190,508 201,159 28,665Income tax payable20,399 45,382 6,467Contract liabilities, current portion385,227 347,744 49,553Advance from customers162,257 163,004 23,228Operating lease liabilities, current portion49,099 56,156 8,002Total current liabilities 869,556 874,496 124,615 Non-current liabilities: Contract liabilities, non-current portion11,365 20,221 2,881Operating lease liabilities, non-current portion16,989 2,887 411Deferred tax liabilities11,625 16,528 2,355Total non-current liabilities39,979 39,636 5,647TOTAL LIABILITIES909,535 914,132 130,262 QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued(Amounts in thousands, except for share and per share data) As of June 30,2024 September 30,2024 September 30,2024 RMB RMB US$ SHAREHOLDERS’ EQUITY Class A ordinary shares81 81 12 Class B ordinary shares34 34 5 Treasury stock(109,257) (80,430) (11,461)Additional paid-in capital1,192,474 1,172,743 167,115 Accumulated other comprehensive income17,313 13,767 1,962 Accumulative deficit(584,161) (503,473) (71,744)TOTAL SHAREHOLDERS’ EQUITY516,484 602,722 85,889 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY1,426,019 1,516,854 216,151 QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Amounts in thousands, except for share and per share data) For the Three Months Ended September 30, 2023 2024 2024 RMB RMB US$ Revenues 869,136 810,404 115,482 Cost of revenues(118,192) (134,448) (19,159) Gross Profit 750,944 675,956 96,323 Operating expenses: Sales and marketing expenses(620,152) (515,009) (73,388)Research and development expenses(43,800) (28,080) (4,001)General and administrative expenses(42,762) (30,621) (4,363)Total operating expenses(706,714) (573,710) (81,752) Income from operations44,230 102,246 14,571 Other income: Interest income3,447 1,939 276 Others, net12,257 9,735 1,387 Income before income tax59,934 113,920 16,234 Income tax expense6,746 (33,232) (4,736) Net income 66,680 80,688 11,498 Net income attributable to ordinary shareholders66,680 80,688 11,498 Other comprehensive income Foreign currency translation adjustments, net of nil tax(2,005) (3,546) (505)Total other comprehensive income(2,005) (3,546) (505) Total comprehensive income64,675 77,142 10,993 Net income per ordinary share - Basic0.39 0.52 0.07 - Diluted0.38 0.50 0.07 Weighted average number of ordinary shares used in computing net income per share - Basic169,056,984 156,445,053 156,445,053 - Diluted175,003,606 161,309,229 161,309,229 Share-based compensation expenses included in Cost of revenues(3,778) (2,303) (328)Sales and marketing expenses(4,489) (39) (6)Research and development expenses(5,610) (1,898) (270)General and administrative expenses(13,409) (3,032) (432) QUANTASING GROUP LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for share and per share data) The following table below sets forth a reconciliation of revenues to gross billings for the periods indicated: For the Three Months Ended September 30, 2023 2024 2024 RMB RMB US$ Revenues of individual online learning services:755,910 709,012 101,033 Add: value-added tax47,579 40,691 5,798 Add: ending deferred revenues (1)619,954 529,054 75,390 Less: beginning deferred revenues (1)(661,360) (565,030) (80,516) Gross billings of individual online learning services762,083 713,727 101,705 (1) Deferred revenues include contract liabilities, advance from customers, and refund liability of individual online learning services included in "accrued expenses and other current liabilities.” QUANTASING GROUP LIMITEDUNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS - continued(Amounts in thousands, except for share and per share data) The following table below sets forth a reconciliation of net income to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated: For the Three Months Ended September 30, 2023 2024 2024 RMB RMB US$ Net income 66,680 80,688 11,498Add: Share-based compensation expenses27,286 7,272 1,036Adjusted net income93,966 87,960 12,534 Net income attributable to ordinary shareholders66,680 80,688 11,498Add: Share-based compensation expenses27,286 7,272 1,036Adjusted net income attributable to ordinary shareholders93,966 87,960 12,534 Weighted average number of ordinary shares used in computing net income per share - Basic169,056,984 156,445,053 156,445,053- Diluted175,003,606 161,309,229 161,309,229Weighted average number of ordinary shares used in computing adjusted net income per share - Basic169,056,984 156,445,053 156,445,053- Diluted175,003,606 161,309,229 161,309,229 Net income per ordinary share - Basic0.39 0.52 0.07- Diluted0.38 0.50 0.07Non-GAAP adjustments to net income per ordinary share - Basic0.17 0.04 0.01- Diluted0.16 0.05 0.01Adjusted net income per ordinary share - Basic0.56 0.56 0.08- Diluted0.54 0.55 0.
For a reconciliation of net income to adjusted net income, see the "Non-GAAP Financial Measures” section and the table captioned "QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.3 The Company has adopted a new presentation of its revenues since the second quarter of FY 2024, which split other personal interest courses into skills upgrading courses and recreation and leisure courses, to better align with its business strategies and provide useful and updated information to investors.
Revenues from enterprise services were RMB47.8 million (US$6.8 million) in the first quarter of FY 2025, compared to RMB68.4 million in the first quarter of FY 2024, representing a year-over year change of 30.2%, primarily due to a change in revenue streams from transactions involving a related party and certain other third parties.
