• QuantaSing Announces Unaudited Financial Results for the Fourth Quarter of Fiscal Year 2024 and Full Fiscal Year 2024

    Источник: Nasdaq GlobeNewswire / 28 авг 2024 04:00:00   America/Chicago

    BEIJING, Aug. 28, 2024 (GLOBE NEWSWIRE) -- QuantaSing Group Limited (NASDAQ: QSG) (“QuantaSing” or the “Company”), a leading lifestyle solution provider empowering adults to live better and longer, today announced its fourth quarter and full year unaudited financial results for the fiscal year ended June 30, 2024 (the “fourth quarter of FY 2024”, which refers to the quarter from April 1, 2024 to June 30, 2024, and “FY 2024”, which refers to the year from July 1, 2023 to June 30, 2024).

    Highlights for the Fourth Quarter of FY 2024

    • Revenues for the fourth quarter of FY 2024 were RMB1,000.1 million (US$137.6 million), representing an increase of 5.8% from the third quarter of the fiscal year ended June 30, 2024 (the “third quarter of FY 2024”) and an increase of 20.7% from the fourth quarter of the fiscal year ended June 30, 2023 (the “fourth quarter of FY 2023”).
    • Gross billings of individual online learning services1 for the fourth quarter of FY 2024 were RMB774.4 million (US$106.6 million), representing a change of 21.1% from the third quarter of FY 2024 and an increase of 3.4% from the fourth quarter of FY 2023.
    • Net income for the fourth quarter of FY 2024 was RMB196.6 million (US$27.1 million), compared with RMB14.6 million in the third quarter of FY 2024, and RMB52.7 million in the fourth quarter of FY 2023.
    • Adjusted net income2 for the fourth quarter of FY 2024 was RMB193.6 million (US$26.6 million), compared with RMB31.9 million in the third quarter of FY 2024, and RMB90.4 million in the fourth quarter of FY 2023.
    • Total registered users increased by 35.3% to approximately 127.6 million as of June 30, 2024, from 94.3 million as of June 30, 2023.
    • Paying learners increased by 22.5% year over year to approximately 0.4 million in the fourth quarter of FY 2024.

    Highlights for FY 2024

    • Revenues for FY 2024 were RMB3,795.3 million (US$522.3 million), representing an increase of 23.2% from the prior fiscal year.
    • Gross billings of individual online learning services1 for FY 2024 were RMB3,462.7 million (US$476.5 million), representing an increase of 14.1% from the prior fiscal year.
    • Net income for FY 2024 was RMB385.5 million (US$53.1 million), compared with a net loss of RMB108.7 million in the prior fiscal year.
    • Adjusted net income2 for FY 2024 was RMB423.3 million (US$58.3 million), compared with RMB83.0 million in the prior fiscal year.

    Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “This quarter marks a transformative moment for our company as we align our strategy with the burgeoning silver economy. Our strong financial performance and a 127.6 million registered user base underscores the strength of our foundation as we embark on this new chapter. By leveraging our expertise in adult learning and expanding into wellness products and experiential learning, we're creating a comprehensive ecosystem that addresses the holistic needs of China's growing silver demographic. Our wellness products business has demonstrated significant quarter-over-quarter growth, reflecting strong early traction and validating our approach. We're committed to innovating and creating long-term value in this promising market, empowering individuals to live better, live longer.”

    Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our fourth quarter results demonstrate our solid financial position as we navigate our strategic transition. We achieved revenues of RMB1,000.1 million, with adjusted net income reaching a historical high of RMB193.6 million.  Importantly, our balance sheet remains strong, with RMB1,026.3 million in cash and cash equivalents, restricted cash and short-term investments as of June 30, 2024. This robust financial foundation provides us with the flexibility to support our strategic initiatives while maintaining operational stability. As we move forward, our focus is on long-term value creation for our shareholders.”

