In the second quarter of high roads, revenue of 540 million: The transformation has not yet erupted in the initial new business

The 21st Century Business Herald reporter Wang Feng Beijing reported that NYSE: Gotu surrendered an intriguing transcript. The second quarter of fiscal year released on the evening of September 8 showed that the revenue was 540 million yuan and a net loss of 49.81 million yuan.

The transformation is still a theme of this quarter. After shutting down the K12 disciplinary training business, which previously accounted for 94%of the revenue, it focused on three main business: college students and adult education, non -disciplinary counseling, intelligent learning content and products.

The revenue of over 500 million yuan in a single quarter is quite difficult, which means that the annual income may exceed 2 billion yuan, which allows high roads to be ranked in New Oriental, Good Future, Zhonggong Education, and HKUST. Absolutely head.

However, the college student and adult education business of the first main business of Gao Tu still grows slowly. In this quarter, revenue may have just exceeded 200 million yuan, which is only the scale of the fourth quarter of 2020.

As in the last quarter, the revenue data of the specific business was not given in the highway. The reason was that the business was still in the exploration period. Due to the difference in seasonal differences and development stages, the profit model was still not stable.

Continuously growing

There are many benefits in the second quarter of Gao Road in 2022, including increased income, continuous profit, and decline in cost.

Due to the shutdown of K12 disciplines for several consecutive quarters, it was not until the second quarter of this year, all the revenue and receipts of the highway were sustainable business. Therefore, the comparison of financial report data can show its growth.

In terms of income, in the second quarter of 2022, high -distance revenue was 540 million, a year -on -year decrease of 75.9%. Compared with business revenue increased by more than 270%year -on -year, and a month -on -month increase of more than 30%.

Cash income was 610 million yuan, a year -on -year decrease of 77.3%, and a month -on -month increase of 92.3%. The cash income of the comparable business has achieved a month -on -month growth of four consecutive quarters, and it is expected to maintain growth next quarter.

This is a good growth momentum, but it is also based on the small scale of non -K12 discipline training business in 2021. According to the financial report, the total revenue of the non -K12 disciplinary training business in highway in 2021 was only 560 million yuan.

In terms of profits, in the second quarter of 2022, the net profit of non -American GM accounting standards was 650,000 yuan, and the profit was achieved in the third quarter of the third quarter.

However, the US GM accounting standards were 49.81 million yuan, a year -on -year loss of 94.6%.

In terms of cost, high roads continue to control costs and reduce costs. In the second quarter of 2022, the main business cost was 160 million yuan, a year -on -year decrease of 77.9%.

Business costs were 440 million yuan, a year -on -year decrease of 81.4%. Among them, the sales fee was 270 million yuan, a year -on -year decrease of 83.6%, and a decrease of 5.3%month -on -month. Gao Tu CFO Shen Nan said at the financial report on September 9 that sales costs decreased from the previous quarter in the first quarter of last year. The efficiency of sales costs has been continuously improved, thanks to low -cost, diversified customer acquisition channels, and continuous improvement of improvement personnel efficiency.

In addition, management costs were 65.44 million yuan, a decrease of 73.0%year -on -year; R & D expenses were 100 million yuan, a year -on -year decrease of 75.6%. The three expenses have also decreased.

In the second quarter of 2022, the highway realized the positive cash flow, and the net cash inflow was 93.79 million yuan. As of June 30, 2022, the company's cash and cash equivalents, limited funds and short -term investment totaling 3.35 billion yuan.

Still in the early stage of transformation

During the transformation process, Gao Tu no longer gathered in K12 discipline training, but adopted a platform -based strategy of cross -multiple business segments.

There are currently three main businesses in Gao Road: college students and adult education, non -disciplinary counseling, intelligent learning content and products.

Shen Nan introduced that non -disciplinary counseling, intelligent learning content and products contributed about 60%of their income, and continued to contribute profits and considerable positive cash flow. Among them, the receipt of the program in the second quarter increased by about 4 times from the previous quarter.

College students and adult education contributed about 40%of their income, and the contract was 215 million yuan. Such a scale is not enough to support the slogan of "three years, industry first" proposed by Gao Tu, and industry insiders have pointed out that the annual revenue of New Oriental's study abroad examination business and college student examination business is billions of yuan.

Gao Tu had launched college students and adult education business long ago. The initial increase in business has increased amazingly, such as revenue of 236 million yuan in the fourth quarter of 2020. However, due to the time focusing on the K12 business, the adult education business has not been paid attention to, and the quarterly income has been hovering below 200 million yuan in the next quarter.

对于高途的大学生和成人教育业务来说，增长难点有两个方面：其一是课程品类过多，包括考研、财经、公考、英语提升、职场能力、IT技能、教师招考、留学考试、 Bank, medical examination, interest skills, etc.

Highway says that "full category online learning products can help users achieve comprehensive knowledge iterative iteration and value improvement." But so many categories need to run in with the cooperation of internal operations and user groups.

The second is that there are many new products. Some products have not undergone a complete four -quarter operating cycle, which leads to limited understanding of its seasonal characteristics.

This is the third quarter of the transition. "Because it is still in the early stages of transformation, there are still seasonal differences and development stages of revenue contributions in various types of revenue. At this stage, we have not disclosed the proportion of contributions of various types of income." Shen Nan said.

However, Shen Nan also introduced that in terms of seasonality, taking the postgraduate business as an example, the first and third quarters were the peak period of receipt, so cash income will increase. The peak period, so you can see the increase in income. Some other businesses also have the same model, and income and payments will show more regular changes. High -way college students and adult education business also has good news. Some categories have achieved quarterly profit, such as financial examinations. In the second quarter of 2022, the income of postgraduate entrance examination and language training business increased by about 30%month -on -month.

The market size of the segmented track of college students and adult education is limited. Under the circumstances of competitors, the growth of high roads is very urgent. NetEase Youdao's second quarter of 2022 shows that the sales of some postgraduate entrance examinations have achieved three -digit growth year -on -year in the second quarter.

The user group spans from elementary school to adults, and there are dozens of product categories. This has challenged the target users of high ways to find target users.

One of the high -road response strategies is to focus on a single brand and create a platform -based high -distance app.

In the second quarter, the high -road app realized a comprehensive upgrade from the course delivery tool to the comprehensive learning service platform. The apps with the independent applets of key categories, today's live broadcast, application guidelines and other tools, as well as the functional banks, teacher -student interaction, examination reminder and other functions.

Chen Xiangdong, the founder of Gao Tu, said at the financial report that after the upgrade, the DAU, retention rate, and new users of the Gao Road app have gradually increased. By reaching more and wider customer groups, the high -distance app has achieved a better drainage effect and business synergy, broaden the customer acquisition channels, and reduce the cost of customer acquisition.

- END -