- Sunlands Online Education (STG -4.1%) reports Q1 revenue growth of 161.1% Y/Y to RMB406.37M, the increase was mainly driven by the growth in gross billings, which was attributable to an increase in new student enrollments.
- Adj. gross billings were RMB929.2M (+125.5% Y/Y); New student enrollments were 152,140 (+128.6% Y/Y).
- Gross profit increased by 146.4% Y/Y to RMB335.7M, but margin declined by 492 bps to 82.61%.
- Adj. EBIDTA was –RMB247.4M from –RMB98.8M Y/Y; Deferred revenue was RMB2,619.1M.
- Cash flow by operating activities were RMB226.3M (+61.3% Y/Y); Cash & equivalents of RMB1,841.6M (+229.2% Q/Q) & Short-term investments of RMB444M (+25.7% Q/Q).
- Capex increased to RMB147.7M from RMB2.4M Y/Y, the increase was mainly due to purchases of buildings & leasehold improvements.
- Q2 Outlook: Net revenues of RMB460-480M, which would represent an increase of 123.5%-133.2% Y/Y.
- Previously: Sunlands Online Education reports Q1 results (May 21)
- Now read: Ambow Education Readies Million U.S. IPO
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