    ________________________
    1 Gross billings of individual online learning services is a non-GAAP financial measure. For a reconciliation of revenues of individual online learning services to gross billings of individual online learning services, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.
    2 Adjusted net income is a non-GAAP financial measure. For a reconciliation of net income/(loss) 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.


    Financial Results for the Fourth Quarter of FY 2024

    Revenues
    Revenues increased by 20.7% year over year to RMB1,000.1 million (US$137.6 million) in the fourth quarter of FY 2024, primarily driven by the growth in revenues from skills upgrading courses3.

    • Revenues from individual online learning services increased by 25.7% year over year to RMB906.7 million (US$124.8 million) in the fourth quarter of FY 2024, up from RMB721.1 million in the fourth quarter of FY 2023. This growth was primarily due to revenues from skills upgrading courses3 increasing to RMB445.7 million (US$61.3 million) in the fourth quarter of FY 2024 from RMB209.9 million in the fourth quarter of FY 2023, partially offset by the decline of RMB49.5 million (US$6.8 million) in revenues from financial literacy courses.
    • Revenues from enterprise services were RMB56.6 million (US$7.8 million) in the fourth quarter of FY 2024, compared to RMB103.8 million in the fourth quarter of FY 2023, representing a year-over-year change of 45.5%, primarily due to a change in revenue streams from transactions involving related party and external entities, partially offset by an increase in revenue due to higher demand from existing and new customers for marketing services.
    • Revenues from consumer business4 increased to RMB33.3 million (US$4.6 million) in the fourth quarter of FY 2024 from RMB3.4 million in the fourth quarter of FY 2023, mainly driven by the increase in revenues from the Company's newest business endeavor, consumer business. In early 2023, the Company began to engage in the consumer business through e-commerce and recognize relevant revenues.
    • Revenues from others4 was RMB3.5 million (US$0.4 million) in the fourth quarter of FY 2024, primarily due to increased revenue from online language education for children provided by Kelly’s Education, which was acquired by the Company in September 2023.

    ________________________
    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. Skills upgrading courses mainly include short-video production courses and memory training courses. Recreation and leisure courses mainly include personal well-being courses, electronic keyboard courses and standing meditation courses. The historical revenues presentation has been conformed to the current presentation.
    4 Effective from the fourth quarter of FY 2024, the Company has introduced “Revenues from Consumer Business” as a separate line item. This revenue was previously included in “Revenues from Others”. The historical revenues presentation has been conformed to the current presentation.


    Cost of revenues
    Cost of revenues was RMB141.3 million (US$19.4 million) in the fourth quarter of FY 2024, compared to RMB116.1 million in the fourth quarter of FY 2023, representing a change of 21.6%. The change was primarily due to increased labor outsourcing costs of RMB17.7 million (US$2.4 million) and higher procurement costs of RMB15.3 million (US$2.1 million), and was partially offset by a RMB8.2 million (US$1.1 million) decrease in staff costs.

    Sales and marketing expenses
    Sales and marketing expenses were RMB580.1million (US$79.8 million) in the fourth quarter of FY 2024, compared to RMB573.0 million in the fourth quarter of FY 2023, representing a slight change of 1.2%. The increase was mainly due to increased marketing and promotion expenses of RMB18.7 million (US$2.6 million), partially offset by lower labor outsourcing costs of RMB16.2 million (US$2.2 million).

    Research and development expenses
    Research and development expenses were RMB21.2 million (US$2.9 million) in the fourth quarter of FY 2024, compared to RMB53.6 million in the fourth quarter of FY 2023, representing a decrease of 60.4%. The decrease was primarily due to a decline in staff costs of RMB25.0 million (US$3.4 million), which includes a decrease in share-based compensation expenses of RMB16.5 million (US$2.3 million).

    General and administrative expenses
    General and administrative expenses were RMB11.6 million (US$1.6 million) in the fourth quarter of FY 2024, compared to RMB38.0 million in the fourth quarter of FY 2023, representing a decrease of 69.6%. The decrease was primarily due to a decline in share-based compensation expenses of RMB25.0 million (US$3.4 million).

