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17 Education Reports Q2 2022 Revene RMB133.5M

Net revenues were RMB133.5 million (US$19.9 million), representing a year-over-year decrease of 80.1% from RMB670.9 million in the second quarter of 2021, and 11.2% higher than the

Benzinga · 09/13/2022 17:02
  • Net revenues were RMB133.5 million (US$19.9 million), representing a year-over-year decrease of 80.1% from RMB670.9 million in the second quarter of 2021, and 11.2% higher than the high end of the estimate provided by the Company in June 2022.
  • Gross margin was 52.2%, compared with 63.0% in the second quarter of 2021.
  • Net loss was RMB26.4 million (US$3.9 million), significantly decreasing from net loss of RMB266.7 million in the second quarter of 2021.
  • Net loss as a percentage of net revenues was negative 19.8% in the second quarter of 2022, narrowing from negative 39.8% in the second quarter of 2021.
  • Adjusted net income2 (non-GAAP), which excluded share-based compensation expenses of RMB30.1 million (US$4.5 million), was RMB3.6 million (US$0.5 million), improving from adjusted net loss (non-GAAP) of RMB218.2 million in the second quarter of 2021.
  • Adjusted net income (loss) (non-GAAP) as a percentage of net revenues was 2.7% in the second quarter of 2022, compared with negative 32.5% in the second quarter of 2021.