    Impairment loss on long-lived assets and goodwill
    Impairment loss on long-lived assets and goodwill were RMB2.7 million (US$0.4 million) and RMB7.4 million (US$1.0 million), respectively, in the fourth quarter of FY 2024, primarily due to the fully impaired intangible assets and goodwill arising from the acquisition of Kelly’s Education, as its performance metrics failed to meet the Company’s established expectations.

    Net income and adjusted net income
    Net income was RMB196.6 million (US$27.1 million) in the fourth quarter of FY 2024, compared with RMB52.7 million in the fourth quarter of FY 2023. Adjusted net income was RMB193.6 million (US$26.6 million) in the fourth quarter of FY 2024, compared with RMB90.4 million in the fourth quarter of FY 2023.

    Earnings per share and adjusted earnings per share5
    Basic and diluted net income per share were RMB1.22 (US$0.17) and RMB1.18 (US$0.16) in the fourth quarter of FY 2024, compared with basic and diluted net income per share of RMB0.31 and RMB0.30 in the fourth quarter of FY 2023. Basic and diluted adjusted net income per share were RMB1.20 (US$0.17) and RMB1.16 (US$0.16) in the fourth quarter of FY 2024, compared with basic and diluted adjusted net income per share of RMB0.54 and RMB0.52 in the fourth quarter of FY 2023.

    ________________________
    5 Basic and diluted adjusted net income per ordinary share are non-GAAP financial measures. For a reconciliation of basic and diluted net income/(loss) per ordinary share to basic and diluted adjusted net income per ordinary share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below.


    Financial Results for FY 2024

    Revenues
    Revenues increased by 23.2% year over year to RMB3,795.3 million (US$522.3 million) in FY 2024, primarily driven by the growth in revenues from skills upgrading courses3.

    • Revenues from individual online learning services increased by 23.0% year over year to RMB3,364.3 million (US$ 462.9 million) in FY 2024, primarily due to 1) revenues from skills upgrading courses3 increasing to RMB1,661.8 million (US$228.7 million) in FY 2024 from RMB721.3 million in the fiscal year ended June 30, 2023 (“FY 2023”, which refers to the year from July 1, 2022 to June 30, 2023), and 2) revenues from recreation and leisure courses3 increasing to RMB395.1 million (US$54.4 million) in FY 2024 from RMB139.0 million in FY 2023, partially offset by the decline of RMB567.3 million (US$78.1 million) in revenues from financial literacy courses.
    • Revenues from enterprise services decreased by 27.3% year over year to RMB247.7 million (US$34.1 million) in FY 2024, primarily due to decreased revenue from the Company's marketing services provided to a related party.
    • Revenue from consumer business4 increased to RMB174.0 million (US$23.9 million) in FY 2024, mainly driven by the increase in revenues from the Company's newest business endeavor, consumer business. In early 2023, the Company began to engage in the consumer business through e-commerce and recognize relevant revenues.
    • Revenue from other services4 increased to RMB9.3 million (US$1.4million) in FY 2024, primarily due to increased revenue from online language education for children provided by Kelly’s Education, which was acquired by the Company in September 2023.

    Cost of revenues
    Cost of revenues increased by 40.6% year over year to RMB550.3 million (US$75.7 million) in FY 2024, mainly due to increased labor outsourcing costs of RMB86.7 million (US$11.9 million) and higher procurement costs of RMB87.8 million (US$12.1 million), and was partially offset by a RMB50.9 million (US$7.0 million) decrease in staff costs (including a decrease in share-based compensation of RMB12.8 million (US$1.8 million)).

    Sales and marketing expenses
    Sales and marketing expenses were RMB2,587.0 million (US$356.0 million) in FY 2024, compared to RMB2,408.5 million in FY 2023, representing a change of 7.4%, mainly due to increased labor outsourcing costs of RMB247.4 million (US$34.0 million) and increased marketing and promotion expenses of RMB212.9 million (US$29.3 million), partially offset by decreased staff costs of RMB293.8 million (US$40.4 million), which includes a decrease in share-based compensation expenses of RMB54.6 million (US$7.5 million).

    Research and development expenses
    Research and development expenses were RMB144.9 million (US$19.9 million) in FY 2024, compared to RMB219.8 million in FY 2023, representing a decrease of 34.1%, mainly due to a decline in staff costs of RMB72.3 million (US$9.9 million), which includes a decrease in share-based compensation expenses of RMB47.2 million (US$6.5 million).

    General and administrative expenses
    General and administrative expenses were RMB125.8 million (US$17.3 million) in FY 2024, compared to RMB175.2 million in FY 2023, representing a decrease of 28.2%, primarily due to a decrease in staff costs of RMB43.3 million (US$6.0 million), (including a decrease in share-based compensation expenses of RMB49.2 million (US$6.8 million)) and a decrease in office expenses of RMB19.9 million (US$2.7 million).

    Impairment loss on long-lived assets and goodwill
    Impairment loss on long-lived assets and goodwill were RMB2.7 million (US$0.4 million) and RMB7.4 million (US$1.0 million), respectively, in FY 2024, primarily due to the fully impaired intangible assets and goodwill arising from the acquisition of Kelly’s Education, as its performance metrics failed to meet the Company’s established expectations.

    Net (loss)/income and adjusted net income
    Net income was RMB385.5 million (US$53.1 million) in FY 2024, compared with a net loss of RMB108.7 million in FY 2023. Adjusted net income was RMB423.3 million (US$58.3 million) in FY 2024, compared with RMB83.0 million in FY 2023.

    Earnings per share and adjusted earnings per share5
    Basic and diluted net income per share were RMB2.34 (US$0.32) and RMB2.27 (US$0.31) in FY 2024, compared with basic and diluted net loss per share of RMB1.26 in FY 2023. Basic and diluted adjusted net income per share were RMB2.57 (US$0.35) and RMB2.49 (US$0.34) in FY 2024, compared with basic and diluted adjusted net income per share were RMB0.37 and RMB0.35 in FY 2023.

    Balance Sheet
    As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,026.3 million (US$141.2 million), compared with RMB930.6 million as of June 30, 2023.

    Recent Developments
    On June 9, 2023, the Company announced that its board of directors had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of American Depositary Shares (“ADSs”) for a 12-month period beginning on June 9, 2023 (the “2023 Share Repurchase Program”). Pursuant to the 2023 Share Repurchase Program, a total of 3.1 million ADSs were repurchased for an aggregate consideration of US$13.2 million from June 9, 2023 to June 8, 2024.

    On June 11, 2024, the Company announced that its board of directors had approved a share repurchase program of up to US$20.0 million of the Company’s Class A ordinary shares in the form of ADSs for a 12-month period beginning on June 11, 2024 (the “2024 Share Repurchase Program”). As of June 30, 2024, a total of 1.5 million ADSs had been repurchased for an aggregate consideration of US$3.3 million under the 2024 Share Repurchase Program.

    Conference Call Information
    The Company's management team will hold a conference call at 7:00 A.M. Eastern Time on Wednesday, August 28, 2024 (7:00 P.M. Beijing Time on the same day) to discuss the financial results.

    Listeners may access the call by dialing the following numbers:

    International: 1-412-902-4272
    United States Toll Free: 1-888-346-8982
    Mainland China Toll Free: 4001-201203
    Hong Kong Toll Free: 800-905945
    Conference ID: QuantaSing Group Limited
       

    The replay will be accessible through September 4, 2024 by dialing the following numbers:

    International: 1-412-317-0088
    United States Toll Free: 1-877-344-7529
    Replay Access Code: 3993091
       

    A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.quantasing.com.

    Non-GAAP Financial Measures
    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, the Company uses gross billings of individual online learning services, adjusted net income and basic and diluted adjusted net income per ordinary share as its non-GAAP financial measures. Gross billings of individual online learning services for a specific period represents revenues of the Company’s individual online learning services net of the changes in deferred revenues in such period, further adjusted by value-added tax in such period. Adjusted net income represents net income/(loss) excluding share-based compensation expense and impairment loss on long-lived assets and goodwill. Basic and diluted adjusted net income per ordinary share represents adjusted net income attributable to ordinary shareholders of QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per ordinary share, basic and diluted. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for revenue, net income/(loss), net income/(loss) per ordinary share, basic and diluted or other consolidated statements of operations data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on these non-GAAP financial measures, please see the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this release.

    Exchange Rate Information
    This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

    Safe Harbor Statements
    This announcement contains forward-looking statements within the meaning of Section 27A of Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1955. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding QuantaSing’s financial outlook, beliefs and expectations. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Among other things, the Financial Outlook in this announcement contains forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new users and learners and to increase the spending and revenues generated from users and learners; its ability to maintain and enhance the recognition and reputation of its brand; its expectations regarding demand for and market acceptance of its services and products; expected growth, future trends and competition in the markets that we operate in; changes in its revenues and certain cost or expense items; PRC governmental policies and regulations relating to the Company’s business and industry, general economic and political conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC, including, without limitation, the final prospectus related to the IPO filed with the SEC dated January 24, 2023. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    About QuantaSing Group Limited
    QuantaSing is a leading lifestyle solution provider empowering adults to live better and longer. Leveraging its profound understanding of adult users and robust infrastructure, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners as well as consumer products and service in selected areas to address the senior users’ aspirations for wellness.

    For more information, please visit: https://ir.quantasing.com.

    Contact
    Investor Relations
    Leah Guo
    QuantaSing Group Limited
    Email: ir@quantasing.com
    Tel: +86 (10) 6493-7857

    Robin Yang, Partner
    ICR, LLC
    Email: QuantaSing.IR@icrinc.com
    Phone: +1 (212) 537-0429


     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except for share and per share data)
     
     As of
     June 30,
    2023    		 June 30,
    2024    		 June 30,
    2024
     RMB RMB US$
          
    ASSETS     
    Current assets:     
    Cash and cash equivalents764,281 779,931 107,322
    Restricted cash- 160 22
    Short-term investments166,303 246,195 33,878
    Accounts receivable, net12,251 16,676 2,295
    Amounts due from related parties29,116 4,488 618
    Inventory, net- 6,345 873
    Prepayments and other current assets136,681 275,549 37,917
    Total current assets 1,108,632  1,329,344  182,925
          
    Non-current assets:     
    Property and equipment, net7,409 6,569 904
    Long-term investments- 9,010 1,240
    Operating lease right-of-use assets84,009 58,889 8,103
    Deferred tax assets2,084 847 117
    Other non-current assets21,296 21,360 2,939
    Total non-current assets114,798  96,675  13,303
    TOTAL ASSETS1,223,430  1,426,019  196,228
          
    LIABILITIES     
    Current liabilities:     
    Accounts payables62,094 62,066 8,541
    Accrued expenses and other current liabilities171,160 190,508 26,215
    Income tax payable8,794 20,399 2,807
    Contract liabilities, current portion517,213 385,227 53,009
    Advance from customers144,397 162,257 22,327
    Operating lease liabilities, current portion41,092 49,099 6,756
    Total current liabilities 944,750  869,556  119,655
          
    Non-current liabilities:     
    Contract liabilities, non-current portion7 11,365 1,564
    Operating lease liabilities, non-current portion52,840 16,989 2,338
    Deferred tax liabilities- 11,625 1,600
    Total non-current liabilities52,847 39,979  5,502
    TOTAL LIABILITIES997,597  909,535  125,157


     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued
    (Amounts in thousands, except for share and per share data)
     
     As of
     June 30,
    2023    		 June 30,
    2024    		 June 30,
    2024
     RMB RMB US$
          
    SHAREHOLDERS’ EQUITY     
    Class A ordinary shares78  81  11 
    Class B ordinary shares34  34  5 
    Treasury stock-  (109,257) (15,034)
    Additional paid-in capital1,171,092  1,192,474  164,090 
    Accumulated other comprehensive income22,182  17,313  2,382 
    Accumulative deficit(969,688) (584,161) (80,383)
    TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY223,698   516,484   71,071  
    Non-controlling interests2,135  -  - 
    TOTAL SHAREHOLDERS’ EQUITY225,833   516,484   71,071  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY1,223,430   1,426,019   196,228  


     
    QUANTASING GROUP LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
    (Amounts in thousands, except for shares and per share data)
     
     For the Three Months
    Ended June 30,    		 For the Years
    Ended June 30,
     2023 2024 2024 2023 2024 2024
     RMB RMB US$ RMB RMB US$
                
    Revenues828,347  1,000,083  137,616  3,081,381  3,795,331  522,255 
    Cost of revenues(116,126) (141,252) (19,437) (391,498) (550,310) (75,725)
                
    Gross Profit 712,221   858,831   118,179   2,689,883   3,245,021   446,530  
                
    Operating expenses:           
    Sales and marketing expenses(573,025) (580,093) (79,823) (2,408,464) (2,586,977) (355,980)
    Research and development expenses(53,610) (21,213) (2,919) (219,781) (144,868) (19,935)
    General and administrative expenses(38,021) (11,554) (1,590) (175,246) (125,765) (17,306)
    Impairment loss on long-lived assets-  (2,652) (365) -  (2,652) (365)
    Impairment loss on goodwill-  (7,389) (1,017) -  (7,389) (1,017)
    Total operating expenses(664,656 ) (622,901 ) (85,714 ) (2,803,491 ) (2,867,651 ) (394,603 )
                
    Income/(Loss) from operations47,565   235,930   32,465   (113,608 ) 377,370   51,927  
                
    Other income:           
    Interest income2,669  2,151  296  5,328  10,520  1,448 
    Others, net6,155  6,802  936  21,313  28,965  3,986 
                
    Income/(Loss) before income tax56,389   244,883   33,697   (86,967 ) 416,855   57,361  
    Income tax expense(3,699) (48,276) (6,643) (21,685) (31,328) (4,311)
                
    Net income/(loss) 52,690   196,607   27,054   (108,652 ) 385,527   53,050  
    Net loss attributable to noncontrolling interests115  -  -  115  -  - 
    Net income/(loss) attributable to QuantaSing Group Limited52,805   196,607   27,054   (108,537 ) 385,527   53,050  
                
    Other comprehensive income/(loss)           
    Foreign currency translation adjustments, net of nil tax15,545  85  12  20,343  (4,869) (670)
    Total other comprehensive income/(loss)15,545   85   12   20,343   (4,869 ) (670 )
                
    Total comprehensive income/(loss)68,235  196,692   27,066   (88,309 ) 380,658   52,380  
    Net loss attributable to noncontrolling interests115  -  -  115  -  - 
    Comprehensive income/(loss) attributable to QuantaSing Group Limited68,350   196,692   27,066   (88,194 ) 380,658   52,380  
                
    Net income/(loss) attributable to QuantaSing Group Limited 52,805   196,607   27,054   (108,537 ) 385,527   53,050  
    Accretion of the Company’s preferred shares-  -  -  (22,379) -  - 
    Net income/(loss) attributable to ordinary shareholders of QuantaSing Group Limited52,805   196,607   27,054   (130,916) 385,527  53,050 
                
    Net income/(loss) per ordinary share           
    - Basic0.31  1.22  0.17  (1.26) 2.34  0.32 
    - Diluted0.30  1.18  0.16  (1.26) 2.27  0.31 
    Weighted average number of ordinary shares used in computing net income/(loss) per ordinary share           
    - Basic169,146,415  160,765,764  160,765,764  103,948,398  164,998,649  164,998,649 
    - Diluted175,755,415  166,883,228  166,883,228  103,948,398  170,045,651  170,045,651 
    Share-based compensation expenses included in           
    Cost of revenues(6,963) (3,706) (510) (26,486) (13,651) (1,878)
    Sales and marketing expenses(11,808) (5,776) (795) (51,742) 2,902  399 
    Research and development expenses(7,777) 8,724  1,200  (49,046) (1,887) (260)
    General and administrative expenses(11,191) 13,840  1,904  (64,358) (15,121) (2,081)
                      


    QUANTASING GROUP LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (Amounts in thousands, except for shares 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 June 30,    		 For the Years
    Ended June 30,
     2023 2024 2024 2023 2024 2024
     RMB RMB US$ RMB RMB US$
                
    Revenues of individual online learning services:721,093  906,686  124,764  2,734,877  3,364,274  462,939 
    Add: value-added tax43,580  47,050  6,474  171,509  194,715  26,794 
    Add: ending deferred revenues661,360  565,030  77,751  661,360  565,030  77,751 
    Less: beginning deferred revenues(1)(677,272) (744,320) (102,422) (531,662) (661,360) (91,006)
                
    Gross billings of individual online learning services748,761  774,446   106,567   3,036,084  3,462,659   476,478  


    (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 LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS - continued
    (Amounts in thousands, except for shares and per share data)

    The following table below sets forth a reconciliation of net income/(loss) to adjusted net income and basic and diluted net income/(loss) per ordinary share to basic and diluted adjusted net income per ordinary share for the periods indicated:

     For the Three Months
    Ended June 30,    		 For the Years
    Ended June 30,
     2023 2024  2024  2023  2024 2024
     RMB RMB US$ RMB RMB US$
                
    Net income/(loss) 52,690 196,607  27,054  (108,652) 385,527 53,050
    Add: Share-based compensation37,739 (13,082) (1,799) 191,632  27,757 3,820
    Add: Impairment loss on long-lived assets and goodwill- 10,041  1,382  -  10,041 1,382
    ​           
    Adjusted net income90,429  193,566   26,637   82,980   423,325  58,252
    Attributable to noncontrolling interests115 -  -  115  - -
    Adjusted net income attributable to QuantaSing Group Limited 90,544   193,566    26,637    83,095    423,325   58,252
    Accretion of the Company’s preferred shares- -  -  (22,379) - -
    Income allocation to participating preferred shares- -  -  (21,816) - -
    Adjusted net income attributable to ordinary shareholders of QuantaSing Group Limited90,544 193,566  26,637  38,900  423,325 58,252
                
    Weighted average number of ordinary shares used in computing net income/(loss) per ordinary share           
    - Basic169,146,415 160,765,764  160,765,764  103,948,398  164,998,649 164,998,649
    - Diluted175,755,415 166,883,228  166,883,228  103,948,398  170,045,651 170,045,651
    Weighted average number of ordinary shares used in computing adjusted net income per ordinary share           
    - Basic169,146,415 160,765,764  160,765,764  103,948,398  164,998,649 164,998,649
    - Diluted175,755,415 166,883,228  166,883,228  110,489,970  170,045,651 170,045,651
                
    Net income/(loss) per ordinary share           
    - Basic0.31 1.22  0.17  (1.26) 2.34 0.32
    - Diluted0.30 1.18  0.16  (1.26) 2.27 0.31
    Non-GAAP adjustments to net income/(loss) per ordinary share           
    - Basic0.23 (0.02) -  1.63  0.23 0.03
    - Diluted0.22 (0.02) -  1.61  0.22 0.03
    Adjusted net income per ordinary share           
    - Basic0.54 1.20  0.17  0.37  2.57 0.35
    - Diluted0.52 1.16  0.16  0.35  2.49 0.34

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